Crown Castle (CCI)
Market Price (4/3/2026): $84.88 | Market Cap: $36.9 BilSector: Real Estate | Industry: Telecom Tower REITs
Crown Castle (CCI)
Market Price (4/3/2026): $84.88Market Cap: $36.9 BilSector: Real EstateIndustry: Telecom Tower REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.8%, Dividend Yield is 5.6%, FCF Yield is 7.8% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 72%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 67%, CFO LTM is 3.1 Bil, FCF LTM is 2.9 Bil Low stock price volatilityVol 12M is 27% Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, and Artificial Intelligence. Themes include Telecom Infrastructure, Data Centers & Infrastructure, Show more. | Weak multi-year price returns2Y Excs Rtn is -36%, 3Y Excs Rtn is -87% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 80% Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 83x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.4%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -14%, Rev Chg QQuarterly Revenue Change % is -4.3% Key risksCCI key risks include [1] significant execution challenges and massive financial impairments from the strategic divestiture of its fiber business and [2] continued revenue declines from Sprint-related tenant cancellations. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.8%, Dividend Yield is 5.6%, FCF Yield is 7.8% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 72%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 67%, CFO LTM is 3.1 Bil, FCF LTM is 2.9 Bil |
| Low stock price volatilityVol 12M is 27% |
| Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, and Artificial Intelligence. Themes include Telecom Infrastructure, Data Centers & Infrastructure, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -36%, 3Y Excs Rtn is -87% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 80% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 83x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.4%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -14%, Rev Chg QQuarterly Revenue Change % is -4.3% |
| Key risksCCI key risks include [1] significant execution challenges and massive financial impairments from the strategic divestiture of its fiber business and [2] continued revenue declines from Sprint-related tenant cancellations. |
Qualitative Assessment
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Crown Castle (CCI) stock has lost about 5% since 12/31/2025 because of the following key factors:
1. Disappointing 2026 Outlook and DISH Wireless Contract Termination.
Crown Castle's stock experienced a notable decline following its Q4 2025 earnings release on February 4, 2026, where a "lackluster" adjusted EBITDA forecast for 2026 was provided, causing an approximately 7% drop in after-hours trading. This cautious outlook was primarily influenced by the termination of the contract with DISH Wireless in January 2026 due to payment defaults, which is projected to negatively impact organic contribution to site rental billings by approximately $110 million for the full year 2026.
2. Concerns over Dividend Sustainability.
Despite reaffirming an annual dividend of $4.25 per share, Crown Castle's reported dividend payout ratio of 420.79% based on trailing twelve months earnings raised significant concerns among investors regarding the long-term sustainability of this payout. This concern was exacerbated by a previous 32% dividend cut in early 2025, which further fueled doubts about the company's ability to maintain its current dividend level.
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1. Disappointing 2026 Outlook and DISH Wireless Contract Termination.
Crown Castle's stock experienced a notable decline following its Q4 2025 earnings release on February 4, 2026, where a "lackluster" adjusted EBITDA forecast for 2026 was provided, causing an approximately 7% drop in after-hours trading. This cautious outlook was primarily influenced by the termination of the contract with DISH Wireless in January 2026 due to payment defaults, which is projected to negatively impact organic contribution to site rental billings by approximately $110 million for the full year 2026.
2. Concerns over Dividend Sustainability.
Despite reaffirming an annual dividend of $4.25 per share, Crown Castle's reported dividend payout ratio of 420.79% based on trailing twelve months earnings raised significant concerns among investors regarding the long-term sustainability of this payout. This concern was exacerbated by a previous 32% dividend cut in early 2025, which further fueled doubts about the company's ability to maintain its current dividend level.
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Stock Movement Drivers
Fundamental Drivers
The -3.4% change in CCI stock from 12/31/2025 to 4/2/2026 was primarily driven by a -2.3% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 4022026 | Change |
|---|---|---|---|
| Stock Price ($) | 87.77 | 84.78 | -3.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,312 | 4,264 | -1.1% |
| P/S Multiple | 8.9 | 8.6 | -2.3% |
| Shares Outstanding (Mil) | 435 | 435 | 0.0% |
| Cumulative Contribution | -3.4% |
Market Drivers
12/31/2025 to 4/2/2026| Return | Correlation | |
|---|---|---|
| CCI | -3.4% | |
| Market (SPY) | -5.4% | 22.8% |
| Sector (XLRE) | 3.1% | 72.6% |
Fundamental Drivers
The -10.0% change in CCI stock from 9/30/2025 to 4/2/2026 was primarily driven by a -8.0% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 4022026 | Change |
|---|---|---|---|
| Stock Price ($) | 94.19 | 84.78 | -10.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,360 | 4,264 | -2.2% |
| P/S Multiple | 9.4 | 8.6 | -8.0% |
| Shares Outstanding (Mil) | 435 | 435 | 0.0% |
| Cumulative Contribution | -10.0% |
Market Drivers
9/30/2025 to 4/2/2026| Return | Correlation | |
|---|---|---|
| CCI | -10.0% | |
| Market (SPY) | -2.9% | 20.2% |
| Sector (XLRE) | -0.2% | 67.1% |
Fundamental Drivers
The -14.8% change in CCI stock from 3/31/2025 to 4/2/2026 was primarily driven by a -10.7% change in the company's P/S Multiple.| (LTM values as of) | 3312025 | 4022026 | Change |
|---|---|---|---|
| Stock Price ($) | 99.54 | 84.78 | -14.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,460 | 4,264 | -4.4% |
| P/S Multiple | 9.7 | 8.6 | -10.7% |
| Shares Outstanding (Mil) | 434 | 435 | -0.2% |
| Cumulative Contribution | -14.8% |
Market Drivers
3/31/2025 to 4/2/2026| Return | Correlation | |
|---|---|---|
| CCI | -14.8% | |
| Market (SPY) | 16.3% | 14.1% |
| Sector (XLRE) | 2.2% | 60.2% |
Fundamental Drivers
The -25.3% change in CCI stock from 3/31/2023 to 4/2/2026 was primarily driven by a -56.6% change in the company's Net Income Margin (%).| (LTM values as of) | 3312023 | 4022026 | Change |
|---|---|---|---|
| Stock Price ($) | 113.45 | 84.78 | -25.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,986 | 4,264 | -39.0% |
| Net Income Margin (%) | 24.0% | 10.4% | -56.6% |
| P/E Multiple | 29.3 | 83.1 | 183.2% |
| Shares Outstanding (Mil) | 433 | 435 | -0.5% |
| Cumulative Contribution | -25.3% |
Market Drivers
3/31/2023 to 4/2/2026| Return | Correlation | |
|---|---|---|
| CCI | -25.3% | |
| Market (SPY) | 63.3% | 16.5% |
| Sector (XLRE) | 22.6% | 67.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CCI Return | 35% | -33% | -10% | -16% | 3% | -8% | -35% |
| Peers Return | 30% | -35% | 16% | 6% | -11% | 16% | 7% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -4% | 75% |
Monthly Win Rates [3] | |||||||
| CCI Win Rate | 75% | 42% | 42% | 42% | 50% | 25% | |
| Peers Win Rate | 65% | 35% | 60% | 55% | 43% | 70% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CCI Max Drawdown | -8% | -40% | -34% | -18% | -7% | -12% | |
| Peers Max Drawdown | -13% | -44% | -23% | -23% | -19% | -5% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AMT, SBAC, UNIT, DLR, EQIX. See CCI Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/2/2026 (YTD)
How Low Can It Go
| Event | CCI | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -58.9% | -25.4% |
| % Gain to Breakeven | 143.0% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -30.4% | -33.9% |
| % Gain to Breakeven | 43.7% | 51.3% |
| Time to Breakeven | 66 days | 148 days |
| 2018 Correction | ||
| % Loss | -12.3% | -19.8% |
| % Gain to Breakeven | 14.1% | 24.7% |
| Time to Breakeven | 72 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -76.2% | -56.8% |
| % Gain to Breakeven | 319.5% | 131.3% |
| Time to Breakeven | 669 days | 1,480 days |
Compare to AMT, SBAC, UNIT, DLR, EQIX
In The Past
Crown Castle's stock fell -58.9% during the 2022 Inflation Shock from a high on 12/31/2021. A -58.9% loss requires a 143.0% gain to breakeven.
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About Crown Castle (CCI)
Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 80,000 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.
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- A landlord for wireless carriers.
- The utility company for your phone's signal.
- The highway system for digital data and phone calls.
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- Tower Leasing: Crown Castle leases space on its cell towers to wireless carriers and other customers for their network equipment.
- Small Cell Solutions: The company provides infrastructure, primarily fiber, to support the deployment and operation of small cell networks for enhanced wireless coverage and capacity.
- Fiber Solutions: Crown Castle offers fiber optic network services and connectivity solutions leveraging its extensive fiber routes across major U.S. markets.
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```htmlCrown Castle (CCI) primarily sells its services to other companies, specifically major wireless carriers and other entities requiring communications infrastructure.
Its major customers are:
- AT&T (symbol: T)
- Verizon (symbol: VZ)
- T-Mobile (symbol: TMUS)
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Here is information on the management team members for Crown Castle (CCI):Christian H. Hillabrant
President and Chief Executive Officer Christian H. Hillabrant was appointed President and CEO of Crown Castle, effective September 15, 2025. He brings over three decades of experience in digital infrastructure and telecommunications, having held senior management positions at T-Mobile, Ericsson AB, and Samsung. Hillabrant also served as COO of Tillman Infrastructure and, most recently, as CEO and Chairman of the Management Board at Vantage Towers AG, where he oversaw more than 86,000 communication sites across 10 countries and spearheaded a comprehensive transformation.Sunit Patel
Executive Vice President and Chief Financial Officer Sunit Patel joined Crown Castle's leadership team as Chief Financial Officer, effective April 1, 2025. He previously served on Crown Castle's Board of Directors from January 2024 to March 2025. Patel has over 30 years of experience in senior finance roles across telecommunications, energy, and technology sectors. His background includes serving as CFO of Ibotta Inc. and as EVP and CFO of CenturyLink (now Lumen) for over 14 years at Level 3 prior to its merger with CenturyLink. From 2018 to 2020, he was EVP, Merger and Integration at T-Mobile, where he led the strategic planning efforts to integrate with Sprint following their $26.5 billion merger. Patel also co-founded Looking Glass Networks Inc. in 2000, serving as its CFO until 2003.Daniel K. Schlanger
Executive Vice President and Chief Transformation Officer Daniel K. Schlanger served as Executive Vice President and Chief Financial Officer of Crown Castle, a role he held since joining the company in 2016 until March 31, 2025. He also served as interim President and CEO from March 2025 until Christian Hillabrant's appointment. Effective upon the new CEO's start date, Schlanger transitioned to the role of Executive Vice President and Chief Transformation Officer, responsible for overseeing the completion of the sale of Crown Castle's small cells and fiber solutions businesses. Prior to Crown Castle, Schlanger held various leadership roles at Exterran Holdings, Inc. and Exterran Corporation, an oil and gas products and services company, including Senior Vice President of Strategic Planning and Investor Relations and Senior Vice President of Global Products. He also worked as an investment banker with Merrill Lynch & Co., focusing on mergers and acquisitions and capital markets transactions in the energy sector.Teddy Adams
Executive Vice President and General Counsel Teddy Adams was appointed Executive Vice President and General Counsel of Crown Castle in February 2023. He is responsible for Crown Castle's legal, tax, and policy team. Since joining in 2016, he has focused on improving the time and cost of building communications infrastructure by leading teams that interact with utilities and governmental entities, as well as managing teams that resolve legal disputes.Chris Levendos
Executive Vice President and Chief Operating Officer – Fiber Chris Levendos serves as Executive Vice President and Chief Operating Officer of Fiber for Crown Castle. Prior to his role at Crown Castle, Levendos had a notable career at Frontier Communications, where he was the Executive Vice President of Field Operations, responsible for operations and deployment of Frontier's fiber-optic network. He also held important positions at Verizon Communications Inc., including Head of National Operations for Verizon's wireline networks.AI Analysis | Feedback
Here are the key risks to Crown Castle (CCI) in order from most significant to least significant:- Customer Concentration and Tenant Dependency: Crown Castle faces significant risk due to its substantial reliance on a small number of major U.S. mobile carriers for the majority of its site rental revenues. A significant portion of its revenue comes from T-Mobile, AT&T, and Verizon Wireless. The termination of the contract with DISH Wireless in January 2026, which resulted in a projected $220 million in churn for 2026 site rental revenues and initiated litigation for over $3.5 billion, highlights the material impact that changes in tenant relationships can have on the business.
- Execution Risks from Strategic Shift and Fiber/Small Cell Divestiture: Crown Castle is undergoing a significant strategic shift, divesting its fiber and small cell businesses to focus predominantly on its core tower operations. While this aims to enhance operational efficiency and margins, it introduces considerable execution risks. These include challenges in successfully completing the sale of these assets, potential operational disruptions during the transition, and the loss of diversification benefits that these segments previously provided. There is also a risk that the projected acceleration of tower leasing activity may not materialize as anticipated.
- Impact of High Interest Rates and Financial Leverage: As a capital-intensive real estate investment trust (REIT) with substantial debt, Crown Castle is highly sensitive to interest rate fluctuations. Elevated interest rates have led to increased interest expenses, impacting the company's profitability and valuation. The company faces significant debt maturities in the coming years, and its ability to refinance this debt on favorable terms, particularly if interest rates remain high, poses a key financial risk.
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Addressable Markets for Crown Castle's Main Products and Services in the U.S.
Crown Castle (NYSE: CCI) operates in the United States, focusing on communications infrastructure. The addressable markets for its primary products and services are detailed below, all within the U.S. region. It is important to note that Crown Castle announced an agreement to sell its fiber and small cells solutions businesses, with the divestiture expected to conclude in early 2026, transforming it into a pure-play U.S. tower entity.Cell Towers
The United States Telecom Towers Market is valued at approximately USD 40–44 billion. This valuation is based on a five-year historical analysis and recent industry research, reflecting sector revenue estimates for tower ownership and leasing. This market is experiencing continued demand driven by 5G expansion and network densification.Small Cells
The global small cell network market size was valued at USD 2.4 billion in 2024. North America accounted for a 45% share of this market in 2024, with the U.S. leading the region with a 67% market share. This indicates an approximate addressable market size for small cells in the U.S. of around USD 0.72 billion in 2024. The global market is projected to reach USD 48.9 billion by 2034.Fiber Solutions
The United States fiber optics market size reached USD 3.4 billion in 2025. This market is projected to grow to USD 8.3 billion by 2034, demonstrating a compound annual growth rate (CAGR) of 9.95% between 2026 and 2034. This growth is driven by increasing demand for high-speed internet and the expansion of 5G networks.AI Analysis | Feedback
Crown Castle (CCI) is strategically repositioning itself as a pure-play U.S. tower company, with the divestiture of its small cell and fiber businesses anticipated to close in the first half of 2026. This shift focuses the company's future revenue growth on its extensive tower portfolio.
The expected drivers of future revenue growth for Crown Castle over the next 2-3 years include:
- Ongoing 5G Network Augmentation and Deployment: Major wireless carriers continue to invest heavily in expanding and densifying their 5G networks. This requires more tower space, co-locations, and enhancements to existing towers for higher bandwidth and lower latency, directly benefiting Crown Castle's tower leasing business.
- Increased Tenant Activity and Tower Amendments: Wireless carriers are consistently upgrading their equipment from 4G/LTE to 5G at existing tower sites by deploying additional antennas and fiber. This "amendment activity" drives further revenue for Crown Castle.
- Organic Growth in Site Rental Revenues: Crown Castle anticipates sustained organic growth in its site rental revenues from its tower business. The company projected 4.7% organic growth for its tower business in 2025 (excluding Sprint cancellations) and forecasts 3.5% organic growth for 2026 (excluding DISH churn), which is expected to be a low point. This growth is supported by long-term tower lease agreements with major U.S. carriers, providing stable recurring cash flows and embedded growth through contractual rent escalators.
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Share Repurchases
- Crown Castle announced a proposed $3.0 billion share repurchase program in conjunction with the proceeds from the Fiber segment sale.
- The company expects to repurchase approximately $1 billion of shares following the Fiber Business sale close, anticipated in the first half of 2026.
- From fiscal years ending December 2021 to 2025, Crown Castle's repurchase of common stock operated at a median of -$33 million (negative indicating repurchases).
Share Issuance
- Crown Castle's shares outstanding increased to 0.437 billion in 2025, from 0.434 billion in both 2024 and 2023.
Outbound Investments
- Crown Castle signed a definitive agreement to sell its Fiber segment, including small cells and fiber solutions, for $8.5 billion.
- This strategic divestiture is expected to close in the first half of 2026 and will position Crown Castle as a pure-play U.S. tower business.
Capital Expenditures
- Total capital expenditures for 2024 were $1.2 billion, representing a reduction of $202 million compared to 2023, primarily within the Fiber segment.
- Expected discretionary capital expenditures for the full year 2026 are projected to be between $150 million and $250 million, with a focus on adding and modifying towers, acquiring land under existing towers, and investing in technology.
- In 2024, the company reduced gross capital expenditures in its Fiber segment by an estimated $275 million to $325 million, shifting focus to higher-return projects.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 177.71 |
| Mkt Cap | 49.6 |
| Rev LTM | 5,188 |
| Op Inc LTM | 1,760 |
| FCF LTM | 1,739 |
| FCF 3Y Avg | 1,632 |
| CFO LTM | 2,735 |
| CFO 3Y Avg | 2,572 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.2% |
| Rev Chg 3Y Avg | 5.9% |
| Rev Chg Q | 7.2% |
| QoQ Delta Rev Chg LTM | 1.8% |
| Op Mgn LTM | 33.8% |
| Op Mgn 3Y Avg | 41.8% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 44.2% |
| CFO/Rev 3Y Avg | 44.6% |
| FCF/Rev LTM | 36.7% |
| FCF/Rev 3Y Avg | 35.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 49.6 |
| P/S | 8.2 |
| P/EBIT | 18.2 |
| P/E | 39.9 |
| P/CFO | 15.8 |
| Total Yield | 6.9% |
| Dividend Yield | 2.0% |
| FCF Yield 3Y Avg | 4.0% |
| D/E | 0.6 |
| Net D/E | 0.6 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 2.8% |
| 3M Rtn | 12.2% |
| 6M Rtn | 6.9% |
| 12M Rtn | 7.0% |
| 3Y Rtn | 22.8% |
| 1M Excs Rtn | 5.9% |
| 3M Excs Rtn | 16.1% |
| 6M Excs Rtn | 9.5% |
| 12M Excs Rtn | -9.9% |
| 3Y Excs Rtn | -37.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Towers operations | 4,460 | 4,734 | 5,007 | 4,405 | 3,997 |
| Fiber | 2,247 | 1,979 | 1,935 | 1,843 | |
| Total | 4,460 | 6,981 | 6,986 | 6,340 | 5,840 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Towers operations | 2,118 | 3,393 | 3,527 | 2,995 | 2,602 |
| Fiber | 1,355 | 1,130 | 1,111 | 1,387 | |
| Total | 2,118 | 4,748 | 4,657 | 4,106 | 3,989 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Towers operations | -3,903 | ||||
| Total | -3,903 |
Price Behavior
Price Behavior
| Market Price | $84.78 | |
| Market Cap ($ Bil) | 36.9 | |
| First Trading Date | 08/18/1998 | |
| Distance from 52W High | -22.9% | |
| 50 Days | 200 Days | |
| DMA Price | $84.97 | $91.34 |
| DMA Trend | down | down |
| Distance from DMA | -0.2% | -7.2% |
| 3M | 1YR | |
| Volatility | 36.4% | 26.8% |
| Downside Capture | 0.12 | 0.23 |
| Upside Capture | 5.89 | 11.14 |
| Correlation (SPY) | 23.0% | 13.8% |
CCI Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.36 | 0.59 | 0.63 | 0.45 | 0.20 | 0.28 |
| Up Beta | -0.69 | 0.38 | 0.01 | 0.08 | -0.03 | 0.15 |
| Down Beta | 0.37 | 1.30 | 1.49 | 0.96 | 0.42 | 0.26 |
| Up Capture | -56% | 4% | 5% | 4% | 7% | 8% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 11 | 23 | 33 | 65 | 131 | 384 |
| Down Capture | 94% | 59% | 60% | 57% | 53% | 75% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 11 | 19 | 30 | 60 | 118 | 363 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CCI | |
|---|---|---|---|---|
| CCI | -15.2% | 26.7% | -0.64 | - |
| Sector ETF (XLRE) | 2.1% | 16.4% | -0.05 | 60.2% |
| Equity (SPY) | 16.1% | 19.0% | 0.67 | 14.0% |
| Gold (GLD) | 50.5% | 28.0% | 1.46 | 12.9% |
| Commodities (DBC) | 16.2% | 17.7% | 0.77 | 3.9% |
| Real Estate (VNQ) | 3.6% | 16.5% | 0.04 | 53.3% |
| Bitcoin (BTCUSD) | -20.1% | 44.0% | -0.38 | 23.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CCI | |
|---|---|---|---|---|
| CCI | -9.2% | 26.2% | -0.37 | - |
| Sector ETF (XLRE) | 4.1% | 19.0% | 0.12 | 75.1% |
| Equity (SPY) | 11.6% | 17.0% | 0.53 | 35.0% |
| Gold (GLD) | 21.7% | 17.8% | 1.00 | 15.6% |
| Commodities (DBC) | 11.6% | 18.8% | 0.51 | 3.4% |
| Real Estate (VNQ) | 3.3% | 18.8% | 0.08 | 71.2% |
| Bitcoin (BTCUSD) | 4.3% | 56.5% | 0.30 | 14.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CCI | |
|---|---|---|---|---|
| CCI | 4.2% | 25.7% | 0.18 | - |
| Sector ETF (XLRE) | 6.4% | 20.4% | 0.27 | 76.1% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 45.9% |
| Gold (GLD) | 14.0% | 15.9% | 0.73 | 14.6% |
| Commodities (DBC) | 8.4% | 17.6% | 0.40 | 10.8% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.22 | 70.3% |
| Bitcoin (BTCUSD) | 66.5% | 66.8% | 1.06 | 10.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 1/12/2026 | 2.1% | 2.1% | 1.3% |
| 10/22/2025 | 0.6% | -5.5% | -7.8% |
| 7/23/2025 | 3.8% | -2.5% | -6.3% |
| 3/13/2025 | 10.4% | 11.8% | 3.4% |
| 10/16/2024 | -3.4% | -4.3% | -11.0% |
| 7/17/2024 | -0.6% | -0.2% | 3.4% |
| 4/17/2024 | 1.4% | 2.6% | 11.8% |
| 1/24/2024 | 5.0% | 2.5% | 3.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 10 | 11 |
| # Negative | 12 | 12 | 11 |
| Median Positive | 1.8% | 2.3% | 3.4% |
| Median Negative | -3.2% | -4.1% | -7.8% |
| Max Positive | 10.4% | 11.8% | 14.5% |
| Max Negative | -5.5% | -10.0% | -14.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/23/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 03/14/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Site rental revenues | 3.83 Bil | 3.85 Bil | 3.87 Bil | -4.4% | Lowered | Guidance: 4.03 Bil for 2025 | |
| 2026 Net income (loss) | 640.00 Mil | 780.00 Mil | 920.00 Mil | 173.7% | Raised | Guidance: 285.00 Mil for 2025 | |
| 2026 Adjusted EBITDA | 2.67 Bil | 2.69 Bil | 2.71 Bil | -5.1% | Lowered | Guidance: 2.83 Bil for 2025 | |
| 2026 AFFO | 1.90 Bil | 1.92 Bil | 1.95 Bil | 2.7% | Raised | Guidance: 1.87 Bil for 2025 | |
| 2026 Share Repurchases | 1.00 Bil | ||||||
| 2026 Debt Repayment | 7.00 Bil | ||||||
Prior: Q3 2025 Earnings Reported 10/22/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Site rental revenues | 4.01 Bil | 4.03 Bil | 4.05 Bil | 0.2% | Raised | Guidance: 4.02 Bil for 2025 | |
| 2025 Net income | 145.00 Mil | 285.00 Mil | 425.00 Mil | 18.8% | Raised | Guidance: 240.00 Mil for 2025 | |
| 2025 Adjusted EBITDA | 2.81 Bil | 2.83 Bil | 2.86 Bil | 1.1% | Raised | Guidance: 2.81 Bil for 2025 | |
| 2025 AFFO | 1.84 Bil | 1.87 Bil | 1.90 Bil | 2.2% | Raised | Guidance: 1.83 Bil for 2025 | |
| 2025 Discretionary capital expenditures | 155.00 Mil | 155.00 Mil | 155.00 Mil | ||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Levendos, Christopher | EVP & COO - Fiber | Direct | Sell | 10302025 | 93.98 | 1,065 | 100,094 | 1,486,655 | Form |
| 2 | Schlanger, Daniel K | EVP and CTO | Direct | Sell | 10272025 | 98.08 | 30,000 | 2,942,295 | 6,430,974 | Form |
| 3 | Schlanger, Daniel K | Interim President & CEO | Direct | Sell | 8112025 | 105.80 | 15,000 | 1,586,925 | 10,110,934 | Form |
| 4 | Levendos, Christopher | EVP & COO - Fiber | Direct | Sell | 8082025 | 105.83 | 1,417 | 149,961 | 1,786,728 | Form |
| 5 | Stephens, Kevin A | Direct | Buy | 5122025 | 103.27 | 380 | 39,243 | 2,110,942 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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