AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-3: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 1/6 · 04/11/2026
Moat—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Pricing power—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Predictability42
Financial-sector stability over 5 consecutive reported annual periods: equal weights for nondeclining revenue frequency, revenue-growth volatility (5–40pp), positive consolidated earnings frequency, and net-income/revenue margin volatility (3–20pp). Uses reported accounting scope; not industrial FCF or a growth forecast.
- Nondeclining revenue years (%)
- 50.00
- Revenue growth volatility (pp)
- 26.83
- positiveEarningsShare
- 80.00
- netMarginStdDev
- 840.89
- observedAnnualPeriods
- 5.00
Financial strength—
Awaiting a current evidence-backed real_estate assessment under real-estate-1; industrial FCF metrics are not applied.
Capital allocation—
Awaiting a current evidence-backed real_estate assessment under real-estate-1; industrial FCF metrics are not applied.
Management—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Evidence
We generally receive monthly rental payments and, in some cases, upfront payments, from our tenants pursuant to long-term tenant contracts with (1) initial contract terms generally between five to 15 years, (2) multiple renewal periods of generally five years each, exercisable at the option of the tenant, (3) limited termination rights for our tenants and (4) contractual escalations of the rental price.
Item 1. Business—tenant contract terms · Filed 23/02/2026
Our tenant contracts, while amended and re-negotiated over time, have historically led to a long-term relationship with tenants on our towers, resulting in a retention rate generally between 98% and 99% each year.
Item 1. Business—historical tenant retention · Filed 23/02/2026
As of December 31, 2025, exclusive of renewals exercisable at the tenants' option, our tenant contracts had a weighted-average remaining life of approximately six years and represented $23.7 billion of expected future cash inflows, exclusive of amounts owed from DISH Wireless L.L.C.
Item 1. Business—remaining contract life and expected future cash inflows · Filed 23/02/2026
The contracts for the land under our towers have an average total remaining life of approximately 35 years (including all renewal terms exercisable at our option), weighted based on towers Adjusted Site Rental Gross Margin.
Item 1. Business—ground lease terms and land control · Filed 23/02/2026
Our largest tenants are T-Mobile, AT&T and Verizon Wireless, which collectively accounted for approximately 90% of our 2025 site rental revenues.
Item 1. Business—customer concentration · Filed 23/02/2026
See "Item 1A. Risk Factors" for additional information regarding higher non-renewals (which we define as the reduction in site rental revenues as a result of tenant churn, terminations and, in limited circumstances, reductions of existing lease rates) incurred as a result of the T-Mobile and Sprint network consolidation as well as in relation to the notice of default and termination delivered to DISH.
Item 1A. Risk Factors—higher non‑renewals including Sprint consolidation and DISH · Filed 23/02/2026
Organic Contribution to Site Rental Billings in the third quarter 2026 was $35 million, or 3.5% organic growth, excluding an unfavorable $61 million and $5 million impact from DISH Terminations and Sprint Cancellations, respectively.
Q3 2026 earnings release—organic growth and DISH/Sprint impacts · Filed 21/10/2026
Site rental revenues were negatively impacted by a $3 million decrease in amortization of prepaid rent and a $14 million decrease in straight-lined revenues, resulting in a decline in site rental revenues of $46 million, or 4.5%, from third quarter 2025 to third quarter 2026.
Q3 2026 earnings release—site rental revenues decline and revenue recognition effects · Filed 21/10/2026
Current Full Year 2026 Outlook Midpoint(a)
Q3 2026
Q3 2025(c)
Core leasing activity(b)
$65
1.8%
$16
1.8%
$20
2.1%
Escalators
$100
2.7%
$25
2.7%
$24
2.6%
Non-renewals(b)
$(30)
(0.8)%
$(7)
(0.7)%
$(7)
(0.7)%
Change in other billings(b)
$—
—%
$—
0.0%
$2
0.2%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations(b)
$135
Site rental billings(c)
$3,805
to
$3,835
$—
Amortization of prepaid rent
65
to
95
—
Straight-lined revenues
(55)
to
(25)
20
Other revenues
15
to
15
—
Site rental revenues
3,853
to
3,898
20
Site rental costs of operations(d)
963
to
1,008
(5)
Services and other gross margin
70
to
100
—
Net income (loss)(e)
755
to
1,035
25
Net income (loss) per share—diluted(e)
1.76
to
2.41
0.06
Adjusted EBITDA(c)
2,690
to
2,740
25
Depreciation, amortization and accretion
627
to
722
—
Interest expense and amortization of deferred financing costs, net(f)
787
to
832
—
Income (loss) from discontinued operations, net of tax(g)
(360)
to
(80)
—
FFO(c)
1,755
to
1,785
25
AFFO(c)
1,955
to
2,005
5
AFFO per share(c)
4.54
to
4.66
0.01
Discretionary capital expenditures(c)
190
to
290
40
(a)As issued on October 21, 2026.
Q3 2026 earnings release—components of organic growth including escalators · Filed 21/10/2026
1.51
11.64
FFO
$
4.04
$
4.28
Weighted-average common shares outstanding—diluted
437
434
FFO (from above)
$
4.04
$
4.28
Adjustments to increase (decrease) FFO:
Straight-lined revenue
(0.03)
(0.37)
Straight-lined expense
0.13
0.15
Stock-based compensation expense, net
0.17
0.20
Non-cash portion of tax provision
—
0.02
Non-real estate related depreciation, amortization and accretion
0.09
0.11
Amortization of non-cash interest expense
0.04
0.03
Other (income) expense
(0.01)
0.06
Restructuring charges
—
0.16
Sustaining capital expenditures
(0.08)
(0.08)
AFFO
$
4.36
$
4.55
Weighted-average common shares outstanding—diluted
437
434
Components of Changes in Site Rental Revenues:
For the Twelve Months Ended
(in millions, totals may not sum due to rounding)
December 31, 2025
December 31, 2024
Components of changes in site rental revenues:
Prior year site rental billings
$
3,934
$
3,763
Core leasing activity
118
110
Escalators
96
92
Non-renewals
(27)
(31)
Other billings
5
(2)
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations
193
170
Non-renewals associated with Sprint Cancellations
(204)
—
Organic Contribution to Site Rental Billings
(11)
170
Straight-lined revenues
12
160
Amortization of prepaid rent
98
160
Other revenues
16
15
Total site rental revenues
$
4,049
$
4,268
Year-over-year changes in revenues:
2026 Proxy Statement—Appendix B components of site rental revenues (escalators) · Filed 06/04/2026
Certain of the Company's tenant contracts contain (1) fixed escalation clauses (such as fixed dollar or fixed percentage increases) or inflation-based escalation clauses (such as those tied to the CPI), (2) multiple renewal periods exercisable at the tenant's option and (3) only limited termination rights at the applicable tenant's option through the current term.
Notes to financial statements—contract escalators, renewals and termination rights · Filed 23/02/2026
•inability to negotiate favorable rates on our new or renewing tenant contracts as a result of competition in our industry;
Q3 2026 earnings release—risk factor on competitive pricing for new/renewing contracts · Filed 21/10/2026
The pathway to possible.
CrownCastle.com
News Release continued:
Page 2
RESULTS FROM THE QUARTER
(dollars in millions, except per share amounts)
Q3 2026
Q3 2025
Change
% Change
Site rental revenues(a)
$966
$1,012
$(46)
(5)%
Net income (loss)
$283
$323
$(40)
(12)%
Net income (loss) per share—diluted
$0.67
$0.74
$(0.07)
(9)%
Adjusted EBITDA(a)(b)
$673
$718
$(45)
(6)%
AFFO(a)(b)
$530
$490
$40
8%
AFFO per share(a)(b)
$1.24
$1.12
$0.12
11%
(a)Excludes amounts related to the Fiber Business (as defined in "Non-GAAP Measures and Other Information"), which are presented in discontinued operations through April 30, 2026.
Q3 2026 earnings release—Adjusted EBITDA declined year over year · Filed 21/10/2026
CROWN CASTLE INC.
2026 PROXY STATEMENT
3
2026 Proxy Statement Summary
Corporate Governance Highlights
We recognize the importance of a robust corporate governance framework to promote the interests of our stockholders.
2026 Proxy Statement—corporate governance highlights · Filed 06/04/2026
("Company") completed the previously announced sale of the Company's fiber solutions business to Fiber Finco, LLC, a Delaware limited liability company ("Zayo Purchaser"), and its small cells business to Small Cells Holdco Inc., a Delaware corporation, referred to as Arium Networks (together with Zayo Purchaser, "Purchasers") for aggregate cash proceeds of $8.5 billion in cash, subject to certain adjustments ("Transaction").
May 1, 2026 Form 8‑K—completed sale of Fiber Business · Filed 01/05/2026
Principal payments on debt and other long-term obligations
(56)
(89)
Purchases and redemptions of long-term debt
(4,191)
(1,200)
Borrowings under revolving credit facility
1,800
900
Payments under revolving credit facility
(2,295)
—
Net issuances (repayments) under commercial paper program
(1,831)
605
Payments for financing costs
(6)
—
Purchases of common stock
(1,043)
(23)
Dividends/distributions paid on common stock
(1,384)
(1,615)
Net cash provided by (used for) financing activities
(9,006)
(1,422)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents
(3)
(40)
Effect of exchange rate changes on cash
—
—
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period(b)
308
295
Cash and cash equivalents and restricted cash and cash equivalents at end of period(c)
$
305
$
255
Supplemental disclosure of cash flow information:
Interest paid
$
708
$
799
Income taxes paid (refunded)
$
12
$
12
(a)Inclusive of $8.4 billion of net cash proceeds from the completed sale of the Fiber Business in 2026.
Q3 2026 earnings release—financing cash flows including debt redemptions and share repurchases · Filed 21/10/2026
During the three months ended June 30, 2026, the Company completed $1.0 billion of repurchases pursuant to the 2026 Stock Repurchase Program.
Q2 2026 Form 10‑Q—completion of $1.0 billion share repurchases · Filed 05/08/2026
Costs of operations:(a)
Site rental
240
240
Services and other
26
28
Selling, general and administrative
90
93
Asset write-down charges
3
2
Depreciation, amortization and accretion
172
177
Restructuring charges
14
—
Total operating expenses
545
540
Operating income (loss)
465
521
Interest expense and amortization of deferred financing costs, net
(242)
(236)
Interest income
3
3
Other income (expense)
(1)
1
Income (loss) from continuing operations before income taxes
225
289
Benefit (provision) for income taxes
(5)
(5)
Income (loss) from continuing operations
220
284
Discontinued operations (note 3):
Income (loss) from discontinued operations before gain (loss) from disposal, net of tax
276
82
Gain (loss) from disposal of discontinued operations
(345)
(830)
Income (loss) from discontinued operations, net of tax
(69)
(748)
Net income (loss)
151
(464)
Other comprehensive income (loss):
Foreign currency translation adjustments
—
—
Total other comprehensive income (loss)
—
—
Comprehensive income (loss)
$
151
$
(464)
Net income (loss), per common share:
Q1 2026 Form 10‑Q—loss from disposal of discontinued operations · Filed 07/05/2026
(e) 2026 EMT Annual Incentive Plan.
Feb 25, 2026 Form 8‑K—approval of 2026 EMT Annual Incentive Plan · Filed 25/02/2026
Depending on the achievement of specified levels of corporate financial performance goals, each eligible participant may earn a portion or multiple of the target incentive.
Feb 25, 2026 Form 8‑K—performance goals determine incentive payouts · Filed 25/02/2026
