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17:00
Jul 22 ◎

CCI FY2026 Q2 Watch

Crown Castle Inc. (CCI) FY2026 Q2 Earnings Call

CCI SATS ASTS T VZ ▾

Chris Hillebrand

Management raised AFFO guidance, sees 2026 as low point for organic growth, and is optimistic about multiple demand drivers (edge compute, spectrum, data growth).

"We delivered solid second quarter results, increased our guidance for full year 2026 AFFO, and continue to execute against our best in class U.S. tower strategy."

CCI WATCH

Chris Hillebrand

Crown Castle is pursuing a large claim against DISH in bankruptcy; a $2.4B escrow fund provides a potential recovery source outside normal waterfall.

"Now that DISH Wireless has filed for bankruptcy, we will be pursuing our $3.5 billion contractual claim in the bankruptcy court."

SATS WATCH

Chris Hillebrand

Satellite direct-to-device signals are ~10,000x weaker than terrestrial, severely limiting indoor coverage and capacity; terrestrial towers can support 30x more users per MHz. — Reinforces that satellite is a complement, not a replacement, for terrestrial towers, especially for indoor/urban usage.

"satellite signals travel hundreds of miles farther than the terrestrial connections, their signal strength is approximately 10,000 times weaker"

ASTS WATCH

Chris Hillebrand

MNO leadership changes and layoffs are causing slower decision-making, reducing services activity but not necessarily leasing momentum. — Near-term service revenue may be choppy, but the leasing pipeline remains intact, suggesting a timing rather than demand issue.

"There's been a number of leadership changes and strategy changes at our customers. There's been large-scale waves of layoffs, which has led to some slower decision-making."

T WATCH VZ WATCH TMUS WATCH

HIGH

16:30
Apr 22 ◎

CCI FY2026 Q1 Watch

Crown Castle Inc. (CCI) FY2026 Q1 Earnings Call

CCI DISH SATS T AMT ▾

Chris Hildebrandt

Guidance reaffirmed with modest organic growth expectations, but tempered by ongoing DISH litigation and lower near-term leasing activity.

"We delivered solid first quarter results and are reiterating our guidance for full year 2026."

CCI WATCH

Chris Hildebrandt

DISH defaulted, Crown Castle terminated and is pursuing legal remedies, creating uncertainty for DISH's network buildout and potential liability.

"After DISH defaulted on its payment obligations in January, we exercised our right to terminate the agreement, and we are seeking to recover the remaining payments"

DISH WATCH

Chris Hildebrandt

EchoStar is being drawn into litigation for allegedly aiding DISH in breaching contract, increasing legal exposure.

"The amendment also asserts a claim against Echostar for their role in helping DISH evade its contractual commitments."

SATS WATCH

Chris Hildebrandt

AT&T's planned deployment of DISH-acquired spectrum could drive incremental leasing activity at Crown Castle sites.

"I think we're very eager for that spectrum that DISH had to be put to work. It's a good thing for Crown and for the industry as a whole."

T WATCH

Chris Hildebrandt

Carriers are asking Crown Castle about new macro tower builds again, a signal that the long pause in greenfield construction may be ending. — If tower construction resumes at scale, it could boost Crown Castle's capital deployment opportunities and structurally tighten tower supply.

"we've seen continued demand of operators starting to ask us if we're interested in going back in the business of building macro cell towers for them."

AMT WATCH

HIGH

16:30
Feb 04 ◎

CCI FY2025 Q4 Watch

Crown Castle Inc. (CCI) FY2025 Q4 Earnings Call

DISH T VZ FYBR LUMN ▾

Chris Hillebrandt

DISH's default and termination will remove a major revenue contributor and create legal uncertainty, negative for DISH's financial outlook and relationship with tower operators.

"After DISH defaulted on its payment obligations back in January, Crown Castle exercised its right to terminate the agreement. As a result, we are seeking to recover in excess of $3.5 billion from DISH in remaining payments owed under the"

DISH WATCH

Chris Hillebrandt

AT&T and Verizon are buying fiber assets (Frontier, Lumen), signaling a move toward convergence which could drive incremental tower demand in underserved geographies. — Convergence strategies may accelerate tower leasing in suburban/rural areas as carriers bundle wireless with fiber, creating a new growth vector for tower operators.

"Crown Castle is supportive of AT&T and SpaceX obtaining the announced 3.45 gigahertz, 600 megahertz, AWS 4, H block, and unpaired AWS 3 spectrum bands"

T WATCH

Sunit Patel

"One key example of this, I think just in general, is you've seen recently Verizon close the Frontier deal"

VZ WATCH

Sunit Patel

Frontier being acquired by Verizon may lead to increased tower demand in Frontier's footprint as Verizon builds out converged networks.

"One key example of this, I think just in general, is you've seen recently Verizon close the Frontier deal"

FYBR WATCH

Sunit Patel

Lumen's sale to AT&T may create tower leasing opportunities as AT&T integrates fiber with wireless, potentially driving new site activity.

"AT&T close the Lumen deal"

LUMN WATCH

Chris Hillebrandt

Management views 2026 as a trough year for organic growth, with improving trends thereafter driven by spectrum deployments and cost reductions, but near-term headwinds from DISH churn are severe.

"We expect our 2026 organic growth guide of 3.5% growth to mark the low point. This expected growth is more than offset at site rental revenues due to the $20 million impact of sprint cancellations, $220 million of discharges..."

CCI WATCH

Sunit Patel

T-Mobile's past 5G deployment drove tower activity; current leasing activity is in line with prior years, implying ongoing but not accelerating demand from T-Mobile.

"I think that T-Mobile upon, while they were concluding the Sprint T-Merger, which was closed in April of 2020, there was a pretty aggressive deployment of 5G."

TMUS WATCH

Chris Hillebrandt

DISH's default led to accelerated restructuring: a 20% workforce reduction in the tower business and $65M annualized cost savings, partially offsetting the $220M DISH revenue loss. — Crown Castle is aggressively cutting costs to mitigate DISH losses, setting a precedent for how tower operators might respond to major customer defaults; competitors may face similar churn from DISH.

"In total, we are reducing our tower and corporate workforce in continuing operations by approximately 20%, ending at about 1,250 full-time employees. In combination with other cost reductions, we expect to deliver a $65 million reduction"

AMT WATCH SBAC WATCH

HIGH

16:30
Oct 22 ◎

CCI FY2025 Q3 Watch

Crown Castle Inc. (CCI) FY2025 Q3 Earnings Call

CCI SATS T TMUS USM ▾

Suna Patel

Management raised full-year guidance and expressed optimism about demand and efficiency gains, reflecting a bullish stance on Crown Castle's standalone tower business.

"We delivered solid third quarter results and are increasing our full-year 2025 outlook as demand for our assets remains strong and we continue to identify opportunities to operate more efficiently."

CCI WATCH

Suna Patel

EchoStar is a meaningful customer with a long-term contract; management expects to be paid per the agreement, signaling no near-term revenue disruption.

"DISH represents about 5% of our revenues on the tar side."

SATS WATCH

Suna Patel

AT&T's spectrum deployment is a positive long-term driver for tower demand, though the nature (software upgrade vs. new sites) remains uncertain.

"more spectrum bands get occupied and as mobile data demand continues to grow, in general, that's favorable for the tower sector. And we hope we'll do a good job of serving AT&T for whatever its plans are."

T WATCH

Chris Hillebrandt

T-Mobile's acquisition of U.S. Cellular is not expected to materially affect Crown Castle's business.

"this is fairly de minimis for us from our perspective. It should be very little impact from what we see at this time."

TMUS WATCH

Chris Hillebrandt

The U.S. Cellular acquisition by T-Mobile has minimal expected impact on Crown Castle's operations.

"this is fairly de minimis for us from our perspective. It should be very little impact from what we see at this time."

USM WATCH

HIGH

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