Crown Castle (CCI1) Q3 2026 Earnings Report
MX:CCI1 Q3 2026 EPS Results
- Actual EPS
- MXN 12.53
- Consensus EPS
- MXN 12.85
- Beat/Miss
- Missed by -MXN 0.32
- One Year Ago EPS
- MXN 13.84
MX:CCI1 Q3 2026 Revenue Results
- Actual Revenue
- MXN 18.61B
- Expected Revenue
- MXN 18.92B
- Beat/Miss
- Missed by -MXN 315.71M
- YoY Revenue Growth
- -7.18%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/21/2026
- Time
- After Close
- Conference Call
- Wednesday, October 21, 2026
Crown Castle's next earnings date is estimated for January 27, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive. Management highlighted increased 2026 guidance, substantial cost savings, continued margin expansion, a favorable customer agreement, expanded ground lease ownership, a strong balance sheet, and long-term wireless, spectrum, AI, and edge infrastructure demand. Offsetting issues included Sprint and DISH-related revenue impacts, core leasing expected near the bottom of its range, lower and lumpy services activity, slower 600 MHz deployment, unresolved DISH proceedings, and uncertainty around scaling the edge business.
Crown Castle increased full year 2026 guidance by $20 million for site rental revenues, $25 million for Adjusted EBITDA, and $5 million for AFFO; full year 2026 organic growth remains $135 million, or 3.4% of the midpoint, and increases to 3.6% of the midpoint if DISH revenues are excluded from prior year site rental billings, with $60 million-$70 million in core leasing activity expected towards the bottom end of the range. The company continues to expect 2026 to mark the low point for organic growth, expects to purchase more than 400 ground leases in 2026, expects services revenue of $85 million for the year with a nice increase in the fourth quarter, expects to expand margins by more than 200 basis points by 2030 relative to 2026, and increased discretionary CapEx guidance to $240 million, or $200 million at the midpoint net of anticipated prepaid rent additions of $40 million at the midpoint. Crown Castle also expects to deliver $2.1 billion of AFFO at the midpoint across the second half of 2026 and first half of 2027.
- Operating Cost Savings and Transformation ProgressCrown Castle reported $65 million of annualized run-rate operating cost savings from actions taken to align its cost structure with the current business model. Its enterprise-wide transformation program includes modernized systems, an optimized facilities footprint, reduced corporate non-labor costs, a new project management system, and a new field services system. The company remains on track to exit its transition services agreement related to the sale of its fiber and small cell businesses.
- Ground Lease Buyout Program ExpansionThe company expects to purchase more than 400 ground leases in 2026, more than double the number completed in 2025. Management said acquiring the land under its towers improves margin and increases operational control of the assets.
- Customer Agreement Creates Contractual and Financial BenefitsCrown Castle resolved a long-standing commercial issue with one of its largest customers by paying $275 million to acquire a residual economic interest in a subset of tower sites, extend lease terms, and limit long-term churn. The transaction is expected to increase site rental billings by nearly $4 million in the fourth quarter, or $16 million on an annualized basis, reduce prepaid-rent amortization by $2 million in the fourth quarter, or $8 million annualized, add $20 million of fourth-quarter straight-line revenue, and be approximately $4 million accretive to annualized AFFO excluding prepaid-rent amortization.
- Full-Year 2026 Guidance IncreasedCrown Castle increased its full-year 2026 outlook by $20 million for site rental revenues, $25 million for Adjusted EBITDA, and $5 million for AFFO. Excluding the customer transaction, full-year Adjusted EBITDA and AFFO each increased by $5 million.
- Additional Margin Expansion ProgressSince issuing its original 2026 guidance in February, the company increased full-year 2026 Adjusted EBITDA by $20 million from run-rate cost savings, equivalent to approximately 50 basis points as a percentage of site rental revenues. Management continues to expect margin expansion of more than 200 basis points by 2030 relative to 2026.
- Organic Growth Expected to Improve After 2026Management reiterated that 2026 is expected to be the low point for organic growth. Full-year 2026 organic growth, excluding Sprint cancellations and DISH terminations, remains expected at $135 million, or 3.4% of the midpoint, increasing to 3.6% of the midpoint if DISH revenues are excluded from prior-year site rental billings.
- Wireless Infrastructure Demand TailwindsManagement said mobile data demand continues to grow at a healthy pace, with the emergence of AI-enabled applications, physical AI, and data-only wireless devices. The company also cited continued investment in spectrum by AT&T, Verizon, SpaceX, and other wireless operators as supportive of long-term infrastructure demand.
- Future Spectrum PipelineCrown Castle expects the FCC to auction approximately 800 MHz of spectrum, including approximately 160 MHz of upper C-band spectrum expected to be auctioned by July 2027. Management said new spectrum deployment has historically been an important driver of network investment.
- Edge Infrastructure Deployment ExpandsCrown Castle has deployed more than 100 edge sites and has several concurrent trials underway. The company identified approximately 5,000 existing structures or shelters at its sites that may be available for customer use, and across 25 recently evaluated sites it identified an opportunity to deliver up to 100 MW of aggregate power in approximately 9 to 11 months with very limited capital required from Crown Castle.
- Potential SpaceX Terrestrial Network OpportunityManagement said SpaceX's acquisition of 800 MHz spectrum could support terrestrial network ambitions and potentially create demand for tower leasing. Crown Castle has approximately 40,000 sites, many with prior zoning and permitting, and management said the company stands ready to help customers deploy networks more quickly if SpaceX pursues a terrestrial strategy.
- DISH Network Footprint Provides Existing Deployment ContextManagement said DISH had more than 12,000 installed sites before stopping network deployment, with the ability to reach 20,000 sites over time. Some equipment remains on Crown Castle sites after DISH abandoned it, although management could not specify the radio types or bands.
- Improving Customer and Employee EngagementManagement reported progress in strengthening customer relationships and said employee engagement is rising around the company's clearer strategy. Crown Castle is investing in additional employee training, individual development plans, and training on the cost-effective use of AI.
- Strong Fixed-Rate Debt ProfileAt quarter-end, 97% of Crown Castle's debt was fixed-rate, with a weighted average maturity of seven years. The company reported leverage of 6.5x net debt to last-quarter annualized Adjusted EBITDA, decreasing to 6.3x when including incremental straight-line revenues from the customer term extensions.
- AFFO and Capital Allocation OutlookCrown Castle remains on track to deliver $2.1 billion of AFFO at the midpoint across the second half of 2026 and the first half of 2027. Discretionary CapEx guidance was increased to $240 million to reflect the higher volume of ground lease buyouts, with discretionary CapEx net of anticipated prepaid-rent additions expected to be $200 million at the midpoint.
- Services Activity Expected to Recover in the Fourth QuarterThird-quarter services margin was $15 million, and management expects a meaningful increase in the fourth quarter. Full-year services guidance remains $85 million, with fourth-quarter activity expected to return closer to a normal cadence, although probably not at the levels previously guided.
MX:CCI1 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jan 27, 2027 | 2026 (Q4) | 13.43- | 12.53 | ― | ― |
| Oct 21, 2026 | 2026 (Q3) | 12.8512.53 | 13.84 | -9.46% (-1.31) | |
| Jul 22, 2026 | 2026 (Q2) | 7.294.11 | 12.53 | -67.16% (-8.42) | |
| Apr 22, 2026 | 2026 (Q1) | 7.056.36 | -20.01 | 131.78% (+26.37) | |
| Feb 04, 2026 | 2025 (Q4) | 10.3212.53 | -205.16 | 106.11% (+217.69) | |
| Oct 22, 2025 | 2025 (Q3) | 9.8013.84 | 13.09 | 5.71% (+0.75) | |
| Jul 23, 2025 | 2025 (Q2) | 8.9212.53 | 10.85 | 15.52% (+1.68) | |
| Apr 30, 2025 | 2025 (Q1) | 3.70-20.01 | 13.28 | -250.70% (-33.29) | |
| Mar 13, 2025 | 2024 (Q4) | 8.17-205.16 | 15.52 | -1421.69% (-220.68) | |
| Oct 16, 2024 | 2024 (Q3) | 12.5513.09 | 11.41 | 14.75% (+1.68) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.