NYSE: CCI · Telecom Tower REITs
Crown Castle
Crown Castle is a U.S. tower REIT that owns, leases, or manages about 40,000 towers and rents space on them to wireless carriers under long-term contracts. On May 1, 2026 it completed the sale of its fiber solutions business to Zayo and its small cells business to Arium Networks for $8.5 billion, becoming a pure-play U.S. tower company. FY2025 revenue from continuing operations was $4.26 billion, of which site rental revenues were 95%, and T-Mobile, AT&T, and Verizon together made up about 90% of site rental revenues. The dividend was cut to $1.0625 a quarter in 2025.
Last updated
Analysis last edited: October 12, 2026 · Financial data fetched: October 17, 2026 10:06 (SEC EDGAR) · Source 10-K filed: February 23, 2026
Built on10-K FY2025 · filed 2026-02-2310-Q (quarter ended 2026-09-30) · filed 2026-11-04
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- -6.1%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 48.7%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +2.9 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 8.8x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 6.89x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 0 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 47.7x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.38
Higher than 1% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 96% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 48% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 97% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 96% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$90.16close on 2026-11-04
Market cap$39.22B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 47.7x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- —
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 23.0x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 7.3%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 5.3%
At FY2025 year-end: 88.0x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: —
Book value at FY2025 year-end
At FY2025 year-end: 22.7x
EBITDA for FY2025
At FY2025 year-end: 7.4%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$1.07B → $995M (vs. a year earlier)↓ −7.2%$1.07B → $995M (vs. a year earlier)
- Operating margin49.0% → 46.7% (vs. a year earlier)↓ −2.2 pts49.0% → 46.7% (vs. a year earlier)
- Net income$323M → $283M (vs. a year earlier)↓ −12.4%$323M → $283M (vs. a year earlier)
- Diluted EPS$0.74 → $0.67 (vs. a year earlier)↓ −9.5%$0.74 → $0.67 (vs. a year earlier)
- Cash$1.04B → $133M (vs. previous quarter-end)↓ −87.2%$1.04B → $133M (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
04
Company profileFrom SEC dataShow
- Legal name
- CROWN CASTLE INC.
- Headquarters
- HOUSTON, TX
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: CCI
- Industry
- Telecom Tower REITs
- CIK
- 1051470
Workforce (as of FY2025 year-end)
Employees
4,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 24–72 days after quarter end (Feb 4, 2026; Mar 13, 2025; Jan 24, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 16–72 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 21, 2026 (+21 days) | Nov 4, 2026 10-Q (+35 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 22, 2026 (+22 days) | Aug 5, 2026 10-Q (+36 days) |
| Q1 FY2026 | Mar 31, 2026 | May 1, 2026 (+31 days) | May 7, 2026 10-Q (+37 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 4, 2026 (+35 days) | Feb 23, 2026 10-K (+54 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 22, 2025 (+22 days) | Nov 6, 2025 10-Q (+37 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 23, 2025 (+23 days) | Aug 6, 2025 10-Q (+37 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 30, 2025 (+30 days) | May 9, 2025 10-Q (+39 days) |
| Q4 FY2024 | Dec 31, 2024 | Mar 13, 2025 (+72 days) | Mar 14, 2025 10-K (+73 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 16, 2024 (+16 days) | Oct 30, 2024 10-Q (+30 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 17, 2024 (+17 days) | Jul 30, 2024 10-Q (+30 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 17, 2024 (+17 days) | May 1, 2024 10-Q (+31 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 24, 2024 (+24 days) | Feb 23, 2024 10-K (+54 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Towers
Site rental
Examples: Space and capacity on towers for antennas and equipment
Leases, licenses, subleases, and service agreements.
Towers
Site development services
Examples: Site acquisition, architectural and engineering, zoning and permitting
Non-recurring, fixed-fee services; installation services were discontinued in 2023.
Product descriptions are from the FY2025 Form 10-K's Item 1.
U.S. and worldwide share of flagship products/services
The filings reviewed give no market share figure for the company's products or services.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-06-30)
07
Recent strategic focusSite analysis
Transformation into a pure-play U.S. tower company, from the 10-K and 2026 8-Ks.
Fiber and small cells sold
On May 1, 2026, Crown Castle closed the sale of fiber solutions to Zayo and small cells to Arium Networks for $8.5B in cash (agreement dated March 13, 2025).
Source: 8-K filed 2026-05-01 (Item 2.01)
Capital return and deleveraging
The board authorized a $1.0B buyback on May 1, 2026; by Q2 end Crown Castle had completed $1B of repurchases and repaid more than $7B of debt.
Source: 8-Ks filed 2026-05-01 and 2026-07-22
Cutting costs
The February 2026 restructuring plan cuts tower and corporate headcount in continuing operations by about 20%, with about $30M of charges and about $65M of expected annualized savings.
Source: 8-K filed 2026-02-04 (Item 2.05); Form 10-K (FY2025) MD&A
Dividend reset
The quarterly dividend fell from $1.565 to $1.0625 in Q2 2025 under a capital allocation framework focused on free cash flow and financial flexibility.
Source: Form 10-K (FY2025) MD&A
Capex ÷ D&A (FY2025)
0.26x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$182M ÷ $690M = 0.26x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$357M
Latest year: $0
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $1.62B in FY2020 to $182M in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-23
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$4.26B
As reported in the 10-K
Revenue CAGR (5 years)
-6.1%▼caution
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($4,264M ÷ $5,840M) ^ (1÷5) − 1 = -6.1%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
48.7%▲favorable
+16.8pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$2,075M ÷ $4,264M × 100 = 48.7%
ROE (FY2025)
—▼caution
6-year average: 16.6%
As reported in the 10-K
P/B (FY2025 end)
—
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
22.7x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($38,658M + $24,337M − $99M) ÷ ($2,075M + $690M) = 22.7x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▼
Revenue grew -6.1% a year over 5 years (a shrinking trend)
From $5.84B in FY2020 to $4.26B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 31.9% → 48.7%
How much operating profit is left per $100 of revenue. It moved +16.8 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is -5.2% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 16.6% over 6 years (latest: —)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Adding tenants and equipment to existing towers
- Site acquisition, engineering, zoning, and permitting services
06 · what it draws on
Key resources
- Towers, about 60% of them on leased land
- Ground leases with about 35 years average remaining life
02 · why customers buy
Value propositions
- Shared space and capacity on about 40,000 U.S. towers.
04 · how it keeps them
Customer relationships
- Long-term contracts (leases, licenses, subleases) that provide access to its towers.
03 · how it reaches them
Channels
- Contracts negotiated directly with national wireless carriers.
01 · who it serves
Customer segments
- National wireless carriers: T-Mobile, AT&T, Verizon
09 · where money goes
Cost structure
FY2025, share of revenue ($4.26B)
- Cost of revenue2.7%
- Selling, general & administrative9.0%
- Other operating costs39.7%
Operating profit left: 48.7% of revenue. Depreciation & amortization (inside the costs above): $690M. Capital spending: $182M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Site rental revenues under 5–15 year contracts with escalators
- Site development service fees
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Leasing space and capacity on about 40,000 U.S. towers to wireless carriers and other tenants, plus pre-construction site development services.
01 what it draws on
Inputs & resources
- Towers, about 60% of them on leased land
- Ground leases with about 35 years average remaining life
02 what it does
Activities
- Adding tenants and equipment to existing towers
- Site acquisition, engineering, zoning, and permitting services
03 who it serves
Customers
- National wireless carriers: T-Mobile, AT&T, Verizon
04 how money comes in
How it earns
- Site rental revenues under 5–15 year contracts with escalators
- Site development service fees
How the business makes money
- Site rental revenues were 95% of 2025 net revenues; tenant contracts had a weighted-average remaining life of about six years and $23.7B of expected future cash inflows, excluding DISH.
- Sustaining capital expenditures are typically about 1% of net revenues; about 75% of site rental operating costs are ground lease expenses.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Crown Castle is a REIT whose tower construction requires NEPA environmental review.
Government funding & tax credits
REIT tax status
To keep REIT status (no corporate income tax on distributed income) it must distribute at least 90% of REIT taxable income each year.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Environmental rules
NEPA review
NEPA requires environmental review of proposed tower construction.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
Tenants pay monthly rent under long-term contracts with limited termination rights and contractual price escalations.
Tower tenant contracts
Site rental revenues were 95% of 2025 net revenues
Typical term: Initial terms generally 5–15 years, with multiple 5-year tenant renewal options
Weighted-average remaining life of about six years at year-end 2025.
Ground leases
About 60% of towers site rental gross margin comes from towers on leased land
Typical term: Average remaining life of about 35 years including Crown Castle's renewal options
Ground leases are about 75% of site rental operating costs.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Mostly national wireless carriers.
Named by the company
- T-Mobile — 40% of 2025 consolidated revenues.Form 10-K (FY2025) — Note 15
- AT&T — 27% of 2025 consolidated revenues.Form 10-K (FY2025) — Note 15
- Verizon Wireless — 22% of 2025 consolidated revenues.Form 10-K (FY2025) — Note 15
- DISH Wireless — Agreements terminated for non-payment in January 2026; Crown Castle claims over $3.5B of remaining payments.Form 10-K (FY2025) — MD&A
Suppliers
Landowners that lease the ground under about 60% of towers (by gross margin).
Named by the company
None named in the 10-K or the company’s press releases.
What the filings disclose
- About 75% of site rental operating costs (excluding depreciation) are ground lease expenses. (Form 10-K (FY2025), MD&A)
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Crown Castle's 10-K says it competes for tenants with other independent tower owners, small cell operators, tenants that own their own towers, and new alternative deployment methods, on location, footprint, deployment speed, service, and price.
Competitors named in the 10-K
Peer group the company chose
2025 compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Revised in May 2025 to reflect the post-divestiture business, with more REITs: ten companies removed and eight added.
- Alexandria Real Estate Equitiessite ↗
- American Towersite ↗
- AvalonBay Communitiessite ↗
- Arista Networkssite ↗
- Digital Realtysite ↗
- Equinixsite ↗
- Equity Residentialsite ↗
- Extra Space Storagesite ↗
- Invitation Homessite ↗
- Iron Mountainsite ↗
- Mid-America Apartment Communities (MAA)site ↗
- Motorola Solutionssite ↗
- Prologissite ↗
- Public Storagesite ↗
- SBA Communicationssite ↗
- Simon Property Groupsite ↗
- Ventassite ↗
- Welltowersite ↗
- Weyerhaeusersite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-23
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-23
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-23
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-23
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 5,840 | 6,340 | 6,986 | 4,734 | 4,460 | 4,264 |
| Operating income | 1,863 | 2,001 | 2,425 | 2,097 | 2,118 | 2,075 |
| Pretax income | 1,076 | 1,179 | 1,691 | 1,258 | 1,180 | 1,119 |
| Net income (attributable) | 1,056 | 1,096 | 1,675 | 1,502 | -3,903 | 444 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 8.6% | 10.2% | -32.2% | -5.8% | -4.4% |
| Operating margincalcoperating income ÷ revenue × 100 | 31.9% | 31.6% | 34.7% | 44.3% | 47.5% | 48.7% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 18.1% | 17.3% | 24.0% | 31.7% | -87.5% | 10.4% |
| Balance sheet ($M) | ||||||
| Total assets | 38,768 | 39,040 | 38,921 | 38,527 | 32,736 | 31,518 |
| Total equity | 9,461 | 8,258 | 7,449 | 6,381 | -133 | -1,635 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 19,280 | 20,629 | 21,729 | 22,921 | 24,081 | 24,337 |
| Equity ratio | 24.4% | 21.2% | 19.1% | 16.6% | -0.4% | -5.2% |
| ROE | 11.2% | 12.4% | 21.3% | 21.7% | — | — |
| Cash flow ($M) | ||||||
| Operating CF | 3,055 | 2,789 | 2,878 | 3,126 | 2,943 | 3,057 |
| Investing CF | -1,741 | -1,332 | -1,352 | -1,519 | -1,220 | -1,158 |
| Financing CF | -1,271 | -1,310 | -1,665 | -1,654 | -1,708 | -1,886 |
| Free cash flowcalccash flow from operations − capital expenditures | 1,431 | 1,560 | 1,568 | 2,883 | 2,767 | 2,875 |
| Cash and equivalents | 232 | 292 | 156 | 105 | 100 | 99 |
| Per share & other | ||||||
| EPS ($) | 2.35 | 2.53 | 3.86 | 3.46 | -8.98 | 1.01 |
| BVPS ($) | 21.95 | 19.12 | 17.20 | 14.70 | -0.31 | -3.76 |
| Dividend per share ($) | 4.93 | 5.46 | 5.98 | 6.26 | 6.26 | 4.75 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 209.8% | 215.8% | 154.9% | 180.9% | — | 470.3% |
| P/E (x) | 67.7 | 82.5 | 35.1 | 33.3 | — | 88.0 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 25.3 | 30.3 | 19.4 | 25.2 | 22.2 | 22.7 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 7.25 | 10.92 | 7.88 | 7.83 | — | — |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $995M-7.2% | $465M-11.4% | $283M-12.4% | $0.67 |
| 2026-06-30 | $1.01B-4.9% | $470M-7.1% | $94M-67.7% | $0.22 |
| 2026-03-31 | $1.01B-4.8% | $465M-10.7% | $151M | $0.34 |
| 2025-12-31 † | $1.07B-4.3% | $523M-8.4% | $294M | — |
| 2025-09-30 | $1.07B | $525M | $323M | $0.74 |
| 2025-06-30 | $1.06B | $506M | $291M | $0.67 |
| 2025-03-31 | $1.06B | $521M | −$464M | $-1.07 |
| 2024-12-31 † | $1.12B | $571M | −$4.77B | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
14
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
8.8%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$2,075M × (1 − 1.5%) ÷ $23,325M × 100 = 8.8%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
5.84%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $38.66B ÷ ($38.66B + $24.34B) = 61.4%
e.g.Debt weight: $24.34B ÷ ($38.66B + $24.34B) = 38.6%
e.g.WACC: 7.0% × 61.4% + 4.0% × (1 − 1.5%) × 38.6% = 5.84%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 5.1%–6.9% and ROIC − WACC runs +1.9 to +3.7 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 5.84% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.38 (price-derived adjusted beta, but correlation with the market is low (R² 0.00), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 7.04%
- Cost of debt
- 3.99%
- Tax rate
- 1.5% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 61% : 39%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 5.84%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.38 (price-derived adjusted beta. Raw β 0.08, R² 0.00, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.078 + 0.33 = 0.382
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.38 × 5.5% = 7.0%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
15
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
1.3%
Perpetual FCF growth: g = r − FCF ÷ EV = 5.8% − 4.5%
Past FCF growth (FY2020–FY2025)
+15.0%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
-6.1%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $2.88B (operating CF − capex); enterprise value $63.46B = market cap $39.22B (latest close, 2026-11-04) + debt $24.34B − cash and short-term investments $99M; r = WACC of 5.8% using this page’s default assumptions (β 0.38, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$63.89B
FCF $2.88B ÷ (5.8% − 1.3%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 3.8% | 4.8% | 5.8% | 6.8% | 7.8% |
|---|---|---|---|---|---|
| 0% | 1.19x | 0.94x | 0.78x | 0.67x | 0.58x |
| 2% | 2.52x | 1.62x | 1.19x | 0.94x | 0.78x |
| 4% | — | 5.66x | 2.52x | 1.62x | 1.19x |
| 6% | — | — | — | 5.66x | 2.52x |
| 8% | — | — | — | — | — |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
16
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 3.22x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -8.1%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 185%
Most profit comes from core operations.
- ✓
Days sales outstanding: 27 → 13 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-23
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-23
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$3,057M ÷ $444M = 6.89x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$2,075M ÷ $1,119M × 100 = 185%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($129M + $172M) ÷ 2 ÷ $4,264M × 365 = 13 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
17
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 99.4%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 0.6%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 66 of 416
- Beta (adjusted)
- 0.38
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 16% of covered companies have more
above 1 = swings more than the market
- 423.0M shares reported by 935 13F filers ÷ 425.5M shares outstanding on 2026-08-03. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-06 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-08-03)
18
Strengths & weaknessesSite analysis
Strengths
1. Recurring contracted revenue
Site rental revenue comes mostly from long-term contracts with escalators and limited termination rights, with $23.7B of expected future cash inflows at year-end 2025 (excluding DISH).
Evidence: Form 10-K (FY2025) Item 1 and MD&A
2. Low capital needs
Once built, towers need sustaining capital expenditures of typically about 1% of net revenues.
Evidence: Form 10-K (FY2025) MD&A
3. Cash from the fiber sale
The fiber and small cells sale brought $8.4B of net proceeds; Crown Castle then completed $1B of share repurchases and repaid more than $7B of debt.
Evidence: 8-K filed 2026-07-22 (Exhibit 99.1)
4. Rising AFFO per share
The 2026 outlook (July 2026) calls for AFFO per share of $4.59 at the midpoint, up 5% from $4.36 in 2025.
Evidence: 8-K filed 2026-07-22 (Exhibit 99.1)
Weaknesses
1. Three tenants dominate
T-Mobile (40%), AT&T (27%), and Verizon (22%) made up 89% of consolidated 2025 revenues.
Evidence: Form 10-K (FY2025) Note 15
2. DISH termination
In January 2026, Crown Castle terminated its agreements with DISH for non-payment; the 2026 outlook includes no DISH revenue and expects about $220M less site rental revenue as a result.
Evidence: Form 10-K (FY2025) MD&A
3. Negative equity and heavy debt
Stockholders' equity was −$1.6B and interest-bearing debt $24.3B at year-end 2025; 2024 ended in a $3.9B net loss even though continuing operations earned $1.16B.
Evidence: SEC EDGAR XBRL
4. Shrinking revenue
Continuing-operations revenue fell from $4.73B (FY2023) to $4.26B (FY2025), and 2026 site rental revenues are guided down 5%.
Evidence: SEC EDGAR XBRL; 8-K filed 2026-07-22
19
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
88.0x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
5.34%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
470%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
7.4%
(Operating CF − capex) ÷ market cap
1. Dividend
Quarterly dividend of $1.0625 per share ($4.25 a year), unchanged in Q2 2026; the company says it expects to increase the dividend as cash flows grow.
- What has to hold
- AFFO keeps growing after DISH's exit.
- The other side
- The dividend was cut by about a third in 2025.
Evidence: Form 10-K (FY2025) MD&A; 8-K filed 2026-07-22
2. Pure-play towers
After the sale, Crown Castle is a U.S. tower operator with long-term contracts and low sustaining capital needs.
- What has to hold
- Carriers keep adding equipment to towers.
- The other side
- Revenue depends heavily on three carriers.
Evidence: 8-K filed 2026-07-22; Form 10-K (FY2025) Item 1
P/E, dividend yield, and payout ratio use the FY2025 year-end share price. FY2021–FY2022 figures include the fiber business; FY2023 onward are restated to continuing operations (towers).
20
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
0.0x
$99M vs. $2.78B
Interest coverage (operating income ÷ interest expense)
2.1x
$2.08B vs. $972M
Free cash flow ÷ dividends paid
1.4x
$2.88B vs. $2.08B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -32.2% in FY2023 ($6.99B → $4.73B) | Not yet, as of FY2025 |
| Operating income | -13.5% in FY2023 ($2.43B → $2.1B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Contracted cash flows
$23.7B of expected future cash inflows from tenant contracts (excluding DISH).
Source: Form 10-K (FY2025), MD&A
Liquidity
About $4.5B of availability under the revolving credit facility at June 30, 2026.
Source: 8-K filed 2026-07-22 (Exhibit 99.1)
Debt profile
100% fixed-rate debt with about 7 years' weighted-average maturity at June 30, 2026.
Source: 8-K filed 2026-07-22 (Exhibit 99.1)
21
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Crown Castle terminated its master lease with DISH in January 2026 after DISH stopped paying, and claims more than $3.5 billion of remaining payments. DISH filed for Chapter 11 on June 30, 2026, and Crown Castle is pursuing recovery through the bankruptcy and an FCC-ordered $2.4 billion EchoStar trust.
1 open matter
DISH lease default claims
PendingContract disputeDISH Wireless and affiliates (Chapter 11); FCC Trust funded by EchoStar
Crown Castle delivered default and termination notices on January 12, 2026 and stopped recognizing DISH revenue. It believes its claims qualify as Covered Claims under the FCC's May 12, 2026 trust order, and the trust was established July 28, 2026.
- Amounts
- Remaining payments claimed exceed $3.5 billion; the net balance sheet position was about $165 million at June 30, 2026, which management expects to recover.
- Next step
- Recovery through the DISH bankruptcy and the FCC Trust.
Source: Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings
Company statement: Management does not expect other pending matters to have a material adverse effect.
Based on Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
22
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Customer/supplier concentration
Dependence on three carriers
- Company disclosure (summarized from the 10-K)
- Loss of any of T-Mobile, AT&T, or Verizon through consolidation, network sharing, bankruptcy, or other reasons could materially cut revenue and force impairments.
- Company’s stated mitigation
- Long-term contracts with limited termination rights.
- This site’s assessment
- Impact High / Likelihood Med
- 2Customers & sales
DISH receivable
- Company disclosure (summarized from the 10-K)
- Crown Castle asserts that DISH owes all remaining payments under the terminated agreements, over $3.5B, but recovery is uncertain.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Competition & technology shift
Competition and new deployment methods
- Company disclosure (summarized from the 10-K)
- Competitors include American Tower, SBA Communications, small cell operators (including the buyer of Crown Castle's former small cells), tenants' own towers, and new alternative deployment methods.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Funding & liquidity
Leverage
- Company disclosure (summarized from the 10-K)
- The business carries large debt; after the sale, Crown Castle repaid more than $7B and reported 100% fixed-rate debt with about 7 years' weighted-average maturity.
- Company’s stated mitigation
- A new $4.5B unsecured revolving credit facility (May 2026); the company describes its balance sheet as investment grade.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Law & regulation
REIT status
- Company disclosure (summarized from the 10-K)
- Failing to qualify as a REIT would raise taxes, and the 90% distribution requirement limits flexibility.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Low
- 6Costs & inflation
Ground lease costs
- Company disclosure (summarized from the 10-K)
- About 60% of towers gross margin comes from towers on leased land, and operating expenses tend to rise at about the rate of inflation.
- Company’s stated mitigation
- Increasing land ownership under its towers, per the CEO's Q2 2026 comments.
- This site’s assessment
- Impact Med / Likelihood Med
23
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
• If we do not continue to make appropriate investments in, and effectively implement and maintain, our information technology systems and digital capabilities, our business and operating results could be adversely affected.
On January 12, 2026, we delivered a notice of default and termination to DISH relating to our Master Lease Agreement and underlying agreements with DISH as a result of DISH failing to make required payments and defaulting on its obligations under the agreements. As a result of the termination, we assert in the notice that DISH owes us all remaining payments under these agreements, which total in excess of $3.5 billion. As of December 31, 2025, associated with our agreements with DISH, we had recorded on our consolidated balance sheet approximately $50 million within "Receivables, net" and approximately $150 million within "Deferred site rental receivables," partially offset by approximately $34 million recorded within "Deferred revenues" and "Other long-term liabilities." We expect the total net balance sheet impact of approximately $165 million will ultimately be recoverable, and…
If we do not continue to make appropriate investments in, and effectively implement and maintain, our information technology systems and digital capabilities, our business and operating results could be adversely affected.
Our business relies on information technology ("IT") systems to support key operational, commercial, and financial processes, including site and asset management, leasing and contract administration, billing and collections, construction and supply chain activities, regulatory compliance, and financial reporting. Our industry continues to experience increasing operational complexity and growing reliance on digital tools, automation, data analytics, and integrated systems, including the use of artificial intelligence. We continue to seek to drive organizational improvement through digital transformation initiatives and modernizing our legacy IT systems.
If we do not invest in modernizing our IT systems or fail to effectively execute our digital transformation initiatives, we may experience operational inefficiencies, higher operating costs, reduced scalability, and limitations on our ability to respond to customer requirements or support deployment activity. In addition, reliance on legacy or fragmented systems may affect data accuracy, system reliability, and management’s ability to obtain timely and actionable information.
Some of our IT and digital initiatives require significant investment, which can be complex and are subject to risks, including implementation delays, cost overruns, integration challenges, and disruption to ongoing operations. Read more
Even when successfully implemented, such systems may not deliver anticipated benefits or may require ongoing investment to remain effective as technologies, customer expectations, and industry practices evolve.
If our competitors or customers adopt advanced digital capabilities more quickly than we do, we could be at a competitive disadvantage. Read more
Any failure to effectively invest in or execute our IT and digital initiatives could adversely affect our operational performance, financial results, and ability to execute our business strategy.
In February 2026, we initiated the 2026 Restructuring Plan as part of our efforts to enhance the efficiency and effectiveness of the our standalone tower business. Read more
As a result, we announced a reduction of our total tower and corporate employee headcount by approximately 20%.
No longer in the text (4)
Our focus on and disclosure of our ESG position, metrics, strategy, goals and initiatives expose us to potential litigation or regulatory action and other adverse effects to our business.
In recent years, certain of our investors, tenants, employees and other stakeholders have increased their focus on ESG matters and disclosure. Read more
In response, we have published ESG reports and related materials and made other public announcements regarding our ESG position, initiatives and goals. Our ESG metrics, initiatives and goals, and progress against those goals, may be based on standards that are still developing and that may not be uniformly adopted or applied by other companies, processes and internal controls that continue to evolve, potentially missing or deficient third-party data, wide range of acceptable estimation techniques, and estimates and assumptions that are subject to a greater degree of uncertainty and may change more frequently than those underlying our financial metrics. Our ESG initiatives and goals may be difficult to implement, may lead to increased scrutiny by…
In addition, we are subject to, and may become subject to additional, climate change-based and other ESG-related laws, regulations and policies, with varying scopes and complexity, such as the SEC's climate-related disclosure rules and the State of California's carbon and climate disclosure laws, that have increased, and could further increase, compliance burdens and associated costs. Applicable laws, regulations and policies in some jurisdictions may conflict with those in other jurisdictions. In addition, regulators may interpret and apply laws, regulations and policies in a manner inconsistent with previous interpretation and application. Failure to comply with any legislation, regulation or policy, including as a result of good faith
interpretations that may differ from those taken by the relevant enforcement authorities, could potentially result in substantial fines, criminal sanctions, reputational harm or operational changes.
2 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 23, 2026 ↗ with the 10-K filed Mar 14, 2025 ↗.
24
What to watch going forwardSite analysis
- Recovery of amounts claimed from DISH.
- Organic site rental growth excluding DISH and Sprint cancellations.
- Use of the $1B buyback authorization and dividend growth.
- Savings from the 2026 restructuring (about $65M a year).
- Carrier capital spending and consolidation.
25
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 12, 2026 · Financial data fetched: October 17, 2026 10:06 (SEC EDGAR) · Source 10-K filed: February 23, 2026
Built on10-K FY2025 · filed 2026-02-23
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Crown Castle’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.