AddedRisk Factors
•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.
The 10-K against last year's
174 changes: 26 added, 51 removed, 97 reworded
10-K 0001051470-26-000016 (2026-02-23) vs 10-K 0001051470-25-000089 (2025-03-14)
The redline
The paragraph that changed most in each section
Marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 280 words changed in this paragraph; it is 44% similar to last year's version.
Years Ended December 31, (In millions of dollars) dollars; components may not sum to totals due to rounding) 2025 2024 2023 2022 Towers Fiber Towers Fiber Towers Fiber Segment operating profit Net income (loss) $ 3,322 444 $ 1,188 (3,903) $ 3,393 $ 1,355 $ 3,527 $ 1,130 1,502 Adjustments to increase (decrease) segment operating profit net income (loss): Segment services Services and other revenues (215) (192) (18) $ (421) (28) (685) (12) Segment services Services and other costs of operations(a) 101 12 294 12 447 9 Segment selling, operations 113 107 304 Selling, general and administrative expenses(b) 76 176 104 194 115 190 Segment expenses 383 435 502 Asset write-down charges 11 11 9 Acquisition and integration costs — — 1 Depreciation, amortization and accretion 690 736 787 Restructuring charges — 70 73 Amortization of prepaid lease purchase price adjustments 15 16 16 Interest expense and amortization of deferred financing costs, net 972 932 849 Interest income (13) (20) (15) Other (income) expense (3) 26 5 (Benefit) provision for income taxes 16 18 21 Stock-based compensation expense, net recorded in site rental costs of operations 4 4 3 (Income) loss from discontinued operations, net of tax 659 5,065 (265) Adjusted Site Rental Gross Margin $ 3,076 $ 3,307 $ 1,358 $ 3,370 $ 1,533 $ 3,404 $ 1,317 Years Ended December 31, (In millions of dollars; components may not sum to totals due to rounding) 2025 2024 2023 2022 Towers Fiber Towers Fiber Towers Fiber Segment operating profit Net income (loss) $ 3,322 444 $ 1,188 (3,903) $ 3,393 $ 1,355 $ 3,527 $ 1,130 1,502 Adjustments to increase (decrease) segment operating profit net income (loss): Segment site Site rental revenues (4,266) (2,092) (4,049) (4,268) (4,313) (2,219) (4,322) (1,967) Segment site Site rental costs of operations(c)(d) 959 734 943 686 918 650 Segment selling, operations 992 983 961 Selling, general and administrative expenses(b) 76 176 104 194 115 190 Segment expenses 383 435 502 Asset write-down charges 11 11 9 Acquisition and integration costs — — 1 Depreciation, amortization and accretion 690 736 787 Restructuring charges — 70 73 Interest expense and amortization of deferred financing costs, net 972 932 849 Interest income (13) (20) (15) Other (income) expense (3) 26 5 (Benefit) provision for income taxes 16 18 21 Stock-based compensation expense, net recorded in services and other costs of operations 5 6 10 (Income) loss from discontinued operations, net of tax 659 5,065 (265) Adjusted Services and Other Gross Margin $ 107 $ 91 $ 6 $ 127 $ 16 $ 238 $ 3
Source: Item 7, 10-K 0001051470-26-000016 vs Item 7, 10-K 0001051470-25-000089
Accounting Policies 138 words changed in this paragraph; it is 41% similar to last year's version.
Right-of-use ("ROU") assets associated with operating leases are included in "Operating lease right-of-use assets" on the Company's consolidated balance sheet. Current and long-term portions of lease liabilities related to operating leases are included in "Current portion of operating lease liabilities" and "Operating lease liabilities" on the Company's consolidated balance sheet, respectively. ROU assets represent the Company's right to use an underlying asset for the estimated lease term and lease liabilities represent the Company's present value of its future lease payments. In assessing its leases and determining its lease liability at lease commencement or upon modification, the Company is not able to readily determine the rate implicit for its lessee arrangements, and thus uses its incremental borrowing rate on a collateralized basis to determine the present value of the lease payments. The Company's ROU assets are measured as the balance of the lease liability plus any prepaid or accrued lease payments and any unamortized initial direct costs. For both the Towers and Fiber segments, operating lease expenses are recognized on a ratable basis, regardless of whether the payment terms require the Company to make payments annually, semi-
Source: Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0001051470-26-000016 vs Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0001051470-25-000089
Risk Factors 109 words changed in this paragraph; it is 80% similar to last year's version.
On March 3, 2024, we entered into an amendment to the Cooperation Agreement with Elliott, which, among other things, (1) eliminated limitations on the size of our board of directors, the Fiber Review Committee and the CEO Search Committee, (2) provided that Elliott and certain of its affiliates would vote pro rata in accordance with the vote of other stockholders at the 2024 Annual Meeting, subject to certain exceptions, and (3) provided our board of directors could change its recommendation and cease soliciting proxies in favor of Messrs. Genrich or Patel if it first made a determination that its fiduciary duties required it to do so. Messrs. Genrich and Patel were subsequently reelected to serve until our 2025 Annual Meeting of Stockholders. The operational review of our Fiber business and the search for the next CEO of our company concluded during 2024, and the strategic review of our Fiber business concluded in 2025 with our entry into the Strategic Fiber Agreement. In March 2025, we announced that Mr. Patel resigned from our board of directors, effective immediately, and was be appointed as Executive Vice President and CFO, effective April 2025. See "—The pendency of the sale of our Fiber Business to Zayo and EQT may have an adverse effect on our business, results of operations, cash flows and financial position.", "—Completion of the Strategic Fiber Transaction is subject to the conditions contained in the Strategic Fiber Agreement, including regulatory approvals, which may not be received, and separation of the Fiber Business from our current operations, and if these conditions are not satisfied or waived, the transaction will not be completed." and "—The failure to complete the planned sale of the Fiber Business to Zayo and EQT could have a material and adverse effect on our business, results of operations, financial condition, cash flows, and stock price." for a discussion of the Strategic Fiber Transaction. The Cooperation Agreement, as amended, remains in effect.
Source: Item 1A, 10-K 0001051470-26-000016 vs Item 1A, 10-K 0001051470-25-000089
Legal Proceedings New paragraph this year (51 words), with no similar paragraph last year.
On January 12, 2026, the Company delivered a notice of default and termination to DISH relating to the Company's 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 agreement. See note 18 for additional discussion.
Source: Item 3, via Note 13 – Commitments and Contingencies, 10-K 0001051470-26-000016 vs Item 3, via Note 12 – Commitments and Contingencies, 10-K 0001051470-25-000089
Every change, by type
Sentences and paragraphs added, removed or reworded
Sentences and paragraphs of CCI's Risk Factors and MD&A, 10-K 2026-02-23 against 10-K 2025-03-14. Each links to the text at sec.gov.
AddedRisk Factors
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 accordingly no adjustments have been made to reserve such net amount as of December 31, 2025. We do not intend to recognize additional revenue under these agreements pending further developments with respect to this matter.
AddedRisk Factors
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.
AddedRisk Factors
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.
AddedRisk Factors
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.
AddedRisk Factors
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. 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.
AddedRisk Factors
If our competitors or customers adopt advanced digital capabilities more quickly than we do, we could be at a competitive disadvantage. 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.
AddedMD&A
Following the classification of the Fiber Business as discontinued operations, we have one reportable segment that constitutes consolidated results of our tower operations. See notes 3 and 15 to our consolidated financial statements for a discussion of discontinued operations and our operating segment. Unless otherwise noted, all activities and amounts reported in this document relate to continuing operations and exclude activities and amounts related to discontinued operations.
Show the other 11
AddedMD&A
◦We expect to continue to construct and acquire new towers that we expect will generate future cash flow growth and attractive long-term returns by adding tenants to those assets over time.
AddedMD&A
◦We expect to continue to acquire land interests relating to land under our towers.
AddedMD&A
•In January 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 the agreements, which total in excess of $3.5 billion. Our 2026 Outlook does not include any revenues from DISH.
AddedMD&A
•In February 2026, we initiated a restructuring plan ("2026 Restructuring Plan") as part of our efforts to enhance the efficiency and effectiveness of our tower business.
AddedMD&A
•Following the closure of the Strategic Fiber Transaction, which is expected to occur in the first half of 2026, we expect to use the proceeds from the sale to repurchase approximately $1 billion of shares and approximately $7 billion of debt.
AddedMD&A
◦As a result of the expected $7 billion repayment of debt, our 2026 interest expense is expected to decrease.
AddedMD&A
(b)Includes $204 million of non-renewals associated with the T-Mobile and Sprint network consolidation.
AddedMD&A
Income (loss) from discontinuing operations before gain (loss) from disposal, net of tax, was $916 million during 2025 compared to $(5,065) million during 2024. The increase was primarily driven by the absence of a $106 million asset write-down charge and $5.0 billion goodwill impairment charge, both of which occurred in 2024. In addition, there was a decrease in depreciation, amortization and accretion related to the ceasing of depreciation and amortization of the Fiber Business long-lived assets classified as "held for sale."
AddedMD&A
Gain (loss) from disposal of discontinued operations was $(1.6) billion during 2025. The loss was primarily related to the classification during the first quarter of 2025 of the Fiber Business as "held for sale" and the additional investment in the Fiber Business during the remainder of 2025. The loss represents the excess of the carrying value of the Fiber Business over the purchase price, less estimated costs to sell.
AddedMD&A
Net income (loss) was $444 million during 2025 compared to $(3,903) million during 2024. The increase was primarily due to the change in income (loss) from discontinued operations, net of tax of $4.4 billion, primarily due to the absence of the previously mentioned $5.0 billion goodwill impairment charge recorded in 2024.
AddedMD&A
•Following the closure of the Strategic Fiber Transaction, which is expected to occur in the first half of 2026, we expect to use the proceeds from the sale to repurchase approximately $1 billion of shares and repay approximately $7 billion of debt. Future share repurchases are subject to the discretion and approval of our board of directors.