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CCICrown Castle

Real estate · REIT · NYSE

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FY2025 at a glance

Sales down 4.4%, free cash flow up to $2.9B

XBRL, from each 10-K

RevenueStatements ↓

$4.3B

from $4.5B in FY2024

FY2016FY2025

Net incomeStatements ↓

$444.0M

from -$3.9B in FY2024

FY2016FY2025

Free cash flowStatements ↓

$2.9B

from $2.8B in FY2024

FY2016FY2025

EPS (diluted)Statements ↓

$1.01

from $-8.98 in FY2024

FY2016FY2025

Operating marginStatements ↓

48.7%

from 47.5% in FY2024

FY2016FY2025

Total debtStatements ↓

$27.1B

from $24.7B in FY2024

FY2016FY2025

Price and key numbers

The latest figures

All key numbers (40, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	1.89	Sales (ttm)	4.1B	Net income (ttm)	822.0M	Sales growth	-4.4%	EPS growth	-	Sales Q/Q	-7.2%
Free cash flow	1.7B	Gross margin	-	Oper. margin	47.1%	Net margin	20.1%	FCF margin	42.2%	ROE	n/m
ROA	4.0%	R&D / sales	-	Dividend	4.75	Debt/Eq	n/m	Curr. ratio	0.23	Cash	133.0M
Op. cash flow (ttm)	2.0B	EBITDA	2.8B	EBITDA margin	64.8%	Net debt	17.7B	Quick ratio	0.23	Interest cover	2.13
Payout ratio	470.3%	Tax rate	1.4%	Stock pay / sales	1.7%	Shares out.	425.5M	Shares Y/Y	+0.7%	Book / share	-8.05
Cash / share	0.31	Sales / share	9.60	Asset turnover	0.20	Days sales out.	15	Sales 3Y CAGR	-15.2%	Sales 5Y CAGR	-6.1%
EPS 3Y CAGR	-36.0%	EPS 5Y CAGR	-15.5%	Employees	4,000	Sales / employee	1.0M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Net income turned to a profit−$3.9B → $444.0M · Net income attributable to the company · 10-K ↗

What management wrote about it → · Every company →

CCI against Real estate peers

Ten years, side by side → · All 30 →

CCIPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 30 companies, the better end on the right. Hover a dot for the company.

Sales growth

-4.4%29th of 29 · median +5.1%

Net margin

20.1%17th of 29 · median 21.7%

Free cash flow margin

42.2%4th of 12 · median 24.1%

CCI and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
CCI Crown Castle	$4.1B	-4.4%	-	20.1%	-	42.2%	-
PSA Public Storage	$5.0B	+2.7%	-	37.8%	13.1%	-	0.84
VICI Vici Properties	$4.2B	+4.1%	99.3%	56.5%	8.1%	-	0.58
CSGP CoStar Group	$3.7B	+18.7%	78.3%	4.9%	2.2%	11.5%	0.13
BXP BXP, Inc.	$3.5B	+2.2%	59.1%	8.4%	5.8%	-	0.15
EXR Extra Space Storage	$3.5B	+3.7%	-	29.9%	8.1%	44.7%	-

Where each dollar goes

FY2021FY2022FY2023FY2025

From $6.3B of sales to $1.1B of profit

FY2021, from the 10-K income statement

Swipe sideways for the whole flow →

From $7.0B of sales to $1.7B of profit

FY2022, from the 10-K income statement

Swipe sideways for the whole flow →

From $4.7B of sales to $1.5B of profit

FY2023, from the 10-K income statement

Swipe sideways for the whole flow →

From $4.3B of sales to $444.0M of profit

FY2025, from the 10-K income statement

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021

$31$38$14$17

FY2022

$29$36$11$24

FY2023

$41$15$13$32

FY2025

$49$38$10

Cost of revenue
Sales, admin & other
Tax & other
Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

0 of 2

!
Net margin below the peer median20.1% vs 21.7%
!
A profit in 9 of 10 years

Net margin, FY2016 to FY2025: 9.1% → 10.4%

Balance sheet

0 of 4

!
Interest covered less than 5 timesOperating income is 2.1× interest expense
!
Equity below zeroDebt $17.8B, equity −$3.4B
!
Current ratio below 1Current ratio 0.23
!
Net debt over 3 years of free cash flow$17.7B net debt, 10.2 years

Debt / equity at each year end, FY2016 to FY2025: 1.70 → 3.72

What the debt is made of ↓

Cash and shareholders

2 of 4

✓
Free cash flow positive in every one of 10 years$2.9B last year
!
Share count up over 5 years+2.8%
!
Dividend per share not up over 5 years$4.93 → $4.75
✓
Cash from operations above net income$3.1B vs $444.0M

Free cash flow, FY2016 to FY2025: 913.0M → 2.9B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$17.9B of principal due, schedule of Sep 30, 2026

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 4.3B Net income 444.0M

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

CCI's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue4.3B

Net income444.0M

Free cash flow2.9B

EPS (diluted)1.01

Dividend per share4.75

Diluted shares437.0M

Revenue by business segment

year to Dec 31, 2024

	Revenue	Share	vs year before
Towers	192.0M	4.5%	-54.4%
Fiber	18.0M	0.4%	-35.7%

10-K 0001051470-25-000089, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3.9B	4.4B	5.4B	5.8B	5.8B	6.3B	7.0B	4.7B	4.5B	4.3B
Cost of revenue	417.0M	399.0M	434.0M	524.0M	1.9B	2.0B	2.0B	1.9B	1.8B	113.0M
SG&A	371.0M	426.0M	563.0M	614.0M	678.0M	680.0M	750.0M	502.0M	435.0M	383.0M
Operating income	949.0M	967.0M	1.4B	1.6B	1.9B	2.0B	2.4B	2.1B	2.1B	2.1B
Interest expense	0	0	642.0M	683.0M	689.0M	657.0M	-699.0M	849.0M	932.0M	972.0M
Pretax income	374.0M	392.0M	641.0M	881.0M	1.1B	1.2B	1.7B	1.3B	1.2B	1.1B
Income tax	-17.0M	-26.0M	-19.0M	-21.0M	20.0M	21.0M	16.0M	21.0M	18.0M	16.0M
Net income	357.0M	444.6M	509.0M	747.0M	999.0M	1.1B	1.7B	1.5B	-3.9B	444.0M
EPS (diluted)	0.95	0.80	1.23	1.79	2.35	2.53	3.86	3.46	-8.98	1.01
Diluted shares	341.0M	383.0M	415.0M	418.0M	425.0M	434.0M	434.0M	434.0M	434.0M	437.0M
Depreciation & amortization	1.1B	1.2B	1.5B	1.6B	1.6B	1.6B	1.7B	787.0M	736.0M	690.0M
EBITDA	2.1B	2.2B	2.9B	3.1B	3.5B	3.6B	4.1B	2.9B	2.9B	2.8B
Operating margin	24.2%	22.2%	25.8%	27.1%	31.9%	31.6%	34.7%	44.3%	47.5%	48.7%
Net margin	9.1%	10.2%	9.5%	13.0%	17.1%	17.3%	24.0%	31.7%	-87.5%	10.4%
Revenue growth	-	+11.1%	+23.3%	+7.3%	+1.3%	+8.6%	+10.2%	-32.2%	-5.8%	-4.4%
EPS growth	-	-15.8%	+53.7%	+45.5%	+31.3%	+7.7%	+52.6%	-10.4%	-360%	-

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	568.0M	314.0M	277.0M	196.0M	232.0M	292.0M	156.0M	105.0M	100.0M	99.0M
Receivables	373.5M	398.0M	501.0M	596.0M	431.0M	543.0M	593.0M	481.0M	129.0M	172.0M
Current assets	1.3B	1.1B	1.2B	1.2B	1.1B	1.3B	1.2B	1.0B	1.1B	1.1B
Property & equipment	9.8B	12.9B	13.7B	14.7B	15.2B	15.3B	15.4B	15.7B	6.6B	6.3B
Goodwill	5.8B	10.0B	10.1B	10.1B	10.1B	10.1B	10.1B	10.1B	5.1B	5.1B
Total assets	22.7B	32.2B	32.8B	38.5B	38.8B	39.0B	38.9B	38.5B	32.7B	31.5B
Accounts payable	188.5M	249.0M	313.0M	334.0M	230.0M	246.0M	236.0M	252.0M	48.0M	71.0M
Current liabilities	961.4M	1.3B	1.5B	1.9B	2.0B	2.0B	2.7B	2.6B	2.2B	4.5B
Total debt	12.3B	16.3B	16.8B	18.2B	19.4B	20.7B	22.5B	23.8B	24.7B	27.1B
Total liabilities	15.1B	19.9B	21.2B	28.0B	29.3B	30.8B	31.5B	32.1B	32.9B	33.2B
Shareholders' equity	7.2B	11.9B	11.6B	10.5B	9.5B	8.3B	7.4B	6.4B	-133.0M	-1.6B
Retained earnings	-3.7B	-4.9B	-6.2B	-7.4B	-8.5B	-9.8B	-10.7B	-11.9B	-18.5B	-20.2B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	1.8B	2.0B	2.5B	2.7B	3.1B	2.8B	2.9B	3.1B	2.9B	3.1B
Capital spending	874.0M	-1.2B	1.7B	2.1B	1.6B	1.2B	1.3B	243.0M	176.0M	182.0M
Free cash flow	913.0M	3.2B	761.0M	641.0M	1.4B	1.6B	1.6B	2.9B	2.8B	2.9B
Stock-based pay (added back)	79.0M	92.0M	103.0M	117.0M	138.0M	129.0M	156.0M	102.0M	84.0M	73.0M
Dividends paid	1.2B	-1.5B	1.8B	1.9B	2.1B	2.4B	-2.6B	-2.7B	-2.7B	-2.1B
Buybacks	25.0M	-23.0M	34.0M	44.0M	76.0M	70.0M	-65.0M	-30.0M	-33.0M	-23.0M
Acquisitions	557.0M	-9.3B	42.0M	17.0M	107.0M	111.0M	35.0M	96.0M	8.0M	0
Debt raised	5.2B	3.1B	2.7B	1.9B	3.7B	4.0B	748.0M	3.8B	1.2B	0
Debt repaid	4.0B	0	2.3B	12.0M	2.5B	2.1B	-1.3B	-750.0M	-750.0M	-1.2B
Investing cash flow	-1.4B	-10.5B	-1.8B	-2.1B	-1.7B	-1.3B	-1.4B	-1.5B	-1.2B	-1.2B
Financing cash flow	-89.0M	8.2B	-733.0M	-692.0M	-1.3B	-1.3B	-1.7B	-1.7B	-1.7B	-1.9B
Dividend per share	3.61	3.90	4.28	4.58	4.93	5.46	5.98	6.26	6.26	4.75

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	79.0M	92.0M	103.0M	117.0M	138.0M	129.0M	156.0M	102.0M	84.0M	73.0M
Stock-based pay / revenue	2.0%	2.1%	1.9%	2.0%	2.4%	2.0%	2.2%	2.2%	1.9%	1.7%
Operating lease cash paid	-	0	0	541.0M	538.0M	550.0M	560.0M	526.0M	522.0M	519.0M
Right-of-use assets	-	-	0	6.1B	6.5B	6.7B	6.5B	6.2B	5.6B	5.5B
Operating lease liabilities	-	-	0	5.8B	6.1B	6.4B	6.2B	5.9B	5.5B	5.2B

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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