(dollars in millions, except per share amounts)
Current Outlook Midpoint(a)
Full Year 2025 Actual
Change
% Change
Site rental revenues(b)
$3,850
$4,049
$(199)
(5)%
Net income (loss)
$780
$444
$336
76%
Net income (loss) per share—diluted
$1.80
$1.01
$0.79
78%
Adjusted EBITDA(b)(c)
$2,690
$2,863
$(173)
(6)%
AFFO(b)(c)
$1,920
$1,904
$16
1%
AFFO per share(b)(c)
$4.43
$4.36
$0.07
2%
(a)
Reflects midpoint of full year 2026 Outlook as issued on April 22, 2026, and unchanged from previous full year 2026 Outlook issued on February 4, 2026.
(b)
Excludes amounts related to the Fiber Business (as defined in "Non-GAAP Measures and Other Information") which are presented in discontinued operations.
(c)
See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss), including on a per share basis.
"We delivered a solid first quarter and remain on track to achieve our full-year 2026 guidance," said Chris Hillabrant, Crown Castle's President and Chief Executive Officer. "We have largely completed the separation of our Fiber and Small Cell businesses and expect the sale to close in the first half of 2026. As we transition to a pure‑play tower company, we are focused on execution by driving operating efficiency, modernizing our systems, and increasing land ownership under our towers. With a clear standalone tower strategy, a disciplined capital allocation framework, and an investment‑grade balance sheet, we are well positioned to deliver attractive and sustainable shareholder returns."
RESULTS FROM THE QUARTER
(dollars in millions, except per share amounts)
Q1 2026
Q1 2025
Change
% Change
Site rental revenues(a)
$961
$1,011
$(50)
(5)%
Net income (loss)
$151
$(464)
$615
N/A
Net income (loss) per share—diluted
$0.34
$(1.07)
$1.41
N/A
Adjusted EBITDA(a)(b)
$675
$722
$(47)
(7)%
AFFO(a)(b)
$446
$479
$(33)
(7)%
AFFO per share(a)(b)
$1.02
$1.10
$(0.08)
(7)%
(a)
Excludes amounts related to the Fiber Business (as defined in "Non-GAAP Measures and Other Information") which are presented in discontinued operations.
(b)
See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss), including on a per share basis.
HIGHLIGHTS FROM THE QUARTER
Site rental revenues. Organic Contribution to Site Rental Billings in the first quarter 2026 was $30 million, or 3.1% organic growth, excluding an unfavorable $49 million and $5 million impact from DISH Terminations and Sprint Cancellations, respectively. Organic growth increases to 3.3% if DISH revenues are excluded from prior year site rental billings, which compares to 3.9% in the first quarter 2025 on a comparable basis. Site rental revenues were negatively impacted by a $4 million decrease in amortization of prepaid rent and a $22 million decrease in straight-lined revenues, resulting in a decline in site rental revenues of $50 million, or 4.9% from first quarter 2025 to first quarter 2026. The following table outlines the components of Organic Contribution to Site Rental Billings, excluding the impact of DISH and the Sprint Cancellations, and the respective percentage of prior period site rental billings, excluding prior year site rental billings to DISH.
($ in millions; totals may not sum due to rounding)
Current Full Year 2026 Outlook Midpoint(a)
Q1 2026
Q1 2025(c)
Core leasing activity(b)
$65
1.8%
$15
1.6%
$16
1.7%
Escalators
$100
2.7%
$25
2.7%
$24
2.5%
Non-renewals(b)
$(30)
(0.8)%
$(6)
(0.7)%
$(7)
(0.7)%
Change in other billings(b)
$(5)
(0.1)%
$(3)
(0.3)%
$3
0.3%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations(b)
$130
3.5%
$30
3.3%
$36
3.9%
(a)
As issued on April 22, 2026, and unchanged from previous full year 2026 Outlook issued on February 4, 2026.
(b)
See "Non-GAAP Measures and Other Information" for our definitions of core leasing activity, non-renewals, other billings and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations.
(c)
Amounts have been recast to exclude DISH contributions to the components of Organic Contribution to Site Rental Billings.
Net income (loss). Net income (loss) for the first quarter 2026 was $151 million compared to $(464) million for the first quarter 2025, reflecting a decrease in the impact of the loss associated with the agreement announced in March 2025 to sell the Fiber Business from $830 million in the first quarter 2025 to $345 million in the first quarter 2026.
Adjusted EBITDA. First quarter 2026 Adjusted EBITDA was $675 million compared to $722 million for the first quarter 2025. The decrease in the quarter was primarily a result of the lower contribution from site rental revenues, as discussed above.
AFFO and AFFO per share. First quarter 2026 AFFO was $446 million, or $1.02 per share, representing a 7% decrease from first quarter 2025.
Capital expenditures. Capital expenditures from continuing operations during the first quarter were $57 million, composed of $50 million of discretionary capital expenditures and $7 million of sustaining capital expenditures. The $57 million of capital expenditures increased 43% compared to $40 million of capital expenditures during first quarter 2025, primarily driven by a $14 million increase in land capital expenditures.
Common stock dividend. During the quarter, Crown Castle paid common stock dividends of approximately $473 million in the aggregate, or $1.0625 per common share, a decrease of 32% on a per share basis from the same period a year ago.
"We had a solid start to the year as we executed the previously announced restructuring plan and remain focused on closing the sale of the Fiber Business in the first half of 2026," stated Sunit Patel, Crown Castle's Chief Financial Officer. "Consistent with our capital allocation framework and investment grade balance sheet, we expect to repurchase approximately $1 billion of shares and repay approximately $7 billion of debt following close of the Fiber Business sale. We ended the quarter with significant liquidity and flexibility, including approximately 79% fixed rate debt, a weighted average debt maturity of approximately 6 years, and approximately $2.8 billion of availability under our revolving credit facility."
OUTLOOKThis Outlook section contains forward-looking statements, and actual results may differ materially. Information regarding potential risks which could cause actual results to differ from the forward-looking statements herein is set forth below and in Crown Castle's filings with the SEC.
The following table sets forth Crown Castle's current full year 2026 Outlook, which remains unchanged from the previous full year 2026 Outlook and does not include contributions from the Fiber Business unless indicated otherwise. Additionally, full year 2026 Outlook reflects the following items as announced on February 4, 2026:
Our full year 2026 Outlook does not include any contributions from DISH Wireless due to the termination of our contract with DISH Wireless announced on January 12, 2026.
We have reduced our tower and corporate workforce along with other costs, resulting in an anticipated $65 million reduction to annualized run-rate operating costs as compared to 2025 levels, and $55 million of cost savings in full year 2026 due to timing.
We expect to repurchase approximately $1 billion of shares and repay approximately $7 billion of debt following the Fiber Business sale close, which is assumed to occur on June 30, 2026.
(in millions, except per share amounts)
Full Year 2026(a)
Site rental billings(b)
$3,800
to
$3,830
Amortization of prepaid rent
65
to
95
Straight-lined revenues
(75)
to
(45)
Other revenues
15
to
15
Site rental revenues
3,828
to
3,873
Site rental costs of operations(c)
978
to
1,023
Services and other gross margin
90
to
120
Net income (loss)(d)
640
to
920
Net income (loss) per share—diluted(d)
1.48
to
2.12
Adjusted EBITDA(b)
2,665
to
2,715
Depreciation, amortization and accretion
627
to
722
Interest expense and amortization of deferred financing costs, net(e)
832
to
877
Income (loss) from discontinued operations, net of tax(f)
(360)
to
(80)
FFO(b)
1,640
to
1,670
AFFO(b)
1,895
to
1,945
AFFO per share(b)
4.38
to
4.49
Discretionary capital expenditures(b)
150
to
250
Discretionary capital expenditures from discontinued operations(b)(g)
$480
to
$580
(a)
As issued on April 22, 2026, and unchanged from previous full year 2026 Outlook issued on February 4, 2026.
(b)
See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss), including on a per share basis, and for definition of site rental billings and discretionary capital expenditures.
(c)
Exclusive of depreciation, amortization and accretion.
(d)
Includes contribution from discontinued operations through June 30, 2026.
(e)
See "Non-GAAP Measures and Other Information" for the reconciliation of "Outlook for Components of Interest Expense."
(f)
Represents expected results from the Fiber Business, including the estimated loss on disposal, through June 30, 2026.
(g)
Represents discretionary capital expenditures for the Fiber Business through June 30, 2026.
The following chart reconciles the components contributing to the expected 2026 decrease in site rental revenues.
Full year 2026 Organic Contribution to Site Rental Billings, excluding the impact of DISH Terminations and Sprint Cancellations, is expected to be approximately $130 million or 3.3% at the midpoint. This figure increases to 3.5% if DISH revenues are excluded from prior year site rental billings. This figure for 2025 was 3.8% year-over-year on a comparable basis excluding DISH revenues from 2024 site rental billings.
DISH Terminations and Sprint Cancellations are expected to be $240 million for full year 2026, including $220 million of DISH Terminations and $20 million of Sprint Cancellations.
After accounting for the impact of DISH Terminations and Sprint Cancellations, Organic Contribution to Site Rental Billings is expected to be approximately $(110) million for full year 2026.
Straight-line site rental revenues are expected to decrease by approximately $70 million for full year 2026.
Prepaid rent amortization is expected to decrease by approximately $20 million for full year 2026.
The chart below reconciles the components of expected growth in AFFO from 2025 to 2026 of approximately $15 million at the midpoint.
Expenses are expected to decrease by approximately $25 million as workforce and other cost reductions drive approximately $50 million of expense savings in full year 2026, partially offset by standard increases to the remaining cost base.
Services contribution is expected to increase by approximately $5 million at the midpoint, as service activity levels similar to 2025 are complemented by $5 million of expense savings from the workforce reduction.
Interest expense is expected to decrease by approximately $120 million from the repayment of approximately $7 billion of outstanding debt following the anticipated closing of the Fiber Business sale.
Other items are expected to decrease by approximately $25 million, primarily driven by a decrease in amortization of prepaid rent.
Full year 2026 discretionary capital expenditures are expected to be $150 million to $250 million, and prepaid rent additions are expected to be $30 million to $50 million.
Additional information is available in Crown Castle's quarterly Supplemental Information Package posted in the Investors section of our website.
CONFERENCE CALL DETAILS Crown Castle has scheduled a conference call for Wednesday, April 22, 2026, at 4:30 p.m. Eastern time to discuss its first quarter 2026 results. A listen only live audio webcast of the conference call, along with supplemental materials for the call, can be accessed on the Crown Castle website at https://investor.crowncastle.com. Participants may join the conference call by dialing 833-816-1115 (Toll Free) or 412-317-0694 (International) at least 30 minutes prior to the start time. All dial-in participants should ask to join the Crown Castle call.
A replay of the webcast will be available on the Investor page of Crown Castle's website until end of day, Thursday, April 22, 2027.
ABOUT CROWN CASTLECrown Castle owns, operates and leases approximately 40,000 cell towers and approximately 90,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market. This nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology and wireless service - bringing information, ideas and innovations to the people and businesses that need them. For more information on Crown Castle, please visit www.crowncastle.com.
Non-GAAP Measures and Other Information
This press release includes presentations of Adjusted EBITDA, Adjusted Funds from Operations ("AFFO"), including per share amounts, Funds from Operations ("FFO"), including per share amounts, Organic Contribution to Site Rental Billings (including as Adjusted for Impact of Sprint Cancellations and DISH Terminations), and Net Debt, which are non-GAAP financial measures. These non-GAAP financial measures are not intended as alternative measures of operating results or cash flow from operations (as determined in accordance with Generally Accepted Accounting Principles ("GAAP")).
Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies, including other companies in the towers sector or other real estate investment trusts ("REITs").
In addition to the non-GAAP financial measures used herein, we also provide the components of certain GAAP measures, such as site rental revenues and capital expenditures.
Our non-GAAP financial measures are presented as additional information because management believes these measures are useful indicators of the financial performance of our business. Among other things, management believes that:
Adjusted EBITDA is useful to investors or other interested parties in evaluating our financial performance. Adjusted EBITDA is a financial measure frequently used by management (1) to evaluate the economic productivity of our operations and (2) for purposes of making decisions about allocating resources to, and assessing the performance of, our operations. Management believes that Adjusted EBITDA helps investors or other interested parties meaningfully evaluate and compare the results of our operations (1) from period to period and (2) to our competitors, by removing the impact of our capital structure (primarily interest charges from our outstanding debt) and asset base (primarily depreciation, amortization and accretion) from our financial results. Management also believes Adjusted EBITDA is frequently used by investors or other interested parties in the evaluation of the towers sector and other REITs to measure financial performance without regard to items such as depreciation, amortization and accretion, which can vary depending upon accounting methods and the book value of assets. Adjusted EBITDA should be considered only as a supplement to net income (loss) computed in accordance with GAAP as a measure of our performance.
AFFO, including per share amounts, is useful to investors or other interested parties in evaluating our financial performance. Management believes that AFFO helps investors or other interested parties meaningfully evaluate our financial performance as it includes (1) the impact of our capital structure (primarily interest expense on our outstanding debt and dividends on our preferred stock (in periods where applicable)) and (2) sustaining capital expenditures, and excludes the impact of our (1) asset base (primarily depreciation, amortization and accretion) and (2) certain non-cash items, including straight-lined revenues and expenses related to fixed escalations and rent free periods. GAAP requires rental revenues and expenses related to leases that contain specified rental increases over the life of the lease to be recognized evenly over the life of the lease. In accordance with GAAP, if payment terms call for fixed escalations or rent free periods, the (1) revenues are recognized on a straight-lined basis over the fixed, non-cancelable term of the tenant contract, and (2) expenses are recognized on a straight-lined basis over the estimated lease term including renewal options that are reasonably certain to be exercised. Management notes that Crown Castle uses AFFO only as a performance measure. AFFO should be considered only as a supplement to net income (loss) computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flow from operations or as residual cash flow available for discretionary investment.
FFO, including per share amounts, is useful to investors or other interested parties in evaluating our financial performance. Management believes that FFO may be used by investors or other interested parties as a basis to compare our financial performance with that of other REITs. FFO helps investors or other interested parties meaningfully evaluate financial performance by excluding the impact of our asset base (primarily real estate depreciation, amortization and accretion). FFO is not a key performance indicator used by Crown Castle. FFO should be considered only as a supplement to net income (loss) computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flow from operations.
Organic Contribution to Site Rental Billings (also referred to as organic growth) is useful to investors or other interested parties in understanding the components of the year-over-year changes in our site rental revenues computed in accordance with GAAP. Management uses Organic Contribution to Site Rental Billings to assess year-over-year growth rates for our rental activities, to evaluate current performance, to capture trends in rental rates, core leasing activities and tenant non-renewals in our core business, as well as to forecast future results. Separately, we are also disclosing Organic Contribution to Site Rental Billings as Adjusted for Sprint Cancellations and DISH Terminations, which is outside of ordinary course, to provide further insight into our results of operations and underlying trends. Management believes that identifying the impact of Sprint Cancellations and DISH Terminations provides increased transparency and comparability across periods. Organic Contribution to Site Rental Billings (including as Adjusted for Impact of Sprint Cancellations and DISH Terminations) is not meant as an alternative measure of revenue and should be considered only as a supplement in understanding and assessing the performance of our site rental revenues computed in accordance with GAAP.
Net Debt is useful to investors or other interested parties in evaluating our overall debt position and future debt capacity. Management uses Net Debt in assessing our leverage. Net Debt is not meant as an alternative measure of debt and should be considered only as a supplement in understanding and assessing our leverage.
Non-GAAP Financial Measures
Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) plus restructuring charges (credits), asset write-down charges, goodwill impairment charges, acquisition and integration costs, depreciation, amortization and accretion, amortization of prepaid lease purchase price adjustments, interest expense and amortization of deferred financing costs, net, (gains) losses on retirement of long-term obligations, net (gain) loss on interest rate swaps, (gains) losses on foreign currency swaps, impairment of available-for-sale securities, interest income, other (income) expense, (benefit) provision for income taxes, (income) loss from discontinued operations, net of tax, cumulative effect of a change in accounting principle and stock-based compensation expense, net.
AFFO. We define AFFO as FFO before straight-lined revenues, straight-lined expenses, stock-based compensation expense, net, non-cash portion of tax provision, non-real estate related depreciation, amortization and accretion, amortization of non-cash interest expense, other (income) expense, (gains) losses on retirement of long-term obligations, net (gain) loss on interest rate swaps, (gains) losses on foreign currency swaps, impairment of available-for-sale securities, acquisition and integration costs, restructuring charges (credits), cumulative effect of a change in accounting principle and adjustments for noncontrolling interests, less sustaining capital expenditures.
AFFO per share. We define AFFO per share as AFFO divided by diluted weighted-average common shares outstanding.
FFO. We define FFO as net income (loss) plus real estate related depreciation, amortization and accretion, asset write-down charges, goodwill impairment charges, and (income) loss from discontinued operations, net of tax, less noncontrolling interest and cash paid for preferred stock dividends (in periods where applicable), and is a measure of funds from operations attributable to common stockholders.
FFO per share. We define FFO per share as FFO divided by diluted weighted-average common shares outstanding.
Organic Contribution to Site Rental Billings. We define Organic Contribution to Site Rental Billings (also referred to as organic growth) as the sum of the change in site rental revenues related to core leasing activity, escalators and other billings, including those associated with DISH Terminations, less non-renewals of tenant contracts, including those associated with Sprint Cancellations, and DISH Terminations. Additionally, Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations reflects Organic Contribution to Site Rental Billings plus non-renewals associated with Sprint Cancellations, less Organic Contribution to Site Rental Billings associated with DISH Terminations.
Net Debt. We define Net Debt as (1) debt and other long-term obligations and (2) current maturities of debt and other obligations, excluding unamortized adjustments, net, less cash and cash equivalents and restricted cash and cash equivalents.
Other Definitions
Site rental billings. We define site rental billings as site rental revenues exclusive of the impacts from (1) straight-lined revenues, (2) amortization of prepaid rent in accordance with GAAP, (3) contribution from recent acquisitions until the one-year anniversary of such acquisitions, (4) other revenues, such as tenant cancellation fees, finance charges and other items and (5) amounts related to DISH Terminations, where applicable.
Core leasing activity. We define core leasing activity as site rental revenues growth from tenant additions and renewals or extensions of tenant contracts, exclusive of (1) the impacts from both straight-lined revenues and amortization of prepaid rent in accordance with GAAP, (2) other revenues and (3) amounts related to DISH Terminations, where applicable.
Other billings. We define other billings as the growth or reduction in site rental revenues as a result of non-recurring contractual billings and adjustments, expense recoveries, sales credits and other amounts not captured in core leasing activity, exclusive of amounts related to DISH Terminations, where applicable.
Non-renewals. We define non-renewals of tenant contracts as the reduction in site rental revenues as a result of tenant churn, terminations and, in limited circumstances, reductions of existing lease rates, exclusive of non-renewals associated with Sprint Cancellations and DISH Terminations, where applicable.
Discretionary capital expenditures. We define discretionary capital expenditures relating to continuing operations as those made with respect to activities which we believe exhibit sufficient potential to enhance long-term stockholder value. Discretionary capital expenditures, including with respect to discontinued operations, primarily consist of expansion or development of our communications infrastructure (including capital expenditures related to (1) enhancing communications infrastructure in order to add new tenants for the first time or support subsequent tenant equipment augmentations or (2) modifying the structure of a communications infrastructure asset to accommodate additional tenants) and construction of new communications infrastructure. Discretionary capital expenditures also include purchases of land interests (which primarily relates to land assets under towers as we seek to manage our interests in the land beneath our towers), certain technology-related investments necessary to support and scale future customer demand for our communications infrastructure, and other capital projects.
Sustaining capital expenditures. We define sustaining capital expenditures as those capital expenditures (including with respect to discontinued operations) not otherwise categorized as discretionary capital expenditures, such as (1) maintenance capital expenditures on our communications infrastructure assets that enable our tenants' ongoing quiet enjoyment of the communications infrastructure and (2) ordinary corporate capital expenditures.
Sprint Cancellations. We define Sprint Cancellations as lease cancellations related to the previously disclosed T-Mobile US, Inc. and Sprint network consolidation as described in our press release dated April 19, 2023.
DISH Terminations. We define DISH Terminations as the impact of lease terminations related to the previously disclosed notice of default and termination that was sent to DISH Wireless L.L.C. ("DISH") regarding our Master Lease Agreement and related agreements as described in our press release dated January 12, 2026.
Fiber Business. We define Fiber Business as the historically reported Fiber segment, prior to its reclassification to discontinued operations, together with certain supporting assets and personnel. Management has signed a definitive agreement ("Agreement") to sell the Fiber Business with EQT Active Core Infrastructure fund ("EQT") acquiring the small cells business and Zayo Group Holdings Inc. ("Zayo") acquiring the fiber solutions business ("Transaction") for $8.5 billion in aggregate, subject to certain closing adjustments. The Transaction is expected to close in the first half of 2026 subject to certain closing conditions and required government and regulatory approvals. Pending the closing of the Transaction, we will continue to operate the Fiber Business in accordance with the Agreement.
Reconciliation of Historical Adjusted EBITDA:
For the Three Months Ended
For the Twelve Months Ended
(in millions; totals may not sum due to rounding)
March 31, 2026
March 31, 2025
December 31, 2025
Net income (loss)(a)
$
151
$
(464
)
$
444
Adjustments to increase (decrease) net income (loss):
Asset write-down charges
3
2
11
Depreciation, amortization and accretion
172
177
690
Restructuring charges(b)
14
—
—
Amortization of prepaid lease purchase price adjustments
4
4
15
Interest expense and amortization of deferred financing costs, net(c)
242
236
972
Interest income
(3
)
(3
)
(13
)
Other (income) expense
1
(1
)
(3
)
(Benefit) provision for income taxes
5
5
16
Stock-based compensation expense, net
18
18
73
(Income) loss from discontinued operations, net of tax(d)
69
748
659
Adjusted EBITDA(e)(f)
$
675
$
722
$
2,863
Reconciliation of Current Outlook for Adjusted EBITDA:
Full Year 2026
(in millions; totals may not sum due to rounding)
Outlook(g)
Net income (loss)(h)
$640
to
$920
Adjustments to increase (decrease) net income (loss):
Asset write-down charges
10
to
20
Acquisition and integration costs
(3)
to
3
Depreciation, amortization and accretion
627
to
722
Restructuring charges
25
to
35
Amortization of prepaid lease purchase price adjustments
14
to
16
Interest expense and amortization of deferred financing costs, net(i)
832
to
877
(Gains) losses on retirement of long-term obligations
—
to
—
Interest income
(15)
to
(15)
Other (income) expense
0
to
9
(Benefit) provision for income taxes
11
to
19
Stock-based compensation expense, net
88
to
92
(Income) loss from discontinued operations, net of tax(j)
80
to
360
Adjusted EBITDA(e)(f)
$2,665
to
$2,715
(a)
Includes contribution from discontinued operations.
(b)
Represents restructuring charges recorded related to the Company's restructuring plan announced in February 2026, as further discussed in the Annual Report on Form 10-K for the year ended December 31, 2025 ("2026 Restructuring Plan"). For the three months ended March 31, 2026, there were $14 million of charges recorded related to the 2026 Restructuring Plan.
(c)
See the reconciliation of "Components of Interest Expense" for a discussion of non-cash interest expense.
(d)
Represents results from the Fiber Business, including a loss on disposal of $345 million and $830 million recorded in the three months ended March 31, 2026 and 2025, respectively.
(e)
See discussion and our definition of Adjusted EBITDA in this "Non-GAAP Measures and Other Information."
(f)
The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(g)
As issued on April 22, 2026, and unchanged from previous full year 2026 Outlook issued on February 4, 2026.
(h)
Includes contribution from discontinued operations through June 30, 2026.
(i)
See the reconciliation of "Outlook for Components of Interest Expense" for a discussion of non-cash interest expense.
(j)
Represents expected results from the Fiber Business, including the estimated loss on disposal, through June 30, 2026.
Reconciliation of Historical FFO and AFFO:
For the Three Months Ended
For the Twelve Months Ended
(in millions; totals may not sum due to rounding)
March 31, 2026
March 31, 2025
December 31, 2025
Net income (loss)(a)
$
151
$
(464
)
$
444
Real estate related depreciation, amortization and accretion
161
164
650
Asset write-down charges
3
2
11
(Income) loss from discontinued operations, net of tax(b)
69
748
659
FFO(c)(d)
$
383
$
451
$
1,764
Weighted-average common shares outstanding—diluted
437
436
437
FFO (from above)
$
383
$
451
$
1,764
Adjustments to increase (decrease) FFO:
Straight-lined revenues
3
(19
)
(12
)
Straight-lined expenses
14
15
58
Stock-based compensation expense, net
18
18
