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Crown Castle Financials

CCI
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

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

Profitability Growth Leverage Liquidity Cash Flow Returns 57 / 100
Financial Profile 57/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
100

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.

Growth
26

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.

Liquidity
0

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.

Cash Flow
100

Crown Castle converts 67.4% of revenue into free cash flow ($2.9B). This strong cash generation earns a score of 100/100.

Altman Z-Score Distress
-0.00

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.

Piotroski F-Score Neutral
5/9

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.

Earnings Quality Cash-Backed
6.89x

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.

Interest Coverage Adequate
2.1x

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

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Earnings & Revenue

Revenue
$4.3B
YoY-4.4%
5Y CAGR-6.1%
10Y CAGR+1.5%

Crown Castle generated $4.3B in revenue in fiscal year 2025. This represents a decrease of 4.4% from the prior year.

EBITDA
$2.8B
YoY-3.1%
5Y CAGR-4.4%
10Y CAGR+3.4%

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.

Net Income
$444.0M
YoY+111.4%
5Y CAGR-15.9%
10Y CAGR-11.6%

Crown Castle reported $444.0M in net income in fiscal year 2025. This represents an increase of 111.4% from the prior year.

EPS (Diluted)
$2.52
YoY-6.0%
5Y CAGR+1.4%

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

Free Cash Flow
$2.9B
YoY+3.9%
5Y CAGR+15.0%
10Y CAGR+12.5%

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.

Cash & Debt
$99.0M
YoY-1.0%
5Y CAGR-15.7%
10Y CAGR-5.7%

Crown Castle held $99.0M in cash against $24.3B in long-term debt as of fiscal year 2025.

Dividends Per Share
$4.75
YoY-24.1%
5Y CAGR-0.7%
10Y CAGR+3.6%

Crown Castle paid $4.75 per share in dividends in fiscal year 2025. This represents a decrease of 24.1% from the prior year.

Shares Outstanding
435M
YoY+0.0%
5Y CAGR+0.2%
10Y CAGR+2.7%

Crown Castle had 435M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin
97.4%
YoY-0.2pp
5Y CAGR+5.0pp

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.

Operating Margin
48.7%
YoY+1.2pp
5Y CAGR+16.8pp
10Y CAGR+22.8pp

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.

Net Margin
10.4%
YoY+97.9pp
5Y CAGR-7.7pp
10Y CAGR-31.1pp

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.

Return on Equity
N/A

Capital Allocation

R&D Spending
N/A
Share Buybacks
-$23.0M
YoY+30.3%

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.

Capital Expenditures
$182.0M
YoY+3.4%
5Y CAGR-35.4%
10Y CAGR-14.9%

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

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.

Crown Castle (CCI) revenue declined by 4.4% year-over-year, from $4.5B to $4.3B in fiscal year 2025.

Yes, Crown Castle (CCI) reported a net income of $444.0M in fiscal year 2025, with a net profit margin of 10.4%.

Crown Castle (CCI) reported diluted earnings per share of $2.52 for fiscal year 2025. This represents a -6.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Crown Castle (CCI) had EBITDA of $2.8B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Crown Castle (CCI) had $99.0M in cash and equivalents against $24.3B in long-term debt.

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.

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.

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.

Yes, Crown Castle (CCI) paid $4.75 per share in dividends during fiscal year 2025.

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.

Crown Castle (CCI) generated $3.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Crown Castle (CCI) had $31.5B in total assets as of fiscal year 2025, including both current and long-term assets.

Crown Castle (CCI) invested $182.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Yes, Crown Castle (CCI) spent $23.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Crown Castle (CCI) had 435M shares outstanding as of fiscal year 2025.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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