Crown Castle (CCI) Financials

$90.23 +1.13 (+1.27%)

Closing price 03:59 PM Eastern

Extended Trading

$89.99 -0.24 (-0.27%)

As of 07:02 PM Eastern

Annual Income Statements for Crown Castle

This table shows Crown Castle's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	1,477	424	308	547	789	999	1,096	3,073	1,503	-3,904	444
Consolidated Net Income / (Loss)	1,524	357	366	660	902	1,056	1,096	3,073	1,502	-3,903	444
Net Income / (Loss) Continuing Operations	525	391	366	660	902	1,056	1,158	0.00	1,237	1,162	1,103
Total Pre-Tax Income	474	374	392	641	881	1,076	1,179	3,089	1,258	1,180	1,119
Total Operating Income	946	949	967	1,383	1,559	1,863	2,001	2,425	2,097	2,118	2,075
Total Gross Profit	2,342	2,480	2,712	3,526	3,777	3,871	4,347	4,918	3,469	3,370	3,159
Total Revenue	3,664	3,921	4,255	5,370	5,763	5,840	6,340	6,986	4,734	4,460	4,264
Operating Revenue	3,664	3,921	4,255	5,370	5,763	5,840	6,340	6,986	4,734	4,460	4,264
Total Cost of Revenue	1,321	1,441	1,543	1,844	1,986	1,969	1,993	2,068	1,265	1,090	1,105
Operating Cost of Revenue	1,321	1,441	1,543	1,844	1,986	1,969	1,993	2,068	1,265	1,090	1,105
Total Operating Expenses	1,396	1,531	1,745	2,143	2,218	2,008	2,346	2,493	1,372	1,252	1,084
Selling, General & Admin Expense	311	371	426	563	614	678	680	750	502	435	383
Depreciation Expense	1,036	1,109	1,241	1,527	1,572	1,608	1,644	1,707	787	736	690
Impairment Charge	33	34	17	26	19	74	21	34	9.00	11	11
Restructuring Charge	16	17	61	27	13	10	1.00	2.00	74	70	0.00
Total Other Income / (Expense), net	-472	-575	-575	-742	-678	-787	-822	664	-839	-938	-956
Interest Expense	531	567	595	748	685	784	802	-671	849	932	972
Interest & Investment Income	1.91	1.00	19	5.00	6.00	2.00	1.00	3.00	15	20	13
Other Income / (Expense), net	57	-9.00	1.00	1.00	1.00	-5.00	-21	-10	-5.00	-26	3.00
Income Tax Expense	-51	-17	26	-19	-21	20	21	16	21	18	16
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	0.00	-62	-	265	-5,065	-659
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	-	-	-	-	-	-	-	-	-1.00	1.00	0.00
Basic Earnings per Share	$4.44	$0.95	$0.80	$1.23	$3.60	$2.36	$2.54	$3.87	$3.46	($8.98)	$1.02
Weighted Average Basic Shares Outstanding	333.00M	340M	382M	413M	416M	423M	432M	433M	434M	434M	435M
Diluted Earnings per Share	$4.42	$0.95	$0.80	$1.23	$3.58	$2.35	$2.53	$3.86	$3.46	($8.98)	$1.01
Weighted Average Diluted Shares Outstanding	334.06M	341M	383M	415M	418M	425M	434M	434M	434M	434M	437M
Weighted Average Basic & Diluted Shares Outstanding	494M	360.54M	383.20M	413.30M	416.75M	862.62M	864.43M	433.44M	434.22M	435.43M	436.07M

This table shows Crown Castle's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	456	265	2,064	311	251	303	7,013	-464	291	324	293
Consolidated Net Income / (Loss)	455	265	2,064	311	251	303	7,012	-464	291	323	294
Net Income / (Loss) Continuing Operations	455	265	-1,138	294	265	294	-865	284	265	277	277
Total Pre-Tax Income	462	272	2,069	300	270	297	7,017	289	269	281	280
Total Operating Income	667	486	588	520	495	532	-4,505	521	506	525	523
Total Gross Profit	1,345	1,181	1,221	842	833	846	1,185	793	782	792	792
Total Revenue	1,867	1,667	1,674	1,114	1,107	1,120	1,649	1,061	1,060	1,072	1,071
Operating Revenue	1,867	1,667	1,674	1,114	1,107	1,120	1,649	1,061	1,060	1,072	1,071
Total Cost of Revenue	522	486	453	272	274	274	464	268	278	280	279
Operating Cost of Revenue	522	486	453	272	274	274	464	268	278	280	279
Total Operating Expenses	678	695	633	322	338	314	-4,226	272	276	267	269
Selling, General & Admin Expense	210	176	178	114	136	93	166	93	99	97	94
Depreciation Expense	445	439	439	191	180	181	437	177	175	167	171
Impairment Charge	22	8.00	3.00	6.00	3.00	2.00	-4,834	2.00	2.00	3.00	4.00
Total Other Income / (Expense), net	-205	-214	1,481	-220	-225	-235	1,606	-232	-237	-244	-243
Interest Expense	208	217	-1,477	226	230	236	-1,624	236	243	247	246
Interest & Investment Income	5.00	3.00	5.00	4.00	4.00	6.00	5.00	3.00	4.00	3.00	3.00
Income Tax Expense	7.00	7.00	5.00	6.00	5.00	3.00	5.00	5.00	4.00	4.00	3.00
Net Income / (Loss) Discontinued Operations	-	-	-	17	-14	9.00	-	-748	26	46	17
Basic Earnings per Share	$1.05	$0.61	$0.83	$0.72	$0.58	$0.70	($10.98)	($1.07)	$0.67	$0.74	$0.68
Weighted Average Basic Shares Outstanding	434M	434M	434M	434M	435M	435M	434M	435M	435M	435M	435M
Diluted Earnings per Share	$1.05	$0.61	$0.83	$0.71	$0.58	$0.70	($10.97)	($1.07)	$0.67	$0.74	$0.67
Weighted Average Diluted Shares Outstanding	434M	434M	434M	435M	435M	436M	434M	436M	437M	437M	437M
Weighted Average Basic & Diluted Shares Outstanding	433.68M	433.69M	434.22M	434.52M	434.57M	434.60M	435.43M	435.46M	435.47M	435.48M	436.07M

This table details how cash moves in and out of Crown Castle's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-1,101	269	27,700	432	-75	43	147	-139	-47	15	13
Net Cash From Operating Activities	1,794	1,787	2,032	2,500	2,698	3,055	2,789	2,878	3,126	2,943	3,057
Net Cash From Continuing Operating Activities	1,794	1,787	1,926	2,934	3,032	3,055	2,789	2,878	1,934	-2,093	1,400
Net Income / (Loss) Continuing Operations	525	357	366	622	860	1,056	1,158	1,675	1,237	-2,741	631
Consolidated Net Income / (Loss)	525	357	366	622	860	1,056	1,158	1,675	1,502	-2,741	1,547
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-	265	-	916
Depreciation Expense	1,036	1,109	1,241	1,527	1,572	1,608	1,644	1,707	787	736	690
Amortization Expense	37	14	9.00	7.00	1.00	6.00	13	17	29	32	32
Non-Cash Adjustments To Reconcile Net Income	-26	178	103	27	138	312	316	223	126	118	80
Changes in Operating Assets and Liabilities, net	221	129	305	317	127	73	-342	-744	-245	-238	-33
Net Cash From Investing Activities	-1,960	-1,429	-10,482	-1,793	-2,081	-1,741	-1,332	-1,352	-1,519	-1,220	-1,158
Net Cash From Continuing Investing Activities	-1,960	-1,429	10,482	-1,769	-2,067	-1,741	-1,332	-1,352	-334	-175	-178
Purchase of Property, Plant & Equipment	-909	-874	-1,217	-1,739	-2,057	-1,624	-1,229	-1,310	-243	-176	-182
Acquisitions	-1,102	-557	-9,260	-42	-17	-107	-111	-35	-96	-8.00	0.00
Other Investing Activities, net	51	2.00	-5.00	-12	-7.00	-10	8.00	-7.00	5.00	9.00	4.00
Net Cash From Financing Activities	-935	-89	8,192	-733	-692	-1,271	-1,310	-1,665	-1,654	-1,708	-1,886
Net Cash From Continuing Financing Activities	-935	-89	15,292	-733	-692	-1,271	-1,310	12,103	14,084	6,878	5,466
Repayment of Debt	-2,535	-8,748	-1,988	-4,207	-2,627	-5,168	-4,097	5,193	3,875	2,872	2,163
Repurchase of Common Equity	-30	-25	-23	-34	-44	-76	-70	65	30	33	23
Payment of Dividends	-1,160	-1,283	-1,539	-1,895	-2,025	-2,190	-2,373	2,602	2,723	2,729	2,080
Issuance of Debt	2,790	8,641	5,913	4,562	4,004	6,163	5,230	4,243	7,456	1,244	1,200

This table details how cash moves in and out of Crown Castle's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	-49	-183	185	-66	103	2.00	102	-27	-44	31	53
Net Cash From Operating Activities	1,119	533	868	599	768	699	877	641	832	714	870
Net Cash From Continuing Operating Activities	969	549	1,055	241	838	661	-8,861	361	481	446	112
Net Income / (Loss) Continuing Operations	456	265	363	294	251	303	-4,768	284	265	277	-195
Consolidated Net Income / (Loss)	456	265	363	311	251	303	-4,768	-464	291	323	1,397
Net Income / (Loss) Discontinued Operations	-	-	-	17	-	-	-	-748	26	1,359	279
Depreciation Expense	445	439	439	191	430	432	437	177	175	168	170
Amortization Expense	7.00	8.00	7.00	8.00	10	6.00	8.00	8.00	8.00	8.00	8.00
Non-Cash Adjustments To Reconcile Net Income	72	35	51	26	39	33	-4,756	21	23	1,335	-1,299
Changes in Operating Assets and Liabilities, net	-11	-198	195	-278	108	-113	218	-129	10	-29	115
Net Cash From Investing Activities	-399	-349	-364	-320	-330	-297	-273	-255	-268	-282	-353
Net Cash From Continuing Investing Activities	-399	-349	-364	-47	-330	-297	-273	-38	-39	-41	-60
Purchase of Property, Plant & Equipment	-379	-347	-357	-47	-329	-297	-276	-40	-40	-43	-59
Other Investing Activities, net	2.00	2.00	-4.00	1.00	-1.00	7.00	3.00	2.00	1.00	2.00	-1.00
Net Cash From Financing Activities	-619	-383	-513	-261	-405	-362	-680	-403	-568	-451	-464
Net Cash From Continuing Financing Activities	-619	-383	15,225	-261	-405	-362	7,906	-403	-568	-451	6,888
Repayment of Debt	-1,967	-533	8,233	454	278	-923	3,063	308	-503	-1,094	3,452
Repurchase of Common Equity	-1.00	-	59	-27	-3.00	-2.00	65	-21	-2.00	-	46
Payment of Dividends	-678	-680	4,767	-688	-680	-681	4,778	-690	-463	-462	3,695
Issuance of Debt	2,027	830	2,166	0.00	-	1,244	-	0.00	400	1,105	-305

This table presents Crown Castle's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	21,937	22,675	32,229	32,762	38,457	38,768	39,040	38,921	38,527	32,736	31,518
Total Current Assets	981	1,325	1,134	1,229	1,204	1,104	1,254	1,217	1,032	1,090	1,144
Cash & Equivalents	179	568	314	277	196	232	292	156	105	100	99
Restricted Cash	131	125	121	131	137	144	169	166	171	170	170
Accounts Receivable	313	374	398	501	596	431	543	593	481	129	172
Prepaid Expenses	133	129	162	172	107	95	105	102	103	74	79
Other Current Assets	225	130	139	148	168	202	145	200	172	188	190
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	429	434
Plant, Property, & Equipment, net	9,580	9,805	12,933	13,653	14,666	15,162	15,269	15,407	15,666	6,577	6,273
Total Noncurrent Assets	11,376	11,545	18,162	17,880	22,587	22,502	22,517	22,297	21,829	25,069	24,101
Noncurrent Note & Lease Receivables	1,306	1,318	1,300	1,366	1,424	1,408	1,588	1,954	2,239	2,279	2,288
Goodwill	5,514	5,758	10,021	10,078	10,078	10,078	10,078	10,085	10,085	5,127	5,127
Intangible Assets	359	351	336	307	72	68	64	61	57	28	27
Other Noncurrent Operating Assets	4,197	4,118	6,505	6,129	11,013	10,948	10,787	10,197	9,448	6,667	6,368
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	-	-	10,968	10,291
Total Liabilities & Shareholders' Equity	21,937	22,675	32,229	32,762	38,457	38,768	39,040	38,921	38,527	32,736	31,518
Total Liabilities	14,848	15,118	19,890	21,191	27,968	29,307	30,782	31,472	32,146	32,869	33,153
Total Current Liabilities	855	961	1,292	1,506	1,920	1,969	2,026	2,731	2,585	2,177	4,479
Short-Term Debt	106	102	115	107	100	129	72	819	835	603	2,783
Accounts Payable	160	189	249	313	334	230	246	236	252	48	71
Current Deferred Revenue	323	353	457	587	657	704	776	736	605	141	192
Other Current Liabilities	200	221	339	351	660	707	750	757	674	431	436
Other Current Nonoperating Liabilities	67	97	132	148	169	199	182	183	219	954	997
Total Noncurrent Liabilities	13,992	14,157	18,598	19,685	26,048	27,338	28,756	28,741	29,561	30,692	28,674
Long-Term Debt	12,044	12,069	16,044	16,575	18,021	19,151	20,557	20,910	22,086	23,451	21,554
Capital Lease Obligations	-	-	-	0.00	5,511	5,808	6,031	5,881	5,561	5,062	4,961
Other Noncurrent Operating Liabilities	1,949	2,087	2,554	3,110	2,516	2,379	2,168	1,950	1,914	645	607
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	1,534	1,552
Total Equity & Noncontrolling Interests	7,089	7,557	12,339	11,571	10,489	9,461	8,258	7,449	6,381	-133	-1,635
Total Preferred & Common Equity	7,089	7,557	12,339	11,571	10,489	9,461	8,258	7,449	6,381	-133	-1,635
Total Common Equity	7,089	7,557	12,339	11,571	10,489	9,461	8,258	7,449	6,381	-133	-1,635
Common Stock	9,552	10,942	16,848	17,771	17,859	17,937	18,015	18,120	18,274	18,397	18,531
Retained Earnings	-2,458	-3,379	-4,505	-6,195	-7,365	-8,472	-9,753	-10,666	-11,889	-18,525	-20,161
Accumulated Other Comprehensive Income / (Loss)	-4.40	-5.89	-4.00	-5.00	-5.00	-4.00	-4.00	-5.00	-4.00	-5.00	-5.00

This table presents Crown Castle's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	39,054	39,042	38,699	38,527	38,231	38,246	38,043	32,736	31,760	31,636	31,501
Total Current Assets	1,325	1,349	1,126	1,032	977	1,081	1,124	1,090	1,085	1,074	1,114
Cash & Equivalents	187	276	117	105	125	155	194	119	60	94	57
Restricted Cash	196	207	167	171	168	171	172	171	174	161	176
Accounts Receivable	565	496	512	481	380	420	413	478	123	100	125
Prepaid Expenses	159	182	143	103	130	155	144	106	76	70	89
Other Current Assets	218	188	187	172	174	180	201	216	210	229	248
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	442	420	419
Plant, Property, & Equipment, net	15,492	15,571	15,573	15,666	15,677	15,698	15,643	15,495	6,492	6,402	6,330
Total Noncurrent Assets	22,237	22,122	22,000	21,829	21,577	21,467	21,276	16,151	24,183	24,160	24,057
Noncurrent Note & Lease Receivables	2,040	2,128	8,498	2,239	2,292	2,341	2,340	2,343	2,277	2,277	2,244
Goodwill	10,085	10,085	10,085	10,085	10,085	10,085	10,085	5,127	5,127	5,127	5,127
Intangible Assets	3,496	3,388	3,276	57	3,073	2,974	2,878	54	993	949	905
Other Noncurrent Operating Assets	6,616	6,521	141	9,448	6,127	6,067	5,973	8,627	5,623	5,625	5,576
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	-	10,163	10,182	10,205
Total Liabilities & Shareholders' Equity	39,054	39,042	38,699	38,527	38,231	38,246	38,043	32,736	31,760	31,636	31,501
Total Liabilities	31,831	31,996	32,030	32,146	32,183	32,594	32,747	32,869	33,013	33,018	32,994
Total Current Liabilities	2,535	2,725	2,549	2,585	2,336	2,494	2,097	2,177	2,950	3,803	4,297
Short-Term Debt	819	819	827	835	854	865	611	610	1,503	2,251	2,769
Accounts Payable	233	240	215	252	216	225	200	192	42	48	65
Current Deferred Revenue	721	793	650	605	514	509	483	476	145	139	147
Other Current Liabilities	630	654	712	674	592	667	639	655	409	421	424
Other Current Nonoperating Liabilities	132	219	145	219	160	228	164	244	851	944	892
Total Noncurrent Liabilities	29,296	29,271	29,481	29,561	29,847	30,100	30,650	30,692	30,063	29,215	28,697
Long-Term Debt	21,513	21,599	21,903	22,086	22,560	22,854	23,452	23,471	22,874	22,039	21,550
Capital Lease Obligations	5,856	5,750	5,660	5,561	5,397	5,354	5,272	5,236	5,030	5,009	4,988
Other Noncurrent Operating Liabilities	1,927	1,922	1,918	1,914	1,890	1,892	1,926	1,985	641	628	623
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	-	-	-	1,518	1,539	1,536
Total Equity & Noncontrolling Interests	7,223	7,046	6,669	6,381	6,048	5,652	5,296	-133	-1,253	-1,382	-1,493
Total Preferred & Common Equity	7,223	7,046	6,669	6,381	6,048	5,652	5,296	-133	-1,253	-1,382	-1,493
Total Common Equity	7,223	7,046	6,669	6,381	6,048	5,652	5,296	-133	-1,253	-1,382	-1,493
Common Stock	18,158	18,206	18,245	18,274	18,314	18,351	18,375	18,397	18,427	18,467	18,501
Retained Earnings	-10,929	-11,155	-11,571	-11,889	-12,261	-12,694	-13,074	-18,525	-19,675	-19,844	-19,990
Accumulated Other Comprehensive Income / (Loss)	-6.00	-5.00	-5.00	-4.00	-5.00	-5.00	-5.00	-5.00	-5.00	-5.00	-4.00

This table displays calculated financial ratios and metrics derived from Crown Castle's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.54%	7.02%	8.52%	26.20%	7.32%	1.34%	8.56%	10.19%	-0.07%	-5.92%	-4.39%
EBITDA Growth	2.83%	-0.65%	7.51%	31.56%	7.37%	10.82%	4.75%	13.80%	0.17%	-128.85%	-2.10%
EBIT Growth	5.30%	-6.30%	2.98%	42.98%	12.72%	19.10%	6.57%	21.97%	-2.15%	-225.52%	-0.67%
NOPAT Growth	7.89%	-5.41%	-9.00%	57.72%	12.09%	14.55%	7.49%	22.75%	-2.59%	-224.65%	-1.94%
Net Income Growth	282.26%	-76.58%	2.52%	80.33%	36.67%	17.07%	3.79%	180.38%	4.20%	146.00%	111.38%
EPS Growth	325.00%	-78.51%	-15.79%	53.75%	191.06%	-34.36%	7.66%	52.57%	-10.36%	-359.54%	111.25%
Operating Cash Flow Growth	12.11%	-0.39%	13.71%	23.03%	7.92%	13.23%	-8.71%	3.19%	8.62%	-5.85%	3.87%
Free Cash Flow Firm Growth	-81.15%	342.55%	-1,053.58%	119.93%	-368.63%	132.36%	20.16%	25.50%	15.60%	11.16%	-84.60%
Invested Capital Growth	4.72%	0.72%	47.36%	-0.72%	21.31%	1.22%	0.78%	0.81%	-0.33%	-16.28%	-2.96%
Revenue Q/Q Growth	-3.00%	7.29%	6.34%	-1.83%	1.05%	30.85%	-15.34%	1.60%	-1.27%	-0.38%	-33.58%
EBITDA Q/Q Growth	-0.86%	1.57%	0.71%	6.26%	2.02%	9.42%	-3.86%	2.68%	-0.29%	-130.51%	329.89%
EBIT Q/Q Growth	-2.53%	3.21%	-6.69%	11.52%	3.72%	18.72%	-7.56%	3.83%	-0.84%	-238.02%	170.30%
NOPAT Q/Q Growth	7.11%	-0.25%	-15.99%	18.60%	1.17%	15.35%	-5.81%	4.28%	-0.35%	-238.57%	199.62%
Net Income Q/Q Growth	-5.41%	17.99%	-32.41%	35.25%	3.32%	33.50%	-10.82%	90.40%	106.31%	540.93%	109.61%
EPS Q/Q Growth	-0.67%	-2.06%	-33.88%	44.71%	111.83%	-37.67%	-4.89%	7.82%	-53.49%	-242.99%	109.50%
Operating Cash Flow Q/Q Growth	3.10%	-1.15%	7.21%	4.43%	3.17%	6.15%	-8.26%	3.82%	0.90%	0.31%	-0.23%
Free Cash Flow Firm Q/Q Growth	552.95%	-13.30%	-797.71%	126.97%	8.84%	-81.91%	-19.65%	152.22%	6.29%	5.15%	-79.74%
Invested Capital Q/Q Growth	-0.80%	-0.13%	33.36%	-1.34%	-2.26%	20.55%	21.60%	0.11%	-0.33%	-15.37%	-0.86%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	63.93%	63.25%	63.74%	65.66%	65.54%	66.28%	68.56%	70.40%	71.64%	71.88%	74.09%
EBITDA Margin	56.68%	52.61%	52.13%	54.34%	54.36%	59.45%	57.37%	59.25%	59.39%	-18.21%	65.67%
Operating Margin	25.82%	24.20%	22.73%	25.75%	27.05%	31.90%	31.56%	34.71%	33.94%	-44.73%	48.66%
EBIT Margin	27.38%	23.97%	22.75%	25.77%	27.07%	31.82%	31.23%	34.57%	33.85%	-45.16%	48.73%
Profit (Net Income) Margin	41.60%	9.10%	8.60%	12.29%	15.65%	18.08%	17.29%	43.99%	45.87%	119.93%	10.41%
Tax Burden Percent	321.71%	95.45%	93.37%	102.96%	102.38%	98.14%	92.96%	99.48%	99.19%	99.70%	39.68%
Interest Burden Percent	47.23%	39.79%	40.50%	46.32%	56.47%	57.91%	59.55%	127.91%	136.61%	-266.39%	53.85%
Effective Tax Rate	-10.86%	-4.55%	6.63%	-2.96%	-2.38%	1.86%	1.78%	0.52%	0.81%	0.30%	1.43%
Return on Invested Capital (ROIC)	5.65%	5.20%	3.82%	5.07%	5.15%	5.35%	5.70%	6.94%	6.74%	-9.16%	10.48%
ROIC Less NNEP Spread (ROIC-NNEP)	9.73%	-0.21%	-0.10%	0.33%	1.67%	2.16%	2.31%	9.39%	9.79%	28.30%	2.63%
Return on Net Nonoperating Assets (RNNOA)	16.40%	-0.33%	-0.14%	0.45%	3.02%	5.23%	6.68%	32.19%	39.56%	261.31%	-60.71%
Return on Equity (ROE)	22.05%	4.87%	3.68%	5.52%	8.18%	10.59%	12.37%	39.13%	46.31%	252.14%	-50.23%
Cash Return on Invested Capital (CROIC)	1.04%	4.49%	-34.48%	5.79%	-14.10%	4.14%	4.92%	6.13%	7.07%	8.57%	13.49%
Operating Return on Assets (OROA)	4.66%	4.21%	3.53%	4.26%	4.38%	4.81%	5.09%	6.20%	6.10%	-8.32%	6.47%
Return on Assets (ROA)	7.08%	1.60%	1.33%	2.03%	2.53%	2.73%	2.82%	7.88%	8.27%	22.11%	1.38%
Return on Common Equity (ROCE)	22.02%	4.87%	3.68%	5.52%	8.18%	10.59%	12.37%	39.13%	46.31%	252.14%	-50.23%
Return on Equity Simple (ROE_SIMPLE)	21.50%	4.72%	2.97%	5.70%	8.60%	11.16%	13.27%	41.25%	50.18%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	1,049	992	903	1,424	1,596	1,828	1,965	2,412	2,350	-2,929	2,045
NOPAT Margin	28.63%	25.30%	21.22%	26.52%	27.70%	31.31%	31.00%	34.53%	33.66%	-44.60%	47.97%
Net Nonoperating Expense Percent (NNEP)	-4.08%	5.41%	3.91%	4.73%	3.48%	3.19%	3.39%	-2.45%	-3.05%	-37.46%	7.85%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	6.88%	6.74%	-10.04%	7.39%
Cost of Revenue to Revenue	36.07%	36.75%	36.26%	34.34%	34.46%	33.72%	31.44%	29.60%	28.36%	28.12%	25.91%
SG&A Expenses to Revenue	8.49%	9.46%	10.01%	10.48%	10.65%	11.61%	10.73%	10.74%	10.87%	10.75%	8.98%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	38.11%	39.05%	41.01%	39.91%	38.49%	34.38%	37.00%	35.69%	37.70%	-34.36%	25.42%
Earnings before Interest and Taxes (EBIT)	1,003	940	968	1,384	1,560	1,858	1,980	2,415	2,363	-2,966	2,078
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,077	2,063	2,218	2,918	3,133	3,472	3,637	4,139	4,146	-1,196	2,800
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.91	2.90	5.66	6.27	4.69	6.23	9.67	6.92	7.26	0.00	0.00
Price to Tangible Book Value (P/TBV)	16.95	15.12	35.21	61.16	145.19	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	5.63	5.58	16.40	13.51	8.54	10.10	12.59	7.37	6.63	5.91	9.08
Price to Earnings (P/E)	13.97	51.63	226.59	132.61	62.38	59.03	72.83	16.76	14.46	4.93	87.16
Dividend Yield	5.41%	5.58%	4.54%	4.89%	3.86%	3.61%	2.96%	5.02%	5.86%	7.01%	5.35%
Earnings Yield	7.16%	1.94%	0.44%	0.75%	1.60%	1.69%	1.37%	5.97%	6.92%	20.30%	1.15%
Enterprise Value to Invested Capital (EV/IC)	1.71	1.74	3.03	3.17	2.14	2.43	3.06	2.26	2.14	2.33	3.52
Enterprise Value to Revenue (EV/Rev)	8.86	8.51	20.10	16.54	12.58	14.33	16.72	11.28	10.67	10.33	15.88
Enterprise Value to EBITDA (EV/EBITDA)	15.64	16.18	38.56	30.44	23.15	24.10	29.15	19.04	17.97	0.00	24.19
Enterprise Value to EBIT (EV/EBIT)	32.37	35.50	88.34	64.17	46.49	45.04	53.54	32.63	31.53	0.00	32.59
Enterprise Value to NOPAT (EV/NOPAT)	30.96	33.64	94.72	62.37	45.43	45.77	53.94	32.66	31.71	0.00	33.11
Enterprise Value to Operating Cash Flow (EV/OCF)	18.10	18.67	42.08	35.53	26.88	27.39	38.01	27.38	23.84	23.05	22.16
Enterprise Value to Free Cash Flow (EV/FCFF)	167.94	39.00	0.00	54.62	0.00	59.21	62.42	36.97	30.24	24.76	25.74
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.71	1.61	1.31	1.44	2.25	2.65	3.23	3.71	4.46	-220.43	-17.92
Long-Term Debt to Equity	1.70	1.60	1.30	1.43	2.24	2.64	3.22	3.60	4.33	-215.84	-16.22
Financial Leverage	1.69	1.60	1.38	1.35	1.81	2.43	2.89	3.43	4.04	9.23	-23.07
Leverage Ratio	3.12	3.05	2.76	2.72	3.23	3.87	4.39	4.96	5.60	11.41	-36.34
Compound Leverage Factor	1.47	1.21	1.12	1.26	1.82	2.24	2.61	6.35	7.65	-30.38	-19.57
Debt to Total Capital	63.15%	61.69%	56.70%	59.05%	69.26%	72.62%	76.35%	78.75%	81.70%	100.46%	105.91%
Short-Term Debt to Total Capital	0.55%	0.52%	0.40%	0.38%	0.29%	0.37%	0.21%	2.34%	2.40%	2.09%	10.06%
Long-Term Debt to Total Capital	62.60%	61.18%	56.30%	58.67%	68.97%	72.24%	76.14%	76.42%	79.30%	98.37%	95.85%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	36.85%	38.31%	43.30%	40.95%	30.74%	27.38%	23.65%	21.25%	18.30%	-0.46%	-5.91%
Debt to EBITDA	5.85	5.90	7.29	5.72	7.54	7.23	7.33	6.67	6.87	-24.51	10.46
Net Debt to EBITDA	5.70	5.56	7.09	5.58	7.44	7.12	7.20	6.59	6.80	-24.27	10.37
Long-Term Debt to EBITDA	5.80	5.85	7.23	5.68	7.51	7.19	7.31	6.47	6.67	-24.00	9.47
Debt to NOPAT	11.58	12.27	17.90	11.71	14.81	13.72	13.57	11.44	12.12	-10.01	14.32
Net Debt to NOPAT	11.29	11.57	17.42	11.43	14.60	13.52	13.33	11.31	12.00	-9.91	14.19
Long-Term Debt to NOPAT	11.48	12.17	17.77	11.64	14.74	13.65	13.53	11.11	11.77	-9.80	12.96
Altman Z-Score	1.00	0.99	2.13	2.08	1.05	1.18	1.51	0.94	0.77	-0.22	0.03
Noncontrolling Interest Sharing Ratio	0.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.15	1.38	0.88	0.82	0.63	0.56	0.62	0.45	0.40	0.50	0.26
Quick Ratio	0.58	0.98	0.55	0.52	0.41	0.34	0.41	0.27	0.23	0.27	0.06
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	193	856	-8,159	1,626	-4,368	1,413	1,698	2,131	2,464	2,739	2,631
Operating Cash Flow to CapEx	197.39%	204.46%	166.97%	143.76%	131.16%	188.12%	226.93%	219.69%	219.52%	240.83%	1,679.67%
Free Cash Flow to Firm to Interest Expense	0.36	1.51	-13.71	2.17	-6.38	1.80	2.12	0.00	0.00	0.00	2.71
Operating Cash Flow to Interest Expense	3.38	3.15	3.42	3.34	3.94	3.90	3.48	0.00	0.00	0.00	3.15
Operating Cash Flow Less CapEx to Interest Expense	1.67	1.61	1.37	1.02	0.94	1.83	1.95	0.00	0.00	0.00	2.96
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.17	0.18	0.16	0.17	0.16	0.15	0.16	0.18	0.18	0.18	0.13
Accounts Receivable Turnover	11.69	11.42	11.03	11.95	10.51	11.37	13.02	12.30	13.00	13.70	28.33
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.39	0.40	0.37	0.40	0.41	0.39	0.42	0.46	0.45	0.42	0.66
Accounts Payable Turnover	8.21	8.28	7.05	6.56	6.14	6.98	8.37	8.58	8.11	8.32	18.57
Days Sales Outstanding (DSO)	31.21	31.97	33.09	30.55	34.74	32.09	28.04	29.68	28.08	26.65	12.88
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	44.47	44.09	51.75	55.62	59.45	52.28	43.59	42.54	44.98	43.87	19.65
Cash Conversion Cycle (CCC)	-13.26	-12.12	-18.66	-25.07	-24.72	-20.18	-15.55	-12.86	-16.90	-17.22	-6.77
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	18,997	19,133	28,195	27,993	33,957	34,372	34,639	34,920	34,806	29,138	19,218
Invested Capital Turnover	0.20	0.21	0.18	0.19	0.19	0.17	0.18	0.20	0.20	0.21	0.22
Increase / (Decrease) in Invested Capital	856	137	9,062	-202	5,964	415	267	281	-114	-5,668	-586
Enterprise Value (EV)	32,470	33,372	85,515	88,813	72,518	83,679	106,018	78,800	74,510	67,822	67,730
Market Capitalization	20,629	21,893	69,791	72,539	49,219	58,967	79,819	51,512	46,304	38,795	38,701
Book Value per Share	$21.24	$22.30	$15.19	$13.94	$25.23	$21.94	$19.11	$17.20	$14.71	($0.31)	($3.75)
Tangible Book Value per Share	$3.65	$4.27	$2.44	$1.43	$0.82	($1.59)	($4.36)	($6.23)	($8.67)	($12.23)	($15.59)
Total Capital	19,239	19,728	28,498	28,253	34,121	34,549	34,918	35,059	34,863	29,184	27,663
Total Debt	12,150	12,171	16,159	16,682	23,632	25,088	26,660	27,610	28,482	29,317	29,298
Total Long-Term Debt	12,044	12,069	16,044	16,575	23,532	24,959	26,588	26,791	27,647	28,707	26,515
Net Debt	11,840	11,479	15,724	16,274	23,299	24,712	26,199	27,288	28,206	29,027	29,029
Capital Expenditures (CapEx)	909	874	1,217	1,739	2,057	1,624	1,229	1,310	1,424	1,222	182
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-77	-227	-478	-578	-949	-1,112	-1,161	-1,017	-994	-767	-821
Debt-free Net Working Capital (DFNWC)	232	465	-43	-170	-616	-736	-700	-695	-718	-477	-552
Net Working Capital (NWC)	126	363	-158	-277	-716	-865	-772	-1,514	-1,553	-1,087	-3,335
Net Nonoperating Expense (NNE)	-475	635	537	764	694	772	869	-661	-852	-10,806	1,601
Net Nonoperating Obligations (NNO)	11,907	11,576	15,856	16,422	23,468	24,911	26,381	27,471	28,425	29,271	20,853
Total Depreciation and Amortization (D&A)	1,073	1,123	1,250	1,534	1,573	1,614	1,657	1,724	1,783	1,770	722
Debt-free, Cash-free Net Working Capital to Revenue	-2.11%	-5.79%	-11.23%	-10.76%	-16.47%	-19.04%	-18.31%	-14.56%	-14.24%	-11.68%	-19.25%
Debt-free Net Working Capital to Revenue	6.33%	11.86%	-1.01%	-3.17%	-10.69%	-12.60%	-11.04%	-9.95%	-10.29%	-7.26%	-12.95%
Net Working Capital to Revenue	3.44%	9.27%	-3.71%	-5.16%	-12.42%	-14.81%	-12.18%	-21.67%	-22.25%	-16.55%	-78.21%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.44	$0.95	$1.01	$1.35	$1.80	$2.36	$5.22	$3.87	$6.92	($8.98)	$1.02
Adjusted Weighted Average Basic Shares Outstanding	333.00M	340.35M	381.74M	413M	416M	423M	432M	433M	434M	434M	435M
Adjusted Diluted Earnings per Share	$4.42	$0.95	$1.01	$1.34	$1.79	$2.35	$5.20	$3.86	$6.92	($8.98)	$1.01
Adjusted Weighted Average Diluted Shares Outstanding	334.06M	340.88M	383.22M	415M	418M	425M	434M	434M	434M	434M	437M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$1.80	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	333.77M	360.54M	406.91M	415.57M	416.75M	862.62M	864.43M	433.44M	434.22M	435.43M	436.07M
Normalized Net Operating Profit after Tax (NOPAT)	697	700	976	1,005	1,114	1,911	1,987	2,448	2,468	-7,616	2,056
Normalized NOPAT Margin	19.02%	17.85%	22.93%	18.72%	19.33%	32.72%	31.34%	35.05%	35.35%	-115.95%	48.22%
Pre Tax Income Margin	12.93%	9.54%	9.21%	11.94%	15.29%	18.42%	18.60%	44.22%	46.24%	120.30%	26.24%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.89	1.66	1.63	1.85	2.28	2.37	2.47	0.00	0.00	0.00	2.14
NOPAT to Interest Expense	1.97	1.75	1.52	1.90	2.33	2.33	2.45	0.00	0.00	0.00	2.10
EBIT Less CapEx to Interest Expense	0.18	0.12	-0.42	-0.47	-0.73	0.30	0.94	0.00	0.00	0.00	1.95
NOPAT Less CapEx to Interest Expense	0.26	0.21	-0.53	-0.42	-0.67	0.26	0.92	0.00	0.00	0.00	1.92
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	76.13%	359.38%	420.49%	287.12%	224.50%	207.39%	216.51%	-84.67%	-85.04%	-34.65%	-468.47%
Augmented Payout Ratio	78.07%	366.39%	426.78%	292.27%	229.38%	214.58%	222.90%	-86.79%	-85.98%	-35.06%	-473.65%

This table displays calculated financial ratios and metrics derived from Crown Castle's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.67%	-4.52%	-5.10%	-7.45%	-12.91%	-0.90%	-1.49%	-4.76%	-4.25%	-4.29%	-4.29%
EBITDA Growth	9.40%	-9.59%	-1.15%	-7.15%	-17.28%	4.61%	-495.26%	-1.94%	0.73%	-1.82%	-5.14%
EBIT Growth	12.52%	-19.00%	-3.29%	-13.60%	-27.22%	10.70%	-871.38%	0.00%	2.42%	-0.38%	-4.39%
NOPAT Growth	12.09%	-20.78%	-4.05%	-14.81%	-28.17%	13.03%	-867.47%	0.47%	2.60%	-1.73%	-8.21%
Net Income Growth	8.08%	-36.75%	13.91%	-25.60%	-44.84%	14.34%	239.73%	-249.20%	15.94%	6.60%	106.17%
EPS Growth	8.25%	-37.11%	-12.63%	-26.80%	-44.76%	14.75%	-1,421.69%	-250.70%	15.52%	5.71%	106.11%
Operating Cash Flow Growth	43.65%	-23.97%	3.33%	-1.16%	-31.37%	31.14%	1.04%	7.01%	8.33%	2.15%	-0.80%
Free Cash Flow Firm Growth	110.35%	107.48%	112.09%	184.36%	31.18%	136.72%	66.46%	1,548.37%	1,826.54%	1,429.20%	-92.91%
Invested Capital Growth	0.15%	0.11%	-0.33%	-1.23%	-0.92%	-1.41%	-16.28%	-43.32%	-43.56%	-43.70%	-2.96%
Revenue Q/Q Growth	5.30%	-10.71%	0.42%	-1.97%	-0.91%	1.60%	-0.18%	-35.66%	-0.09%	1.13%	-0.09%
EBITDA Q/Q Growth	5.08%	-16.47%	10.72%	-4.45%	-6.38%	5.63%	-518.34%	117.32%	-2.26%	1.45%	0.00%
EBIT Q/Q Growth	6.40%	-26.92%	20.78%	-8.01%	-10.37%	11.16%	-941.64%	111.53%	-2.68%	3.35%	-0.38%
NOPAT Q/Q Growth	6.35%	-27.92%	23.88%	-9.29%	-10.32%	13.42%	-941.19%	116.24%	-2.64%	3.82%	-0.03%
Net Income Q/Q Growth	8.85%	-41.76%	678.87%	-14.56%	-19.29%	20.72%	2,214.19%	90.27%	162.72%	11.00%	-8.98%
EPS Q/Q Growth	8.25%	-41.90%	36.07%	-83.45%	-18.31%	20.69%	-1,667.14%	90.25%	162.62%	10.45%	-9.46%
Operating Cash Flow Q/Q Growth	84.65%	-52.37%	62.85%	-30.99%	28.21%	-8.98%	25.46%	-26.91%	29.80%	-14.18%	21.85%
Free Cash Flow Firm Q/Q Growth	79.44%	-28.45%	61.61%	38.34%	-17.22%	29.10%	13.65%	518.57%	0.18%	-0.13%	-92.91%
Invested Capital Q/Q Growth	-0.60%	-0.09%	-0.33%	-0.23%	-0.29%	-0.57%	-15.37%	-32.45%	-0.72%	-0.81%	-0.86%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	72.04%	70.85%	72.94%	71.72%	71.77%	72.16%	71.86%	74.74%	73.77%	73.88%	73.95%
EBITDA Margin	59.83%	55.97%	61.71%	60.15%	56.83%	59.08%	-247.60%	66.64%	65.19%	65.39%	65.45%
Operating Margin	35.73%	29.15%	35.13%	32.78%	29.83%	32.93%	-273.20%	49.10%	47.74%	48.97%	48.83%
EBIT Margin	35.62%	29.15%	35.07%	32.91%	29.77%	32.57%	-274.59%	49.20%	47.92%	48.97%	48.83%
Profit (Net Income) Margin	24.37%	15.90%	123.30%	18.95%	15.44%	18.34%	425.23%	-43.73%	27.45%	30.13%	27.45%
Tax Burden Percent	98.48%	97.43%	99.76%	97.80%	97.29%	98.38%	99.93%	-160.55%	108.18%	114.95%	105.00%
Interest Burden Percent	69.47%	55.97%	352.47%	58.89%	53.31%	57.25%	-154.97%	55.36%	52.95%	53.52%	53.54%
Effective Tax Rate	1.52%	2.57%	0.24%	2.20%	2.71%	1.62%	0.07%	1.73%	1.49%	1.42%	1.07%
Return on Invested Capital (ROIC)	7.20%	5.75%	7.02%	6.28%	5.51%	6.16%	-56.08%	11.56%	11.23%	11.52%	10.56%
ROIC Less NNEP Spread (ROIC-NNEP)	6.47%	5.00%	12.30%	5.52%	4.74%	5.35%	-16.17%	7.62%	10.40%	10.74%	9.46%
Return on Net Nonoperating Assets (RNNOA)	23.84%	19.34%	49.72%	23.57%	21.21%	25.66%	-149.32%	78.86%	121.52%	141.25%	-218.31%
Return on Equity (ROE)	31.04%	25.09%	56.74%	29.85%	26.72%	31.82%	-205.41%	90.42%	132.75%	152.77%	-207.75%
Cash Return on Invested Capital (CROIC)	6.96%	6.64%	7.07%	7.64%	6.83%	7.51%	8.57%	47.73%	48.13%	48.28%	13.49%
Operating Return on Assets (OROA)	6.53%	5.32%	6.32%	5.83%	5.09%	5.60%	-50.62%	9.16%	8.87%	9.04%	6.48%
Return on Assets (ROA)	4.46%	2.90%	22.23%	3.36%	2.64%	3.15%	78.38%	-8.14%	5.08%	5.56%	3.64%
Return on Common Equity (ROCE)	31.04%	25.08%	56.74%	29.85%	26.72%	31.82%	-205.41%	90.42%	132.75%	152.77%	-207.75%
Return on Equity Simple (ROE_SIMPLE)	24.21%	23.27%	0.00%	23.07%	21.07%	23.21%	0.00%	373.34%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	657	473	587	526	472	535	-4,502	512	498	518	517
NOPAT Margin	35.18%	28.40%	35.04%	32.06%	29.02%	32.40%	-273.00%	48.26%	47.03%	48.28%	48.31%
Net Nonoperating Expense Percent (NNEP)	0.73%	0.75%	-5.29%	0.76%	0.78%	0.81%	-39.91%	3.93%	0.83%	0.78%	1.10%
Return On Investment Capital (ROIC_SIMPLE)	-	-	1.68%	-	-	-	-15.43%	1.82%	1.79%	1.86%	1.87%
Cost of Revenue to Revenue	27.96%	29.15%	27.06%	28.28%	28.23%	27.85%	28.14%	25.26%	26.23%	26.12%	26.05%
SG&A Expenses to Revenue	11.25%	10.56%	10.63%	11.15%	12.55%	9.26%	10.07%	8.77%	9.34%	9.05%	8.78%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	36.31%	41.69%	37.81%	38.94%	41.94%	39.23%	-256.28%	25.64%	26.04%	24.91%	25.12%
Earnings before Interest and Taxes (EBIT)	665	486	587	540	484	538	-4,528	522	508	525	523
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,117	933	1,033	987	924	976	-4,083	707	691	701	701
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.61	5.65	7.26	7.47	7.51	9.73	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	6.51	5.33	6.63	6.60	6.42	7.82	5.91	6.97	6.92	6.54	9.08
Price to Earnings (P/E)	27.27	24.28	14.46	32.36	35.64	41.95	4.93	0.00	0.00	0.00	87.16
Dividend Yield	5.74%	7.20%	5.86%	6.01%	6.41%	5.28%	7.01%	6.01%	5.60%	5.45%	5.35%
Earnings Yield	3.67%	4.12%	6.92%	3.09%	2.81%	2.38%	20.30%	0.00%	0.00%	0.00%	1.15%
Enterprise Value to Invested Capital (EV/IC)	2.12	1.88	2.14	2.12	2.06	2.34	2.33	3.79	3.78	3.67	3.52
Enterprise Value to Revenue (EV/Rev)	10.38	9.31	10.67	10.76	10.77	12.21	10.33	11.44	11.41	11.07	15.88
Enterprise Value to EBITDA (EV/EBITDA)	17.44	15.83	17.97	18.11	18.36	20.54	0.00	0.00	0.00	0.00	24.19
Enterprise Value to EBIT (EV/EBIT)	29.73	27.62	31.53	32.35	33.95	37.47	0.00	0.00	0.00	0.00	32.59
Enterprise Value to NOPAT (EV/NOPAT)	29.91	27.91	31.71	32.94	34.69	38.09	0.00	0.00	0.00	0.00	33.11
Enterprise Value to Operating Cash Flow (EV/OCF)	22.73	21.24	23.84	23.63	25.72	27.44	23.05	24.98	24.20	23.20	22.16
Enterprise Value to Free Cash Flow (EV/FCFF)	30.54	28.39	30.24	27.59	29.98	30.91	24.76	5.74	5.66	5.47	25.74
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.00	4.26	4.46	4.76	5.14	5.54	-220.43	-23.47	-21.20	-19.63	-17.92
Long-Term Debt to Equity	3.88	4.13	4.33	4.62	4.99	5.42	-215.84	-22.27	-19.57	-17.77	-16.22
Financial Leverage	3.69	3.86	4.04	4.27	4.48	4.80	9.23	10.35	11.69	13.15	-23.07
Leverage Ratio	5.24	5.41	5.60	5.82	6.09	6.41	11.41	14.60	16.37	18.29	-36.34
Compound Leverage Factor	3.64	3.03	19.74	3.43	3.24	3.67	-17.68	8.08	8.67	9.79	-19.46
Debt to Total Capital	79.99%	80.98%	81.70%	82.65%	83.72%	84.71%	100.46%	104.45%	104.95%	105.37%	105.91%
Short-Term Debt to Total Capital	2.33%	2.36%	2.40%	2.45%	2.49%	1.76%	2.09%	5.34%	8.06%	9.96%	10.06%
Long-Term Debt to Total Capital	77.67%	78.62%	79.30%	80.20%	81.23%	82.94%	98.37%	99.11%	96.89%	95.41%	95.85%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	20.01%	19.02%	18.30%	17.35%	16.28%	15.29%	-0.46%	-4.45%	-4.95%	-5.37%	-5.91%
Debt to EBITDA	6.62	6.83	6.87	7.08	7.50	7.48	-24.51	-24.30	-24.31	-24.06	10.46
Net Debt to EBITDA	6.50	6.76	6.80	7.01	7.41	7.39	-24.27	-24.11	-24.10	-23.87	10.37
Long-Term Debt to EBITDA	6.42	6.63	6.67	6.87	7.28	7.33	-24.00	-23.06	-22.45	-21.79	9.47
Debt to NOPAT	11.35	12.04	12.12	12.88	14.17	13.88	-10.01	-14.30	-14.30	-14.27	14.32
Net Debt to NOPAT	11.16	11.92	12.00	12.75	14.01	13.71	-9.91	-14.19	-14.18	-14.16	14.19
Long-Term Debt to NOPAT	11.02	11.69	11.77	12.50	13.75	13.59	-9.80	-13.57	-13.21	-12.93	12.96
Altman Z-Score	0.67	0.47	0.62	0.58	0.49	0.65	-0.38	0.15	0.09	0.01	-0.13
Noncontrolling Interest Sharing Ratio	0.00%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.50	0.44	0.40	0.42	0.43	0.54	0.50	0.37	0.28	0.26	0.26
Quick Ratio	0.28	0.25	0.23	0.22	0.23	0.29	0.27	0.06	0.05	0.04	0.06
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	606	433	701	960	795	1,026	1,166	15,554	15,582	15,562	1,103
Operating Cash Flow to CapEx	295.25%	153.60%	243.14%	187.19%	233.43%	235.35%	317.75%	1,602.50%	2,080.00%	1,660.47%	1,474.58%
Free Cash Flow to Firm to Interest Expense	2.91	2.00	0.00	4.25	3.46	4.35	0.00	65.91	64.13	63.00	4.49
Operating Cash Flow to Interest Expense	5.38	2.46	0.00	2.65	3.34	2.96	0.00	2.72	3.42	2.89	3.54
Operating Cash Flow Less CapEx to Interest Expense	3.56	0.86	0.00	1.23	1.91	1.70	0.00	2.55	3.26	2.72	3.30
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.18	0.18	0.18	0.18	0.17	0.17	0.18	0.19	0.19	0.18	0.13
Accounts Receivable Turnover	14.13	13.51	13.00	14.50	14.43	14.26	13.70	25.90	24.88	23.87	28.33
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.46	0.46	0.45	0.44	0.42	0.42	0.42	0.59	0.59	0.58	0.66
Accounts Payable Turnover	8.88	9.23	8.11	8.57	8.01	8.85	8.32	14.29	13.53	13.98	18.57
Days Sales Outstanding (DSO)	25.83	27.02	28.08	25.18	25.30	25.60	26.65	14.09	14.67	15.29	12.88
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	41.12	39.57	44.98	42.57	45.58	41.25	43.87	25.55	26.97	26.10	19.65
Cash Conversion Cycle (CCC)	-15.29	-12.54	-16.90	-17.39	-20.28	-15.65	-17.22	-11.46	-12.30	-10.81	-6.77
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	34,950	34,920	34,806	34,726	34,627	34,429	29,138	19,684	19,543	19,385	19,218
Invested Capital Turnover	0.20	0.20	0.20	0.20	0.19	0.19	0.21	0.24	0.24	0.24	0.22
Increase / (Decrease) in Invested Capital	51	40	-114	-434	-323	-491	-5,668	-15,042	-15,084	-15,044	-586
Enterprise Value (EV)	74,229	65,812	74,510	73,696	71,200	80,522	67,822	74,558	73,779	71,093	67,730
Market Capitalization	46,544	37,706	46,304	45,178	42,453	51,553	38,795	45,385	44,735	42,019	38,701
Book Value per Share	$16.25	$15.38	$14.71	$13.94	$13.01	$12.19	($0.31)	($2.88)	($3.17)	($3.43)	($3.75)
Tangible Book Value per Share	($14.82)	($15.43)	($8.67)	($16.38)	($17.05)	($17.64)	($12.23)	($16.93)	($17.13)	($17.28)	($15.59)
Total Capital	35,214	35,059	34,863	34,859	34,725	34,631	29,184	28,154	27,917	27,814	27,663
Total Debt	28,168	28,390	28,482	28,811	29,073	29,335	29,317	29,407	29,299	29,307	29,298
Total Long-Term Debt	27,349	27,563	27,647	27,957	28,208	28,724	28,707	27,904	27,048	26,538	26,515
Net Debt	27,685	28,106	28,206	28,518	28,747	28,969	29,027	29,173	29,044	29,074	29,029
Capital Expenditures (CapEx)	379	347	357	320	329	297	276	40	40	43	59
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,040	-880	-994	-798	-874	-728	-767	-596	-733	-647	-821
Debt-free Net Working Capital (DFNWC)	-557	-596	-718	-505	-548	-362	-477	-362	-478	-414	-552
Net Working Capital (NWC)	-1,376	-1,423	-1,553	-1,359	-1,413	-973	-1,087	-1,865	-2,729	-3,183	-3,335
Net Nonoperating Expense (NNE)	202	208	-1,477	215	221	232	-11,514	976	207	195	223
Net Nonoperating Obligations (NNO)	27,904	28,251	28,425	28,678	28,975	29,133	29,271	20,937	20,925	20,878	20,853
Total Depreciation and Amortization (D&A)	452	447	446	447	440	438	445	185	183	176	178
Debt-free, Cash-free Net Working Capital to Revenue	-14.55%	-12.45%	-14.24%	-11.65%	-13.23%	-11.04%	-11.68%	-9.15%	-11.33%	-10.08%	-19.25%
Debt-free Net Working Capital to Revenue	-7.79%	-8.43%	-10.29%	-7.37%	-8.29%	-5.49%	-7.26%	-5.56%	-7.39%	-6.45%	-12.95%
Net Working Capital to Revenue	-19.24%	-20.12%	-22.25%	-19.84%	-21.38%	-14.76%	-16.55%	-28.63%	-42.19%	-49.58%	-78.21%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.05	$0.61	$0.83	$0.72	$0.58	$0.70	($10.98)	($1.07)	$0.67	$0.74	$0.68
Adjusted Weighted Average Basic Shares Outstanding	434M	434M	434M	434M	435M	435M	434M	435M	435M	435M	435M
Adjusted Diluted Earnings per Share	$1.05	$0.61	$0.83	$0.71	$0.58	$0.70	($10.97)	($1.07)	$0.67	$0.74	$0.67
Adjusted Weighted Average Diluted Shares Outstanding	434M	434M	434M	435M	435M	436M	434M	436M	437M	437M	437M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	433.68M	433.69M	434.22M	434.52M	434.57M	434.60M	435.43M	435.46M	435.47M	435.48M	436.07M
Normalized Net Operating Profit after Tax (NOPAT)	680	551	603	543	519	597	-9,327	514	500	520	521
Normalized NOPAT Margin	36.40%	33.08%	35.99%	33.08%	31.89%	36.15%	-565.64%	48.44%	47.21%	48.55%	48.68%
Pre Tax Income Margin	24.75%	16.32%	123.60%	19.38%	15.87%	18.64%	425.53%	27.24%	25.38%	26.21%	26.14%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.20	2.24	0.00	2.39	2.10	2.28	0.00	2.21	2.09	2.13	2.13
NOPAT to Interest Expense	3.16	2.18	0.00	2.33	2.05	2.27	0.00	2.17	2.05	2.10	2.10
EBIT Less CapEx to Interest Expense	1.38	0.64	0.00	0.97	0.67	1.02	0.00	2.04	1.93	1.95	1.89
NOPAT Less CapEx to Interest Expense	1.34	0.58	0.00	0.91	0.62	1.01	0.00	2.00	1.89	1.92	1.86
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	157.03%	175.39%	-85.04%	195.34%	228.97%	221.97%	-34.65%	58.29%	63.48%	68.49%	-468.47%
Augmented Payout Ratio	158.85%	177.32%	-85.98%	197.42%	231.57%	224.65%	-35.06%	59.13%	64.34%	69.40%	-473.65%

Financials Breakdown Chart

Key Financial Trends

CCI – four-year trend snapshot (quarterly, 2022 through 2025)

Profitability around 2025 looks steady on a per-quarter basis: Net income attributable to common shareholders runs roughly 293M–324M per quarter in 2025 (Q4 2025: 293M; Q3 2025: 324M; Q2 2025: 291M; Q1 2025: 311M).
Gross margin has remained robust, roughly in the mid-to-upper 70% range. For example, Q4 2025 gross profit was 792M on 1,071M revenue, about 74%.
Operating cash flow supported positive cash generation in all four 2025 quarters, with net cash from continuing operating activities ranging from about 112M (Q4 2025) up to 481M (Q2 2025).
Total assets have been stable in the 31–32 billion dollar band across 2023–2025, indicating a steady asset base for operations and financing.
Revenue trend turned softer in 2025 versus 2024. For instance, Q4 2025 operating revenue was about 1.071B vs roughly 1.65B in Q4 2024, a meaningful year-over-year drop that may reflect mix changes or one-time items rather than a structural shift in core cash flows.
Some balance-sheet figures show restatements with negative equity readings in certain periods, which warrants careful interpretation when assessing capital structure and margin sustainability.
Cash flow from operations shows variability by quarter in 2025 (e.g., CFO from continuing operations was 361M in Q1, 481M in Q2, 446M in Q3, and 112M in Q4), suggesting some quarterly volatility in working capital and non-cash adjustments.
Debt load remains large, with long-term debt generally in the low-to-mid 20 billions (around 21.5B–21.6B in several 2025 periods), implying a substantial ongoing interest burden and leverage risk.
Interest expense runs high each quarter (approximately 226M–247M in 2025), highlighting the ongoing cost of debt service as a key earnings headwind if revenue growth doesn’t offset higher debt costs.

05/06/26 09:49 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Crown Castle's Financials

When does Crown Castle's financial year end?

According to the most recent income statement we have on file, Crown Castle's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has Crown Castle's net income changed over the last 10 years?

Crown Castle's net income appears to be on a downward trend, with a most recent value of $444 million in 2025, falling from $1.52 billion in 2015. The previous period was -$3.90 billion in 2024. See where experts think Crown Castle is headed by visiting Crown Castle's forecast page.

What is Crown Castle's operating income?

Crown Castle's total operating income in 2025 was $2.08 billion, based on the following breakdown:

Total Gross Profit: $3.16 billion
Total Operating Expenses: $1.08 billion

How has Crown Castle's revenue changed over the last 10 years?

Over the last 10 years, Crown Castle's total revenue changed from $3.66 billion in 2015 to $4.26 billion in 2025, a change of 16.4%.

How much debt does Crown Castle have?

Crown Castle's total liabilities were at $33.15 billion at the end of 2025, a 0.9% increase from 2024, and a 123.3% increase since 2015.

How much cash does Crown Castle have?

In the past 10 years, Crown Castle's cash and equivalents has ranged from $99 million in 2025 to $567.60 million in 2016, and is currently $99 million as of their latest financial filing in 2025.

How has Crown Castle's book value per share changed over the last 10 years?

Over the last 10 years, Crown Castle's book value per share changed from 21.24 in 2015 to -3.75 in 2025, a change of -117.7%.

Related Companies

Financial statements for NYSE:CCI last updated on 2/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Crown Castle (CCI) Financials

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Crown Castle (CCI) Financials

Annual Income Statements for Crown Castle

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Quarterly Cash Flow Statements for Crown Castle

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