NYSE : CCI
Crown Castle Inc. — Financial statements
Real Estate · REIT - Specialty · United States
Last price 88.83 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 37.84B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 3.91B | 4.05B | 4.27B | 4.31B | 6.29B | 5.72B |
| Other Revenue | 172.00M | 215.00M | 192.00M | 421.00M | 697.00M | 621.00M |
| Total Revenue | 4.08B | 4.26B | 4.46B | 4.73B | 6.99B | 6.34B |
| Property Expenses | 1.07B | 1.10B | 1.09B | 1.26B | 2.07B | 1.99B |
| Selling, General & Administrative | 363.00M | 383.00M | 435.00M | 502.00M | 750.00M | 680.00M |
| Depreciation & Amortization | 693.00M | 690.00M | 736.00M | 787.00M | 1.71B | 1.64B |
| Total Operating Expenses | 2.13B | 2.18B | 2.26B | 2.55B | 4.53B | 4.32B |
| Operating Income | 1.95B | 2.09B | 2.20B | 2.18B | 2.46B | 2.02B |
| Interest Expense | -873.00M | -972.00M | -932.00M | -849.00M | -699.00M | -657.00M |
| Interest & Investment Income | 28.00M | 13.00M | 20.00M | 15.00M | 3.00M | 1.00M |
| Other Non-Operating Income | -5.00M | 3.00M | -26.00M | -5.00M | -10.00M | -21.00M |
| EBT Excluding Unusual Items | 1.10B | 1.13B | 1.26B | 1.34B | 1.75B | 1.35B |
| Merger & Restructuring Charges | -1.00M | -2.00M | -1.00M | |||
| Asset Writedown | -10.00M | -11.00M | -11.00M | -9.00M | -34.00M | -21.00M |
| Other Unusual Items | 24.00M | -28.00M | -145.00M | |||
| Pretax Income | 1.10B | 1.12B | 1.18B | 1.26B | 1.69B | 1.18B |
| Income Tax Expense | 17.00M | 16.00M | 18.00M | 21.00M | 16.00M | 21.00M |
| Earnings From Continuing Operations | 1.08B | 1.10B | 1.16B | 1.24B | 1.68B | 1.16B |
| Earnings From Discontinued Operations | -258.00M | -659.00M | -5.07B | 265.00M | -62.00M | |
| Net Income to Company | 822.00M | 444.00M | -3.90B | 1.50B | 1.68B | 1.10B |
| Net Income | 822.00M | 444.00M | -3.90B | 1.50B | 1.68B | 1.10B |
| Net Income to Common | 822.00M | 444.00M | -3.90B | 1.50B | 1.68B | 1.10B |
| Basic Shares Outstanding | 432.75M | 435.00M | 434.00M | 434.00M | 433.00M | 432.00M |
| Diluted Shares Outstanding | 434.75M | 437.00M | 434.00M | 434.00M | 434.00M | 434.00M |
| EPS (Basic) | 1.90 | 1.02 | -8.99 | 3.46 | 3.87 | 2.54 |
| EPS (Diluted) | 1.90 | 1.01 | -8.99 | 3.46 | 3.86 | 2.53 |
| Dividend Per Share | 4.25 | 4.75 | 6.26 | 6.26 | 5.98 | 5.46 |
| Operating Margin | 47.82% | 48.92% | 49.30% | 46.05% | 35.23% | 31.91% |
| Profit Margin | 20.13% | 10.41% | -87.51% | 31.73% | 23.98% | 17.29% |
| EBITDA | 2.65B | 2.78B | 2.94B | 2.97B | 4.12B | 3.61B |
| EBITDA Margin | 64.79% | 65.10% | 65.81% | 62.67% | 58.96% | 56.99% |
| D&A For Ebitda | 693.00M | 690.00M | 736.00M | 787.00M | 1.66B | 1.59B |
| EBIT | 1.95B | 2.09B | 2.20B | 2.18B | 2.46B | 2.02B |
| EBIT Margin | 47.82% | 48.92% | 49.30% | 46.05% | 35.23% | 31.91% |
| Funds From Operations (FFO) | 1.73B | 1.76B | 1.86B | 3.23B | 3.36B | 2.77B |
| FFO Per Share | 3.98 | 4.04 | 4.28 | 7.43 | 7.75 | 6.39 |
| Adjusted Funds From Operations (AFFO) | 1.96B | 1.90B | 1.98B | 3.28B | 3.20B | 3.01B |
| AFFO Per Share | 4.51 | 4.36 | 4.55 | 7.55 | 7.38 | 6.95 |
| FFO Payout Ratio | 106.82% | 117.91% | 146.48% | 84.38% | 77.39% | 85.61% |
| Effective Tax Rate | 1.55% | 1.43% | 1.52% | 1.67% | 0.95% | 1.78% |
| Revenue as Reported | 4.08B | 4.26B | 4.46B | 4.73B | 6.99B | 6.34B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 11.47B | 11.75B | 12.18B | 21.85B | 21.93B | 21.95B |
| Cash & Equivalents | 133.00M | 99.00M | 100.00M | 105.00M | 156.00M | 292.00M |
| Accounts Receivable | 282.00M | 339.00M | 293.00M | 597.00M | 720.00M | 635.00M |
| Goodwill | 5.13B | 5.13B | 5.13B | 10.09B | 10.09B | 10.08B |
| Other Intangible Assets | 888.00M | 861.00M | 1.04B | 3.18B | 3.60B | 4.05B |
| Restricted Cash | 167.00M | 170.00M | 170.00M | 171.00M | 166.00M | 169.00M |
| Other Current Assets | 113.00M | 536.00M | 527.00M | 159.00M | 175.00M | 158.00M |
| Deferred Long-Term Tax Assets | 42.00M | 43.00M | 47.00M | 54.00M | 26.00M | |
| Other Long-Term Assets | 2.43B | 12.60B | 13.26B | 2.33B | 2.04B | 1.69B |
| Total Assets | 20.61B | 31.52B | 32.74B | 38.53B | 38.92B | 39.04B |
| Current Portion of Long-Term Debt | 2.24B | 2.78B | 603.00M | 835.00M | 819.00M | 72.00M |
| Current Portion of Leases | 258.00M | 268.00M | 264.00M | 332.00M | 350.00M | 349.00M |
| Long-Term Debt | 15.29B | 21.30B | 23.18B | 21.82B | 20.66B | 20.32B |
| Long-Term Leases | 5.13B | 5.22B | 5.33B | 5.83B | 6.13B | 6.27B |
| Accounts Payable | 63.00M | 71.00M | 48.00M | 252.00M | 236.00M | 246.00M |
| Accrued Expenses | 308.00M | 403.00M | 411.00M | 561.00M | 590.00M | 583.00M |
| Current Unearned Revenue | 137.00M | 192.00M | 141.00M | 605.00M | 736.00M | 776.00M |
| Other Current Liabilities | 762.00M | 710.00M | ||||
| Long-Term Unearned Revenue | 245.00M | 289.00M | 1.31B | 1.34B | 1.57B | |
| Long-Term Deferred Tax Liabilities | 31.00M | 31.00M | 26.00M | 18.00M | 14.00M | |
| Other Long-Term Liabilities | 604.00M | 1.88B | 1.86B | 578.00M | 595.00M | 586.00M |
| Total Liabilities | 24.03B | 33.15B | 32.87B | 32.15B | 31.47B | 30.78B |
| Common Stock | 4.00M | 4.00M | 4.00M | 4.00M | 4.00M | 4.00M |
| Additional Paid-In Capital | 18.59B | 18.53B | 18.39B | 18.27B | 18.12B | 18.01B |
| Distributions in Excess of Earnings | -21.01B | -20.16B | -18.52B | -11.89B | -10.67B | -9.75B |
| Comprehensive Income & Other | -5.00M | -5.00M | -5.00M | -4.00M | -5.00M | -4.00M |
| Total Common Equity | -3.42B | -1.64B | -133.00M | 6.38B | 7.45B | 8.26B |
| Shareholders' Equity | -3.42B | -1.64B | -133.00M | 6.38B | 7.45B | 8.26B |
| Total Liabilities & Equity | 20.61B | 31.52B | 32.74B | 38.53B | 38.92B | 39.04B |
| Total Debt | 22.92B | 29.57B | 29.38B | 28.81B | 27.96B | 27.01B |
| Net Cash (Debt) | -22.79B | -29.47B | -29.28B | -28.71B | -27.80B | -26.72B |
| Net Cash Per Share | -52.42 | -67.43 | -67.47 | -66.15 | -64.06 | -61.56 |
| Filing Date Shares Outstanding | 426.00M | 436.07M | 435.43M | 434.22M | 433.44M | 432.21M |
| Total Common Shares Outstanding | 426.00M | 435.00M | 435.00M | 434.00M | 433.00M | 432.00M |
| Book Value Per Share | -8.04 | -3.76 | -0.31 | 14.70 | 17.20 | 19.12 |
| Tangible Book Value | -9.44B | -7.62B | -6.30B | -6.88B | -6.23B | -5.87B |
| Tangible Book Value Per Share | -22.16 | -17.52 | -14.48 | -15.86 | -14.39 | -13.58 |
| Land | 2.63B | 2.53B | 2.44B | 2.34B | 2.26B | |
| Buildings | 182.00M | 182.00M | 209.00M | 221.00M | 218.00M | |
| Construction In Progress | 134.00M | 118.00M | 1.13B | 913.00M | 853.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 822.00M | 444.00M | -3.90B | 1.50B | 1.68B | 1.10B |
| Depreciation & Amortization | 693.00M | 690.00M | 736.00M | 787.00M | 1.66B | 1.59B |
| Other Amortization | 28.00M | 32.00M | 32.00M | 29.00M | 17.00M | 13.00M |
| Asset Writedown | 10.00M | 11.00M | 11.00M | 9.00M | 34.00M | 21.00M |
| Restructuring Activities | 10.00M | 7.00M | ||||
| Stock-Based Compensation | 83.00M | 73.00M | 84.00M | 102.00M | 156.00M | 129.00M |
| Change in Accounts Receivable | 14.00M | 3.00M | 35.00M | 152.00M | -49.00M | -113.00M |
| Change in Accounts Payable | 2.00M | 17.00M | -19.00M | -9.00M | -5.00M | 15.00M |
| Change in Other Net Operating Assets | -163.00M | -53.00M | -258.00M | -397.00M | -693.00M | -248.00M |
| Other Operating Activities | 238.00M | 655.00M | 5.09B | -248.00M | 85.00M | 286.00M |
| Net Cash from Discontinued Operations | 396.00M | 1.19B | 1.12B | 1.19B | -62.00M | |
| Operating Cash Flow | 2.12B | 3.06B | 2.94B | 3.13B | 2.88B | 2.73B |
| Acquisition of Real Estate Assets | -241.00M | -182.00M | -176.00M | -243.00M | -1.31B | -1.23B |
| Net Sale / Acq. of Real Estate Assets | -241.00M | -182.00M | -176.00M | -243.00M | -1.31B | -1.23B |
| Cash Acquisition | -8.00M | -96.00M | -35.00M | -111.00M | ||
| Other Investing Activities | 7.79B | -976.00M | -1.04B | -1.18B | -7.00M | 8.00M |
| Investing Cash Flow | 7.40B | -1.16B | -1.22B | -1.52B | -1.35B | -1.33B |
| Short-Term Debt Issued | 590.00M | 1.34B | 976.00M | |||
| Long-Term Debt Issued | 1.20B | 1.24B | 7.46B | 4.24B | 5.23B | |
| Total Debt Issued | 2.08B | 1.79B | 2.58B | 7.46B | 5.22B | 5.23B |
| Short-Term Debt Repaid | -1.24B | -20.00M | ||||
| Long-Term Debt Repaid | -1.57B | -1.52B | -5.08B | -4.20B | -4.04B | |
| Total Debt Repaid | -8.66B | -1.57B | -1.52B | -6.32B | -4.20B | -4.05B |
| Net Debt Issued (Repaid) | -6.57B | 217.00M | 1.07B | 1.14B | 1.02B | 1.18B |
| Repurchase of Common Stock | -1.04B | -23.00M | -33.00M | -30.00M | -65.00M | -70.00M |
| Common Dividends Paid | -1.85B | -2.08B | -2.73B | -2.72B | -2.60B | -2.37B |
| Total Dividends Paid | -1.85B | -2.08B | -2.73B | -2.72B | -2.60B | -2.37B |
| Other Financing Activities | -6.00M | -12.00M | -39.00M | -14.00M | -42.00M | |
| Foreign Exchange Rate Adjustments | -1.00M | 1.00M | ||||
| Net Cash Flow | 50.00M | 13.00M | 14.00M | -46.00M | -139.00M | 85.00M |
| Levered Free Cash Flow | 824.00M | 1.37B | 1.30B | 1.50B | 1.48B | 1.36B |
| Unlevered Free Cash Flow | 1.34B | 1.95B | 1.85B | 2.00B | 1.90B | 1.76B |
| Cash Interest Paid | 874.00M | 965.00M | 895.00M | 800.00M | 684.00M | 661.00M |
| Cash Income Tax Paid | 15.00M | 15.00M | 10.00M | 13.00M | 10.00M | 20.00M |
| Change in Working Capital | -147.00M | -33.00M | -242.00M | -254.00M | -747.00M | -346.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 36.71B | 38.70B | 39.44B | 49.96B | 58.74B | 90.22B |
| Enterprise Value | 59.50B | 68.22B | 68.89B | 78.57B | 86.33B | 116.57B |
| Last Close Price | 88.69 | 85.52 | 83.06 | 99.34 | 110.68 | 164.15 |
| Price/FFO Ratio | 16.74 | 21.17 | 19.41 | 13.37 | 14.28 | 25.69 |
| Price/AFFO Ratio | 14.77 | 19.61 | 18.25 | 13.16 | 15.00 | 23.62 |
| PE Ratio | 45.43 | 87.16 | 33.26 | 35.07 | 82.32 | |
| PS Ratio | 9.25 | 9.08 | 8.84 | 10.55 | 8.41 | 14.23 |
| PB Ratio | -23.67 | -296.57 | 7.83 | 7.88 | 10.93 | |
| P/OCF Ratio | 17.80 | 12.66 | 13.40 | 15.98 | 20.41 | 33.08 |
| EV/Sales Ratio | 14.83 | 16.00 | 15.45 | 16.60 | 12.36 | 18.39 |
| EV/EBITDA Ratio | 22.89 | 24.57 | 23.47 | 26.48 | 20.96 | 32.26 |
| EV/EBIT Ratio | 31.01 | 32.70 | 31.33 | 36.04 | 35.08 | 57.62 |
| Debt / Equity Ratio | -6.70 | -18.08 | -220.90 | 4.52 | 3.75 | 3.27 |
| Debt / EBITDA Ratio | 6.77 | 8.39 | 7.97 | 7.74 | 5.64 | 6.11 |
| Net Debt / Equity Ratio | -6.66 | -18.02 | -220.15 | 4.50 | 3.73 | 3.23 |
| Net Debt / EBITDA Ratio | 8.61 | 10.62 | 9.98 | 9.68 | 6.75 | 7.39 |
| Asset Turnover | 0.16 | 0.13 | 0.12 | 0.12 | 0.18 | 0.16 |
| Quick Ratio | 0.14 | 0.10 | 0.18 | 0.27 | 0.32 | 0.46 |
| Current Ratio | 0.23 | 0.26 | 0.50 | 0.40 | 0.45 | 0.62 |
| Return on Equity (ROE) | 37.20% | 17.89% | 21.33% | 13.07% | ||
| Return on Assets (ROA) | 4.69% | 4.06% | 3.86% | 3.52% | 3.95% | 3.25% |
| Return on Invested Capital (ROIC) | 6.07% | 6.90% | 5.67% | |||
| Earnings Yield | 2.20% | 1.15% | -9.89% | 3.01% | 2.85% | 1.21% |
| Dividend Yield | 4.93% | 5.34% | 6.90% | 5.44% | 4.41% | 2.61% |
| Payout Ratio | 224.08% | 468.47% | 181.29% | 155.34% | 216.52% | |
| Buyback Yield / Dilution | 0.46% | -0.69% | -0.23% | -0.23% | -2.12% | |
| Total Shareholder Return | 5.25% | 4.65% | 6.90% | 5.21% | 4.18% | 0.50% |