Crown Castle nudges up 2026 outlook as tower REIT's AFFO per share rises 11%

Crown Castle raised its full-year forecast after a third quarter in which the cell-tower landlord's cash earnings per share grew even as site rental revenue fell.

Adjusted funds from operations, a non-GAAP cash-flow measure, rose 8% to $530 million, or $1.24 a share, up 11% from $1.12, according to the earnings release Crown Castle filed with an 8-K on Wednesday. Net income fell to $283 million, or 67 cents a share, from $323 million, or 74 cents.

Site rental revenues declined 5% to $966 million. Organic growth in site rental billings was $35 million, or 3.5%, excluding a $61 million hit from DISH terminations and a $5 million impact from Sprint cancellations, the company said.

Outlook raised

Crown Castle lifted the midpoint of its 2026 outlook for AFFO per share to $4.60 from $4.59, for site rental revenues to $3.875 billion from $3.855 billion, and for net income to $895 million from $870 million. The adjusted EBITDA midpoint rose to $2.715 billion from $2.69 billion.

The figures exclude the fiber business, which the company presented in discontinued operations through April 30, 2026.

"In the third quarter, we improved margins and strengthened our customer relationships including the completion of an agreement with a key customer," President and CEO Chris Hillabrant said in the release. He said the company is focused on becoming a "best-in-class U.S. tower operator."

By the numbers

• Site rental revenues: $966 million, down 5%
• Net income per share: $0.67, vs. $0.74
• AFFO per share: $1.24, up 11%
• 2026 AFFO per share outlook midpoint: $4.60
• Organic billings growth: 3.5%, excluding DISH and Sprint impacts

Sources

1. Crown Castle Inc., Form 8-K (Items 2.02, 7.01) with Exhibit 99.1 earnings release dated Oct. 21, 2026, accession 0001051470-26-000085

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