Crown Castle (CCI) Research | Aerarium Research

Forward Estimates

EPS Estimates

Current Qtr

$0.48

$0.42$0.54

vs $0.61-21.1%

4 analysts

Next Qtr

$0.71

$0.69$0.72

vs $0.64+10.4%

4 analysts

Current Yr

$2.40

$2.33$2.50

vs $2.52-4.8%

6 analysts

Next Yr

$2.96

$2.58$3.37

vs $2.40+23.4%

5 analysts

Revenue Estimates

Current Qtr

$996.76M

$985.68M$1.02B

vs $1.06B-6.0%

14 analysts

Next Qtr

$1.03B

$1.02B$1.06B

vs $1.07B-4.0%

14 analysts

Current Yr

$4.06B

$4.02B$4.17B

vs $4.26B-4.7%

18 analysts

Next Yr

$4.13B

$4.03B$4.29B

vs $4.06B+1.6%

17 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for CCI on EDGAR.

CCI filing events and research context
Filed	Item	Context
May 7, 2026	mda_quarterly	Net cash used for investing activities rose 23% to $313 million in the first quarter of 2026, driven by increased discretionary capital expenditures, specifically land purchases under towers. Infrastructure development remains focused on small cells and fiber. The completion of the Strategic Fiber Transaction on May 1, 2026, served as a primary catalyst for liquidity changes, enabling the company to replace its 2016 Credit Facility with a new $4.5 billion 2026 Revolving Credit Facility maturing in 2031. This new facility relaxes the Total Net Leverage Ratio to $\le 7.0x$ from $\le 6.5x$ and removes the Consolidated Interest Coverage Ratio. CCI intends to allocate $1.0 billion from the fiber transaction proceeds toward share repurchases and plans to retire $1.5 billion in outstanding commercial paper during the second quarter of 2026. Financial performance showed a decline in Adjusted EBITDA to $675 million from $722 million in the prior-year period, while Adjusted Site Rental Gross Margin decreased to $725 million from $776 million. These results reflect variability in working capital and the timing of tenant activity within discontinued operations.
Feb 23, 2026	business	CCI operates as a REIT providing communications infrastructure, primarily towers, small cells, and fiber. The company is currently executing a strategic divestiture of its Fiber Business, selling fiber solutions to Zayo and small cells to EQT, with closure expected in the first half of 2026. A critical concentration exists in its tower portfolio, where approximately 55% of assets are operated under agreements with AT&T and T-Mobile, including purchase options totaling billions of dollars. Financial risk is driven by substantial indebtedness of approximately $24.2 billion, with 60% of fixed-rate debt maturing within five years and 19% subject to variable interest rates. Operational volatility is evident through frequent executive leadership changes and successive restructuring plans in 2023, 2024, and 2026 designed to reduce headcount and align costs with lower tower activity. Key strategic risks include the slow adoption of small cells, competition from satellite and mesh transmission alternatives, and cybersecurity threats enhanced by AI. Furthermore, 10% of tower rental margins are derived from land leases expiring in less than ten years, creating potential cash flow instability if these interests are not retained or renegotiated.
Feb 23, 2026	mda	Crown Castle operates a U.S.-based tower infrastructure business, deriving approximately 90% of its 2025 site rental revenues from T-Mobile, AT&T, and Verizon Wireless. The company relies on long-term tenant contracts with contractual escalations and high retention rates of 98% to 99%. A primary strategic pivot is the pending sale of its Fiber Business to Zayo and EQT, expected to close in the first half of 2026. Key financial risks include substantial indebtedness of $24.2 billion as of February 19, 2026, and significant revenue instability stemming from the DISH default, for which the company is claiming over $3.5 billion in remaining payments. Furthermore, the T-Mobile and Sprint network consolidation caused $200 million in tower non-renewals in 2025. To combat lower tower activity and drive efficiency, the company has executed three restructuring plans (2023, 2024, and 2026) involving significant headcount reductions. This operational volatility is compounded by frequent executive turnover, including multiple CEO and CFO transitions between 2023 and 2025. The company faces stiff competition from American Tower and SBA Communications, with future growth tied to 5G deployment and overall data demand.

Filed

Item

Context

May 7, 2026

mda_quarterly

Net cash used for investing activities rose 23% to $313 million in the first quarter of 2026, driven by increased discretionary capital expenditures, specifically land purchases under towers. Infrastructure development remains focused on small cells and fiber. The completion of the Strategic Fiber Transaction on May 1, 2026, served as a primary catalyst for liquidity changes, enabling the company to replace its 2016 Credit Facility with a new $4.5 billion 2026 Revolving Credit Facility maturing in 2031. This new facility relaxes the Total Net Leverage Ratio to $\le 7.0x$ from $\le 6.5x$ and removes the Consolidated Interest Coverage Ratio. CCI intends to allocate $1.0 billion from the fiber transaction proceeds toward share repurchases and plans to retire $1.5 billion in outstanding commercial paper during the second quarter of 2026. Financial performance showed a decline in Adjusted EBITDA to $675 million from $722 million in the prior-year period, while Adjusted Site Rental Gross Margin decreased to $725 million from $776 million. These results reflect variability in working capital and the timing of tenant activity within discontinued operations.

Feb 23, 2026

business

CCI operates as a REIT providing communications infrastructure, primarily towers, small cells, and fiber. The company is currently executing a strategic divestiture of its Fiber Business, selling fiber solutions to Zayo and small cells to EQT, with closure expected in the first half of 2026. A critical concentration exists in its tower portfolio, where approximately 55% of assets are operated under agreements with AT&T and T-Mobile, including purchase options totaling billions of dollars. Financial risk is driven by substantial indebtedness of approximately $24.2 billion, with 60% of fixed-rate debt maturing within five years and 19% subject to variable interest rates. Operational volatility is evident through frequent executive leadership changes and successive restructuring plans in 2023, 2024, and 2026 designed to reduce headcount and align costs with lower tower activity. Key strategic risks include the slow adoption of small cells, competition from satellite and mesh transmission alternatives, and cybersecurity threats enhanced by AI. Furthermore, 10% of tower rental margins are derived from land leases expiring in less than ten years, creating potential cash flow instability if these interests are not retained or renegotiated.

Feb 23, 2026

mda

Crown Castle operates a U.S.-based tower infrastructure business, deriving approximately 90% of its 2025 site rental revenues from T-Mobile, AT&T, and Verizon Wireless. The company relies on long-term tenant contracts with contractual escalations and high retention rates of 98% to 99%. A primary strategic pivot is the pending sale of its Fiber Business to Zayo and EQT, expected to close in the first half of 2026. Key financial risks include substantial indebtedness of $24.2 billion as of February 19, 2026, and significant revenue instability stemming from the DISH default, for which the company is claiming over $3.5 billion in remaining payments. Furthermore, the T-Mobile and Sprint network consolidation caused $200 million in tower non-renewals in 2025. To combat lower tower activity and drive efficiency, the company has executed three restructuring plans (2023, 2024, and 2026) involving significant headcount reductions. This operational volatility is compounded by frequent executive turnover, including multiple CEO and CFO transitions between 2023 and 2025. The company faces stiff competition from American Tower and SBA Communications, with future growth tied to 5G deployment and overall data demand.

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CCI filing events and research context

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