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Jun 30
Crown Castle Q2 2025 Earnings Report
Crown Castle reported solid second quarter 2025 results, driven by strong operational performance and increased leasing activity, leading to an increased full-year 2025 outlook.
Key Takeaways
Crown Castle delivered solid results in the second quarter of 2025, with net income increasing by 16% year-over-year to $291 million and diluted EPS reaching $0.67. The company's site rental revenues were $1,008 million, and Adjusted EBITDA was $705 million. The strong performance led to an increased full-year 2025 outlook, with organic growth in site rental billings expected to be 4.7% excluding Sprint Cancellations.
Net income increased by 16% to $291 million in Q2 2025 compared to Q2 2024.
Diluted EPS rose by 16% to $0.67 in Q2 2025 from $0.58 in Q2 2024.
Site rental revenues were $1,008 million, a 5% decrease from Q2 2024, primarily due to Sprint Cancellations.
The company increased its full-year 2025 outlook, with organic growth in site rental billings expected to be 4.7% excluding Sprint Cancellations.
Crown Castle
Crown Castle
Crown Castle Revenue by Segment
Revenue by Segment
Site Rental Revenue
CapyFin.comServices and Other Revenue
CapyFin.com Forward Guidance
Crown Castle increased its full-year 2025 outlook, reflecting higher site rental revenues, improved Adjusted EBITDA, and increased AFFO, while also making progress on the sale of its Fiber Business.
Positive Outlook
- Site rental revenues outlook increased by $10 million due to higher Organic Contributions to Site Rental Billings.
- Adjusted EBITDA outlook increased by $25 million, driven by higher site rental revenues, reduced selling, general, and administrative costs, and increased services and other gross margin.
- AFFO outlook increased by $35 million, benefiting from the Adjusted EBITDA increase and a $10 million reduction in interest expense.
- Net income outlook increased by $35 million.
- Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations is expected to increase from 4.5% to 4.7%.
Challenges Ahead
- Site rental revenues are expected to decrease year-over-year by approximately 5.8% based on the midpoint of the outlook.
- Non-renewals, including those associated with Sprint Cancellations, are expected to negatively impact site rental billings.
- The sale of the Fiber Business is expected to result in a significant loss on disposal, impacting net income.
- The company's substantial level of indebtedness could adversely affect its ability to react to business changes.
- Future dividend payments will reduce cash on hand for discretionary investments, potentially requiring additional financing.