Crown Castle (CCI) financial statements
Crown Castle reported revenue of $215M in fiscal 2025, down 12.1% a year over 9 years.
Net income was $444M and the operating margin 965.1%, against 137.9% in 2016.
Free cash flow was $2.9B, and the company returned $2.1B in dividends.
The diluted share count rose 28% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Crown Castle's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $688M | $521M | $574M | $670M | $520M | $621M | $697M | $421M | $192M | $215M |
| Cost of revenue | $417M | $399M | $434M | $524M | $448M | $439M | $466M | $304M | $107M | $113M |
| Gross profit | $271M | $122M | $140M | $146M | $72M | $182M | $231M | $117M | $85M | $102M |
| Selling, general and admin | $371M | $426M | $563M | $614M | $678M | $680M | $750M | $502M | $435M | $383M |
| Operating income | $949M | $967M | $1.4B | $1.6B | $1.9B | $2.0B | $2.4B | $2.1B | $2.1B | $2.1B |
| Interest expense | $0 | $591M | $642M | $683M | $689M | $657M | -$699M | $849M | $932M | $972M |
| Pre-tax income | $374M | $471M | $690M | $881M | $1.1B | $1.2B | $1.7B | $1.3B | $1.2B | $1.1B |
| Income tax | -$17M | -$26M | -$19M | -$21M | $20M | $21M | $16M | $21M | $18M | $16M |
| Net income | $357M | $445M | $509M | $747M | $999M | $1.1B | $1.7B | $1.5B | -$3.9B | $444M |
| EPS (diluted) | $0.95 | $0.80 | $1.23 | $1.79 | $2.35 | $2.53 | $3.86 | $3.46 | -$8.98 | $1.01 |
| Diluted shares | 341M | 383M | 415M | 418M | 425M | 434M | 434M | 434M | 434M | 437M |
| Gross margin | 39.4% | 23.4% | 24.4% | 21.8% | 13.8% | 29.3% | 33.1% | 27.8% | 44.3% | 47.4% |
| Operating margin | 137.9% | 185.6% | 240.9% | 232.7% | 358.3% | 322.2% | 347.9% | 498.1% | 1103.1% | 965.1% |
| Net margin | 51.9% | 85.3% | 88.7% | 111.5% | 192.1% | 176.5% | 240.3% | 356.8% | -2032.8% | 206.5% |
Balance sheet
Fiscal years, from Crown Castle's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $568M | $314M | $277M | $196M | $232M | $292M | $156M | $105M | $100M | $99M |
| Receivables | $374M | $398M | $501M | $596M | $431M | $543M | $593M | $481M | $129M | $172M |
| Total current assets | $1.3B | $1.1B | $1.2B | $1.2B | $1.1B | $1.3B | $1.2B | $1.0B | $1.1B | $1.1B |
| Property, plant and 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 |
| Total current liabilities | $961M | $1.3B | $1.5B | $1.9B | $2.0B | $2.0B | $2.7B | $2.6B | $2.2B | $4.5B |
| Long-term debt | $12.1B | $16.0B | $16.6B | $18.0B | $19.2B | $20.6B | $20.9B | $22.1B | $23.5B | $21.6B |
| 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 | -$133M | -$1.6B |
| Net debt | $11.6B | $15.8B | $16.4B | $17.9B | $19.0B | $20.3B | $21.6B | $22.8B | $24.0B | $24.2B |
Cash flow
Fiscal years, from Crown Castle's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | $874M | -$1.2B | $1.7B | $2.1B | $1.6B | $1.2B | $1.3B | $243M | $176M | $182M |
| Free cash flow | $913M | $3.2B | $761M | $641M | $1.4B | $1.6B | $1.6B | $2.9B | $2.8B | $2.9B |
| Stock-based compensation | $79M | $92M | $103M | $117M | $138M | $129M | $156M | $102M | $84M | $73M |
| Dividends paid | $1.2B | -$1.5B | $1.8B | $1.9B | $2.1B | $2.4B | -$2.6B | -$2.7B | -$2.7B | -$2.1B |
| Share buybacks (net) | -$25M | $23M | -$34M | -$44M | -$76M | -$70M | $65M | $30M | $33M | $23M |
| Net borrowing | $1.2B | $3.1B | $396M | $2.0B | $1.4B | $1.9B | $3.0B | $3.4B | $3.3B | $1.8B |
| Free cash flow margin | 132.7% | 623.6% | 132.6% | 95.7% | 275.2% | 251.2% | 225.0% | 684.8% | 1441.1% | 1337.2% |
| Dividends per share | $3.63 | $3.94 | $4.29 | $4.57 | $4.95 | $5.47 | $6.00 | $6.27 | $6.29 | $4.76 |
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Open CCI in InvestinglyQuestions
What was Crown Castle's revenue in 2025?
$215M in fiscal 2025, from its 10-K filing.
How much free cash flow does Crown Castle generate?
$2.9B in fiscal 2025 (operating cash flow minus capital spending).
From Crown Castle's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.