Crown Castle Raises 2026 Outlook as Third-Quarter Revenue Falls

Crown Castle increased its 2026 site-rental revenue projection after reporting lower third-quarter sales and earnings, with the new midpoint still trailing the company's 2025 result.

The quarter ended Sept. 30, 2026, and Crown Castle released its results at 4:15 p.m. ET (20:15 UTC) Wednesday, Oct. 21. Shares moved lower in after-hours trading following the release.

Net revenue for the quarter was $995 million, down from $1.072 billion a year earlier. Site-rental revenue fell to $966 million from $1.012 billion. Net income declined to $283 million from $323 million, and diluted earnings per share dropped to $0.67 from $0.74.

Adjusted EBITDA, a non-GAAP measure, fell 6% year over year to $673 million. Adjusted funds from operations (AFFO), also a non-GAAP measure, rose 8% to $530 million. AFFO per share increased 11% to $1.24 from $1.12.

Crown Castle raised its 2026 site-rental revenue midpoint by $20 million to $3.875 billion, from $3.855 billion previously. The new midpoint is 4% below 2025 site-rental revenue of $4.049 billion. The adjusted EBITDA midpoint rose by $25 million to $2.715 billion; the AFFO forecast increased by $5 million to $1.98 billion; and the AFFO-per-share forecast rose $0.01 to $4.60.

The company tied the revenue-forecast increase to contractual term extensions that add straight-line revenue. It reduced expected site-rental operating costs by $5 million, citing ground-lease buyouts and operational efficiencies. Discretionary capital spending guidance increased by $40 million.

Crown Castle owns, operates and leases about 40,000 cell towers across the United States. Third-quarter site-rental revenue declined 4.5% year over year, while organic contribution to site-rental billings was $35 million, or 3.5%, excluding $61 million in DISH terminations and $5 million in Sprint cancellations. Lower prepaid-rent amortization and straight-line revenue also weighed on the reported figure.

The company completed an agreement with a key customer during the quarter. It also described margins as improved and customer relationships as stronger. Organic contribution to site-rental billings and reported site-rental revenue are separate measures: the former excludes the stated DISH and Sprint effects, while the latter also reflected lower prepaid-rent amortization and straight-line revenue.