This page shows Crown Castle (CCI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Crown Castle has an operating margin of 48.7%, meaning the company retains $49 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 47.5% the prior year.
Crown Castle's revenue declined 4.4% year-over-year, from $4.5B to $4.3B. This contraction results in a growth score of 26/100.
Crown Castle's current ratio of 0.26 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 0/100, which could limit financial flexibility.
Crown Castle converts 67.4% of revenue into free cash flow ($2.9B). This strong cash generation earns a score of 100/100.
Crown Castle scores -0.00, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($37.0B) relative to total liabilities ($33.2B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Crown Castle passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Crown Castle generates $6.89 in operating cash flow ($3.1B OCF vs $444.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Crown Castle earns $2.1 in operating income for every $1 of interest expense ($2.1B vs $972.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Crown Castle generated $4.3B in revenue in fiscal year 2025. This represents a decrease of 4.4% from the prior year.
Crown Castle's EBITDA was $2.8B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 3.1% from the prior year.
Crown Castle reported $444.0M in net income in fiscal year 2025. This represents an increase of 111.4% from the prior year.
Crown Castle earned $2.52 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 6.0% from the prior year.
Cash & Balance Sheet
Crown Castle generated $2.9B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 3.9% from the prior year.
Crown Castle held $99.0M in cash against $24.3B in long-term debt as of fiscal year 2025.
Crown Castle paid $4.75 per share in dividends in fiscal year 2025. This represents a decrease of 24.1% from the prior year.
Crown Castle had 435M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Margins & Returns
Crown Castle's gross margin was 97.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.2 percentage points from the prior year.
Crown Castle's operating margin was 48.7% in fiscal year 2025, reflecting core business profitability. This is up 1.2 percentage points from the prior year.
Crown Castle's net profit margin was 10.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 97.9 percentage points from the prior year.
Capital Allocation
Crown Castle spent -$23.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 30.3% from the prior year.
Crown Castle invested $182.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 3.4% from the prior year.
CCI Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1B-0.1% | $1.1B+1.1% | $1.1B-0.1% | $1.1B-5.2% | $1.1B-0.1% | $1.1B+1.2% | $1.1B-0.6% | $1.1B |
| Cost of Revenue | $28.0M-6.7% | $30.0M+11.1% | $27.0M-3.6% | $28.0M+7.7% | $26.0M-3.7% | $27.0M+8.0% | $25.0M-13.8% | $29.0M |
| Gross Profit | $1.0B+0.1% | $1.0B+0.9% | $1.0B0.0% | $1.0B-5.5% | $1.1B0.0% | $1.1B+1.0% | $1.1B-0.3% | $1.1B |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $94.0M-3.1% | $97.0M-2.0% | $99.0M+6.5% | $93.0M+1.1% | $92.0M-1.1% | $93.0M-31.6% | $136.0M+19.3% | $114.0M |
| Operating Income | $523.0M-0.4% | $525.0M+3.8% | $506.0M-2.9% | $521.0M-8.8% | $571.0M+7.3% | $532.0M+7.5% | $495.0M-4.8% | $520.0M |
| Interest Expense | $246.0M-0.4% | $247.0M+1.6% | $243.0M+3.0% | $236.0M-1.7% | $240.0M+1.7% | $236.0M+2.6% | $230.0M+1.8% | $226.0M |
| Income Tax | $3.0M-25.0% | $4.0M0.0% | $4.0M-20.0% | $5.0M+25.0% | $4.0M+33.3% | $3.0M-40.0% | $5.0M-16.7% | $6.0M |
| Net Income | $294.0M-9.0% | $323.0M+11.0% | $291.0M+162.7% | -$464.0M+90.3% | -$4.8B-1673.6% | $303.0M+20.7% | $251.0M-19.3% | $311.0M |
| EPS (Diluted) | N/A | $0.64+4.9% | $0.61-6.2% | $0.65 | N/A | $0.68+11.5% | $0.61-9.0% | $0.67 |
CCI Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $31.5B+0.1% | $31.5B-0.4% | $31.6B-0.4% | $31.8B-3.0% | $32.7B-14.0% | $38.0B-0.5% | $38.2B0.0% | $38.2B |
| Current Assets | $1.1B+2.7% | $1.1B+3.7% | $1.1B-1.0% | $1.1B-0.5% | $1.1B-3.0% | $1.1B+4.0% | $1.1B+10.6% | $977.0M |
| Cash & Equivalents | $99.0M+73.7% | $57.0M-39.4% | $94.0M+56.7% | $60.0M-40.0% | $100.0M-48.5% | $194.0M+25.2% | $155.0M+24.0% | $125.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $172.0M+37.6% | $125.0M+25.0% | $100.0M-18.7% | $123.0M-4.7% | $129.0M-68.8% | $413.0M-1.7% | $420.0M+10.5% | $380.0M |
| Goodwill | $5.1B0.0% | $5.1B0.0% | $5.1B0.0% | $5.1B0.0% | $5.1B-49.2% | $10.1B0.0% | $10.1B0.0% | $10.1B |
| Total Liabilities | $33.2B+0.5% | $33.0B-0.1% | $33.0B0.0% | $33.0B+0.4% | $32.9B+0.4% | $32.7B+0.5% | $32.6B+1.3% | $32.2B |
| Current Liabilities | $4.5B+4.2% | $4.3B+13.0% | $3.8B+28.9% | $3.0B+35.5% | $2.2B+3.8% | $2.1B-15.9% | $2.5B+6.8% | $2.3B |
| Long-Term Debt | $24.3B+12.9% | $21.6B-2.2% | $22.0B-3.7% | $22.9B-5.0% | $24.1B+2.7% | $23.5B+2.6% | $22.9B+1.3% | $22.6B |
| Total Equity | -$1.6B-9.5% | -$1.5B-8.0% | -$1.4B-10.3% | -$1.3B-842.1% | -$133.0M-102.5% | $5.3B-6.3% | $5.7B-6.5% | $6.0B |
| Retained Earnings | -$20.2B-0.9% | -$20.0B-0.7% | -$19.8B-0.9% | -$19.7B-6.2% | -$18.5B-41.7% | -$13.1B-3.0% | -$12.7B-3.5% | -$12.3B |
CCI Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $870.0M+21.8% | $714.0M-14.2% | $832.0M+29.8% | $641.0M-26.9% | $877.0M+25.5% | $699.0M-9.0% | $768.0M+28.2% | $599.0M |
| Capital Expenditures | $59.0M+37.2% | $43.0M+7.5% | $40.0M0.0% | $40.0M-23.1% | $52.0M+36.8% | $38.0M-2.6% | $39.0M-17.0% | $47.0M |
| Free Cash Flow | $811.0M+20.9% | $671.0M-15.3% | $792.0M+31.8% | $601.0M-27.2% | $825.0M+24.8% | $661.0M-9.3% | $729.0M+32.1% | $552.0M |
| Investing Cash Flow | -$353.0M-25.2% | -$282.0M-5.2% | -$268.0M-5.1% | -$255.0M+6.6% | -$273.0M+8.1% | -$297.0M+10.0% | -$330.0M-3.1% | -$320.0M |
| Financing Cash Flow | -$464.0M-2.9% | -$451.0M+20.6% | -$568.0M-40.9% | -$403.0M+40.7% | -$680.0M-87.8% | -$362.0M+10.6% | -$405.0M-55.2% | -$261.0M |
| Dividends Paid | -$3.7B-899.8% | $462.0M-0.2% | $463.0M-32.9% | $690.0M+114.4% | -$4.8B-801.6% | $681.0M+0.1% | $680.0M-1.2% | $688.0M |
| Share Buybacks | -$46.0M | $0-100.0% | $2.0M-90.5% | $21.0M+132.3% | -$65.0M-3350.0% | $2.0M-33.3% | $3.0M-88.9% | $27.0M |
CCI Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 97.4%+0.2pp | 97.2%-0.3pp | 97.5%+0.1pp | 97.4%-0.3pp | 97.7%+0.1pp | 97.6%-0.2pp | 97.7%+0.3pp | 97.4% |
| Operating Margin | 48.8%-0.1pp | 49.0%+1.2pp | 47.7%-1.4pp | 49.1%-1.9pp | 51.0%+3.5pp | 47.5%+2.8pp | 44.7%-2.0pp | 46.7% |
| Net Margin | 27.5%-2.7pp | 30.1%+2.7pp | 27.5%+71.2pp | -43.7%+382.4pp | -426.1%-453.1pp | 27.1%+4.4pp | 22.7%-5.2pp | 27.9% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | 5.7%+1.3pp | 4.4%-0.7pp | 5.1% |
| Return on Assets | 0.9%-0.1pp | 1.0%+0.1pp | 0.9%+2.4pp | -1.5%+13.1pp | -14.6%-15.4pp | 0.8%+0.1pp | 0.7%-0.1pp | 0.8% |
| Current Ratio | 0.260.0 | 0.26-0.0 | 0.28-0.1 | 0.37-0.1 | 0.50-0.0 | 0.54+0.1 | 0.43+0.0 | 0.42 |
| Debt-to-Equity | -14.88-0.5 | -14.43+1.5 | -15.95+2.3 | -18.26+162.8 | -181.06-185.5 | 4.43+0.4 | 4.04+0.3 | 3.73 |
| FCF Margin | 75.7%+13.1pp | 62.6%-12.1pp | 74.7%+18.1pp | 56.6%-17.1pp | 73.7%+14.7pp | 59.0%-6.8pp | 65.8%+16.3pp | 49.5% |
Note: Shareholder equity is negative (-$1.6B), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.26), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Crown Castle's annual revenue?
Crown Castle (CCI) reported $4.3B in total revenue for fiscal year 2025. This represents a -4.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Crown Castle's revenue growing?
Crown Castle (CCI) revenue declined by 4.4% year-over-year, from $4.5B to $4.3B in fiscal year 2025.
Is Crown Castle profitable?
Yes, Crown Castle (CCI) reported a net income of $444.0M in fiscal year 2025, with a net profit margin of 10.4%.
What is Crown Castle's EBITDA?
Crown Castle (CCI) had EBITDA of $2.8B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Crown Castle have?
As of fiscal year 2025, Crown Castle (CCI) had $99.0M in cash and equivalents against $24.3B in long-term debt.
What is Crown Castle's gross margin?
Crown Castle (CCI) had a gross margin of 97.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Crown Castle's operating margin?
Crown Castle (CCI) had an operating margin of 48.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Crown Castle's net profit margin?
Crown Castle (CCI) had a net profit margin of 10.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Crown Castle pay dividends?
Yes, Crown Castle (CCI) paid $4.75 per share in dividends during fiscal year 2025.
What is Crown Castle's free cash flow?
Crown Castle (CCI) generated $2.9B in free cash flow during fiscal year 2025. This represents a 3.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Crown Castle's operating cash flow?
Crown Castle (CCI) generated $3.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Crown Castle's total assets?
Crown Castle (CCI) had $31.5B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Crown Castle's capital expenditures?
Crown Castle (CCI) invested $182.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Crown Castle's current ratio?
Crown Castle (CCI) had a current ratio of 0.26 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Crown Castle's debt-to-equity ratio?
Crown Castle (CCI) had a debt-to-equity ratio of -14.88 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Crown Castle's return on assets (ROA)?
Crown Castle (CCI) had a return on assets of 1.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is Crown Castle's debt-to-equity ratio negative or unusual?
Crown Castle (CCI) has negative shareholder equity of -$1.6B as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Crown Castle's Altman Z-Score?
Crown Castle (CCI) has an Altman Z-Score of -0.00, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Crown Castle's Piotroski F-Score?
Crown Castle (CCI) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Crown Castle's earnings high quality?
Crown Castle (CCI) has an earnings quality ratio of 6.89x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Crown Castle cover its interest payments?
Crown Castle (CCI) has an interest coverage ratio of 2.1x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Crown Castle?
Crown Castle (CCI) scores 57 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.