Built by Grok 4.6 HighCCI | Earnings Review — Q2 2026
Verdict: DECELERATING on the top line; constructive on cash earnings via capital structure. Crown Castle’s first full pure-play tower quarter after the May 1, 2026 fiber/small-cell close is a genuine double beat — net revenues $1,008M vs FMP $995.1M (+1.3%) and AFFO/share $1.13 vs Zacks $1.00 (+13%) — but the business engine that the Street underwrites for re-rating is still soft. Clean towers-only revenue YoY is a widening mid-single-digit decline (−4.3% → −4.2% → −4.8% → −4.9%), and core leasing has collapsed from a $66–$85M quarterly run-rate in 2023–24 to $15M in both 2026Q1 and 2026Q2.
AFFO is the cleaner REIT read — and it inflected for the right capital-structure reasons, not demand. AFFO rose +9.9% YoY to $488M on a $35M YoY interest-expense cut and $14M higher interest income on sale proceeds (the latter not expected to recur in H2). Management raised FY2026 site rental and AFFO midpoints by only $5M each, held Adj. EBITDA flat at $2,690M mid (cost saves +$15M offset by services −$20M), and kept AFFO/share mid at $4.59. Beat quality is good on cost and de-lever, weak as a demand signal.
Guidance / tone: Constructive but disciplined. 2026 reaffirmed as the organic-growth low point (now 3.4% ex Sprint/DISH, 3.6% ex DISH in prior-year base); core leasing guide unchanged $60–70M; >90% of FY organic growth contracted (was ~80%); 2H26+1H27 AFFO $2.1B mid still on track. CFO refused to flow the Q2 beat fully into FY EBITDA because services are weaker — credibility-positive, demand-neutral.
Contradictions (6 found): Highest signal — same-call DISH churn $220M vs $120M (Q4’25), services “similar to 2025” flipped to a −$20M cut, and “unchanged” claims that compressed the margin horizon and reordered buyback vs leverage priority. Keep DISH cash fully outside base case.
Near-term catalysts: DISH $3.5B claim / $2.4B escrow process (proof-of-claim bar ~Aug 7, 2026); AT&T 600 MHz post-close deployment; Q3 services check. Consensus zeros DISH recovery and prices only slow reacceleration off the trough.
| Net revenues | $1,008M (−4.9% YoY) | Site rental | $967M (−4.1% YoY) |
| Services & other | $41M (−21.2% YoY) | Adj. EBITDA | $675M (−4.3% YoY), 67.0% margin |
| AFFO | $488M (+9.9% YoY) | AFFO / share | $1.13 (+10.8% YoY) |
| GAAP diluted EPS | $0.22 (−67.2% YoY) | Organic site rental ex Sprint/DISH | +3.9% / $38M (call) |
| Core leasing (qtr) | $15M (stuck vs ~$80M 2023–24) | FY26 AFFO mid (new) | $1,975M (+$5M vs May 1) |
| FY26 organic trough | 3.4% ex Sprint/DISH (raised +10 bps) | Net debt / leverage | $17.1B / 6.3x (IG 6.0–6.5x) |
Structural note: Fiber/small-cell sale closed May 1, 2026. Pre-2025 as-reported figures include the divested businesses. Clean LFL tower YoY starts 2025Q3 (vs restated 2024 towers-only). AFFO is the primary REIT KPI; GAAP EPS is noisy (impairment / disc. ops).
Site-rental organic bridge (driver stack)
| Quarter | Core leasing ($M) | Escalators ($M) | Non-renewals ($M) | Organic contrib. ($M) | Organic % | Org. % adj. (ex Sprint/DISH) | Site rental ($M) | |---|---:|---:|---:|---:|---:|---:|---:| | 2023Q3 | $66 | $24 | −$37 | $53 | +3.9% | — | $1,577 | | 2023Q4 | $79 | $24 | −$36 | $70 | +5.2% | — | $1,603 | | 2024Q1 | $81 | $24 | −$37 | $17 | +1.2% | — | $1,588 | | 2024Q2 | $76 | $24 | −$37 | −$44 | −3.0% | — | $1,580 | | 2024Q3 | $85 | $25 | −$38 | $65 | +4.7% | — | $1,593† | | 2024Q4 | $79 | $25 | −$38 | $62 | +4.5% | — | $1,597† | | 2025Q1 | $28 | $24 | −$7 | −$2 | −0.2% | — | $1,011 | | 2025Q2 | $28 | $24 | −$7 | −$6 | −0.6% | — | $1,008 | | 2025Q3 | $33 | $24 | −$7 | $1 | +0.1% | — | $1,012 | | 2025Q4 | $29 | $25 | −$7 | −$4 | −0.4% | — | $1,019 | | 2026Q1 | $15 | $25 | −$6 | −$24 | −2.5% | +3.3% | $961 | | 2026Q2 | $15 | $25 | −$7 | −$16 | −1.8% | +4.2% | $967 |
† 2024Q3/Q4 site rental as-reported (combined co.). Restated towers-only: 2024Q3 $1,066M; 2024Q4 $1,070M.
Driver signal: Core leasing collapsed; escalators rock-steady ~$24–25M; headline organic negative from DISH (~$49M in Q2) and Sprint (~$5M); adjusted organic +3.3%/+4.2% shows underlying MLAs still positive under the churn.
Consolidated P&L (towers perimeter after 2025)
| Metric | 2024Q3† | 2024Q4† | 2025Q1 | 2025Q2 | 2025Q3 | 2025Q4 | 2026Q1 | 2026Q2 | |---|---:|---:|---:|---:|---:|---:|---:|---:| | Total rev ($M) | $1,652 | $1,649 | $1,061 | $1,060 | $1,072 | $1,072 | $1,010 | $1,008 | | Rev YoY % (best avail.) | −0.9% | −1.5% | n/m‡ | n/m‡ | −4.3%§ | −4.2%§ | −4.8% | −4.9% | | Adj. EBITDA ($M) | $1,075 | $1,044 | $722 | $705 | $718 | $718 | $675 | $675 | | EBITDA mgn % | 65.1% | 63.3% | 68.0% | 66.5% | 67.0% | 67.0% | 66.8% | 67.0% | | AFFO ($M) | $801 | $785 | $479 | $444 | $490 | $489 | $446 | $488 | | AFFO YoY % | +4.4% | −0.6% | n/m‡ | n/m‡ | n/m‡ | n/m‡ | −6.9% | +9.9% | | AFFO/sh ($) | $1.84 | $1.80 | $1.10 | $1.02 | $1.12 | $1.12 | $1.02 | $1.13 | | GAAP diluted EPS ($) | $0.70 | −$10.97 | −$1.07 | $0.67 | $0.74 | $0.67 | $0.34 | $0.22 |
† As-reported combined co. for 2024. § Clean LFL vs restated towers-only 2024 base. ‡ YoY vs as-reported 2024 base distorted by fiber still in prior-year perimeter.
Absolute levels — revenue / EBITDA / AFFO
YoY growth trajectory (LFL-aware)
Verdict — Decelerating. Clean towers-only revenue growth is stuck in a widening mid-single-digit decline. Core leasing at $15M/qtr is roughly half of already-soft 2025. Adj. EBITDA margin holds ~67% (bright spot). AFFO +9.9% YoY is capital structure, not top-line reacceleration. Management’s “2026 = organic low watermark” is a forward trough story, not yet visible as reacceleration in the trailing series.
Five-year annual (perimeter-aware)
| FY | Site rental ($M) | Total rev ($M) | Rev YoY | Adj. EBITDA ($M) | EBITDA mgn | AFFO ($M) | AFFO/sh ($) | |---|---:|---:|---:|---:|---:|---:|---:| | FY2021 (combined) | $5,719 | $6,340 | — | $3,816 | 60.2% | $3,013 | — | | FY2022 (combined) | $6,289 | $6,986 | +10.2% | $4,340 | 62.1% | $3,200 | $7.38 | | FY2023 (combined) | $6,532 | $6,981 | −0.1% | $4,415 | 63.2% | $3,277 | $7.55 | | FY2024 (as-reported) | $6,358 | $6,568 | −5.9% | $4,161 | 63.4% | $3,040 | $6.98 | | FY2024 (rest. towers) | $4,268 | $4,460 | n/m | — | — | — | — | | FY2025 (towers) | $4,049 | $4,264 | −4.4% vs rest. FY24 | $2,863 | 67.1% | $1,904 | $4.36 |
This quarter: double beat — revenue +1.3% vs FMP; AFFO/share +13% vs Zacks. FMP “EPS” +76.7% tracks continuing-ops diluted, not the historical AFFO/share series — use AFFO for REIT scorekeeping.
| Metric | Consensus | Actual | Variance | B/M | |---|---|---|---|---| | Net revenues | $995.1M (FMP) | $1,008M | +1.30% | Beat | | AFFO / share | $1.00 (Zacks) | $1.13 | +13% | Beat | | Site rental | ~$967M (VA/SA) | $967M | ~in-line | In-line | | Adj. EBITDA | n/a clean bar | $675M | flat vs Q1; −4.3% YoY | Solid vs plan | | GAAP diluted EPS | — | $0.22 | disc. ops noise | Do not use for surprise |
Heatmap — last 8 quarters
| Metric | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 ⬅ |
|---|---|---|---|---|---|---|---|---|
| Revenue | B +1.1% | B +0.7% | B +2.0% | B +0.6% | B +1.2% | B +1.1% | B +1.5% | B +1.3% |
| FMP “EPS” | B +2.2% | M −1.1% | B† | B +2.0% | B +7.7% | B† | M −9.7% | B +76.7% |
| AFFO/sh (REIT) | ~B | ~M | B† | B narrow | B | B† | n/a Zacks | B +13% |
† Contaminated FMP estimate around fiber exit — low confidence. Revenue series is the robust continuous bar.
| Window | Revenue beat rate | FMP “EPS” beat rate | |---|---|---| | L12Q (2023Q3–2026Q2) | 11/12 = 91.7% | 8/12 = 66.7% | | L4Q (2025Q3–2026Q2) | 4/4 = 100% | 3/4 = 75% |
Pattern: Consistent revenue beater; mixed on FMP EPS; clear AFFO beat this quarter. Revenue surprises cluster tightly +0.6% to +2.0% — Street slightly and systematically low. Do not confuse “beat Street” with “business accelerating”: reported revenue still −4.9% YoY.
Management variance bridge (AFFO): interest expense ↓ $35M (durable post de-lever); interest income ↑ $14M (non-recurring H2); early cost realization; services soft offset at EBITDA; $1B buyback (~11M shares @ $88.66) helps AFFO/share.
Snapshot (Jul 22, 2026 Outlook vs May 1 deal-close Prior):
| Metric (FY2026) | Prior mid (May 1) | New low | New high | New mid | Δ | |---|---:|---:|---:|---:|---| | Site rental rev ($M) | 3,850 | 3,833 | 3,878 | 3,855 | +$5 | | Adj. EBITDA ($M) | 2,690 | 2,665 | 2,715 | 2,690 | $0 | | AFFO ($M) | 1,970 | 1,950 | 2,000 | 1,975 | +$5 | | AFFO / share ($) | 4.59 | 4.53 | 4.65 | 4.59 | $0 | | Services & other GM ($M) | 105 | 70 | 100 | 85 | −$20 | | Site rental COGS ($M) | — | 968 | 1,013 | 990.5 | −$10 better | | Interest exp. ($M) | ~814.5 | 787 | 832 | 809.5 | −$5 better | | Organic ex Sprint/DISH | 3.3% / ~$130M | — | — | 3.4% / ~$135M | +10 bps / +$5M | | Core leasing ($M) | ~65 | ~60 | ~70 | ~$65 | $0 | | 2H26+1H27 AFFO mid ($B) | 2.1 | — | — | 2.1 | On track |
Waterfall — guide bridges (May 1 → Jul 22)
EBITDA mid held: +$5M site rental + $15M durable cost − $20M services contribution = $0. AFFO mid +$5M entirely from interest timing.
New AFFO mid +3.7% vs FY25A; site rental mid −4.8% YoY; Adj. EBITDA mid −6.0% YoY. Trajectory = revenue/EBITDA trough year with AFFO recovery via capital structure.
Implied YoY at new mid vs FY2025A
| Metric | FY2025A | FY2026 new mid | YoY | |---|---:|---:|---:| | Site rental ($M) | 4,049 | 3,855 | −4.8% | | Adj. EBITDA ($M) | 2,863 | 2,690 | −6.0% | | AFFO ($M) | 1,904 | 1,975 | +3.7% | | AFFO / share ($) | 4.36 | 4.59 | +5.3% |
No formal Q3’26 ranges. Soft services primarily Q3. FMP GAAP EPS FY26E ~$1.98 vs new mid ~$2.03 (~+2.5%). VA/Bloomberg detailed trees not connected this run.
Reaffirmed capital framework: leverage 6.3x (target 6.0–6.5x); dividend $4.25 annualized until 75–80% AFFO payout; disc. CapEx mid $200M; combined DISH+Sprint headwind ~$240M FY (back-end loaded, contracted).
| Metric | 2024Q3 | 2024Q4 | 2025Q1 | 2025Q2 | 2025Q3 | 2025Q4 | 2026Q1 | 2026Q2 | |---|---:|---:|---:|---:|---:|---:|---:|---:| | Rev YoY % | −0.9% | −1.5% | −35.3%† | −34.8%† | −4.3%‡ | −4.2%‡ | −4.8% | −4.9% | | Rev Accel (bps) | — | −59 | NM† | NM† | NM†‡ | +9 | −61 | −10 | | Site rental LFL YoY | — | — | — | — | −5.1% | −4.8% | −4.9% | −4.1% | | EPS YoY % | +14.8% | NM | NM | +15.5% | +5.7% | NM | NM | −67.2% |
† Structural fiber reclass. ‡ Clean LFL vs restated towers-only.
Inflection markers
| # | Inflection | When | What happened | |---|---|---|---| | A | Mild pre-reclass soft-patch | 2024Q3→Q4 | Combined-co Rev YoY −0.9% → −1.5% (−59 bps) | | B | Structural reclass cliff | 2025Q1 | Fiber disc. ops → ~−35% YoY — accounting, not demand | | C | Return to clean LFL | 2025Q3 | Restated comps; LFL −4.3% | | D | Re-widen | 2025Q4→2026Q1 | −4.2% → −4.8% (−61 bps) | | E | Just-reported | 2026Q2 | LFL −4.9% (−10 bps); site rental LFL improved to −4.1% (+88 bps) but services $41M (−21% YoY) dragged total | | F | GAAP EPS crash | 2026Q2 | $0.22 vs $0.67 = −67.2% (AFFO is the right KPI) |
Plain English: On clean LFL towers basis, revenue growth is stuck-negative and slightly decelerating. Site rental is less bad sequentially in Q2; services is the incremental drag. Any reacceleration thesis is forward-looking (2026 trough call, spectrum, edge) — not yet in the trailing 8-quarter GAAP series.
Q2 drivers (management): DISH terminations $49M, Sprint $5M, non-cash SL/prepaid −$25M; organic ex those items +3.9%; interest savings post $8.4B sale proceeds / ~$7B+ debt paydown.
| # | Catalyst | Timing | Consensus stance | Bull / base / bear | |---|---|---|---|---| | 1 | DISH $3.5B claim + $2.4B escrow | Proof-of-claim ~Aug 7, 2026; court activity ~Aug 10; escrow fundable post AT&T close (Jul 28) | Street largely zeros large 2026–27 cash recovery | Bull: material escrow+estate recovery. Base: multi-year partial, no 2026 P&L. Bear: 15% cap / oversubscription | | 2 | AT&T 600 MHz deployment | Close done; mid-term equipment/antenna wave | Gradual 2027+ amendment uplift, not 2H’26 step-function | Bull: leasing >$70M into 2027. Base: supports trough narrative. Bear: CapEx prioritizes non-CCI sites | | 3 | Organic trough exit (2026→2027) | Q3/Q4 prints; structural 2027 | Slow reaccel in FMP rev (FY26E $4.04B → FY27E $4.09B) | Bull: mid/high-single-digit organic. Base: +50–100 bps. Bear: trough extends | | 4 | FCC spectrum pipeline | Upper C-band auction by Jul 2027; ≥800 MHz through 2034 | Long-duration optionality | Supports multi-year densification, not NTM AFFO | | 5 | Edge compute trials | 2026–27 trials; no material rev guided | Consensus zeros edge until bookings | Capital-light <0.2 MW; books as new leasing if sold | | 6 | ~200 bps EBITDA margin expansion | Next 12–24 months | Partly in models via cost saves | Bull if services rebound; base costs stick / services soft | | 7 | Capital allocation residual | Ongoing after $1B buyback done | No large new buyback near-term | Leverage-first at 6–6.5x; residual buybacks only | | 8 | Services soft (negative) | Q3 flagged | Already in −$20M cut | Watch if services = leading indicator of leasing miss | | 9 | AT&T 2028 MLA (~$774M annualized) | Negotiation window 2027–28 | Usually assume renewal with modest tradeoffs | Structural concentration risk; mgmt “win-win” only |
Watchlist into Q3 (reports ~2026-10-21)
| Priority | Item | Good | Bad | |---|---|---|---| | P1 | DISH claim / escrow | Claim allowed without 15% cap; path to $100M+ recovery | Cap applied; escrow drained by others | | P1 | New leasing vs $60–70M + Q3 services | Leasing mid/high; services stabilizes | Leasing <$60M; another services cut | | P1 | AT&T 600 MHz on CCI portfolio | Amendment/colocation color | “No incremental CCI impact” | | P2 | 2027 organic guide | Clear reacceleration | Still ≤3.5% | | P3 | Edge trial → commercial | Named partners / $ contribution | Still “early days” through YE27 |
Source: Q2 2026 call, July 22, 2026 — CEO Christian Hillabrant, CFO Sunit Patel.
Headline: Sharp on AFFO/EBITDA bridge, capital framework, and spectrum ladder; deflected DISH escrow recovery $, AT&T 2028 renewal economics, leasing high-end path, and SpaceX/edge timelines.
| Theme | Badge | Summary | |---|---|---| | Services soft vs leasing; 2026 trough conviction (Rollins) | Well Answered | No 1:1 services↔leasing; leasing held $60–70M; 90% organic contracted; multi-horizon growth ladder | | DISH+Sprint $240M H2 pacing (Ng) | Well Answered | Timing only — contracted, back-end loaded | | Escrow recovery $ for CCI (Funk) | Deflected | “Premature”; multi-claimant set unknown | | Escrow claimant pecking order (Atkin) | Deflected | Vague hierarchy only | | AT&T 2028 ~$774M renewal (Rezaei) | Deflected | Client confidentiality; 600 MHz “win-win” only | | Leasing path to mid/high end (Choe) | Deflected | “Comfortable with guidance”; more at Q3 | | AFFO only +$5M despite beat (Levi) | Well Answered | Best bridge: +$15M cost − $20M services = flat EBITDA; AFFO +$5M interest | | Spectrum path → growth (Barden) | Well Answered | Layered: existing bands → 600 MHz radios → upper C-band → 1–10 GHz densify | | DISH 15% haircut assertion (Barden) | Well Answered | Cap does not apply (early cancel + acceleration); court decides claim size | | SpaceX / Starlink talks (Luebchow) | Deflected | “Way too early”; nothing shareable | | Cap allocation post $1B buyback (Luebchow) | Well Answered | Dividend → CapEx → 6–6.5x → residual buybacks | | Satellite impact on rural (Niknam) | Well Answered | “No. Nothing.” |
Count: ~16 Well Answered | ~12 Deflected/partial. Credibility high on financial bridging; low on monetizing narratives (DISH cash, edge conversion, AT&T 2028 re-rate) — keep as option value, not base case.
Six contradictions found across the last four calls (not a clean sheet). Highest signal for underwriting:
| # | Topic | Severity | Calls | |---|---|---|---| | 1 | DISH full-year churn $220M vs $120M | High | FY2025Q4 same prepared remarks | | 2 | Services “similar to 2025” vs −$20M cut | High | Q4’25 → Q2’26 | | 3 | Margin expansion multi-year to 2030 vs “next year” + “unchanged” | Medium–High | Q1’26 → Q2’26 | | 4 | Buybacks before leverage vs leverage-first residual buybacks | Medium | Q4’25 → Q2’26 | | 5 | DISH equipment “clearly theirs to remove” vs ownership TBD in bankruptcy | Medium | Q4’25 → Q2’26 | | 6 | “Expect to be paid” through ~2036 vs Jan default / $3.5B claim | Medium (forecast fail) | Q3’25 → Q4’25 |
Statement A (Patel, Q4’25 prepared): 2026 guide excludes DISH → $220 million of churn.
Statement B (same call, organic bridge): $120 million of DISH churn + $20M Sprint + non-cash.
Why incompatible: Billings bridge arithmetic (−$110M) implies X ≈ $220M DISH, not $120M. Q2 street “$240M combined DISH+Sprint” aligns with $220M+$20M.
Implication: Model DISH headwind at ~$220M FY2026 (~$240M with Sprint) unless reconciled.
Statement A (Q4’25): service activity levels similar to 2025 + $5M expense savings → +$5M services contribution.
Statement B (Q2’26): $20M decrease in services contribution from lower activity (esp. Q3).
Why incompatible: MNO leadership/cost-cut risk was already cited on the Q4 call when management still guided flat services. Cost saves (+$15M) are real but not flowing to EBITDA guide.
Implication: Treat services as non-durable / budget-sensitive, not a stable co-pilot to site rental.
Margins: Q1 framed ~200+ bps “after 2030 / next few years”; Q2 says “couple of hundred bps over the next year” and “nothing’s changed.”
Cap allocation: Q4 ranked ongoing FCF buybacks (third) ahead of leverage bullet (fourth); Q2 ranks leverage first, buybacks residual — while claiming “nothing has changed.”
Implication: Do not underwrite large organic-FCF buybacks near current levels unless leverage clearly has room inside 6–6.5x; hold margin claims to a quantified scorecard.
Equipment: Q4 “obligation for them to remove… it’s on them” → Q2 ownership “will be determined” in bankruptcy; gear abandoned.
Collectability: Q3’25 “we expect to be paid” through ~2036 → Q4 default + $3.5B claim. Keep recovery fully outside base case until court outcomes crystallize.
Cleared (not contradictions): 2026 organic low-point narrative held; $3.5B claim size aligned; sale proceeds allocation executed as framed; leasing guide $60–70M held; satellite risk framing consistent.
Macro tone is telecom-industrial, not CPI/consumer. Rates appear only via capital allocation (floating debt extinguished with sale proceeds; leverage-first vs buybacks). No inflation or classic consumer-sentiment commentary. Structural demand framed via Ericsson (U.S. smartphone data 25 → 52 GB/mo over 5 years; ~3× uplink) and FCC / Chairman Carr spectrum pipeline (≥800 MHz; upper C-band; 6G leadership).
Two-speed wireless cycle
| Near-term (soft) | Multi-year (constructive) | |---|---| | All 3 MNOs services pullback (reorgs, layoffs, slower decisions); Q3 soft | Mobile data doubling + AI uplink → densification | | DISH/Sprint churn still in LFL revenue | AT&T 600 MHz radio/antenna cycle; FCC auction stack | | Leasing guide held but not raised | Edge overflow from power-constrained hyperscale DCs (trials only) | | Interest income tailwind rolls off H2 | Pure-play transformation / ~200 bps margin ambition |
Companies / entities named
| Entity | Read-through | |---|---| | AT&T | 600 MHz close + escrow trigger + healthy results cited as proof U.S. MNOs can fund capex; 2028 MLA ~$774M is the concentration risk | | DISH / EchoStar | $3.5B claim, abandoned equipment, $2.4B escrow; recovery lottery shared with other vendors | | SpaceX / Starlink | Spectrum co-buyer; no commercial tower deal disclosed; terrestrial primacy defended (indoor / capacity) | | AMT / SBAC | Co-claimants on escrow (AMT largest with CCI); ~11% land-cost gap CCI aims to close | | T-Mobile / Verizon | Services softness industry-wide, not CCI-specific share loss | | Ericsson | Industry data forecast underpins multi-year densification thesis | | European towercos | Explicitly not imported to U.S. (ARPU / ecosystem healthier) |
Best external read-throughs: constructive multi-year for U.S. towercos and MNO network investment; near-term cautious for wireless services/construction; DISH legal optionality shared with AMT; edge is early capital-light upside, not a model input yet.
Crown Castle delivered a clean double beat on the numbers the Street prints (revenue +1.3%, AFFO/share +13%) and a disciplined micro-raise that preserves beat-and-raise credibility — while the investable operating trajectory remains stuck-negative on LFL revenue and core leasing has not re-accelerated. Underwrite 2026 as the organic trough with capital-structure AFFO support; keep DISH cash, edge conversion, and AT&T 2028 re-rate as option value. The path from here is process (DISH/escrow), services stabilization in Q3, and whether AT&T 600 MHz shows up in the $60–70M leasing band before 2027 guide season.
tickers/CCI/data/review_workspaces/2026-08-01/. Fundamentals: Daloopa company_id 36 (every figure hyperlinked above). Transcript: CCI_FY2026Q2 (2026-07-22). Consensus: FMP / Zacks. Internal M365 / Bloomberg / Visible Alpha: unavailable this run — skipped, non-blocking. Data sourced from Daloopa.