Crown Castle

Crown Castle Inc. owns, operates and leases about 40,000 towers in the United States, with the land under many of them, and rents space on them to wireless carriers. It is a real estate investment trust (REIT). About 93% of site rental revenue in the first nine months of 2026 came from T-Mobile, AT&T and Verizon Wireless.

On May 1, 2026, Crown Castle completed the sale of its Fiber and Small Cell businesses, for net cash proceeds of $8.4 billion, and now describes itself as a pure-play US tower company. It used the money to repay debt and to buy back $1.0 billion of its shares. Site rental revenues were $966 million in Q3 2026.

Chris Hillabrant is President and Chief Executive Officer. A REIT pays out most of its taxable income, so this profile uses adjusted funds from operations (AFFO), the company's own measure of recurring cash earnings, and AFFO per share. The pick is the common stock on the NYSE (CCI), in US dollars.

The market prices Crown Castle as a tower owner with slow growth after the loss of DISH, and with a large debt load. DISH terminated its lease in January 2026, and Crown Castle no longer counts DISH revenue, so site rental revenues fell 4.5% to $966 million in Q3 2026. Organic growth in site rental billings was 3.5% in the quarter, and the company expects core leasing at the bottom of its $60 million to $70 million range for 2026. But the Fiber sale cut interest costs, and AFFO per share rose 11% to $1.24 in Q3.

For the price to rise, Crown Castle must show that organic growth of about 3% to 4% holds as carriers add equipment, that non-renewals stay below 1% of billings, and that its claim against DISH for more than $3.5 billion brings cash. The Q4 report in February 2027 and its 2027 outlook are the next test. If AFFO per share keeps growing, the gap can close within about two years.

1. Feb 3, 2027 · est.Pending

   Q4 2026 results and 2027 outlook: AFFO per shareA 2027 outlook for AFFO per share with a midpoint above $4.60 passes; a lower midpoint fails.
2. 2027 · est.Pending

   DISH claim: cash from the terminated leaseA payment or settlement of the remaining DISH lease payments passes; no payment by the end of 2027 fails.

Every passed and failed checkpoint across all picks

• October 21, 2026Crown Castle reported Q3 2026 results and raised its 2026 outlook. AFFO was $530 million ($1.24 per share), up 8% (11% per share). The 2026 midpoint for AFFO is $1,980 million ($4.60 per share) and for adjusted EBITDA $2,715 million, up $25 million. The company bought a residual economic interest in some tower sites and extended the term of a large customer on those sites.
• May 1, 2026Crown Castle completed the sale of its Fiber and Small Cell businesses and received net cash proceeds of $8.4 billion. Its board authorized up to $7.2 billion of debt repayment and a $1.0 billion stock buy-back. Crown Castle bought back about 11 million shares at an average price of $88.65 in Q2.
• January 12, 2026Crown Castle delivered notice that it terminated its master lease with DISH after DISH failed to make payments. It says DISH owes all remaining payments, more than $3.5 billion, and no longer records revenue from the lease from January 1, 2026.

Last earnings

October 21, 2026 (8-K on sec.gov)

Next earnings

Expected about February 3, 2027. The company has not confirmed the date.

• 8-KInvestor disclosureFiled November 5, 2026 · cci-20261105
• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 4, 2026 · cci-20260930
• 8-KEarnings release and Investor disclosureFiled October 21, 2026 · Press release and exhibits
• 8-KChange of directors or officers and Investor disclosureFiled September 14, 2026 · cci-20260914
• 8-KInvestor disclosureFiled August 5, 2026 · cci-20260805
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 5, 2026 · cci-20260630
• 8-KEarnings release and Investor disclosureFiled July 22, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled May 20, 2026 · cci-20260520
• 8-KInvestor disclosureFiled May 20, 2026 · cci-20260520
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 7, 2026 · cci-20260331

Every filing on SEC EDGAR (CIK 1051470)

• Three carriers pay about 93% of site rental revenue. A merger, a cut in spending or a dispute with one of them would hit revenue. DISH already ended its lease in 2026.
• Debt is large. Net debt was $17,599 million at September 30, 2026, about 6.5 times the 2026 adjusted EBITDA outlook midpoint of $2,715 million. Interest expense was $177 million in Q3.
• The DISH claim may bring little cash. Crown Castle asserts that DISH owes more than $3.5 billion, but the amount it can recover and the timing are not known.
• Refinancing and interest rates. Current maturities of debt and other obligations were $2,238 million at September 30, 2026. About 97% of debt is at fixed rates, with a weighted average maturity of about 7 years, so higher rates affect only new borrowing.
• Land costs. About 90% of tower gross margin comes from towers on land that Crown Castle owns or controls for more than 10 years. Buying out ground leases raises capital spending, and the 2026 outlook for discretionary capex rose by $40 million.

At September 30, 2026, Crown Castle had total debt and other obligations of $17,796 million. Its net debt, which subtracts cash and restricted cash and excludes unamortized adjustments, was $17,599 million. Read more

Yield at the current rate

4.8% (current annual rate, at today’s price)

Dividend yield

4.8% (last 12 months, at today’s price of $89.06)

Paid per share

$4.252 in the last 12 months (4 payments)

Current annual rate

$4.252 ($1.063 × 4 a year)

Payout ratio

471% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 15, 2026, $1.063 per share

Dividends per share by year

From 2020 to 2025, the dividend fell by about 0.7% a year. From 2015 to 2025, the dividend grew by about 3.6% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.