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0001051470false00010514702026-07-222026-07-220001051470exch:XNYS2026-07-222026-07-22


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 22, 2026
Crown Castle Inc.
(Exact name of registrant as specified in its charter)
         
Delaware   001-16441   76-0470458
(State or other jurisdiction
of incorporation)		   (Commission File Number)   (IRS Employer Identification No.)

8020 Katy Freeway, Houston, Texas 77024
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (713) 570-3000
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $0.01 par value CCI New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



ITEM 2.02 — RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On July 22, 2026, Crown Castle Inc. ("Company") issued a press release disclosing its financial results for the second quarter ended June 30, 2026. A copy of the press release is furnished herewith as Exhibit 99.1.
ITEM 7.01 — REGULATION FD DISCLOSURE
The press release referenced in Item 2.02 above refers to certain supplemental information that was posted as a supplemental information package on the Company's website on July 22, 2026. The supplemental information package is furnished herewith as Exhibit 99.2.
ITEM 9.01 — FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
Exhibit Index
Exhibit No. Description
99.1
99.2
104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document
The information in Items 2.02 and 7.01 of this Form 8-K and Exhibits 99.1 and 99.2 attached hereto are furnished as part of this Form 8-K and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended ("Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information or exhibits be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CROWN CASTLE INC.
By: /s/ Edward B. Adams, Jr.
Name: Edward B. Adams, Jr.
Title: Executive Vice President
and General Counsel
Date: July 22, 2026

EX-99.1 2 q22026earningsrelease.htm EX-99.1 Document
Exhibit 99.1
image4.jpg
 NEWS RELEASE
July 22, 2026

Contacts: Sunit Patel, CFO
Hamilton West, VP Corp Finance & Treasurer
FOR IMMEDIATE RELEASE Crown Castle Inc.
713-570-3050

CROWN CASTLE REPORTS SECOND QUARTER 2026 RESULTS AND UPDATES OUTLOOK FOR FULL YEAR 2026

July 22, 2026 - HOUSTON, TEXAS - Crown Castle Inc. (NYSE: CCI) ("Crown Castle") today reported results for the second quarter ended June 30, 2026, and updated its full year 2026 Outlook, as reflected in the table below.
(dollars in millions, except per share amounts)
Current Full Year 2026 Outlook Midpoint(a)
Full Year 2025 Actual
% Change
Previous Full Year 2026 Outlook(b)
Current Compared to Previous Outlook
Site rental revenues(c)
$3,855 $4,049 (5)% $3,850 $5
Net income (loss) $870 $444 96% $830 $40
Net income (loss) per share—diluted $2.02 $1.01 100% $1.94 $0.08
Adjusted EBITDA(c)(d)
$2,690 $2,863 (6)% $2,690 $—
AFFO(c)(d)
$1,975 $1,904 4% $1,970 $5
AFFO per share(c)(d)
$4.59 $4.36 5% $4.59 $—
(a)Reflects midpoint of full year 2026 Outlook as issued on July 22, 2026.
(b)Reflects midpoint of previous full year 2026 Outlook as issued on May 1, 2026.
(c)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.
(d)See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss), including on a per share basis.

"We delivered a solid second quarter, positioning us to increase our full year 2026 guide for AFFO," said Chris Hillabrant, Crown Castle's President and Chief Executive Officer. "On May 1st, we successfully completed a significant milestone in the transformation of our business by concluding the sale of our Fiber and Small Cell businesses. We continue to focus on becoming a best-in-class US tower operator by driving operating efficiencies, increasing land ownership under our towers, modernizing our systems, and improving customer experience. With a clear pure-play US tower strategy, a disciplined capital allocation framework, and an investment-grade balance sheet, we believe we are well positioned to deliver attractive long-term shareholder returns."





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RESULTS FROM THE QUARTER
(dollars in millions, except per share amounts) Q2 2026 Q2 2025
Change
% Change
Site rental revenues(a)
$967 $1,008 $(41) (4)%
Net income (loss) $94 $291 $(197) (68)%
Net income (loss) per share—diluted $0.22 $0.67 $(0.45) (67)%
Adjusted EBITDA(a)(b)
$675 $705 $(30) (4)%
AFFO(a)(b)
$488 $444 $44 10%
AFFO per share(a)(b)
$1.13 $1.02 $0.11 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.
(b)See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss), including on a per share basis.

HIGHLIGHTS FROM THE QUARTER
•Site rental revenues. Organic Contribution to Site Rental Billings in the second quarter 2026 was $38 million, or 3.9% organic growth, excluding an unfavorable $49 million and $5 million impact from DISH Terminations and Sprint Cancellations, respectively. Organic growth increases to 4.2% if DISH revenues are excluded from prior year site rental billings, which compares to 3.7% in the second quarter 2025 on a comparable basis. Site rental revenues were negatively impacted by a $3 million decrease in amortization of prepaid rent and a $23 million decrease in straight-lined revenues, resulting in a decline in site rental revenues of $41 million, or 4.1% from second quarter 2025 to second quarter 2026. The following table outlines the components of Organic Contribution to Site Rental Billings, excluding the impact of DISH and the Sprint Cancellations, and the respective percentage of prior period site rental billings, excluding prior year site rental billings to DISH.
($ in millions; totals may not sum due to rounding)
Current Full Year 2026 Outlook Midpoint(a)
Q2 2026
Q2 2025(c)
Core leasing activity(b)
$65 1.8% $15 1.7% $16 1.7%
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)
$— —% $5 0.5% $2 0.2%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations(b)
$135 3.6% $38 4.2% $34 3.7%
(a)As issued on July 22, 2026.
(b)See "Non-GAAP Measures and Other Information" for our definitions of core leasing activity, non-renewals, other billings and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations.
(c)Amounts have been recast to exclude DISH contributions to the components of Organic Contribution to Site Rental Billings.


•Net income (loss). Net income (loss) for the second quarter 2026 was $94 million compared to $291 million for the second quarter 2025.
•Adjusted EBITDA. Second quarter 2026 Adjusted EBITDA was $675 million compared to $705 million for the second quarter 2025. The decrease in the quarter was primarily a result of the lower contribution from site rental
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revenues discussed above, partially offset by a decrease in selling, general and administrative expenses, excluding the impact of stock-based compensation expense.
•AFFO and AFFO per share. Second quarter 2026 AFFO was $488 million, or $1.13 per share, representing a 10% increase from second quarter 2025. The increase in the quarter was primarily a result of a decrease in interest expense and an increase in interest income resulting from the use of proceeds from the sale of our Fiber and Small Cell businesses.
•Capital expenditures. Capital expenditures from continuing operations during the second quarter were $59 million, composed of $52 million of discretionary capital expenditures and $7 million of sustaining capital expenditures. The $59 million of capital expenditures increased 48% compared to $40 million of capital expenditures during second quarter 2025, primarily driven by a $20 million increase in land capital expenditures.
•Common stock dividend. During the quarter, Crown Castle paid common stock dividends of approximately $460 million in the aggregate, or $1.0625 per common share, unchanged on a per share basis compared to the same period a year ago.

"In the second quarter we delivered solid results and closed the sale of our Fiber and Small Cell businesses for $8.4 billion of net proceeds," stated Sunit Patel, Crown Castle's Chief Financial Officer. "Consistent with our capital allocation framework and investment grade balance sheet, following the close of the sale transaction we completed $1 billion of share repurchases and repaid more than $7 billion of debt. We ended the second quarter with a strong balance sheet including 100% fixed rate debt, a weighted average debt maturity of approximately 7 years, and approximately $4.5 billion of availability under our revolving credit facility."

OUTLOOK
This Outlook section contains forward-looking statements, and actual results may differ materially. Information regarding potential risks which could cause actual results to differ from the forward-looking statements herein is set forth below and in Crown Castle's filings with the SEC.
The following table sets forth Crown Castle's current full year 2026 Outlook, which includes the following key changes from the previous Outlook issued on May 1, 2026:
•A $5 million increase to site rental revenues from higher Organic Contributions to Site Rental Billings.
•A $10 million decrease in site rental cost of operations and a $15 million decrease in selling, general and administrative expenses, including a $10 million decrease to stock based compensation expense.
•A $20 million decrease in services and other gross margin.
•A $5 million decrease in interest expense.

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(in millions, except per share amounts)
Full Year 2026 Outlook(a)
Changes to Midpoint from Previous Outlook(b)
Site rental billings(c)
$3,805 to $3,835 $5
Amortization of prepaid rent 65 to 95 —
Straight-lined revenues (75) to (45) —
Other revenues
 15 to 15 —
Site rental revenues 3,833 to 3,878 5
Site rental costs of operations(d)
968 to 1,013 10
Services and other gross margin 70 to 100 (20)
Net income (loss)(e)
730 to 1,010 40
Net income (loss) per share—diluted(e)
1.70 to 2.35 0.08
Adjusted EBITDA(c)
2,665 to 2,715 —
Depreciation, amortization and accretion 627 to 722 —
Interest expense and amortization of deferred financing costs, net(f)
787 to 832 (5)
Income (loss) from discontinued operations, net of tax(g)
(360) to (80) —
FFO(c)
1,730 to 1,760 40
AFFO(c)
1,950 to 2,000 5
AFFO per share(c)
4.53 to 4.65 —
Discretionary capital expenditures(c)
150 to 250 —
(a)As issued on July 22, 2026.
(b)As issued on May 1, 2026.
(c)See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss), including on a per share basis, and for definition of site rental billings and discretionary capital expenditures.
(d)Exclusive of depreciation, amortization and accretion.
(e)Includes contribution from discontinued operations through April 30, 2026.
(f)See "Non-GAAP Measures and Other Information" for the reconciliation of "Outlook for Components of Interest Expense."
(g)Represents expected results from the Fiber Business, including the estimated loss on disposal, through April 30, 2026.

•The following chart reconciles the components contributing to the expected 2026 decrease in site rental revenues.
revenuegrowthq2202620260714a.jpg

•Change in other billings is expected to increase $5 million from the previous Outlook primarily from higher back-billings.
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•Full year 2026 Organic Contribution to Site Rental Billings, excluding the impact of DISH Terminations and Sprint Cancellations, is expected to be approximately $135 million or 3.4% at the midpoint, or 3.6% if DISH revenues are excluded from prior year site rental billings.
•The previous Outlook for full year 2026 Organic Contribution to Site Rental Billings, excluding the impact of DISH Terminations and Sprint Cancellations, was approximately $130 million or 3.3% at the midpoint, or 3.5% if DISH revenues are excluded from prior year site rental billings.
•The chart below reconciles the components of expected growth in AFFO from 2025 to 2026 of approximately $15 million at the midpoint.
affogrowthq2202620260720a.jpg

•Expenses impacting AFFO are expected to decrease approximately $15 million from the previous Outlook as we continue to drive operational efficiencies across the business.
•Services contribution is expected to decrease by approximately $20 million from the previous Outlook, primarily driven by lower services activity levels.
•Interest expense is expected to decrease by approximately $5 million from the previous Outlook.
Additional information is available in Crown Castle's quarterly Supplemental Information Package posted in the Investors section of our website.








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CONFERENCE CALL DETAILS
Crown Castle has scheduled a conference call for Wednesday, July 22, 2026, at 5:00 p.m. Eastern time to discuss its second quarter 2026 results. A listen only live audio webcast of the conference call, along with supplemental materials for the call, can be accessed on the Crown Castle website at https://investor.crowncastle.com. Participants may join the conference call by dialing 833-816-1115 (Toll Free) or 412-317-0694 (International) at least 30 minutes prior to the start time. All dial-in participants should ask to join the Crown Castle call.
A replay of the webcast will be available on the Investor page of Crown Castle's website until end of day, Thursday, July 22, 2027.

ABOUT CROWN CASTLE
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. For more information on Crown Castle, please visit www.crowncastle.com.
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Non-GAAP Measures and Other Information
This press release includes presentations of Adjusted EBITDA, Adjusted Funds from Operations ("AFFO"), including per share amounts, Funds from Operations ("FFO"), including per share amounts, Organic Contribution to Site Rental Billings (including as Adjusted for Impact of Sprint Cancellations and DISH Terminations), and Net Debt, which are non-GAAP financial measures. These non-GAAP financial measures are not intended as alternative measures of operating results or cash flow from operations (as determined in accordance with Generally Accepted Accounting Principles ("GAAP")).
Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies, including other companies in the towers sector or other real estate investment trusts ("REITs").
In addition to the non-GAAP financial measures used herein, we also provide the components of certain GAAP measures, such as site rental revenues and capital expenditures.
Our non-GAAP financial measures are presented as additional information because management believes these measures are useful indicators of the financial performance of our business. Among other things, management believes that:
•Adjusted EBITDA is useful to investors or other interested parties in evaluating our financial performance. Adjusted EBITDA is a financial measure frequently used by management (1) to evaluate the economic productivity of our operations and (2) for purposes of making decisions about allocating resources to, and assessing the performance of, our operations. Management believes that Adjusted EBITDA helps investors or other interested parties meaningfully evaluate and compare the results of our operations (1) from period to period and (2) to our competitors, by removing the impact of our capital structure (primarily interest charges from our outstanding debt) and asset base (primarily depreciation, amortization and accretion) from our financial results. Management also believes Adjusted EBITDA is frequently used by investors or other interested parties in the evaluation of the towers sector and other REITs to measure financial performance without regard to items such as depreciation, amortization and accretion, which can vary depending upon accounting methods and the book value of assets. Adjusted EBITDA should be considered only as a supplement to net income (loss) computed in accordance with GAAP as a measure of our performance.
•AFFO, including per share amounts, is useful to investors or other interested parties in evaluating our financial performance. Management believes that AFFO helps investors or other interested parties meaningfully evaluate our financial performance as it includes (1) the impact of our capital structure (primarily interest expense on our outstanding debt and dividends on our preferred stock (in periods where applicable)) and (2) sustaining capital expenditures, and excludes the impact of our (1) asset base (primarily depreciation, amortization and accretion) and (2) certain non-cash items, including straight-lined revenues and expenses related to fixed escalations and rent free periods. GAAP requires rental revenues and expenses related to leases that contain specified rental increases over the life of the lease to be recognized evenly over the life of the lease. In accordance with GAAP, if payment terms call for fixed escalations or rent free periods, the (1) revenues are recognized on a straight-lined basis over the fixed, non-cancelable term of the tenant contract, and (2) expenses are recognized on a straight-lined basis over the estimated lease term including renewal options that are reasonably certain to be exercised. Management notes that Crown Castle uses AFFO only as a performance measure. AFFO should be considered only as a supplement to net income (loss) computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flow from operations or as residual cash flow available for discretionary investment.
•FFO, including per share amounts, is useful to investors or other interested parties in evaluating our financial performance. Management believes that FFO may be used by investors or other interested parties as a basis to compare our financial performance with that of other REITs. FFO helps investors or other interested parties meaningfully evaluate financial performance by excluding the impact of our asset base (primarily real estate depreciation, amortization and accretion). FFO is not a key performance indicator used by Crown Castle. FFO should be considered only as a supplement to net income (loss) computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flow from operations.
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•Organic Contribution to Site Rental Billings (also referred to as organic growth) is useful to investors or other interested parties in understanding the components of the year-over-year changes in our site rental revenues computed in accordance with GAAP. Management uses Organic Contribution to Site Rental Billings to assess year-over-year growth rates for our rental activities, to evaluate current performance, to capture trends in rental rates, core leasing activities and tenant non-renewals in our core business, as well as to forecast future results. Separately, we are also disclosing Organic Contribution to Site Rental Billings as Adjusted for Sprint Cancellations and DISH Terminations, which is outside of ordinary course, to provide further insight into our results of operations and underlying trends. Management believes that identifying the impact of Sprint Cancellations and DISH Terminations provides increased transparency and comparability across periods. Organic Contribution to Site Rental Billings (including as Adjusted for Impact of Sprint Cancellations and DISH Terminations) is not meant as an alternative measure of revenue and should be considered only as a supplement in understanding and assessing the performance of our site rental revenues computed in accordance with GAAP.
•Net Debt is useful to investors or other interested parties in evaluating our overall debt position and future debt capacity. Management uses Net Debt in assessing our leverage. Net Debt is not meant as an alternative measure of debt and should be considered only as a supplement in understanding and assessing our leverage.
Non-GAAP Financial Measures
Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) plus restructuring charges (credits), asset write-down charges, goodwill impairment charges, acquisition and integration costs, depreciation, amortization and accretion, amortization of prepaid lease purchase price adjustments, interest expense and amortization of deferred financing costs, net, (gains) losses on retirement of long-term obligations, net (gain) loss on interest rate swaps, (gains) losses on foreign currency swaps, impairment of available-for-sale securities, interest income, other (income) expense, (benefit) provision for income taxes, (income) loss from discontinued operations, net of tax, cumulative effect of a change in accounting principle and stock-based compensation expense, net.
AFFO. We define AFFO as FFO before straight-lined revenues, straight-lined expenses, stock-based compensation expense, net, non-cash portion of tax provision, non-real estate related depreciation, amortization and accretion, amortization of non-cash interest expense, other (income) expense, (gains) losses on retirement of long-term obligations, net (gain) loss on interest rate swaps, (gains) losses on foreign currency swaps, impairment of available-for-sale securities, acquisition and integration costs, restructuring charges (credits), cumulative effect of a change in accounting principle and adjustments for noncontrolling interests, less sustaining capital expenditures.
AFFO per share. We define AFFO per share as AFFO divided by diluted weighted-average common shares outstanding.
FFO. We define FFO as net income (loss) plus real estate related depreciation, amortization and accretion, asset write-down charges, goodwill impairment charges, and (income) loss from discontinued operations, net of tax, less noncontrolling interest and cash paid for preferred stock dividends (in periods where applicable), and is a measure of funds from operations attributable to common stockholders.
FFO per share. We define FFO per share as FFO divided by diluted weighted-average common shares outstanding.
Organic Contribution to Site Rental Billings. We define Organic Contribution to Site Rental Billings (also referred to as organic growth) as the sum of the change in site rental revenues related to core leasing activity, escalators and other billings, including those associated with DISH Terminations, less non-renewals of tenant contracts, including those associated with Sprint Cancellations, and DISH Terminations. Additionally, Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations reflects Organic Contribution to Site Rental Billings plus non-renewals associated with Sprint Cancellations, less Organic Contribution to Site Rental Billings associated with DISH Terminations.
Net Debt. We define Net Debt as (1) debt and other long-term obligations and (2) current maturities of debt and other obligations, excluding unamortized adjustments, net, less cash and cash equivalents and restricted cash and cash equivalents.
Other Definitions
Site rental billings. We define site rental billings as site rental revenues exclusive of the impacts from (1) straight-lined revenues, (2) amortization of prepaid rent in accordance with GAAP, (3) contribution from recent acquisitions until the one-year anniversary of such acquisitions, (4) other revenues, such as tenant cancellation fees, finance charges and other items and (5) amounts related to DISH Terminations, where applicable.
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Core leasing activity. We define core leasing activity as site rental revenues growth from tenant additions and renewals or extensions of tenant contracts, exclusive of (1) the impacts from both straight-lined revenues and amortization of prepaid rent in accordance with GAAP, (2) other revenues and (3) amounts related to DISH Terminations, where applicable.
Other billings. We define other billings as the growth or reduction in site rental revenues as a result of non-recurring contractual billings and adjustments, expense recoveries, sales credits and other amounts not captured in core leasing activity, exclusive of amounts related to DISH Terminations, where applicable.
Non-renewals. We define non-renewals of tenant contracts as the reduction in site rental revenues as a result of tenant churn, terminations and, in limited circumstances, reductions of existing lease rates, exclusive of non-renewals associated with Sprint Cancellations and DISH Terminations, where applicable.
Discretionary capital expenditures. We define discretionary capital expenditures relating to continuing operations as those made with respect to activities which we believe exhibit sufficient potential to enhance long-term stockholder value. Discretionary capital expenditures, including with respect to discontinued operations, primarily consist of expansion or development of our communications infrastructure (including capital expenditures related to (1) enhancing communications infrastructure in order to add new tenants for the first time or support subsequent tenant equipment augmentations or (2) modifying the structure of a communications infrastructure asset to accommodate additional tenants) and construction of new communications infrastructure. Discretionary capital expenditures also include purchases of land interests (which primarily relates to land assets under towers as we seek to manage our interests in the land beneath our towers), certain technology-related investments necessary to support and scale future customer demand for our communications infrastructure, and other capital projects.
Sustaining capital expenditures. We define sustaining capital expenditures as those capital expenditures (including with respect to discontinued operations) not otherwise categorized as discretionary capital expenditures, such as (1) maintenance capital expenditures on our communications infrastructure assets that enable our tenants' ongoing quiet enjoyment of the communications infrastructure and (2) ordinary corporate capital expenditures.
Sprint Cancellations. We define Sprint Cancellations as lease cancellations related to the previously disclosed T-Mobile US, Inc. and Sprint network consolidation as described in our press release dated April 19, 2023.
DISH Terminations. We define DISH Terminations as the impact of lease terminations related to the previously disclosed notice of default and termination that was sent to DISH Wireless L.L.C. ("DISH") regarding our Master Lease Agreement and related agreements as described in our press release dated January 12, 2026.
Fiber Business. We define Fiber Business as the historically reported Fiber segment, prior to its reclassification to discontinued operations, together with certain supporting assets and personnel. Management signed a definitive agreement ("Agreement") to sell the Fiber Business with EQT Active Core Infrastructure fund ("EQT") acquiring the small cells business and Zayo Group Holdings Inc. ("Zayo") acquiring the fiber solutions business ("Transaction"). The Transaction was completed on May 1, 2026. We received aggregate net cash proceeds of $8.4 billion, representing the gross contractual purchase price of $8.5 billion less the net impact of preliminary purchase price adjustments of $124 million, which are subject to a post-closing settlement process.
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Reconciliation of Historical Adjusted EBITDA:
For the Three Months Ended
For the Six Months Ended
For the Twelve Months Ended
(in millions; totals may not sum due to rounding)
 June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 December 31, 2025
Net income (loss)(a)
$ 94  $ 291  $ 245  $ (173) $ 444 
Adjustments to increase (decrease) net income (loss):
Asset write-down charges 2  2  5  4  11 
Depreciation, amortization and accretion 171  175  343  352  690 
Restructuring charges(b)
—  —  14  —  — 
Amortization of prepaid lease purchase price adjustments 3  4  7  8  15 
Interest expense and amortization of deferred financing costs, net(c)
208  243  450  479  972 
(Gains) losses on retirement of long-term obligations (24) —  (24) —  — 
Interest income (18) (4) (22) (7) (13)
Other (income) expense 1  (2) 2  (3) (3)
(Benefit) provision for income taxes 4  4  9  9  16 
Stock-based compensation expense, net 28  18  47  36  73 
(Income) loss from discontinued operations, net of tax(d)
205  (26) 275  722  659 
Adjusted EBITDA(e)(f)
$ 675  $ 705  $ 1,350  $ 1,428  $ 2,863 
Reconciliation of Current Outlook for Adjusted EBITDA:
Full Year 2026
(in millions; totals may not sum due to rounding)
Outlook(g)
Net income (loss)(a)
$730 to $1,010
Adjustments to increase (decrease) net income (loss):
Asset write-down charges
 10 to 20
Acquisition and integration costs (3) to 3
Depreciation, amortization and accretion 627 to 722
Restructuring charges
 25 to 35
Amortization of prepaid lease purchase price adjustments 14 to 16
Interest expense and amortization of deferred financing costs, net(h)
787 to 832
(Gains) losses on retirement of long-term obligations (25) to (25)
Interest income (25) to (25)
Other (income) expense 0 to 9
(Benefit) provision for income taxes 11 to 19
Stock-based compensation expense, net 78 to 82
(Income) loss from discontinued operations, net of tax(i)
80
to
360
Adjusted EBITDA(e)(f)
$2,665 to $2,715
(a)Includes contribution from discontinued operations through April 30, 2026.
(b)Represents restructuring charges recorded related to the Company's restructuring plan announced in February 2026, as further discussed in the Annual Report on Form 10-K for the year ended December 31, 2025 ("2026 Restructuring Plan"). For the three and six months ended June 30, 2026, no charges and $14 million of charges were recorded related to the 2026 Restructuring Plan, respectively.
(c)See the reconciliation of "Components of Interest Expense" for a discussion of non-cash interest expense.
(d)Represents results from the Fiber Business, including a loss on disposal of $280 million and $252 million recorded in the three months ended June 30, 2026 and 2025, respectively, and $625 million and $1,082 million recorded in the six months ended June 30, 2026 and 2025, respectively.
(e)See discussion and our definition of Adjusted EBITDA in this "Non-GAAP Measures and Other Information."
(f)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(g)As issued on July 22, 2026.
(h)See the reconciliation of "Outlook for Components of Interest Expense" for a discussion of non-cash interest expense.
(i)Represents expected results from the Fiber Business, including the estimated loss on disposal, through April 30, 2026.

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News Release continued:
Page 11
Reconciliation of Historical FFO and AFFO:
For the Three Months Ended
For the Six Months Ended
 For the Twelve Months Ended
(in millions; totals may not sum due to rounding)
 June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 December 31, 2025
Net income (loss)(a)
$ 94  $ 291  $ 245  $ (173) $ 444 
Real estate related depreciation, amortization and accretion 162  162  323  326  650 
Asset write-down charges 2  2  5  4  11 
(Income) loss from discontinued operations, net of tax(b)
205  (26) 275  722  659 
FFO(c)(d)
$ 464  $ 429  $ 847  $ 879  $ 1,764 
Weighted-average common shares outstanding—diluted 434  437  436  436  437 
FFO (from above) $ 464  $ 429  $ 847  $ 879  $ 1,764 
Adjustments to increase (decrease) FFO:
Straight-lined revenues 3  (20) 6  (39) (12)
Straight-lined expenses 13  14  27  29  58 
Stock-based compensation expense, net 28  18  47  36  73 
Non-cash portion of tax provision (5) (5) —  —  1 
Non-real estate related depreciation, amortization and accretion 8  13  19  26  40 
Amortization of non-cash interest expense 6  4  9  8  16 
Other (income) expense 1  (2) 2  (3) (3)
(Gains) losses on retirement of long-term obligations (24) —  (24) —  — 
Restructuring charges(e)
—  —  14  —  — 
Sustaining capital expenditures (7) (7) (14) (13) (33)
AFFO(c)(d)
$ 488  $ 444  $ 934  $ 923  $ 1,904 
Weighted-average common shares outstanding—diluted 434  437  436  436  437 
(a)Includes contribution from discontinued operations through April 30, 2026.
(b)Represents results from the Fiber Business, including a loss on disposal of $280 million and $252 million recorded in the three months ended June 30, 2026 and 2025, respectively, and $625 million and $1,082 million recorded in the six months ended June 30, 2026 and 2025, respectively.
(c)See discussion and our definitions of FFO and AFFO in this "Non-GAAP Measures and Other Information."
(d)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(e)Represents restructuring charges recorded related to the 2026 Restructuring Plan.
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News Release continued:
Page 12
Reconciliation of Historical FFO and AFFO per share:
For the Three Months Ended
For the Six Months Ended
 For the Twelve Months Ended
(in millions, except per share amounts; totals may not sum due to rounding)
 June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 December 31, 2025
Net income (loss)(a)
$ 0.22  $ 0.67  $ 0.56  $ (0.40) $ 1.02 
Real estate related depreciation, amortization and accretion 0.37  0.37  0.74  0.75  1.49 
Asset write-down charges 0.01  —  0.01  0.01  0.03 
(Income) loss from discontinued operations, net of tax(b)
0.47  (0.06) 0.63  1.65  1.51 
FFO(c)(d)
$ 1.07  $ 0.98  $ 1.94  $ 2.01  $ 4.04 
Weighted-average common shares outstanding—diluted 434  437  436  436  437 
FFO (from above) $ 1.07  $ 0.98  $ 1.94  $ 2.01  $ 4.04 
Adjustments to increase (decrease) FFO:
Straight-lined revenues 0.01  (0.05) 0.01  (0.09) (0.03)
Straight-lined expenses 0.03  0.03  0.06  0.07  0.13 
Stock-based compensation expense, net 0.07  0.04  0.11  0.08  0.17 
Non-cash portion of tax provision (0.01) (0.01) —  —  — 
Non-real estate related depreciation, amortization and accretion 0.02  0.03  0.04  0.06  0.09 
Amortization of non-cash interest expense 0.01  0.01  0.02  0.02  0.04 
Other (income) expense —  —  —  (0.01) (0.01)
(Gains) losses on retirement of long-term obligations (0.05) —  (0.05) —  — 
Restructuring charges(e)
—  —  0.03  —  — 
Sustaining capital expenditures (0.02) (0.02) (0.03) (0.03) (0.08)
AFFO(c)(d)
$ 1.13  $ 1.02  $ 2.14  $ 2.11  $ 4.36 
Weighted-average common shares outstanding—diluted 434  437  436  436  437 
(a)Includes contribution from discontinued operations through April 30, 2026.
(b)Represents results from the Fiber Business, including a loss on disposal of $280 million and $252 million recorded in the three months ended June 30, 2026 and 2025, respectively, and $625 million and $1,082 million recorded in the six months ended June 30, 2026 and 2025, respectively.
(c)See discussion and our definitions of FFO and AFFO, including per share amounts, in this "Non-GAAP Measures and Other Information."
(d)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(e)Represents restructuring charges recorded related to the 2026 Restructuring Plan.
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Page 13
Reconciliation of Current Outlook for FFO and AFFO:
Full Year 2026 Full Year 2026
(in millions, except per share amounts; totals may not sum due to rounding)
Outlook(a)
Outlook per Share(a)
Net income (loss)(b)
$730 to $1,010 $1.70 to $2.35
Real estate related depreciation, amortization and accretion 600 to 680 1.40 to 1.58
Asset write-down charges
 10 to 20 0.02 to 0.05
(Income) loss from discontinued operations, net of tax(c)
80
to
 360 0.19
to
 0.84
FFO(d)(e)
$1,730 to $1,760 $4.02 to $4.09
Weighted-average common shares outstanding—diluted 430 430
FFO (from above) $1,730 to $1,760 $4.02 to $4.09
Adjustments to increase (decrease) FFO:
Straight-lined revenues 45 to 75 0.10 to 0.17
Straight-lined expenses 45 to 65 0.10 to 0.15
Stock-based compensation expense, net 78 to 82 0.18 to 0.19
Non-cash portion of tax provision (8) to 8 (0.02) to 0.02
Non-real estate related depreciation, amortization and accretion 27 to 42 0.06 to 0.10
Amortization of non-cash interest expense 15 to 25 0.03 to 0.06
Other (income) expense 0 to 9 0.00 to 0.02
(Gains) losses on retirement of long-term obligations (25) to (25) (0.06) to (0.06)
Acquisition and integration costs (3) to 3 (0.01) to 0.01
Restructuring charges
 25  to 35 0.06  to 0.08
Sustaining capital expenditures (45) to (25) (0.10) to (0.06)
AFFO(d)(e)
$1,950 to $2,000 $4.53 to $4.65
Weighted-average common shares outstanding—diluted 430 430

(a)As issued on July 22, 2026.
(b)Includes contribution from discontinued operations through April 30, 2026.
(c)Represents expected results from the Fiber Business, including the estimated loss on disposal, through April 30, 2026.
(d)See discussion and our definitions of FFO and AFFO, including per share amounts, in this "Non-GAAP Measures and Other Information."
(e)The above reconciliation excludes line items included in our definition which are not applicable for the period shown.
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Page 14
For Comparative Purposes - Reconciliation of Previous Outlook for Adjusted EBITDA:
Previously Issued
(in millions; totals may not sum due to rounding)
Full Year 2026 Outlook(a)
Net income (loss)(b)
$690 to $970
Adjustments to increase (decrease) net income (loss):
Asset write-down charges 10 to 20
Acquisition and integration costs (3) to 3
Depreciation, amortization and accretion 627 to 722
Restructuring charges 25 to 35
Amortization of prepaid lease purchase price adjustments 14 to 16
Interest expense and amortization of deferred financing costs, net(c)
792 to 837
(Gains) losses on retirement of long-term obligations —
Interest income (25) to (25)
Other (income) expense 0 to 9
(Benefit) provision for income taxes 11 to 19
Stock-based compensation expense, net 88 to 92
(Income) loss from discontinued operations, net of tax(d)
80 to 360
Adjusted EBITDA(e)(f)
$2,665 to $2,715
For Comparative Purposes - Reconciliation of Previous Outlook for FFO and AFFO:
Previously Issued Previously Issued
(in millions, except per share amounts; totals may not sum due to rounding)
Full Year 2026
Outlook(a)
Full Year 2026 Outlook
per share(a)
Net income (loss)(b)
$690 to $970 $1.61 to $2.26
Real estate related depreciation, amortization and accretion 600 to 680 1.40 to 1.59
Asset write-down charges 10 to 20 0.02 to 0.05
(Income) loss from discontinued operations, net of tax(d)
80 to 360 0.19 to 0.84
FFO(e)(f)
$1,690 to $1,720 $3.94 to $4.01
Weighted-average common shares outstanding—diluted 429 429
FFO (from above) $1,690 to $1,720 $3.94 to $4.01
Adjustments to increase (decrease) FFO:
Straight-lined revenues 45 to 75 0.10 to 0.17
Straight-lined expenses 45 to 65 0.10 to 0.15
Stock-based compensation expense, net 88 to 92 0.21 to 0.21
Non-cash portion of tax provision (8) to 8 (0.02) to 0.02
Non-real estate related depreciation, amortization and accretion 27 to 42 0.06 to 0.10
Amortization of non-cash interest expense 15 to 25 0.03 to 0.06
Other (income) expense 0 to 9 0.00 to 0.02
(Gains) losses on retirement of long-term obligations — —
Acquisition and integration costs (3) to 3 (0.01) to 0.01
Restructuring charges 25 to 35 0.06 to 0.08
Sustaining capital expenditures (45) to (25) (0.10) to (0.06)
AFFO(e)(f)
$1,945 to $1,995 $4.53 to $4.65
Weighted-average common shares outstanding—diluted 429 429
(a)As issued on May 1, 2026.
(b)Includes contribution from discontinued operations through April 30, 2026.
(c)See the reconciliation of "Outlook for Components of Interest Expense" for a discussion of non-cash interest expense.
(d)Represents expected results from the Fiber Business, including the estimated loss on disposal, through April 30, 2026.
(e)See discussion of and our definition of Adjusted EBITDA, FFO and AFFO, including per share amounts in this "Non-GAAP Measures and Other Information."
(f)The above reconciliation excludes line items included in our definition which are not applicable for the period shown.


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News Release continued:
Page 15
Components of Changes in Site Rental Revenues for the Quarters Ended June 30, 2026 and 2025(a):
Three Months Ended June 30,
(dollars in millions; totals may not sum due to rounding)
 2026 2025
Components of changes in site rental revenues:
Prior year site rental billings excluding site rental billings to DISH(b)
$ 912 $ 928
Prior year site rental billings to DISH(b)
49 38
Prior year site rental billings(b)
$ 961 $ 966
Core leasing activity(b)
15 16
Escalators 25 24
Non-renewals(b)
(7) (7)
Other billings(b)
5 2
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations(b)
38 34
Organic Contribution to Site Rental Billings associated with DISH(b)
(49) 11
Non-renewals associated with Sprint Cancellations(b)
(5) (51)
Organic Contribution to Site Rental Billings(b)
(16) (6)
Straight-lined revenues (3) 20
Amortization of prepaid rent 21 23
Other revenues
 4 4
Total site rental revenues $ 967 $ 1,008
Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues (4.1) % (5.3) %
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as a percentage of prior year site rental billings excluding the prior year site rental billings to DISH(b)
4.2  % 3.7  %
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as a percentage of prior year site rental billings(b)
3.9  % 3.5  %
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(b)
(1.8) % (0.6) %
(a)The financial impact of the Fiber Business revenues is excluded, as these amounts are presented within discontinued operations through April 30, 2026.
(b)See our definitions of site rental billings, core leasing activity, non-renewals, other billings, Sprint Cancellations, DISH Terminations, Organic Contribution to Site Rental Billings and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations in this "Non-GAAP Measures and Other Information."
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Page 16
Components of Changes in Site Rental Revenues for Current and Previous Outlook for Full Year 2026:
(dollars in millions; totals may not sum due to rounding)
Full Year 2026 Outlook(a)(c)
Previously Issued Full Year 2026 Outlook(b)(c)
Components of changes in site rental revenues:
Prior year site rental billings excluding site rental billings to DISH(d)
$3,701 $3,701
Prior year site rental billings to DISH(d)
222 222
Prior year site rental billings(d)
$3,923 $3,923
Core leasing activity(d)
60 to 70 60 to 70
Escalators 95 to 105 95 to 105
Non-renewals(d)
(35) to (25) (35) to (25)
Other billings(d)
— (5) to (5)
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations(d)
120 to 150 115 to 145
Non-renewals associated with Sprint Cancellations(d)
(20) to (20) (20) to (20)
Non-renewals associated with DISH Terminations(d)
(220) to (220) (220) to (220)
Organic Contribution to Site Rental Billings(d)
(120) to (90) (125) to (95)
Straight-lined revenues (75) to (45) (75) to (45)
Amortization of prepaid rent 65 to 95 65 to 95
Other revenues
 15 to 15 15 to 15
Acquisitions(e)
— —
Total site rental revenues $3,833 to $3,878 $3,828 to $3,873
Year-over-year changes in revenues:(f)
Site rental revenues as a percentage of prior year site rental revenues
 (4.8)% (4.9)%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as a percentage of prior year site rental billings excluding site rental billings to DISH(d)
3.6% 3.5%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as a percentage of prior year site rental billings(d)
3.4% 3.3%
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(d)
(2.7)% (2.8)%
(a)As issued on July 22, 2026.
(b)As issued on May 1, 2026.
(c)Represents full year 2026 Outlook for continuing operations only.
(d)See our definitions of site rental billings, core leasing activity, non-renewals, other billings, Sprint Cancellations, DISH Terminations, Organic Contribution to Site Rental Billings, and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations in this "Non-GAAP Measures and Other Information."
(e)Represents the contribution from recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Billings, including as Adjusted for Impact of Sprint Cancellations and DISH Terminations, until the one-year anniversary of such acquisitions.
(f)Calculated based on midpoint of full year 2026 Outlook, where applicable.

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Page 17
Components of Capital Expenditures:(a)(b)
For the Three Months Ended
For the Six Months Ended
(in millions) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025
Discretionary capital expenditures:
Tower improvements and other capital projects
 $ 16  $ 17  $ 34  $ 33 
Purchases of land interests 36  16  68  34 
Sustaining capital expenditures 7  7  14  13 
Total capital expenditures $ 59  $ 40  $ 116  $ 80 
Outlook for Discretionary Capital Expenditures Less Prepaid Rent Additions:(b)(c)
(in millions)
Full Year 2026 Outlook(d)
Discretionary capital expenditures
$150 to $250
Less: Prepaid rent additions(e)
(30) to (50)
Discretionary capital expenditures less prepaid rent additions
$110 to $210
Components of Interest Expense:
For the Three Months Ended
(in millions) June 30, 2026 June 30, 2025
Interest expense on debt obligations $ 202  $ 239 
Amortization of deferred financing costs and adjustments on long-term debt 7  8 
Capitalized interest (1) (4)
Interest expense and amortization of deferred financing costs, net $ 208  $ 243 
Outlook for Components of Interest Expense:
(in millions)
Full Year 2026 Outlook(f)
Previously Issued Full Year 2026 Outlook(g)
Interest expense on debt obligations $770 to $810 $775 to $815
Amortization of deferred financing costs and adjustments on long-term debt 25 to 35 25 to 35
Capitalized interest (15) to (5) (15) to (5)
Interest expense and amortization of deferred financing costs, net $787 to $832 $792 to $837

(a)See our definitions of discretionary capital expenditures and sustaining capital expenditures in this "Non-GAAP Measures and Other Information."
(b)The financial impact of the Fiber Business is excluded, as these amounts are presented within discontinued operations through April 30, 2026.
(c)Excludes sustaining capital expenditures. See "Non-GAAP Measures and Other Information" for our definitions of discretionary capital expenditures and sustaining capital expenditures.
(d)As issued on July 22, 2026 and unchanged from previous full year 2026 Outlook issued on May 1, 2026.
(e)Reflects up-front consideration from long-term tenant contracts (commonly referred to as prepaid rent) that are amortized and recognized as revenue over the associated estimated lease term in accordance with GAAP.
(f)As issued on July 22, 2026.
(g)As issued on May 1, 2026.








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Page 18

Debt Balances and Maturity Dates as of June 30, 2026:
(in millions)
Face Value(a)
Maturity
Cash and cash equivalents and restricted cash and cash equivalents(b)
$ 1,254 
Senior Secured Notes, Series 2009-1, Class A-2(c)
22  Aug. 2029
Senior Secured Tower Revenue Notes, Series 2018-2(d)
750  July 2048
Installment purchase liabilities and finance leases(e)
261  Various
Total secured debt $ 1,033 
2026 Revolver(f)
—  May 2031
Commercial Paper Notes(g)
— 
Various
1.050% Senior Notes(h)
1,000  July 2026
2.900% Senior Notes 718  Mar. 2027
4.000% Senior Notes
 500  Mar. 2027
3.650% Senior Notes
 979  Sept. 2027
5.000% Senior Notes 977  Jan. 2028
3.800% Senior Notes
 978  Feb. 2028
4.800% Senior Notes 597  Sept. 2028
4.300% Senior Notes
 557  Feb. 2029
5.600% Senior Notes
 696  June 2029
4.900% Senior Notes
 546  Sept. 2029
3.100% Senior Notes 532  Nov. 2029
3.300% Senior Notes
709  July 2030
2.250% Senior Notes
 1,044  Jan. 2031
2.100% Senior Notes 981  Apr. 2031
2.500% Senior Notes 726  July 2031
5.100% Senior Notes 739  May 2033
5.800% Senior Notes
 705  Mar. 2034
5.200% Senior Notes
 650  Sept. 2034
2.900% Senior Notes 1,219  Apr. 2041
4.750% Senior Notes
 350  May 2047
5.200% Senior Notes
 396  Feb. 2049
4.000% Senior Notes 341  Nov. 2049
4.150% Senior Notes 493  July 2050
3.250% Senior Notes 887  Jan. 2051
Total unsecured debt $ 17,320 
Net Debt(i)
$ 17,099 
(a)Net of required principal amortizations and repurchases.
(b)Cash on hand was used to repay the 1.050% Senior Notes on the contractual maturity date in July 2026.
(c)The Senior Secured Notes, 2009-1, Class A-2 principal amortizes over a period ending in August 2029.
(d)If the $750 million aggregate principal amount of 4.241% senior secured tower revenue notes ("Tower Revenue Notes, Series 2018-2") is not paid in full on or prior to July 2028, the anticipated repayment date, then the Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay the principal, and additional interest (of approximately 5% per annum) will accrue on such notes. The Tower Revenue Notes, Series 2018-2 are prepayable at par if voluntarily repaid within eighteen months of the anticipated repayment date; earlier prepayment may require additional consideration.
(e)As of June 30, 2026, reflects $5 million in finance lease obligations (primarily related to vehicles).
(f)As of June 30, 2026, the undrawn availability under the $4.5 billion 2026 Revolver was $4.5 billion. The Company pays a commitment fee on the undrawn available amount, which as of June 30, 2026, ranged from 0.080% to 0.200%, based on the Company's senior unsecured debt rating, per annum.
(g)As of June 30, 2026, the Company had $2.0 billion available for issuance under its $2.0 billion unsecured commercial paper program. The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue.
(h)In July 2026, we repaid in full the 1.050% Senior Notes on the contractual maturity date.
(i)See further information on, and our definition and discussion of, Net Debt in this "Non-GAAP Measures and Other Information."
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Page 19
Cautionary Language Regarding Forward-Looking Statements
This news release contains forward-looking statements and information that are based on our management's current expectations as of the date of this news release. Statements that are not historical facts are hereby identified as forward-looking statements. In addition, words such as "estimate," "see," "anticipate," "project," "plan," "intend," "believe," "expect," "likely," "predicted," "positioned," "continue," "target," "focus," and any variations of these words and similar expressions are intended to identify forward-looking statements. Such statements include our full year 2026 Outlook and plans, projections, expectations and estimates regarding (1) the value of our business model and strategy, (2) creation and maximization of shareholder value and returns, (3) operating as a standalone U.S. tower business and the potential benefits therefrom, (4) benefits stemming from our capital allocation framework, (5) net income (loss) (including on a per share basis), (6) AFFO (including on a per share basis) and its components and growth, (7) Adjusted EBITDA and its components and growth, (8) Organic Contribution to Site Rental Billings (including as Adjusted for Impact of Sprint Cancellations and DISH Terminations) and its components and growth, (9) site rental revenues and its components and growth, (10) the impact of Sprint Cancellations, (11) our balance sheet, liquidity, leverage and credit ratings, (12) capital expenditures, including discretionary capital expenditures, (13) the impact of DISH Terminations, (14) operating efficiencies and the potential benefits therefrom, (15) potential land acquisitions under our towers, (16) modernizing and investing in our systems and processes, (17) interest expense and (18) dividends, including dividend levels, rates and amounts. Any dividends remain subject to the approval of our Board of Directors which has the discretion to determine whether to declare dividends and the amounts and timing of the dividends.
Such forward-looking statements are subject to certain risks, uncertainties and assumptions and should be considered in light of the risks referenced in the "Risk Factors" section included in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Such factors include, but are not limited to:
•prevailing market conditions;
•a slowdown in demand for our towers and a reduction in the amount or change in the mix of network investment by our tenants;
•the loss, consolidation or financial instability of any of our tenants;
•expansion or development of our business and the potential disruptions in our business caused thereby;
•failure to timely, efficiently and safely execute on our construction projects;
•reduction in demand for our towers as a result of new technologies;
•failure to retain rights to our towers;
•volatility in demand in our services business, which may reduce the predictability of our results;
•inability to negotiate favorable rates on our new or renewing tenant contracts as a result of competition in our industry;
•delayed timing or lack of deployment or adoption by tenants of new wireless technologies;
•the impact of cybersecurity breaches or other information technology disruptions;
•the impact of climate-related events, natural disasters, including wildfires, and other unforeseen events on our business;
•failure to attract, recruit and retain qualified and experienced employees;
•changes to management, including turnover of our top executives;
•actions and plans related to restructuring our business;
•the sale of our Fiber Business to EQT and Zayo;
•availability of financing and capital, the levels of debt that we maintain, the terms of our debt instruments, compliance with debt covenants and our credit ratings;
•the impact on the market price of our common stock as a result of sales or issuances of a substantial number of shares of our common stock;
•the introduction of new laws or regulations or failure to comply with laws or regulations which regulate our business;
•funding of future dividend payments to our stockholders; and
•failure to maintain our REIT status for U.S. federal income tax purposes.
The Company discusses these and other risks and uncertainties under the heading "Risk Factors" in its annual and quarterly periodic reports filed with the SEC. The Company may update that discussion in subsequent other periodic reports, but except as required by law, the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise. Should one or more of these or other risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected.
As used in this release, the term "including," and any variation thereof, means "including without limitation."
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Page 20
image4.jpg
CROWN CASTLE INC.
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
(Amounts in millions, except par values)
  June 30, 2026 December 31, 2025
ASSETS    
Current assets:
Cash and cash equivalents $ 1,042  $ 99 
Restricted cash and cash equivalents
 207  170 
Receivables, net 179  172 
Prepaid expenses 78  79 
Deferred site rental receivables 191  167 
Other current assets 19  23 
Current assets of discontinued operations
 —  434 
Total current assets 1,716  1,144 
Deferred site rental receivables 2,258  2,288 
Property and equipment, net 6,165  6,273 
Operating lease right-of-use assets 5,410  5,473 
Goodwill 5,127  5,127 
Site rental contracts and tenant relationships 746  834 
Other intangible assets, net 27  27 
Other assets, net 63  61 
Non-current assets of discontinued operations
 —  10,291 
Total assets $ 21,512  $ 31,518 
LIABILITIES AND EQUITY (DEFICIT)
    
Current liabilities:    
Accounts payable $ 90  $ 71 
Accrued interest 210  235 
Deferred revenues 259  192 
Other accrued liabilities 213  168 
Current maturities of debt and other obligations 2,260  2,783 
Current portion of operating lease liabilities 258  268 
Current liabilities of discontinued operations —  762 
Total current liabilities 3,290  4,479 
Debt and other long-term obligations 15,979  21,554 
Operating lease liabilities 4,907  4,961 
Other long-term liabilities 606  607 
Non-current liabilities of discontinued operations
 —  1,552 
Total liabilities 24,782  33,153 
Commitments and contingencies
Stockholders' equity (deficit):
Common stock, 0.01 par value; 1,200 shares authorized; June 30, 2026—437 shares issued and 426 outstanding, and December 31, 2025—435 shares issued and outstanding
 4  4 
Additional paid-in capital 18,570  18,527 
Treasury stock, at cost; June 30, 2026—11 shares, and December 31, 2025—0 shares
 (1,000) — 
Accumulated other comprehensive income (loss) (5) (5)
Dividends/distributions in excess of earnings (20,839) (20,161)
Total equity (deficit)
 (3,270) (1,635)
Total liabilities and equity (deficit)
 $ 21,512  $ 31,518 
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News Release continued:
Page 21
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CROWN CASTLE INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
(Amounts in millions, except per share amounts)
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Net revenues:
Site rental $ 967  $ 1,008  $ 1,928  $ 2,019 
Services and other 41  52  90  102 
Net revenues 1,008  1,060  2,018  2,121 
Operating expenses:
Costs of operations:(a)
Site rental 249  251  489  491 
Services and other 19  27  45  55 
Selling, general and administrative 97  99  187  192 
Asset write-down charges 2  2  5  4 
Depreciation, amortization and accretion 171  175  343  352 
Restructuring charges
 —  —  14  — 
Total operating expenses 538  554  1,083  1,094 
Operating income (loss) 470  506  935  1,027 
Interest expense and amortization of deferred financing costs, net (208) (243) (450) (479)
Gains (losses) on retirement of long-term obligations 24  —  24  — 
Interest income 18  4  22  7 
Other income (expense) (1) 2  (2) 3 
Income (loss) from continuing operations before income taxes
 303  269  529  558 
Benefit (provision) for income taxes (4) (4) (9) (9)
Income (loss) from continuing operations
 $ 299  $ 265  $ 520  $ 549 
Discontinued Operations
Income (loss) from discontinued operations before gain (loss) from disposal, net of tax 75  278  350  360 
Gain (loss) from disposal of discontinued operations
 (280) (252) (625) (1,082)
Income (loss) from discontinued operations, net of tax
 (205) 26  (275) (722)
Net income (loss)
 $ 94  $ 291  $ 245  $ (173)
Net income (loss), per common share:
Income (loss) from continuing operations, basic
 $ 0.69  $ 0.61  $ 1.20  $ 1.26 
Income (loss) from discontinued operations, basic
 (0.47) 0.06  (0.63) (1.66)
Net income (loss)—basic $ 0.22  $ 0.67  $ 0.57  $ (0.40)
Income (loss) from continuing operations, diluted
 $ 0.69  $ 0.61  $ 1.19  $ 1.26 
Income (loss) from discontinued operations, diluted
 (0.47) 0.06  (0.63) (1.66)
Net income (loss)—diluted $ 0.22  $ 0.67  $ 0.56  $ (0.40)
Weighted-average common shares outstanding:
Basic 433  435  434  435 
Diluted 434  437  436  436 
(a)Exclusive of depreciation, amortization and accretion shown separately.

    The pathway to possible.
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News Release continued:
Page 22
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CROWN CASTLE INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
(In millions of dollars)
Six Months Ended June 30,
2026 2025
Cash flows from operating activities:
Net income (loss) $ 245  $ (173)
(Income) loss from discontinued operations before (gain) loss from disposal, net of tax
 (350) (360)
(Gain) loss from disposal of discontinued operations
 625  1,082 
Income (loss) from continuing operations
 520  549 
Adjustments to reconcile income (loss) from continuing operations to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion 343  352 
(Gains) losses on retirement of long-term obligations (24) — 
Amortization of deferred financing costs and other non-cash interest 14  16 
Stock-based compensation expense, net 47  36 
Asset write-down charges 5  4 
Deferred income tax (benefit) provision 4  1 
Other non-cash adjustments, net 1  (4)
Net cash provided by (used for) operating activities from discontinued operations
 108  581 
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in accrued interest (25) (6)
Increase (decrease) in accounts payable 21  — 
Increase (decrease) in other liabilities 19  (32)
Decrease (increase) in receivables (4) 29 
Decrease (increase) in other assets 11  (53)
Net cash provided by (used for) operating activities 1,040  1,473 
Cash flows from investing activities:
Capital expenditures (116) (80)
Other investing activities, net —  3 
Net cash provided by (used for) investing activities from discontinued operations(a)
8,089  (446)
Net cash provided by (used for) investing activities 7,973  (523)
Cash flows from financing activities:
Principal payments on debt and other long-term obligations (45) (59)
Purchases and redemptions of long-term debt (3,191) (700)
Borrowings under revolving credit facility 1,350  400 
Payments under revolving credit facility (2,295) — 
Net issuances (repayments) under commercial paper program
 (1,931) 564 
Payments for financing costs (6) — 
Purchases of common stock (1,017) (23)
Dividends/distributions paid on common stock (932) (1,153)
Net cash provided by (used for) financing activities (8,067) (971)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents
 946  (21)
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)
$ 1,254  $ 274 
Supplemental disclosure of cash flow information:
Interest paid $ 466  $ 478 
Income taxes paid (refunded) $ 9  $ 9 
(a)Inclusive of $8.4 billion of net cash proceeds from the completed sale of the Fiber Business in 2026.
(b)Inclusive of cash and cash equivalents and restricted cash and cash equivalents included in discontinued operations.
(c)Inclusive of cash and cash equivalents and restricted cash and cash equivalents included in discontinued operations for the period ending June 30, 2025.
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     CrownCastle.com
EX-99.2 3 q22026supplement.htm EX-99.2 Document
Exhibit 99.2






logoa61.jpg




dji_0163xhazelwoodxdowntowna.jpg



Supplemental Information Package
and Non-GAAP Reconciliations
Second Quarter • June 30, 2026
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    CrownCastle.com
Crown Castle Inc.
Second Quarter 2026

TABLE OF CONTENTS
Page
Company Overview
Company Profile
Strategy
General Company Information
Tower Asset Portfolio Footprint
Historical Common Stock Data
Executive Management Team
Board of Directors
Research Coverage
Outlook
Outlook
Outlook for Components of Changes in Site Rental Revenues
Outlook for Components of Interest Expense
Financial Highlights
Summary Financial Highlights
Components of Changes in Site Rental Revenues
Summary of Capital Expenditures
Portfolio Highlights
Consolidated Return on Invested Capital
Cash Yield on Invested Capital
11
Tenant Overview
Annualized Rental Cash Payments at Time of Renewal
Projected Revenues from Tenant Contracts Associated with Active Licenses
Projected Expenses from Existing Ground Leases
Summary of Tower Portfolio by Vintage
Ground Interest Overview
Capitalization Overview
Capitalization Overview
Debt Maturity Overview
Liquidity Overview
Summary of Maintenance and Financial Covenants
Interest Rate Exposure
Components of Interest Expense
Appendix of Condensed Consolidated Financial Statements and Non-GAAP Reconciliations
1
Crown Castle Inc.
Second Quarter 2026

Cautionary Language Regarding Forward-Looking Statements
This supplemental information package ("Supplement") contains forward-looking statements and information that are based on our management's current expectations as of the date of this Supplement. Statements that are not historical facts are hereby identified as forward-looking statements. Words such as "Outlook," "guide," "forecast," "estimate," "anticipate," "project," "plan," "intend," "believe," "expect," "likely," "predicted," "positioned," and any variations of these words and similar expressions are intended to identify such forward looking statements. Such statements include plans, projections and estimates regarding (1) demand for data and our towers, (2) cash flow growth, (3) our Outlook for full year 2026, (4) our business model, strategy and strategic position, and the value thereof, (5) revenues from tenant contracts, (6) expenses from existing ground leases, (7) growth of the U.S. market for towers ownership, (8) the impact of Sprint Cancellations and DISH Terminations to our operating and financial results and (9) proceeds from the sale of the Company's Fiber Business (as defined below).
Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including, but not limited to, prevailing market conditions. Should one or more of these or other risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. Crown Castle assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. More information about potential risk factors which could affect our results is included in our filings with the Securities and Exchange Commission ("SEC"). Our filings with the SEC are available through the SEC website at www.sec.gov or through our investor relations website at investor.crowncastle.com. We use our investor relations website to disclose information about us that may be deemed to be material. We encourage investors, the media and others interested in us to visit our investor relations website from time to time to review up-to-date information or to sign up for e-mail alerts to be notified when new or updated information is posted on the site.
This Supplement contains certain figures, projections and calculations based in part on management's underlying assumptions. Management believes these assumptions are reasonable; however, other reasonable assumptions could provide differing outputs.
The components of forward looking financial information presented herein may not sum due to rounding. In addition, the sum of quarterly historical information presented herein may not agree to year to date historical information provided herein due to rounding. Throughout this document, percentage calculations, which are based on non-rounded dollar values, may not be able to be recalculated using the dollar values included in this document due to the rounding of those dollar values.
Definitions and reconciliations of non-GAAP financial measures, information regarding segment measures and other information are provided in the Appendix to this Supplement.
As used herein, the term "including" and any variation thereof, means "including without limitation." The use of the word "or" herein is not exclusive.
2
Crown Castle Inc.
Second Quarter 2026
COMPANY
OVERVIEW		 OUTLOOK
FINANCIAL
HIGHLIGHTS
 CAPITALIZATION OVERVIEW APPENDIX
COMPANY PROFILE
Crown Castle Inc. (to which the terms "Crown Castle," "CCI," "we," "our," "the Company" or "us" as used herein refer) owns, operates and leases approximately 40,000 towers and other structures, such as rooftops (collectively, "towers") that are geographically dispersed throughout the U.S. We refer to our customers on our towers as "tenants." We provide access, including space or capacity, to our towers via long-term contracts in various forms, including lease, license, sublease and service agreements (collectively, "tenant contracts").
Our towers have a significant presence in each of the top 100 basic trading areas, including most U.S. markets. We seek to increase our site rental revenues by adding more tenants to our existing towers, which we expect to result in significant incremental cash flows due to our low incremental operating costs.
On May 1, 2026, the Company completed the sale of its small cells and fiber solutions businesses, together with certain supporting assets and personnel ("Fiber Business"). We received aggregate net cash proceeds of $8.4 billion, representing the gross contractual purchase price of $8.5 billion less the net impact of preliminary purchase price adjustments of $124 million, which are subject to a post-closing settlement process.
The results and net assets of the Fiber Business are presented within the financial statements as discontinued operations through April 30, 2026. Following the classification of the Fiber Business as discontinued operations, the Company has one reportable segment that constitutes consolidated results consisting of its towers operations. Unless otherwise noted and other than net income (loss) and net income (loss) per share, all activities and amounts reported below relate to the continuing operations of the Company and exclude activities and amounts related to discontinued operations.
We operate as a Real Estate Investment Trust ("REIT") for U.S. federal income tax purposes.
STRATEGY
As a leading provider of towers in the U.S., our strategy is to create long-term stockholder value via a combination of (1) growing cash flows generated from our existing portfolio of towers, (2) returning a meaningful portion of our cash generated by operating activities to our common stockholders in the form of dividends and share repurchases and (3) investing capital efficiently to grow cash flows. Our strategy is based, in part, on our belief that the U.S. is the most attractive market in the world for towers. We measure our efforts to create "long-term stockholder value" by the combined payments of dividends to stockholders and growth in our per-share results. The key elements of our strategy are to:
•Grow cash flows from our existing towers. We are focused on maximizing the recurring site rental cash flows generated from providing our tenants with long-term access to our towers, which we believe is the core driver of value for our stockholders. Tenant additions or modifications of existing tenant equipment (collectively, "tenant additions") enable our tenants to expand coverage and capacity in order to meet increasing demand for data while generating high incremental returns for our business. We believe our towers provide an efficient and cost-effective solution for our wireless tenants' growing networks that provides an opportunity to generate cash flows and increase stockholder return.
•Return cash generated by operating activities to stockholders in the form of dividends and share repurchases. We believe that distributing a meaningful portion of our cash generated by operating activities appropriately provides stockholders with increased certainty for a portion of expected long-term stockholder value while still allowing us to retain sufficient flexibility to invest in our business and deliver growth. We believe this decision reflects the translation of the high-quality, long-term contractual cash flows of our business into stable capital returns to stockholders.
•Invest capital efficiently to grow cash flows. In addition to adding tenants to our existing towers, we seek to invest our available capital, including the net cash generated by our operating activities and external financing sources, in a manner that will increase long-term stockholder value. These investments include acquisition of land interests, making improvements and structural enhancements to our existing towers, and constructing and acquiring new towers that we expect will generate future cash flow growth and attractive long-term returns by adding tenants to those assets over time.
Our strategy to create long-term stockholder value is based on our belief that there will be considerable future demand for our towers based on the location of our assets and the rapid and continuing growth in the demand for data. We believe that such demand for our towers will continue, will result in growth of our cash flows due to tenant additions on our existing towers, and will create other growth opportunities for us, such as demand for newly constructed or acquired towers, as described above. Further, we seek to augment the long-term value creation associated with growing our recurring site rental cash flows by offering certain ancillary site development services.
3
Crown Castle Inc.
Second Quarter 2026
COMPANY
OVERVIEW		 OUTLOOK
FINANCIAL
HIGHLIGHTS
 CAPITALIZATION OVERVIEW APPENDIX
GENERAL COMPANY INFORMATION
Principal executive offices 8020 Katy Freeway, Houston, TX 77024
Common shares trading symbol CCI
Stock exchange listing New York Stock Exchange
Fiscal year ending date December 31
Fitch - Long-term Issuer Default Rating BBB
Moody’s - Long-term Corporate Family Rating Baa3
Standard & Poor’s - Long-term Local Issuer Credit Rating BBB
Note: These credit ratings may not reflect the potential risks relating to the structure or trading of the Company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in the ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significances of the ratings can be obtained from each of the ratings agencies.
TOWER ASSET PORTFOLIO FOOTPRINT
towermap202504141330a.jpg
HISTORICAL COMMON STOCK DATA
Three Months Ended
(in millions, except per share amounts) 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26
High price(a)
$ 103.34  $ 110.53  $ 97.05  $ 89.79  $ 93.98 
Low price(a)
$ 85.83  $ 86.99  $ 82.16  $ 75.07  $ 75.39 
Period end closing price(b)
$ 98.02  $ 93.10  $ 86.76  $ 80.37  $ 75.73 
Dividends paid per common share $ 1.06  $ 1.06  $ 1.06  $ 1.06  $ 1.06 
Volume weighted average price for the period(a)
$ 95.58  $ 96.47  $ 88.84  $ 83.89  $ 86.69 
Common shares outstanding, at period end 435  435  435  436  426 
Market value of outstanding common shares, at period end(c)
$ 42,685  $ 40,543  $ 37,783  $ 35,072  $ 32,244 
(a)Based on the sales price, adjusted for common stock dividends, as reported by Bloomberg.
(b)Based on the period end closing price, adjusted for common stock dividends, as reported by Bloomberg.
(c)Calculated as the product of (1) common shares outstanding, at period end and (2) period end closing price, adjusted for common stock dividends, as reported by Bloomberg.
4
Crown Castle Inc.
Second Quarter 2026
COMPANY
OVERVIEW		 OUTLOOK
FINANCIAL
HIGHLIGHTS
 CAPITALIZATION OVERVIEW APPENDIX
EXECUTIVE MANAGEMENT TEAM
Name
 Position Age Years with Company
Christian H. Hillabrant
President and Chief Executive Officer
 60
<1
Sunit Patel
Executive Vice President and Chief Financial Officer
 64 1
Catherine Piche
 Executive Vice President and Chief Operating Officer 55
14(a)
Edward B. Adams, Jr. Executive Vice President and General Counsel 57 9
Timothy Grace
Executive Vice President and Chief Human Resources Officer
 62
<1
Kristoffer L. Hinson
Executive Vice President and Chief Commercial Officer
 43 3
Mark Lennon Senior Vice President and Chief Information Officer 54 <1
BOARD OF DIRECTORS
Name Position Committees Age Years as Director
P. Robert Bartolo Chair Nominating and Governance, Finance 54 12
Andrea J. Goldsmith Director
Compensation and Human Capital
 62 8
Christian H. Hillabrant
Director
 60
<1
Tammy K. Jones Director
Audit, Nominating and Governance, Finance
 60 5
Kevin T. Kabat Director
Compensation and Human Capital, Nominating and Governance
 69 2
Anthony J. Melone Director Audit, Nominating and Governance 66 11
Katherine Motlagh
Director
Audit, Compensation and Human Capital, Finance
52 1
Kevin A. Stephens
Director
Audit, Compensation and Human Capital 64 5
Matthew Thornton III
Director
Audit, Compensation and Human Capital, Nominating and Governance
 67 5
RESEARCH COVERAGE
Equity Research
Bank of America
Michael Funk
(646) 855-5664
 Barclays
Brendan Lynch
(212) 526-9428
Bernstein
Madison Rezaei
(917) 344-8622
BMO Capital Markets
Ari Klein
(212) 885-4103		 Citigroup
Michael Rollins
(212) 816-1116
Goldman Sachs
Jim Schneider
(212) 357-2929
Green Street
David Guarino
(949) 640-8780
HSBC
Luigi Minerva
(207) 991-6928
 Jefferies
Jonathan Petersen
(212) 284-1705
JMP Securities
Greg Miller
(212) 699-2917
JPMorgan
Richard Choe
(212) 622-6708
 KeyBanc
Brandon Nispel
(503) 821-3871
MoffettNathanson
Nick Del Deo
(212) 519-0025
Morgan Stanley
Benjamin Swinburne
(212) 761-7527
 New Street Research
Jonathan Chaplin
(212) 921-9876
Raymond James
Ric Prentiss
(727) 567-2567		 RBC Capital Markets
Jonathan Atkin
(415) 633-8589
Scotiabank
Maher Yaghi
(437) 995-5548
TD Cowen
Michael Elias
(646) 562-1358
Truist Securities
Matthew Niknam
(212) 326-6151
 UBS
Batya Levi
(212) 713-8824
Wells Fargo
Eric Luebchow
(312) 630-2386		 Wolfe Research
Andrew Rosivach
(646) 582-9350
Rating Agencies
Fitch
Salonie Sehgal
(312) 368-3137
Moody’s
Ranjini Venkatesan
(212) 553-3828
Standard & Poor’s
Allyn Arden
(212) 438-7832
(a)Includes credit for prior service with the Company prior to Ms. Piche's reappointment as Executive Vice President and Chief Operating Officer - Towers of the Company effective October 28, 2024.
5
Crown Castle Inc.
Second Quarter 2026
COMPANY
OVERVIEW		 OUTLOOK
FINANCIAL
HIGHLIGHTS
 CAPITALIZATION OVERVIEW APPENDIX
OUTLOOK
(in millions, except per share amounts)
Full Year 2026 Outlook(a)
Site rental billings(b)
$3,805 to $3,835
Amortization of prepaid rent 65 to 95
Straight-lined revenues (75) to (45)
Other revenues
 15 to 15
Site rental revenues 3,833 to 3,878
Site rental costs of operations(c)
968 to 1,013
Services and other gross margin 70 to 100
Net income (loss)(d)
730 to 1,010
Net income (loss) per share—diluted(d)
1.70 to 2.35
Adjusted EBITDA(b)
2,665 to 2,715
Depreciation, amortization and accretion 627 to 722
Interest expense and amortization of deferred financing costs, net(e)
787 to 832
Income (loss) from discontinued operations, net of tax(f)
(360) to (80)
FFO(b)
1,730 to 1,760
AFFO(b)
1,950 to 2,000
AFFO per share(b)
4.53 to 4.65
Discretionary capital expenditures(b)
150 to 250
(a)As issued on July 22, 2026.
(b)See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss), including on a per share basis, and for definition of site rental billings and discretionary capital expenditures.
(c)Exclusive of depreciation, amortization and accretion.
(d)Includes contribution from discontinued operations through April 30, 2026.
(e)See our reconciliation of "Outlook for Components of Interest Expense" for a discussion of non-cash interest expense.
(f)Represents expected results from the Fiber Business, including the estimated loss on disposal, through April 30, 2026.
6
Crown Castle Inc.
Second Quarter 2026
COMPANY
OVERVIEW		 OUTLOOK
FINANCIAL
HIGHLIGHTS
 CAPITALIZATION OVERVIEW APPENDIX
OUTLOOK FOR COMPONENTS OF CHANGES IN SITE RENTAL REVENUES
(dollars in millions; totals may not sum due to rounding)
Full Year 2026 Outlook(a)
Components of changes in site rental revenues:
Prior year site rental billings excluding site rental billings to DISH(b)
$3,701
Prior year site rental billings to DISH(b)
222
Prior year site rental billings(b)
$3,923
Core leasing activity(b)
60 to 70
Escalators 95 to 105
Non-renewals(b)
(35) to (25)
Other billings(b)
—
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations(b)
120 to 150
Non-renewals associated with Sprint Cancellations(b)
(20) to (20)
Non-renewals associated with DISH Terminations(b)
(220)
to
 (220)
Organic Contribution to Site Rental Billings(b)
(120) to (90)
Straight-lined revenues (75) to (45)
Amortization of prepaid rent 65 to 95
Other revenues
 15 to 15
Acquisitions(c)
—
Total site rental revenues $3,833 to $3,878
Year-over-year changes in revenues:(d)
Site rental revenues as a percentage of prior year site rental revenues
 (4.8)%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as a percentage of prior year site rental billings excluding site rental billings to DISH(b)
3.6%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as a percentage of prior year site rental billings(b)
3.4%
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(b)
(2.7)%
OUTLOOK FOR COMPONENTS OF INTEREST EXPENSE
(in millions)
 Full Year 2026 Outlook(a)
Interest expense on debt obligations $770 to $810
Amortization of deferred financing costs and adjustments on long-term debt 25 to 35
Capitalized interest (15) to (5)
Interest expense and amortization of deferred financing costs, net $787 to $832
(a)As issued on July 22, 2026.
(b)See our definitions of site rental billings, core leasing activity, non-renewals, other billings, Sprint Cancellations, DISH Terminations, Organic Contribution to Site Rental Billings and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations in "Non-GAAP Measures and Other Information."
(c)Represents the contribution from recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Billings, including as Adjusted for Impact of Sprint Cancellations and DISH Terminations, until the one-year anniversary of such acquisitions.
(d)Calculated based on midpoint of full year 2026 Outlook, where applicable.


7
Crown Castle Inc.
Second Quarter 2026
COMPANY
OVERVIEW		 OUTLOOK
FINANCIAL
HIGHLIGHTS
 CAPITALIZATION OVERVIEW APPENDIX
SUMMARY FINANCIAL HIGHLIGHTS(a)
2025 2026
(in millions, except per share amounts; totals may not sum due to rounding)
 Q1 Q2 Q3 Q4 Q1 Q2
Net revenues:
Site rental
Site rental billings(b)
$ 964  $ 961  $ 996  $ 1,002  $ 940  $ 945 
Amortization of prepaid rent 25  23  23  28  21  21 
Straight-lined revenues 19  20  (11) (15) (3) (3)
Other revenues
 4  4  4  4  4  4 
Total site rental 1,011  1,008  1,012  1,019  961  967 
Services and other 50  52  60  53  49  41 
Net revenues $ 1,061  $ 1,060  $ 1,072  $ 1,072  $ 1,010  $ 1,008 
Select operating expenses:
Costs of operations(c)
Site rental exclusive of straight-lined expenses $ 225  $ 236  $ 235  $ 238  $ 226  $ 236 
Straight-lined expenses 15  15  15  14  14  13 
Total site rental 240  251  250  252  240  249 
Services and other 28  27  30  29  26  19 
Total costs of operations 268  278  280  281  266  268 
Selling, general and administrative $ 93  $ 99  $ 97  $ 94  $ 90  $ 97 
Net income (loss)
 $ (464) $ 291  $ 323  $ 294  $ 151  $ 94 
Adjusted EBITDA(b)
722  705  718  718  675  675 
Depreciation, amortization and accretion 177  175  167  170  172  171 
Interest expense and amortization of deferred financing costs, net 236  243  247  246  242  208 
FFO(b)
451  429  443  442  383  464 
AFFO(b)
$ 479  $ 444  $ 490  $ 489  $ 446  $ 488 
Weighted-average common shares outstanding— diluted
 436  437  437  437  437  434 
Net income (loss) per share—diluted
 $ (1.07) $ 0.67  $ 0.74  $ 0.67  $ 0.34  $ 0.22 
AFFO per share(b)
$ 1.10  $ 1.02  $ 1.12  $ 1.12  $ 1.02  $ 1.13 
(a)With the exception of net income (loss) and net income (loss) per share-diluted, amounts are exclusive of the Fiber Business, which is presented in discontinued operations through April 30, 2026.
(b)See "Non-GAAP Measures and Other Information" for our definition of site rental billings and for further information and reconciliation of non-GAAP financial measures to net income (loss), including on a per share basis.
(c)Exclusive of depreciation, amortization and accretion, which are shown separately.
8
Crown Castle Inc.
Second Quarter 2026
COMPANY
OVERVIEW		 OUTLOOK
FINANCIAL
HIGHLIGHTS
 CAPITALIZATION OVERVIEW APPENDIX
COMPONENTS OF CHANGES IN SITE RENTAL REVENUES(a)
2025 2026
(dollars in millions; totals may not sum due to rounding)
 Q1 Q2 Q3 Q4 Q1 Q2
Components of changes in site rental revenues:
Prior year site rental billings excluding site rental billings to DISH(b)
$ 930 $ 928 $ 947 $ 957 $ 915 $ 912
Prior year site rental billings to DISH(b)
36 38 48 49 49 49
Prior year site rental billings(b)
$ 966 $ 966 $ 995 $ 1,006 $ 964 $ 961
Core leasing activity(b)
16 16 20 16 15 15
Escalators 24 24 24 24 25 25
Non-renewals(b)
(7) (7) (7) (7) (6) (7)
Other billings(b)
3 2 2 — (3) 5
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations(b)
36 34 39 34 30 38
Organic Contribution to Site Rental Billings associated with DISH Terminations(b)
13 11 13 13 (49) (49)
Non-renewals associated with Sprint Cancellations(b)
(51) (51) (51) (51) (5) (5)
Organic Contribution to Site Rental Billings(b)
(2) (6) 1 (4) (24) (16)
Straight-lined revenues 19 20 (11) (15) (3) (3)
Amortization of prepaid rent 25 23 23 28 21 21
Other revenues
 4 4 4 4 4 4
Total site rental revenues $ 1,011 $ 1,008 $ 1,012 $ 1,019 $ 961 $ 967
Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues
 (5.3) % (5.3) % (5.1) % (4.8) % (4.9) % (4.1) %
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as a percentage of prior year site rental billings excluding the prior year site rental billings to DISH(b)
3.9  % 3.7  % 4.1  % 3.6  % 3.3  % 4.2  %
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as a percentage of prior year site rental billings(b)
3.7  % 3.5  % 3.9  % 3.4  % 3.1  % 3.9  %
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(b)
(0.2) % (0.6) % 0.1  % (0.4) % (2.5) % (1.8) %
(a)The financial impact of Fiber Business revenues is excluded, as these amounts are presented within discontinued operations through April 30, 2026.
(b)See our definitions of site rental billings, core leasing activity, non-renewals, other billings, Sprint Cancellations, DISH Terminations, Organic Contribution to Site Rental Billings and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations in "Non-GAAP Measures and Other Information."



9
Crown Castle Inc.
Second Quarter 2026
COMPANY
OVERVIEW		 OUTLOOK
FINANCIAL
HIGHLIGHTS
 CAPITALIZATION OVERVIEW APPENDIX
SUMMARY OF CAPITAL EXPENDITURES(a)

2025 2026
(dollars in millions; totals may not sum due to rounding)
 Q1 Q2 Q3 Q4 Q1 Q2
Discretionary capital expenditures:
Tower improvements and other capital projects
 $ 15 $ 17 $ 20 $ 18 $ 18 $ 16
Purchases of land interests 18 16 16 27 32 36
Total discretionary capital expenditures 33 33 36 45 50 52
Sustaining capital expenditures 7 7 6 14 7 7
Total capital expenditures 40 40 42 59 57 59
Less: Prepaid rent additions(b)
10 11 11 11 14 9
Capital expenditures less prepaid rent additions $ 30 $ 29 $ 31 $ 48 $ 43 $ 50
PORTFOLIO HIGHLIGHTS
(as of June 30, 2026)
Number of towers (in thousands)(c)
40 
Average number of tenants per tower 2.0 
Remaining contracted tenant receivables (in billions)(d)(e)
$ 26 
Weighted average remaining tenant contract term (years)(d)(f)
5 
Percent of towers in the Top 50 / 100 Basic Trading Areas 56% / 71%
Percent of ground leased / owned(g)
57% / 43%
Weighted average maturity of ground leases (years)(g)(h)
36 
(a)See our definitions of discretionary capital expenditures and sustaining capital expenditures in "Non-GAAP Measures and Other Information." Excludes amounts related to the Fiber Business, which are presented in discontinued operations through April 30, 2026.
(b)Reflects up-front consideration from long-term tenant contracts (commonly referred to as prepaid rent) that are amortized and recognized as revenue over the associated estimated lease term in accordance with GAAP.
(c)Excludes third-party land interests.
(d)Excludes renewal terms at tenants' option.
(e)Includes contracted receivables related to DISH. See the Company's Form 8-K filed January 12, 2026, for additional information
(f)Weighted by site rental revenues.
(g)Weighted by site rental gross margin exclusive of straight-lined revenues, amortization of prepaid rent and straight-lined expenses.
(h)Includes all renewal terms at the Company's option.
10
Crown Castle Inc.
Second Quarter 2026
COMPANY
OVERVIEW		 OUTLOOK
FINANCIAL
HIGHLIGHTS
 CAPITALIZATION OVERVIEW APPENDIX
CONSOLIDATED RETURN ON INVESTED CAPITAL(a)(b)
(as of June 30, 2026; dollars in millions)
Q2 2026 LQA
 Q2 2025 LQA
Adjusted EBITDA(c)
$ 2,700  $ 2,820 
Cash taxes (paid) refunded (37) (38)
Adjusted EBITDA less cash taxes paid
 $ 2,663  $ 2,782 
Historical gross investment in property and equipment(d)
$ 17,117  $ 16,907 
Historical gross investment in site rental contracts and tenant relationships 4,590  4,590 
Historical gross investment in goodwill
 5,127  5,127 
Consolidated Invested Capital(a)
$ 26,834  $ 26,624 
Consolidated Return on Invested Capital(a)
9.9  % 10.4  %

CASH YIELD ON INVESTED CAPITAL(a)(b)
(as of June 30, 2026; dollars in millions)
Q2 2026 LQA
 Q2 2025 LQA
Adjusted Site Rental Gross Margin(c)
$ 2,892  $ 3,048 
Less: Amortization of prepaid rent (83) (92)
Add (less): Straight-lined revenues
 13  (80)
Add: Straight-lined expenses
 40  44 
Numerator
 $ 2,862  $ 2,920 
Net investment in property and equipment(e)
$ 13,739  $ 13,590 
Investment in site rental contracts and tenant relationships
 4,590  4,590 
Investment in goodwill(f)
5,351  5,351 
Net Invested Capital(a)
$ 23,680  $ 23,531 
Cash Yield on Invested Capital(a)
12.1  % 12.4  %
(a)See "Non-GAAP Measures and Other Information" for further information on, and our definitions of, Consolidated Return on Invested Capital, Consolidated Invested Capital, Cash Yield on Invested Capital, and Net Invested Capital.
(b)Excludes amounts related to the Fiber Business, which are presented in discontinued operations through April 30, 2026.
(c)See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss).
(d)Historical gross investment in property and equipment excludes the impact of construction in process.
(e)Net investment in property and equipment excludes the impact of construction in process and non-productive assets (such as information technology assets and buildings) and is reduced by the amount of prepaid rent received from tenants.
(f)Investment in goodwill excludes the impact of certain assets and liabilities recorded in connection with acquisitions.
11
Crown Castle Inc.
Second Quarter 2026
COMPANY
OVERVIEW		 OUTLOOK
FINANCIAL
HIGHLIGHTS
 CAPITALIZATION OVERVIEW APPENDIX
TENANT OVERVIEW(a)
(as of June 30, 2026)
Percentage of Q2 2026 LQA Site
Rental Revenues
Weighted Average Current
Term Remaining(c)
T-Mobile 42% 6
AT&T 28% 3
Verizon 23% 5
All Others Combined 7% 4
Total / Weighted Average 100% 5
ANNUALIZED RENTAL CASH PAYMENTS AT TIME OF RENEWAL(b)(d)
Remaining Six Months
Years Ending December 31,
(as of June 30, 2026; in millions)
 2026 2027 2028 2029 2030
T-Mobile $ 9  $ 30  $ 27  $ 41  $ 28 
AT&T 2  13  774  239  107 
Verizon 1  7  32  49  71 
All Others Combined 10  39  33  31  57 
Total $ 22  $ 89  $ 866  $ 360  $ 263 
 PROJECTED REVENUES FROM TENANT CONTRACTS ASSOCIATED WITH ACTIVE LICENSES(b)(e)
Remaining Six Months
Years Ending December 31,
(as of June 30, 2026; in millions)
 2026 2027 2028 2029 2030
Components of site rental revenues:
Site rental billings(f)
$ 1,928  $ 3,913  $ 4,029  $ 4,145  $ 4,270 
Amortization of prepaid rent 39  68  47  29  19 
Straight-lined revenues (51) (170) (236) (206) (282)
Other revenues 10  20  21  22  23 
Site rental revenues $ 1,926  $ 3,831  $ 3,861  $ 3,990  $ 4,030 
(a)Excludes amounts related to the Fiber Business, which are presented in discontinued operations through April 30, 2026.
(b)Excludes amounts associated with DISH. See the Company's Form 8-K filed January 12, 2026, for additional information.
(c)Weighted by site rental revenues and excludes renewals at the tenants' option.
(d)Reflects lease renewals by year by tenant; dollar amounts represent annualized cash site rental revenues from assumed renewals or extensions as reflected in "Projected Revenues from Tenant Contracts Associated with Active Licenses" below.
(e)Based on tenant licenses in place and active as of June 30, 2026. All tenant licenses are assumed to renew for a new term no later than the respective current term end date, and as such, projected revenues do not reflect the impact of estimated annual churn. CPI-linked tenant contracts are assumed to escalate at 3% per annum.
(f)See "Non-GAAP Measures and Other Information" for our definition of site rental billings.
12
Crown Castle Inc.
Second Quarter 2026
COMPANY
OVERVIEW		 OUTLOOK
FINANCIAL
HIGHLIGHTS
 CAPITALIZATION OVERVIEW APPENDIX
PROJECTED EXPENSES FROM EXISTING GROUND LEASES(a)
Remaining Six Months
Years Ending December 31,
(as of June 30, 2026; in millions)
 2026 2027 2028 2029 2030
Components of ground lease expenses:
Ground lease expenses exclusive of straight-lined expenses
 $ 343  $ 700  $ 719  $ 738  $ 759 
Straight-lined expenses 27  37  26  15  4 
Ground lease expenses
 $ 370  $ 737  $ 745  $ 753  $ 763 
SUMMARY OF TOWER PORTFOLIO BY VINTAGE(b)
(as of June 30, 2026; dollars in thousands)
 Acquired and Built 2006 and Prior Acquired and Built 2007 to Present
Cash yield(c)
19  % 9  %
Number of tenants per tower(d)
2.5  1.9 
Last quarter annualized average cash site rental revenue per tower(e)
$ 130  $ 80 
Last quarter annualized average site rental gross cash margin per tower(f)
$ 110  $ 56 
Net invested capital per tower(g)
$ 567  $ 600 
Number of towers 11,153  28,588 
GROUND INTEREST OVERVIEW
(as of June 30, 2026; dollars in millions)
LQA Cash Site Rental Revenues(e)
Percentage of LQA Cash Site Rental Revenues(e)
LQA Site Rental Gross Cash Margin(f)
Percentage of LQA Site Rental Gross Cash Margin(f)
Number of Towers(h)
Percentage of Towers
Weighted Average Term Remaining (by years)(i)
Less than 10 years $ 417  11  % $ 219  8  % 5,398  14  %
10 to 20 years $ 548  15  % $ 338  12  % 6,113  15  %
Greater than 20 years $ 1,463  39  % $ 1,044  37  % 16,055  40  %
Total leased $ 2,428  65  % $ 1,601  57  % 27,566  69  % 36 
Owned $ 1,311  35  % $ 1,229  43  % 12,175  31  %
Total / Average $ 3,739  100  % $ 2,830  100  % 39,741  100  %
(a)Based on existing ground leases as of June 30, 2026. CPI-linked contracts are assumed to escalate at 3% per annum.
(b)All tower portfolio figures are calculated exclusively for the Company's towers and rooftops and do not give effect to other activities.
(c)Cash yield is calculated as last quarter annualized site rental gross margin, exclusive of straight-lined revenues, amortization of prepaid rent, and straight-lined expenses, divided by invested capital net of the amount of prepaid rent received from tenants.
(d)Excludes DISH.
(e)Exclusive of straight-lined revenues and amortization of prepaid rent.
(f)Exclusive of straight-lined revenues, amortization of prepaid rent and straight-lined expenses.
(g)Reflects gross total assets (including incremental capital invested by the Company since time of acquisition or construction completion), less any prepaid rent. Inclusive of invested capital related to land at the tower site.
(h)Excludes third-party land interests.
(i)Includes all renewal terms at the Company's option and weighted by site rental gross margin exclusive of straight-lined revenues, amortization of prepaid rent and straight-lined expenses.

13
Crown Castle Inc.
Second Quarter 2026
COMPANY
OVERVIEW		 OUTLOOK
FINANCIAL
HIGHLIGHTS
 CAPITALIZATION OVERVIEW APPENDIX
CAPITALIZATION OVERVIEW
(as of June 30, 2026; dollars in millions)
Face Value(a)
Fixed vs. Variable
Interest Rate(b)
Debt to LQA Adjusted EBITDA(c)
Maturity
Cash and cash equivalents and restricted cash and cash equivalents(d)
$ 1,254 
Senior Secured Notes, Series 2009-1, Class A-2(e)
22  Fixed 9.0% Aug. 2029
Senior Secured Tower Revenue Notes, Series 2018-2(f)
750  Fixed 4.2% July 2048
Installment purchase liabilities and finance leases(g)
261  Fixed Various Various
Total secured debt $ 1,033  4.3% 0.4x
2026 Revolver(h)
—  Variable N/A May 2031
Commercial Paper Notes(i)
—  Variable N/A N/A
1.050% Senior Notes(j)
1,000  Fixed 1.1% July 2026
2.900% Senior Notes 718  Fixed 2.9% Mar. 2027
4.000% Senior Notes 500  Fixed 4.0% Mar. 2027
3.650% Senior Notes 979  Fixed 3.7% Sept. 2027
5.000% Senior Notes 977  Fixed 5.0% Jan. 2028
3.800% Senior Notes 978  Fixed 3.8% Feb. 2028
4.800% Senior Notes 597  Fixed 4.8% Sept. 2028
4.300% Senior Notes 557  Fixed 4.3% Feb. 2029
5.600% Senior Notes 696  Fixed 5.6% June 2029
4.900% Senior Notes 546  Fixed 4.9% Sept. 2029
3.100% Senior Notes 532  Fixed 3.1% Nov. 2029
3.300% Senior Notes 709  Fixed 3.3% July 2030
2.250% Senior Notes 1,044  Fixed 2.3% Jan. 2031
2.100% Senior Notes 981  Fixed 2.1% Apr. 2031
2.500% Senior Notes 726  Fixed 2.5% July 2031
5.100% Senior Notes 739  Fixed 5.1% May 2033
5.800% Senior Notes 705  Fixed 5.8% Mar. 2034
5.200% Senior Notes 650  Fixed 5.2% Sept. 2034
2.900% Senior Notes 1,219  Fixed 2.9% Apr. 2041
4.750% Senior Notes 350  Fixed 4.8% May 2047
5.200% Senior Notes 396  Fixed 5.2% Feb. 2049
4.000% Senior Notes 341  Fixed 4.0% Nov. 2049
4.150% Senior Notes 493  Fixed 4.2% July 2050
3.250% Senior Notes 887  Fixed 3.3% Jan. 2051
Total unsecured debt $ 17,320  3.7% 6.4x
Net Debt(c)
$ 17,099  3.7% 6.3x
Market Capitalization(k)
32,244 
Firm Value(l)
$ 49,343 
(a)Net of required principal amortizations and repurchases.
(b)Represents the weighted-average stated interest rate, as applicable, exclusive of finance leases and other obligations.
(c)Represents the applicable amount of debt divided by Last Quarter Annualized Adjusted EBITDA. See "Non-GAAP Measures and Other Information" for further information on, and our definition and calculation of, Net Debt and Net Debt to Last Quarter Annualized Adjusted EBITDA.
(d)Cash on hand was used to repay the 1.050% Senior Notes on the contractual maturity date in July 2026.
(e)The Senior Secured Notes, 2009-1, Class A-2 principal amortizes over a period ending in August 2029.
(f)If the $750 million aggregate principal amount of 4.241% senior secured tower revenue notes ("Tower Revenue Notes, Series 2018-2") is not paid in full on or prior to July 2028, the anticipated repayment date, then the Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay the principal, and additional interest (of approximately 5% per annum) will accrue on such notes. The Tower Revenue Notes, Series 2018-2 are prepayable at par if voluntarily repaid within eighteen months of the anticipated repayment date; earlier prepayment may require additional consideration.
(g)As of June 30, 2026, reflects $5 million in finance lease obligations (primarily related to vehicles).
(h)As of June 30, 2026, the undrawn availability under the $4.5 billion 2026 Revolver was $4.5 billion. The Company pays a commitment fee on the undrawn available amount, which as of June 30, 2026, ranged from 0.080% to 0.200%, based on the Company's senior unsecured debt rating, per annum.
(i)As of June 30, 2026, the Company had $2.0 billion available for issuance under the $2.0 billion unsecured commercial paper program ("CP Program"). The maturities of the Commercial Paper Notes ("CP Notes"), when outstanding, may vary but may not exceed 397 days from the date of issue.
(j)In July 2026, we repaid in full the 1.050% Senior Notes on the contractual maturity date.
(k)Market capitalization calculated based on $75.73 closing price and 426 million shares outstanding as of June 30, 2026.
(l)Represents the sum of Net Debt and market capitalization.
14
Crown Castle Inc.
Second Quarter 2026
COMPANY
OVERVIEW		 OUTLOOK
FINANCIAL HIGHLIGHTS
 CAPITALIZATION OVERVIEW APPENDIX
DEBT MATURITY OVERVIEW(a)
(as of June 30, 2026; in millions)
chart-d8f52cfcebe84608b17a.jpgchart-906c07a916004867a65a.jpg
(a)Where applicable, maturities reflect the anticipated repayment date of the Tower Revenue Notes, Series 2018-2; excludes finance leases and other obligations; amounts presented at face value, net of required principal amortizations and repurchases held at the Company.
(b)In July 2026, we repaid in full the 1.050% Senior Notes with a face value of $1.0 billion on the contractual maturity date.
15
Crown Castle Inc.
First Quarter 2025
COMPANY
OVERVIEW		 OUTLOOK
 FINANCIAL
 HIGHLIGHTS
 CAPITALIZATION OVERVIEW APPENDIX
LIQUIDITY OVERVIEW(a)
(in millions)
June 30, 2026
Cash and cash equivalents, and restricted cash and cash equivalents(b)
$ 1,254 
Undrawn 2026 Revolver availability(c)
4,461 
Total debt and other obligations (current and non-current)(d)
18,239 
Total equity (deficit)
 (3,270)
SUMMARY OF MAINTENANCE AND FINANCIAL COVENANTS
Debt Borrower / Issuer
Covenant(e)
Covenant Level Requirement
As of June 30, 2026
Maintenance Financial Covenants(f)
2026 Credit Facility CCI Total Net Leverage Ratio ≤ 7.00x 6.1x
2026 Credit Facility CCI Total Senior Secured Leverage Ratio ≤ 3.50x 0.3x
Financial covenants requiring excess cash flows to be deposited in a cash trap reserve account and not released
Tower Revenue Notes, Series 2018-2
 Crown Castle Towers LLC and its Subsidiaries Debt Service Coverage Ratio > 1.75x
(g)
 30.2x
2009 Securitized Notes Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries Debt Service Coverage Ratio > 1.30x
(g)
 53.9x
Financial covenants restricting ability of relevant issuer to issue additional notes under the applicable indenture
Tower Revenue Notes, Series 2018-2
 Crown Castle Towers LLC and its Subsidiaries Debt Service Coverage Ratio ≥ 2.00x
(h)
 30.2x
2009 Securitized Notes Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries Debt Service Coverage Ratio ≥ 2.34x
(h)
 53.9x
(a)In addition, we have the following sources of liquidity:
i.In March 2024, we established an at-the-market stock offering program ("ATM Program") through which we may, from time to time, issue and sell shares of our common stock having an aggregate gross sales price of up to $750 million to or through sales agents. No shares of common stock have been sold under the ATM Program.
ii.In April 2019, we established a CP Program through which we may issue short term, unsecured CP Notes. Amounts available under the CP Program may be issued, repaid and re-issued from time to time, with the aggregate principal amount of CP Notes outstanding under the CP Program at any time not to exceed $2.0 billion. As of June 30, 2026, there were no CP Notes outstanding under our CP Program. We intend to maintain available commitments under our 2026 Revolver in an amount at least equal to the amount of CP Notes outstanding at any point in time.
(b)Inclusive of $5 million included within "Other assets, net" on our condensed consolidated balance sheet.
(c)Availability at any point in time is subject to reaffirmation of the representations and warranties in, and there being no default under, the credit agreement governing our 2026 Revolver.
(d)See "Non-GAAP Measures and Other Information" for further information on, and reconciliation to, Net Debt.
(e)As defined in the respective debt agreement. In the indentures for the Tower Revenue Notes, Series 2018-2 and the 2009 Securitized Notes, the defined term for Debt Service Coverage Ratio is "DSCR." Total Net Leverage Ratio, Total Senior Secured Leverage Ratio and all DSCR ratios are calculated using the trailing twelve months.
(f)Failure to comply with the financial maintenance covenants would, absent a waiver, result in an event of default under the credit agreement governing our 2026 Credit Facility.
(g)The Tower Revenue Notes, Series 2018-2 and 2009 Securitized Notes also include the potential for amortization events, which could result in applying current and future cash flow to the prepayment of debt with applicable prepayment consideration. An amortization event occurs when the Debt Service Coverage Ratio falls below 1.45x or 1.15x, in each case as described under the indentures for the Tower Revenue Notes, Series 2018-2 or 2009 Securitized Notes, respectively.
(h)Rating Agency Confirmation (as defined in the respective debt agreement) is required.

16
Crown Castle Inc.
First Quarter 2025
COMPANY
OVERVIEW		 OUTLOOK
 FINANCIAL
 HIGHLIGHTS
 CAPITALIZATION OVERVIEW APPENDIX
 INTEREST RATE EXPOSURE(a)(b)
(as of June 30, 2026; dollars in millions)
Fixed Rate Debt
Face value of principal outstanding(c)
$18,092
% of total debt 100%
Weighted average interest rate 3.7%
Upcoming maturities:
2026(d)
2027
Face value of principal outstanding(c)
$1,000 $2,197
Weighted average interest rate 1.05% 3.48%
COMPONENTS OF INTEREST EXPENSE
2025 2026
(in millions; totals may not sum due to rounding)
 Q1 Q2 Q3 Q4 Q1 Q2
Interest expense on debt obligations $ 233  $ 239  $ 244  $ 241  $ 239  $ 202 
Amortization of deferred financing costs and adjustments on long-term debt 8  8  8  8  7  7 
Capitalized interest (5) (4) (5) (3) (4) (1)
Interest expense and amortization of deferred financing costs, net $ 236  $ 243  $ 247  $ 246  $ 242  $ 208 
(a)Excludes installment purchase liabilities and finance leases; assumes no default.
(b)The Company had no floating-rate debt outstanding as of June 30, 2026.
(c)Net of required principal amortization and repurchases.
(d)In July 2026, we repaid in full the 1.050% Senior Notes on the contractual maturity date.

17
Crown Castle Inc.
Second Quarter 2026
COMPANY
OVERVIEW		 OUTLOOK
 FINANCIAL
HIGHLIGHTS
 CAPITALIZATION OVERVIEW APPENDIX
CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)
(in millions, except par values) June 30, 2026 December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents $ 1,042  $ 99 
Restricted cash and cash equivalents
207  170 
Receivables, net 179  172 
Prepaid expenses 78  79 
Deferred site rental receivables
 191  167 
Other current assets 19  23 
Current assets of discontinued operations
—  434 
Total current assets 1,716  1,144 
Deferred site rental receivables 2,258  2,288 
Property and equipment, net 6,165  6,273 
Operating lease right-of-use assets 5,410  5,473 
Goodwill 5,127  5,127 
Site rental contracts and tenant relationships 746  834 
Other intangible assets, net 27  27 
Other assets, net 63  61 
Non-current assets of discontinued operations
—  10,291 
Total assets $ 21,512  $ 31,518 
LIABILITIES AND EQUITY (DEFICIT)
Current liabilities:  
Accounts payable $ 90  $ 71 
Accrued interest 210  235 
Deferred revenues 259  192 
Other accrued liabilities 213  168 
Current maturities of debt and other obligations 2,260  2,783 
Current portion of operating lease liabilities 258  268 
Current liabilities of discontinued operations
—  762 
Total current liabilities 3,290  4,479 
Debt and other long-term obligations 15,979  21,554 
Operating lease liabilities 4,907  4,961 
Other long-term liabilities 606  607 
Non-current liabilities of discontinued operations
—  1,552 
Total liabilities 24,782  33,153 
Commitments and contingencies
Stockholders' equity (deficit):
Common stock, 0.01 par value; 1,200 shares authorized; June 30, 2026—437 shares issued and 426 outstanding, and December 31, 2025—435 shares issued and outstanding
 4  4 
Additional paid-in capital 18,570  18,527 
Treasury stock, at cost; June 30, 2026—11 shares, and December 31, 2025—0 shares
 (1,000) — 
Accumulated other comprehensive income (loss) (5) (5)
Dividends/distributions in excess of earnings (20,839) (20,161)
Total equity (deficit)
 (3,270) (1,635)
Total liabilities and equity (deficit)
 $ 21,512  $ 31,518 
18
Crown Castle Inc.
Second Quarter 2026
COMPANY
OVERVIEW		 OUTLOOK
 FINANCIAL
HIGHLIGHTS
 CAPITALIZATION OVERVIEW APPENDIX
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
Three Months Ended June 30, Six Months Ended June 30,
(in millions, except per share amounts) 2026 2025 2026 2025
Net revenues:
Site rental $ 967  $ 1,008  $ 1,928  $ 2,019 
Services and other 41  52  90  102 
Net revenues 1,008  1,060  2,018  2,121 
Operating expenses:
Costs of operations:(a)
Site rental 249  251  489  491 
Services and other 19  27  45  55 
Selling, general and administrative 97  99  187  192 
Asset write-down charges 2  2  5  4 
Depreciation, amortization and accretion 171  175  343  352 
Restructuring charges —  —  14  — 
Total operating expenses 538  554  1,083  1,094 
Operating income (loss) 470  506  935  1,027 
Interest expense and amortization of deferred financing costs, net (208) (243) (450) (479)
Gains (losses) on retirement of long-term obligations 24  —  24  — 
Interest income 18  4  22  7 
Other income (expense) (1) 2  (2) 3 
Income (loss) from continuing operations before income taxes
 303  269  529  558 
Benefit (provision) for income taxes (4) (4) (9) (9)
Income (loss) from continuing operations
$ 299  $ 265  $ 520  $ 549 
Discontinued operations:
Income (loss) from discontinued operations before gain (loss) from disposal, net of tax
 75  278  350  360 
Gain (loss) from disposal of discontinued operations
 (280) (252) (625) (1,082)
Income (loss) from discontinued operations, net of tax
 (205) 26  (275) (722)
Net income (loss) $ 94  $ 291  $ 245  $ (173)
Net income (loss), per common share:
Income (loss) from continuing operations, basic $ 0.69  $ 0.61  $ 1.20  $ 1.26 
Income (loss) from discontinued operations, basic (0.47) 0.06  $ (0.63) $ (1.66)
Net income (loss)—basic $ 0.22  $ 0.67  $ 0.57  $ (0.40)
Income (loss) from continuing operations, diluted
 $ 0.69  $ 0.61  $ 1.19  $ 1.26 
Income (loss) from discontinued operations, diluted
 (0.47) 0.06  $ (0.63) $ (1.66)
Net income (loss)—diluted
 $ 0.22  $ 0.67  $ 0.56  $ (0.40)
Weighted-average common shares outstanding:
Basic 433  435  434  435 
Diluted 434  437  436  436 
(a)Exclusive of depreciation, amortization and accretion shown separately.


19
Crown Castle Inc.
Second Quarter 2026
COMPANY
OVERVIEW		 OUTLOOK
 FINANCIAL
HIGHLIGHTS
 CAPITALIZATION OVERVIEW APPENDIX
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
Six Months Ended June 30,
(in millions) 2026 2025
Cash flows from operating activities:
Net income (loss) $ 245  $ (173)
(Income) loss from discontinued operations before (gain) loss from disposal, net of tax
 (350) (360)
(Gain) loss from disposal of discontinued operations
 625  1,082 
Income (loss) from continuing operations
 520  549 
Adjustments to reconcile income (loss) from continuing operations to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion 343  352 
(Gains) losses on retirement of long-term obligations (24) — 
Amortization of deferred financing costs and other non-cash interest 14  16 
Stock-based compensation expense, net 47  36 
Asset write-down charges 5  4 
Deferred income tax (benefit) provision 4  1 
Other non-cash adjustments, net 1  (4)
Net cash provided by (used for) operating activities from discontinued operations 108  581 
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in accrued interest (25) (6)
Increase (decrease) in accounts payable 21  — 
Increase (decrease) in other liabilities 19  (32)
Decrease (increase) in receivables (4) 29 
Decrease (increase) in other assets 11  (53)
Net cash provided by (used for) operating activities 1,040  1,473 
Cash flows from investing activities:
Capital expenditures (116) (80)
Other investing activities, net —  3 
Net cash provided by (used for) investing activities from discontinued operations(a)
8,089  (446)
Net cash provided by (used for) investing activities 7,973  (523)
Cash flows from financing activities:
Principal payments on debt and other long-term obligations (45) (59)
Purchases and redemptions of long-term debt (3,191) (700)
Borrowings under revolving credit facility 1,350  400 
Payments under revolving credit facility (2,295) — 
Net issuances (repayments) under commercial paper program
 (1,931) 564 
Payments for financing costs (6) — 
Purchases of common stock (1,017) (23)
Dividends/distributions paid on common stock (932) (1,153)
Net cash provided by (used for) financing activities (8,067) (971)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents 946  (21)
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)
$ 1,254  $ 274 
Supplemental disclosure of cash flow information:
Interest paid $ 466  $ 478 
Income taxes paid (refunded) $ 9  $ 9 
(a)Inclusive of $8.4 billion of net cash proceeds from the completed sale of the Fiber Business in 2026.
(b)Inclusive of cash and cash equivalents and restricted cash and cash equivalents included in discontinued operations.
(c)Inclusive of cash and cash equivalents and restricted cash and cash equivalents included in discontinued operations for the period ending June 30, 2025.
20
Crown Castle Inc.
Second Quarter 2026
COMPANY
OVERVIEW		 OUTLOOK
 FINANCIAL
HIGHLIGHTS
 CAPITALIZATION OVERVIEW APPENDIX
NON-GAAP MEASURES AND OTHER INFORMATION
This Supplement includes presentations of Adjusted EBITDA, Adjusted Funds from Operations ("AFFO"), including per share amounts, Funds from Operations ("FFO"), including per share amounts, Organic Contribution to Site Rental Billings, (including as Adjusted for Impact of Sprint Cancellations and DISH Terminations), Adjusted Site Rental Gross Margin, Adjusted Services and Other Gross Margin, Net Debt, Net Debt to Last Quarter Annualized Adjusted EBITDA, Consolidated Return on Invested Capital, and Cash Yield on Invested Capital, which are non-GAAP financial measures. These non-GAAP financial measures are not intended as alternative measures of operating results or cash flow from operations (as determined in accordance with Generally Accepted Accounting Principles ("GAAP")).
Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies, including other companies in the towers sector or other REITs.
In addition, we provide the components of certain GAAP measures, such as site rental revenues and capital expenditures.
Our non-GAAP financial measures are presented as additional information because management believes these measures are useful indicators of the financial performance of our business. Among other things, management believes that:
•Adjusted EBITDA is useful to investors or other interested parties in evaluating our financial performance. Adjusted EBITDA is a financial measure frequently used by management (1) to evaluate the economic productivity of our operations and (2) for purposes of making decisions about allocating resources to, and assessing the performance of, our operations. Management believes that Adjusted EBITDA helps investors or other interested parties meaningfully evaluate and compare the results of our operations (1) from period to period and (2) to our competitors, by removing the impact of our capital structure (primarily interest charges from our outstanding debt) and asset base (primarily depreciation, amortization and accretion) from our financial results. Management also believes Adjusted EBITDA is frequently used by investors or other interested parties in the evaluation of the towers sector and other REITs to measure financial performance without regard to items such as depreciation, amortization and accretion, which can vary depending upon accounting methods and the book value of assets. Adjusted EBITDA should be considered only as a supplement to net income (loss) computed in accordance with GAAP as a measure of our performance.
•AFFO, including per share amounts, is useful to investors or other interested parties in evaluating our financial performance. Management believes that AFFO helps investors or other interested parties meaningfully evaluate our financial performance as it includes (1) the impact of our capital structure (primarily interest expense on our outstanding debt and dividends on our preferred stock (in periods where applicable)) and (2) sustaining capital expenditures, and excludes the impact of our (1) asset base (primarily depreciation, amortization and accretion) and (2) certain non-cash items, including straight-lined revenues and expenses related to fixed escalations and rent free periods. GAAP requires rental revenues and expenses related to leases that contain specified rental increases over the life of the lease to be recognized evenly over the life of the lease. In accordance with GAAP, if payment terms call for fixed escalations or rent free periods, the (1) revenues are recognized on a straight-lined basis over the fixed, non-cancelable term of the tenant contract, and (2) expenses are recognized on a straight-lined basis over the estimated lease term including renewal options that are reasonably certain to be exercised. Management notes that Crown Castle uses AFFO only as a performance measure. AFFO should be considered only as a supplement to net income (loss) computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flow from operations or as residual cash flow available for discretionary investment.
•FFO, including per share amounts, is useful to investors or other interested parties in evaluating our financial performance. Management believes that FFO may be used by investors or other interested parties as a basis to compare our financial performance with that of other REITs. FFO helps investors or other interested parties meaningfully evaluate financial performance by excluding the impact of our asset base (primarily real estate depreciation, amortization and accretion). FFO is not a key performance indicator used by Crown Castle. FFO should be considered only as a supplement to net income (loss) computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flow from operations.
•Organic Contribution to Site Rental Billings (also referred to as organic growth) is useful to investors or other interested parties in understanding the components of the year-over-year changes in our site rental revenues computed in accordance with GAAP. Management uses Organic Contribution to Site Rental Billings to assess year-over-year growth rates for our rental activities, to evaluate current performance, to capture trends in rental rates, core leasing activities and tenant non-renewals in our core business, as well as to forecast future results. Separately, we are also disclosing Organic Contribution to Site Rental Billings as Adjusted for Sprint Cancellations and DISH Terminations, which is outside of ordinary course, to provide further insight into our results of operations and underlying trends. Management believes that identifying the impact of Sprint Cancellations and DISH Terminations provides increased transparency and comparability across periods. Organic Contribution to Site Rental Billings (including as Adjusted for Impact of Sprint Cancellations and DISH Terminations) is not meant as an alternative measure of revenue and should be considered only as a supplement in understanding and assessing the performance of our site rental revenues computed in accordance with GAAP.
•Adjusted Site Rental Gross Margin and Adjusted Services and Other Gross Margin are useful to investors or other interested parties in evaluating our financial performance. These measures are used by our management (1) to evaluate the economic productivity of our business, (2) to identify underlying business trends that are impacting our performance, and (3) for purposes of making decisions about allocating resources to, and assessing the performance of, our business. We also believe it helps investors and other interested parties meaningfully evaluate and compare the results of our operations from period to period.
21
Crown Castle Inc.
Second Quarter 2026
COMPANY
OVERVIEW		 OUTLOOK
 FINANCIAL
HIGHLIGHTS
 CAPITALIZATION OVERVIEW APPENDIX
•Net Debt is useful to investors or other interested parties in evaluating our overall debt position and future debt capacity. Management uses Net Debt in assessing our leverage. Net Debt is not meant as an alternative measure of debt and should be considered only as a supplement in understanding and assessing our leverage.
•Net Debt to Last Quarter Annualized Adjusted EBITDA is useful to investors or other interested parties, specifically credit rating agencies, in analyzing our operating performance in the context of targeted financial leverage. Management uses Net Debt to Last Quarter Annualized Adjusted EBITDA in assessing our leverage. Net Debt to Last Quarter Annualized Adjusted EBITDA is not meant as an alternative to GAAP measures such as debt and net income (loss) computed in accordance with GAAP. Net Debt to Last Quarter Annualized Adjusted EBITDA should be considered only as a supplement in understanding and assessing our leverage.
•Consolidated Return on Invested Capital and Cash Yield on Invested Capital are useful to investors or other interested parties in evaluating the financial performance of our assets. Management believes that these metrics are useful in assessing our efficiency at allocating capital to generate returns over time. Consolidated Return on Invested Capital and Cash Yield on Invested Capital are not meant as alternatives to GAAP measures such as revenues, operating income, and certain asset classes (such as property and equipment, site rental contracts and tenant relationships, and goodwill) computed in accordance with GAAP. Such non-GAAP metrics should be considered only as a supplement in understanding and assessing the performance of our assets.
Non-GAAP Financial Measures
Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) plus restructuring charges (credits), asset write-down charges, goodwill impairment charges, acquisition and integration costs, depreciation, amortization and accretion, amortization of prepaid lease purchase price adjustments, interest expense and amortization of deferred financing costs, net, (gains) losses on retirement of long-term obligations, net (gain) loss on interest rate swaps, (gains) losses on foreign currency swaps, impairment of available-for-sale securities, interest income, other (income) expense, (benefit) provision for income taxes, (income) loss from discontinued operations, net of tax, cumulative effect of a change in accounting principle and stock-based compensation expense, net.
AFFO. We define AFFO as FFO before straight-lined revenues, straight-lined expenses, stock-based compensation expense, net, non-cash portion of tax provision, non-real estate related depreciation, amortization and accretion, amortization of non-cash interest expense, other (income) expense, (gains) losses on retirement of long-term obligations, net (gain) loss on interest rate swaps, (gains) losses on foreign currency swaps, impairment of available-for-sale securities, acquisition and integration costs, restructuring charges (credits), cumulative effect of a change in accounting principle and adjustments for noncontrolling interests, less sustaining capital expenditures.
AFFO per share. We define AFFO per share as AFFO divided by diluted weighted-average common shares outstanding.
FFO. We define FFO as net income (loss) plus real estate related depreciation, amortization and accretion, asset write-down charges, goodwill impairment charges, and (income) loss from discontinued operations, net of tax, less noncontrolling interest and cash paid for preferred stock dividends (in periods where applicable), and is a measure of funds from operations attributable to common stockholders.
FFO per share. We define FFO per share as FFO divided by diluted weighted-average common shares outstanding.
Organic Contribution to Site Rental Billings. We define Organic Contribution to Site Rental Billings (also referred to as organic growth) as the sum of the change in site rental revenues related to core leasing activity, escalators and other billings, including those associated with DISH Terminations, less non-renewals of tenant contracts, including those associated with Sprint Cancellations, and DISH Terminations. Additionally, Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations reflects Organic Contribution to Site Rental Billings plus non-renewals associated with Sprint Cancellations, less Organic Contribution to Site Rental Billings associated with DISH Terminations.
Net Debt. We define Net Debt as (1) debt and other long-term obligations and (2) current maturities of debt and other obligations, excluding unamortized adjustments, net, less cash and cash equivalents and restricted cash and cash equivalents.
Net Debt to Last Quarter Annualized Adjusted EBITDA. We define Net Debt to Last Quarter Annualized Adjusted EBITDA as Net Debt divided by the most recent quarter's Adjusted EBITDA multiplied by four.
Consolidated Invested Capital. We define Consolidated Invested Capital as the historical gross investment in (1) property and equipment (excluding the impact of construction in process and write-offs), (2) site rental contracts and tenant relationships and (3) goodwill (excluding impairment charges).
Consolidated Return on Invested Capital. We define Consolidated Return on Invested Capital as Adjusted EBITDA less cash taxes paid divided by Consolidated Invested Capital.
Net Invested Capital. We define Net Invested Capital as the investment in (1) property and equipment, excluding the impact of construction in process and non-productive assets (such as information technology assets and buildings) and write-offs, reduced by the amount of prepaid rent received from tenants, (2) site rental contracts and tenant relationships, and (3) goodwill, excluding the impact of certain assets and liabilities recorded in connection with acquisitions and impairment charges.
Cash Yield on Invested Capital. We define Cash Yield on Invested Capital as Adjusted Site Rental Gross Margin adjusted for the impacts of (1) amortization of prepaid rent, (2) straight-lined revenues, and (3) straight-lined expenses divided by Net Invested Capital.
22
Crown Castle Inc.
Second Quarter 2026
COMPANY
OVERVIEW		 OUTLOOK
 FINANCIAL
HIGHLIGHTS
 CAPITALIZATION OVERVIEW APPENDIX
Adjusted Site Rental Gross Margin. We define Adjusted Site Rental Gross Margin as site rental revenues less site rental costs of operations, excluding stock-based compensation expense, net and amortization of prepaid lease purchase price adjustments. This measure is exclusive of depreciation, amortization and accretion, which are shown separately.
Adjusted Services and Other Gross Margin. We define Adjusted Services and Other Gross Margin as services and other revenues less services and other costs of operations, excluding stock-based compensation expense, net.
Other Information
Site rental billings. We define site rental billings as site rental revenues exclusive of the impacts from (1) straight-lined revenues, (2) amortization of prepaid rent in accordance with GAAP, (3) contribution from recent acquisitions until the one-year anniversary of such acquisitions, (4) other revenues, such as tenant cancellation fees, finance charges and other items and (5) amounts related to DISH Terminations, where applicable.
Core leasing activity. We define core leasing activity as site rental revenues growth from tenant additions and renewals or extensions of tenant contracts, exclusive of (1) the impacts from both straight-lined revenues and amortization of prepaid rent in accordance with GAAP, (2) other revenues and (3) amounts related to DISH Terminations, where applicable.
Other billings. We define other billings as the growth or reduction in site rental revenues as a result of non-recurring contractual billings and adjustments, expense recoveries, sales credits and other amounts not captured in core leasing activity, exclusive of amounts related to DISH Terminations, where applicable.
Non-renewals. We define non-renewals of tenant contracts as the reduction in site rental revenues as a result of tenant churn, terminations and, in limited circumstances, reductions of existing lease rates, exclusive of non-renewals associated with Sprint Cancellations and DISH Terminations, where applicable.
Discretionary capital expenditures. We define discretionary capital expenditures relating to continuing operations as those made with respect to activities which we believe exhibit sufficient potential to enhance long-term stockholder value. Discretionary capital expenditures, including with respect to discontinued operations, primarily consist of expansion or development of our communications infrastructure (including capital expenditures related to (1) enhancing communications infrastructure in order to add new tenants for the first time or support subsequent tenant equipment augmentations or (2) modifying the structure of a communications infrastructure asset to accommodate additional tenants) and construction of new communications infrastructure. Discretionary capital expenditures also include purchases of land interests (which primarily relates to land assets under towers as we seek to manage our interests in the land beneath our towers), certain technology-related investments necessary to support and scale future customer demand for our communications infrastructure, and other capital projects.
Sustaining capital expenditures. We define sustaining capital expenditures as those capital expenditures (including with respect to discontinued operations) not otherwise categorized as discretionary capital expenditures, such as (1) maintenance capital expenditures on our communications infrastructure assets that enable our tenants' ongoing quiet enjoyment of the communications infrastructure and (2) ordinary corporate capital expenditures.
Sprint Cancellations. We define Sprint Cancellations as lease cancellations related to the previously disclosed T-Mobile US, Inc. and Sprint network consolidation as described in our press release dated April 19, 2023.
DISH Terminations. We define DISH Terminations as the impact of lease terminations related to the previously disclosed notice of default and termination that was sent to DISH Wireless L.L.C. ("DISH") regarding our Master Lease Agreement and related agreements as described in our press release dated January 12, 2026.
Fiber Business. We define Fiber Business as the historically reported Fiber segment, prior to its reclassification to discontinued operations, together with certain supporting assets and personnel. Management signed the Strategic Fiber Agreement to sell the Fiber Business with EQT Active Core Infrastructure fund ("EQT") acquiring the small cells business and Zayo Group Holdings Inc. ("Zayo") acquiring the fiber solutions business for $8.5 billion in aggregate, subject to certain closing adjustments ("Strategic Fiber Transaction"). The Strategic Fiber Transaction was completed on May 1, 2026. We received aggregate net cash proceeds of $8.4 billion, representing the gross contractual purchase price of $8.5 billion less the net impact of preliminary purchase price adjustments of $124 million, which are subject to a post-closing settlement process.
23
Crown Castle Inc.
Second Quarter 2026
COMPANY
OVERVIEW		 OUTLOOK
 FINANCIAL
HIGHLIGHTS
 CAPITALIZATION OVERVIEW APPENDIX
Reconciliation of Historical Adjusted EBITDA:
2025 2026
(in millions; totals may not sum due to rounding)
 Q1 Q2 Q3 Q4 Q1 Q2
Net income (loss)(a)
$ (464) $ 291  $ 323  $ 294  $ 151  $ 94 
Adjustments to increase (decrease) net income (loss)
Asset write-down charges 2  2  3  4  3  2 
Depreciation, amortization and accretion 177  175  167  170  172  171 
Restructuring charges(b)
—  —  —  —  14  — 
Amortization of prepaid lease purchase price adjustments 4  4  4  4  4  3 
Interest expense and amortization of deferred financing costs, net(c)
236  243  247  246  242  208 
(Gains) losses on retirement of long-term obligations —  —  —  —  —  (24)
Interest income (3) (4) (3) (3) (3) (18)
Other (income) expense (1) (2) —  —  1  1 
(Benefit) provision for income taxes 5  4  4  3  5  4 
Stock-based compensation expense, net 18  18  19  17  18  28 
(Income) loss from discontinued operations, net of tax(d)
748  (26) (46) (17) 69  205 
Adjusted EBITDA(e)(f)
$ 722  $ 705  $ 718  $ 718  $ 675  $ 675 
Reconciliation of Outlook for Adjusted EBITDA:
(in millions; totals may not sum due to rounding)
Full Year 2026 Outlook(g)
Net income (loss)(a)
$730 to $1,010
Adjustments to increase (decrease) net income (loss):
Asset write-down charges 10 to 20
Acquisition and integration costs (3) to 3
Depreciation, amortization and accretion 627 to 722
Restructuring charges
 25 to 35
Amortization of prepaid lease purchase price adjustments 14 to 16
Interest expense and amortization of deferred financing costs, net(h)
787 to 832
(Gains) losses on retirement of long-term obligations (25) to (25)
Interest income (25) to (25)
Other (income) expense 0 to 9
(Benefit) provision for income taxes 11 to 19
Stock-based compensation expense, net 78 to 82
(Income) loss from discontinued operations, net of tax(i)
80 to 360
Adjusted EBITDA(e)(f)
$2,665 to $2,715
(a)Includes contribution from discontinued operations through April 30, 2026.
(b)Represents restructuring charges recorded related to the Company's restructuring plan announced in February 2026, as further discussed in the Annual Report on Form 10-K for the year ended December 31, 2025 ("2026 Restructuring Plan"). For the three and six months ended June 30, 2026, no charges and $14 million of charges were recorded related to the 2026 Restructuring Plan, respectively.
(c)See the reconciliation of "Components of Interest Expense" for a discussion of non-cash interest expense.
(d)Represents results from the Fiber Business, including a loss on disposal of $280 million and $252 million recorded in the three months ended June 30, 2026 and 2025, respectively, and $625 million and $1,082 million recorded in the six months ended June 30, 2026 and 2025, respectively.
(e)See discussion and our definition of Adjusted EBITDA in this "Non-GAAP Measures and Other Information."
(f)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(g)As issued on July 22, 2026.
(h)See the reconciliation of "Outlook for Components of Interest Expense" for a discussion of non-cash interest expense.
(i)Represents expected results from the Fiber Business, including the estimated loss on disposal, through April 30, 2026.
24
Crown Castle Inc.
Second Quarter 2026
COMPANY
OVERVIEW		 OUTLOOK
 FINANCIAL
HIGHLIGHTS
 CAPITALIZATION OVERVIEW APPENDIX
Reconciliation of Historical FFO and AFFO:
(in millions; totals may not sum due to rounding)
 2025 2026
Q1 Q2 Q3 Q4 Q1 Q2
Net income (loss)(a)
$ (464) $ 291  $ 323  $ 294  $ 151  $ 94 
Real estate related depreciation, amortization and accretion 164  162  163  161  161  162 
Asset write-down charges 2  2  3  4  3  2 
(Income) loss from discontinued operations, net of tax(b)
748  (26) (46) (17) 69  205 
FFO(c)(d)
$ 451  $ 429  $ 443  $ 442  $ 383  $ 464 
Weighted-average common shares outstanding—diluted 436  437  437  437  437  434 
FFO (from above) $ 451  $ 429  $ 443  $ 442  $ 383  $ 464 
Adjustments to increase (decrease) FFO:
Straight-lined revenues (19) (20) 11  15  3  3 
Straight-lined expenses 15  14  15  14  14  13 
Stock-based compensation expense, net 18  18  19  17  18  28 
Non-cash portion of tax provision 5  (5) 2  —  5  (5)
Non-real estate related depreciation, amortization and accretion
 13  13  4  9  11  8 
Amortization of non-cash interest expense 3  4  3  5  4  6 
Other (income) expense (1) (2) —  —  1  1 
(Gains) losses on retirement of long-term obligations —  —  —  —  —  (24)
Restructuring charges(e)
—  —  —  —  14  — 
Sustaining capital expenditures (7) (7) (6) (14) (7) (7)
AFFO(c)(d)
$ 479  $ 444  $ 490  $ 489  $ 446  $ 488 
Weighted-average common shares outstanding—diluted 436  437  437  437  437  434 
(a)Includes contribution from discontinued operations through April 30, 2026.
(b)Represents results from the Fiber Business, including a loss on disposal of $280 million and $252 million recorded in the three months ended June 30, 2026 and 2025, respectively, and $625 million and $1,082 million recorded in the six months ended June 30, 2026 and 2025, respectively.
(c)See discussion and our definitions of FFO and AFFO in this "Non-GAAP Measures and Other Information."
(d)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(e)Represents restructuring charges recorded related to the 2026 Restructuring Plan.














25
Crown Castle Inc.
Second Quarter 2026
COMPANY
OVERVIEW		 OUTLOOK
 FINANCIAL
HIGHLIGHTS
 CAPITALIZATION OVERVIEW APPENDIX
Reconciliation of Historical FFO and AFFO per share:
(in millions, except per share amounts; totals may not sum due to rounding)
 2025 2026
Q1 Q2 Q3 Q4 Q1 Q2
Net income (loss)(a)
$ (1.06) $ 0.67  $ 0.74  $ 0.67  $ 0.34  $ 0.22 
Real estate related depreciation, amortization and accretion 0.38  0.37  0.37  0.37  0.37  0.37 
Asset write-down charges —  —  0.01  0.01  0.01  0.01 
(Income) loss from discontinued operations, net of tax(b)
1.72  (0.06) (0.11) (0.04) 0.16  0.47 
FFO(c)(d)
$ 1.03  $ 0.98  $ 1.01  $ 1.01  $ 0.88  $ 1.07 
Weighted-average common shares outstanding—diluted 436  437  437  437  437  434 
FFO (from above) $ 1.03  $ 0.98  $ 1.01  $ 1.01  $ 0.88  $ 1.07 
Adjustments to increase (decrease) FFO:
Straight-lined revenues (0.04) (0.05) 0.03  0.03  0.01  0.01 
Straight-lined expenses 0.03  0.03  0.03  0.03  0.03  0.03 
Stock-based compensation expense, net 0.04  0.04  0.04  0.04  0.04  0.07 
Non-cash portion of tax provision 0.01  (0.01) —  —  0.01  (0.01)
Non-real estate related depreciation, amortization and accretion 0.03  0.03  0.01  0.02  0.03  0.02 
Amortization of non-cash interest expense 0.01  0.01  0.01  0.01  0.01  0.01 
Other (income) expense —  —  —  —  —  — 
(Gains) losses on retirement of long-term obligations —  —  —  —  —  (0.05)
Restructuring charges(e)
—  —  —  —  0.03  — 
Sustaining capital expenditures (0.02) (0.02) (0.01) (0.03) (0.02) (0.02)
AFFO(c)(d)
$ 1.10  $ 1.02  $ 1.12  $ 1.12  $ 1.02  $ 1.13 
Weighted-average common shares outstanding—diluted 436  437  437  437  437  434 
(a)Includes contribution from discontinued operations through April 30, 2026.
(b)Represents results from the Fiber Business, including a loss on disposal of $280 million and $252 million recorded in the three months ended June 30, 2026 and 2025, respectively, and $625 million and $1,082 million recorded in the six months ended June 30, 2026 and 2025, respectively.
(c)See discussion and our definitions of FFO and AFFO, including per share amounts, in this "Non-GAAP Measures and Other Information."
(d)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(e)Represents restructuring charges recorded related to the 2026 Restructuring Plan.

26
Crown Castle Inc.
Second Quarter 2026
COMPANY
OVERVIEW		 OUTLOOK
 FINANCIAL
HIGHLIGHTS
 CAPITALIZATION OVERVIEW APPENDIX
Reconciliation of Outlook for FFO and AFFO:
(in millions, except per share amounts; totals may not sum due to rounding)
Full Year 2026 Outlook(a)
Full Year 2026 Outlook Per Share(a)
Net income (loss)(b)
$730 to $1,010 $1.70 to $2.35
Real estate related depreciation, amortization and accretion 600 to 680 1.40 to 1.58
Asset write-down charges 10 to 20 0.02 to 0.05
(Income) loss from discontinued operations, net of tax(c)
80 to 360 0.19 to 0.84
FFO(d)(e)
$1,730 to $1,760 $4.02 to $4.09
Weighted-average common shares outstanding—diluted 430 430
FFO (from above) $1,730 to $1,760 $4.02 to $4.09
Adjustments to increase (decrease) FFO:
Straight-lined revenues 45 to 75 0.10 to 0.17
Straight-lined expenses 45 to 65 0.10 to 0.15
Stock-based compensation expense, net 78 to 82 0.18 to 0.19
Non-cash portion of tax provision (8) to 8 (0.02) to 0.02
Non-real estate related depreciation, amortization and accretion 27 to 42 0.06 to 0.10
Amortization of non-cash interest expense 15 to 25 0.03 to 0.06
Other (income) expense 0 to 9 0.00 to 0.02
(Gains) losses on retirement of long-term obligations (25) to (25) (0.06) to (0.06)
Acquisition and integration costs (3) to 3 (0.01) to 0.01
Restructuring charges
 25 to 35 0.06 to 0.08
Sustaining capital expenditures (45) to (25) (0.10) to (0.06)
AFFO(d)(e)
$1,950 to $2,000 $4.53 to $4.65
Weighted-average common shares outstanding—diluted 430 430
Reconciliation of Net Debt and Calculation of Net Debt to Last Quarter Annualized Adjusted EBITDA:
(as of June 30, 2026; dollars in millions)
 June 30, 2026
Total debt and other obligations (current and non-current) $ 18,239 
Unamortized adjustments, net 114 
Total face value of debt 18,353 
Less: Ending cash and cash equivalents and restricted cash and cash equivalents 1,254 
Net Debt(d)
$ 17,099 
Adjusted EBITDA for the three months ended June 30, 2026(d)
$ 675 
Last quarter annualized Adjusted EBITDA(d)
2,700 
Net Debt to Last Quarter Annualized Adjusted EBITDA(d)
6.3  x
(a)As issued on July 22, 2026.
(b)Includes contribution from discontinued operations through April 30, 2026.
(c)Represents expected results from the Fiber Business, including the estimated loss on disposal, through April 30, 2026.
(d)See discussion and our definitions of FFO and AFFO, including per share amounts, Net Debt, Adjusted EBITDA, and Net Debt to Last Quarter Adjusted EBITDA in this "Non-GAAP Measures and Other Information."
(e)The above reconciliation excludes line items included in our definition which are not applicable for the period shown.
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Crown Castle Inc.
Second Quarter 2026
COMPANY
OVERVIEW		 OUTLOOK
 FINANCIAL
HIGHLIGHTS
 CAPITALIZATION OVERVIEW APPENDIX
Reconciliation of Adjusted Site Rental Gross Margin and Adjusted Services and Other Gross Margin:
Three Months Ended June 30, Six Months Ended June 30,
(In millions of dollars; totals may not sum due to rounding)
 2026 2025 2026 2025
Net income (loss)(a)
$ 94  $ 291  $ 245  $ (173)
Adjustments to increase (decrease) income (loss):
Services and other revenues (41) (52) (90) (102)
Services and other costs of operations
 19  27  45  55 
Selling, general and administrative expenses
 97  99  187  192 
Asset write-down charges
 2  2  5  4 
Depreciation, amortization and accretion 171  175  343  352 
Restructuring charges —  —  14  — 
Amortization of prepaid lease purchase price adjustments 3  4  7  8 
Interest expense and amortization of deferred financing costs, net 208  243  450  479 
(Gain) loss on retirement of long-term obligations (24) —  (24) — 
Interest income
 (18) (4) (22) (7)
Other (income) expense
 1  (2) 2  (3)
(Benefit) provision for income taxes
 4  4  9  9 
Stock-based compensation expense, net recorded in site rental costs of operations
 1  1  2  2 
(Income) loss from discontinued operations, net of tax
 205  (26) 275  722 
Adjusted Site Rental Gross Margin(b)(c)
$ 723  $ 762  $ 1,448  $ 1,538 

Three Months Ended June 30, Six Months Ended June 30,
(In millions of dollars; totals may not sum due to rounding)
 2026 2025 2026 2025
Net income (loss)(a)
$ 94  $ 291  $ 245  $ (173)
Adjustments to increase (decrease) net income (loss):
Site rental revenues (967) (1,008) (1,928) (2,019)
Site rental costs of operations(d)
249  251  489  491 
Selling, general and administrative expenses
 97  99  187  192 
Asset write-down charges 2  2  5  4 
Depreciation, amortization and accretion 171  175  343  352 
Restructuring charges —  —  14  — 
Interest expense and amortization of deferred financing costs, net 208  243  450  479 
(Gain) loss on retirement of long-term obligations
 (24) —  (24) — 
Interest income (18) (4) (22) (7)
Other (income) expense
 1  (2) 2  (3)
(Benefit) provision for income taxes
 4  4  9  9 
Stock-based compensation expense, net recorded in services and other costs of operations
 1  1  2  3 
(Income) loss from discontinued operations, net of tax
 205  (26) 275  722 
Adjusted Services and Other Gross Margin(b)(c)
$ 23  $ 26  $ 47  $ 50 
(a)Includes contribution from discontinued operations through April 30, 2026.
(b)See discussion and our definition of Adjusted Site Rental Gross Margin and Adjusted Services and Other Gross Margin in this "Non-GAAP Measures and Other Information."
(c)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(d)Exclusive of depreciation, amortization and accretion shown separately.
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