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Mar 31, 2025
Crown Castle Q1 2025 Earnings Report
Crown Castle reported a net loss in Q1 2025 due to the impact of the planned sale of its Fiber business, while core tower operations showed steady organic growth.
Key Takeaways
Crown Castle posted a net loss of $464 million in Q1 2025, driven by an $830 million loss related to its planned Fiber business divestiture. Despite this, the core tower segment delivered 5% organic growth excluding Sprint Cancellations, and Adjusted EBITDA remained strong at $722 million.
Net loss of $464 million was mainly due to a one-time $830 million loss from the pending Fiber business sale.
Site rental revenues declined 5% YoY to $1.01 billion due to Sprint Cancellations and amortization effects.
Adjusted EBITDA for the quarter was $722 million, supported by reduced SG&A expenses.
AFFO per share held steady at $1.10, down just $0.01 from Q1 2024.
Revenue by Segment
Forward Guidance
Crown Castle reaffirmed its full-year 2025 outlook, anticipating solid performance in its tower segment while transitioning out of the Fiber business.
Positive Outlook
- Maintained full-year 2025 guidance.
- Anticipates 4.5% organic site rental billings growth excluding Sprint Cancellations.
- Positioning to become the only pure-play U.S. tower REIT post-Fiber divestiture.
- Capital allocation framework updated to preserve balance sheet strength.
- Expected AFFO per share range of $4.06 to $4.17 for 2025.
Challenges Ahead
- Full-year site rental revenues expected to decline 6% YoY.
- Sprint Cancellations continue to negatively impact revenue.
- Reduced amortization and straight-line revenues weigh on topline.
- Expected AFFO lower than FY 2024 due to discontinued operations.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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