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 · 10 years

Total assets $31.5B

Total liabilities $33.2B

Shareholders equity $-1.6B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	$99.0M -16.8%	$119.0M 13.3%	$105.0M -32.7%	$156.0M -46.6%	$292.0M 25.9%	$232.0M 18.4%	$196.0M -29.2%	$277.0M -11.8%	$314.0M -44.7%	$567.6M
Accounts Receivable	$172.0M -64.0%	$478.0M -0.6%	$481.0M -18.9%	$593.0M 9.2%	$543.0M 26.0%	$431.0M -27.7%	$596.0M 19.0%	$501.0M 26.0%	$397.6M 6.4%	$373.5M
Prepaid Expenses	$79.0M -25.5%	$106.0M 2.9%	$103.0M 1.0%	$102.0M -2.9%	$105.0M 10.5%	$95.0M -11.2%	$107.0M -37.8%	$172.0M 5.9%	$162.4M 26.1%	$128.7M
Other Current Assets	$23.0M -42.5%	$40.0M -28.6%	$56.0M -23.3%	$73.0M -49.7%	$145.0M -28.2%	$202.0M 20.2%	$168.0M 13.5%	$148.0M 6.7%	$138.7M 6.4%	$130.4M
Total Current Assets	$1.1B 5.0%	$1.1B 5.6%	$1.0B -15.2%	$1.2B -3.0%	$1.3B 13.6%	$1.1B -8.3%	$1.2B -2.0%	$1.2B 8.4%	$1.1B -14.4%	$1.3B
Property,Plant and Equipment	$6.3B -59.5%	$15.5B -1.1%	$15.7B 1.7%	$15.4B 0.9%	$15.3B 0.7%	$15.2B 3.4%	$14.7B 7.2%	$13.7B 5.7%	$12.9B 31.9%	$9.8B
Operating Lease Assets	$5.5B -5.6%	$5.8B -6.3%	$6.2B -5.2%	$6.5B -2.3%	$6.7B 3.4%	$6.5B 5.4%	$6.1B	—	—	—
Goodwill	$5.1B 0.0%	$5.1B -49.2%	$10.1B 0.0%	$10.1B 0.1%	$10.1B 0.0%	$10.1B 0.0%	$10.1B 0.0%	$10.1B 0.6%	$10.0B 74.0%	$5.8B
Intangible Assets	$0 -100.0%	$2.8B -12.5%	$3.2B -11.6%	$3.6B -11.1%	$4.0B -8.7%	$4.4B -8.3%	$4.8B -12.3%	$5.5B -7.5%	$6.0B 63.3%	$3.7B
Other Noncurrent Assets	$61.0M -40.8%	$103.0M -25.9%	$139.0M 2.2%	$136.0M 10.6%	$123.0M 3.4%	$119.0M 2.6%	$116.0M -87.4%	$920.0M 4.6%	$879.3M 7.3%	$819.6M
Total Assets	$31.5B -3.7%	$32.7B -15.0%	$38.5B -1.0%	$38.9B -0.3%	$39.0B 0.7%	$38.8B 0.8%	$38.5B 17.3%	$32.8B 1.7%	$32.2B 42.1%	$22.7B
Liabilities
Accounts Payable	$71.0M -63.0%	$192.0M -23.8%	$252.0M 6.8%	$236.0M -4.1%	$246.0M 7.0%	$230.0M -31.1%	$334.0M 6.7%	$313.0M 25.8%	$248.8M 32.0%	$188.5M
Accrued Liabilities	$235.0M -3.7%	$244.0M 11.4%	$219.0M 19.7%	$183.0M 0.5%	$182.0M -8.5%	$199.0M 17.8%	$169.0M 14.2%	$148.0M 12.3%	$131.8M 35.8%	$97.0M
Deferred Revenue	$192.0M -59.7%	$476.0M -21.3%	$605.0M -17.8%	$736.0M -5.2%	$776.0M 10.2%	$704.0M 7.2%	$657.0M 31.9%	$498.0M 8.9%	$457.1M 29.5%	$353.0M
Current Portion of Long Term Debt	$2.8B 356.2%	$610.0M -26.9%	$835.0M 2.0%	$819.0M 1037.5%	$72.0M -44.2%	$129.0M 29.0%	$100.0M -6.5%	$107.0M -7.2%	$115.3M 13.3%	$101.7M
Operating Lease Liabilities	$268.0M -9.5%	$296.0M -10.8%	$332.0M -5.1%	$350.0M 0.3%	$349.0M 6.1%	$329.0M 10.0%	$299.0M	—	—	—
Other Current Liabilities	$168.0M -53.2%	$359.0M 5.0%	$342.0M -16.0%	$407.0M 1.5%	$401.0M 6.1%	$378.0M 4.7%	$361.0M 2.8%	$351.0M 3.5%	$339.1M 53.4%	$221.1M
Total Current Liabilities	$4.5B 105.7%	$2.2B -15.8%	$2.6B -5.3%	$2.7B 34.8%	$2.0B 2.9%	$2.0B 2.6%	$1.9B 35.5%	$1.4B 9.7%	$1.3B 34.4%	$961.4M
Long Term Debt	$0	$0	$0	$0	$0	$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 10.2%	$704.0M 7.2%	$657.0M 31.9%	$498.0M 8.9%	$457.1M 29.5%	$353.0M
Operating Lease Liabilities Noncurrent	$5.0B -5.3%	$5.2B -5.8%	$5.6B -5.4%	$5.9B -2.5%	$6.0B 3.8%	$5.8B 5.4%	$5.5B	—	—	—
Deferred Tax Liabilities	$0 -100.0%	$47.0M -2.1%	$48.0M 182.4%	$17.0M 13.3%	$15.0M 7.1%	$14.0M 7.7%	$13.0M 8.3%	$12.0M 1.3%	$11.8M 16.9%	$10.1M
Other Noncurrent Liabilities	$607.0M -69.4%	$2.0B 3.7%	$1.9B -1.8%	$1.9B -10.1%	$2.2B -8.9%	$2.4B -5.4%	$2.5B -8.8%	$2.8B 8.0%	$2.6B 22.4%	$2.1B
Total Liabilities	$33.2B 0.9%	$32.9B 2.2%	$32.1B 2.1%	$31.5B 2.2%	$30.8B 5.0%	$29.3B 4.8%	$28.0B 34.8%	$20.8B 4.3%	$19.9B 31.6%	$15.1B
Equity
Preferred Stock	$0	$0	$0	$0	$0	$0	$0	$0 -100.0%	$17.0K	$0
Common Stock	$4.0M 0.0%	$4.0M 0.0%	$4.0M 0.0%	$4.0M 0.0%	$4.0M 0.0%	$4.0M 0.0%	$4.0M 0.0%	$4.0M -1.6%	$4.1M 12.7%	$3.6M
Additional Paid In Capital	$18.5B 0.7%	$18.4B 0.7%	$18.3B 0.9%	$18.1B 0.6%	$18.0B 0.4%	$17.9B 0.4%	$17.9B 0.5%	$17.8B 5.5%	$16.8B 54.0%	$10.9B
Retained Earnings	$-20.2B -8.8%	$-18.5B -55.8%	$-11.9B -11.5%	$-10.7B -9.4%	$-9.8B -15.1%	$-8.5B -15.0%	$-7.4B -28.5%	$-5.7B -27.2%	$-4.5B -33.3%	$-3.4B
Accumulated Other Comprehensive Income	$-5.0M 0.0%	$-5.0M -25.0%	$-4.0M 20.0%	$-5.0M -25.0%	$-4.0M 0.0%	$-4.0M 20.0%	$-5.0M 0.0%	$-5.0M -25.3%	$-4.0M 32.3%	$-5.9M
Total Stockholders Equity	$-1.6B -1129.3%	$-133.0M -102.1%	$6.4B -14.3%	$7.4B -9.8%	$8.3B -12.7%	$9.5B -9.8%	$10.5B -9.4%	$11.6B -3.0%	$11.9B 57.8%	$7.6B
Total Liabilitiesand Equity	$31.5B -3.7%	$32.7B -15.0%	$38.5B -1.0%	$38.9B -0.3%	$39.0B 0.7%	$38.8B 0.8%	$38.5B 17.3%	$32.8B 1.7%	$32.2B 42.1%	$22.7B

Income Statement

Revenue, expense, and profitability

19 accounts · 10 years

Revenue $4.3B

Operating income $2.1B

Net income $444.0M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	$4.3B -4.4%	$4.5B -5.8%	$4.7B -32.2%	$7.0B 10.2%	$6.3B 8.6%	$5.8B 1.3%	$5.8B 7.3%	$5.4B 26.2%	$4.3B 8.5%	$3.9B
Expenses Cost of Revenue	$113.0M 5.6%	$107.0M -64.8%	$304.0M -34.8%	$466.0M 6.2%	$439.0M -2.0%	$448.0M -14.5%	$524.0M 20.7%	$434.0M 8.8%	$399.0M -4.3%	$417.0M
Expenses Selling,General and Administrative	$383.0M -12.0%	$435.0M -13.3%	$502.0M -33.1%	$750.0M 10.3%	$680.0M 0.3%	$678.0M 10.4%	$614.0M 9.1%	$563.0M 32.2%	$426.0M 14.8%	$371.0M
Expenses Depreciation and Amortization	$177.0M -10.6%	$198.0M -19.8%	$247.0M -44.6%	$446.0M 0.5%	$444.0M 1.1%	$439.0M 2.6%	$428.0M -3.8%	$445.0M	—	—
Expenses Share Based Compensation	$73.0M -13.1%	$84.0M -17.6%	$102.0M -34.6%	$156.0M 20.9%	$129.0M -6.5%	$138.0M 17.9%	$117.0M 13.6%	$103.0M 12.0%	$92.0M 16.5%	$79.0M
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 0.0%	$4.3B 3.2%	$4.2B 5.4%	$4.0B 21.3%	$3.3B 10.6%	$3.0B
Other Income Expense Operating Income	$2.1B -2.0%	$2.1B 1.0%	$2.1B -13.5%	$2.4B 21.2%	$2.0B 7.4%	$1.9B 19.5%	$1.6B 12.7%	$1.4B 43.0%	$967.0M 1.9%	$949.0M
Other Income Expense Interest Income	$13.0M -35.0%	$20.0M 33.3%	$15.0M 400.0%	$3.0M 200.0%	$1.0M -50.0%	$2.0M -66.7%	$6.0M 20.0%	$5.0M -73.7%	$19.0M 1800.0%	$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 -4.6%	$689.0M 0.9%	$683.0M 6.4%	$642.0M 8.6%	$591.0M 18.0%	$501.0M
Other Income Expense Other Income/expense	$3.0M 111.5%	$-26.0M -420.0%	$-5.0M 50.0%	$-10.0M 52.4%	$-21.0M -320.0%	$-5.0M -600.0%	$1.0M 0.0%	$1.0M 0.0%	$1.0M 111.1%	$-9.0M
Other Income Expense Income Before Tax	$1.1B -5.2%	$1.2B -6.2%	$1.3B -25.6%	$1.7B 43.4%	$1.2B 9.6%	$1.1B 22.1%	$881.0M 37.4%	$641.0M 63.5%	$392.0M 4.8%	$374.0M
Income Tax Income Tax Expense	$16.0M -11.1%	$18.0M -14.3%	$21.0M 31.3%	$16.0M -23.8%	$21.0M 5.0%	$20.0M 195.2%	$-21.0M -10.5%	$-19.0M 26.9%	$-26.0M -52.9%	$-17.0M
net Income net Income	$444.0M 111.4%	$-3.9B -359.9%	$1.5B -10.3%	$1.7B 52.8%	$1.1B 3.8%	$1.1B 22.8%	$860.0M 38.3%	$622.0M 39.9%	$444.6M 24.5%	$357.0M
net Income Comprehensive Income	$444.0M 111.4%	$-3.9B -359.7%	$1.5B -10.2%	$1.7B 52.7%	$1.1B 3.7%	$1.1B 22.9%	$860.0M 38.5%	$621.0M 68.8%	$368.0M 3.7%	$355.0M
Earnings Per Share Basic Eps	$1 111.4%	$-9 -359.5%	$3 -10.6%	$4 52.4%	$3 7.6%	$2 31.1%	$2 46.3%	$1 53.7%	$1 -15.8%	$1
Earnings Per Share Diluted Eps	$1 111.2%	$-9 -359.5%	$3 -10.4%	$4 52.6%	$3 7.7%	$2 31.3%	$2 45.5%	$1 53.7%	$1 -15.8%	$1
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 2.1%	$423.0M 1.7%	$416.0M 0.7%	$413.0M 8.1%	$382.0M 12.4%	$340.0M
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 2.1%	$425.0M 1.7%	$418.0M 0.7%	$415.0M 8.4%	$383.0M 12.3%	$341.0M

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 10 years

Operating cash flow $3.1B

Investing cash flow $-1.2B

Financing cash flow $-1.9B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	$444.0M 111.4%	$-3.9B -359.9%	$1.5B -10.3%	$1.7B 52.8%	$1.1B 3.8%	$1.1B 22.8%	$860.0M 38.3%	$622.0M 39.9%	$444.6M 24.5%	$357.0M
Operating Activities Depreciation and Amortization	$690.0M -6.3%	$736.0M -6.5%	$787.0M -53.9%	$1.7B 3.8%	$1.6B 2.2%	$1.6B 2.3%	$1.6B 2.9%	$1.5B 23.0%	$1.2B 11.9%	$1.1B
Operating Activities Stock Based Compensation	$73.0M -13.1%	$84.0M -17.6%	$102.0M -34.6%	$156.0M 20.9%	$129.0M -6.5%	$138.0M 17.9%	$117.0M 13.6%	$103.0M 12.0%	$92.0M 16.5%	$79.0M
Operating Activities Deferred Income Taxes	$0 -100.0%	$4.0M -55.6%	$9.0M 200.0%	$3.0M -25.0%	$4.0M 33.3%	$3.0M 50.0%	$2.0M 0.0%	$2.0M -86.7%	$15.0M 66.7%	$9.0M
Operating Activities Changes In Operating Assets and Liabilities	$0	$0	$0	$0	$0	$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 -81.5%	$-65.0M -125.6%	$254.0M -6.3%	$271.0M 15.8%	$234.0M 19.4%	$196.0M
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 -8.7%	$3.1B 13.2%	$2.7B 7.9%	$2.5B 23.0%	$2.0B 13.7%	$1.8B
Investing Activities Business Acquisitions	$0 -100.0%	$8.0M -91.7%	$96.0M 174.3%	$35.0M -68.5%	$111.0M 3.7%	$107.0M 529.4%	$17.0M -59.5%	$42.0M 100.5%	$-9.3B -1762.5%	$557.0M
Investing Activities Other Investing Activities	$-4.0M 55.6%	$-9.0M -80.0%	$-5.0M -171.4%	$7.0M 187.5%	$-8.0M -180.0%	$10.0M 242.9%	$-7.0M 41.7%	$-12.0M -140.0%	$-5.0M -183.3%	$6.0M
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 23.5%	$-1.7B 16.3%	$-2.1B -16.1%	$-1.8B 82.9%	$-10.5B -633.5%	$-1.4B
Financing Activities Proceeds From Debt	$0 -100.0%	$1.2B -67.6%	$3.8B 413.8%	$748.0M -81.2%	$4.0B 6.8%	$3.7B 97.1%	$1.9B -30.9%	$2.7B -11.3%	$3.1B -40.5%	$5.2B
Financing Activities Repayment of Debt	$-1.2B -60.0%	$-750.0M 0.0%	$-750.0M 41.1%	$-1.3B -161.0%	$2.1B -16.1%	$2.5B 20650.0%	$12.0M -99.5%	$2.3B	$0 -100.0%	$4.0B
Financing Activities Repurchase of Common Stock	$-23.0M 30.3%	$-33.0M -10.0%	$-30.0M 53.8%	$-65.0M -192.9%	$70.0M -7.9%	$76.0M 72.7%	$44.0M 29.4%	$34.0M 247.8%	$-23.0M -192.0%	$25.0M
Financing Activities Dividends Paid	$-2.1B 23.8%	$-2.7B -0.2%	$-2.7B -4.7%	$-2.6B -209.7%	$2.4B 12.7%	$2.1B 10.1%	$1.9B 7.3%	$1.8B 218.1%	$-1.5B -221.8%	$1.2B
Financing Activities Other Financing Activities	$0	$0	$0	$0	$0	$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 -3.1%	$-1.3B -83.7%	$-692.0M 5.6%	$-733.0M -108.9%	$8.2B 9304.5%	$-89.0M
Cash Reconciliation Effect of Exchange Rate On Cash	$308.0M 4.4%	$295.0M 5.0%	$281.0M -14.1%	$327.0M	$0	$0	$0 100.0%	$-1.0M -200.0%	$1.0M	$0
Cash Reconciliation net Change In Cash	$0 100.0%	$-1.0M -200.0%	$1.0M	$0	$0	$0 100.0%	$-75.0M -188.5%	$-26.0M 89.9%	$-258.0M -195.9%	$269.0M
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 22.3%	$381.0M 12.7%	$338.0M -18.2%	$413.0M -6.1%	$440.0M -37.0%	$698.0M
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 22.3%	$381.0M 12.7%	$338.0M -18.2%	$413.0M -6.1%	$440.0M -37.0%	$698.0M

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+97.3%	+97.6%	+93.6%	+93.3%	+93.1%	+92.3%	+90.9%	+91.9%	+90.6%	+89.4%
Operating margin	+48.7%	+47.5%	+44.3%	+34.7%	+31.6%	+31.9%	+27.1%	+25.8%	+22.7%	+24.2%
Net margin	+10.4%	-87.5%	+31.7%	+24.0%	+17.3%	+18.1%	+14.9%	+11.6%	+10.4%	+9.1%
FCF margin	—	—	—	—	—	—	—	—	—	—
Growth
Revenue CAGR (3y)	-15.2%	-11.1%	-6.8%	+6.6%	+5.7%	+11.1%	+13.7%	+21.2%	+14.1%	+18.2%
Returns
ROE	-27.2%	+2934.6%	+23.5%	+22.5%	+13.3%	+11.2%	+8.2%	+5.4%	+3.7%	+4.7%
ROA	+1.4%	-11.9%	+3.9%	+4.3%	+2.8%	+2.7%	+2.2%	+1.9%	+1.4%	+1.6%
ROIC	+195.0%	+582.6%	+29.0%	+29.6%	+24.5%	+19.5%	+15.0%	+12.1%	+8.2%	+13.4%
Liquidity
Current ratio	0.26x	0.50x	0.40x	0.45x	0.62x	0.56x	0.63x	0.87x	0.88x	1.38x
Quick ratio	0.06x	0.27x	0.23x	0.27x	0.41x	0.34x	0.41x	0.55x	0.55x	0.98x
Leverage
D/E	-20.28x	-247.14x	5.04x	4.22x	3.73x	3.10x	2.67x	1.79x	1.67x	2.00x
Interest coverage	2.13x	2.27x	2.47x	-3.47x	3.05x	2.70x	2.28x	2.15x	1.64x	1.89x
Efficiency
Asset turnover	0.14x	0.14x	0.12x	0.18x	0.16x	0.15x	0.15x	0.16x	0.13x	0.17x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

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Crown Castle

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