Crown Castle Reports Third Quarter 2025 Results and Increases Outlook for Full Year 2025

(dollars in millions, except per share amounts)

Current Full Year 2025 Outlook Midpoint^(a)

Full Year 2024 Actual

% Change

Previous Full Year 2025 Outlook^(b)

Current Compared to Previous Outlook

Site rental revenues^(c)

$4,030

$4,268

(6)%

$4,020

$10

Net income (loss)

$285

$(3,903)

N/A

$240

$45

Net income (loss) per share—diluted

$0.65

$(8.98)

N/A

$0.55

$0.10

Adjusted EBITDA^(c)(d)

$2,835

$3,035

(7)%

$2,805

$30

AFFO^(c)(d)

$1,870

$1,980

(6)%

$1,830

$40

AFFO per share^(c)(d)

$4.29

$4.55

(6)%

$4.20

$0.09

^(a)

^{Reflects midpoint of full year 2025 Outlook as issued on October 22, 2025.}

^(b)

^{Reflects midpoint of full year 2025 Outlook as issued on July 23, 2025.}

^(c)

^{Excludes amounts related to the Fiber Business (as defined in "Non-GAAP Measures and Other Information") which are presented in discontinued operations.}

^(d)

^{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.}

(dollars in millions, except per share amounts)

Q3 2025

Q3 2024

Change

% Change

Site rental revenues^(a)

$1,012

$1,066

$(54)

(5)%

Net income (loss)

$323

$303

$20

7%

Net income (loss) per share—diluted

$0.74

$0.70

$0.04

6%

Adjusted EBITDA^(a)(b)

$718

$777

$(59)

(8)%

AFFO^(a)(b)

$490

$525

$(35)

(7)%

AFFO per share^(a)(b)

$1.12

$1.20

$(0.08)

(7)%

^(a)

^{Excludes amounts related to the Fiber Business which are presented in discontinued operations.}

^(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.}

($ in millions; totals may not sum due to rounding)

Current Full Year 2025 Outlook Midpoint^(a)

Q3 2025

Q3 2024

Core leasing activity^(b)

$115

2.9%

$33

3.3%

$27

2.9%

Escalators

$95

2.4%

$24

2.5%

$23

2.5%

Non-renewals^(b)

($30)

(0.8)%

$(7)

(0.7)%

$(8)

(0.8)%

Change in other billings^(b)

$5

0.1%

$2

0.2%

$—

0.0%

Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations^(b)

$185

4.7%

$52

5.2%

$43

4.5%

^(a)

^{As issued October 22, 2025.}

^(b)

^{See "Non-GAAP Measures and Other Information" for our definitions of core leasing activity, non-renewals, other billings and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations.}

(in millions, except per share amounts)

Full Year 2025^(a)

Changes to Midpoint from Previous Outlook^(b)

Site rental billings^(c)

$3,895

to

$3,925

$—

Amortization of prepaid rent

$80

to

$110

$—

Straight-lined revenues

($5)

to

$25

$10

Other revenues

$15

to

$15

$—

Site rental revenues

$4,007

to

$4,052

$10

Site rental costs of operations^(d)

$967

to

$1,012

($5)

Services and other gross margin

$80

to

$110

$5

Net income (loss)^(e)

$145

to

$425

$45

Net income (loss) per share—diluted^(e)

$0.33

to

$0.97

$0.10

Adjusted EBITDA^(c)

$2,810

to

$2,860

$30

Depreciation, amortization and accretion

$678

to

$773

$—

Interest expense and amortization of deferred financing costs, net^(f)

$957

to

$1,002

($15)

Income (loss) from discontinued operations, net of tax^(g)

($830)

to

($590)

$—

FFO^(c)

$1,690

to

$1,720

$45

AFFO^(c)

$1,845

to

$1,895

$40

AFFO per share^(c)

$4.23

to

$4.35

$0.09

Discretionary capital expenditures^(c)

$155

to

$155

($30)

Discretionary capital expenditures from discontinued operations^(c)(h)

$920

to

$1,020

$—

^(a)

^{As issued on October 22, 2025.}

^(b)

^{As issued on July 23, 2025.}

^(c)

^{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.}

^(d)

^{Exclusive of depreciation, amortization and accretion.}

^(e)

^{Includes contribution from discontinued operations.}

^(f)

^{See "Non-GAAP Measures and Other Information" for the reconciliation of "Outlook for Components of Interest Expense."}

^(g)

^{Represents expected results from the Fiber Business, including the estimated loss on disposal.}

^(h)

^{Represents discretionary capital expenditures for the Fiber Business.}

For the Three Months Ended

For the Nine Months Ended

For the Twelve Months Ended

(in millions; totals may not sum due to rounding)

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

December 31, 2024

Net income (loss)^(a)

$

323

$

303

$

150

$

865

$

(3,903

)

Adjustments to increase (decrease) net income (loss):

Asset write-down charges

3

2

7

10

11

Depreciation, amortization and accretion

167

181

520

552

736

Restructuring charges^(b)

—

38

—

67

70

Amortization of prepaid lease purchase price adjustments

4

4

11

12

16

Interest expense and amortization of deferred financing costs, net^(c)

247

236

726

692

932

Interest income

(3

)

(6

)

(10

)

(14

)

(20

)

Other (income) expense

—

5

(3

)

3

26

(Benefit) provision for income taxes

4

3

13

14

18

Stock-based compensation expense, net

19

19

55

69

84

(Income) loss from discontinued operations, net of tax^(d)

(46

)

(9

)

676

(12

)

5,065

Adjusted EBITDA^(e)(f)

$

718

$

777

$

2,145

$

2,258

$

3,035

Full Year 2025

(in millions; totals may not sum due to rounding)

Outlook^(g)

Net income (loss)^(a)

$145

to

$425

Adjustments to increase (decrease) net income (loss):

Asset write-down charges

5

to

15

Acquisition and integration costs

—

to

6

Depreciation, amortization and accretion

678

to

773

Amortization of prepaid lease purchase price adjustments

14

to

16

Interest expense and amortization of deferred financing costs, net^(h)

957

to

1,002

(Gains) losses on retirement of long-term obligations

—

to

—

Interest income

(15)

to

(15)

Other (income) expense

6

to

15

(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⁾

590

to

830

Adjusted EBITDA^(e)(f)

$2,810

to

$2,860

^(a)

^{Includes contribution from discontinued operations.}

^(b)

^{Represents restructuring charges recorded for the periods presented related to (1) the Company's restructuring plan announced in July 2023, as further discussed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2023 ("2023 Restructuring Plan"), and (2) the Company's restructuring plan announced in June 2024, as further discussed in the Annual Report on Form 10-K for the year ended December 31, 2024 ("2024 Restructuring Plan"), as applicable for the respective period. For the three and nine months ended September 30, 2025, there were no charges related to the July 2023 Restructuring Plan or the June 2024 Restructuring Plan. For the full year ended December 31, 2024, there were $9 million and $61 million of restructuring charges related to the July 2023 Restructuring Plan and the June 2024 Restructuring Plan, respectively, relating to continuing operations.}

^(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 $231 million and $1.3 billion recorded in the three and nine months ended September 30, 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 October 22, 2025.}

^(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.}

For the Three Months Ended

For the Nine Months Ended

For the Twelve Months Ended

(in millions; totals may not sum due to rounding)

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

December 31, 2024

Net income (loss)^(a)

$

323

$

303

$

150

$

865

$

(3,903

)

Real estate related depreciation, amortization and accretion

163

170

489

517

690

Asset write-down charges

3

2

7

10

11

(Income) loss from discontinued operations, net of tax^(b)

(46

)

(9

)

676

(12

)

5,065

FFO^(c)(d)

$

443

$

466

$

1,322

$

1,380

$

1,863

Weighted-average common shares outstanding—diluted

437

436

436

435

434

FFO (from above)

$

443

$

466

$

1,322

$

1,380

$

1,863

Adjustments to increase (decrease) FFO:

Straight-lined revenues

11

(28

)

(27

)

(140

)

(160

)

Straight-lined expenses

15

16

44

49

65

Stock-based compensation expense, net

19

19

55

69

84

Non-cash portion of tax provision

2

—

2

6

8

Non-real estate related depreciation, amortization and accretion

4

11

31

35

46

Amortization of non-cash interest expense

3

2

11

8

12

Other (income) expense

—

5

(3

)

3

26

Restructuring charges^(e)

—

38

—

67

70

Sustaining capital expenditures

(6

)

(6

)

(19

)

(22

)

(34

)

AFFO^(c)(d)

$

490

$

525

$

1,414

$

1,457

$

1,980

Weighted-average common shares outstanding—diluted

437

436

436

435

434

^(a)

^{Includes contribution from discontinued operations.}

^(b)

^{Represents results from the Fiber Business, including a loss on disposal of $231 million and $1.3 billion recorded in the three and nine months ended September 30, 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 for the periods presented related to the 2023 Restructuring Plan and the 2024 Restructuring Plan, as applicable, for the respective period. For the three and nine months ended September 30, 2025, there were no charges related to the July 2023 Restructuring Plan or the June 2024 Restructuring Plan. For the full year ended December 31, 2024, there were $9 million and $61 million of restructuring charges related to the July 2023 Restructuring Plan and the June 2024 Restructuring Plan, respectively, relating to continuing operations.}

For the Three Months Ended

For the Nine Months Ended

For the Twelve Months Ended

(in millions, except per share amounts; totals may not sum due to rounding)

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

December 31, 2024

Net income (loss)^(a)

$

0.74

$

0.70

$

0.34

$

1.99

$

(8.98

)

Real estate related depreciation, amortization and accretion

0.37

0.39

1.12

1.19

1.59

Asset write-down charges

0.01

—

0.02

0.02

0.03

(Income) loss from discontinued operations, net of tax^(b)

(0.11

)

(0.02

)

1.55

(0.03

)

11.64

FFO^(c)(d)

$

1.01

$

1.07

$

3.03

$

3.17

$

4.28

Weighted-average common shares outstanding—diluted

437

436

436

435

434

FFO (from above)

$

1.01

$

1.07

$

3.03

$

3.17

$

4.28

Adjustments to increase (decrease) FFO:

Straight-lined revenues

0.03

(0.06

)

(0.06

)

(0.32

)

(0.37

)

Straight-lined expenses

0.03

0.04

0.10

0.11

0.15

Stock-based compensation expense, net

0.04

0.04

0.13

0.16

0.20

Non-cash portion of tax provision

—

—

—

0.01

0.02

Non-real estate related depreciation, amortization and accretion

0.01

0.03

0.07

0.08

0.11

Amortization of non-cash interest expense

0.01

—

0.02

0.02

0.03

Other (income) expense

—

0.01

(0.01

)

0.01

0.06

Restructuring charges^(e)

—

0.09

—

0.16

0.16

Sustaining capital expenditures

(0.01

)

(0.01

)

(0.04

)

(0.05

)

(0.08

)

AFFO^(c)(d)

$

1.12

$

1.20

$

3.24

$

3.35

$

4.55

Weighted-average common shares outstanding—diluted

437

436

436

435

434

^(a)

^{Includes contribution from discontinued operations.}

^(b)

^{Represents results from the Fiber Business, including a loss on disposal of $231 million and $1.3 billion recorded in the three and nine months ended September 30, 2025, respectively.}

^(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 for the periods presented related to the 2023 Restructuring Plan and the 2024 Restructuring Plan, as applicable, for the respective period. For the three and nine months ended September 30, 2025, there were no charges related to the July 2023 Restructuring Plan or the June 2024 Restructuring Plan. For the full year ended December 31, 2024, there were $9 million and $61 million of restructuring charges related to the July 2023 Restructuring Plan and the June 2024 Restructuring Plan, respectively, relating to continuing operations.}

Full Year 2025

Full Year 2025

(in millions, except per share amounts; totals may not sum due to rounding)

Outlook^(a)

Outlook per Share^(a)

Net income (loss)^(b)

$145

to

$425

$0.33

to

$0.97

Real estate related depreciation, amortization and accretion

660

to

740

1.51

to

1.70

Asset write-down charges

5

to

15

0.01

to

0.03

(Income) loss from discontinued operations, net of tax^(c)

590

to

830

1.35

to

1.90

FFO^(d)(e)

$1,690

to

$1,720

$3.88

to

$3.94

Weighted-average common shares outstanding—diluted

436

436

FFO (from above)

$1,690

to

$1,720

$3.88

to

$3.94

Adjustments to increase (decrease) FFO:

Straight-lined revenues

(25)

to

5

(0.06)

to

0.01

Straight-lined expenses

55

to

75

0.13

to

0.17

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

20

to

35

0.04

to

0.08

Amortization of non-cash interest expense

7

to

17

0.02

to

0.04

Other (income) expense

6

to

15

0.01

to

0.03

(Gains) losses on retirement of long-term obligations

—

to

—

—

to

—

Acquisition and integration costs

—

to

6

—

to

0.01

Sustaining capital expenditures

(50)

to

(30)

(0.11)

to

(0.07)

AFFO^(d)(e)

$1,845

to

$1,895

$4.23

to

$4.35

Weighted-average common shares outstanding—diluted

436

436

^(a)

^{As issued on October 22, 2025.}

^(b)

^{Includes contribution from discontinued operations.}

^(c)

^{Represents expected results from the Fiber Business, including the estimated loss on disposal.}

^(d)

^{See discussion and our definitions of FFO and AFFO, including per share amounts, 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.}

Previously Issued

(in millions; totals may not sum due to rounding)

Full Year 2025 Outlook^(a)

Net income (loss)^(b)

$100

to

$380

Adjustments to increase (decrease) net income (loss):

Asset write-down charges

5

to

15

Acquisition and integration costs

—

to

6

Depreciation, amortization and accretion

678

to

773

Amortization of prepaid lease purchase price adjustments

14

to

16

Interest expense and amortization of deferred financing costs, net^(c)

972

to

1,017

(Gains) losses on retirement of long-term obligations

—

to

—

Interest income

(15)

to

(15)

Other (income) expense

6

to

15

(Benefit) provision for income taxes

11

to

19

Stock-based compensation expense, net

78

to

82

(Income) loss from discontinued operations, net of tax^(d)

590

to

830

Adjusted EBITDA^(e)(f)

$2,780

to

$2,830

Previously Issued

Previously Issued

(in millions, except per share amounts; totals may not sum due to rounding)

Full Year 2025
Outlook^(a)

Full Year 2025 Outlook
per share^(a)

Net income (loss)^(b)

$100

to

$380

$0.23

to

$0.87

Real estate related depreciation, amortization and accretion

660

to

740

1.51

to

1.70

Asset write-down charges

5

to

15

0.01

to

0.03

(Income) loss from discontinued operations, net of tax^(d)

590

to

830

1.35

to

1.90

FFO^(e)(f)

$1,645

to

$1,675

$3.77

to

$3.84

Weighted-average common shares outstanding—diluted

436

436

FFO (from above)

$1,645

to

$1,675

$3.77

to

$3.84

Adjustments to increase (decrease) FFO:

Straight-lined revenues

(15)

to

15

(0.03)

to

0.03

Straight-lined expenses

55

to

75

0.13

to

0.17

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

20

to

35

0.04

to

0.08

Amortization of non-cash interest expense

7

to

17

0.02

to

0.04

Other (income) expense

6

to

15

0.01

to

0.03

(Gains) losses on retirement of long-term obligations

—

to

—

—

to

—

Acquisition and integration costs

—

to

6

—

to

0.01

Sustaining capital expenditures

(55)

to

(35)

(0.13)

to

(0.08)

AFFO^(e)(f)

$1,805

to

$1,855

$4.14

to

$4.25

Weighted-average common shares outstanding—diluted

436

436

^(a)

^{As issued on July 23, 2025.}

^(b)

^{Includes contribution from discontinued operations.}

^(c)

^{See the reconciliation of "Outlook for Components of Interest Expense" for a discussion of non-cash interest expense.}

^(d)

^{Represents expected results from the Fiber Business, including the estimated loss on disposal.}

^(e)

^{See discussion of and our definition of Adjusted EBITDA, FFO and AFFO, including per share amounts 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 period shown.}

Three Months Ended September 30,

(dollars in millions; totals may not sum due to rounding)

2025

2024

Components of changes in site rental revenues:

Prior year site rental billings^(b)

$

995

$

952

Core leasing activity^(b)

33

27

Escalators

24

23

Non-renewals^(b)

(7

)

(8

)

Other billings^(b)

2

—

Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations^(b)

52

43

Non-renewals associated with Sprint Cancellations^(b)

(51

)

—

Organic Contribution to Site Rental Billings^(b)

1

43

Straight-lined revenues

(11

)

28

Amortization of prepaid rent

23

39

Other revenues

4

4

Total site rental revenues

$

1,012

$

1,066

Year-over-year changes in revenues:

Site rental revenues as a percentage of prior year site rental revenues

(5.1

)%

(0.8

)%

Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings^(b)

5.2

%

4.5

%

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

0.1

%

4.5

%

^(a)

^{The financial impact of the Fiber Business revenues is excluded as amounts are presented within discontinued operations.}

^(b)

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

(dollars in millions; totals may not sum due to rounding)

Full Year 2025 Outlook^(a)(c)

Previously Issued Full Year 2025 Outlook^(b)(c)

Components of changes in site rental revenues:

Prior year site rental billings^(d)(e)

$3,931

$3,931

Core leasing activity^(e)

110

to

120

110

to

120

Escalators

90

to

100

90

to

100

Non-renewals^(e)

(35)

to

(25)

(35)

to

(25)

Other billings^(e)

5

to

5

5

to

5

Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations^(e)

170

to

200

170

to

200

Non-renewals associated with Sprint Cancellations^(e)

(205)

to

(205)

(205)

to

(205)

Organic Contribution to Site Rental Billings^(e)

(35)

to

(5)

(35)

to

(5)

Straight-lined revenues

(5)

to

25

(15)

to

15

Amortization of prepaid rent

80

to

110

80

to

110

Other revenues

15

to

15

15

to

15

Acquisitions^(f)

—

—

Total site rental revenues

$4,007

to

$4,052

$3,997

to

$4,042

Year-over-year changes in revenues:^(g)

Site rental revenues as a percentage of prior year site rental revenues

(5.6)%

(5.8)%

Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings^(e)

4.7%

4.7%

Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings^(e)

(0.5)%

(0.5)%

^(a)

^{As issued on October 22, 2025.}

^(b)

^{As issued on July 23, 2025.}

^(c)

^{Represents full year 2025 Outlook for continuing operations only.}

^(d)

^{Reflects prior year site rental billings in the historically reported Towers segment. The financial impact of prior year site rental billings in the historically reported Fiber segment is excluded as such billings are included in discontinued operations for 2025.}

^(e)

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

^(f)

^{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, until the one-year anniversary of such acquisitions.}

^(g)

^{Calculated based on midpoint of full year 2025 Outlook, where applicable.}

For the Three Months Ended

For the Nine Months Ended

(in millions)

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

Discretionary capital expenditures:

Tower improvements and other capital projects

$

20

$

21

$

54

$

64

Purchases of land interests

16

14

50

38

Sustaining capital expenditures

6

6

19

22

Total capital expenditures

$

42

$

41

$

123

$

124

(in millions)

Full Year 2025 Outlook^(d)

Previously Issued Full Year 2025 Outlook^(f)

Discretionary capital expenditures

$155

to

$155

$185

to

$185

Less: Prepaid rent additions^(e)

~40

~40

Discretionary capital expenditures less prepaid rent additions

$115

to

$115

$145

to

$145

For the Three Months Ended

(in millions)

September 30, 2025

September 30, 2024

Interest expense on debt obligations

$

244

$

234

Amortization of deferred financing costs and adjustments on long-term debt

8

8

Capitalized interest

(5

)

(6

)

Interest expense and amortization of deferred financing costs, net

$

247

$

236

(in millions)

Full Year 2025 Outlook^(d)

Previously Issued Full Year 2025 Outlook^(f)

Interest expense on debt obligations

$945

to

$985

$960

to

$1,000

Amortization of deferred financing costs and adjustments on long-term debt

20

to

30

20

to

30

Capitalized interest

(15)

to

(5)

(15)

to

(5)

Interest expense and amortization of deferred financing costs, net

$957

to

$1,002

$972

to

$1,017

^(a)

^{See our definitions of discretionary capital expenditures and sustaining capital expenditures in this "Non-GAAP Measures and Other Information."}

^(b)

^{The financial impact of the Fiber Business is excluded as amounts are presented within discontinued operations.}

^(c)

^{Excludes sustaining capital expenditures. See "Non-GAAP Measures and Other Information" for our definitions of discretionary capital expenditures and sustaining capital expenditures.}

^(d)

^{As issued on October 22, 2025.}

^(e)

^{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.}

^(f)

^{As issued on July 23, 2025.}

(in millions)

Face Value^(a)

Maturity

Cash and cash equivalents and restricted cash and cash equivalents^(b)

$

238

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

27

Aug. 2029

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

750

July 2048

Installment purchase liabilities and finance leases^(e)

260

Various

Total secured debt

$

1,037

2016 Revolver^(f)

900

July 2027

2016 Term Loan A^(g)

1,072

July 2027

Commercial Paper Notes^(h)

1,946

Various

4.450% Senior Notes

900

Feb. 2026

3.700% Senior Notes

750

June 2026

1.050% Senior Notes

1,000

July 2026

2.900% Senior Notes

750

Mar. 2027

4.000% Senior Notes

500

Mar. 2027

3.650% Senior Notes

1,000

Sept. 2027

5.000% Senior Notes

1,000

Jan. 2028

3.800% Senior Notes

1,000

Feb. 2028

4.800% Senior Notes

600

Sept. 2028

4.300% Senior Notes

600

Feb. 2029

5.600% Senior Notes

750

June 2029

4.900% Senior Notes

550

Sept. 2029

3.100% Senior Notes

550

Nov. 2029

3.300% Senior Notes

750

July 2030

2.250% Senior Notes

1,100

Jan. 2031

2.100% Senior Notes

1,000

Apr. 2031

2.500% Senior Notes

750

July 2031

5.100% Senior Notes

750