Crown Castle International (CCI) delivered a report the market hated initially, before deciding that it wasn’t nearly so bad. There are a few things you need to know: CCI still has a huge disposition (selling fiber and small cell assets) scheduled for the middle of 2026. This complicates the financial statements due to “discontinued operations.” CCI cannot include the net operating income from those assets, but still has to deduct the interest expense. EchoStar (SATS) defaulting on rent complicated values ...

Core Insights - American Tower Corporation (AMT) is a leading global provider of wireless communications infrastructure, operating a vast portfolio of communication sites essential for telecom carriers and data services [1] - The company reported earnings per share (EPS) of $1.75, which was below the estimated $2.54, while revenue of approximately $2.74 billion exceeded the forecasted $2.69 billion, driven by strong leasing activity and increased demand for data centers [2] - Adjusted Funds From Operations (AFFO) per share showed high-single-digit growth, reflecting robust financial health, with analysts anticipating AFFO of $2.47 per share, up from $2.32 in the previous year [3] Financial Metrics - AMT's price-to-earnings (P/E) ratio is 35.13, indicating investor confidence in its earnings potential, while the price-to-sales ratio is 8.36 and the enterprise value to sales ratio is 12.44 [4] - The company has a high debt-to-equity ratio of 12.31, suggesting significant reliance on debt financing [4] - AMT's current ratio of 0.40 indicates potential challenges in meeting short-term liabilities with short-term assets, but its earnings yield of 2.85% showcases its ability to generate returns for investors [5]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________ FORM 10-K __________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-16441 __________________________ CROWN CASTLE INC. (Exact name of registrant as s ...

Core Viewpoint - The analysis of Crown Castle Inc. (CCI) indicates a Hold rating due to insufficient valuation despite progress in their turnaround and focus on tower operations [1]. Group 1: Company Analysis - Crown Castle Inc. is undergoing a turnaround with a renewed focus on tower operations, but the current valuation does not present an attractive margin for investment [1]. - The analyst has extensive experience in researching various sectors, including commodities and technology, which informs the analysis of CCI [1]. Group 2: Investment Perspective - The analyst may consider initiating a long position in CCI within the next 72 hours, indicating potential interest in the stock [2].

分组1 - Crown Castle reported quarterly funds from operations (FFO) of $1.12 per share, exceeding the Zacks Consensus Estimate of $1.07 per share, but down from $1.8 per share a year ago, representing an FFO surprise of +5.16% [1] - The company posted revenues of $1.07 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.17%, compared to year-ago revenues of $1.65 billion [2] - Crown Castle has consistently surpassed consensus FFO and revenue estimates over the last four quarters [2] 分组2 - The stock has underperformed the market, losing about 5% since the beginning of the year, while the S&P 500 gained 1.1% [3] - The future performance of Crown Castle's stock will depend on management's commentary during the earnings call and the outlook for FFO [4][6] - The current consensus FFO estimate for the coming quarter is $1.04 on revenues of $1.05 billion, and for the current fiscal year, it is $4.77 on revenues of $4.26 billion [7] 分组3 - The REIT and Equity Trust - Other industry, to which Crown Castle belongs, is currently ranked in the bottom 28% of over 250 Zacks industries, indicating potential challenges ahead [8] - Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions, which can impact investor decisions [5]

Financial Data and Key Metrics Changes - The company reported a full year 2025 organic growth of 4.9%, exceeding guidance due to strong operational execution [14] - For 2026, the company projects site rental revenues, adjusted EBITDA, and AFFO of $3.9 billion, $2.7 billion, and $1.9 billion, respectively, with a significant impact from the termination of the DISH contract [15][18] - The guidance for AFFO in the 12 months following the close of the small cell and fiber business sale has been reduced by $240 million to $2.1 billion at the midpoint [18] Business Line Data and Key Metrics Changes - The company is transitioning to a simpler U.S.-only tower business, with approximately 60% of the consolidated workforce moving with the sale of small cell and fiber businesses [6] - The restructuring plan aims to reduce the tower and corporate workforce by approximately 20%, resulting in a $65 million reduction in annualized operating costs [8][10] Market Data and Key Metrics Changes - The company anticipates a $220 million churn in full year 2026 due to the termination of the DISH contract [15] - Organic growth for 2026 is expected to be 3.5% at the midpoint, marking a low point compared to 3.8% for full year 2025 [16] Company Strategy and Development Direction - The company is focused on maximizing shareholder value through operational execution and strategic priorities, including improving asset information accessibility and enhancing customer experience [11][12] - The capital allocation framework includes maintaining a dividend of $4.25 per share, investing $150 million-$250 million in capital expenditures, and allocating approximately $1 billion to share repurchases [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the U.S. tower model, citing long-term revenues from investment-grade customers and high incremental margins [11] - The company is optimistic about mobile data demand growth and the availability of spectrum for mobile network operators, which is expected to drive future growth [11][40] Other Important Information - The Department of Justice has closed its review of the small cell and fiber business sale, with only a few approvals remaining [7] - The company is actively pursuing recovery of over $3.5 billion from DISH due to default on payment obligations [7][8] Q&A Session Summary Question: Update on DISH and fiber small cell sale - The company terminated the agreement with DISH due to their failure to perform under the contract, aiming to protect shareholder value [26][28] Question: Change to the purchase price of the fiber small cell transaction - There is no change to the $8.5 billion purchase price for the fiber small cell transaction, with normal transaction costs and closing adjustments expected [30] Question: Timing of the buyback post-transaction - The timing of the $1 billion buyback will be determined closer to the transaction closing, with no specifics available at this time [32] Question: Characterization of the leasing environment - The leasing environment is influenced by both headwinds and tailwinds, with ongoing mobile data demand and spectrum availability expected to drive future growth [39][40] Question: Contribution of DISH to organic growth - DISH contributed approximately $50 million to organic growth in 2025, with expectations of significant churn in 2026 due to contract termination [45] Question: Legal strategy regarding DISH - The company is pursuing multiple avenues to enforce its rights against DISH, including legal action and lobbying efforts [50][51] Question: Future leasing outlook and churn - The company expects organic growth to improve beyond 2026, supported by ongoing mobile data demand and leasing activity visibility [56][58] Question: Impact of software upgrades on leasing - Software upgrades can enhance deployment efficiency, but there are limits to data rates, necessitating ongoing investments in new equipment [90]

Financial Data and Key Metrics Changes - The company reported a full year 2025 organic growth of 4.9%, excluding the impact of Sprint churn, and ended the year near the high end of the guidance range for site rental revenues [14] - The 2026 outlook projects site rental revenues, adjusted EBITDA, and AFFO at $3.9 billion, $2.7 billion, and $1.9 billion, respectively, with a significant impact from the termination of the DISH contract, resulting in $220 million of churn [15][16] - The company expects a $65 million reduction in annualized run rate operating costs, with a $55 million impact in 2026 and an additional $10 million in 2027 due to timing [8][17] Business Line Data and Key Metrics Changes - The company is transitioning to a simpler U.S.-only tower business following the anticipated sale of its small cell and fiber businesses, with approximately 60% of the consolidated workforce moving with the sale [6][10] - The restructuring plan aims to enhance efficiency and effectiveness, resulting in a 20% reduction in the tower and corporate workforce, totaling about 1,250 full-time employees [8][9] Market Data and Key Metrics Changes - The leasing environment is influenced by the cyclical nature of 5G deployment, with new spectrum bands becoming available, which is expected to drive higher densification of cell site deployment [39][40] - The company anticipates that the 3.5% organic growth in 2026 will mark the low point, with expectations for improvement driven by mobile data demand and spectrum availability [16][40] Company Strategy and Development Direction - The company is focused on maximizing shareholder value through operational execution and strategic priorities, including improving asset information accessibility and enhancing customer experience [11][12] - The capital allocation framework includes maintaining a dividend of $4.25 per share, investing $150 million-$250 million in annual net capital expenditures, and allocating approximately $1 billion for share repurchases and $7 billion for debt repayment [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook, citing continued mobile data demand growth and the acquisition of spectrum by major mobile network operators [40][41] - The company is taking decisive actions in response to DISH's contractual default and is committed to enforcing its rights under the agreement [7][8] Other Important Information - The company has received notification that the Department of Justice has closed its review related to the transaction, with only a few approvals remaining at the state and federal level [6] - The anticipated close of the small cell and fiber business sale is expected by June 30, 2026, which will significantly impact the company's financial structure [15] Q&A Session Summary Question: Update on DISH and fiber small cell sale - The company terminated the agreement with DISH due to their default on payment obligations, which allows Crown Castle to enforce its rights and seek recovery of over $3.5 billion owed [26][28] Question: Change to the purchase price of the fiber small cell transaction - There is no change to the $8.5 billion purchase price for the fiber small cell transaction, with normal transaction costs and closing adjustments expected [30] Question: Timing of the buyback post-transaction - The company is committed to executing the $1 billion buyback but will provide more specifics as the transaction closing date approaches [32] Question: Characterization of the leasing environment - The leasing environment is influenced by both headwinds and tailwinds, with ongoing mobile data demand and new spectrum availability expected to drive future growth [39][40] Question: Contribution of DISH to organic growth - DISH contributed approximately $50 million to organic growth in 2025, and its absence will significantly impact future growth metrics [45] Question: Legal strategy regarding DISH - The company is pursuing multiple avenues to enforce its rights against DISH, including legal action and lobbying efforts, but specifics on timing were not disclosed [50][51] Question: Future leasing outlook and churn - The company expects about 80% of its organic growth to be contracted, with no significant changes in churn outlook anticipated [76]

Core Viewpoint - Crown Castle, Inc. reported weaker-than-expected forward guidance following its fourth-quarter earnings report, leading to a decline in stock price during extended trading hours [1]. Financial Performance - The company reported quarterly FFO of $1.12 per share, surpassing the consensus estimate of $1.06 [2]. - Quarterly revenue was $1.07 billion, exceeding the Street estimate of $1.06 billion, but down from $1.12 billion in the same period last year [2]. Future Outlook - For fiscal year 2026, Crown Castle projects FFO between $4.38 and $4.49, which is below the analyst estimate of $4.93 [3]. - Excluding DISH revenues and the impact of Sprint cancellations, the company anticipates organic growth of 3.5% for full-year 2026, compared to 3.8% in full-year 2025 on a comparable basis [3]. Stock Performance - Crown Castle's stock fell by 7.21% to $79.94 in Wednesday's extended trading [3].

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 ...