Financial Analysis

Commitments and Contingencies Other Matters The Company is involved in various claims, assessments, lawsuits or proceedings arising in the ordinary course of business. While there are uncertainties inherent in the ultimate outcome of such matters and it is impossible to presently determine the ultimate costs or losses that may be incurred, if any, management believes the adverse resolution of such uncertainties and the incurrence of such costs should not have a material adverse effect on the Company's consolidated financial position or results of operations. The Company and certain of its subsidiaries are also contingently liable for commitments or performance guarantees arising in the ordinary course of business, including certain letters of credit or surety bonds. See note 14 for a discussion of operating lease commitments. In addition, as mentioned in note 5, the Company has the option to purchase approximately 55% of its towers at the end of their respective lease terms. The Company has no obligation to exercise such purchase options. On January 12, 2026, the Company delivered a notice of default and termination to DISH relating to the Company's Master Lease Agreement and underlying agreements with DISH as a result of DISH failing to make required payments and defaulting on its obligations under the agreement. See note 18 for additional discussion.

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"Debt and Other Obligations The table below sets forth the Company's debt and other obligations as of December 31, 2025. Original Issue Date Contractual Maturity Date Outstanding Balance as of December 31, Stated Interest Rate as of December 31, 2025 2024 2025 (a) Secured Notes, Series 2009-1, Class A-2 July 2009 Aug. 2029 26 32 9.0 % Tower Revenue Notes, Series 2015-2 May 2015 May 2045 (b) 700 3.7 % Tower Revenue Notes, Series 2018-2 July 2018 July 2048 (c) 748 747 4.2 % Installment purchase liabilities and finance leases Various (d) Various (d) 258 (e) 272 (e) Various (d) Total secured debt 1,032 1,751 2016 Revolver Jan. 2016 July 2027 945 (f) 5.4 % (g) 2016 Term Loan A Jan. 2016 July 2027 1,056 1,117 5.0 % (g) Commercial Paper Notes Various (h) Various (h) 1,931 1,341 4.2 % 1.350% Senior Notes June 2020 July 2025 (i) 499 1.4 % 4.450% Senior Notes Feb. 2016 Feb. 2026 900 899 4.5 % 3.700% Senior Notes May 2016 June 2026 750 749 3.7 % 1.050% Senior Notes Feb. 2021 July 2026 999 997 1.1 % 4.000% Senior Notes Feb. 2017 Mar. 2027 499 498 4.0 % 2.900% Senior Notes Mar. 2022 Mar. 2027 748 746 2.9 % 3.650% Senior Notes Aug. 2017 Sept. 2027 998 997 3.7 % 5.000% Senior Notes Jan. 2023 Jan. 2028 996 993 5.0 % 3.800% Senior Notes Jan. 2018 Feb. 2028 997 996 3.8 % 4.800% Senior Notes Apr. 2023 Sept. 2028 596 595 4.8 % 4.300% Senior Notes Feb. 2019 Feb. 2029 597 596 4.3 % 5.600% Senior Notes Dec. 2023 June 2029 744 742 5.6 % 4.900% Senior Notes Aug. 2024 Sept. 2029 545 544 4.9 % 3.100% S …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

"Stock-based Compensation Stock Compensation Plans Pursuant to stockholder approved plans, the Company may grant stock-based awards to certain employees, consultants or non-employee directors of the Company and its subsidiaries or affiliates. Following the stockholder approval of the 2022 Long-Term Incentive Plan (""2022 LTIP""), no further awards can be made under the 2013 Long-Term Incentive Plan (""2013 LTIP""). As of December 31, 2025, the Company had no shares available for issuance under existing awards, and approximately 0.1 million shares available for issuance under future awards pursuant to the 2013 LTIP and approximately 2.8 million and 11.0 million shares available for issuance under existing and future awards, respectively, pursuant to the 2022 LTIP. Restricted Stock Units The Company issues RSUs to certain executives and employees. Each RSU represents a contingent right to receive one share of the Company's common stock subject to satisfaction of the applicable vesting terms. The RSUs granted to certain executives and employees include (1) annual awards that contain only service-based conditions, (2) annual performance awards that vest subject to the achievement of certain performance-based metrics, (3) new hire, promotional or relocation awards that generally contain only service-based vesting conditions and (4) other awards related to specific business initiatives or compensation objectives including retention and merger integration. Generally, such awards ves …

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Fair Value Disclosures The following table shows the estimated fair values of the Company's financial instruments, along with the carrying amounts of the related assets (liabilities). See also note 2. Level in Fair Value Hierarchy December 31, 2025 December 31, 2024 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents 1 $ 99 $ 99 $ 100 $ 100 Restricted cash and cash equivalents, current and non-current 1 175 175 175 175 Liabilities: Total debt and other obligations 2 24,337 23,206 24,054 22,371

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"Goodwill and Intangible Assets Goodwill The carrying value of goodwill was $5.1 billion as of December 31, 2025 and 2024. There were no additions during the years ended December 31, 2025 and 2024. Intangible Assets The following is a summary of the Company's intangible assets. As of December 31, 2025 As of December 31, 2024 Gross Carrying Value Accumulated Amortization Net Book Value Gross Carrying Value Accumulated Amortization Net Book Value Site rental contracts and tenant relationships $ 4,590 $ (3,756) $ 834 $ 4,589 $ (3,580) $ 1,009 Other intangible assets 56 (29) 27 56 (28) 28 Total $ 4,646 $ (3,785) $ 861 $ 4,645 $ (3,608) $ 1,037 Amortization expense related to intangible assets is classified as ""Depreciation, amortization and accretion"" on the Company's consolidated statement of operations and comprehensive income (loss) and was $177 million, $198 million, and $247 million for the years ended December 31, 2025, 2024 and 2023, respectively. The estimated annual amortization expense related to intangible assets for the years ending December 31, 2026 to 2030 is as follows: Years Ending December 31, 2026 2027 2028 2029 2030 Estimated annual amortization $ 172 $ 89 $ 85 $ 84 $ 84"

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"Income Taxes Income (loss) from continuing operations before income taxes by geographic area is summarized in the table below. Years Ended December 31, 2025 2024 2023 Domestic $ 1,097 $ 1,155 $ 1,229 Foreign (a) 22 25 29 Total $ 1,119 $ 1,180 $ 1,258 (a) Inclusive of income (loss) before income taxes from Puerto Rico. The benefit (provision) for income taxes from continuing operations consists of the following: Years Ended December 31, 2025 2024 2023 Current: Federal $ (3) $ (3) $ (3) Foreign (10) (7) (8) State (3) (4) (1) Total current (16) (14) (12) Deferred: Federal Foreign (4) (9) Total deferred (4) (9) Total tax benefit (provision) $ (16) $ (18) $ (21) The Company operates as a REIT for U.S. federal income tax purposes. A reconciliation between the benefit (provision) for income taxes and the amount computed by applying the federal statutory income tax rate to the income (loss) from continuing operations before income taxes is as follows: Years Ended December 31, 2025 2024 2023 Amount % Amount % Amount % Benefit (provision) for income taxes at statutory rate $ (235) 21.0 % $ (248) 21.0 % $ (264) 21.0 % Tax adjustment related to REIT operations 232 (20.7) % 246 (20.8) % 260 (20.7) % Valuation allowances % (1) 0.1 % % State tax (provision) benefit, net of federal (a) (3) 0.3 % (4) 0.3 % (1) 0.1 % Foreign tax (10) 0.9 % (11) 0.9 % (16) 1.3 % Total $ (16) 1.4 % $ (18) 1.5 % $ (21) 1.6 % (a) State taxes in Texas make up the majority (greater than 50%) of the tax effect in th …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"Recently Adopted Accounting Pronouncements In December 2023, the Financial Accounting Standard Board (""FASB"") issued new guidance, which became effective starting with the Company's 2025 Form 10-K, that enhances the transparency and decision usefulness of income tax disclosures, primarily through changes to the rate reconciliation and income taxes paid disclosures. The Company adopted the guidance as of the effective date (i.e. for fiscal years beginning after December 15, 2024). The Company adopted the new income tax disclosure guidance using a retrospective approach for each prior reporting period presented. The adoption of the new guidance did not have a material impact on the Company's consolidated financial statements but resulted in expanded disclosure, primarily within its income tax footnote. See note 10 to the Company's consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued new guidance which requires disclosure of disaggregated information about certain income statement expense line items in the notes to the financial statements for both annual and interim periods. The guidance will be effective for the Company's fiscal year ending December 31, 2027, and can be applied prospectively or retrospectively, with early adoption permitted. The Company is currently evaluating the effect of the guidance, including the impact on its financial statement disclosures. In September 2025, the FASB issued new guidanc …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

"Restructuring 2023 Restructuring Plan In July 2023, the Company initiated the 2023 Restructuring Plan as part of its efforts to reduce costs to better align the Company's operational needs with lower tower activity. The 2023 Restructuring Plan included reducing the Company's total employee headcount by approximately 15%, discontinuing installation services as a Towers product offering while continuing to offer site development services on Company towers, and consolidating office space. The 2023 Restructuring Plan included charges related to the (1) employee headcount reduction, including severance, stock-based compensation and other one-time termination benefits and (2) office space consolidation, which included remaining obligations under facility leases and non-cash charges for accelerated depreciation. The actions associated with the 2023 Restructuring Plan were substantially completed and related charges were recorded by June 30, 2024. The payments for the employee headcount reduction were substantially completed in 2024, while payments for the office space consolidation are expected to be completed in 2032. The following tables summarize the activities related to the 2023 Restructuring Plan for the years ended December 31, 2025, 2024, and 2023: Employee Headcount Reduction Office Space Consolidation Total Liability as of December 31, 2022 $ $ $ Charges (credits) 52 21 73 Payments (39) (4) (43) Non-cash items (1) (6) (7) Liability as of December 31, 2023 12 11 23 Charges …

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"Revenues The following table is a summary of the contracted amounts owed to the Company by tenants pursuant to tenant contracts in effect as of December 31, 2025. As of December 31, 2025, the weighted-average remaining term of tenant contracts was approximately six years, exclusive of renewals exercisable at the tenant's option. Years Ending December 31, 2026 2027 2028 2029 2030 Thereafter Total Contracted amounts (a)(b) $ 3,777 $ 3,810 $ 3,668 $ 2,961 $ 2,778 $ 6,661 $ 23,655 (a) Excludes amounts related to services, as those contracts generally have a duration of one year or less. (b) Excludes approximately $3.5 billion due from DISH Wireless L.L.C (""DISH"") following the notice of default and termination of the DISH Master Lease Agreement and underlying agreements delivered on January 12, 2026. See note 18 for further information. See notes 2 and 14 for further discussion regarding the Company's lessor arrangements and note 15 for further information regarding the Company's single operating segment."

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"Operating Segment and Concentrations of Credit Risk Reportable Segment The Fiber Business is predominately comprised of the assets that the Company previously reported under the historic Fiber segment. 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. Following the execution of the Strategic Fiber Agreement, the Fiber Business is treated as discontinued operations for all periods presented because the anticipated disposal represents a strategic shift that will have a material impact on the Company's operating results. See note 3 to the Company's consolidated financial statements for a discussion of discontinued operations. As such, the Company has recast results for all periods presented under the discontinued operations basis of presentation. The determination that the Company operates as a single segment is consistent with the nature of its operations and the financial information regularly reviewed by the Company's President and Chief Executive Officer in such person's capacity as the chief operating decision maker (""CODM""). The Company provides its tenants with access, including space or capacity, to the Company's approximately 40,000 towers geographically dispersed throughout the U.S. The Company also offers site development services and previously offered installation services as an ancillary offering relating to its towers. S …

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"Summary of Significant Accounting Policies Cash and Cash Equivalents Cash and cash equivalents include cash on hand and highly liquid investments with original maturities of three months or less. Restricted Cash and Cash Equivalents Restricted cash and cash equivalents represents the cash held in reserve by the indenture trustees pursuant to the indenture governing certain of the Company's debt instruments and any other cash whose use is limited by contractual provisions. The restriction of rental cash receipts is a critical feature of certain of the Company's debt instruments due to the applicable indenture trustee's ability to utilize the restricted cash for the payment of (1) debt service costs, (2) ground rents, (3) real estate or personal property taxes, (4) insurance premiums related to towers, (5) other assessments by governmental authorities and potential environmental remediation costs or (6) a portion of advance rents from tenants. The restricted cash in excess of required reserve balances is subsequently released to the Company in accordance with the terms of the indentures. See note 16 for a reconciliation of cash and cash equivalents and restricted cash and cash equivalents. Receivables Allowance An allowance for credit losses is recorded as an offset to accounts receivable. The Company uses judgment in estimating this allowance and considers historical collections, current credit status, or contractual provisions. Additions to the allowance for credit losses ar …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

"Equity 2021 ""At-the-Market"" Stock Offering Program The Company previously maintained an ""at-the-market"" stock offering program through which it had the right to issue and sell shares of its common stock having an aggregate gross sales price of up to $750 million (""2021 ATM Program""). The Company terminated its previously outstanding 2021 ATM Program in March 2024 with the entire gross sales price of $750 million remaining unsold. 2024 ""At-the-Market"" Stock Offering Program In March 2024, the Company established a new ""at-the-market"" stock offering program through which it may issue and sell shares of its common stock having an aggregate gross sales price of up to $750 million (""2024 ATM Program""). Sales under the 2024 ATM Program may be made by means of ordinary brokers' transactions on the New York Stock Exchange (""NYSE"") or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or, subject to the Company's specific instructions, at negotiated prices. The Company intends to use the net proceeds from any sales under the 2024 ATM Program for general corporate purposes, which may include (1) the funding of future acquisitions or investments or (2) the repayment or repurchase of any outstanding indebtedness. The Company has not sold any shares of common stock under the 2024 ATM Program. During the year ended December 31, 2025, the following dividends/distributions were declared or paid: Equity Type Declaration Date …

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"Subsequent Events DISH Wireless L.L.C. Termination On January 12, 2026, the Company delivered a notice of default and termination to DISH relating to the Company's Master Lease Agreement and underlying agreements with DISH as a result of DISH failing to make required payments and defaulting on its obligations under the agreement. As a result of the termination, the Company asserts in the notice that DISH is obligated to pay the Company all remaining payments owed under the agreements, which total in excess of $3.5 billion. As of December 31, 2025, associated with our agreements with DISH, the Company had recorded on its consolidated balance sheet approximately $50 million within ""Receivables, net"" and approximately $150 million within ""Deferred site rental receivables,"" partially offset by approximately $34 million recorded within ""Deferred revenues"" and ""Other long-term liabilities."" The Company expects the total net balance sheet impact of approximately $165 million will be ultimately recoverable, and accordingly no adjustments have been made to reserve such net amounts as of December 31, 2025. The Company does not intend to recognize additional revenue under these agreements pending further developments with respect to this matter. 2026 Restructuring Plan On February 4, 2026, the Company initiated the 2026 Restructuring Plan as part of its efforts to enhance the efficiency and effectiveness of its tower business by reducing the Company's workforce recorded in cont …

SubsequentEventsTextBlock · excerpt; the full note is in the filing