Crown Castle Inc

Transition to a Pure-Play U.S. Tower Company: Crown Castle is in the early phases of selling its Fiber and Small Cell segments, positioning itself as a pure-play tower company solely focused on the U.S. markets. The sale aims to unlock substantial value within the tower business, anticipated to close in the first half of 2026. This strategic pivot is expected to enhance operational efficiencies and improve customer service.

Strong Q1 Performance: Crown Castle reported a solid Q1 2025 with site rental revenues reflecting a 5.1% organic growth (excluding Sprint Cancellations). This strong start gives confidence in their full-year forecast, which maintains an adjusted EBITDA of approximately $2.8 billion and AFFO of approximately $1.8 billion for 2025. The company had $53 million in free cash flow from discontinued operations in Q1.

Capital Allocation Framework: The company plans to return 75% to 80% of anticipated AFFO via a quarterly dividend, projected to be reduced to $4.25 starting Q2 2025. Additionally, a share repurchase program of approximately $3 billion is anticipated upon the sale's closure. This dual approach aims to balance shareholder returns while maintaining financial flexibility and investment-grade credit ratings.