$CCI · CROWN CASTLE INC.

Crown Castle filed an 8-K with its Q3 2026 Supplemental Information Package. Site rental revenues declined 4.5% YoY to $966M, pressured by $61M in DISH Terminations and $5M in Sprint Cancellations during the quarter. AFFO per share was $1.24, up from $1.12 a year ago, helped by sharply lower interest expense ($177M vs $247M). Full-year 2026 AFFO per share guidance is $4.54–$4.66, with site rental billings expected at $3,805M–$3,835M.

Extended-hours trading shows CCI at $77.72, down 1.18% from the regular close of $78.65. The continued site rental revenue erosion from DISH and Sprint contract run-off is weighing on shares, which have already fallen from $91.76 at Q3 2025-end to $66.65 at Q3 2026-end.

Crown Castle's tower-only strategy post-Fiber sale is being tested as DISH and Sprint contract run-offs continue to erode site rental revenues, offsetting healthy core leasing activity.

Crown Castle's pure-play U.S. tower portfolio (~40,000 towers) faces unique churn headwinds from carrier consolidation fallout (Sprint/T-Mobile) and DISH's financial distress, while peers AMT and SBAC benefit from international diversification.

DISH Terminations and Sprint Cancellations are expected to reduce site rental billings by $240M combined in FY2026, with DISH alone accounting for $220M. The Organic Contribution to Site Rental Billings metric remains negative at -3.1% of prior year billings in Q3.