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Crown Castle

CCI NYSE Telecom Tower REITs Financials FY2016–FY2025

Crown Castle's revenue fell 4.4% to $4.3 billion in fiscal 2025. Its operating margin was 48.7%, up from 47.5% a year earlier. It paid out $2.1 billion in dividends and buybacks. The diluted share count rose 0.7%.

Last close · Oct 23, 2026

$85.97

9.1%
Value it Compare
Revenue Total sales reported in the income statement.
$4.3B
4.4% vs prior year
Operating margin Operating income as a share of revenue.
48.7%
1.2 pts
Net income Profit after all expenses, interest and tax.
$444M
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
8.8%
1.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$37.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
43.6x
On $1.97 EPS (TTM)

About these figures. Crown Castle's filings tag its operating costs differently from year to year (in some years only its services costs), so gross profit and gross margin are left blank. Crown Castle's shareholders' equity turned negative in 2024 after write-downs, so return on equity and debt to equity are left blank from then. Figures from 2023 leave out the fiber and small-cell businesses Crown Castle agreed to sell in 2025, as restated in its later filings; earlier years include them, so revenue falls in 2023. Crown Castle's capital spending to 2022 includes the fiber businesses and from 2023 doesn't, and its 2023 quarters can't be separated on the same basis, so capital spending and free cash flow are left blank.

What Crown Castle does

No business description yet.

Legal name
CROWN CASTLE INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001051470-26-000016
0001051470

Revenue and margins

Crown Castle had $4.3B of revenue in fiscal 2025, down 4.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 0.7% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Crown Castle returned $2.1B to shareholders in fiscal 2025. The diluted share count rose 0.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Crown Castle yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$24.2B and divides by 437.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 43.6x · peers 22.9x · sector 27.8x.

Balance sheet

Cash, debt and the ratios that show how comfortably Crown Castle can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $292M$156M$105M$100M$99.0M
Debt incl. finance leases $20.6B$21.7B$22.9B$24.1B$24.3B
Net debt / EBITDA 5.6x5.2x7.9x8.4x8.8x
Debt / equity 2.5x2.9x3.6x——
Interest coverage 3.1x3.5x2.5x2.3x2.1x
Current ratio 0.6x0.5x0.4x0.5x0.3x
Quick ratio 0.6x0.5x0.4x0.5x0.3x
Total assets $39.0B$38.9B$38.5B$32.7B$31.5B
Total liabilities $30.8B$31.5B$32.1B$32.9B$33.2B
Shareholders' equity $8.3B$7.4B$6.4B−$133M−$1.6B
Net debt (− = net cash) $20.3B$21.6B$22.8B$24.0B$24.2B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.1M

1 insider

Sold, 12 months

$1.0M

3 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 7, 2026 Robert Sean CollinsVice President and Controller Sold 1,500 $75.89 $0.1M Form 4
May 5, 2026 Kevin A StephensDirector Bought 820 $90.24 $0.1M Form 4
Feb 27, 2026 Robert Sean CollinsVice President and Controller Sold 3,000 $87.49 $0.3M Form 4
Feb 25, 2026 Edward B Adams JREVP and General Counsel Sold 4,650 $86.34 $0.4M Form 4
Feb 6, 2026 Christopher LevendosEVP & COO - Fiber Sold 1,883 $79.71 $0.2M Form 4
Oct 28, 2025 Christopher LevendosEVP & COO - Fiber Sold 1,065 $93.99 $0.1M Form 4
Oct 24, 2025 Daniel K SchlangerEVP and CTO Sold 30,000 $98.08 $2.9M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✕ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✓ ✓ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✓
F-score 4 / 84 / 85 / 8
Accruals ratio −4.2%−19.2%−8.1%
Altman Z'' −0.70−1.63−2.39

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Crown Castle CCI $37.3B −4.4% 48.7% — 8.8% 43.6x 5
SBA Communications SBAC $19.6B 5.1% 47.7% 37.9% 14.4% 19.9x 6 Compare →
American Tower AMT $88.1B 5.1% 45.5% 35.5% 9.3% 26.0x 5 Compare →
Vici Properties VICI $25.9B 4.1% — 62.6% 8.2% 9.3x — Compare →
Public Storage PSA $54.7B 2.7% — — 11.0% 29.6x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $3.9B $4.3B $5.4B $5.8B $5.8B $6.3B $7.0B $4.7B $4.5B $4.3B
Operating income $949M $967M $1.4B $1.6B $1.9B $2.0B $2.4B $2.1B $2.1B $2.1B
Interest expense $0.0M $0.0M $642M $683M $689M $657M −$699M $849M $932M $972M
Pretax income $374M $392M $641M $881M $1.1B $1.2B $1.7B $1.3B $1.2B $1.1B
Income tax −$17.0M −$26.0M −$19.0M −$21.0M $20.0M $21.0M $16.0M $21.0M $18.0M $16.0M
Net income $357M $445M $622M $860M $1.1B $1.1B $1.7B $1.5B −$3.9B $444M
Diluted EPS $0.95 $0.80 $1.23 $1.79 $2.35 $2.53 $3.86 $3.46 −$8.98 $1.01
Diluted shares 0.34B 0.38B 0.42B 0.42B 0.43B 0.43B 0.43B 0.43B 0.43B 0.44B
Cash flow
Cash from operations $1.8B $2.0B $2.5B $2.7B $3.1B $2.8B $2.9B $3.1B $2.9B $3.1B
Depreciation and amortization $1.1B $1.2B $1.5B $1.6B $1.6B $1.6B $1.7B $787M $736M $690M
Stock-based compensation $79.0M $92.0M $103M $117M $138M $129M $156M $102M $84.0M $73.0M
Acquisitions $557M $9.3B $42.0M $17.0M $107M $111M $35.0M $96.0M $8.0M $0.0M
Share buybacks $25.0M $23.0M $34.0M $44.0M $76.0M $70.0M $65.0M $30.0M $33.0M $23.0M
Dividends paid $1.2B $1.5B $1.8B $1.9B $2.1B $2.4B $2.6B $2.7B $2.7B $2.1B
Dividends and buybacks $1.3B $1.5B $1.8B $2.0B $2.2B $2.4B $2.7B $2.8B $2.8B $2.1B
Balance sheet
Cash and short-term investments $568M $314M $277M $196M $232M $292M $156M $105M $100M $99.0M
Total debt $12.2B $16.2B $16.7B $18.1B $19.3B $20.6B $21.7B $22.9B $24.1B $24.3B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $1.3B $1.1B $1.2B $1.2B $1.1B $1.3B $1.2B $1.0B $1.1B $1.1B
Current liabilities $961M $1.3B $1.5B $1.9B $2.0B $2.0B $2.7B $2.6B $2.2B $4.5B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $9.8B $12.9B $13.7B $14.7B $15.2B $15.3B $15.4B $15.7B $6.6B $6.3B
Total assets $22.7B $32.2B $32.8B $38.5B $38.8B $39.0B $38.9B $38.5B $32.7B $31.5B
Total liabilities $15.1B $19.9B $21.2B $28.0B $29.3B $30.8B $31.5B $32.1B $32.9B $33.2B
Shareholders' equity $7.2B $11.9B $11.6B $10.5B $9.5B $8.3B $7.4B $6.4B −$133M −$1.6B
Margins
Operating margin 24.2% 22.7% 25.8% 27.1% 31.9% 31.6% 34.7% 44.3% 47.5% 48.7%
EBITDA margin 52.5% 51.9% 54.2% 54.3% 59.4% 57.5% 59.2% 60.9% 64.0% 64.9%
Net margin 9.1% 10.5% 11.6% 14.9% 18.1% 17.3% 24.0% 31.7% −87.5% 10.4%
Returns
Return on capital 5.0% 4.2% 5.0% 5.5% 6.4% 6.9% 8.3% 7.1% 7.9% 8.8%
Return on capital employed 4.4% 3.7% 4.5% 4.6% 5.1% 5.4% 6.6% 5.8% 6.4% 7.2%
Return on equity 5.0% 4.6% 5.3% 7.8% 10.6% 12.4% 21.3% 21.7% −124.9% —
Return on assets 1.6% 1.6% 1.9% 2.4% 2.7% 2.8% 4.3% 3.9% −11.0% 1.4%
Growth
Revenue growth 7.0% 8.5% 26.2% 7.3% 1.3% 8.6% 10.2% −32.2% −5.8% −4.4%
Net income growth −76.5% 24.5% 39.9% 38.3% 22.8% 3.8% 52.8% −10.3% −359.9% —
EPS growth −78.5% −15.8% 53.8% 45.5% 31.3% 7.7% 52.6% −10.4% −359.5% —
Share count change 2.1% 12.3% 8.4% 0.7% 1.7% 2.1% 0.0% 0.0% 0.0% 0.7%
Financial health
Net debt / EBITDA 5.6x 7.2x 5.6x 5.7x 5.5x 5.6x 5.2x 7.9x 8.4x 8.8x
Debt / equity 1.7x 1.4x 1.4x 1.7x 2.0x 2.5x 2.9x 3.6x — —
Interest coverage — — 2.2x 2.3x 2.7x 3.1x 3.5x 2.5x 2.3x 2.1x
Current ratio 1.4x 0.9x 0.8x 0.6x 0.6x 0.6x 0.5x 0.4x 0.5x 0.3x
Quick ratio 1.4x 0.9x 0.8x 0.6x 0.6x 0.6x 0.5x 0.4x 0.5x 0.3x
Capital allocation
Stock comp / revenue 2.0% 2.2% 1.9% 2.0% 2.4% 2.0% 2.2% 2.2% 1.9% 1.7%
Quality scores
Piotroski F-score 6.0 5.0 4.0 6.0 5.0 6.0 6.0 4.0 4.0 5.0
Altman Z'' 0.4 0.3 0.2 −0.1 −0.2 −0.3 −0.5 −0.7 −1.6 −2.4
Accruals ratio −6.4% −5.8% −5.8% −5.2% −5.2% −4.4% −3.1% −4.2% −19.2% −8.1%

Source: SEC EDGAR XBRL filings (CIK 0001051470). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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