Crown Castle Inc. (NYSE: CCI) reported financial results for the third quarter ended September 30, 2026, and updated its full year 2026 outlook on October 21, 2026. The company reported site rental revenues of $966 million for the third quarter, a decrease of 5% compared to the same period in 2025. Net income for the quarter was $283 million, compared to $323 million in the prior year. Adjusted EBITDA for the third quarter was $673 million, down 6% year-over-year, while Funds from Operations (AFFO) increased to $530 million, or $1.24 per share, representing an 8% increase in dollars and an 11% increase on a per-share basis.
The company highlighted organic growth in site rental billings of 3.5% for the quarter, excluding the impact of DISH terminations and Sprint cancellations. Capital expenditures for the third quarter totaled $66 million, a 57% increase from the prior year, primarily driven by higher land capital expenditures. Crown Castle paid approximately $452 million in common stock dividends during the quarter, or $1.0625 per share.
In its updated full year 2026 outlook, Crown Castle raised its guidance for Adjusted EBITDA by $25 million and AFFO by $5 million. The updated outlook projects full year site rental revenues of $3,853 million to $3,898 million, net income between $755 million and $1,035 million, and AFFO per share between $4.54 and $4.66. The company attributes the positive adjustments to higher ground lease buyout activity, additional operational efficiencies, and the impact of a customer agreement.
As of the end of the third quarter, Crown Castle reported a strong balance sheet with 97% fixed rate debt, a weighted average debt maturity of approximately 7 years, and approximately $3.9 billion of availability under its revolving credit facility.
