Company file · CCI
Crown Castle
Crown Castle's revenue fell 4.4% in FY2025, to $4.3B, and net income turned positive at $444M, from a net loss of $3.9B in FY2024
Revenue fell 4.4% to $4.3B in FY2025, from $4.5B in FY2024. Net income was $444M, against a net loss of $3.9B a year earlier.
Key facts
Crown Castle (NYSE: CCI) reported revenue of $4.3B for fiscal 2025, the year ended Dec 31, 2025, down 4.4% from fiscal 2024. Net income was $444M, compared with −$3.9B. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $995M, down 7.2% from the same quarter a year earlier, and net income was $283M. Sources: 10-K for fiscal 2025 (filed Feb 23, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 4, 2026).
Source: 10-K FY2025, filed Feb 23, 2026
Source: 10-Q filed May 7, 2026 · 10-Q filed Aug 5, 2026 · 10-Q filed Nov 4, 2026
How it makes money
Crown Castle reported revenue of $4.3B for FY2025, and net income of $444M.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Crown Castle 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026
The bull case and the bear case
The bull case
- Net income was $444M in FY2025, against a net loss of $3.9B in FY2024. 10-K, FY2025
- Operating cash flow rose 3.9% in FY2025 to $3.1B. 10-K, FY2025
The bear case
- Revenue fell 4.4% in FY2025 to $4.3B, from $4.5B a year earlier. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $995M, down 7.2% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Net income in the quarter ended Sep 30, 2026 was $283M, down 12.4% on a year earlier. 10-Q, quarter ended Sep 30, 2026
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Crown Castle is in the telecom tower REITs industry, part of the real estate sector. The SEC files it under Real Estate Investment Trusts.
The full description of Crown Castle's business is in Item 1 of its 10-K, linked below. This page shows its revenue in total only, because its tagged data has no breakdown that adds up to total revenue.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the telecom tower REITs industry. They are not a summary of Crown Castle’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Interest ratesHigher rates raise borrowing costs and can lower property values.
- Occupancy and rentsVacancies, tenant defaults and weaker rents reduce income.
- Property marketsLocal supply, demand and values vary by market and property type.
- Capital and developmentAcquisitions and developments need financing and may not earn what was planned.
- Regulation and taxesProperty, zoning and tax rules, including the rules for REIT status, affect results.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $4.7B | $4.5B | $4.3B |
| Net income | $1.5B | −$3.9B | $444M |
| Operating cash flow | $3.1B | $2.9B | $3.1B |
| Cash & equivalents (year end) | $105M | $100M | $99M |
| Total debt (year end) | $22.9B | $24.1B | $24.3B |
| Diluted shares | 434M | 434M | 437M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Long-term debt, at carrying value, including the part of long-term debt due within one year.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- The cash flow statement
- Risk factors (Item 1A)
- Debt-to-equity ratio
- Segment reporting
- Net debt and net cash
- Deferred revenue
- Comprehensive income and AOCI
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
What we left out
- Revenue by segment, product or region: the company's XBRL data has no breakdown that adds up to total revenue, so none is shown. The 10-K has its own segment note.
- Revenue by segment, product or region: the company's XBRL data has no breakdown that adds up to total revenue, so none is shown. The 10-K has its own segment note.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Nov 4, 2026 | Sep 30, 2026 |
| 10-Q | Aug 5, 2026 | Jun 30, 2026 |
| 10-Q | May 7, 2026 | Mar 31, 2026 |
| DEF 14A | Apr 6, 2026 | May 20, 2026 |
| 10-K | Feb 23, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Crown Castle
How does Crown Castle make money?
Crown Castle's revenue was $4.3B in fiscal 2025. Crown Castle reported revenue of $4.3B for FY2025, and net income of $444M. Source: 10-K for fiscal 2025, filed Feb 23, 2026.
What was Crown Castle's revenue in fiscal 2025?
$4.3B of revenue for the fiscal year ended Dec 31, 2025, down 4.4% from $4.5B in fiscal 2024. Fiscal 2023 was $4.7B. Source: 10-K for fiscal 2025, filed Feb 23, 2026.
Is Crown Castle profitable?
Crown Castle reported net income of $444M for fiscal 2025, compared with −$3.9B from −$3.9B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $283M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 23, 2026.
What did Crown Castle report in its latest quarterly filing?
Revenue was $995M in the quarter ended Sep 30, 2026, down 7.2% from $1.1B a year earlier. Net income was $283M, down 12.4% from $323M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026.
What are the main risks Crown Castle faces?
Crown Castle's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 23, 2026. Risks that are common among companies in the telecom tower REITs industry include Interest rates; occupancy and rents; property markets; capital and development; regulation and taxes. The first: Higher rates raise borrowing costs and can lower property values. Source: 10-K, Item 1A Risk Factors.
Where do these Crown Castle numbers come from?
From Crown Castle's own SEC filings: the 10-K for fiscal 2025 (filed Feb 23, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Nov 4, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Crown Castle
- Citadel Advisors: 3,050,024 shares, reported value $231.0M at Jun 30, 2026 (+56.1% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Millennium Management: 1,790,261 shares, reported value $135.6M at Jun 30, 2026 (+163.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Renaissance Technologies: 626,203 shares, reported value $47.4M at Jun 30, 2026 (−26.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
- Two Sigma Investments: 77,327 shares, reported value $5.9M at Jun 30, 2026 (−83.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Point72 Asset Management: 44,012 shares, reported value $3.3M at Jun 30, 2026 (−81.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in CCI
- The editor holds no position in Crown Castle (CCI). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell CCI from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 10, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold CCI, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Crown CastleCCI | FY2025 | $4.3B | −4.4% | $444M |
| American TowerAMT | FY2025 | $10.6B | +5.1% | $2.5B |
| SBA CommunicationsSBAC | FY2025 | $2.8B | +5.1% | $1.1B |
| WelltowerWELL | FY2025 | $10.8B | +35.6% | $962M |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.