Crown Castle

Real Estate Telecom Tower REITs Houston, Texas Last filing Feb 23, 2026 · FY2025

                    Revenue
                    FY2025
                
$4.3B
                    3y CAGR -15.2%
                    
                    P3
                    
                    -4.4%
                    
                    Net income
                    FY2025
                
$444.0M
                    Net margin +10.4%
                    
                    P33
                    
                    +111.4%
                    
                    Total assets
                    FY2025
                
$31.5B
                    ROA +1.4%
                    
                    P23
                    
                    -3.7%
                    
                    Operating cash flow
                    FY2025
                
$3.1B
                    
                    +3.9%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

31 accounts · 5 years

Total assets $31.5B

Total liabilities $33.2B

Shareholders equity $-1.6B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$99.0M -16.8%	$119.0M 13.3%	$105.0M -32.7%	$156.0M -46.6%	$292.0M
Accounts Receivable	$172.0M -64.0%	$478.0M -0.6%	$481.0M -18.9%	$593.0M 9.2%	$543.0M
Prepaid Expenses	$79.0M -25.5%	$106.0M 2.9%	$103.0M 1.0%	$102.0M -2.9%	$105.0M
Other Current Assets	$23.0M -42.5%	$40.0M -28.6%	$56.0M -23.3%	$73.0M -49.7%	$145.0M
Total Current Assets	$1.1B 5.0%	$1.1B 5.6%	$1.0B -15.2%	$1.2B -3.0%	$1.3B
Property,Plant and Equipment	$6.3B -59.5%	$15.5B -1.1%	$15.7B 1.7%	$15.4B 0.9%	$15.3B
Operating Lease Assets	$5.5B -5.6%	$5.8B -6.3%	$6.2B -5.2%	$6.5B -2.3%	$6.7B
Goodwill	$5.1B 0.0%	$5.1B -49.2%	$10.1B 0.0%	$10.1B 0.1%	$10.1B
Intangible Assets	$0 -100.0%	$2.8B -12.5%	$3.2B -11.6%	$3.6B -11.1%	$4.0B
Other Noncurrent Assets	$61.0M -40.8%	$103.0M -25.9%	$139.0M 2.2%	$136.0M 10.6%	$123.0M
Total Assets	$31.5B -3.7%	$32.7B -15.0%	$38.5B -1.0%	$38.9B -0.3%	$39.0B
Liabilities
Accounts Payable	$71.0M -63.0%	$192.0M -23.8%	$252.0M 6.8%	$236.0M -4.1%	$246.0M
Accrued Liabilities	$235.0M -3.7%	$244.0M 11.4%	$219.0M 19.7%	$183.0M 0.5%	$182.0M
Deferred Revenue	$192.0M -59.7%	$476.0M -21.3%	$605.0M -17.8%	$736.0M -5.2%	$776.0M
Current Portion of Long Term Debt	$2.8B 356.2%	$610.0M -26.9%	$835.0M 2.0%	$819.0M 1037.5%	$72.0M
Operating Lease Liabilities	$268.0M -9.5%	$296.0M -10.8%	$332.0M -5.1%	$350.0M 0.3%	$349.0M
Other Current Liabilities	$168.0M -53.2%	$359.0M 5.0%	$342.0M -16.0%	$407.0M 1.5%	$401.0M
Total Current Liabilities	$4.5B 105.7%	$2.2B -15.8%	$2.6B -5.3%	$2.7B 34.8%	$2.0B
Long Term Debt	$0	$0	$0	$0	$0
Deferred Revenue Noncurrent	$192.0M -59.7%	$476.0M -21.3%	$605.0M -17.8%	$736.0M -5.2%	$776.0M
Operating Lease Liabilities Noncurrent	$5.0B -5.3%	$5.2B -5.8%	$5.6B -5.4%	$5.9B -2.5%	$6.0B
Deferred Tax Liabilities	$0 -100.0%	$47.0M -2.1%	$48.0M 182.4%	$17.0M 13.3%	$15.0M
Other Noncurrent Liabilities	$607.0M -69.4%	$2.0B 3.7%	$1.9B -1.8%	$1.9B -10.1%	$2.2B
Total Liabilities	$33.2B 0.9%	$32.9B 2.2%	$32.1B 2.1%	$31.5B 2.2%	$30.8B
Equity
Preferred Stock	$0	$0	$0	$0	$0
Common Stock	$4.0M 0.0%	$4.0M 0.0%	$4.0M 0.0%	$4.0M 0.0%	$4.0M
Additional Paid In Capital	$18.5B 0.7%	$18.4B 0.7%	$18.3B 0.9%	$18.1B 0.6%	$18.0B
Retained Earnings	$-20.2B -8.8%	$-18.5B -55.8%	$-11.9B -11.5%	$-10.7B -9.4%	$-9.8B
Accumulated Other Comprehensive Income	$-5.0M 0.0%	$-5.0M -25.0%	$-4.0M 20.0%	$-5.0M -25.0%	$-4.0M
Total Stockholders Equity	$-1.6B -1129.3%	$-133.0M -102.1%	$6.4B -14.3%	$7.4B -9.8%	$8.3B
Total Liabilitiesand Equity	$31.5B -3.7%	$32.7B -15.0%	$38.5B -1.0%	$38.9B -0.3%	$39.0B

Income Statement

Revenue, expense, and profitability

19 accounts · 5 years

Revenue $4.3B

Operating income $2.1B

Net income $444.0M

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$4.3B -4.4%	$4.5B -5.8%	$4.7B -32.2%	$7.0B 10.2%	$6.3B
Expenses Cost of Revenue	$113.0M 5.6%	$107.0M -64.8%	$304.0M -34.8%	$466.0M 6.2%	$439.0M
Expenses Selling,General and Administrative	$383.0M -12.0%	$435.0M -13.3%	$502.0M -33.1%	$750.0M 10.3%	$680.0M
Expenses Depreciation and Amortization	$177.0M -10.6%	$198.0M -19.8%	$247.0M -44.6%	$446.0M 0.5%	$444.0M
Expenses Share Based Compensation	$73.0M -13.1%	$84.0M -17.6%	$102.0M -34.6%	$156.0M 20.9%	$129.0M
Expenses Restructuring and Asset Impairment	$0 -100.0%	$70.0M -4.1%	$73.0M	$0	$0
Expenses Operating Expenses	$2.2B -6.5%	$2.3B -11.2%	$2.6B -42.2%	$4.6B 5.1%	$4.3B
Other Income Expense Operating Income	$2.1B -2.0%	$2.1B 1.0%	$2.1B -13.5%	$2.4B 21.2%	$2.0B
Other Income Expense Interest Income	$13.0M -35.0%	$20.0M 33.3%	$15.0M 400.0%	$3.0M 200.0%	$1.0M
Other Income Expense Interest Expense	$972.0M 4.3%	$932.0M 9.8%	$849.0M 221.5%	$-699.0M -206.4%	$657.0M
Other Income Expense Other Income/expense	$3.0M 111.5%	$-26.0M -420.0%	$-5.0M 50.0%	$-10.0M 52.4%	$-21.0M
Other Income Expense Income Before Tax	$1.1B -5.2%	$1.2B -6.2%	$1.3B -25.6%	$1.7B 43.4%	$1.2B
Income Tax Income Tax Expense	$16.0M -11.1%	$18.0M -14.3%	$21.0M 31.3%	$16.0M -23.8%	$21.0M
net Income net Income	$444.0M 111.4%	$-3.9B -359.9%	$1.5B -10.3%	$1.7B 52.8%	$1.1B
net Income Comprehensive Income	$444.0M 111.4%	$-3.9B -359.7%	$1.5B -10.2%	$1.7B 52.7%	$1.1B
Earnings Per Share Basic Eps	$1 111.4%	$-9 -359.5%	$3 -10.6%	$4 52.4%	$3
Earnings Per Share Diluted Eps	$1 111.2%	$-9 -359.5%	$3 -10.4%	$4 52.6%	$3
Earnings Per Share Weighted Average Shares Basic	$435.0M 0.2%	$434.0M 0.0%	$434.0M 0.2%	$433.0M 0.2%	$432.0M
Earnings Per Share Weighted Average Shares Diluted	$437.0M 0.7%	$434.0M 0.0%	$434.0M 0.0%	$434.0M 0.0%	$434.0M

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 5 years

Operating cash flow $3.1B

Investing cash flow $-1.2B

Financing cash flow $-1.9B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	$444.0M 111.4%	$-3.9B -359.9%	$1.5B -10.3%	$1.7B 52.8%	$1.1B
Operating Activities Depreciation and Amortization	$690.0M -6.3%	$736.0M -6.5%	$787.0M -53.9%	$1.7B 3.8%	$1.6B
Operating Activities Stock Based Compensation	$73.0M -13.1%	$84.0M -17.6%	$102.0M -34.6%	$156.0M 20.9%	$129.0M
Operating Activities Deferred Income Taxes	$0 -100.0%	$4.0M -55.6%	$9.0M 200.0%	$3.0M -25.0%	$4.0M
Operating Activities Changes In Operating Assets and Liabilities	$0	$0	$0	$0	$0
Operating Activities Other Non Cash Items	$-55.0M 67.6%	$-170.0M 6.6%	$-182.0M 35.2%	$-281.0M -138.1%	$-118.0M
Operating Activities net Cash From Operating Activities	$3.1B 3.9%	$2.9B -5.9%	$3.1B 8.6%	$2.9B 3.2%	$2.8B
Investing Activities Business Acquisitions	$0 -100.0%	$8.0M -91.7%	$96.0M 174.3%	$35.0M -68.5%	$111.0M
Investing Activities Other Investing Activities	$-4.0M 55.6%	$-9.0M -80.0%	$-5.0M -171.4%	$7.0M 187.5%	$-8.0M
Investing Activities net Cash From Investing Activities	$-1.2B 5.1%	$-1.2B 19.7%	$-1.5B -12.4%	$-1.4B -1.5%	$-1.3B
Financing Activities Proceeds From Debt	$0 -100.0%	$1.2B -67.6%	$3.8B 413.8%	$748.0M -81.2%	$4.0B
Financing Activities Repayment of Debt	$-1.2B -60.0%	$-750.0M 0.0%	$-750.0M 41.1%	$-1.3B -161.0%	$2.1B
Financing Activities Repurchase of Common Stock	$-23.0M 30.3%	$-33.0M -10.0%	$-30.0M 53.8%	$-65.0M -192.9%	$70.0M
Financing Activities Dividends Paid	$-2.1B 23.8%	$-2.7B -0.2%	$-2.7B -4.7%	$-2.6B -209.7%	$2.4B
Financing Activities Other Financing Activities	$0	$0	$0	$0	$0
Financing Activities net Cash From Financing Activities	$-1.9B -10.4%	$-1.7B -3.3%	$-1.7B 0.7%	$-1.7B -27.1%	$-1.3B
Cash Reconciliation Effect of Exchange Rate On Cash	$308.0M 4.4%	$295.0M 5.0%	$281.0M -14.1%	$327.0M	$0
Cash Reconciliation net Change In Cash	$0 100.0%	$-1.0M -200.0%	$1.0M	$0	$0
Cash Reconciliation Cash At Beginning of Period	$308.0M 4.4%	$295.0M 5.0%	$281.0M -14.1%	$327.0M -29.8%	$466.0M
Cash Reconciliation Cash At End of Period	$308.0M 4.4%	$295.0M 5.0%	$281.0M -14.1%	$327.0M -29.8%	$466.0M

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+97.3%	+97.6%	+93.6%	+93.3%	+93.1%
Operating margin	+48.7%	+47.5%	+44.3%	+34.7%	+31.6%
Net margin	+10.4%	-87.5%	+31.7%	+24.0%	+17.3%
FCF margin	—	—	—	—	—
Growth
Revenue CAGR (3y)	-15.2%	-11.1%	-6.8%	+6.6%	+5.7%
Returns
ROE	-27.2%	+2934.6%	+23.5%	+22.5%	+13.3%
ROA	+1.4%	-11.9%	+3.9%	+4.3%	+2.8%
ROIC	+195.0%	+582.6%	+29.0%	+29.6%	+24.5%
Liquidity
Current ratio	0.26x	0.50x	0.40x	0.45x	0.62x
Quick ratio	0.06x	0.27x	0.23x	0.27x	0.41x
Leverage
D/E	-20.28x	-247.14x	5.04x	4.22x	3.73x
Interest coverage	2.13x	2.27x	2.47x	-3.47x	3.05x
Efficiency
Asset turnover	0.14x	0.14x	0.12x	0.18x	0.16x
Cash conversion cycle	—	—	—	—	—

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Crown Castle

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