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%
                    
                    P31
                    
                    +111.4%
                    
                    Total assets
                    FY2025
                
$31.5B
                    ROA +1.4%
                    
                    P23
                    
                    -3.7%
                    
                    Operating cash flow
                    FY2025
                
$3.1B
                    FCF margin +67.4%
                    
                    P100
                    
                    +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 revenue.

Balance Sheet

Assets, liabilities, and equity

18 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	2.3%	2.2%	2.2%	2.2%	4.6%
Other Current Assets	24.5%	22.2%	19.6%	15.2%	15.2%
Total Current Assets	26.8%	24.4%	21.8%	17.4%	19.8%
Real Estate	19.6%	22.6%	65.9%	50.6%	62.8%
Other Noncurrent Assets	692.8%	686.9%	726.1%	489.1%	533.2%
Total Assets	739.2%	734.0%	813.8%	557.1%	615.8%
Liabilities
Current Portion of Long Term Debt	65.3%	13.5%	17.6%	11.7%	1.1%
Other Current Liabilities	39.8%	35.3%	37.0%	27.4%	30.8%
Total Current Liabilities	105.0%	48.8%	54.6%	39.1%	32.0%
Long Term Debt	505.5%	525.8%	466.5%	299.3%	324.2%
Other Noncurrent Liabilities	167.0%	162.4%	157.9%	112.1%	129.3%
Total Liabilities	777.5%	737.0%	679.0%	450.5%	485.5%
Equity
Total Stockholders Equity	-38.3%	-3.0%	134.8%	106.6%	130.3%
Common Stock	0.1%	0.1%	0.1%	0.1%	0.1%
Additional Paid In Capital	434.5%	412.4%	385.9%	259.3%	284.1%
Retained Earnings	-472.8%	-415.4%	-251.1%	-152.7%	-153.8%
Accumulated Other Comprehensive Income	-0.1%	-0.1%	-0.1%	-0.1%	-0.1%
Total Liabilitiesand Equity	739.2%	734.0%	813.8%	557.1%	615.8%

Income Statement

Revenue, expense, and profitability

15 accounts · 5 years

Revenue $4.3B

Operating income $2.1B

Net income $444.0M

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Property Operating Expenses	23.3%	22.0%	20.3%	22.9%	24.5%
Expenses Depreciation and Amortization	16.2%	16.5%	16.6%	24.4%	25.9%
Expenses Selling,General and Administrative	9.0%	9.8%	10.6%	10.7%	10.7%
Expenses Other Operating Expenses	2.9%	4.2%	8.2%	7.2%	7.3%
Other Income Expense Operating Income	48.7%	47.5%	44.3%	34.7%	31.6%
Other Income Expense Interest Expense	22.8%	20.9%	17.9%	-10.0%	10.4%
Other Income Expense Other Income/expense	0.4%	-0.1%	0.2%	—	—
Other Income Expense Income Before Tax	26.2%	26.5%	26.6%	—	—
Income Tax Income Tax Expense	0.4%	0.4%	0.4%	0.2%	0.3%
net Income Other Items Below Tax	-15.5%	-113.6%	5.6%	-0.5%	-3.6%
net Income net Income	10.4%	-87.5%	31.7%	24.0%	17.3%
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 Diluted	10.2%	9.7%	9.2%	6.2%	6.8%

Cash Flow Statement

Operating, investing, and financing flows

15 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 Cash From Operating Activities	71.7%	66.0%	66.0%	41.2%	44.0%
Operating Activities net Income	10.4%	-87.5%	31.7%	24.0%	18.3%
Operating Activities Depreciation and Amortization	16.9%	17.2%	17.2%	24.7%	26.1%
Operating Activities Stock Based Compensation	1.7%	1.9%	2.2%	2.2%	2.0%
Operating Activities Other Non Cash Items	42.6%	134.4%	14.9%	-9.7%	-2.4%
Investing Activities Capital Expenditures	-4.3%	-4.1%	-7.2%	-19.3%	-21.1%
Investing Activities Other Investing Activities	-22.9%	-23.2%	-24.9%	-0.1%	0.1%
Investing Activities net Cash From Investing Activities	-27.2%	-27.4%	-32.1%	-19.4%	-21.0%
Financing Activities Proceeds From Debt	42.0%	58.0%	131.3%	74.7%	82.2%
Financing Activities Repayment of Debt	36.9%	34.1%	107.2%	60.2%	-63.6%
Financing Activities Dividends Paid	48.8%	61.2%	57.5%	37.2%	-37.4%
Financing Activities Repurchase of Common Stock	0.5%	0.7%	0.6%	0.9%	-1.1%
Financing Activities Other Financing Activities	0.0%	0.3%	0.8%	0.2%	-0.7%
Financing Activities net Cash From Financing Activities	-44.2%	-38.3%	-34.9%	-23.8%	-20.7%
Cash Reconciliation net Change In Cash	0.0%	-0.0%	0.0%	0.0%	0.0%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	—	—	—	—	—
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	+67.4%	+61.9%	+58.9%	+21.9%	+22.9%
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	+9.0%	+8.8%	+7.1%	+8.4%	+7.0%
Liquidity
Current ratio	0.26x	0.50x	0.40x	0.45x	0.62x
Quick ratio	—	—	—	—	—
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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