Crown Castle Q4 AFFO & Sales Beat Estimates, Services Revenues Rise

Crown Castle Inc. CCI reported fourth-quarter 2025 adjusted funds from operations (AFFO) per share of $1.12, which topped the Zacks Consensus Estimate of $1.07 per share. However, the figure declined nearly 6.7% year over year.

Results reflect a rise in services and other revenues year over year. A decrease in site rental revenues affected the results to some extent.

Net revenues of $1.07 billion beat the Zacks Consensus Estimate of $1.05 billion but fell 4.2% year over year.

For full-year 2025, AFFO per share was $4.36, representing a 4.2% decrease year over year, while beating Zacks Consensus Estimate of $4.30. Net revenues of $4.26 billion surpassed the Zacks Consensus Estimate of $4.24 billion but fell 4.4% year over year.

Key Earnings Takeaways for CCI

During the fourth quarter, CCI’s total site rental revenues declined 4.8% year over year to $1.02 billion.

The organic contribution to site rental billings of $47 million reflected 17.5% year-over-year organic growth, excluding an unfavorable $51 million impact from Sprint Cancellations.

Meanwhile, services and other revenues came in at $53 million, which rose 8.2% from the prior-year quarter.

Quarterly adjusted EBITDA was down 7.6% year over year to $718 million.

Net interest expenses and amortization of deferred financing costs rose 2.5% year over year to $246 million.

CCI’s Financial Position

Crown Castle exited the fourth quarter with cash and cash equivalents of $99 million, up from $57 million reported as of Sept. 30, 2025.

Moreover, debt and other long-term obligations aggregated $21.55 billion as of Dec. 31, 2025, nearly the same sequentially.

2026 Guidance by CCI

Crown Castle issued its guidance for 2026 AFFO per share in the range of $4.38-$4.49. The Zacks Consensus Estimate presently stands at $4.77.

CCI projected the site rental revenues in the range of $3.828-$3.873 billion. Adjusted EBITDA is estimated in the band of $2.665-$2.715 billion.

Crown Castle currently carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Crown Castle Inc. Price, Consensus and EPS Surprise

Crown Castle Inc. price-consensus-eps-surprise-chart | Crown Castle Inc. Quote

Performance of Other REITs

SL Green Realty Corp. SLG reported fourth-quarter 2025 funds from operations (FFO) per share of $1.13, which beat the Zacks Consensus Estimate of $1.10. However, the company reported an FFO of $1.81 per share in the year-ago period.

SLG’s fourth-quarter results showed robust leasing activity and improved average rents on Manhattan office leases. However, lower same-store net operating income and higher interest expenses undermined the performance.

Prologis, Inc. PLD reported fourth-quarter 2025 core FFO per share of $1.44, meeting the Zacks Consensus Estimate. This compares unfavorably with the year-ago quarter’s figure of $1.50.

The quarterly results reflected a rise in rental revenues and healthy leasing activity. However, high interest expenses are an undermining factor for PLD.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.

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This article originally published on Zacks Investment Research (zacks.com).

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