Crown Castle
CCI · NYSEReal Estate Investment Trusts · Fiscal year ends Dec 31
Crown Castle reported revenue of $215M in the fiscal year ended Dec 2025, up 12.0% from the year before. Operating income was $2.1B, an operating margin of 965.1%, and net income was $444M. Operating cash flow of $3.1B less capital expenditure of $182M left free cash flow of $2.9B. Net debt was $27B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $621M | $697M | $421M | $192M | $215M |
| Cost of revenue | $2B | $2B | $1.9B | $1.8B | $113M |
| Gross profit | −$1.3B | −$1.3B | −$1.5B | −$1.6B | $102M |
| Selling, general & admin | $680M | $750M | $502M | $435M | $383M |
| Operating income | $2B | $2.4B | $2.1B | $2.1B | $2.1B |
| Interest expense | $657M | −$699M | $849M | $932M | $972M |
| Pre-tax income | $1.2B | $1.7B | $1.3B | $1.2B | $1.1B |
| Income tax | $21M | $16M | $21M | $18M | $16M |
| Net income | $1.1B | $1.7B | $1.5B | −$3.9B | $444M |
| Diluted EPS | 2.53 | 3.86 | 3.46 | −8.98 | 1.01 |
| Diluted shares | 434M | 434M | 434M | 434M | 437M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $292M | $156M | $105M | $100M | $99M |
| Receivables | $543M | $593M | $481M | $129M | $172M |
| Current assets | $1.3B | $1.2B | $1B | $1.1B | $1.1B |
| Net PP&E | $15.3B | $15.4B | $15.7B | $6.6B | $6.3B |
| Goodwill | $10.1B | $10.1B | $10.1B | $5.1B | $5.1B |
| Total assets | $39B | $38.9B | $38.5B | $32.7B | $31.5B |
| Payables | $246M | $236M | $252M | $48M | $71M |
| Deferred revenue | $776M | $736M | $605M | $141M | $192M |
| Current liabilities | $2B | $2.7B | $2.6B | $2.2B | $4.5B |
| Short-term debt | $72M | $819M | $835M | $603M | $2.8B |
| Long-term debt | $20.6B | $21.7B | $22.9B | $24.1B | $24.3B |
| Total liabilities | $30.8B | $31.5B | $32.1B | $32.9B | $33.2B |
| Shareholders' equity | $8.3B | $7.4B | $6.4B | −$133M | −$1.6B |
| Backlog (remaining obligations) | $2.6B | $2.3B | $623M | $430M | $437M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.8B | $2.9B | $3.1B | $2.9B | $3.1B |
| Capital expenditure | $1.2B | $1.3B | $243M | $176M | $182M |
| Free cash flow | $1.6B | $1.6B | $2.9B | $2.8B | $2.9B |
| Depreciation & amortisation | $1.6B | $1.7B | $787M | $736M | $690M |
| Stock-based compensation | $129M | $156M | $102M | $84M | $73M |
| Acquisitions | $111M | $35M | $96M | $8M | $0 |
| Share buybacks | $70M | −$65M | −$30M | −$33M | −$23M |
| Dividends paid | $2.4B | −$2.6B | −$2.7B | −$2.7B | −$2.1B |
| Dividend per share | 5.46 | 5.98 | 6.26 | 6.26 | 4.75 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 12.2% | −39.6% | −54.4% | 12.0% |
| Operating income growth (YoY) | – | 21.2% | −13.5% | 1.0% | −2.0% |
| EPS growth (YoY) | – | 52.6% | −10.4% | −359.5% | – |
| Gross margin | −214.5% | −190.4% | −359.6% | −840.6% | 47.4% |
| Operating margin | 322.2% | 347.9% | 498.1% | 1103.1% | 965.1% |
| Net margin | 176.5% | 240.3% | 356.8% | −2032.8% | 206.5% |
| Return on equityBlank when equity is negative | 13.3% | 22.5% | 23.5% | – | – |
| ROCEEBIT ÷ (assets − current liabilities) | 5.4% | 6.7% | 5.8% | 6.9% | 7.7% |
| Free cash flow margin | 251.2% | 225.0% | 684.8% | 1441.1% | 1337.2% |
| Cash conversion (CFO ÷ net income) | 2.54x | 1.72x | 2.08x | −0.75x | 6.89x |
| Receivable days | 319 | 311 | 417 | 245 | 292 |
| Payable days | 46 | 43 | 48 | 10 | 229 |
| Interest cover | 3.05x | −3.47x | 2.47x | 2.27x | 2.13x |
| Debt ÷ equity | 2.51x | 3.03x | 3.72x | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $20.4B | $22.4B | $23.7B | $24.6B | $27B |
| Current ratio | 0.62x | 0.45x | 0.40x | 0.50x | 0.26x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.