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Sentiment · FY2026 Q2
Crown Castle reiterated its full-year 2026 AFFO guidance of approximately $1.9 billion after a solid Q1 start, with tower organic growth of 3.1% marking the expected trough. The fiber sale was on track with almost all approvals received, while DISH litigation was expanded with breach of contract and EchoStar claims seeking $3.5 billion in recovery. The restructuring was complete with $65 million in annualized cost savings successfully executed.
Revenue Growth | Competitive Dynamics | Demand | Margin | M&A | Capital Allocation | Cost Pressure | Capex Investment | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 5 | 3 | 1 | 3 | 4 | 5 | 2 | |
| 2025Q1 | 7 | 4 | 6 | 4 | 5 | 3 | 2 | 1 |
| 2025Q2 | 6 | 3 | 5 | 9 | 2 | 2 | 3 | 6 |
| 2025Q3 | 11 | 8 | 5 | 5 | 1 | 1 | 2 | 1 |
| 2025Q4 | 10 | 5 | 5 | 2 | 2 | 2 | 2 | 2 |
| 2026Q1 | 5 | 9 | 6 | 3 | 1 | 2 | 1 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 5 | 7 | 6 | 11 | 10 | 5 |
| Competitive Dynamics | 3 | 4 | 3 | 8 | 5 | 9 |
| Demand | 1 | 6 | 5 | 5 | 5 | 6 |
| Margin | 3 | 4 | 9 | 5 | 2 | 3 |
| M&A | 4 | 5 | 2 | 1 | 2 | 1 |
| Capital Allocation | 5 | 3 | 2 | 1 | 2 | 2 |
| Cost Pressure | 2 | 2 | 3 | 2 | 2 | 1 |
| Capex Investment | 1 | 6 | 1 | 2 | 2 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ric Prentiss | Raymond James | 18 (0%) |
| Brendan Lynch | Barclays | 14 (14%) |
| Nick Del Deo | MoffettNathanson | 11 (0%) |
| Mike Rollins | Citigroup | 10 (0%) |
| Batya Levi | UBS | 9 (0%) |
| Richard Choe | JPMorgan | 9 (11%) |
| Mike Funk | Bank of America | 8 (13%) |
| Eric Luebchow | Wells Fargo | 7 (14%) |
| Ben Swinburne | Morgan Stanley | 6 (0%) |
| Aryeh Klein | BMO Capital Markets | 6 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Raymond James | 1 | 18 (0%) |
| Barclays | 1 | 14 (14%) |
| MoffettNathanson | 1 | 11 (0%) |
| Bank of America | 2 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $1.65B | -1.5% | $-10.96 | -1420.5% | -273.2% | -289.1% | $601M |
| FY2025 Q1 | $1.06B | -4.8% | $-1.06 | -249.3% | 49.1% | -43.7% | $601M |
| FY2025 Q2 | $1.06B | -4.2% | $0.67 | +15.5% | 47.7% | 27.5% |
What CCI and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“We have continuous conversations with AT&T and all of our customers. I mean I think we're very eager for that spectrum that DISH had to be put to work.”
Crown Castle is in ongoing commercial conversations with tower-tenant AT&T about deploying spectrum (including former DISH spectrum), indicating potential future colocation activity from AT&T.
“The amendment also asserts a claim against EchoStar for their role in helping DISH evade its contractual commitments.”
Crown Castle amended its litigation to assert a breach claim against EchoStar (DISH's parent) for helping DISH evade its tower-lease commitments.
| 10 (10%) |
| Citigroup | 1 | 10 (0%) |
| Morgan Stanley | 3 | 9 (0%) |
| JPMorgan | 1 | 9 (11%) |
| UBS | 1 | 9 (0%) |
| $792M |
| FY2025 Q3 | $1.07B | -4.0% | $0.74 | +5.7% | 49.0% | 30.1% | $671M |
| FY2025 Q4 | $1.07B | -4.0% | $0.67 | +106.1% | 49.2% | 27.4% | $811M |
| FY2026 Q1 | $1.01B | -4.8% | $0.34 | +132.1% | 46.0% | 15.0% | $452M |
| FY2026 Q2 | $1.01B | -4.9% | $0.71 | +6.0% | 46.6% | 30.5% | $0 |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
“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 showed for the terms of the contract.”
DISH defaulted on its tower lease payment obligations to Crown Castle in January; Crown Castle terminated the agreement and is pursuing legal recovery, a sharply negative read-through on DISH's financial condition.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
CCI Crown Castle | 3 | -4.8% | |
| AMT American Tower | 6 | +6.8% | |
| EQIX Equinix | 8 | +9.8% | |
| IRM Iron Mountain | 9 | +21.6% | |
| SBAC SBA Communications | 7 | +5.9% | |
| WY Weyerhaeuser | 5 | -2.0% |