Crown Castle's first quarter 2026 AFFO beats estimates despite a 5% revenue decline; full-year outlook maintained.

Crown Castle reported first quarter 2026 site rental revenue of $961 million, a 5% decrease year-over-year, while Adjusted Funds from Operations (AFFO) fell 7% to $1.02 per share. The AFFO result surpassed consensus analyst EPS expectations of $0.96. The company maintained its full-year 2026 financial outlook, signaling stability amid its strategic transition.

Key Highlights

• Site rental revenues declined 5% year-over-year to $961 million, primarily impacted by tenant cancellations from DISH and Sprint.
• Adjusted Funds from Operations (AFFO) was $1.02 per share, representing a 7% decrease from the prior year but beating consensus estimates.
• Core operational performance showed organic site rental billings growth of 3.3% when excluding the impact of prior-year DISH revenue.
• The company reiterated its full-year 2026 guidance and confirmed the sale of its Fiber and Small Cell business is expected to close in the first half of 2026.