CCI 4Q25 Results and Model Update
We are updating our model for CCI (Neutral, PT $93) following its 4Q25 results that were largely ahead of our estimates and consensus. With the removal of SATS noise from reported results, 2026 AFFO per share will be heavily influenced by the timing of the Small Cells and Fiber Segment Divestiture. As we have previously mentioned, we don’t see material upside in the stock until all the heavy lifting takes place which looks to wait until mid-year.Crown Castle International is a holding company. Through its subsidiaries, the company owns, operates and leases shared communications infrastructure that is geographically dispersed throughout the U.S., including towers and other structures, such as rooftops (collectively, towers), and fiber primarily supporting small cell networks (small cells) and fiber solutions. The company's towers, fiber and small cells assets are collectively referred to herein as communications infrastructure. The company's core business is providing access, including space or capacity, to its shared communications infrastructure via long-term contracts in various forms, including lease, license, sublease and service agreements.
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