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Crown Castle Inc.

CCI Real Estate Reit Specialty

Crown Castle Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.3 billion, down 4.39% from fiscal 2024.

Revenue
−7.18%
EPS
−9.46%
Free cash flow
−78.1%
Total debt
−26.8%

Quarter to September 2026, against a year earlier

91.31 0.86 −0.93%
Market cap
$38.7B
P/E
47.8×
Fwd P/E
46.0×
Dividend yield
4.65%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by regions Fiscal 2012

  • United States
  • Australia
  • Other Countries

Every year since 2009 →

Insider Decisions last twelve months

Bought, $m 0.07
Sold, $m 0.93
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 1 — — — — — —
Sell — — 3 — — — — — 1 — — —
Insider Ownership 0.23%

Capital & Financial Ratios $m

Size
Market Cap 38,700.00
Revenue ttm 4,084.00
Net income ttm 822.00
Free cash flow ttm 1,882.00
Net debt Q 17,496.00
Valuation
P/E 47.81 (above 35: high)
Forward P/E 46.00 (above 35: high)
Price / sales 9.52
Forward P/S Powerpack
Price / FCF 20.67
Price / book 0.00
Financial health
Current ratio Q 0.23
Debt / equity Q (5.20)
Interest coverage Q 2.63
Growth
Revenue growth Q −7.18% (below 0%: shrinking)
Operating income growth Q −11.43% (below 0%: shrinking)
EPS, this year +91.24% (at or above 15%: strong)
EPS, next year A +47.82% (at or above 15%: strong)
Revenue, next year A −5.46% (below 0%: weak)
EPS, past 5 yrs −15.54% (below 0%: weak)
EPS, next 5 yrs A +42.66% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 13.8×, against a ten-year median of 13.0×; over the ten years it ranged from 8.7× in 2023 to 17.4× in 2021.
P/E against its own 10 years 34.88%
10-year low 10-year high
P/S against its own 10 years 55.70%
10-year low 10-year high
EV/Sales against its own 10 years 61.28%
10-year low 10-year high
EV/FCF against its own 10 years 26.18%
10-year low 10-year high

Dividends

Yield
4.65%
Annual rate
4.25
Payout ratio
223.7%
Growth, 2017–25
+2.50%/yr
  1. 3.90 ’17
  2. 4.28 ’18 +10
  3. 4.58 ’19 +7
  4. 4.93 ’20 +8
  5. 5.46 ’21 +11
  6. 5.98 ’22 +9
  7. 6.26 ’23 +5
  8. 6.26 ’24 +0
  9. 4.75 ’25 −24
  10. 4.25 ’26e −11
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 276 270 269 300
Receivables 481 129 172 110
Inventory — — — —
Other 56 24 23 23
1,032 1,090 1,144 695
2023 2024 2025 Q'26
Payables 252 48 71 63
ST’ Debt 835 603 2,783 2,238
Other — — — —
2,585 2,177 4,479 3,004

Compound Annual Growth %

10y 5y 3y
Sales 1.53% (6.10%) (15.17%)
Cash Flow 5.47% 0.01% 2.03%
Earnings (11.33%) (14.97%) (35.76%)
Book Value 0.00% 0.00% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.20 Actual 1.24

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.07 1.12 Beat by 0.05
Q1 FY26 1.01 1.02 Beat by 0.01
Q2 FY26 1.00 1.13 Beat by 0.13
Q3 FY26 1.20 1.24 Beat by 0.04
Q4 FY26 1.21 — Reports 3 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.34 0.22 0.67 — —
’25 (1.07) 0.67 0.74 0.67 1.01
’24 0.71 0.58 0.70 (10.97) (8.98)
’23 0.97 1.05 0.61 0.83 3.46
’22 0.97 0.97 0.97 0.95 3.86
’21 0.28 0.77 0.81 0.81 2.53
’20 0.38 0.41 0.38 1.17 2.35
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,010 1,008 995 — —
’25 1,061 1,060 1,072 1,071 4,264
’24 1,114 1,107 1,120 1,119 4,460
’23 1,773 1,867 1,667 1,674 4,734
’22 1,742 1,734 1,746 1,764 6,986
’21 1,485 1,583 1,618 1,654 6,340
’20 1,421 1,440 1,486 1,493 5,840
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 509 531 213 — —
’25 641 832 714 870 3,057
’24 599 768 699 877 2,943
’23 606 1,119 533 868 3,126
’22 558 779 701 840 2,878
’21 584 787 684 734 2,789
’20 653 756 661 985 3,055
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 452 472 147 — —
’25 601 792 671 811 2,875
’24 552 729 661 825 2,767
’23 265 740 186 1,692 2,883
’22 277 476 364 451 1,568
’21 282 480 401 397 1,560
’20 206 342 284 599 1,431
Fiscal quarters ending in the months shown.

Valuation

The price implies FFO a share growing 5.2% a year for ten years. It grew −1.5% a year over the last ten.

Implied
5.2%
10 years, reported
−1.5%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 3,921 4,255 5,370 5,763 5,840 6,340 6,986 4,734 4,460 4,264 4,084 +0.9% 4,031 4,095 4,188 (0.6%)
Gross margin, % 63.25 63.74 65.66 65.54 66.28 68.56 70.40 73.28 75.56 74.09 73.70 +10.8 pt
EBT 374 392 641 881 1,076 1,179 1,691 1,258 1,180 1,119 1,096 +12.9%
EBT margin, % 9.54 9.21 11.94 15.29 18.42 18.60 24.21 26.57 26.46 26.24 26.84 +16.7 pt
Net income 357 366 622 860 1,056 1,158 1,675 1,502 (3,903) 444 822 +2.5%
Per share, $
Per share, $ Revenue 11.53 11.14 13.00 13.85 13.81 14.68 16.13 10.91 10.28 9.80 9.59 (1.8%)
Earnings 0.95 0.80 1.35 1.80 2.36 2.54 3.87 3.46 (8.98) 1.02 1.91 +0.8%
Cash flow 5.26 5.32 6.05 6.49 7.22 6.46 6.65 7.20 6.78 7.03 4.98 +3.3%
Capex (2.57) (3.19) (4.21) (4.94) (3.84) (2.84) (3.03) (0.56) (0.41) (0.42) (0.57) (18.3%)
Free cash flow 2.69 2.13 1.84 1.54 3.38 3.61 3.62 6.64 6.38 6.61 4.42 +10.5%
Book value 22.23 32.30 28.02 25.21 22.37 19.12 17.20 14.70 (0.31) (3.76) (8.04) n/m
Shares, m 340 382 413 416 423 432 433 434 434 435 433 +2.8%
Valuation, ×
Valuation, × P/E 92.34 105.76 79.88 71.79 68.03 77.89 35.83 33.61 0.00 87.13 47.81 65.2
P/S 7.53 9.78 8.35 10.26 11.53 14.22 8.57 7.25 8.83 9.07 9.52 9.5
P/B 3.91 3.37 3.88 5.64 7.12 10.92 8.04 7.93 0.00 0.00 0.00 5.1
EV/Sales 10.45 13.47 11.39 13.35 14.77 17.40 11.64 10.49 14.16 14.71 13.81 13.2
EV/FCF 44.90 70.35 80.34 120.00 60.27 70.73 51.85 25.41 22.83 21.82 29.97 56.8
Cash, $m
Cash, $m Operating cash flow 1,787 2,032 2,500 2,698 3,055 2,789 2,878 3,126 2,943 3,057 2,123 +6.1%
Capex (874) (1,217) (1,739) (2,057) (1,624) (1,229) (1,310) (243) (176) (182) (241) (16.0%)
Free cash flow 913 815 761 641 1,431 1,560 1,568 2,883 2,767 2,875 1,882 +13.6%
Balance, $m
Balance, $m Working capital 363 (158) (277) (716) (865) (772) (1,514) (1,553) (1,087) (3,335) (2,309) n/m
Net debt 11,479 15,724 16,274 17,788 18,904 20,168 21,407 22,645 23,784 24,068 17,496 +8.6%
Shareholders’ equity 7,557 12,339 11,571 10,489 9,461 8,258 7,449 6,381 (133) (1,635) (3,424) n/m
Returns, %
Returns, % ROA 1.45 1.12 1.57 2.10 2.59 2.82 4.30 3.88 (10.95) 1.38 3.15 (0.1) pt
ROIC 3.12 2.15 3.10 3.45 4.10 4.40 5.25 4.52 5.60 5.78 8.54 +2.7 pt
ROE 4.42 3.10 4.26 6.77 10.02 12.37 21.33 21.72 (124.94) (50.23) (33.44) (54.6) pt
People
People Employees 3,200 4,500 5,000 5,100 4,900 5,000 5,000 4,700 3,900 4,000 — +2.5%
Revenue/emp, $m 1.23 0.95 1.07 1.13 1.19 1.27 1.40 1.01 1.14 1.07 — (1.5%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Crown Castle is a U.S. communications-infrastructure real estate investment trust. It owns, operates and leases space or capacity on approximately 40,000 cell towers across the United States. Wireless carriers and other tenants place antennas and related equipment on those towers to provide mobile coverage and network capacity.

Its core product is access to tower sites under long-term tenant contracts, including leases, licenses, subleases and service agreements. A single tower can host multiple tenants, allowing carriers to use existing infrastructure rather than build and operate a separate structure. At December 31, 2025, the average tower had approximately 2.4 tenants.

Where the money comes from and where it goes Fiscal 2012

Fiscal 2012: revenue by regions, and margins
United States 2,283 93.85%
Australia 146 6.02%
Other Countries 3 0.13%
Gross margin 70.03%
Operating margin 34.31%
Pre-tax margin 4.14%

Revenue by segment since 2009

Crown Castle Inc. vs peers in Reit Specialty (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
EQIX Equinix, Inc. $98.7B 59.9× 56.0× +11.01% (above 0%: growing) +29.58% (above 0%: growing) +37.68% (above 0%: growing) 51.11% 23.34% Compare
AMT American Tower Corporation $90.0B 27.1× 27.0× +2.50% (above 0%: growing) −7.80% (below 0%: shrinking) +0.09% (above 0%: growing) 72.83% 45.56% Compare
DLR Digital Realty Trust, Inc. $66.1B 70.2× 64.4× +20.62% (above 0%: growing) +194.12% (above 0%: growing) −46.79% (below 0%: shrinking) 55.49% 15.88% Compare
CCI Crown Castle Inc. $38.7B 47.8× 46.0× −7.18% (below 0%: shrinking) −9.46% (below 0%: shrinking) −78.09% (below 0%: shrinking) 73.77% 46.73%
IRM Iron Mountain Incorporated $31.4B 69.3× 63.1× +13.48% (above 0%: growing) +50.00% (above 0%: growing) −13.03% (below 0%: shrinking) 53.45% 20.63% Compare
SBAC SBA Communications Corporation $20.2B 20.8× 24.3× −2.51% (below 0%: shrinking) −0.27% (below 0%: shrinking) +28.59% (above 0%: growing) 75.97% 51.51% Compare
LAMR Lamar Advertising Company $16.0B 27.8× 26.7× +6.65% (above 0%: growing) +13.57% (above 0%: growing) +35.38% (above 0%: growing) 68.55% 33.54% Compare
WY Weyerhaeuser Company $15.6B 34.3× 43.9× +8.44% (above 0%: growing) −27.27% (below 0%: shrinking) +113.91% (above 0%: growing) 13.80% 5.37% Compare
GLPI Gaming and Leisure Properties, Inc. $11.5B 12.1× 12.0× +9.52% (above 0%: growing) −16.47% (below 0%: shrinking) −47.02% (below 0%: shrinking) 100.00% 71.18% Compare
Median of peers $25.8B 31.0× 35.5× +8.98% +6.65% +14.34% 62.02% 28.44%

All 19 Reit Specialty stocks →

From the latest earnings call

Updated

  • CEO Chris Hillabrant said Crown Castle resolved a customer issue by acquiring an economic interest in some towers and extending the customer’s leases.
  • CFO Sunit Patel said Crown Castle raised its 2026 outlook, while expecting core leasing activity to finish toward the bottom of its range.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
BMO Oct 23, 2026 Target cut — 93.00 → 91.00
TD Cowen Oct 23, 2026 Target raised — 92.00 → 98.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 98.60%
Held by the ten largest 57.74%
Holder Shares Stake Change
Vanguard 71.14m 16.70% +888.12k
BlackRock 43.92m 10.31% −3.03m
COHEN & STEERS, INC. 39.08m 9.17% −1.28m
State Street 23.02m 5.40% +211.63k
Wellington Management 17.33m 4.07% −1.45m
LAZARD ASSET MANAGEMENT LLC 15.10m 3.54% +1.64m
Geode Capital Management 13.61m 3.19% +242.15k
Morgan Stanley 9.83m 2.31% +89.23k
UBS 6.57m 1.54% +2.48m
Dimensional Fund Advisors 6.37m 1.50% +47.73k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 6 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2023 14.68m 6.05m 81.75
2022 12.45m (23.06m) 91.08
2021 14.55m 40.84m 135.08

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group 15.78%
BlackRock, Inc. 8.90%
Cohen & Steers, Inc. 8.33%
State Street Corporation 5.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Crown Castle Inc. (CCI) Latest News

4 Nov

Impact 3 · · TIKR

28 Oct

Impact 4 · · The Motley Fool earnings
Impact 3 · · Zacks

27 Oct

Impact 3 · · Zacks

24 Oct

Impact 4 · · Simply Wall St.

23 Oct

Impact 4 · · TIKR
Impact 4 · · TIKR
Impact 4 · · Investopedia
Impact 4 ·
Impact 4 · · Zacks
Impact 4 · · 24/7 Wall St.
Impact 4 ·
Impact 4 · · Stocktwits
Impact 3 · · The Motley Fool
Impact 3 · · TIKR

22 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Stocktwits
Impact 4 · · Investing.com
Impact 4 · · Bloomberg
Impact 3 · · Zacks

21 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby transcript
Impact 4 · · MarketBeat
Impact 4 · · GlobeNewswire
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Associated Press

19 Oct

Impact 3 · · Zacks

16 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Zacks

CCI metrics, ten years each

stockrow.com/CCI · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com