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

Each cell as a share of that year’s total assets.

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	0.3%	0.4%	0.3%	0.4%	0.7%
Accounts Receivable	0.5%	1.5%	1.2%	1.5%	1.4%
Prepaid Expenses	0.3%	0.3%	0.3%	0.3%	0.3%
Other Current Assets	0.1%	0.1%	0.1%	0.2%	0.4%
Total Current Assets	3.6%	3.3%	2.7%	3.1%	3.2%
Property,Plant and Equipment	19.9%	47.3%	40.7%	39.6%	39.1%
Operating Lease Assets	17.4%	17.7%	16.1%	16.8%	17.1%
Goodwill	16.3%	15.7%	26.2%	25.9%	25.8%
Intangible Assets	0.0%	8.5%	8.3%	9.2%	10.4%
Other Noncurrent Assets	0.2%	0.3%	0.4%	0.3%	0.3%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	0.2%	0.6%	0.7%	0.6%	0.6%
Accrued Liabilities	0.7%	0.7%	0.6%	0.5%	0.5%
Deferred Revenue	0.6%	1.5%	1.6%	1.9%	2.0%
Current Portion of Long Term Debt	8.8%	1.9%	2.2%	2.1%	0.2%
Operating Lease Liabilities	0.9%	0.9%	0.9%	0.9%	0.9%
Other Current Liabilities	0.5%	1.1%	0.9%	1.0%	1.0%
Total Current Liabilities	14.2%	6.7%	6.7%	7.0%	5.2%
Long Term Debt	0.0%	0.0%	0.0%	0.0%	0.0%
Deferred Revenue Noncurrent	0.6%	1.5%	1.6%	1.9%	2.0%
Operating Lease Liabilities Noncurrent	15.7%	16.0%	14.4%	15.1%	15.4%
Deferred Tax Liabilities	0.0%	0.1%	0.1%	0.0%	0.0%
Other Noncurrent Liabilities	1.9%	6.1%	5.0%	5.0%	5.6%
Total Liabilities	105.2%	100.4%	83.4%	80.9%	78.8%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	58.8%	56.2%	47.4%	46.5%	46.1%
Retained Earnings	-64.0%	-56.6%	-30.9%	-27.4%	-25.0%
Accumulated Other Comprehensive Income	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%
Total Stockholders Equity	-5.2%	-0.4%	16.6%	19.1%	21.2%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

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	13.5%	13.6%	12.3%	17.9%	16.2%
Expenses Cost of Revenue	0.4%	0.3%	0.8%	1.2%	1.1%
Expenses Selling,General and Administrative	1.2%	1.3%	1.3%	1.9%	1.7%
Expenses Depreciation and Amortization	0.6%	0.6%	0.6%	1.1%	1.1%
Expenses Share Based Compensation	0.2%	0.3%	0.3%	0.4%	0.3%
Expenses Restructuring and Asset Impairment	0.0%	0.2%	0.2%	0.0%	0.0%
Expenses Operating Expenses	6.9%	7.2%	6.8%	11.7%	11.1%
Other Income Expense Operating Income	6.6%	6.5%	5.4%	6.2%	5.1%
Other Income Expense Interest Income	0.0%	0.1%	0.0%	0.0%	0.0%
Other Income Expense Interest Expense	3.1%	2.8%	2.2%	-1.8%	1.7%
Other Income Expense Other Income/expense	0.0%	-0.1%	-0.0%	-0.0%	-0.1%
Other Income Expense Income Before Tax	3.6%	3.6%	3.3%	4.3%	3.0%
Income Tax Income Tax Expense	0.1%	0.1%	0.1%	0.0%	0.1%
net Income net Income	1.4%	-11.9%	3.9%	4.3%	2.8%
net Income Comprehensive Income	1.4%	-11.9%	3.9%	4.3%	2.8%
Earnings Per Share Basic Eps	0.0%	-0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	-0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	1.4%	1.3%	1.1%	1.1%	1.1%
Earnings Per Share Weighted Average Shares Diluted	1.4%	1.3%	1.1%	1.1%	1.1%

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	1.4%	-11.9%	3.9%	4.3%	2.8%
Operating Activities Depreciation and Amortization	2.2%	2.2%	2.0%	4.4%	4.2%
Operating Activities Stock Based Compensation	0.2%	0.3%	0.3%	0.4%	0.3%
Operating Activities Deferred Income Taxes	0.0%	0.0%	0.0%	0.0%	0.0%
Operating Activities Changes In Operating Assets and Liabilities	0.0%	0.0%	0.0%	0.0%	0.0%
Operating Activities Other Non Cash Items	-0.2%	-0.5%	-0.5%	-0.7%	-0.3%
Operating Activities net Cash From Operating Activities	9.7%	9.0%	8.1%	7.4%	7.1%
Investing Activities Business Acquisitions	0.0%	0.0%	0.2%	0.1%	0.3%
Investing Activities Other Investing Activities	-0.0%	-0.0%	-0.0%	0.0%	-0.0%
Investing Activities net Cash From Investing Activities	-3.7%	-3.7%	-3.9%	-3.5%	-3.4%
Financing Activities Proceeds From Debt	0.0%	3.8%	10.0%	1.9%	10.2%
Financing Activities Repayment of Debt	-3.8%	-2.3%	-1.9%	-3.3%	5.4%
Financing Activities Repurchase of Common Stock	-0.1%	-0.1%	-0.1%	-0.2%	0.2%
Financing Activities Dividends Paid	-6.6%	-8.3%	-7.1%	-6.7%	6.1%
Financing Activities Other Financing Activities	0.0%	0.0%	0.0%	0.0%	0.0%
Financing Activities net Cash From Financing Activities	-6.0%	-5.2%	-4.3%	-4.3%	-3.4%
Cash Reconciliation Effect of Exchange Rate On Cash	1.0%	0.9%	0.7%	0.8%	0.0%
Cash Reconciliation net Change In Cash	0.0%	-0.0%	0.0%	0.0%	0.0%
Cash Reconciliation Cash At Beginning of Period	1.0%	0.9%	0.7%	0.8%	1.2%
Cash Reconciliation Cash At End of Period	1.0%	0.9%	0.7%	0.8%	1.2%

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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FY2025 fundamentals · no price

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Crown Castle

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