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# Crown Castle's Cash Earnings Per Share Rose 11% As Site Rental Revenue Fell To $966 Million
- URL: https://www.bullished.co/crown-castles-cash-earnings-per-share-rose-11-as-site-rental-revenue-fell-to-966-million-df440fda/
- Published: 2026-10-21T20:43:31.000Z
- Updated: 2026-10-28T18:54:18.000Z
- Description: Lower interest costs and fewer shares lifted the cash measure, and the company nudged its 2026 outlook up after the fiber sale.
- Author: Matteo Parrino
- Tags: Earnings, CCI, Industry: Real Estate

[Crown Castle](https://www.bullished.co/tag/cci/)'s third-quarter site rental revenues fell to [$966 million](https://www.sec.gov/Archives/edgar/data/0001051470/000105147026000085/q32026earningsrelease.htm?ref=bullished.co) from $1,012 million a year earlier, while adjusted funds from operations (AFFO), its cash-earnings measure, rose 8% to $530 million, the company said in an [8-K filed Wednesday](https://www.sec.gov/Archives/edgar/data/0001051470/000105147026000085/cci-20261021.htm?ref=bullished.co). Management also raised the midpoints of its 2026 outlook.

## What the results show

Net income fell to [$283 million](https://www.globenewswire.com/news-release/2026/10/21/3385925/7657/en/crown-castle-reports-third-quarter-2026-results-and-updates-outlook-for-full-year-2026.html?ref=bullished.co), or $0.67 per diluted share, from $323 million, or $0.74, in the third quarter of 2025\. Adjusted EBITDA, a measure of operating profit before interest, taxes and depreciation, was $673 million versus $718 million.

AFFO per share rose 11% to [$1.24 from $1.12](https://www.globenewswire.com/news-release/2026/10/21/3385925/7657/en/crown-castle-reports-third-quarter-2026-results-and-updates-outlook-for-full-year-2026.html?ref=bullished.co). The company said the gain came mainly from lower interest expense and a smaller share count, both tied to how it used proceeds from selling its fiber and small cell businesses. Interest expense and amortization of financing costs was $177 million, against $247 million a year earlier. Diluted shares were 426 million versus 437 million.

On revenue, the release cites lease terminations tied to DISH, a $61 million drag in the quarter, and a $5 million drag from Sprint cancellations. It also cites a $14 million fall in straight-lined revenues, an accounting measure that spreads contracted rent increases evenly over a lease. Organic growth was 3.5%, excluding those items.

## The raised outlook

Full-year midpoints moved up: Adjusted EBITDA to $2,715 million from $2,690 million, AFFO to $1,980 million from $1,975 million, and site rental revenues to $3,875 million from $3,855 million.

The revenue increase of $20 million comes from higher straight-lined revenues tied to contract term extensions, not from stronger leasing. The company expects to finish toward the bottom end of its $60 million to $70 million range for core leasing activity.

Chief Financial Officer Sunit Patel said the Adjusted EBITDA and AFFO increases reflect "higher ground lease buyout activity, additional operational efficiencies, and the impact of a customer agreement." Capital spending guidance also rose: discretionary capital expenditures now run $190 million to $290 million, from $150 million to $250 million.

## Fiber sale and buybacks

Crown Castle completed the sale of its small cells and fiber solutions businesses on May 1, 2026, for a gross contractual price of $8.5 billion. Net cash proceeds were $8.4 billion after $124 million of preliminary adjustments, which remain subject to a post-closing settlement.

The cash flow statement shows $1,043 million of common stock purchases in the first nine months of 2026, versus $23 million a year earlier. Purchases and redemptions of long-term debt were $4,191 million over the same nine months, against $1,200 million.

## What to watch

The company scheduled a conference call for 4:45 p.m. ET on Wednesday to discuss the quarter. CEO Chris Hillabrant said in the release that the company is focused on becoming a best-in-class U.S. tower operator.

The company's own outlook table shows full-year site rental revenues still about 4% below 2025's $4,049 million, even after the raise.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — CROWN CASTLE INC. (CCI)](https://www.sec.gov/Archives/edgar/data/0001051470/000105147026000085/cci-20261021.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit q32026earningsrelease.htm — CROWN CASTLE INC. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001051470/000105147026000085/q32026earningsrelease.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit q32026supplement.htm — CROWN CASTLE INC. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001051470/000105147026000085/q32026supplement.htm?ref=bullished.co) — SEC EDGAR
- [Crown Castle Reports Third Quarter 2026 Results and Updates](https://www.globenewswire.com/news-release/2026/10/21/3385925/7657/en/crown-castle-reports-third-quarter-2026-results-and-updates-outlook-for-full-year-2026.html?ref=bullished.co) — globenewswire.com

### More on Crown Castle

- [Crown Castle CEO Calls DISH's Built Network 'The Industry Cheat Code' For SpaceX, Won't Say If It Has Called](https://www.bullished.co/crown-castle-ceo-calls-dishs-built-network-the-industry-cheat-code-for-spacex-wont-say-if-6fbad887/)

[All Crown Castle (CCI) coverage →](https://www.bullished.co/tag/cci/)