Crown Castle lifts AFFO guidance midpoint after Q3 results beat

[Worker climbing on high cellular network tower]
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Crown Castle (NYSE:CCI [https://seekingalpha.com/symbol/CCI]) shares gained 1.9% in Wednesday after-hours trading after the telecom infrastructure REIT boosted its guidance after turning in Q3 2025 earnings and revenue that topped average analyst estimates.

It now expects full-year 2025 AFFO per share [https://seekingalpha.com/pr/20276326-crown-castle-reports-third-quarter-2025-results-and-increases-outlook-for-full-year-2025] of $4.29 at the midpoint, compared with the $3.91 consensus and $4.20 in the previous target. Adjusted EBITDA guidance midpoint was also raised to $2.84B from $2.81B, surpassing the $2.82B Visible Alpha estimate.

Turning to Q3 results, AFFO per share of $1.12, beating the $0.92 consensus, increased from $1.02 in Q2, but dipped from $1.20 a year ago.

Q3 site rental revenue of 1.01B, vs. $1.00B Visible Alpha consensus, edged down from $1.02B in Q2 and $1.07B in the year-earlier period.

Organic contribution to site rental billings was $52M in Q3, or 5.2% organic growth from Q3 2024, excluding an unfavorable $51M impact from Sprint Cancellations. Site rental revenues were also negatively impacted by a $17M decrease in amortization of prepaid rent and a $39M decrease in straight-lined revenues

Adjusted EBITDA was $718M, up from $705M in the prior quarter and down from $777M in 2024's Q3, vs. $694.8M Visible Alpha consensus.

"To maximize organic growth while enhancing profitability as a standalone tower company, we are investing in our systems to improve the quality and accessibility of asset information, streamlining processes to enhance operational flexibility, and continuing to drive efficiencies across the business," said President and CEO Chris Hillabrant.

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