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How Crown Castle (CCI) makes money: Q2 2026 revenue breakdown
The quarter in brief
Revenue fell 4.9% y/y to $1.01B, operating margin 46.6% vs 47.7%, net income $94M (−67.7% y/y).
Net income (loss)
$94M
down 67.7% y/y
Net revenues
$1,008M
down 4.9% y/y
Operating income (loss)
$470M
down 7.1% y/y
Next report
not announced yet
How does Crown Castle make money?
Crown Castle brought in $1.01 billion of revenue in Q2 2026, down 4.9% year over year. The largest source was Site rental: $967 million, or 96% of the total, followed by Services and other ($41.0M, 4%). Net income for the quarter was $94.0 million, down 67.7% year over year.
Revenue by source, Q2 2026
- Site rental$967M · 96% · −4.1%
- Services and other$41.0M · 4% · −21.2%
Shares of $1.01B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
All figures in $M.
| Line item | Amount and change |
|---|---|
| Site rental | $967 · −4.1% |
| Services and other | $41 · −21.2% |
| Net revenues | $1,008 · −4.9% |
| Costs of operations: Site rental | $249 · −0.8% |
| Costs of operations: Services and other | $19 · −29.6% |
| Depreciation, amortization and accretion | $171 · −2.3% |
| Selling, general and administrative | $97 · −2.0% |
| Asset write-down charges | $2 · +0.0% |
| Operating income (loss) | $470 · −7.1% · 46.6% margin |
| Interest income, gains on retirement of long-term obligations and other (calculated) | $41 · +583% |
| Interest expense and amortization of deferred financing costs, net | $208 · −14.4% |
| Income (loss) from continuing operations before income taxes | $303 · +12.6% |
| Benefit (provision) for income taxes | $4 · +0.0% · 1.3% effective rate |
| Income (loss) from discontinued operations, net of tax | $205 · vs $26 |
| Net income (loss) | $94 · −67.7% · $0.22/sh · 9.3% margin |
Verdict: revenue fell 4.9% y/y to $1.01B, operating margin 46.6% vs 47.7%, net income $94M (−67.7% y/y).
Diluted EPS $0.22 vs $0.67 a year earlier; from continuing operations $0.69 vs $0.61; AFFO $488 million, up 10% (non-GAAP).
Source and notation
Source: Crown Castle earnings release and its exhibits, 8-K EX-99 of 07/22/2026 (SEC EDGAR). REIT layout: total revenues as reported; property expenses, depreciation, interest and other items lead to net income (a REIT pays little or no income tax). FFO is a non-GAAP measure: it appears only in the text, as defined by the company, never in the chart. The income statement lines were taken from the release by hand; the program found every figure in the release text and checked the accounting identities and the chart balance; revenue and net income match SEC XBRL.
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
- Crown Castle completed the sale of its small cells and fiber solutions businesses on May 1, 2026; the Fiber Business is shown as discontinued operations, including a $280M loss on disposal in the quarter.
- Site rental revenues declined $41 million, or 4.1%, including a $49 million unfavorable impact from DISH Terminations.
- After the sale closed, the company completed $1 billion of share repurchases and repaid more than $7 billion of debt.
- Operating income was $470M, a 46.6% margin vs 47.7% a year earlier.
- The effective tax rate was 1.3% vs 1.5% a year earlier.
- Diluted EPS was $0.22 vs $0.67 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
Crown Castle Inc. is a real estate investment trust and provider of shared communications infrastructure in the United States headquartered in Houston, Texas. · Text: Wikipedia, CC BY-SA 4.0, abridged
Crown Castle owns, operates, and leases approximately 40,000 cell towers across the US. This nationwide portfolio serves as the foundation of wireless connectivity that provides cities and communities access to essential data, technology, and wireless service, bringing information, ideas, innovations, and the connectivity of modern life to help people and businesses thrive.
Heads-up
- net income fell 68% y/y in Q2 2026
- revenue fell 5% y/y in Q2 2026
Most likely because site rental revenues declined $41 million, or 4.1%, including a $49 million unfavorable impact from DISH Terminations; crown Castle completed the sale of its small cells and fiber solutions businesses on May 1, 2026; the effective tax rate was 1.3% vs 1.5% a year earlier. Based on the Q2 2026 report.
The company's report ↗Most likely because the drop came from Site rental −4% y/y, Services and other −21% y/y; site rental revenues declined $41 million, or 4.1%, including a $49 million unfavorable impact from DISH Terminations. Based on the Q2 2026 report.
The company's report ↗Company guidance
Same quarter a year ago (ended September 30, 2025): revenue $60M, EPS (GAAP) $0.74
How we calculate
Year-ago figures are GAAP, from the company's SEC filings (XBRL); EPS is diluted.
CCI earnings history: past report dates
| Jul 22, 2026 Wed | 4:17 pmafter market close | Jun 30, 2026 | $41M−21% y/y | $0.22−67% y/y |
| Apr 22, 2026 Wed | 4:16 pmafter market close | Mar 31, 2026 | $49M−2% y/y | $0.34 |
| Jan 12, 2026 Mon | 4:37 pmafter market close | Dec 31, 2025 | ≈$53M−21% y/y | ≈$0.67 |
| Oct 22, 2025 Wed | 4:17 pmafter market close | Sep 30, 2025 | $60M+11% y/y | $0.74+6% y/y |
| Jul 23, 2025 Wed | 4:20 pmafter market close | Jun 30, 2025 | $52M+21% y/y | $0.67+16% y/y |
| Apr 30, 2025 Wed | 4:17 pmafter market close | Mar 31, 2025 | $50M+9% y/y | −$1.07 |
| Mar 13, 2025 Thu | 4:17 pmafter market close | Dec 31, 2024 | ≈$67M−6% y/y | ≈−$10.97 |
| Oct 16, 2024 Wed | 4:10 pmafter market close | Sep 30, 2024 | $54M−40% y/y | $0.70+15% y/y |
| Jul 17, 2024 Wed | 4:09 pmafter market close | Jun 30, 2024 | $43M−98% y/y | $0.58−45% y/y |
| Apr 17, 2024 Wed | 4:18 pmafter market close | Mar 31, 2024 | $46M−97% y/y | $0.71−27% y/y |
| Jan 24, 2024 Wed | 4:17 pmafter market close | Dec 31, 2023 | ≈$71M−96% y/y | ≈$0.83−13% y/y |
| Oct 18, 2023 Wed | 4:17 pmafter market close | Sep 30, 2023 | $90M−95% y/y | $0.61−37% y/y |
| Jul 19, 2023 Wed | 4:25 pmafter market close | Jun 30, 2023 | $1.9B+8% y/y | $1.05+8% y/y |
| Apr 19, 2023 Wed | 4:17 pmafter market close | Mar 31, 2023 | $1.8B+2% y/y | $0.97+0% y/y |
| Jan 25, 2023 Wed | 4:21 pmafter market close | Dec 31, 2022 | ≈$1.8B+7% y/y | ≈$0.95+16% y/y |
| Oct 19, 2022 Wed | 4:24 pmafter market close | Sep 30, 2022 | $1.7B+8% y/y | $0.97+20% y/y |
| Jul 20, 2022 Wed | 4:18 pmafter market close | Jun 30, 2022 | $1.7B+10% y/y | $0.97+26% y/y |
| Apr 20, 2022 Wed | 4:18 pmafter market close | Mar 31, 2022 | $1.7B+17% y/y | $0.97+646% y/y |
| Jan 26, 2022 Wed | 4:20 pmafter market close | Dec 31, 2021 | ≈$1.7B+11% y/y | ≈$0.82−31% y/y |
| Oct 20, 2021 Wed | 4:21 pmafter market close | Sep 30, 2021 | $1.6B+9% y/y | $0.81+113% y/y |
| Jul 21, 2021 Wed | 4:17 pmafter market close | Jun 30, 2021 | $1.6B+10% y/y | $0.77+88% y/y |
| Apr 21, 2021 Wed | 4:19 pmafter market close | Mar 31, 2021 | $1.5B+5% y/y | $0.13−66% y/y |
| Jan 27, 2021 Wed | 4:24 pmafter market close | Dec 31, 2020 | ≈$1.5B+5% y/y | ≈$1.18+174% y/y |
| Oct 21, 2020 Wed | 4:29 pmafter market close | Sep 30, 2020 | $1.5B+0% y/y | $0.38−25% y/y |
| Jul 29, 2020 Wed | 5:24 pmafter market close | Jun 30, 2020 | $1.4B−0% y/y | $0.41−9% y/y |
| Apr 29, 2020 Wed | 4:18 pmafter market close | Mar 31, 2020 | $1.4B+1% y/y | $0.38−5% y/y |
| Feb 26, 2020 Wed | 4:27 pmafter market close | Dec 31, 2019 | $1.4B+1% y/y | $0.43+2% y/y |
| Oct 16, 2019 Wed | 4:24 pmafter market close | Sep 30, 2019 | $1.5B+9% y/y | $0.51+70% y/y |
| Jul 17, 2019 Wed | 4:21 pmafter market close | Jun 30, 2019 | $1.4B+10% y/y | $0.45+32% y/y |
| Apr 17, 2019 Wed | 4:21 pmafter market close | Mar 31, 2019 | $1.4B+10% y/y | $0.40+122% y/y |
| Jan 23, 2019 Wed | 4:23 pmafter market close | Dec 31, 2018 | $1.4B+14% y/y | $0.42+147% y/y |
| Oct 17, 2018 Wed | 4:22 pmafter market close | Sep 30, 2018 | $1.4B+28% y/y | $0.30+43% y/y |
| Jul 18, 2018 Wed | 4:37 pmafter market close | Jun 30, 2018 | $1.3B+27% y/y | $0.34+10% y/y |
| Apr 18, 2018 Wed | 4:23 pmafter market close | Mar 31, 2018 | $1.3B+26% y/y | $0.18−45% y/y |
| Jan 24, 2018 Wed | 4:22 pmafter market close | Dec 31, 2017 | $1.2B+20% y/y | $0.17−51% y/y |
| Oct 18, 2017 Wed | 4:32 pmafter market close | Sep 30, 2017 | $1.1B+7% y/y | $0.21−19% y/y |
| Jul 19, 2017 Wed | 6:20 ambefore market open | Jun 30, 2017 | $1.0B+8% y/y | $0.31+41% y/y |
| Apr 24, 2017 Mon | 4:24 pmafter market close | Mar 31, 2017 | $1.0B+9% y/y | $0.33+200% y/y |
| Jan 25, 2017 Wed | 4:24 pmafter market close | Dec 31, 2016 | $1.0B+9% y/y | $0.35−10% y/y |
| Oct 20, 2016 Thu | 4:26 pmafter market close | Sep 30, 2016 | $992M+8% y/y | $0.26−7% y/y |
| Jul 21, 2016 Thu | 4:25 pmafter market close | Jun 30, 2016 | $962M+7% y/y | $0.22−94% y/y |
| Apr 21, 2016 Thu | 4:22 pmafter market close | Mar 31, 2016 | $934M+4% y/y | $0.11−68% y/y |
| Jan 27, 2016 Wed | 4:19 pmafter market close | Dec 31, 2015 | $946M+2% y/y | $0.39−5% y/y |
| Oct 21, 2015 Wed | 4:38 pmafter market close | Sep 30, 2015 | $918M+3% y/y | $0.28−3% y/y |
| Jul 22, 2015 Wed | 4:42 pmafter market close | Jun 30, 2015 | $899M+2% y/y | $3.42 |
| Apr 22, 2015 Wed | 4:29 pmafter market close | Mar 31, 2015 | $900M+7% y/y | $0.34+26% y/y |
| Jan 21, 2015 Wed | 4:42 pmafter market close | Dec 31, 2014 | $926M+16% y/y | $0.41 |
| Oct 30, 2014 Thu | 4:46 pmafter market close | Sep 30, 2014 | $893M+19% y/y | $0.29+81% y/y |
| Jul 23, 2014 Wed | 4:23 pmafter market close | Jun 30, 2014 | $878M+20% y/y | $0.07−61% y/y |
| Apr 24, 2014 Thu | 6:09 ambefore market open | Mar 31, 2014 | $842M+14% y/y | $0.27+440% y/y |
| Jan 22, 2014 Wed | 4:54 pmafter market close | Dec 31, 2013 | $798M+18% y/y | −$0.11−57% y/y |
| Oct 21, 2013 Mon | 6:17 ambefore market open | Sep 30, 2013 | $749M+21% y/y | $0.16+14% y/y |
| Jul 24, 2013 Wed | 4:44 pmafter market close | Jun 30, 2013 | $735M+26% y/y | $0.18−55% y/y |
| Apr 24, 2013 Wed | 4:23 pmafter market close | Mar 31, 2013 | $740M+34% y/y | $0.05−71% y/y |
| Jan 23, 2013 Wed | 5:56 pmafter market close | Dec 31, 2012 | $674M+30% y/y | −$0.07 |
| Oct 24, 2012 Wed | 6:23 pmafter market close | Sep 30, 2012 | $621M+21% y/y | $0.14−7% y/y |
| Jul 25, 2012 Wed | 5:59 pmafter market close | Jun 30, 2012 | $586M+17% y/y | $0.40+344% y/y |
| Apr 25, 2012 Wed | 4:03 pmafter market close | Mar 31, 2012 | $552M+11% y/y | $0.17+42% y/y |
| Jan 25, 2012 Wed | 5:04 pmafter market close | Dec 31, 2011 | $519M | $0.16 |
| Oct 25, 2011 Tue | 6:00 pmafter market close | Sep 30, 2011 | $514M | $0.15 |
| Jul 27, 2011 Wed | 5:57 pmafter market close | Jun 30, 2011 | $500M | $0.09 |
Show all 61 reports since 2011Show fewer
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Companies that file the 8-K late in the evening publish the release the next morning: the date is that morning, before market open, and the evening filing time is not shown. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Crown Castle: 15-year financials
| 2025 | 4,264 | 2,075 | 444 | 2,875 | — |
| 2024 | 4,460 | 2,118 | −3,903 | 2,767 | — |
| 2023 | —* | 2,097 | 1,502 | 2,883 | 2,723 |
| 2022 | 6,986 | 2,425 | 1,675 | 1,568 | 2,602 |
| 2021 | 6,340 | 2,001 | 1,096 | 1,560 | 2,373 |
| 2020 | 5,840 | 1,863 | 999 | 1,431 | 2,105 |
| 2019 | 5,763 | 1,559 | 747 | 641 | 1,912 |
| 2018 | 5,370 | 1,383 | 509 | 761 | 1,782 |
| 2017 | 4,255 | 967 | 445 | 804 | 1,509 |
| 2016 | 3,921 | 949 | 357 | 913 | 1,239 |
| 2015 | 3,664 | 946 | 1,521 | 885 | 1,116 |
| 2014 | 3,539 | 941 | 391 | 842 | 624 |
| 2013 | 2,866 | 881 | 90.1 | 636 | — |
| 2012 | 2,433 | 835 | 189 | 331 | — |
| 2011 | 2,033 | 692 | 171 | 296 | — |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP)*.
How we calculate
Figures are annual report lines; if a year was later restated (discontinued operations, mergers), we use the latest filing that shows it. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing. “—*” in revenue: we don’t show that year’s revenue — the annual figure is more than 2% off the sum of the quarters, or the filing tags several revenue lines and the total can’t be pinned down. The table starts in 2011; where the listed issuer changed (holding reorganization, redomicile), earlier years come from the predecessor’s filings.
Shareholders’ equity at Jun 30, 2026: −$3.3B (−15% of total assets). Other S&P 500 companies with negative equity →
Included in screener lists: S&P 500 companies that paid dividends 10 years without a gap
Crown Castle (CCI) earnings: FAQ
How does Crown Castle make money?
Crown Castle brought in $1.01 billion of revenue in Q2 2026, down 4.9% year over year. The largest source was Site rental: $967 million, or 96% of the total, followed by Services and other ($41.0M, 4%). Net income for the quarter was $94.0 million, down 67.7% year over year.
When is CCI's next earnings date?
We have not yet seen an announcement of the date from Crown Castle (CCI). Based on last year's report on Oct 22, 2025, the next report is expected around Oct 21, 2026.
What time does CCI report earnings?
Crown Castle usually reports after market close: its latest results release was filed with the SEC at 4:17 pm ET on Jul 22, 2026.
When did CCI last report earnings?
Crown Castle reported Q2 2026 results on Jul 22, 2026.
Where can I find Crown Castle's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to CCI's filings; this page breaks the latest report down in a Sankey chart.
What was CCI's net income in Q2 2026?
Crown Castle reported net income of $94M for Q2 2026 (−67.7% year over year), under US GAAP.
How has Crown Castle's revenue changed since 2011?
Per its 10-K filings, revenue grew 2.1x: $2,033M in 2011 and $4,264M in 2025. The peak was $6,986M in 2022. Year-by-year figures are in the table above.
New to earnings reports? Start with how to read an earnings report.
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