Crown Castle Inc.

CCI · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997
Valuation
Market cap	$38,701	$39,444	$49,957	$58,739	$90,218	$68,802	$61,438	$46,950	$47,979	$37,502	$28,855	$26,152	$21,888	$20,875	$12,715	$12,569	$11,190	$4,958	$11,645	$6,694	$5,860	$3,689	$2,393	$818	$2,288	$4,833	$4,224	$999	$81
Enterprise value	$68,168	$68,957	$78,666	$86,543	$116,935	$93,987	$85,173	$63,355	$63,825	$49,105	$40,925	$37,943	$33,274	$32,057	$19,521	$19,235	$17,003	$10,899	$17,639	$9,644	$8,092	$5,004	$5,557	$3,584	$5,003	$7,099	$5,272	$1,172	$182
P/E (TTM) at period end	87.16×	–	33.26×	35.07×	82.32×	68.87×	82.25×	92.24×	155.78×	115.75×	19.54×	75.47×	277.95×	112.26×	85.83×	–	–	–	–	–	–	15.69×	–	–	–	–	–	–	–
P/S (TTM) at period end	9.08×	8.84×	10.55×	8.41×	14.23×	11.78×	10.66×	8.74×	11.02×	9.56×	7.88×	7.39×	7.64×	8.58×	6.26×	6.69×	6.64×	3.25×	8.41×	8.49×	8.66×	6.11×	4.29×	1.35×	2.55×	7.44×	12.22×	8.83×	2.57×
P/B at period end	–	–	7.83×	7.89×	10.92×	7.27×	5.86×	4.06×	3.89×	4.96×	4.07×	3.89×	3.16×	7.10×	5.33×	5.14×	3.81×	1.83×	3.68×	8.85×	4.97×	1.99×	1.33×	0.37×	0.97×	2.00×	2.07×	1.06×	0.40×
EV / EBITDA (TTM)	24.65×	24.16×	27.28×	20.94×	32.08×	27.08×	27.20×	21.77×	28.91×	23.86×	20.64×	19.70×	20.51×	22.00×	15.68×	17.23×	17.64×	13.31×	27.59×	23.22×	25.90×	18.72×	19.38×	14.68×	13.97×	21.84×	27.78×	21.30×	31.37×
EV / Sales (TTM)	15.99×	15.46×	16.62×	12.39×	18.44×	16.09×	14.78×	11.80×	14.65×	12.52×	11.17×	10.72×	11.61×	13.18×	9.60×	10.24×	10.09×	7.14×	12.73×	12.24×	11.96×	8.28×	9.97×	5.92×	5.56×	10.94×	15.25×	10.36×	5.79×
Returns
Return on equity	–	–	23.5%	22.5%	13.3%	10.6%	7.1%	4.4%	2.5%	4.3%	20.8%	5.2%	1.1%	6.3%	6.2%	(13.6%)	(4.6%)	(2.6%)	(7.7%)	(5.5%)	(34.1%)	12.7%	(22.2%)	(12.3%)	(15.5%)	(8.5%)	(4.7%)	(4.0%)	(5.9%)
Return on invested capital	7.3%	7.1%	5.9%	6.8%	5.6%	5.3%	4.6%	4.9%	3.5%	5.0%	4.9%	5.1%	1.1%	5.9%	7.2%	5.8%	3.0%	1.1%	0.8%	3.2%	0.7%	(0.8%)	(1.3%)	(2.5%)	(1.2%)	0.1%	0.3%	(0.0%)	(1.1%)
Dividend yield	5.4%	6.9%	5.5%	4.4%	2.6%	3.1%	3.1%	3.8%	3.1%	3.3%	3.9%	2.4%	–	–	0.2%	0.2%	–	–	0.2%	0.3%	0.4%	–	3.1%	–	–	–	0.0%	–	–
Financial health
Current ratio	0.26×	0.50×	0.40×	0.45×	0.62×	0.56×	0.63×	0.82×	0.88×	1.38×	1.15×	1.38×	1.18×	1.28×	1.49×	1.24×	1.59×	0.58×	1.34×	3.98×	0.48×	2.24×	1.00×	2.40×	2.96×	2.38×	5.04×	3.68×	5.60×
Debt / equity	(14.89×)	(180.86×)	3.59×	2.92×	2.50×	2.04×	1.73×	1.44×	1.31×	1.61×	1.71×	1.77×	1.67×	3.95×	2.89×	2.77×	2.24×	2.24×	1.92×	4.65×	1.93×	1.00×	1.92×	1.46×	1.45×	1.08×	0.76×	0.46×	0.77×
Effective tax rate	1.4%	1.5%	1.7%	0.9%	1.8%	1.9%	(2.4%)	(3.0%)	(6.6%)	(4.5%)	(10.9%)	(3.4%)	76.1%	(99.2%)	4.6%	7.9%	40.1%	68.1%	29.7%	1.7%	(0.8%)	1.7%	(1.7%)	(3.6%)	(4.7%)	(0.1%)	(0.3%)	(1.1%)	–
Share count
Diluted shares outstanding	437	434	434	434	434	425	418	415	383	341	334	333	299	291	286	287	287	282	280	207	218	222	217	218	214	179	131	43	6

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997
Revenue and gross profit
Revenue	$4,084	$4,264	$4,460	$4,734	$6,986	$6,340	$5,840	$5,763	$5,370	$4,356	$3,921	$3,664	$3,539	$2,866	$2,433	$2,033	$1,879	$1,685	$1,527	$1,385	$788	$677	$604	$557	$605	$899	$649	$346	$113	$31
Cost of revenue	($335)	($113)	($107)	($304)	($466)	($439)	($448)	($524)	($434)	($420)	($417)	($358)	($400)	($304)	($190)	($107)	($114)	($93)	($82)	($66)	($273)	($252)	($231)	($226)	($298)	($467)	($234)	($107)	($30)	($13)
Gross profit	$3,749	$4,151	$4,353	$4,430	$6,520	$5,901	$5,392	$5,239	$4,936	$3,936	$3,504	$3,306	$3,138	$2,562	$2,243	$1,926	$1,764	$1,593	$1,444	$1,320	$515	$425	$373	$331	$307	$432	$416	$239	$83	$18
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($4)	($1)	($6)	($7)	($12)	($10)	($5)	($5)	($6)
Selling, general and administrative	($363)	($383)	($435)	($502)	($750)	($680)	($678)	($614)	($563)	($426)	($371)	($311)	($257)	($214)	($213)	($173)	($165)	($153)	($150)	($143)	($96)	($106)	($106)	($116)	($100)	($109)	($80)	($44)	($24)	($7)
Total operating expenses	($1,826)	($2,076)	($2,235)	($2,333)	($4,095)	($3,900)	($3,529)	($3,680)	($3,553)	($2,969)	($2,555)	($2,360)	($2,198)	($1,681)	($1,408)	($1,233)	($1,189)	($1,159)	($1,152)	($1,220)	($394)	($401)	($400)	($397)	($435)	($494)	($410)	($229)	($83)	($22)
Total costs and expenses	($2,161)	($2,189)	($2,342)	($2,637)	($4,561)	($4,339)	($3,977)	($4,204)	($3,987)	($3,389)	($2,972)	($2,718)	($2,598)	($1,985)	($1,598)	($1,340)	($1,303)	($1,251)	($1,234)	($1,286)	($667)	($653)	($631)	($624)	($733)	($961)	($644)	($336)	($113)	($35)
Operating income	$1,923	$2,075	$2,118	$2,097	$2,425	$2,001	$1,863	$1,559	$1,383	$967	$949	$946	$941	$881	$835	$692	$575	$434	$293	$100	$121	$24	($27)	($66)	($128)	($62)	$5	$10	($0)	($3)
Earnings
EBITDA	$2,616	$2,765	$2,854	$2,884	$4,132	$3,645	$3,471	$3,131	$2,910	$2,208	$2,058	$1,982	$1,926	$1,622	$1,457	$1,245	$1,116	$964	$819	$639	$415	$312	$267	$287	$244	$358	$325	$190	$55	$6
Interest income	$27	$13	$20	$15	$3	$1	$2	$6	$5	$19	$1	$2	$0	$1	$5	$1	$2	$3	$2	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($873)	($972)	($932)	($849)	($699)	($657)	($689)	($683)	($642)	–	–	($19)	($63)	($65)	($65)	($72)	($405)	($446)	($354)	($350)	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$1,096	$1,119	$1,180	$1,258	$1,691	$1,179	$1,076	$881	$641	$392	$374	$474	$335	$251	$101	$180	($338)	($191)	($153)	($317)	($48)	($392)	($307)	($453)	($337)	($351)	($203)	($94)	($37)	–
Income tax expense	($17)	($16)	($18)	($21)	($16)	($21)	($20)	$21	$19	$26	$17	$51	$11	($191)	$100	($8)	$27	$76	$104	$94	$1	($3)	$5	($8)	($12)	($16)	($0)	($0)	($0)	($8)
Net income	$822	$444	($3,903)	$1,502	$1,675	$1,096	$1,056	$860	$622	$445	$357	$1,521	$391	$90	$189	$171	($311)	($114)	($49)	($223)	($42)	($402)	$235	($398)	($273)	($366)	($205)	($97)	($38)	($12)
Per share
Diluted EPS (GAAP)	$1.90	$1.01	($8.98)	$3.46	$3.86	$2.53	$2.35	$1.79	$1.23	$0.80	$0.95	$4.42	$1.04	$0.26	$0.64	$0.52	($1.16)	($0.47)	($0.17)	($0.80)	($0.20)	($1.84)	$0.88	($1.84)	($1.25)	($1.71)	($1.15)	($0.74)	($0.89)	($1.92)
Basic EPS (GAAP)	$1.91	$1.02	($8.98)	$3.46	$3.87	$2.54	$2.36	$1.80	$1.23	$0.80	$0.95	$4.44	$1.04	$0.26	$0.64	$0.52	($1.16)	($0.47)	($0.17)	($0.80)	($0.20)	($1.84)	$0.88	($1.84)	($1.25)	($1.71)	($1.15)	($0.74)	($0.89)	($1.92)
Basic shares outstanding	432	435	434	434	433	432	423	416	413	382	340	333	332	298	289	284	287	287	282	280	207	218	222	217	218	214	179	131	43	6
Margins
Gross margin	91.8%	97.3%	97.6%	93.6%	93.3%	93.1%	92.3%	90.9%	91.9%	90.4%	89.4%	90.2%	88.7%	89.4%	92.2%	94.7%	93.9%	94.5%	94.6%	95.3%	65.4%	62.8%	61.8%	59.4%	50.7%	48.0%	64.0%	69.1%	73.6%	58.3%
Operating margin	47.1%	48.7%	47.5%	44.3%	34.7%	31.6%	31.9%	27.1%	25.8%	22.2%	24.2%	25.8%	26.6%	30.7%	34.3%	34.1%	30.6%	25.7%	19.2%	7.2%	15.4%	3.6%	(4.5%)	(11.9%)	(21.1%)	(6.9%)	0.8%	2.8%	(0.1%)	(10.8%)
Net margin	20.1%	10.4%	(87.5%)	31.7%	24.0%	17.3%	18.1%	14.9%	11.6%	10.2%	9.1%	41.5%	11.0%	3.1%	7.8%	8.4%	(16.6%)	(6.8%)	(3.2%)	(16.1%)	(5.3%)	(59.3%)	38.9%	(71.5%)	(45.0%)	(40.7%)	(31.5%)	(28.0%)	(33.4%)	(37.9%)

Analyst consensus

Buy47 analysts

Bearish · 1 · Hold · 21 · Bullish · 25

Earnings history

	EPS	Estimate
Q4 2024	$-10.96	$0.44	Miss
Q1 2025	$-1.07	$0.20	Miss
Q2 2025	$0.67	$0.55	Beat
Q3 2025	$0.74	$0.52	Beat
Q4 2025	$0.68	$0.55	Beat
Q1 2026	$0.34	$0.38	Miss
Q2 2026	$0.69	$0.39	Beat
Q3 2026	$0.67	$0.69	Miss

Peers

Company overview

IPO dateAug 18, 1998

CEOChristian H. Hillabrant

Employees1,500

SectorReal Estate

IndustryREIT - Specialty

CountryUS

ExchangeNew York Stock Exchange

Websitewww.crowncastle.com

Crown Castle Inc. specializes in critical digital infrastructure across the United States. The company actively manages, operates, and leases an expansive network, featuring over 40,000 cellular communication towers and approximately 80,000 miles of fiber optic cable. This comprehensive infrastructure underpins both small cell deployments and various advanced fiber solutions, spanning every significant U.S. metropolitan area. Through these vital connections, Crown Castle links communities and urban centers to essential data, cutting-edge technology, and indispensable wireless services, thereby delivering crucial information, innovative concepts, and communication capabilities to individuals and enterprises alike. More information can be found at www.crowncastle.com.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.