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CCI · Q2 2026
Archived report (Q2 2026). Latest deep dive →
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
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.
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<figure> <a href="https://whoreportstoday.com/t/cci/q2-2026"><img src="https://whoreportstoday.com/t/cci/q2-2026/sankey.png" alt="CCI Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/cci/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/cci/q2-2026">CCI Q2 2026 earnings chart (Who Reports Today)</a>
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- 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.
CCI — Crown Castle is a real estate investment trust (REIT) that owns and leases about 40,000 cell towers across the US to wireless carriers; in May 2026 it sold its small cells and fiber business.
Headquarters: Houston, Texas.
Heads-up
- net income fell 68% y/y in Q2 2026
- revenue fell 5% y/y in Q2 2026
Net income for Q2 2026: $94M, −68% y/y. In the report's figures: revenue −5% y/y. Based on the Q2 2026 report.
The company's report ↗Revenue for Q2 2026: $1,008M, −5% y/y. In the report's figures: segments down: Site rental −4% y/y, Services and other −21% y/y. Based on the Q2 2026 report.
The company's report ↗More reports: CPT · Q2 2026 · CSGP · Q2 2026 · DLR · Q2 2026 · DOC · Q2 2026 · EQIX · Q2 2026 · ESS · Q3 2026 · EXR · Q2 2026 · FRT · Q2 2026 · HST · Q2 2026 · INVH · Q2 2026 · all reports