Document

Exhibit 99.2

Supplemental Information Package

and Non-GAAP Reconciliations

Second Quarter • June 30, 2026

The pathway to possible.

CrownCastle.com

Crown Castle Inc.

Second Quarter 2026


TABLE OF CONTENTS
			Page
Company Overview
Company Profile			3
Strategy			3
General Company Information			4
Tower Asset Portfolio Footprint			4
Historical Common Stock Data			4

Executive Management Team			5
Board of Directors			5
Research Coverage			5
Outlook
Outlook			6
Outlook for Components of Changes in Site Rental Revenues			7


Outlook for Components of Interest Expense			7
Financial Highlights
Summary Financial Highlights			8
Components of Changes in Site Rental Revenues			9
Summary of Capital Expenditures			10
Portfolio Highlights			10
Consolidated Return on Invested Capital			11
Cash Yield on Invested Capital			11
Tenant Overview			12
Annualized Rental Cash Payments at Time of Renewal			12
Projected Revenues from Tenant Contracts Associated with Active Licenses			12
Projected Expenses from Existing Ground Leases			13
Summary of Tower Portfolio by Vintage			13
Ground Interest Overview			13
Capitalization Overview
Capitalization Overview			14
Debt Maturity Overview			15
Liquidity Overview			16
Summary of Maintenance and Financial Covenants			16
Interest Rate Exposure			17
Components of Interest Expense			17
Appendix of Condensed Consolidated Financial Statements and Non-GAAP Reconciliations			18

Crown Castle Inc.

Second Quarter 2026

Cautionary Language Regarding Forward-Looking Statements

This supplemental information package ("Supplement") contains forward-looking statements and information that are based on our management's current expectations as of the date of this Supplement. Statements that are not historical facts are hereby identified as forward-looking statements. Words such as "Outlook," "guide," "forecast," "estimate," "anticipate," "project," "plan," "intend," "believe," "expect," "likely," "predicted," "positioned," and any variations of these words and similar expressions are intended to identify such forward looking statements. Such statements include plans, projections and estimates regarding (1) demand for data and our towers, (2) cash flow growth, (3) our Outlook for full year 2026, (4) our business model, strategy and strategic position, and the value thereof, (5) revenues from tenant contracts, (6) expenses from existing ground leases, (7) growth of the U.S. market for towers ownership, (8) the impact of Sprint Cancellations and DISH Terminations to our operating and financial results and (9) proceeds from the sale of the Company's Fiber Business (as defined below).

Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including, but not limited to, prevailing market conditions. Should one or more of these or other risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. Crown Castle assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. More information about potential risk factors which could affect our results is included in our filings with the Securities and Exchange Commission ("SEC"). Our filings with the SEC are available through the SEC website at www.sec.gov or through our investor relations website at investor.crowncastle.com. We use our investor relations website to disclose information about us that may be deemed to be material. We encourage investors, the media and others interested in us to visit our investor relations website from time to time to review up-to-date information or to sign up for e-mail alerts to be notified when new or updated information is posted on the site.

This Supplement contains certain figures, projections and calculations based in part on management's underlying assumptions. Management believes these assumptions are reasonable; however, other reasonable assumptions could provide differing outputs.

The components of forward looking financial information presented herein may not sum due to rounding. In addition, the sum of quarterly historical information presented herein may not agree to year to date historical information provided herein due to rounding. Throughout this document, percentage calculations, which are based on non-rounded dollar values, may not be able to be recalculated using the dollar values included in this document due to the rounding of those dollar values.

Definitions and reconciliations of non-GAAP financial measures, information regarding segment measures and other information are provided in the Appendix to this Supplement.

As used herein, the term "including" and any variation thereof, means "including without limitation." The use of the word "or" herein is not exclusive.

Crown Castle Inc.

Second Quarter 2026

COMPANY
OVERVIEW

OUTLOOK

FINANCIAL

HIGHLIGHTS

CAPITALIZATION OVERVIEW

APPENDIX

COMPANY PROFILE

Crown Castle Inc. (to which the terms "Crown Castle," "CCI," "we," "our," "the Company" or "us" as used herein refer) owns, operates and leases approximately 40,000 towers and other structures, such as rooftops (collectively, "towers") that are geographically dispersed throughout the U.S. We refer to our customers on our towers as "tenants." We provide access, including space or capacity, to our towers via long-term contracts in various forms, including lease, license, sublease and service agreements (collectively, "tenant contracts").

Our towers have a significant presence in each of the top 100 basic trading areas, including most U.S. markets. We seek to increase our site rental revenues by adding more tenants to our existing towers, which we expect to result in significant incremental cash flows due to our low incremental operating costs.

On May 1, 2026, the Company completed the sale of its small cells and fiber solutions businesses, together with certain supporting assets and personnel ("Fiber Business"). We received aggregate net cash proceeds of $8.4 billion, representing the gross contractual purchase price of $8.5 billion less the net impact of preliminary purchase price adjustments of $124 million, which are subject to a post-closing settlement process.

The results and net assets of the Fiber Business are presented within the financial statements as discontinued operations through April 30, 2026. Following the classification of the Fiber Business as discontinued operations, the Company has one reportable segment that constitutes consolidated results consisting of its towers operations. Unless otherwise noted and other than net income (loss) and net income (loss) per share, all activities and amounts reported below relate to the continuing operations of the Company and exclude activities and amounts related to discontinued operations.

We operate as a Real Estate Investment Trust ("REIT") for U.S. federal income tax purposes.

STRATEGY

As a leading provider of towers in the U.S., our strategy is to create long-term stockholder value via a combination of (1) growing cash flows generated from our existing portfolio of towers, (2) returning a meaningful portion of our cash generated by operating activities to our common stockholders in the form of dividends and share repurchases and (3) investing capital efficiently to grow cash flows. Our strategy is based, in part, on our belief that the U.S. is the most attractive market in the world for towers. We measure our efforts to create "long-term stockholder value" by the combined payments of dividends to stockholders and growth in our per-share results. The key elements of our strategy are to:

•Grow cash flows from our existing towers. We are focused on maximizing the recurring site rental cash flows generated from providing our tenants with long-term access to our towers, which we believe is the core driver of value for our stockholders. Tenant additions or modifications of existing tenant equipment (collectively, "tenant additions") enable our tenants to expand coverage and capacity in order to meet increasing demand for data while generating high incremental returns for our business. We believe our towers provide an efficient and cost-effective solution for our wireless tenants' growing networks that provides an opportunity to generate cash flows and increase stockholder return.

•Return cash generated by operating activities to stockholders in the form of dividends and share repurchases. We believe that distributing a meaningful portion of our cash generated by operating activities appropriately provides stockholders with increased certainty for a portion of expected long-term stockholder value while still allowing us to retain sufficient flexibility to invest in our business and deliver growth. We believe this decision reflects the translation of the high-quality, long-term contractual cash flows of our business into stable capital returns to stockholders.

•Invest capital efficiently to grow cash flows. In addition to adding tenants to our existing towers, we seek to invest our available capital, including the net cash generated by our operating activities and external financing sources, in a manner that will increase long-term stockholder value. These investments include acquisition of land interests, making improvements and structural enhancements to our existing towers, and constructing and acquiring new towers that we expect will generate future cash flow growth and attractive long-term returns by adding tenants to those assets over time.

Our strategy to create long-term stockholder value is based on our belief that there will be considerable future demand for our towers based on the location of our assets and the rapid and continuing growth in the demand for data. We believe that such demand for our towers will continue, will result in growth of our cash flows due to tenant additions on our existing towers, and will create other growth opportunities for us, such as demand for newly constructed or acquired towers, as described above. Further, we seek to augment the long-term value creation associated with growing our recurring site rental cash flows by offering certain ancillary site development services.

Crown Castle Inc.

Second Quarter 2026

COMPANY
OVERVIEW

OUTLOOK

FINANCIAL

HIGHLIGHTS

CAPITALIZATION OVERVIEW

APPENDIX


GENERAL COMPANY INFORMATION
Principal executive offices			8020 Katy Freeway, Houston, TX 77024
Common shares trading symbol			CCI
Stock exchange listing			New York Stock Exchange
Fiscal year ending date			December 31
Fitch - Long-term Issuer Default Rating			BBB
Moody’s - Long-term Corporate Family Rating			Baa3
Standard & Poor’s - Long-term Local Issuer Credit Rating			BBB

Note: These credit ratings may not reflect the potential risks relating to the structure or trading of the Company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in the ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significances of the ratings can be obtained from each of the ratings agencies.


TOWER ASSET PORTFOLIO FOOTPRINT


HISTORICAL COMMON STOCK DATA
	Three Months Ended
(in millions, except per share amounts)	6/30/25		9/30/25		12/31/25		3/31/26		6/30/26
High price(a)	$	103.34	$	110.53	$	97.05	$	89.79	$	93.98
Low price(a)	$	85.83	$	86.99	$	82.16	$	75.07	$	75.39
Period end closing price(b)	$	98.02	$	93.10	$	86.76	$	80.37	$	75.73
Dividends paid per common share	$	1.06	$	1.06	$	1.06	$	1.06	$	1.06
Volume weighted average price for the period(a)	$	95.58	$	96.47	$	88.84	$	83.89	$	86.69
Common shares outstanding, at period end	435		435		435		436		426
Market value of outstanding common shares, at period end(c)	$	42,685	$	40,543	$	37,783	$	35,072	$	32,244

(a)Based on the sales price, adjusted for common stock dividends, as reported by Bloomberg.

(b)Based on the period end closing price, adjusted for common stock dividends, as reported by Bloomberg.

(c)Calculated as the product of (1) common shares outstanding, at period end and (2) period end closing price, adjusted for common stock dividends, as reported by Bloomberg.

Crown Castle Inc.

Second Quarter 2026

COMPANY
OVERVIEW

OUTLOOK

FINANCIAL

HIGHLIGHTS

CAPITALIZATION OVERVIEW

APPENDIX

EXECUTIVE MANAGEMENT TEAM

Name

Position

Age

Years with Company

Christian H. Hillabrant

President and Chief Executive Officer

Sunit Patel

Executive Vice President and Chief Financial Officer

Catherine Piche

Executive Vice President and Chief Operating Officer

14(a)

Edward B. Adams, Jr.

Executive Vice President and General Counsel

Timothy Grace

Executive Vice President and Chief Human Resources Officer

Kristoffer L. Hinson

Executive Vice President and Chief Commercial Officer

Mark Lennon

Senior Vice President and Chief Information Officer

BOARD OF DIRECTORS

Name

Position

Committees

Age

Years as Director

P. Robert Bartolo

Chair

Nominating and Governance, Finance

Andrea J. Goldsmith

Director

Compensation and Human Capital

Christian H. Hillabrant

Director

Tammy K. Jones

Director

Audit, Nominating and Governance, Finance

Kevin T. Kabat

Director

Compensation and Human Capital, Nominating and Governance

Anthony J. Melone

Director

Audit, Nominating and Governance

Katherine Motlagh

Director

Audit, Compensation and Human Capital, Finance

Kevin A. Stephens

Director

Audit, Compensation and Human Capital

Matthew Thornton III

Director

Audit, Compensation and Human Capital, Nominating and Governance


RESEARCH COVERAGE
Equity Research
Bank of America Michael Funk (646) 855-5664	Barclays Brendan Lynch (212) 526-9428	Bernstein Madison Rezaei (917) 344-8622
BMO Capital Markets Ari Klein (212) 885-4103	Citigroup Michael Rollins (212) 816-1116	Goldman Sachs Jim Schneider (212) 357-2929
Green Street David Guarino (949) 640-8780	HSBC Luigi Minerva (207) 991-6928	Jefferies Jonathan Petersen (212) 284-1705
JMP Securities Greg Miller (212) 699-2917	JPMorgan Richard Choe (212) 622-6708	KeyBanc Brandon Nispel (503) 821-3871
MoffettNathanson Nick Del Deo (212) 519-0025	Morgan Stanley Benjamin Swinburne (212) 761-7527	New Street Research Jonathan Chaplin (212) 921-9876
Raymond James Ric Prentiss (727) 567-2567	RBC Capital Markets Jonathan Atkin (415) 633-8589	Scotiabank Maher Yaghi (437) 995-5548
TD Cowen Michael Elias (646) 562-1358	Truist Securities Matthew Niknam (212) 326-6151	UBS Batya Levi (212) 713-8824
Wells Fargo Eric Luebchow (312) 630-2386	Wolfe Research Andrew Rosivach (646) 582-9350
Rating Agencies
Fitch Salonie Sehgal (312) 368-3137	Moody’s Ranjini Venkatesan (212) 553-3828	Standard & Poor’s Allyn Arden (212) 438-7832

(a)Includes credit for prior service with the Company prior to Ms. Piche's reappointment as Executive Vice President and Chief Operating Officer - Towers of the Company effective October 28, 2024.

Crown Castle Inc.

Second Quarter 2026

COMPANY
OVERVIEW

OUTLOOK

FINANCIAL

HIGHLIGHTS

CAPITALIZATION OVERVIEW

APPENDIX


OUTLOOK
(in millions, except per share amounts)	Full Year 2026 Outlook(a)
Site rental billings(b)		$3,805	to	$3,835
Amortization of prepaid rent		65	to	95
Straight-lined revenues		(75)	to	(45)
Other revenues		15	to	15
Site rental revenues		3,833	to	3,878
Site rental costs of operations(c)		968	to	1,013
Services and other gross margin		70	to	100
Net income (loss)(d)		730	to	1,010
Net income (loss) per share—diluted(d)		1.70	to	2.35
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)		787	to	832
Income (loss) from discontinued operations, net of tax(f)		(360)	to	(80)
FFO(b)		1,730	to	1,760
AFFO(b)		1,950	to	2,000
AFFO per share(b)		4.53	to	4.65
Discretionary capital expenditures(b)		150	to	250

(a)As issued on July 22, 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 April 30, 2026.

(e)See our reconciliation of "Outlook for Components of Interest Expense" for a discussion of non-cash interest expense.

(f)Represents expected results from the Fiber Business, including the estimated loss on disposal, through April 30, 2026.

Crown Castle Inc.

Second Quarter 2026

COMPANY
OVERVIEW

OUTLOOK

FINANCIAL

HIGHLIGHTS

CAPITALIZATION OVERVIEW

APPENDIX


OUTLOOK FOR COMPONENTS OF CHANGES IN SITE RENTAL REVENUES
(dollars in millions; totals may not sum due to rounding)	Full Year 2026 Outlook(a)
Components of changes in site rental revenues:
Prior year site rental billings excluding site rental billings to DISH(b)	$3,701
Prior year site rental billings to DISH(b)	222
Prior year site rental billings(b)	$3,923

Core leasing activity(b)	60	to	70
Escalators	95	to	105
Non-renewals(b)	(35)	to	(25)
Other billings(b)	—
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations(b)	120	to	150
Non-renewals associated with Sprint Cancellations(b)	(20)	to	(20)
Non-renewals associated with DISH Terminations(b)	(220)	to	(220)
Organic Contribution to Site Rental Billings(b)	(120)	to	(90)
Straight-lined revenues	(75)	to	(45)
Amortization of prepaid rent	65	to	95
Other revenues	15	to	15
Acquisitions(c)	—

Total site rental revenues	$3,833	to	$3,878

Year-over-year changes in revenues:(d)
Site rental revenues as a percentage of prior year site rental revenues	(4.8)%



Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as a percentage of prior year site rental billings excluding site rental billings to DISH(b)	3.6%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as a percentage of prior year site rental billings(b)	3.4%

Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(b)	(2.7)%


OUTLOOK FOR COMPONENTS OF INTEREST EXPENSE
(in millions)	Full Year 2026 Outlook(a)
Interest expense on debt obligations		$770	to	$810
Amortization of deferred financing costs and adjustments on long-term debt		25	to	35
Capitalized interest		(15)	to	(5)
Interest expense and amortization of deferred financing costs, net		$787	to	$832

(a)As issued on July 22, 2026.

(b)See our definitions of site rental billings, core leasing activity, non-renewals, other billings, Sprint Cancellations, DISH Terminations, Organic Contribution to Site Rental Billings and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations in "Non-GAAP Measures and Other Information."

(c)Represents the contribution from recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Billings, including as Adjusted for Impact of Sprint Cancellations and DISH Terminations, until the one-year anniversary of such acquisitions.

(d)Calculated based on midpoint of full year 2026 Outlook, where applicable.

Crown Castle Inc.

Second Quarter 2026

COMPANY
OVERVIEW

OUTLOOK

FINANCIAL

HIGHLIGHTS

CAPITALIZATION OVERVIEW

APPENDIX


SUMMARY FINANCIAL HIGHLIGHTS(a)
	2025								2026
(in millions, except per share amounts; totals may not sum due to rounding)	Q1		Q2		Q3		Q4		Q1		Q2
Net revenues:
Site rental
Site rental billings(b)	$	964	$	961	$	996	$	1,002	$	940	$	945
Amortization of prepaid rent	25		23		23		28		21		21
Straight-lined revenues	19		20		(11)		(15)		(3)		(3)
Other revenues	4		4		4		4		4		4
Total site rental	1,011		1,008		1,012		1,019		961		967
Services and other	50		52		60		53		49		41
Net revenues	$	1,061	$	1,060	$	1,072	$	1,072	$	1,010	$	1,008

Select operating expenses:
Costs of operations(c)
Site rental exclusive of straight-lined expenses	$	225	$	236	$	235	$	238	$	226	$	236
Straight-lined expenses	15		15		15		14		14		13
Total site rental	240		251		250		252		240		249
Services and other	28		27		30		29		26		19
Total costs of operations	268		278		280		281		266		268
Selling, general and administrative	$	93	$	99	$	97	$	94	$	90	$	97

Net income (loss)	$	(464)	$	291	$	323	$	294	$	151	$	94
Adjusted EBITDA(b)	722		705		718		718		675		675
Depreciation, amortization and accretion	177		175		167		170		172		171
Interest expense and amortization of deferred financing costs, net	236		243		247		246		242		208
FFO(b)	451		429		443		442		383		464
AFFO(b)	$	479	$	444	$	490	$	489	$	446	$	488

Weighted-average common shares outstanding— diluted	436		437		437		437		437		434

Net income (loss) per share—diluted	$	(1.07)	$	0.67	$	0.74	$	0.67	$	0.34	$	0.22
AFFO per share(b)	$	1.10	$	1.02	$	1.12	$	1.12	$	1.02	$	1.13

(a)With the exception of net income (loss) and net income (loss) per share-diluted, amounts are exclusive of the Fiber Business, which is presented in discontinued operations through April 30, 2026.

(b)See "Non-GAAP Measures and Other Information" for our definition of site rental billings and for further information and reconciliation of non-GAAP financial measures to net income (loss), including on a per share basis.

(c)Exclusive of depreciation, amortization and accretion, which are shown separately.

Crown Castle Inc.

Second Quarter 2026

COMPANY
OVERVIEW

OUTLOOK

FINANCIAL

HIGHLIGHTS

CAPITALIZATION OVERVIEW

APPENDIX


COMPONENTS OF CHANGES IN SITE RENTAL REVENUES(a)
	2025												2026
(dollars in millions; totals may not sum due to rounding)	Q1			Q2			Q3			Q4			Q1			Q2
Components of changes in site rental revenues:
Prior year site rental billings excluding site rental billings to DISH(b)	$	930		$	928		$	947		$	957		$	915		$	912
Prior year site rental billings to DISH(b)	36			38			48			49			49			49
Prior year site rental billings(b)	$	966		$	966		$	995		$	1,006		$	964		$	961

Core leasing activity(b)	16			16			20			16			15			15
Escalators	24			24			24			24			25			25
Non-renewals(b)	(7)			(7)			(7)			(7)			(6)			(7)
Other billings(b)	3			2			2			—			(3)			5
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations(b)	36			34			39			34			30			38
Organic Contribution to Site Rental Billings associated with DISH Terminations(b)	13			11			13			13			(49)			(49)
Non-renewals associated with Sprint Cancellations(b)	(51)			(51)			(51)			(51)			(5)			(5)
Organic Contribution to Site Rental Billings(b)	(2)			(6)			1			(4)			(24)			(16)
Straight-lined revenues	19			20			(11)			(15)			(3)			(3)
Amortization of prepaid rent	25			23			23			28			21			21
Other revenues	4			4			4			4			4			4

Total site rental revenues	$	1,011		$	1,008		$	1,012		$	1,019		$	961		$	967

Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues	(5.3)		%	(5.3)		%	(5.1)		%	(4.8)		%	(4.9)		%	(4.1)		%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as a percentage of prior year site rental billings excluding the prior year site rental billings to DISH(b)	3.9		%	3.7		%	4.1		%	3.6		%	3.3		%	4.2		%



Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as a percentage of prior year site rental billings(b)	3.7		%	3.5		%	3.9		%	3.4		%	3.1		%	3.9		%

Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(b)	(0.2)		%	(0.6)		%	0.1		%	(0.4)		%	(2.5)		%	(1.8)		%

(a)The financial impact of Fiber Business revenues is excluded, as these amounts are presented within discontinued operations through April 30, 2026.

Crown Castle Inc.

Second Quarter 2026

COMPANY
OVERVIEW

OUTLOOK

FINANCIAL

HIGHLIGHTS

CAPITALIZATION OVERVIEW

APPENDIX


SUMMARY OF CAPITAL EXPENDITURES(a)
	2025								2026
(dollars in millions; totals may not sum due to rounding)	Q1		Q2		Q3		Q4		Q1		Q2
Discretionary capital expenditures:
Tower improvements and other capital projects	$	15	$	17	$	20	$	18	$	18	$	16
Purchases of land interests	18		16		16		27		32		36
Total discretionary capital expenditures	33		33		36		45		50		52
Sustaining capital expenditures	7		7		6		14		7		7
Total capital expenditures	40		40		42		59		57		59
Less: Prepaid rent additions(b)	10		11		11		11		14		9
Capital expenditures less prepaid rent additions	$	30	$	29	$	31	$	48	$	43	$	50


PORTFOLIO HIGHLIGHTS
(as of June 30, 2026)
Number of towers (in thousands)(c)	40
Average number of tenants per tower	2.0
Remaining contracted tenant receivables (in billions)(d)(e)	$	26
Weighted average remaining tenant contract term (years)(d)(f)	5
Percent of towers in the Top 50 / 100 Basic Trading Areas	56% / 71%
Percent of ground leased / owned(g)	57% / 43%
Weighted average maturity of ground leases (years)(g)(h)	36

(a)See our definitions of discretionary capital expenditures and sustaining capital expenditures in "Non-GAAP Measures and Other Information." Excludes amounts related to the Fiber Business, which are presented in discontinued operations through April 30, 2026.

(b)Reflects up-front consideration from long-term tenant contracts (commonly referred to as prepaid rent) that are amortized and recognized as revenue over the associated estimated lease term in accordance with GAAP.

(c)Excludes third-party land interests.

(d)Excludes renewal terms at tenants' option.

(e)Includes contracted receivables related to DISH. See the Company's Form 8-K filed January 12, 2026, for additional information

(f)Weighted by site rental revenues.

(g)Weighted by site rental gross margin exclusive of straight-lined revenues, amortization of prepaid rent and straight-lined expenses.

(h)Includes all renewal terms at the Company's option.

Crown Castle Inc.

Second Quarter 2026

COMPANY
OVERVIEW

OUTLOOK

FINANCIAL

HIGHLIGHTS

CAPITALIZATION OVERVIEW

APPENDIX


CONSOLIDATED RETURN ON INVESTED CAPITAL(a)(b)
(as of June 30, 2026; dollars in millions)	Q2 2026 LQA			Q2 2025 LQA
Adjusted EBITDA(c)	$	2,700		$	2,820
Cash taxes (paid) refunded	(37)			(38)
Adjusted EBITDA less cash taxes paid	$	2,663		$	2,782

Historical gross investment in property and equipment(d)	$	17,117		$	16,907
Historical gross investment in site rental contracts and tenant relationships	4,590			4,590
Historical gross investment in goodwill	5,127			5,127
Consolidated Invested Capital(a)	$	26,834		$	26,624

Consolidated Return on Invested Capital(a)	9.9		%	10.4		%


CASH YIELD ON INVESTED CAPITAL(a)(b)
(as of June 30, 2026; dollars in millions)	Q2 2026 LQA			Q2 2025 LQA




Adjusted Site Rental Gross Margin(c)	$	2,892		$	3,048
Less: Amortization of prepaid rent	(83)			(92)
Add (less): Straight-lined revenues	13			(80)
Add: Straight-lined expenses	40			44
Numerator	$	2,862		$	2,920

Net investment in property and equipment(e)	$	13,739		$	13,590
Investment in site rental contracts and tenant relationships	4,590			4,590
Investment in goodwill(f)	5,351			5,351
Net Invested Capital(a)	$	23,680		$	23,531

Cash Yield on Invested Capital(a)	12.1		%	12.4		%

(a)See "Non-GAAP Measures and Other Information" for further information on, and our definitions of, Consolidated Return on Invested Capital, Consolidated Invested Capital, Cash Yield on Invested Capital, and Net Invested Capital.

(b)Excludes amounts related to the Fiber Business, which are presented in discontinued operations through April 30, 2026.

(c)See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss).

(d)Historical gross investment in property and equipment excludes the impact of construction in process.

(e)Net investment in property and equipment excludes the impact of construction in process and non-productive assets (such as information technology assets and buildings) and is reduced by the amount of prepaid rent received from tenants.

(f)Investment in goodwill excludes the impact of certain assets and liabilities recorded in connection with acquisitions.

Crown Castle Inc.

Second Quarter 2026

COMPANY
OVERVIEW

OUTLOOK

FINANCIAL

HIGHLIGHTS

CAPITALIZATION OVERVIEW

APPENDIX


TENANT OVERVIEW(a)
(as of June 30, 2026)	Percentage of Q2 2026 LQA Site Rental Revenues	Weighted Average Current Term Remaining(c)
T-Mobile	42%	6
AT&T	28%	3
Verizon	23%	5
All Others Combined	7%	4
Total / Weighted Average	100%	5


ANNUALIZED RENTAL CASH PAYMENTS AT TIME OF RENEWAL(b)(d)
	Remaining Six Months		Years Ending December 31,
(as of June 30, 2026; in millions)	2026		2027		2028		2029		2030
T-Mobile	$	9	$	30	$	27	$	41	$	28
AT&T	2		13		774		239		107
Verizon	1		7		32		49		71
All Others Combined	10		39		33		31		57
Total	$	22	$	89	$	866	$	360	$	263


PROJECTED REVENUES FROM TENANT CONTRACTS ASSOCIATED WITH ACTIVE LICENSES(b)(e)
	Remaining Six Months		Years Ending December 31,
(as of June 30, 2026; in millions)	2026		2027		2028		2029		2030
Components of site rental revenues:
Site rental billings(f)	$	1,928	$	3,913	$	4,029	$	4,145	$	4,270
Amortization of prepaid rent	39		68		47		29		19
Straight-lined revenues	(51)		(170)		(236)		(206)		(282)
Other revenues	10		20		21		22		23
Site rental revenues	$	1,926	$	3,831	$	3,861	$	3,990	$	4,030

(a)Excludes amounts related to the Fiber Business, which are presented in discontinued operations through April 30, 2026.

(b)Excludes amounts associated with DISH. See the Company's Form 8-K filed January 12, 2026, for additional information.

(c)Weighted by site rental revenues and excludes renewals at the tenants' option.

(d)Reflects lease renewals by year by tenant; dollar amounts represent annualized cash site rental revenues from assumed renewals or extensions as reflected in "Projected Revenues from Tenant Contracts Associated with Active Licenses" below.

(e)Based on tenant licenses in place and active as of June 30, 2026. All tenant licenses are assumed to renew for a new term no later than the respective current term end date, and as such, projected revenues do not reflect the impact of estimated annual churn. CPI-linked tenant contracts are assumed to escalate at 3% per annum.

(f)See "Non-GAAP Measures and Other Information" for our definition of site rental billings.

Crown Castle Inc.

Second Quarter 2026

COMPANY
OVERVIEW

OUTLOOK

FINANCIAL

HIGHLIGHTS

CAPITALIZATION OVERVIEW

APPENDIX


PROJECTED EXPENSES FROM EXISTING GROUND LEASES(a)
	Remaining Six Months		Years Ending December 31,
(as of June 30, 2026; in millions)	2026		2027		2028		2029		2030
Components of ground lease expenses:
Ground lease expenses exclusive of straight-lined expenses	$	343	$	700	$	719	$	738	$	759
Straight-lined expenses	27		37		26		15		4
Ground lease expenses	$	370	$	737	$	745	$	753	$	763


SUMMARY OF TOWER PORTFOLIO BY VINTAGE(b)
(as of June 30, 2026; dollars in thousands)	Acquired and Built 2006 and Prior			Acquired and Built 2007 to Present
Cash yield(c)	19		%	9		%
Number of tenants per tower(d)	2.5			1.9
Last quarter annualized average cash site rental revenue per tower(e)	$	130		$	80
Last quarter annualized average site rental gross cash margin per tower(f)	$	110		$	56
Net invested capital per tower(g)	$	567		$	600
Number of towers	11,153			28,588


GROUND INTEREST OVERVIEW
(as of June 30, 2026; dollars in millions)	LQA Cash Site Rental Revenues(e)		Percentage of LQA Cash Site Rental Revenues(e)		LQA Site Rental Gross Cash Margin(f)		Percentage of LQA Site Rental Gross Cash Margin(f)		Number of Towers(h)	Percentage of Towers		Weighted Average Term Remaining (by years)(i)
Less than 10 years	$	417	11	%	$	219	8	%	5,398	14	%
10 to 20 years	$	548	15	%	$	338	12	%	6,113	15	%
Greater than 20 years	$	1,463	39	%	$	1,044	37	%	16,055	40	%
Total leased	$	2,428	65	%	$	1,601	57	%	27,566	69	%	36

Owned	$	1,311	35	%	$	1,229	43	%	12,175	31	%
Total / Average	$	3,739	100	%	$	2,830	100	%	39,741	100	%

(a)Based on existing ground leases as of June 30, 2026. CPI-linked contracts are assumed to escalate at 3% per annum.

(b)All tower portfolio figures are calculated exclusively for the Company's towers and rooftops and do not give effect to other activities.

(c)Cash yield is calculated as last quarter annualized site rental gross margin, exclusive of straight-lined revenues, amortization of prepaid rent, and straight-lined expenses, divided by invested capital net of the amount of prepaid rent received from tenants.

(d)Excludes DISH.

(e)Exclusive of straight-lined revenues and amortization of prepaid rent.

(f)Exclusive of straight-lined revenues, amortization of prepaid rent and straight-lined expenses.

(g)Reflects gross total assets (including incremental capital invested by the Company since time of acquisition or construction completion), less any prepaid rent. Inclusive of invested capital related to land at the tower site.

(h)Excludes third-party land interests.

(i)Includes all renewal terms at the Company's option and weighted by site rental gross margin exclusive of straight-lined revenues, amortization of prepaid rent and straight-lined expenses.

Crown Castle Inc.

Second Quarter 2026

COMPANY
OVERVIEW

OUTLOOK

FINANCIAL

HIGHLIGHTS

CAPITALIZATION OVERVIEW

APPENDIX

CAPITALIZATION OVERVIEW

(as of June 30, 2026; dollars in millions)

Face Value(a)

Fixed vs. Variable

Interest Rate(b)

Debt to LQA Adjusted EBITDA(c)

Maturity

Cash and cash equivalents and restricted cash and cash equivalents(d)

1,254

Senior Secured Notes, Series 2009-1, Class A-2(e)

Fixed

9.0%

Aug. 2029

Senior Secured Tower Revenue Notes, Series 2018-2(f)

750

Fixed

4.2%

July 2048

Installment purchase liabilities and finance leases(g)

261

Fixed

Various

Total secured debt

1,033

4.3%

0.4x

2026 Revolver(h)

—

Variable

N/A

May 2031

Commercial Paper Notes(i)

—

Variable

N/A

1.050% Senior Notes(j)

1,000

Fixed

1.1%

July 2026

2.900% Senior Notes

718

Fixed

2.9%

Mar. 2027

4.000% Senior Notes

500

Fixed

4.0%

Mar. 2027

3.650% Senior Notes

979

Fixed

3.7%

Sept. 2027

5.000% Senior Notes

977

Fixed

5.0%

Jan. 2028

3.800% Senior Notes

978

Fixed

3.8%

Feb. 2028

4.800% Senior Notes

597

Fixed

4.8%

Sept. 2028

4.300% Senior Notes

557

Fixed

4.3%

Feb. 2029

5.600% Senior Notes

696

Fixed

5.6%

June 2029

4.900% Senior Notes

546

Fixed

4.9%

Sept. 2029

3.100% Senior Notes

532

Fixed

3.1%

Nov. 2029

3.300% Senior Notes

709

Fixed

3.3%

July 2030

2.250% Senior Notes

1,044

Fixed

2.3%

Jan. 2031

2.100% Senior Notes

981

Fixed

2.1%

Apr. 2031

2.500% Senior Notes

726

Fixed

2.5%

July 2031

5.100% Senior Notes

739

Fixed

5.1%

May 2033

5.800% Senior Notes

705

Fixed

5.8%

Mar. 2034

5.200% Senior Notes

650

Fixed

5.2%

Sept. 2034

2.900% Senior Notes

1,219

Fixed

2.9%

Apr. 2041

4.750% Senior Notes

350

Fixed

4.8%

May 2047

5.200% Senior Notes

396

Fixed

5.2%

Feb. 2049

4.000% Senior Notes

341

Fixed

4.0%

Nov. 2049

4.150% Senior Notes

493

Fixed

4.2%

July 2050

3.250% Senior Notes

887

Fixed

3.3%

Jan. 2051

Total unsecured debt

17,320

3.7%

6.4x

Net Debt(c)

17,099

3.7%

6.3x

Market Capitalization(k)

32,244

Firm Value(l)

49,343

(a)Net of required principal amortizations and repurchases.

(b)Represents the weighted-average stated interest rate, as applicable, exclusive of finance leases and other obligations.

(c)Represents the applicable amount of debt divided by Last Quarter Annualized Adjusted EBITDA. See "Non-GAAP Measures and Other Information" for further information on, and our definition and calculation of, Net Debt and Net Debt to Last Quarter Annualized Adjusted EBITDA.

(d)Cash on hand was used to repay the 1.050% Senior Notes on the contractual maturity date in July 2026.

(e)The Senior Secured Notes, 2009-1, Class A-2 principal amortizes over a period ending in August 2029.

(f)If the $750 million aggregate principal amount of 4.241% senior secured tower revenue notes ("Tower Revenue Notes, Series 2018-2") is not paid in full on or prior to July 2028, the anticipated repayment date, then the Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay the principal, and additional interest (of approximately 5% per annum) will accrue on such notes. The Tower Revenue Notes, Series 2018-2 are prepayable at par if voluntarily repaid within eighteen months of the anticipated repayment date; earlier prepayment may require additional consideration.

(g)As of June 30, 2026, reflects $5 million in finance lease obligations (primarily related to vehicles).

(h)As of June 30, 2026, the undrawn availability under the $4.5 billion 2026 Revolver was $4.5 billion. The Company pays a commitment fee on the undrawn available amount, which as of June 30, 2026, ranged from 0.080% to 0.200%, based on the Company's senior unsecured debt rating, per annum.

(i)As of June 30, 2026, the Company had $2.0 billion available for issuance under the $2.0 billion unsecured commercial paper program ("CP Program"). The maturities of the Commercial Paper Notes ("CP Notes"), when outstanding, may vary but may not exceed 397 days from the date of issue.

(j)In July 2026, we repaid in full the 1.050% Senior Notes on the contractual maturity date.

(k)Market capitalization calculated based on $75.73 closing price and 426 million shares outstanding as of June 30, 2026.

(l)Represents the sum of Net Debt and market capitalization.

Crown Castle Inc.

Second Quarter 2026

COMPANY
OVERVIEW

OUTLOOK

FINANCIAL HIGHLIGHTS

CAPITALIZATION OVERVIEW

APPENDIX


DEBT MATURITY OVERVIEW(a)

(as of June 30, 2026; in millions)

(a)Where applicable, maturities reflect the anticipated repayment date of the Tower Revenue Notes, Series 2018-2; excludes finance leases and other obligations; amounts presented at face value, net of required principal amortizations and repurchases held at the Company.

(b)In July 2026, we repaid in full the 1.050% Senior Notes with a face value of $1.0 billion on the contractual maturity date.

Crown Castle Inc.

First Quarter 2025

COMPANY
OVERVIEW

OUTLOOK

FINANCIAL

HIGHLIGHTS

CAPITALIZATION OVERVIEW

APPENDIX


LIQUIDITY OVERVIEW(a)
(in millions)	June 30, 2026
Cash and cash equivalents, and restricted cash and cash equivalents(b)	$	1,254
Undrawn 2026 Revolver availability(c)	4,461
Total debt and other obligations (current and non-current)(d)	18,239
Total equity (deficit)	(3,270)

SUMMARY OF MAINTENANCE AND FINANCIAL COVENANTS

Debt

Borrower / Issuer

Covenant(e)

Covenant Level Requirement

As of June 30, 2026

Maintenance Financial Covenants(f)

2026 Credit Facility

CCI

Total Net Leverage Ratio

≤ 7.00x

6.1x

2026 Credit Facility

CCI

Total Senior Secured Leverage Ratio

≤ 3.50x

0.3x

Financial covenants requiring excess cash flows to be deposited in a cash trap reserve account and not released

Tower Revenue Notes, Series 2018-2

Crown Castle Towers LLC and its Subsidiaries

Debt Service Coverage Ratio

> 1.75x

(g)

30.2x

2009 Securitized Notes

Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries

Debt Service Coverage Ratio

> 1.30x

(g)

53.9x

Financial covenants restricting ability of relevant issuer to issue additional notes under the applicable indenture

Tower Revenue Notes, Series 2018-2

Crown Castle Towers LLC and its Subsidiaries

Debt Service Coverage Ratio

≥ 2.00x

(h)

30.2x

2009 Securitized Notes

Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries

Debt Service Coverage Ratio

≥ 2.34x

(h)

53.9x

(a)In addition, we have the following sources of liquidity:

i.In March 2024, we established an at-the-market stock offering program ("ATM Program") through which we may, from time to time, issue and sell shares of our common stock having an aggregate gross sales price of up to $750 million to or through sales agents. No shares of common stock have been sold under the ATM Program.

ii.In April 2019, we established a CP Program through which we may issue short term, unsecured CP Notes. Amounts available under the CP Program may be issued, repaid and re-issued from time to time, with the aggregate principal amount of CP Notes outstanding under the CP Program at any time not to exceed $2.0 billion. As of June 30, 2026, there were no CP Notes outstanding under our CP Program. We intend to maintain available commitments under our 2026 Revolver in an amount at least equal to the amount of CP Notes outstanding at any point in time.

(b)Inclusive of $5 million included within "Other assets, net" on our condensed consolidated balance sheet.

(c)Availability at any point in time is subject to reaffirmation of the representations and warranties in, and there being no default under, the credit agreement governing our 2026 Revolver.

(d)See "Non-GAAP Measures and Other Information" for further information on, and reconciliation to, Net Debt.

(e)As defined in the respective debt agreement. In the indentures for the Tower Revenue Notes, Series 2018-2 and the 2009 Securitized Notes, the defined term for Debt Service Coverage Ratio is "DSCR." Total Net Leverage Ratio, Total Senior Secured Leverage Ratio and all DSCR ratios are calculated using the trailing twelve months.

(f)Failure to comply with the financial maintenance covenants would, absent a waiver, result in an event of default under the credit agreement governing our 2026 Credit Facility.

(g)The Tower Revenue Notes, Series 2018-2 and 2009 Securitized Notes also include the potential for amortization events, which could result in applying current and future cash flow to the prepayment of debt with applicable prepayment consideration. An amortization event occurs when the Debt Service Coverage Ratio falls below 1.45x or 1.15x, in each case as described under the indentures for the Tower Revenue Notes, Series 2018-2 or 2009 Securitized Notes, respectively.

(h)Rating Agency Confirmation (as defined in the respective debt agreement) is required.

Crown Castle Inc.

First Quarter 2025

COMPANY
OVERVIEW

OUTLOOK

FINANCIAL

HIGHLIGHTS

CAPITALIZATION OVERVIEW

APPENDIX


INTEREST RATE EXPOSURE(a)(b)
(as of June 30, 2026; dollars in millions)
Fixed Rate Debt
Face value of principal outstanding(c)	$18,092
% of total debt	100%
Weighted average interest rate	3.7%

Upcoming maturities:	2026(d)	2027
Face value of principal outstanding(c)	$1,000	$2,197
Weighted average interest rate	1.05%	3.48%


COMPONENTS OF INTEREST EXPENSE
	2025								2026
(in millions; totals may not sum due to rounding)	Q1		Q2		Q3		Q4		Q1		Q2
Interest expense on debt obligations	$	233	$	239	$	244	$	241	$	239	$	202
Amortization of deferred financing costs and adjustments on long-term debt	8		8		8		8		7		7
Capitalized interest	(5)		(4)		(5)		(3)		(4)		(1)
Interest expense and amortization of deferred financing costs, net	$	236	$	243	$	247	$	246	$	242	$	208

(a)Excludes installment purchase liabilities and finance leases; assumes no default.

(b)The Company had no floating-rate debt outstanding as of June 30, 2026.

(c)Net of required principal amortization and repurchases.

(d)In July 2026, we repaid in full the 1.050% Senior Notes on the contractual maturity date.

Crown Castle Inc.

Second Quarter 2026

COMPANY
OVERVIEW

OUTLOOK

FINANCIAL

HIGHLIGHTS

CAPITALIZATION OVERVIEW

APPENDIX


CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)
(in millions, except par values)	June 30, 2026		December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	1,042	$	99
Restricted cash and cash equivalents	207		170
Receivables, net	179		172
Prepaid expenses	78		79
Deferred site rental receivables	191		167
Other current assets	19		23
Current assets of discontinued operations	—		434
Total current assets	1,716		1,144
Deferred site rental receivables	2,258		2,288
Property and equipment, net	6,165		6,273
Operating lease right-of-use assets	5,410		5,473
Goodwill	5,127		5,127
Site rental contracts and tenant relationships	746		834
Other intangible assets, net	27		27
Other assets, net	63		61
Non-current assets of discontinued operations	—		10,291
Total assets	$	21,512	$	31,518

LIABILITIES AND EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$	90	$	71
Accrued interest	210		235
Deferred revenues	259		192
Other accrued liabilities	213		168
Current maturities of debt and other obligations	2,260		2,783
Current portion of operating lease liabilities	258		268
Current liabilities of discontinued operations	—		762
Total current liabilities	3,290		4,479
Debt and other long-term obligations	15,979		21,554
Operating lease liabilities	4,907		4,961

Other long-term liabilities	606		607
Non-current liabilities of discontinued operations	—		1,552
Total liabilities	24,782		33,153
Commitments and contingencies
Stockholders' equity (deficit):
Common stock, 0.01 par value; 1,200 shares authorized; June 30, 2026—437 shares issued and 426 outstanding, and December 31, 2025—435 shares issued and outstanding	4		4
Additional paid-in capital	18,570		18,527
Treasury stock, at cost; June 30, 2026—11 shares, and December 31, 2025—0 shares	(1,000)		—
Accumulated other comprehensive income (loss)	(5)		(5)
Dividends/distributions in excess of earnings	(20,839)		(20,161)
Total equity (deficit)	(3,270)		(1,635)
Total liabilities and equity (deficit)	$	21,512	$	31,518

Crown Castle Inc.

Second Quarter 2026

COMPANY
OVERVIEW

OUTLOOK

FINANCIAL

HIGHLIGHTS

CAPITALIZATION OVERVIEW

APPENDIX


CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share amounts)	2026		2025		2026		2025
Net revenues:
Site rental	$	967	$	1,008	$	1,928	$	2,019
Services and other	41		52		90		102
Net revenues	1,008		1,060		2,018		2,121
Operating expenses:
Costs of operations:(a)
Site rental	249		251		489		491
Services and other	19		27		45		55
Selling, general and administrative	97		99		187		192
Asset write-down charges	2		2		5		4

Depreciation, amortization and accretion	171		175		343		352
Restructuring charges	—		—		14		—

Total operating expenses	538		554		1,083		1,094

Operating income (loss)	470		506		935		1,027
Interest expense and amortization of deferred financing costs, net	(208)		(243)		(450)		(479)
Gains (losses) on retirement of long-term obligations	24		—		24		—
Interest income	18		4		22		7
Other income (expense)	(1)		2		(2)		3
Income (loss) from continuing operations before income taxes	303		269		529		558
Benefit (provision) for income taxes	(4)		(4)		(9)		(9)
Income (loss) from continuing operations	$	299	$	265	$	520	$	549
Discontinued operations:
Income (loss) from discontinued operations before gain (loss) from disposal, net of tax	75		278		350		360
Gain (loss) from disposal of discontinued operations	(280)		(252)		(625)		(1,082)
Income (loss) from discontinued operations, net of tax	(205)		26		(275)		(722)



Net income (loss)	$	94	$	291	$	245	$	(173)












Net income (loss), per common share:
Income (loss) from continuing operations, basic	$	0.69	$	0.61	$	1.20	$	1.26
Income (loss) from discontinued operations, basic	(0.47)		0.06		$	(0.63)	$	(1.66)
Net income (loss)—basic	$	0.22	$	0.67	$	0.57	$	(0.40)
Income (loss) from continuing operations, diluted	$	0.69	$	0.61	$	1.19	$	1.26
Income (loss) from discontinued operations, diluted	(0.47)		0.06		$	(0.63)	$	(1.66)
Net income (loss)—diluted	$	0.22	$	0.67	$	0.56	$	(0.40)
Weighted-average common shares outstanding:
Basic	433		435		434		435
Diluted	434		437		436		436

(a)Exclusive of depreciation, amortization and accretion shown separately.

Crown Castle Inc.

Second Quarter 2026

COMPANY
OVERVIEW

OUTLOOK

FINANCIAL

HIGHLIGHTS

CAPITALIZATION OVERVIEW

APPENDIX


CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
	Six Months Ended June 30,
(in millions)	2026		2025
Cash flows from operating activities:
Net income (loss)	$	245	$	(173)
(Income) loss from discontinued operations before (gain) loss from disposal, net of tax	(350)		(360)
(Gain) loss from disposal of discontinued operations	625		1,082
Income (loss) from continuing operations	520		549
Adjustments to reconcile income (loss) from continuing operations to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion	343		352

(Gains) losses on retirement of long-term obligations	(24)		—
Amortization of deferred financing costs and other non-cash interest	14		16
Stock-based compensation expense, net	47		36
Asset write-down charges	5		4
Deferred income tax (benefit) provision	4		1

Other non-cash adjustments, net	1		(4)
Net cash provided by (used for) operating activities from discontinued operations	108		581
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in accrued interest	(25)		(6)
Increase (decrease) in accounts payable	21		—
Increase (decrease) in other liabilities	19		(32)
Decrease (increase) in receivables	(4)		29
Decrease (increase) in other assets	11		(53)
Net cash provided by (used for) operating activities	1,040		1,473
Cash flows from investing activities:
Capital expenditures	(116)		(80)


Other investing activities, net	—		3
Net cash provided by (used for) investing activities from discontinued operations(a)	8,089		(446)
Net cash provided by (used for) investing activities	7,973		(523)
Cash flows from financing activities:

Principal payments on debt and other long-term obligations	(45)		(59)
Purchases and redemptions of long-term debt	(3,191)		(700)
Borrowings under revolving credit facility	1,350		400
Payments under revolving credit facility	(2,295)		—
Net issuances (repayments) under commercial paper program	(1,931)		564
Payments for financing costs	(6)		—


Purchases of common stock	(1,017)		(23)
Dividends/distributions paid on common stock	(932)		(1,153)

Net cash provided by (used for) financing activities	(8,067)		(971)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents	946		(21)




Effect of exchange rate changes on cash	—		—
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period(b)	308		295
Cash and cash equivalents and restricted cash and cash equivalents at end of period(c)	$	1,254	$	274
Supplemental disclosure of cash flow information:
Interest paid	$	466	$	478
Income taxes paid (refunded)	$	9	$	9

(a)Inclusive of $8.4 billion of net cash proceeds from the completed sale of the Fiber Business in 2026.

(b)Inclusive of cash and cash equivalents and restricted cash and cash equivalents included in discontinued operations.

(c)Inclusive of cash and cash equivalents and restricted cash and cash equivalents included in discontinued operations for the period ending June 30, 2025.

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APPENDIX


NON-GAAP MEASURES AND OTHER INFORMATION

This Supplement 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), Adjusted Site Rental Gross Margin, Adjusted Services and Other Gross Margin, Net Debt, Net Debt to Last Quarter Annualized Adjusted EBITDA, Consolidated Return on Invested Capital, and Cash Yield on Invested Capital, 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 REITs.

In addition, we 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.

•Adjusted Site Rental Gross Margin and Adjusted Services and Other Gross Margin are useful to investors or other interested parties in evaluating our financial performance. These measures are used by our management (1) to evaluate the economic productivity of our business, (2) to identify underlying business trends that are impacting our performance, and (3) for purposes of making decisions about allocating resources to, and assessing the performance of, our business. We also believe it helps investors and other interested parties meaningfully evaluate and compare the results of our operations from period to period.

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•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.

•Net Debt to Last Quarter Annualized Adjusted EBITDA is useful to investors or other interested parties, specifically credit rating agencies, in analyzing our operating performance in the context of targeted financial leverage. Management uses Net Debt to Last Quarter Annualized Adjusted EBITDA in assessing our leverage. Net Debt to Last Quarter Annualized Adjusted EBITDA is not meant as an alternative to GAAP measures such as debt and net income (loss) computed in accordance with GAAP. Net Debt to Last Quarter Annualized Adjusted EBITDA should be considered only as a supplement in understanding and assessing our leverage.

•Consolidated Return on Invested Capital and Cash Yield on Invested Capital are useful to investors or other interested parties in evaluating the financial performance of our assets. Management believes that these metrics are useful in assessing our efficiency at allocating capital to generate returns over time. Consolidated Return on Invested Capital and Cash Yield on Invested Capital are not meant as alternatives to GAAP measures such as revenues, operating income, and certain asset classes (such as property and equipment, site rental contracts and tenant relationships, and goodwill) computed in accordance with GAAP. Such non-GAAP metrics should be considered only as a supplement in understanding and assessing the performance of our assets.

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.

Net Debt to Last Quarter Annualized Adjusted EBITDA. We define Net Debt to Last Quarter Annualized Adjusted EBITDA as Net Debt divided by the most recent quarter's Adjusted EBITDA multiplied by four.

Consolidated Invested Capital. We define Consolidated Invested Capital as the historical gross investment in (1) property and equipment (excluding the impact of construction in process and write-offs), (2) site rental contracts and tenant relationships and (3) goodwill (excluding impairment charges).

Consolidated Return on Invested Capital. We define Consolidated Return on Invested Capital as Adjusted EBITDA less cash taxes paid divided by Consolidated Invested Capital.

Net Invested Capital. We define Net Invested Capital as the investment in (1) property and equipment, excluding the impact of construction in process and non-productive assets (such as information technology assets and buildings) and write-offs, reduced by the amount of prepaid rent received from tenants, (2) site rental contracts and tenant relationships, and (3) goodwill, excluding the impact of certain assets and liabilities recorded in connection with acquisitions and impairment charges.

Cash Yield on Invested Capital. We define Cash Yield on Invested Capital as Adjusted Site Rental Gross Margin adjusted for the impacts of (1) amortization of prepaid rent, (2) straight-lined revenues, and (3) straight-lined expenses divided by Net Invested Capital.

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Adjusted Site Rental Gross Margin. We define Adjusted Site Rental Gross Margin as site rental revenues less site rental costs of operations, excluding stock-based compensation expense, net and amortization of prepaid lease purchase price adjustments. This measure is exclusive of depreciation, amortization and accretion, which are shown separately.

Adjusted Services and Other Gross Margin. We define Adjusted Services and Other Gross Margin as services and other revenues less services and other costs of operations, excluding stock-based compensation expense, net.

Other Information

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 signed the Strategic Fiber 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 for $8.5 billion in aggregate, subject to certain closing adjustments ("Strategic Fiber Transaction"). The Strategic Fiber Transaction was completed on May 1, 2026. We received aggregate net cash proceeds of $8.4 billion, representing the gross contractual purchase price of $8.5 billion less the net impact of preliminary purchase price adjustments of $124 million, which are subject to a post-closing settlement process.

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Second Quarter 2026

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Reconciliation of Historical Adjusted EBITDA:


	2025								2026
(in millions; totals may not sum due to rounding)	Q1		Q2		Q3		Q4		Q1		Q2
Net income (loss)(a)	$	(464)	$	291	$	323	$	294	$	151	$	94
Adjustments to increase (decrease) net income (loss)
Asset write-down charges	2		2		3		4		3		2


Depreciation, amortization and accretion	177		175		167		170		172		171
Restructuring charges(b)	—		—		—		—		14		—
Amortization of prepaid lease purchase price adjustments	4		4		4		4		4		3
Interest expense and amortization of deferred financing costs, net(c)	236		243		247		246		242		208
(Gains) losses on retirement of long-term obligations	—		—		—		—		—		(24)
Interest income	(3)		(4)		(3)		(3)		(3)		(18)
Other (income) expense	(1)		(2)		—		—		1		1
(Benefit) provision for income taxes	5		4		4		3		5		4
Stock-based compensation expense, net	18		18		19		17		18		28
(Income) loss from discontinued operations, net of tax(d)	748		(26)		(46)		(17)		69		205
Adjusted EBITDA(e)(f)	$	722	$	705	$	718	$	718	$	675	$	675

Reconciliation of Outlook for Adjusted EBITDA:


(in millions; totals may not sum due to rounding)	Full Year 2026 Outlook(g)
Net income (loss)(a)		$730	to	$1,010
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(h)		787	to	832
(Gains) losses on retirement of long-term obligations		(25)	to	(25)
Interest income		(25)	to	(25)
Other (income) expense		0	to	9
(Benefit) provision for income taxes		11	to	19
Stock-based compensation expense, net		78	to	82
(Income) loss from discontinued operations, net of tax(i)		80	to	360
Adjusted EBITDA(e)(f)		$2,665	to	$2,715

(a)Includes contribution from discontinued operations through April 30, 2026.

(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 and six months ended June 30, 2026, no charges and $14 million of charges were recorded related to the 2026 Restructuring Plan, respectively.

(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 $280 million and $252 million recorded in the three months ended June 30, 2026 and 2025, respectively, and $625 million and $1,082 million recorded in the six months ended June 30, 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 July 22, 2026.

(h)See the reconciliation of "Outlook for Components of Interest Expense" for a discussion of non-cash interest expense.

(i)Represents expected results from the Fiber Business, including the estimated loss on disposal, through April 30, 2026.

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Reconciliation of Historical FFO and AFFO:


(in millions; totals may not sum due to rounding)	2025								2026
	Q1		Q2		Q3		Q4		Q1		Q2
Net income (loss)(a)	$	(464)	$	291	$	323	$	294	$	151	$	94
Real estate related depreciation, amortization and accretion	164		162		163		161		161		162
Asset write-down charges	2		2		3		4		3		2

(Income) loss from discontinued operations, net of tax(b)	748		(26)		(46)		(17)		69		205
FFO(c)(d)	$	451	$	429	$	443	$	442	$	383	$	464
Weighted-average common shares outstanding—diluted	436		437		437		437		437		434

FFO (from above)	$	451	$	429	$	443	$	442	$	383	$	464
Adjustments to increase (decrease) FFO:
Straight-lined revenues	(19)		(20)		11		15		3		3
Straight-lined expenses	15		14		15		14		14		13
Stock-based compensation expense, net	18		18		19		17		18		28
Non-cash portion of tax provision	5		(5)		2		—		5		(5)
Non-real estate related depreciation, amortization and accretion	13		13		4		9		11		8
Amortization of non-cash interest expense	3		4		3		5		4		6
Other (income) expense	(1)		(2)		—		—		1		1
(Gains) losses on retirement of long-term obligations	—		—		—		—		—		(24)

Restructuring charges(e)	—		—		—		—		14		—
Sustaining capital expenditures	(7)		(7)		(6)		(14)		(7)		(7)
AFFO(c)(d)	$	479	$	444	$	490	$	489	$	446	$	488
Weighted-average common shares outstanding—diluted	436		437		437		437		437		434

(a)Includes contribution from discontinued operations through April 30, 2026.

(b)Represents results from the Fiber Business, including a loss on disposal of $280 million and $252 million recorded in the three months ended June 30, 2026 and 2025, respectively, and $625 million and $1,082 million recorded in the six months ended June 30, 2026 and 2025, respectively.

(c)See discussion and our definitions of FFO and AFFO in this "Non-GAAP Measures and Other Information."

(d)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.

(e)Represents restructuring charges recorded related to the 2026 Restructuring Plan.

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Reconciliation of Historical FFO and AFFO per share:


(in millions, except per share amounts; totals may not sum due to rounding)	2025								2026
	Q1		Q2		Q3		Q4		Q1		Q2
Net income (loss)(a)	$	(1.06)	$	0.67	$	0.74	$	0.67	$	0.34	$	0.22
Real estate related depreciation, amortization and accretion	0.38		0.37		0.37		0.37		0.37		0.37
Asset write-down charges	—		—		0.01		0.01		0.01		0.01

(Income) loss from discontinued operations, net of tax(b)	1.72		(0.06)		(0.11)		(0.04)		0.16		0.47
FFO(c)(d)	$	1.03	$	0.98	$	1.01	$	1.01	$	0.88	$	1.07
Weighted-average common shares outstanding—diluted	436		437		437		437		437		434


FFO (from above)	$	1.03	$	0.98	$	1.01	$	1.01	$	0.88	$	1.07
Adjustments to increase (decrease) FFO:
Straight-lined revenues	(0.04)		(0.05)		0.03		0.03		0.01		0.01
Straight-lined expenses	0.03		0.03		0.03		0.03		0.03		0.03
Stock-based compensation expense, net	0.04		0.04		0.04		0.04		0.04		0.07
Non-cash portion of tax provision	0.01		(0.01)		—		—		0.01		(0.01)
Non-real estate related depreciation, amortization and accretion	0.03		0.03		0.01		0.02		0.03		0.02
Amortization of non-cash interest expense	0.01		0.01		0.01		0.01		0.01		0.01
Other (income) expense	—		—		—		—		—		—
(Gains) losses on retirement of long-term obligations	—		—		—		—		—		(0.05)

Restructuring charges(e)	—		—		—		—		0.03		—
Sustaining capital expenditures	(0.02)		(0.02)		(0.01)		(0.03)		(0.02)		(0.02)
AFFO(c)(d)	$	1.10	$	1.02	$	1.12	$	1.12	$	1.02	$	1.13
Weighted-average common shares outstanding—diluted	436		437		437		437		437		434

(a)Includes contribution from discontinued operations through April 30, 2026.

(c)See discussion and our definitions of FFO and AFFO, including per share amounts, in this "Non-GAAP Measures and Other Information."

(d)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.

(e)Represents restructuring charges recorded related to the 2026 Restructuring Plan.

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Reconciliation of Outlook for FFO and AFFO:


(in millions, except per share amounts; totals may not sum due to rounding)	Full Year 2026 Outlook(a)			Full Year 2026 Outlook Per Share(a)
Net income (loss)(b)		$730	to	$1,010	$1.70	to	$2.35
Real estate related depreciation, amortization and accretion		600	to	680	1.40	to	1.58
Asset write-down charges		10	to	20	0.02	to	0.05
(Income) loss from discontinued operations, net of tax(c)		80	to	360	0.19	to	0.84
FFO(d)(e)		$1,730	to	$1,760	$4.02	to	$4.09
Weighted-average common shares outstanding—diluted	430			430


FFO (from above)		$1,730	to	$1,760	$4.02	to	$4.09
Adjustments to increase (decrease) FFO:
Straight-lined revenues		45	to	75	0.10	to	0.17
Straight-lined expenses		45	to	65	0.10	to	0.15
Stock-based compensation expense, net		78	to	82	0.18	to	0.19
Non-cash portion of tax provision		(8)	to	8	(0.02)	to	0.02
Non-real estate related depreciation, amortization and accretion		27	to	42	0.06	to	0.10
Amortization of non-cash interest expense		15	to	25	0.03	to	0.06
Other (income) expense		0	to	9	0.00	to	0.02
(Gains) losses on retirement of long-term obligations		(25)	to	(25)	(0.06)	to	(0.06)
Acquisition and integration costs		(3)	to	3	(0.01)	to	0.01
Restructuring charges		25	to	35	0.06	to	0.08
Sustaining capital expenditures		(45)	to	(25)	(0.10)	to	(0.06)
AFFO(d)(e)		$1,950	to	$2,000	$4.53	to	$4.65
Weighted-average common shares outstanding—diluted	430			430

Reconciliation of Net Debt and Calculation of Net Debt to Last Quarter Annualized Adjusted EBITDA:


(as of June 30, 2026; dollars in millions)	June 30, 2026
Total debt and other obligations (current and non-current)	$	18,239
Unamortized adjustments, net	114
Total face value of debt	18,353
Less: Ending cash and cash equivalents and restricted cash and cash equivalents	1,254
Net Debt(d)	$	17,099

Adjusted EBITDA for the three months ended June 30, 2026(d)	$	675
Last quarter annualized Adjusted EBITDA(d)	2,700
Net Debt to Last Quarter Annualized Adjusted EBITDA(d)	6.3		x

(a)As issued on July 22, 2026.

(b)Includes contribution from discontinued operations through April 30, 2026.

(c)Represents expected results from the Fiber Business, including the estimated loss on disposal, through April 30, 2026.

(d)See discussion and our definitions of FFO and AFFO, including per share amounts, Net Debt, Adjusted EBITDA, and Net Debt to Last Quarter Adjusted EBITDA in this "Non-GAAP Measures and Other Information."

(e)The above reconciliation excludes line items included in our definition which are not applicable for the period shown.

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Reconciliation of Adjusted Site Rental Gross Margin and Adjusted Services and Other Gross Margin:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions of dollars; totals may not sum due to rounding)	2026		2025		2026		2025
Net income (loss)(a)	$	94	$	291	$	245	$	(173)
Adjustments to increase (decrease) income (loss):
Services and other revenues	(41)		(52)		(90)		(102)
Services and other costs of operations	19		27		45		55
Selling, general and administrative expenses	97		99		187		192
Asset write-down charges	2		2		5		4
Depreciation, amortization and accretion	171		175		343		352
Restructuring charges	—		—		14		—
Amortization of prepaid lease purchase price adjustments	3		4		7		8
Interest expense and amortization of deferred financing costs, net	208		243		450		479
(Gain) loss on retirement of long-term obligations	(24)		—		(24)		—
Interest income	(18)		(4)		(22)		(7)
Other (income) expense	1		(2)		2		(3)
(Benefit) provision for income taxes	4		4		9		9
Stock-based compensation expense, net recorded in site rental costs of operations	1		1		2		2
(Income) loss from discontinued operations, net of tax	205		(26)		275		722
Adjusted Site Rental Gross Margin(b)(c)	$	723	$	762	$	1,448	$	1,538


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions of dollars; totals may not sum due to rounding)	2026		2025		2026		2025
Net income (loss)(a)	$	94	$	291	$	245	$	(173)
Adjustments to increase (decrease) net income (loss):
Site rental revenues	(967)		(1,008)		(1,928)		(2,019)
Site rental costs of operations(d)	249		251		489		491
Selling, general and administrative expenses	97		99		187		192
Asset write-down charges	2		2		5		4
Depreciation, amortization and accretion	171		175		343		352
Restructuring charges	—		—		14		—
Interest expense and amortization of deferred financing costs, net	208		243		450		479
(Gain) loss on retirement of long-term obligations	(24)		—		(24)		—
Interest income	(18)		(4)		(22)		(7)
Other (income) expense	1		(2)		2		(3)
(Benefit) provision for income taxes	4		4		9		9
Stock-based compensation expense, net recorded in services and other costs of operations	1		1		2		3
(Income) loss from discontinued operations, net of tax	205		(26)		275		722
Adjusted Services and Other Gross Margin(b)(c)	$	23	$	26	$	47	$	50

(a)Includes contribution from discontinued operations through April 30, 2026.

(b)See discussion and our definition of Adjusted Site Rental Gross Margin and Adjusted Services and Other Gross Margin in this "Non-GAAP Measures and Other Information."

(c)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.

(d)Exclusive of depreciation, amortization and accretion shown separately.