Financial Data and Key Metrics Changes - The company delivered full year 2025 results with 4.9% organic growth, exceeding guidance for site rental revenues and adjusted EBITDA [11][12] - For 2026, projected site rental revenues, adjusted EBITDA, and AFFO are $3.9 billion, $2.7 billion, and $1.9 billion respectively, impacted by the termination of the DISH contract and the anticipated sale of small cell and fiber businesses [11][12][13] Business Line Data and Key Metrics Changes - The company is in the process of selling its small cell and fiber businesses, which will result in approximately 60% of the workforce transitioning to the new owners [4][5] - The termination of the DISH contract is expected to result in a $220 million churn for 2026, significantly affecting revenue projections [12][13] Market Data and Key Metrics Changes - The leasing environment is influenced by the availability of new spectrum, with expectations of continued mobile data demand growth [36][38] - The company anticipates that organic growth will mark a low point at 3.5% for 2026, with potential for improvement in subsequent years as carriers deploy more spectrum [13][38] Company Strategy and Development Direction - The company is focusing on becoming the best operator of U.S. towers, emphasizing operational execution, efficiency, and customer experience [9][10] - A restructuring plan has been announced to enhance the efficiency of the standalone U.S. tower business, including a 20% reduction in workforce [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook, citing ongoing mobile data demand and the acquisition of spectrum by major carriers [38][39] - The company is committed to maintaining its investment-grade credit rating while executing its capital allocation framework post-sale of the small cell and fiber businesses [8][17] Other Important Information - The company plans to allocate approximately $1 billion for share repurchases and $7 billion for debt repayment following the sale of its small cell and fiber businesses [8] - The anticipated close of the small cell and fiber business sale is expected in the first half of 2026, with a few state and federal approvals remaining [4][5] Q&A Session Summary Question: Update on DISH and fiber small cell sale - The company terminated the agreement with DISH due to non-performance, seeking to recover over $3.5 billion owed [24][26] Question: Change to purchase price of fiber small cell transaction - There is no change to the $8.5 billion purchase price for the fiber small cell transaction [28] Question: Timing of buyback execution - Specifics on the timing of the buyback will be shared closer to the transaction closing [30] Question: Characterization of leasing environment - The leasing environment is influenced by new spectrum availability, with expectations for growth in leasing activity [36][38] Question: Contribution of DISH to organic growth - DISH contributed approximately $50 million to organic growth in 2025, but this will not continue in 2026 due to the contract termination [44] Question: Legal strategy regarding DISH - The company is pursuing multiple avenues to enforce its rights against DISH, including legal action and lobbying [48][49] Question: Long-term growth outlook - The company has not provided specific guidance beyond 2026 but remains optimistic about long-term growth driven by mobile data demand [84]

February 4, 2026 Fourth Quarter 2025 Earnings Conference Call 1 The pathway to possible. PAGE Fourth Quarter 2025 Earnings Conference Call Cautionary Language 2. Midpoint of Outlook range as issued on March 13, 2025. 3. Midpoint of Outlook range as issued on October 22, 2025. 3 Fourth Quarter 2025 Earnings Conference Call PAGE This presentation contains forward-looking statements and information ("Forward-Looking Statements") that are based on our management's current expectations. Statements that are not h ...

Core Insights - Crown Castle Inc. reported its full year 2025 results, showing a net income of $444 million, a significant recovery from a loss of $3.9 billion in 2024, primarily due to the absence of a goodwill impairment charge recorded in the previous year [9][18] - The company provided its outlook for 2026, expecting site rental revenues to decline by 5% to approximately $3.85 billion, alongside a projected net income of $780 million, reflecting a 76% increase from 2025 [2][11] Financial Performance - Site rental revenues for 2025 were $4.049 billion, down 5% from 2024, impacted by Sprint cancellations and a decrease in amortization of prepaid rent [2][6] - Adjusted EBITDA for 2025 was $2.863 billion, a decrease of 6% from the previous year, attributed to lower site rental revenues [9][18] - The company’s AFFO for 2025 was $1.904 billion, or $4.36 per share, representing a 4% decrease from 2024 [9][18] Operational Changes - Crown Castle plans to reduce its tower and corporate workforce by approximately 20%, aiming for $65 million in annualized operating cost savings [3][13] - The company is reaffirming its capital allocation framework, with plans to maintain its dividend at $4.25 per share [3][8] Future Outlook - For 2026, the company anticipates organic growth of approximately 3.5%, excluding the impacts of DISH revenues and Sprint cancellations [3][18] - The expected impact from DISH terminations and Sprint cancellations is projected to be $240 million for 2026 [18] - Crown Castle plans to repurchase approximately $1 billion of shares and repay around $7 billion of debt following the anticipated sale of its Fiber Business [8][13] Market Position - Crown Castle operates approximately 40,000 cell towers and 90,000 route miles of fiber, providing essential infrastructure for wireless services across major U.S. markets [23]

Core Viewpoint - Crown Castle (CCI) is expected to report a significant decline in quarterly earnings and revenues, indicating potential challenges ahead for the company [1]. Earnings Estimates - Wall Street analysts predict quarterly earnings of $1.07 per share, reflecting a decline of 40.6% year-over-year [1]. - The consensus EPS estimate has been adjusted downward by 2.2% over the past 30 days, indicating a reassessment of projections by analysts [2]. Revenue Forecasts - Revenues are forecasted to be $1.05 billion, representing a year-over-year decrease of 36.4% [1]. - Specific revenue segments are projected as follows: - 'Revenues- Services and other' estimated at $50.40 million, a change of -3.1% from the previous year [5]. - 'Revenues- Site rental' expected to reach $1.01 billion, indicating a decline of -36.9% from the prior-year quarter [5]. Gross Margin Predictions - Analysts project 'Services and other- Gross margin' to be $21.43 million, down from $25.00 million year-over-year [5]. - 'Site rental- Gross margin' is expected to be $759.78 million, compared to $1.17 billion reported in the same quarter last year [6]. Cost Estimates - 'Depreciation, amortization and accretion' is estimated at $189.56 million [6]. - 'Costs of operations- Services and other' likely to reach $25.16 million [6]. - 'Costs of operations- Site rental' is projected at $251.32 million [7]. Market Performance - Shares of Crown Castle have decreased by -3.9% over the past month, contrasting with a +1.8% increase in the Zacks S&P 500 composite [7]. - The company holds a Zacks Rank 4 (Sell), suggesting it is expected to underperform the overall market in the near future [7].

Houston, Texas-based Crown Castle Inc. (CCI) is a real estate investment trust that owns and operates wireless infrastructure, including cell towers, small-cell networks, and fiber assets. Valued at a market cap of $37.8 billion, it leases these facilities to major mobile carriers under long-term contracts, generating stable, recurring revenue. This specialty REIT has underperformed the broader market over the past 52 weeks. CCI has declined 4.8% over this time frame, while the broader S&P 500 Index ($SP ...

Core Viewpoint - Crown Castle Inc. (NYSE:CCI) is currently trading near its 52-week lows, but analysts maintain a bullish outlook with a 12-month price target indicating over 24% upside potential from current levels [1] Group 1: Analyst Ratings and Price Targets - Brandon Nispel from KeyBanc reiterated a Buy rating on Crown Castle with a price target of $115 [2] - Batya Levi from UBS also maintained a Buy rating but adjusted the price target from $127 to $116 [2] - Levi sees a favorable risk/reward profile for tower stocks in 2026, supporting her Buy rating [3] Group 2: Impact of DISH Wireless Default - Nispel reduced the price target from $120 to $115 due to DISH Wireless defaulting on payment applications, which led to the removal of leasing from forecasts [3] - This default is expected to result in a $12 million omission from 2026 leasing forecasts and add $200 million of churn in 2027 estimates [4] Group 3: Company Overview - Crown Castle Inc. owns and operates over 40,000 cell towers and 90,000 route miles of fiber across major U.S. markets [5] - The company leases space and capacity on its communications infrastructure through long-term contracts with wireless carriers and network providers [5]

Core Viewpoint - The market is shifting as rate pressures ease and earnings visibility improves, creating opportunities for fundamentally sound investments that were previously overlooked [1][14]. Group 1: Market Dynamics - A narrow group of mega-cap companies dominated the market in the past two years, particularly in AI and cloud sectors, while other sectors were neglected [1]. - As 2026 begins, sectors that faced challenges in 2025 are gaining renewed interest from investors [1][14]. Group 2: Investment Opportunities - The article highlights three companies that are undervalued and poised for recovery: Verizon Communications Inc., Crown Castle Inc., and ServiceNow Inc. [3][14]. Verizon Communications Inc. - Verizon is seen as a dividend giant that has been overlooked due to its perceived slow growth and sensitivity to rising rates [4]. - The company is stabilizing subscriber growth, increasing free cash flow, and improving its dividend outlook as rate pressures ease [4][6]. - Verizon has focused on tightening its balance sheet and reducing unnecessary spending, which positions it well for a market that rewards discipline [5][6]. Crown Castle Inc. - Crown Castle, a major player in wireless towers and fiber infrastructure, suffered in 2025 due to rising interest rates and a slowdown in 5G buildouts [7][8]. - The sell-off was excessive, as Crown Castle owns critical infrastructure that supports the wireless system, which is expected to see increased demand due to AI applications [8][9]. - The company is streamlining operations and focusing on high-return segments, setting the stage for improved margins and cash flow visibility [10]. ServiceNow Inc. - ServiceNow faced a slump in 2025 as it was overshadowed by the AI hype, despite having strong fundamentals and a focus on automation [11][12]. - The company is well-positioned for growth in 2026, with recurring revenue and expanding product offerings, making it a candidate for a significant breakout [13]. Group 3: Broader Market Trends - The current market reset is characterized by cooling inflation and the end of aggressive rate hikes, allowing for a broader range of companies to gain attention beyond the mega-cap tech giants [14][15]. - Companies like Verizon, Crown Castle, and ServiceNow are not merely rebound plays but represent a shift back to fundamental investing, as they were mispriced rather than fundamentally broken [15].

Group 1 - Crown Castle Inc. (NYSE:CCI) is recognized as one of the 12 best 5G stocks to invest in according to hedge funds [1] - KeyBanc Capital Markets lowered its price target for Crown Castle from $120 to $115 while maintaining an Overweight rating, following DISH Wireless's default on payment obligations [1][3] - The research firm adjusted its estimates, cutting $12 million in expected leasing for 2026 and adding $200 million in churn for 2027 due to the impact of DISH's default [2] Group 2 - UBS reduced its price target for Crown Castle from $127 to $116 while keeping a Buy rating, and Scotiabank cut its target from $114 to $96 with a Sector Perform rating [4] - Crown Castle operates as a real estate investment trust (REIT) and provides shared communications infrastructure in the US, owning over 40,000 cell towers and approximately 90,000 route miles of fiber [5]

Group 1: AI and Mobile Networks - Erik Ekudden, CTO of Ericsson, discussed the transformative impact of AI on mobile networks at the World Economic Forum 2026, emphasizing that AI-powered 5G will create new opportunities and pave the way for 6G [1] - The emergence of agentic AI, where multiple AI agents collaborate on complex tasks, will alter network traffic patterns, prompting telecom companies to rethink network design and operations [2] - Ekudden highlighted that AI-driven workflows are already being supported by 5G standalone networks, which provide the low latency and high reliability necessary for these advancements [3] Group 2: 5G Investment Opportunities - AI-powered 5G is already delivering value, and companies do not need to wait for 6G to start benefiting from AI technologies [4] - A list of the 12 best 5G stocks favored by hedge funds was compiled, indicating strong investment interest in this sector [6] - The methodology for selecting these stocks involved analyzing hedge fund sentiment and rankings, focusing on the top stocks held by elite hedge funds as of Q3 2025 [6][7] Group 3: Charter Communications, Inc. - Charter Communications is identified as one of the top 5G stocks, with 53 hedge fund holders [8] - Wells Fargo downgraded Charter's rating from Equal Weight to Underweight, lowering its price target from $240 to $180, citing competitive pressures in the broadband market [9][10] - UBS also reduced its price target on Charter from $355 to $233, forecasting a decline in revenue and EBITDA due to ongoing competition and higher costs [11][12] Group 4: Crown Castle Inc. - Crown Castle is another top 5G stock, with 56 hedge fund holders [14] - KeyBanc lowered its price target on Crown Castle from $120 to $115 after DISH Wireless defaulted on payment obligations, impacting leasing forecasts [14][15] - Despite the price target reduction, KeyBanc still considers Crown Castle a favored investment, while UBS also cut its price target from $127 to $116 [16][17]

Core Insights - Crown Castle Inc. (CCI) has a market capitalization of approximately $38 billion and operates a vast communications infrastructure portfolio, including around 40,000 cell towers and 90,000 route miles of fiber across major U.S. markets, facilitating essential wireless services and data flow nationwide [1] Financial Performance - Analysts expect CCI to report an AFFO of $1.01 per share for fiscal Q4 2025, representing a 43.9% decrease from $1.80 per share in the same quarter last year, although the company has consistently exceeded Wall Street's bottom-line estimates in the last four quarters [2] - For fiscal 2025, the projected AFFO is $4.12 per share, down nearly 41% from $6.98 per share in fiscal 2024, but is anticipated to increase by 15.1% year-over-year to $4.74 per share in fiscal 2026 [3] Stock Performance - CCI stock has declined by 2.5% over the past 52 weeks, underperforming the S&P 500 Index, which gained 13.6%, and the State Street Real Estate Select Sector SPDR ETF, which had a marginal return during the same period [4] - Following the Q3 2025 results announced on October 22, where CCI reported an AFFO of $1.12 per share and revenue of $1.07 billion, the stock experienced a slight recovery, and the company raised its annual site rental revenue forecast to between $4.01 billion and $4.05 billion, indicating steady demand from major carriers upgrading to 5G [5] Analyst Ratings - The consensus rating for CCI stock is cautiously optimistic, with a "Moderate Buy" rating from analysts. Among 19 analysts, 10 recommend a "Strong Buy," one has a "Moderate Buy," and eight suggest a "Hold," reflecting a less bullish outlook compared to three months ago when 12 analysts recommended a "Strong Buy" [6] - The average analyst price target for Crown Castle is $108.39, indicating a potential upside of 25.8% from current levels [6]