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Crown Castle Inc.
S&P 500
$32.9B
Market Cap
88.0
P/E
PEG
7.1%
ROCE
N/M
ROE
-18.08
D/E
48.9%
OPM
-22.3%
% from 52W High
23
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for CCI including FX impact
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📈 Price History
Ratio Health
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Good
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By Category
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About

Crown Castle owns, operates and leases approximately 40,000 cell towers across the U.S. This nationwide portfolio serves as the foundation of wireless connectivity that provides cities and communities access to essential data, technology and wireless service – bringing information, ideas, innovations and the connectivity of modern life to help people and businesses thrive. Crown Castle Inc. was established in 1994 and was incorporated in Delaware.

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📈 Growth Pattern
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⭐ Superinvestors Holding CCI
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 856.2K $69.6M 0.11% Mar 2026
Steve Cohen Point72 Asset Management 240.4K $19.5M 0.03% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$967M
-4% YoY
Adjusted EBITDA
$675M
-4% YoY
Net Income
$94M
-68% YoY
AFFO
$488M
+10% YoY
What Went Right
  • Closed sale of small cell and fiber businesses on May 1, becoming pure-play U.S. tower operator and receiving $8.4B net proceeds.
  • Raised full-year 2026 AFFO outlook by $5M to $1.975B; Q2 AFFO rose 10% YoY to $488M.
  • Repaid ~$7.2B of debt and repurchased $1B of shares at $88.66, retiring 11M+ shares and saving $47M in annual dividends.
  • Organic growth ex-Sprint/DISH was 3.9% in Q2, with more than 90% of FY26 organic growth already contracted.
What to Watch
  • Site rental revenues fell 4% YoY to $967M due to $49M DISH terminations, $5M Sprint cancellations, and $25M lower non-cash straight-line revenues.
  • DISH bankruptcy: Crown Castle is pursuing a $3.5B contractual claim, but recovery from the $2.4B escrow is uncertain and depends on total claimants.
  • Services activity is softening; full-year services contribution was cut by $20M, mainly in Q3.
  • Net income declined 68% YoY to $94M, partly due to one-time stock-based compensation and lower site rental revenues.
Management Guidance
  • Full-year 2026 site rental revenues raised by $5M to $3,855M midpoint.
  • Full-year 2026 Adjusted EBITDA maintained at $2,690M midpoint.
  • Full-year 2026 AFFO increased by $5M to $1,975M, or $4.59 per share.
  • Expects $15M cost reductions: $10M in site rental cost of operations and $5M in SG&A.
  • Reaffirms H2 2026 and H1 2027 AFFO of $2.1B at the midpoint.
Investor Lens
The thesis is modestly stronger after this call: Crown Castle completed its transformation to a pure-play U.S. tower operator, deployed sale proceeds to deleverage and buy back shares, and raised FY26 AFFO guidance. However, DISH bankruptcy recovery remains highly uncertain, and services softness tempers near-term momentum. Management's conviction that 2026 is the low point for organic growth, supported by spectrum catalysts and edge compute trials, gives a constructive longer-term setup.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Q2 AFFO up 10% YoY; FY26 AFFO guidance raised to $1.975B
Revenue
Site rental revenues were $967M in Q2 2026, down 4.1% YoY from $1,008M, driven by $49M of DISH terminations and $5M of Sprint cancellations. Excluding those items and prior-year DISH billings, organic growth was 4.2%, or 3.9% including the other billings impact.
Profitability
Net income fell 68% YoY to $94M from $291M, while Adjusted EBITDA declined 4% to $675M. AFFO grew 10% to $488M, or $1.13 per share, helped by lower interest expense and higher interest income from the sale proceeds.
Margins
Adjusted EBITDA margin was roughly 70% of site rental revenues ($675M/$967M), approximately flat YoY. Management cited durable cost improvements from ground lease buyouts and operational efficiencies, with a $15M full-year cost reduction now expected.
Balance Sheet
Net debt to EBITDA ended Q2 at 6.3x, within the 6x-6.5x target. The company received $8.4B of sale proceeds, repaid ~$7.2B of debt, repurchased $1B of shares, and reduced revolver capacity from $7B to $4.5B.
Key Risks
DISH's bankruptcy and $3.5B contractual claim are being pursued in court, but escrow recoveries are uncertain and depend on total claimant pool. Services activity is slowing due to carrier leadership changes and delays, with a $20M reduction in services contribution for the year. Satellite competition was questioned, though management argues terrestrial networks remain essential.
Outlook
Full-year 2026 site rental revenues were raised to $3,855M midpoint and AFFO to $1,975M. Management reiterated that 2026 is the low point for organic growth and reaffirmed H2 2026/H1 2027 AFFO of $2.1B.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (4 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (4)
Q2 2026 Q2 2026 2026-07-22
Solid Q2 results with raised AFFO guidance, driven by the sale of small cell and fiber businesses and strong cost controls. Over 90% of 2026 organic growth is contracted, with significant debt repayment and share buybacks completed. Positioned for growth from edge compute, mobile data demand, and upcoming spectrum auctions.
Q1 2026 Q1 2026 2026-04-22
Solid Q1 2026 results with 3.1% organic growth (excluding Sprint/DISH), unchanged full-year outlook, and progress on the fiber/small cell sale. Restructuring and cost initiatives are underway, with legal action ongoing against DISH and new growth opportunities in edge compute and tower builds.
Q4 2025 Q4 2025 2026-02-04
Exceeded 2025 guidance with strong organic growth and operational execution. 2026 outlook reflects DISH contract termination, asset sales, and cost reductions, with AFFO expected to rise slightly despite revenue headwinds. Legal action against DISH and a major restructuring are underway.
Q2 2025 Q2 2025 2025-07-23
Q2 2025 results exceeded expectations, prompting an increase in full-year guidance for site rental revenues, Adjusted EBITDA, and AFFO. Operational efficiencies, cost reductions, and higher leasing activity are driving growth, while the sale of fiber and small cell businesses remains on track for H1 2026.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

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