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Sep 30, 2025
Crown Castle Q3 2025 Earnings Report
Crown Castle reported its Q3 2025 results and raised its full-year outlook.
Key Takeaways
Crown Castle posted strong tower performance in Q3 2025 with 5.2% organic growth (excluding Sprint cancellations), net income of $323 million, and raised its full-year 2025 guidance driven by operational efficiencies and lower costs.
Net income increased to $323 million from $303 million a year ago.
EPS rose to $0.74 from $0.70 in Q3 2024.
AFFO per share declined to $1.12, down from $1.20 last year.
Raised full-year 2025 outlook across revenue, EBITDA, and AFFO.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Crown Castle raised its full-year 2025 outlook across multiple metrics, driven by higher straight-lined revenue, improved margins, and reduced interest expenses.
Positive Outlook
- Increased site rental revenue outlook by $10M.
- Adjusted EBITDA raised by $30M due to higher margins and cost savings.
- AFFO outlook raised by $40M driven by lower interest and capex.
- Net income outlook raised by $45M.
- AFFO per share midpoint increased to $4.29 from $4.20.
Challenges Ahead
- Adjusted EBITDA for the quarter declined 8% YoY.
- AFFO decreased 7% YoY.
- Site rental revenue dropped $54M YoY due to Sprint cancellations.
- Straight-lined revenue and prepaid rent amortization impacted revenue.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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