Crown Castle (CCI) Q2 FY2026 earnings: revenue $1.0 billion, down 4.9% on the year

Crown Castle Inc. (CCI) reported revenue of $1.0 billion for Q2 FY2026, the quarter ended 30 June 2026, down 4.9% on the same quarter a year earlier. Net income was $94 million, down 67.7% on the year, and diluted earnings per share $0.22. The figures are the company's own, from the 10-Q it filed with the SEC on 5 August 2026.

Revenue

$1.0 billion

-4.9% on the year · -0.2% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

46.6%

47.7% a year earlier

Q3 FY2024Q2 FY2026

Net income

$94 million

-67.7% on the year · -37.7% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$0.22

-67.2% on the year · -35.3% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 8 raised, 3 lowered, 7 kept.

Net income fell on Fiber loss: Net income was $94 million versus $291 million. Discontinued operations, mainly the Fiber Business, produced a $205 million loss, including a $280 million loss on disposal.
Adjusted EBITDA down, AFFO up: Adjusted EBITDA was $675 million versus $705 million. AFFO was $488 million, up 10%, reflecting lower interest expense and higher interest income from sale proceeds.
Site rental revenue fell 4.1%: Site rental revenues were $967 million versus $1,008 million, a 4.1% decline, with straight-lined revenues down $23 million and prepaid rent amortization down $3 million.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	1,008	1,010	1,060	-0.2%	-4.9%
Cost of revenue	268	266	278	+0.8%	-3.6%
Gross profit	740	744	782	-0.5%	-5.4%
Gross margin	73.4%	73.7%	73.8%
Selling, general and administrative	97.0	90.0	99.0	+7.8%	-2.0%
Operating income	470	465	506	+1.1%	-7.1%
Operating margin	46.6%	46.0%	47.7%
Interest expense	208	242	243	-14.0%	-14.4%
Pre-tax income	303	225	269	+34.7%	+12.6%
Income tax	4.0	5.0	4.0	-20.0%	0.0%
Effective tax rate	1.3%	2.2%	1.5%
Net income	94.0	151	291	-37.7%	-67.7%
Net margin	9.3%	15.0%	27.5%
Diluted EPS	$0.22	$0.34	$0.67	-35.3%	-67.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	531	509	832	+4.3%	-36.2%
Capital expenditure	59.0	57.0	40.0	+3.5%	+47.5%
Free cash flow	472	452	792	+4.4%	-40.4%
Free cash flow margin	46.8%	44.8%	74.7%
Cash from investing	8,286	-313	-268
Cash from financing	-7,888	-179	-568
Depreciation and amortisation	171	172	175	-0.6%	-2.3%
Share-based compensation	29.0	18.0	18.0	+61.1%	+61.1%
Buybacks	992	25.0	2.0	+3,868.0%	+49,500.0%
Dividends paid	459	473	463	-3.0%	-0.9%
Dividend per share	$1.06	$1.06	$1.06	+0.0%	0.0%
Diluted shares, weighted	434m	437m	437m	-0.7%	-0.7%
Shares outstanding at period end	426m	436m	435m	-2.3%	-2.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	-3,270	-1,920	-1,382
Debt	18,239	24,682	24,290	-26.1%	-24.9%
Operating lease liabilities	4,907	4,939	5,009	-0.6%	-2.0%
Other liabilities	1,636	3,690	3,719	-55.7%	-56.0%
Total liabilities and equity	21,512	31,391	31,636	-31.5%	-32.0%
Fixed assets	6,165	6,220	6,402	-0.9%	-3.7%
Goodwill	5,127	5,127	5,127	0.0%	0.0%
Cash and equivalents	1,042	55.0	94.0	+1,794.5%	+1,008.5%
Receivables	179	188	100	-4.8%	+79.0%
Other assets	8,999	19,801	19,913	-54.6%	-54.8%
Total assets	21,512	31,391	31,636	-31.5%	-32.0%

Questions

What was Crown Castle's revenue in Q2 FY2026?

Crown Castle (CCI) reported revenue of $1.0 billion for Q2 FY2026, the quarter ended 30 June 2026, down 4.9% on the same quarter a year earlier.

How much did Crown Castle earn in Q2 FY2026?

Net income for Q2 FY2026 was $94 million, down 67.7% on the year, and diluted earnings per share $0.22.

When did Crown Castle report Q2 FY2026 results?

Crown Castle filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 5 August 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 * †	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,654	1,742	1,734	1,746	1,764	1,773	1,867	1,667	1,674	1,114	1,107	1,120	1,649	1,061	1,060	1,072	1,071	1,010	1,008	995
Cost of revenue	138	509	514	524	477	519	522	486	408	464	459	460	423	268	278	280	279	266	268	261
Gross profit	1,516	1,233	1,220	1,222	1,287	1,254	1,345	1,181	1,266	650	648	660	1,226	793	782	792	792	744	740	734
Gross margin	92%	71%	70%	70%	73%	71%	72%	71%	76%	58%	59%	59%	74%	75%	74%	74%	74%	74%	73%	74%
SG&A	180	181	190	187	192	195	210	176	178	114	136	93.0	166	93.0	99.0	97.0	94.0	90.0	97.0	82.0
Operating income	522	618	593	602	612	628	667	486	588	520	495	532	-4,505	521	506	525	523	465	470	465
Operating margin	32%	35%	34%	34%	35%	35%	36%	29%	35%	47%	45%	48%	-273%	49%	48%	49%	49%	46%	47%	47%
Interest expense	163	164	165	177	193	202	208	217	223	226	230	236	-1,624	236	243	247	246	242	208	177
Pre-tax income	n/a	427	426	422	n/a	425	462	272	99.0	300	270	297	296	289	269	281	280	225	303	288
Tax rate	n/a	1%	1%	1%	n/a	2%	2%	3%	5%	2%	2%	1%	2%	2%	1%	1%	1%	2%	1%	2%
Net income	353	421	421	419	414	418	455	265	364	311	251	303	-4,768	-464	291	323	294	151	94.0	283
Net margin	21%	24%	24%	24%	23%	24%	24%	16%	22%	28%	23%	27%	-289%	-44%	27%	30%	27%	15%	9%	28%
Diluted EPS	$0.81	$0.97	$0.97	$0.97	$0.95	$0.97	$1.05	$0.61	$0.83	$0.71	$0.58	$0.70	-$10.97	-$1.07	$0.67	$0.74	$0.67	$0.34	$0.22	$0.67
Operating cash flow	734	558	779	701	840	606	1,119	533	868	599	768	699	877	641	832	714	870	509	531	56.0
Capital expenditure	337	281	303	337	389	341	379	347	357	47.0	329	297	276	40.0	40.0	43.0	n/a	57.0	59.0	66.0
Free cash flow	397	277	476	364	451	265	740	186	511	552	439	402	601	601	792	671	n/a	452	472	-10.0
Buybacks	1.0	63.0	0.0	1.0	1.0	28.0	1.0	0.0	1.0	27.0	3.0	2.0	-65.0	21.0	2.0	0.0	-46.0	25.0	992	26.0
Dividends paid	635	650	637	637	678	686	678	680	679	688	680	681	-4,778	690	463	462	-3,695	473	459	452
Shares outstanding	432m	433m	433m	433m	433m	434m	434m	434m	434m	435m	435m	435m	435m	435m	435m	435m	435m	436m	426m	426m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 June 2026, filed 5 August 2026: the filing.