[PART I—FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%E2%80%94FINANCIAL%20INFORMATION) This section presents Crown Castle Inc.'s unaudited condensed consolidated financial statements and management's discussion and analysis [ITEM 1. FINANCIAL STATEMENTS](index=4&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents the unaudited condensed consolidated financial statements for Crown Castle Inc. as of June 30, 2025, highlighting the reclassification of the Fiber Business as discontinued operations and its impact on financial results [Condensed Consolidated Balance Sheet](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEET) This section provides the condensed consolidated balance sheet, highlighting changes in assets, liabilities, and equity, particularly due to the reclassification of the Fiber Business Balance Sheet Summary (as of June 30, 2025 vs. Dec 31, 2024, in millions) | Metric | June 30, 2025 (in millions) | Dec 31, 2024 (in millions) | Change | | :--- | :--- | :--- | :--- | | Total Assets | $31,636 | $32,736 | -3.4% | | Total Liabilities | $33,018 | $32,869 | +0.5% | | Total Equity (Deficit) | $(1,382) | $(133) | -939.1% | - Total assets decreased primarily due to the reclassification and valuation of the Fiber Business as discontinued operations. Total liabilities increased slightly, while the total equity turned into a larger deficit, driven by dividends in excess of earnings and the net loss for the period - Current assets of discontinued operations were **$420 million**, and non-current assets were **$10,182 million** as of June 30, 2025, reflecting the pending sale of the Fiber Business[17](index=17&type=chunk) [Condensed Consolidated Statement of Operations](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20OPERATIONS) This section presents the condensed consolidated statement of operations, detailing revenues, income from continuing and discontinued operations, and net income or loss Statement of Operations Summary (in millions, except per share data) | Metric | Q2 2025 | Q2 2024 | 6 Months 2025 | 6 Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Net Revenues | $1,060 | $1,107 | $2,121 | $2,221 | | Income from Continuing Operations | $265 | $265 | $549 | $559 | | Income (Loss) from Discontinued Operations | $26 | $(14) | $(722) | $3 | | Net Income (Loss) | $291 | $251 | $(173) | $562 | | Diluted EPS | $0.67 | $0.58 | $(0.40) | $1.29 | - For the six months ended June 30, 2025, the company reported a net loss of **$173 million**, primarily driven by a **$1.082 billion** loss from the disposal of discontinued operations (the Fiber Business)[19](index=19&type=chunk) - Site rental revenue, the main source of income, decreased to **$1.008 billion** in Q2 2025 from **$1.064 billion** in Q2 2024[19](index=19&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20CASH%20FLOWS) This section outlines the condensed consolidated statement of cash flows, showing cash generated from operations, investing, and financing activities Cash Flow Summary (Six Months Ended June 30, in millions) | Metric | 2025 (in millions) | 2024 (in millions) | | :--- | :--- | :--- | | Net cash from operating activities | $1,473 | $1,367 | | Net cash used for investing activities | $(523) | $(650) | | Net cash used for financing activities | $(971) | $(666) | - Operating cash flow increased to **$1.47 billion** for the first six months of 2025. The largest uses of cash were for dividends (**$1.15 billion**) and debt redemptions (**$700 million**)[23](index=23&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=NOTES%20TO%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section provides detailed notes to the condensed consolidated financial statements, including significant events like the Fiber Business sale and segment reporting - On March 13, 2025, the company signed a definitive agreement to sell its Fiber Business for **$8.5 billion** in cash proceeds to Zayo Group and EQT. The transaction is expected to close in the first half of 2026[32](index=32&type=chunk)[44](index=44&type=chunk) - Due to the pending sale, the Fiber Business is presented as discontinued operations. A loss from disposal of **$1.1 billion** was recognized for the six months ended June 30, 2025[33](index=33&type=chunk)[44](index=44&type=chunk) - Following the reclassification, the company has one reportable segment consisting of its towers operations, which includes approximately **40,000 towers**[38](index=38&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) Future Contracted Revenue (as of June 30, 2025, in millions) | Period | Contracted Amounts (in millions) | | :--- | :--- | | Six Months Ending Dec 31, 2025 | $1,981 | | Year 2026 | $3,981 | | Year 2027 | $4,054 | | Year 2028 | $3,931 | | Year 2029 | $3,231 | | Thereafter | $11,594 | | **Total** | **$28,772** | - Total debt and other obligations stood at **$24.29 billion** as of June 30, 2025. In May 2025, the company repaid the **$700 million** Tower Revenue Notes, Series 2015-2[62](index=62&type=chunk)[67](index=67&type=chunk) - The company declared dividends of **$1.565 per share** for Q1 2025 and **$1.063 per share** for Q2 2025[76](index=76&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=20&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) This section details the company's financial performance, strategic direction, and liquidity, focusing on the impact of the Fiber Business sale and the performance of the remaining towers segment [General Overview](index=20&type=section&id=General%20Overview) This section provides a general overview of the company's core business, strategic focus, and the reclassification of the Fiber Business as discontinued operations - The company's core business is owning, operating, and leasing approximately **40,000 towers** in the U.S. Site rental revenues constitute **95%** of consolidated net revenues for Q2 2025[96](index=96&type=chunk)[101](index=101&type=chunk) - A definitive agreement was signed on March 13, 2025, to sell the Fiber Business for **$8.5 billion**. Consequently, this business is now reported as discontinued operations[98](index=98&type=chunk)[99](index=99&type=chunk) - The company's strategy focuses on growing cash flows from existing towers, returning cash to stockholders through dividends and share repurchases, and investing capital efficiently[102](index=102&type=chunk) - As of June 30, 2025, the company has approximately **$28.8 billion** of expected future cash inflows from tenant contracts, with a weighted-average remaining term of about **six years**[107](index=107&type=chunk) [Results of Operations](index=23&type=section&id=Results%20of%20Operations) This section analyzes the company's operational performance, including revenue trends, expense changes, and the impact of discontinued operations on net income Q2 2025 vs Q2 2024 Performance (in millions) | Metric | Q2 2025 | Q2 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Site rental revenues | $1,008 | $1,064 | $(56) | -5% | | Net income (loss) | $291 | $251 | $40 | 16% | | Adjusted EBITDA | $705 | $727 | $(22) | -3% | - The **5%** decrease in Q2 site rental revenues was primarily driven by higher tower non-renewals, including **$51 million** related to Sprint Cancellations, and a decrease in prepaid rent amortization[115](index=115&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk) - Selling, general and administrative (SG&A) expenses decreased by **27%** in Q2 2025 compared to Q2 2024, mainly due to the absence of advisory fees from a 2024 proxy contest and cost savings from restructuring[120](index=120&type=chunk) - For the first six months of 2025, the company reported a net loss of **$173 million**, compared to a net income of **$562 million** in the prior year, due to a **$1.1 billion** loss on the disposal of the Fiber Business[130](index=130&type=chunk)[143](index=143&type=chunk)[144](index=144&type=chunk) [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses the company's liquidity position, cash flow generation, capital expenditures, and plans for the proceeds from the Fiber Business sale Liquidity Position (as of June 30, 2025, in millions) | Item | Amount (in millions) | | :--- | :--- | | Cash and cash equivalents | $260 | | Undrawn 2016 Revolver availability | $6,560 | | Total Debt and other obligations | $24,290 | - Net cash provided by operating activities for the first six months of 2025 was **$1.5 billion**, an **8%** increase from the same period in 2024[153](index=153&type=chunk)[154](index=154&type=chunk) - Total capital expenditures for continuing operations were **$80 million** for the first six months of 2025, down from **$86 million** in the prior year period. Sustaining capital expenditures were minimal at **$13 million**[157](index=157&type=chunk) - Upon closing the Fiber Business sale, the company expects to use proceeds to repay debt and fund share repurchases[152](index=152&type=chunk) [Non-GAAP Financial Measures](index=31&type=section&id=Non-GAAP%20Financial%20Measures) This section explains the company's use of non-GAAP financial measures like Adjusted EBITDA and their reconciliation to GAAP measures - The company uses non-GAAP measures like Adjusted EBITDA, Adjusted Site Rental Gross Margin, and Adjusted Services and Other Gross Margin to evaluate financial performance[170](index=170&type=chunk)[175](index=175&type=chunk) Adjusted EBITDA Reconciliation Summary (in millions) | Period | Net Income (Loss) | Adjusted EBITDA | | :--- | :--- | :--- | | Q2 2025 | $291 | $705 | | Q2 2024 | $251 | $727 | | 6 Months 2025 | $(173) | $1,428 | | 6 Months 2024 | $562 | $1,481 | - Management uses Adjusted EBITDA for resource allocation, performance assessment, incentive compensation calculations, and in presentations to the board of directors[172](index=172&type=chunk) [ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=35&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) This section details the company's exposure to market risks, primarily interest rate risk on its floating-rate debt, and the potential impact of interest rate changes - The primary market risk is interest rate risk on the company's floating rate debt and potential future borrowings[181](index=181&type=chunk) - As of June 30, 2025, the company had **$3.4 billion** of floating rate debt, representing approximately **14%** of its total debt[185](index=185&type=chunk) - A hypothetical **0.25%** increase in market interest rates would increase the company's interest expense by approximately **$8 million** over a 12-month period[183](index=183&type=chunk) [ITEM 4. CONTROLS AND PROCEDURES](index=37&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) This section confirms the effectiveness of the company's disclosure controls and procedures and reports no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[190](index=190&type=chunk) - No material changes were made to the company's internal control over financial reporting during the second quarter of 2025[191](index=191&type=chunk) [PART II—OTHER INFORMATION](index=38&type=section&id=PART%20II%E2%80%94OTHER%20INFORMATION) This section covers other required disclosures, including legal proceedings, risk factors, and exhibits filed with the report [ITEM 1. LEGAL PROCEEDINGS](index=38&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) This section refers to the notes to financial statements for details on legal proceedings, which management believes will not materially affect the company's financial position - For information on legal proceedings, the report refers to Note 9 of the condensed consolidated financial statements[193](index=193&type=chunk) - Management believes that the resolution of current legal matters will not have a material adverse effect on the company's financial condition[75](index=75&type=chunk) [ITEM 1A. RISK FACTORS](index=38&type=section&id=ITEM%201A.%20RISK%20FACTORS) This section states that there have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K - There are no material changes to the risk factors discussed in the 2024 Form 10-K[194](index=194&type=chunk) [ITEM 5. OTHER INFORMATION](index=38&type=section&id=ITEM%205.%20OTHER%20INFORMATION) This section indicates that no other information is reported under this item for the period - No information was reported under this item[195](index=195&type=chunk) [ITEM 6. EXHIBITS](index=38&type=section&id=ITEM%206.%20EXHIBITS) This section provides an index of the exhibits filed with the Form 10-Q, including the Stock Purchase Agreement for the Fiber Business sale, corporate governance documents, and certifications - The exhibit index lists documents filed with the report, including the Stock Purchase Agreement dated March 13, 2025, and Sarbanes-Oxley certifications[197](index=197&type=chunk)

Company Overview - Crown Castle Inc. owns, operates, and leases approximately 40,000 cell towers and around 90,000 route miles of fiber, supporting small cells and fiber solutions across every major U.S. market [2] - The company's nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology, and wireless service [2] Upcoming Event - Sunit Patel, Crown Castle's Executive Vice President and Chief Financial Officer, is scheduled to present at the KBCM Technology Leadership Forum on August 12, 2025, at 11:00 a.m. Eastern Time [1] - The presentation will be broadcast live over the Internet and is expected to last approximately 25 minutes [1] - The live audio webcast link and presentation will be available on Crown Castle's website and archived for replay [1]

Core Insights - Crown Castle Inc. has appointed Christian Hillabrant as the new President and CEO, effective September 15, 2025, marking a significant leadership transition for the company [1][2] - Hillabrant brings over three decades of experience in the telecommunications industry, having held senior positions at T-Mobile, Ericsson, Samsung, and Vantage Towers AG, where he managed over 86,000 communication sites [2][3] - The company is focused on becoming a pure-play U.S. tower company, with a strategy aimed at enhancing shareholder value and operational excellence [2][3] Leadership Transition - Dan Schlanger will continue as Interim President and CEO until Hillabrant's start date and will transition to the role of Executive Vice President and Chief Transformation Officer [3][4] - The Board expressed gratitude to Schlanger for his leadership during the transition period, highlighting strong financial results and progress in the sale of small cells and fiber solutions businesses [4] Company Overview - Crown Castle owns and operates approximately 40,000 cell towers and 90,000 route miles of fiber, providing essential communications infrastructure across major U.S. markets [7] - The company aims to connect communities and businesses to vital data and technology, enhancing wireless service and innovation [7]

Core Insights - Crown Castle Inc. released its 2024 Sustainability Report and updated its sustainability website [1] - The company emphasizes creating long-term value for stakeholders by maximizing the use of existing assets, which reduces costs for customers and environmental impact [2] Sustainability Highlights - Crown Castle's Total Recordable Incident Rate (TRIR) for 2024 is five times lower than the US average, continuing a trend of safety performance well below industry averages [6] - A third-party climate scenario analysis indicates that Crown Castle's tower portfolio is resilient to physical climate risks under four emissions scenarios, with minor estimated financial impacts [6] - The company is over 75% towards its goal of achieving carbon neutrality in Scope 1 and 2 emissions by 2025, having sourced 93% of its annual electricity consumption from renewable energy contracts by the end of 2024 [6] - Approximately 63% of Crown Castle's lit towers have converted to energy-efficient LED lighting [6] Governance Practices - Over the past year, Crown Castle enhanced its governance practices by implementing stockholder rights to call special meetings, adopting simple majority voting for charter and bylaw amendments, and prohibiting stock pledging by directors and executives [6] Company Overview - Crown Castle owns, operates, and leases around 40,000 cell towers and approximately 90,000 route miles of fiber, supporting small cells and fiber solutions across major U.S. markets [4]

Core Insights - Crown Castle Inc. (CCI) reported second-quarter 2025 adjusted funds from operations (AFFO) per share of $1.02, exceeding the Zacks Consensus Estimate of $1.00, but reflecting a nearly 1% decline year over year [1][8] - The company experienced a rise in services and other revenues year over year, while site rental revenues saw a decline [1][8] - CCI has raised its outlook for 2025, indicating positive adjustments in expectations for AFFO and site rental revenues [6][8] Financial Performance - CCI's net revenues for the quarter were $1.06 billion, surpassing the Zacks Consensus Estimate of $1.04 billion, but down 4.2% year over year [2] - Total site rental revenues decreased by 5.3% year over year to $1.00 billion, attributed to a $16 million decrease in amortization of prepaid rent and a $34 million decrease in straight-lined revenues [3] - Services and other revenues increased by 20.9% year over year to $52 million, exceeding the estimate of $51.5 million [4] - Adjusted EBITDA for the quarter was $705 million, down 3% year over year [4] Financial Position - As of June 30, 2025, CCI had cash and cash equivalents of $94 million, an increase from $60 million as of March 31, 2025 [5] - Total debt and long-term obligations amounted to $22.04 billion, reflecting a 3.7% decrease sequentially [5] 2025 Guidance - CCI raised its guidance for 2025 AFFO per share to a range of $4.14-$4.25, compared to the previous range of $4.06-$4.17 [6] - The site rental revenue range was increased to $3.997-$4.042 billion from the prior range of $3.987-$4.032 billion [6] - Adjusted EBITDA is now estimated to be between $2.780-$2.830 billion, up from the previous range of $2.755-$2.805 billion [6]

Core Insights - Crown Castle reported revenue of $1.06 billion for the quarter ended June 2025, reflecting a year-over-year decline of 34.8% [1] - The earnings per share (EPS) for the quarter was $1.02, an increase from $0.58 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $1.04 billion by 2.14%, while the EPS also surpassed the consensus estimate of $1.00 by 2% [1] Revenue Breakdown - Revenue from services and other was $52 million, exceeding the average estimate of $47.1 million by four analysts, representing a year-over-year increase of 13% [4] - Site rental revenue was reported at $1.01 billion, compared to the estimated $991.83 million, but this reflects a significant decline of 36.2% year-over-year [4] Earnings Performance - Net earnings per share (diluted) was $0.67, surpassing the average estimate of $0.52 from five analysts [4] - Gross margin for services and other was $25 million, exceeding the average estimate of $20.9 million from three analysts [4] - Gross margin for site rental was reported at $757 million, compared to the average estimate of $745.18 million from three analysts [4] Stock Performance - Crown Castle's shares have returned +6.8% over the past month, outperforming the Zacks S&P 500 composite's +5.9% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Financial Data and Key Metrics Changes - The company reported a solid second quarter with a 4.7% organic growth, excluding the impact of Sprint cancellations, and a $6 million year-over-year increase in services activity contribution [14][15] - Adjusted EBITDA and AFFO are expected to increase by $25 million and $35 million respectively for the full year 2025 [15][16] - A $10 million reduction in SG&A was noted, primarily due to staffing reductions and the absence of prior advisory fees [14][15] Business Line Data and Key Metrics Changes - The tower business has shown improved operational efficiency, contributing to higher leasing expectations for the remainder of the year [10][12] - The company has focused on reducing operating costs, which has improved margins in the services business [10][12] Market Data and Key Metrics Changes - Higher demand for assets from wireless customers is driving increased leasing and services activity [9][21] - The company anticipates continued investment in wireless infrastructure as subscriber growth and churn increase [102] Company Strategy and Development Direction - The company is on track to close the sale of its small cells and fiber solutions businesses in the first half of 2026, which is expected to enhance its focus as a standalone tower operator [9][12] - A capital allocation framework has been implemented, including a reduced dividend to increase financial flexibility and plans for share repurchases post-transaction [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in exceeding financial and operational objectives for 2025, driven by higher demand and improved efficiency [9][12] - The company is focused on operational execution and maintaining an investment-grade balance sheet to maximize long-term shareholder value [12][17] Other Important Information - The company is actively engaged with the Department of Justice regarding the sale transaction and has begun receiving state-level approvals [9][10] - Management emphasized the importance of operational efficiencies and the potential for further improvements post-divestiture [29][35] Q&A Session Summary Question: What is driving the higher leasing activity? - Management indicated that higher leasing activity is across the board from all customers, driven by the need to augment network capacity due to subscriber growth and increased churn [21] Question: How does the five G deployment timeline compare to previous cycles? - Management noted that the five G cycle may be longer than previous cycles due to the increasing demand for data, which requires ongoing network enhancements [22] Question: What are the expectations for post-divestiture efficiencies? - Management expects to reach an annualized AFFO of around $2.3 billion to $2.4 billion post-transaction, with potential for further efficiencies identified through ongoing process updates [28] Question: How are overlapping costs being evaluated post-divestiture? - Management stated that while there are some dyssynergies in running multiple businesses, the simplification post-divestiture should help drive efficiencies over time [35] Question: What is the company's approach to capital allocation post-transaction? - Management plans to prioritize debt reduction, maintain a sustainable dividend, and consider share buybacks as part of their capital allocation strategy [37][39] Question: What is the current status of the CEO search? - The board is actively searching for a new CEO and is not waiting for the deal to close, aiming to reduce uncertainty within the company [51][52] Question: How is the company addressing potential increases in land purchases? - Management indicated a focus on identifying opportunities for land purchases that can generate good returns and reduce operating costs [72]

Financial Data and Key Metrics Changes - The company reported a solid second quarter with a 4.7% organic growth, excluding the impact of Sprint cancellations, and a $6 million year-over-year increase in services activity contribution [12][13] - Adjusted EBITDA and AFFO are expected to increase by $25 million and $35 million respectively in the updated outlook for full year 2025 [12][13] - A $10 million reduction in SG&A was noted, primarily due to staffing reductions and office closures [12][13] Business Line Data and Key Metrics Changes - The increase in site rental revenues by $10 million is attributed to higher organic contributions driven by increased activity levels [12][13] - The services gross margin improved due to higher activity levels, contributing to the overall positive performance [12][13] Market Data and Key Metrics Changes - The company is experiencing higher leasing activity across all customers, driven by subscriber growth and increased churn, indicating a need for network capacity augmentation [19][20] - The outlook for organic growth in site rental revenues has been adjusted to 4.7%, reflecting improved operational efficiency and demand [12][13] Company Strategy and Development Direction - The company is focused on maximizing shareholder value as a standalone tower operator following the sale of its small cell and fiber solutions businesses [6][8] - A capital allocation framework has been implemented, which includes a reduced dividend to increase financial flexibility and plans for share repurchases post-transaction [9][10] - The company aims to enhance operational efficiency and customer service through investments in technology and systems [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting or exceeding financial and operational objectives for 2025, with expectations of closing the sale transaction in the first half of 2026 [7][10] - The company anticipates continued investment in wireless infrastructure to meet growing data demands, despite a focus on fiber investments by carriers [102] Other Important Information - The company is actively engaged with regulatory bodies to facilitate the sale transaction and has begun receiving state-level approvals [7][10] - The board is in the process of searching for a new CEO, aiming to finalize this before the deal closes to reduce uncertainty [50] Q&A Session Summary Question: What is driving the higher leasing activity? - Management indicated that the higher leasing activity is due to increased subscriber growth and churn, necessitating network capacity augmentation [19][20] Question: How does the five G deployment timeline compare to previous cycles? - Management noted that the five G cycle may be longer than previous cycles due to the growing demand for data, which requires ongoing network enhancements [20] Question: What are the expected efficiencies post-divestiture? - Management expects to reach an annualized AFFO of around $2.3 billion to $2.4 billion post-transaction, with ongoing efforts to identify further efficiencies [24][27] Question: How are overlapping costs being evaluated post-divestiture? - Management stated that while there are some shared costs, the simplification of operations will help drive efficiencies over time [32][34] Question: What is the impact of recent tax reforms on carrier investments? - Management noted that while carriers plan to invest tax savings into their networks, most of this is directed towards fiber rather than wireless [102]

Core Insights - Crown Castle (CCI) reported quarterly funds from operations (FFO) of $1.02 per share, exceeding the Zacks Consensus Estimate of $1 per share, but down from $1.62 per share a year ago, indicating a FFO surprise of +2.00% [1] - The company generated revenues of $1.06 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 2.14%, compared to $1.63 billion in the same quarter last year [2] - Crown Castle's shares have increased approximately 21.5% year-to-date, outperforming the S&P 500's gain of 7.3% [3] Financial Performance - Over the last four quarters, Crown Castle has exceeded consensus FFO estimates three times and topped consensus revenue estimates four times [2] - The current consensus FFO estimate for the upcoming quarter is $1.04 on revenues of $1.06 billion, while the estimate for the current fiscal year is $4.18 on revenues of $4.22 billion [7] Market Outlook - The sustainability of the stock's price movement will largely depend on management's commentary during the earnings call [3] - The estimate revisions trend for Crown Castle was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] - The REIT and Equity Trust - Other industry is currently ranked in the bottom 37% of over 250 Zacks industries, suggesting potential challenges for stocks in this sector [8]

Q2 2025 Results - Site Rental Revenues decreased to $1,008 million, a decrease of $56 million or 5% compared to Q2 2024's $1,064 million[9] - Adjusted EBITDA decreased to $705 million, a decrease of $22 million or 3% compared to Q2 2024's $727 million[9] - AFFO decreased to $444 million, a decrease of $5 million or 1% compared to Q2 2024's $449 million[9] - Organic Contribution to Site Rental Billings Excluding Impact of Sprint Cancellations was 47%[9] Updated 2025 Outlook - Site Rental Revenues are projected to be between $3,997 million and $4,042 million, an increase of $10 million from the previous outlook of $3,987 million to $4,032 million[12] - Adjusted EBITDA is projected to be between $2,780 million and $2,830 million, an increase of $25 million from the previous outlook of $2,755 million to $2,805 million[12] - AFFO is projected to be between $1,805 million and $1,855 million, an increase of $35 million from the previous outlook of $1,770 million to $1,820 million[12] Organic Contribution to Site Rental Billings - Previous FY 2025 Outlook for Organic Contribution to Site Rental Billings was $160-$190 million[15] - Previous FY 2025 Outlook for Sprint Cancellations was ($205) million[15] - Previous FY 2025 Outlook for Organic Contribution to Site Rental Billings Excluding Impact of Sprint Cancellations was ($45)-($15) million[15]