NYSE: CCI
Crown Castle
Real Estate · Real Estate Investment Trusts
52-week range
$65.32$95.07
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$32.2B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $31.3B |
| FY2017, ended Dec 31, 2017 | $45.2B |
| FY2018, ended Dec 31, 2018 | $45.1B |
| FY2019, ended Dec 31, 2019 | $59.2B |
| FY2020, ended Dec 31, 2020 | $68.7B |
| FY2021, ended Dec 31, 2021 | $90.2B |
| FY2022, ended Dec 31, 2022 | $58.8B |
| FY2023, ended Dec 31, 2023 | $50.0B |
| FY2024, ended Dec 31, 2024 | $39.5B |
| FY2025, ended Dec 31, 2025 | $38.8B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $32.2B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$4.16B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.92B |
| FY2017, ended Dec 31, 2017 | $4.36B |
| FY2018, ended Dec 31, 2018 | $5.37B |
| FY2019, ended Dec 31, 2019 | $5.76B |
| FY2020, ended Dec 31, 2020 | $5.84B |
| FY2021, ended Dec 31, 2021 | $6.34B |
| FY2022, ended Dec 31, 2022 | $6.99B |
| FY2023, ended Dec 31, 2023 | $4.73B |
| FY2024, ended Dec 31, 2024 | $4.46B |
| FY2025, ended Dec 31, 2025 | $4.26B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $4.16B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $357M | $913M |
| FY2017, ended Dec 31, 2017 | $445M | $3.25B |
| FY2018, ended Dec 31, 2018 | $509M | $761M |
| FY2019, ended Dec 31, 2019 | $747M | $641M |
| FY2020, ended Dec 31, 2020 | $999M | $1.43B |
| FY2021, ended Dec 31, 2021 | $1.10B | $1.56B |
| FY2022, ended Dec 31, 2022 | $1.68B | $1.57B |
| FY2023, ended Dec 31, 2023 | $1.50B | $2.88B |
| FY2024, ended Dec 31, 2024 | −$3.90B | $2.77B |
| FY2025, ended Dec 31, 2025 | $444M | $2.88B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $862M | $2.41B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$1.04B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $568M |
| FY2017, ended Dec 31, 2017 | $314M |
| FY2018, ended Dec 31, 2018 | $277M |
| FY2019, ended Dec 31, 2019 | $196M |
| FY2020, ended Dec 31, 2020 | $232M |
| FY2021, ended Dec 31, 2021 | $292M |
| FY2022, ended Dec 31, 2022 | $156M |
| FY2023, ended Dec 31, 2023 | $105M |
| FY2024, ended Dec 31, 2024 | $100M |
| FY2025, ended Dec 31, 2025 | $99.0M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.04B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$18.2B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $12.2B |
| FY2017, ended Dec 31, 2017 | $16.2B |
| FY2018, ended Dec 31, 2018 | $16.7B |
| FY2019, ended Dec 31, 2019 | $18.1B |
| FY2020, ended Dec 31, 2020 | $19.3B |
| FY2021, ended Dec 31, 2021 | $20.6B |
| FY2022, ended Dec 31, 2022 | $21.7B |
| FY2023, ended Dec 31, 2023 | $22.9B |
| FY2024, ended Dec 31, 2024 | $24.1B |
| FY2025, ended Dec 31, 2025 | $24.3B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $18.2B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 18.0% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.425M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 361M |
| FY2017, ended Dec 31, 2017 | 407M |
| FY2018, ended Dec 31, 2018 | 416M |
| FY2019, ended Dec 31, 2019 | 417M |
| FY2020, ended Dec 31, 2020 | 431M |
| FY2021, ended Dec 31, 2021 | 432M |
| FY2022, ended Dec 31, 2022 | 433M |
| FY2023, ended Dec 31, 2023 | 434M |
| FY2024, ended Dec 31, 2024 | 435M |
| FY2025, ended Dec 31, 2025 | 436M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 425M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $887M more bought back than issued
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $25.0M | $79.0M | $1.33B |
| FY2017, ended Dec 31, 2017 | −$23.0M | $92.0M | — |
| FY2018, ended Dec 31, 2018 | $34.0M | $103M | — |
| FY2019, ended Dec 31, 2019 | $44.0M | $117M | — |
| FY2020, ended Dec 31, 2020 | $76.0M | $138M | — |
| FY2021, ended Dec 31, 2021 | $70.0M | $129M | — |
| FY2022, ended Dec 31, 2022 | −$65.0M | $156M | — |
| FY2023, ended Dec 31, 2023 | −$30.0M | $102M | — |
| FY2024, ended Dec 31, 2024 | −$33.0M | $84.0M | — |
| FY2025, ended Dec 31, 2025 | −$23.0M | $73.0M | — |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $971M | $84.0M | — |
Revenue (TTM)
$4.16B
−4.6% YoY
Net income (TTM)
$862M
n/m YoY
Cash
$1.04B
+1,009% YoY
Total debt
$18.2B
−24.9% YoY
Valuation
At current price- Market Cap
- $37.7B
- P/E
- 43.8×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 9.1×
- Price / Book
- n/m. Market cap / shareholders' equity
- EV / EBITDA
- 20.6×
Growth
Trailing 12 months- Revenue (TTM)
- $4.16B
- Revenue Growth YoY
- −4.6%
- Revenue CAGR 3Y
- −15.2%
- Revenue CAGR 5Y
- −6.1%
- EPS Growth YoY
- n/m. Diluted EPS, TTM vs. TTM a year earlier
- Net Income Growth YoY
- n/m. TTM vs. TTM a year earlier
Profitability
Trailing 12 months- Gross Margin
- 97.5%
- Operating Margin
- 47.7%
- Net Margin
- 20.7%
- FCF Margin
- 57.8%
- Return on Equity
- n/m. Net income (TTM) / average equity
Earnings
Trailing 12 months- Net Income
- $862M
- EPS (diluted)
- $1.97
- EBITDA
- $2.66B
- Operating Income
- $1.98B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $1.04B
- Total Debt
- $18.2B
- Net Debt
- $17.2B
- Total Assets
- $21.5B
- Total Liabilities
- $24.8B
- Shareholders' Equity
- −$3.27B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $2.62B
- Capital Expenditure
- $218M
- Free Cash Flow
- $2.41B
Dividends and risk
Last 12 months- Dividend Yield
- 4.8%
- Dividend / Share
- $4.25
- Beta (5Y)
- 0.94
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $4.16B.
Strength
Keeps 47.7% of revenue as operating profit.
Watch
Net debt is 6.5× EBITDA ($17.2B), a heavy load.
Strength
Turns 57.8% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 23, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K33Serious concerns
33Serious concerns
10-K for the fiscal year ended Dec 31, 2024
Filed Mar 14, 2025 · Read the filing on EDGAR
- Crown Castle swung to a $3.9 billion net loss, from a $1.5 billion profit, mainly because of a $5.0 billion write-off of goodwill (past acquisition value) in its Fiber unit.
- On March 13, 2025 it agreed to sell the Fiber business to Zayo and EQT for $8.5 billion. The deal should close in the first half of 2026, and the company expects to book a $700–800 million loss.
- Management expects to cut the dividend starting with the second quarter of 2025, as it shifts its focus to free cash flow and financial flexibility.
- Site rental revenue fell 3% as one-time Sprint payments did not repeat, and tower revenue is expected to fall again in 2025.
Business momentum
Sharp deterioration
“Net income (loss) was $(3.9) billion during 2024 compared to $1.5 billion during 2023.”
Outlook
Cautious
“We expect a year over year reduction in site rental revenues in our Towers segment related to (1) higher Towers non-renewals in 2025, which are expected to reduce site rental revenues by approximately $200 million”
Financial stress
Low
“During the next 12 months, while our liquidity uses are expected to exceed our cash generated by operating activities, we expect that our liquidity sources described above should be sufficient to cover our expected uses.”
Tone against the previous report
More negative
Red flags
- Medium
Large write-down
“management recorded a goodwill impairment charge of $5.0 billion for the year ended December 31, 2024, resulting in no goodwill remaining for the Fiber reporting unit.”
- Medium
Other
“We are updating our capital allocation framework to focus more on free cash flow generation and financial flexibility, which we currently expect to result in a reduction to our dividend”
- Minor
Large write-down
“recognized approximately $106 million as "Asset write-down charges" on our consolidated statement of operations”
Positives
Fiber sale brings in $8.5 billion
“Under the Strategic Fiber Agreement, we will receive $8.5 billion in aggregate, subject to certain closing adjustments.”
Cost savings from restructuring
“We expect to realize approximately $100 million annualized run-rate labor and facilities cost savings, of which approximately $65 million was realized in 2024.”
Mostly fixed-rate, long-dated debt and large unused credit line
“As of December 31, 2024, our outstanding debt had a weighted average interest rate of 3.9% and weighted average maturity of approximately eight years”
Concerns
Interest costs keep rising
“Interest expense and amortization of deferred financing costs, net was $932 million for 2024 and increased by $82 million, or 10%, from $850 million during 2023.”
Fiber revenue and profit falling
“Fiber operating profit (loss) for 2024 decreased by $167 million, or 12%, from 2023.”
Operating cash flow fell
“The decrease in net cash provided by operating activities of $183 million for 2024 from 2023”
New risks since the previous report
Fiber sale might be delayed or fail to close
“there is no assurance that all of the various conditions will be satisfied, or that the transaction will be completed on the proposed terms, within the expected timeframe or at all.”
Expected loss on Fiber sale
“Upon classification as held for sale in the first quarter of 2025, we expect to recognize a loss of between $700 and $800 million, inclusive of estimated transaction fees.”
Chief financial officer departing
“in January 2025, we announced that Daniel K. Schlanger would cease serving as our Executive Vice President and Chief Financial Officer, effective March 2025.”
Weak small cell demand led to cancelled orders
“actual demand, particularly related to small cells, has continued to be lower than previous expectations.”
Added Fiber lease losses from T-Mobile/Sprint
“We expect an additional impact of approximately $45 million in aggregate Fiber non-renewals to occur in 2025 and in subsequent years.”
Biggest risks named
- About three-quarters of site rental revenue comes from T-Mobile, AT&T and Verizon
- Fiber sale may be delayed or not close
- About $24 billion of debt, with 55% of fixed-rate debt due within five years
- T-Mobile/Sprint lease cancellations cutting tower revenue by about $200 million in 2025
- Leadership turnover and pressure from activist investors
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −15 | |
| Outlook | −2 | |
| Tone against the previous report | −2 | |
| Financial stress | 0 | |
| Red flags | −6.3 | |
| New risks | −2 | |
| Score | 33 | |
Written by AI (Claude Opus 5.5) from the report’s text. 17 of 17 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 23, 2026 | Pro | |||
| 10-K | Mar 14, 2025 | 33 | Sharp deterioration | 2 medium1 minor | |
| 10-K | Feb 23, 2024 | 44 | Weakening | 1 medium2 minor | |
| 10-K | Feb 24, 2023 | 73 | Strong improvement | None | |
| 10-K | Feb 22, 2022 | 66 | Improving | 1 minor | |
| 10-K | Feb 22, 2021 | 68 | Improving | 1 minor | |
| 10-K | Mar 10, 2020 | 31 | Strong improvement | 2 serious2 medium | |
| 10-K | Feb 25, 2019 | 74 | Strong improvement | None | |
| 10-K | Feb 26, 2018 | 73 | Strong improvement | None | |
| 10-K | Feb 22, 2017 | 47 | Sharp deterioration | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 5, 2026. View filings on SEC EDGAR