Crown Castle Q3 site rental revenue falls on DISH and Sprint impacts

Overview

• U.S. tower operator's Q3 site rental revenue fell 5% yr/yr due to DISH and Sprint impacts

• Q3 net income and adjusted EBITDA declined from prior year

• Q3 AFFO per share rose 11%, aided by lower interest expense and share count

Outlook

• Crown Castle raises 2026 Adjusted EBITDA outlook by $25 mln to $2.69 bln-$2.74 bln

• Company lifts 2026 AFFO outlook by $5 mln to $1.96 bln-$2.01 bln

• Crown Castle expects 2026 core leasing activity at low end of $60 mln-$70 mln range

Result Drivers

• DISH AND SPRINT IMPACTS - Co said site rental revenues were negatively affected by DISH terminations and Sprint cancellations

• LOWER SERVICES CONTRIBUTION - Co said adjusted EBITDA decline was partly due to lower services contribution

• INTEREST EXPENSE AND SHARE COUNT - Co said AFFO per share increase was driven by lower interest expense and fewer outstanding shares after Fiber and Small Cell business sale

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 13 "strong buy" or "buy", 8 "hold" and 2 "sell" or "strong sell"

• The average consensus recommendation for the specialized reits peer group is "buy"

• Wall Street's median 12-month price target for Crown Castle Inc is $92.50, about 14% above its October 20 closing price of $81.14

• The stock recently traded at 31 times the next 12-month earnings vs. a P/E of 29 three months ago

Reuters Recommended Reads

• Oct 20 - Agree Realty Q3 net income per share up 18.5%; raises FY26 AFFO guidance

• Oct 21 - Getty Realty Q3 rental income rises 13.8% on acquisitions, lifts FY guidance

• Oct 21 - Real estate investment trust UDR raises 2026 outlook

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)