CCI · 10-Q · 2026Q2 · Full report

Revenue Concentration Risk

CROWN CASTLE INC. · 2026-08-05 · Importance 29 · Surprise 24

Site rental revenues represented 96% of consolidated net revenues in the second quarter of 2026. For the six months ended June 30, 2026, T-Mobile, AT&T and Verizon Wireless collectively generated approximately 93% of site rental revenues. The concentration makes the U.S. towers business materially dependent on three large wireless carriers.

Key facts

• Site rental revenues represented 96% of our second quarter 2026 consolidated net revenues. source
• For the six months ended June 30, 2026, approximately 93% of our site rental revenues were derived from T-Mobile, AT&T and Verizon Wireless. source
• For the six months ended June 30, 2026, approximately 90% of our towers Adjusted Site Rental Gross Margin was derived from towers located on land that we own or control for greater than 10 years. source
• For the six months ended June 30, 2026, approximately 80% of our towers Adjusted Site Rental Gross Margin was derived from towers located on land that we own or control for greater than 20 years. source
• Towers located on land that is owned, including through fee interests and perpetual easements, represented approximately 45% of our towers Adjusted Site Rental Gross Margin. source