Crown Castle Inc. (CCI) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 26	$0.51	$0.69	+35.3%	—	—	—
Q2 26	$0.47	$0.5	+6.4%	—	—	—
Q1 26	$0.58	$0.63	+8.6%	—	—	—
Q4 25	$0.51	$0.64	+25.5%	—	—	—
Q3 25	$0.51	$0.61	+19.6%	—	—	—
Q2 25	-$0.05	$0.65	+1400.0%	—	—	—
Q1 25	$0.42	$0.73	+73.8%	—	—	—
Q4 24	$0.67	$0.84	+25.4%	—	—	—
Q3 24	$0.55	$0.68	+23.6%	—	—	—
Q2 24	$0.7	$0.75	+7.1%	—	—	—
Q1 24	$0.76	$0.86	+13.2%	—	—	—
Q4 23	$0.78	$0.61	-21.8%	—	—	—
Q3 23	$1.05	$1.05	0.0%	—	—	—
Q2 23	$0.91	$0.97	+6.6%	—	—	—
Q1 23	$0.98	$0.95	-3.1%	—	—	—
Q4 22	$0.97	$0.97	0.0%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.02	—	—	$4.3B	—
FY24	—	-$8.98	—	—	$6.6B	—
FY23	—	$3.46	—	—	$7B	—
FY22	—	$3.87	—	—	$7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$3.9B	$4.3B	$5.4B	$5.8B	$5.8B	$6.3B	$7B	$7B	$6.6B	$4.3B
YoY change	+7.02%	+8.52%	+26.2%	+7.32%	+1.34%	+8.56%	+10.2%	-0.07%	-5.92%	-35.1%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	3.9B	4.3B	5.4B	5.8B	5.8B	6.3B	7B	7B	6.6B	4.3B
Cost of revenue	1.4B	1.5B	1.8B	2B	2B	2B	2.1B	2B	1.8B	1.1B
Gross profit	2.5B	2.7B	3.5B	3.8B	3.9B	4.3B	4.9B	5B	4.7B	3.2B
Gross margin	63.2%	63.7%	65.7%	65.5%	66.3%	68.6%	70.4%	71.6%	71.9%	74.1%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	371M	426M	563M	614M	678M	680M	750M	759M	706M	383M
Operating expenses	423M	430M	669M	616M	411M	825M	778M	759M	706M	383M
Operating income	948M	1B	1.3B	1.6B	1.9B	1.9B	2.4B	2.5B	2.3B	2.1B
Operating margin	24.2%	24.5%	24.8%	27.6%	31.7%	29.6%	34.8%	35.6%	34.7%	48.9%
Non-operating income, net	-60M	-77M	-52M	-31M	-89M	-43M	-46M	-125M	-5.2B	-8M
Pretax income	374M	392M	641M	881M	1.1B	1.2B	1.7B	1.5B	-3.9B	1.1B
Income tax	17M	26M	19M	21M	20M	21M	16M	26M	24M	16M
Net income	357M	366M	622M	860M	1.1B	1.1B	1.7B	1.5B	-3.9B	444M
Net margin	9.1%	8.6%	11.6%	14.9%	18.1%	17.3%	24%	21.5%	-59.4%	10.4%
EBITDA	2B	2.3B	2.8B	3.1B	3.4B	3.5B	4.1B	4.2B	4B	2.8B
EPS	0.95	1.01	1.35	1.8	2.36	2.54	3.87	3.46	-8.98	1.02
Diluted EPS	0.95	1.01	1.34	1.8	2.35	2.53	3.86	3.46	-8.98	1.01

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.7B	1.7B	1.6B	1.6B	1.7B	1.6B	1.1B	1.1B	1.1B	1.1B	1B	1B
Cost of revenue	486M	453M	464M	459M	460M	464M	268M	278M	280M	280M	266M	268M
Gross profit	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	793M	782M	792M	791M	744M	740M
Gross margin	70.8%	72.9%	71.7%	71.8%	72.2%	71.9%	74.7%	73.8%	73.9%	73.9%	73.7%	73.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	176M	178M	183M	204M	153M	166M	93M	99M	97M	94M	90M	97M
Operating expenses	176M	178M	183M	204M	153M	166M	93M	99M	97M	94M	90M	97M
Operating income	566M	604M	555M	533M	607M	582M	523M	508M	528M	527M	482M	472M
Operating margin	34%	36.1%	33.8%	32.8%	36.7%	35.3%	49.3%	47.9%	49.3%	49.2%	47.7%	46.8%
Non-operating income, net	-80M	-18M	-15M	-49M	-69M	-5.1B	-1M	—	-3M	-4M	-18M	21M
Pretax income	272M	368M	318M	258M	308M	-4.8B	289M	269M	281M	280M	225M	303M
Income tax	7M	5M	7M	7M	5M	5M	5M	4M	4M	3M	5M	4M
Net income	265M	363M	311M	251M	303M	-4.8B	-464M	291M	323M	294M	151M	94M
Net margin	15.9%	21.7%	19%	15.4%	18.3%	-289.1%	-43.7%	27.5%	30.1%	27.5%	15%	9.33%
EBITDA	1B	1B	992M	1.2B	1.5B	993M	696M	681M	691M	693M	649M	653M
EPS	0.61	0.84	0.72	0.58	0.7	-11	-1.07	0.67	0.74	0.67	0.34	0.22
Diluted EPS	0.61	0.83	0.71	0.58	0.7	-11	-1.07	0.67	0.74	0.67	0.34	0.22

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	29.5B	—	44.9B	59.1B	67.3B	90.2B	58.7B	50B	39.4B	38.7B	28.5B
Enterprise value	41.1B	—	60.6B	82.9B	92.5B	116.9B	86.5B	78.7B	68.9B	68.1B	51.2B
Shares outstanding	340.3M	381.7M	413M	416M	423M	432M	433M	434M	434M	435M	435M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	82.7	—	72.1	68.8	63.8	82.3	35.1	33.3	—	87.1	27.3
P/S	7.53	—	8.35	10.3	11.5	14.2	8.41	7.16	6	9.07	6.84
P/B	3.91	—	3.7	5.64	7.12	10.9	7.88	7.83	-296.2	-23.6	-8.88
EV/EBITDA	20.3	—	21.3	26.3	26.9	33.6	21.1	18.6	17.3	24.7	19
EV/Sales	10.5	—	11.3	14.4	15.8	18.4	12.4	11.3	10.5	16	12.3
Earnings yield	1.21%	—	1.39%	1.45%	1.57%	1.22%	2.85%	3%	—	1.15%	3.66%
FCF yield	3.09%	—	1.7%	1.08%	2.13%	1.66%	2.67%	3.4%	4.37%	7.44%	3.63%
PEG	—	—	—	—	—	—	—	—	—	—	-0.41

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	63.2%	63.7%	65.7%	65.5%	66.3%	68.6%	70.4%	71.6%	71.9%	74.1%	73.4%
Operating margin	24.2%	24.5%	24.8%	27.6%	31.7%	29.6%	34.8%	35.6%	34.7%	48.9%	46.8%
Net margin	9.1%	8.6%	11.6%	14.9%	18.1%	17.3%	24%	21.5%	-59.4%	10.4%	20.7%
ROE	4.72%	2.97%	5.13%	8.2%	11.2%	13.3%	22.5%	23.5%	2.9K%	-27.2%	-27.2%
ROA	1.57%	1.14%	1.92%	2.24%	2.72%	2.81%	4.3%	3.9%	-11.9%	1.41%	4.72%
ROIC	4.72%	3.45%	4.63%	4.53%	5.25%	5.27%	6.84%	6.97%	7.76%	7.39%	10.4%
Return on tangible assets	9.25%	139.2%	83.7%	9.97%	10.8%	10.2%	14.5%	12.5%	-23.1%	2.27%	8.88%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.38	0.88	0.85	0.63	0.56	0.62	0.45	0.4	0.5	0.26	0.52
Quick ratio	1.38	0.88	0.85	0.63	0.56	0.62	0.45	0.4	0.5	0.26	0.52
Debt / equity	1.61	1.31	1.32	2.28	2.69	3.27	3.75	4.52	-222.7	-18.1	-0.07
Debt / assets	0.54	0.5	0.49	0.62	0.66	0.69	0.72	0.75	0.9	0.94	1.09
Net debt / EBITDA	5.72	6.95	5.54	7.54	7.33	7.68	6.77	6.8	7.42	10.7	8.33
Interest coverage	1.76	1.69	2.03	2.33	2.62	2.87	3.51	2.86	-3.31	2.19	2.19
Effective tax rate	4.55%	6.63%	2.96%	2.38%	1.86%	1.78%	0.95%	1.7%	0%	1.43%	1.47%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	11.5	11.1	13	13.9	13.8	14.7	16.1	16.1	15.1	9.8	9.58
EPS (basic)	0.95	1.01	1.35	1.8	2.36	2.54	3.87	3.46	-8.98	1.02	1.02
EPS (diluted)	0.95	1.01	1.34	1.8	2.35	2.53	3.86	3.46	-8.98	1.01	2.45
Book value per share	22.2	32.3	29.4	25.2	22.4	19.1	17.2	14.7	-0.31	-3.76	-7.68
FCF per share	2.68	2.13	1.84	1.54	3.38	3.47	3.62	3.92	3.97	6.61	5.54
Cash per share	1.67	0.82	0.5	0.47	0.55	0.68	0.36	0.24	0.27	0.23	2.45
Capex per share	—	—	—	—	—	—	—	—	—	0.42	0.5

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	4.27%	5.24%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	5.95%	8.31%
Payout ratio	359.4%	420.5%	304.7%	235.5%	207.4%	216.5%	155.3%	181.3%	-69.9%	468.5%	173.5%
Dividend yield	4.34%	—	4.22%	3.42%	3.25%	2.63%	4.43%	5.45%	6.93%	5.38%	6.34%

Yield

6.34%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.063

ex-dividend Sep 15, 2026

Payout ratio

173%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 15, 2026	$1.063
Jun 15, 2026	$1.063
Mar 13, 2026	$1.063

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.7B	$1.7B	$1.6B	$1.6B	$1.7B	$1.6B	$1.1B	$1.1B	$1.1B	$1.1B	$1B	$1B
YoY change	-4.52%	-5.1%	-7.45%	-12.9%	-0.9%	-1.49%	-35.3%	-34.8%	-35.1%	-35.1%	-4.81%	-4.91%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	567.6M	314M	206M	196M	232M	292M	156M	105M	119M	99M
Receivables	373.5M	398M	455M	596M	431M	635M	720M	597M	654M	339M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	1.3B	1.1B	1.2B	1.2B	1.1B	1.3B	1.2B	1B	1.1B	1.1B
Property, plant & equipment	9.7B	12.8B	32.7B	20.7B	21.5B	21.7B	21.7B	21.6B	21.1B	11.6B
Goodwill & intangibles	18.8B	32B	31.6B	29.8B	29B	28.2B	27.4B	26.5B	15.8B	12B
Total assets	22.7B	32.2B	32.4B	38.5B	38.8B	39B	38.9B	38.5B	32.7B	31.5B
Accounts payable	188.5M	249M	272M	334M	230M	246M	236M	252M	192M	71M
Short-term debt	101.7M	115M	112M	399M	458M	421M	1.2B	1.2B	906M	3.1B
Total current liabilities	961.4M	1.3B	1.4B	1.9B	2B	2B	2.7B	2.6B	2.2B	4.5B
Long-term debt	12.1B	16B	15.8B	23.5B	25B	26.6B	26.8B	27.6B	28.7B	26.5B
Total liabilities	15.1B	19.9B	20.2B	28B	29.3B	30.8B	31.5B	32.1B	32.9B	33.2B
Shareholders' equity	7.6B	12.3B	12.1B	10.5B	9.5B	8.3B	7.4B	6.4B	-133M	-1.6B
Total debt	12.2B	16.2B	16B	23.9B	25.4B	27B	28B	28.8B	29.6B	29.6B
Net debt	11.6B	15.8B	15.8B	23.7B	25.2B	26.7B	27.8B	28.7B	29.5B	29.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	117M	105M	125M	155M	194M	119M	60M	94M	57M	99M	55M	1B
Receivables	627M	597M	503M	549M	571M	654M	308M	305M	351M	339M	367M	370M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	1.1B	1B	977M	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.3B	1.7B
Property, plant & equipment	21.9B	21.6B	21.7B	21.6B	21.5B	21.1B	12.1B	12B	11.8B	11.6B	11.7B	11.6B
Goodwill & intangibles	26.7B	26.5B	26.3B	26.1B	25.9B	15.8B	12.2B	12.2B	12.1B	12B	11.9B	11.8B
Total assets	38.7B	38.5B	38.2B	38.2B	38B	32.7B	31.8B	31.6B	31.5B	31.5B	31.4B	21.5B
Accounts payable	215M	252M	216M	225M	200M	192M	42M	48M	65M	71M	66M	90M
Short-term debt	1.2B	1.2B	1.2B	1.2B	912M	906M	1.8B	2.5B	3B	3.1B	3.4B	2.5B
Total current liabilities	2.5B	2.6B	2.3B	2.5B	2.1B	2.2B	3B	3.8B	4.3B	4.5B	4.7B	3.3B
Long-term debt	27.6B	27.6B	28B	28.2B	28.7B	28.7B	27.9B	27B	26.5B	26.5B	26.5B	20.9B
Total liabilities	32B	32.1B	32.2B	32.6B	32.7B	32.9B	33B	33B	33B	33.2B	33.3B	24.8B
Shareholders' equity	6.7B	6.4B	6B	5.7B	5.3B	-133M	-1.3B	-1.4B	-1.5B	-1.6B	-1.9B	-3.3B
Total debt	28.7B	28.8B	29.1B	29.4B	29.6B	29.6B	29.7B	29.6B	29.6B	29.6B	29.9B	23.4B
Net debt	28.6B	28.7B	29B	29.2B	29.4B	29.5B	29.6B	29.5B	29.5B	29.5B	29.8B	22.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	357M	366M	622M	860M	1.1B	1.2B	1.7B	1.5B	-3.9B	-472M
Depreciation & amortization	1.1B	1.2B	1.5B	1.6B	1.6B	1.6B	1.7B	1.8B	1.7B	690M
Stock-based compensation	79M	92M	103M	117M	138M	129M	156M	157M	131M	73M
Change in working capital	148M	430.5M	312M	360M	-26M	-329M	-747M	-407M	-225M	-24M
Operating cash flow	1.7B	2.2B	2.6B	2.9B	2.8B	2.6B	2.8B	3.1B	-2.2B	3.1B
Capital expenditure	—	—	—	—	—	—	—	—	—	-182M
Investing cash flow	-554.9M	-9.3B	-54M	-24M	-117M	-103M	-42M	-95M	2M	-178M
Dividends paid	-1.3B	-1.5B	-1.9B	-2B	-2.2B	-2.4B	-2.6B	-2.7B	-2.7B	-2.1B
Share repurchases	-25M	-23M	-34M	-44M	-76M	-70M	-65M	-30M	-33M	-23M
Financing cash flow	-1.2B	9.2B	-638M	-692M	-1.1B	-1.3B	-1.7B	-1.7B	-1.7B	-1.9B
Net change in cash	-42.9M	2.1B	1.9B	2.2B	1.5B	1.2B	1.1B	1.3B	-3.9B	993M
Free cash flow	913M	815M	761M	641M	1.4B	1.5B	1.6B	1.7B	1.7B	2.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	265M	363M	311M	268M	306M	-4.8B	-546M	13M	46M	15M	-125M	20M
Depreciation & amortization	439M	439M	439M	678M	930M	437M	177M	175M	168M	170M	172M	171M
Stock-based compensation	35M	31M	38M	54M	58M	23M	18M	18M	19M	18M	18M	29M
Change in working capital	-156M	-60M	-152M	-44M	-9M	1M	-36M	-20M	1M	31M	-47M	94M
Operating cash flow	599M	791M	652M	971M	1.3B	-4.3B	451M	443M	714M	870M	509M	531M
Capital expenditure	—	—	—	—	—	—	—	—	-43M	-59M	-57M	-59M
Investing cash flow	-2M	-7M	0	0	0	3M	2M	1M	-41M	-60M	-57M	-59M
Dividends paid	-680M	-679M	-688M	-680M	-681M	-680M	-690M	-463M	-462M	-465M	-473M	-459M
Share repurchases	0	-1M	-27M	-3M	-2M	-1M	-21M	-2M	0	0	-25M	-992M
Financing cash flow	-967M	3B	-261M	-405M	1.1B	-2B	-403M	-568M	113M	-1.1B	-179M	-7.9B
Net change in cash	-370M	3.8B	391M	566M	2.4B	-6.3B	50M	-124M	786M	-244M	273M	-7.4B
Free cash flow	186M	511M	279M	166M	-161M	601M	601M	792M	671M	811M	452M	472M

Crown Castle Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement