Crown Castle Financials
This page shows Crown Castle (CCI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Crown Castle has an operating margin of -44.7%, meaning the company retains $-45 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from 33.9% the prior year.
Crown Castle's revenue declined 5.9% year-over-year, from $7.0B to $6.6B. This contraction results in a growth score of 12/100.
Crown Castle's current ratio of 0.50 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 0/100, which could limit financial flexibility.
Crown Castle converts 26.2% of revenue into free cash flow ($1.7B). This strong cash generation earns a score of 100/100.
Crown Castle passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Crown Castle generates $-0.75 in operating cash flow ($2.9B OCF vs -$3.9B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Crown Castle earns $-3.2 in operating income for every $1 of interest expense (-$2.9B vs $932.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Crown Castle generated $6.6B in revenue in fiscal year 2024. This represents a decrease of 5.9% from the prior year.
Crown Castle's EBITDA was -$1.2B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 129.1% from the prior year.
Crown Castle generated $1.7B in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 1.1% from the prior year.
Crown Castle reported -$3.9B in net income in fiscal year 2024. This represents a decrease of 359.9% from the prior year.
Crown Castle held $100.0M in cash against $24.1B in long-term debt as of fiscal year 2024.
Crown Castle paid $6.26 per share in dividends in fiscal year 2024. This represents an increase of 0.0% from the prior year.
Crown Castle had 435M shares outstanding in fiscal year 2024. This represents an increase of 0.2% from the prior year.
Crown Castle's gross margin was 98.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 2.7 percentage points from the prior year.
Crown Castle's operating margin was -44.7% in fiscal year 2024, reflecting core business profitability. This is down 78.7 percentage points from the prior year.
Crown Castle's net profit margin was -59.4% in fiscal year 2024, showing the share of revenue converted to profit. This is down 80.9 percentage points from the prior year.
Crown Castle spent -$33.0M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 10.0% from the prior year.
Crown Castle invested $1.2B in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 14.2% from the prior year.
CCI Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1B+1.1% | $1.1B-0.1% | $1.1B-67.1% | $3.2B+188.1% | $1.1B+1.2% | $1.1B-0.6% | $1.1B-33.5% | $1.7B |
| Cost of Revenue | $30.0M+11.1% | $27.0M-3.6% | $28.0M-26.3% | $38.0M+40.7% | $27.0M+8.0% | $25.0M-13.8% | $29.0M-39.6% | $48.0M |
| Gross Profit | $1.0B+0.9% | $1.0B0.0% | $1.0B-67.6% | $3.2B+191.8% | $1.1B+1.0% | $1.1B-0.3% | $1.1B-33.3% | $1.6B |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $97.0M-2.0% | $99.0M+6.5% | $93.0M-74.4% | $363.0M+290.3% | $93.0M-31.6% | $136.0M+19.3% | $114.0M-36.0% | $178.0M |
| Operating Income | $525.0M+3.8% | $506.0M-2.9% | $521.0M+111.6% | -$4.5B-943.0% | $532.0M+7.5% | $495.0M-4.8% | $520.0M-11.6% | $588.0M |
| Interest Expense | $247.0M+1.6% | $243.0M+3.0% | $236.0M+114.5% | -$1.6B-788.1% | $236.0M+2.6% | $230.0M+1.8% | $226.0M+115.3% | -$1.5B |
| Income Tax | $4.0M0.0% | $4.0M-20.0% | $5.0M-50.0% | $10.0M+233.3% | $3.0M-40.0% | $5.0M-16.7% | $6.0M+20.0% | $5.0M |
| Net Income | $323.0M+11.0% | $291.0M+162.7% | -$464.0M+90.3% | -$4.8B-1673.6% | $303.0M+20.7% | $251.0M-19.3% | $311.0M-14.6% | $364.0M |
| EPS (Diluted) | $0.64+4.9% | $0.61-6.2% | $0.65 | N/A | $0.68+11.5% | $0.61-9.0% | $0.67 | N/A |
CCI Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $31.5B-0.4% | $31.6B-0.4% | $31.8B-3.0% | $32.7B-14.0% | $38.0B-0.5% | $38.2B0.0% | $38.2B-0.8% | $38.5B |
| Current Assets | $1.1B+3.7% | $1.1B-1.0% | $1.1B-0.5% | $1.1B-3.0% | $1.1B+4.0% | $1.1B+10.6% | $977.0M-5.3% | $1.0B |
| Cash & Equivalents | $57.0M-39.4% | $94.0M+56.7% | $60.0M-40.0% | $100.0M-48.5% | $194.0M+25.2% | $155.0M+24.0% | $125.0M+19.0% | $105.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $125.0M+25.0% | $100.0M-18.7% | $123.0M-4.7% | $129.0M-68.8% | $413.0M-1.7% | $420.0M+10.5% | $380.0M-21.0% | $481.0M |
| Goodwill | $5.1B0.0% | $5.1B0.0% | $5.1B0.0% | $5.1B-49.2% | $10.1B0.0% | $10.1B0.0% | $10.1B0.0% | $10.1B |
| Total Liabilities | $33.0B-0.1% | $33.0B0.0% | $33.0B+0.4% | $32.9B+0.4% | $32.7B+0.5% | $32.6B+1.3% | $32.2B+0.1% | $32.1B |
| Current Liabilities | $4.3B+13.0% | $3.8B+28.9% | $3.0B+35.5% | $2.2B+3.8% | $2.1B-15.9% | $2.5B+6.8% | $2.3B-9.6% | $2.6B |
| Long-Term Debt | $21.6B-2.2% | $22.0B-3.7% | $22.9B-5.0% | $24.1B+2.7% | $23.5B+2.6% | $22.9B+1.3% | $22.6B-1.6% | $22.9B |
| Total Equity | -$1.5B-8.0% | -$1.4B-10.3% | -$1.3B-842.1% | -$133.0M-102.5% | $5.3B-6.3% | $5.7B-6.5% | $6.0B-5.2% | $6.4B |
| Retained Earnings | -$20.0B-0.7% | -$19.8B-0.9% | -$19.7B-6.2% | -$18.5B-41.7% | -$13.1B-3.0% | -$12.7B-3.5% | -$12.3B-3.1% | -$11.9B |
CCI Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $714.0M-14.2% | $832.0M+29.8% | $641.0M-26.9% | $877.0M+25.5% | $699.0M-9.0% | $768.0M+28.2% | $599.0M-31.0% | $868.0M |
| Capital Expenditures | $43.0M+7.5% | $40.0M0.0% | $40.0M-96.4% | $1.1B+2789.5% | $38.0M-2.6% | $39.0M-17.0% | $47.0M-86.8% | $357.0M |
| Free Cash Flow | $671.0M-15.3% | $792.0M+31.8% | $601.0M+371.9% | -$221.0M-133.4% | $661.0M-9.3% | $729.0M+32.1% | $552.0M+8.0% | $511.0M |
| Investing Cash Flow | -$282.0M-5.2% | -$268.0M-5.1% | -$255.0M+6.6% | -$273.0M+8.1% | -$297.0M+10.0% | -$330.0M-3.1% | -$320.0M+12.1% | -$364.0M |
| Financing Cash Flow | -$451.0M+20.6% | -$568.0M-40.9% | -$403.0M+40.7% | -$680.0M-87.8% | -$362.0M+10.6% | -$405.0M-55.2% | -$261.0M+49.1% | -$513.0M |
| Dividends Paid | $462.0M-0.2% | $463.0M-32.9% | $690.0M+114.4% | -$4.8B-801.6% | $681.0M+0.1% | $680.0M-1.2% | $688.0M+114.4% | -$4.8B |
| Share Buybacks | $0-100.0% | $2.0M-90.5% | $21.0M+132.3% | -$65.0M-3350.0% | $2.0M-33.3% | $3.0M-88.9% | $27.0M+145.8% | -$59.0M |
CCI Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 97.2%-0.3pp | 97.5%+0.1pp | 97.4%-1.5pp | 98.8%+1.2pp | 97.6%-0.2pp | 97.7%+0.3pp | 97.4%+0.3pp | 97.1% |
| Operating Margin | 49.0%+1.2pp | 47.7%-1.4pp | 49.1%+188.1pp | -139.0%-186.5pp | 47.5%+2.8pp | 44.7%-2.0pp | 46.7%+11.5pp | 35.1% |
| Net Margin | 30.1%+2.7pp | 27.5%+71.2pp | -43.7%+104.0pp | -147.8%-174.8pp | 27.1%+4.4pp | 22.7%-5.2pp | 27.9%+6.2pp | 21.7% |
| Return on Equity | 1.6%+1.1pp | 0.5%-1.0pp | 1.5%-0.5pp | 2.0%-3.7pp | 5.7%+1.3pp | 4.4%-0.7pp | 5.1%-0.6pp | 5.7% |
| Return on Assets | 1.0%+0.1pp | 0.9%+2.4pp | -1.5%+13.1pp | -14.6%-15.4pp | 0.8%+0.1pp | 0.7%-0.1pp | 0.8%-0.1pp | 0.9% |
| Current Ratio | 0.26-0.0 | 0.28-0.1 | 0.37-0.1 | 0.50-0.0 | 0.54+0.1 | 0.43+0.0 | 0.42+0.0 | 0.40 |
| Debt-to-Equity | -14.43+1.5 | -15.95+2.3 | -18.26+162.8 | -181.06-185.5 | 4.43+0.4 | 4.04+0.3 | 3.73+0.1 | 3.59 |
| FCF Margin | 62.6%-12.1pp | 74.7%+18.1pp | 56.6%+63.5pp | -6.9%-65.9pp | 59.0%-6.8pp | 65.8%+16.3pp | 49.5%+19.0pp | 30.5% |
Note: Shareholder equity is negative (-$133.0M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.50), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Crown Castle's annual revenue?
Crown Castle (CCI) reported $6.6B in total revenue for fiscal year 2024. This represents a -5.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Crown Castle's revenue growing?
Crown Castle (CCI) revenue declined by 5.9% year-over-year, from $7.0B to $6.6B in fiscal year 2024.
Is Crown Castle profitable?
No, Crown Castle (CCI) reported a net income of -$3.9B in fiscal year 2024, with a net profit margin of -59.4%.
What is Crown Castle's EBITDA?
Crown Castle (CCI) had EBITDA of -$1.2B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Crown Castle have?
As of fiscal year 2024, Crown Castle (CCI) had $100.0M in cash and equivalents against $24.1B in long-term debt.
What is Crown Castle's gross margin?
Crown Castle (CCI) had a gross margin of 98.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Crown Castle's operating margin?
Crown Castle (CCI) had an operating margin of -44.7% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Crown Castle's net profit margin?
Crown Castle (CCI) had a net profit margin of -59.4% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
Does Crown Castle pay dividends?
Yes, Crown Castle (CCI) paid $6.26 per share in dividends during fiscal year 2024.
What is Crown Castle's free cash flow?
Crown Castle (CCI) generated $1.7B in free cash flow during fiscal year 2024. This represents a 1.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Crown Castle's operating cash flow?
Crown Castle (CCI) generated $2.9B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Crown Castle's total assets?
Crown Castle (CCI) had $32.7B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Crown Castle's capital expenditures?
Crown Castle (CCI) invested $1.2B in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
Does Crown Castle buy back shares?
Yes, Crown Castle (CCI) spent $33.0M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
How many shares does Crown Castle have outstanding?
Crown Castle (CCI) had 435M shares outstanding as of fiscal year 2024.
What is Crown Castle's current ratio?
Crown Castle (CCI) had a current ratio of 0.50 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is Crown Castle's debt-to-equity ratio?
Crown Castle (CCI) had a debt-to-equity ratio of -181.06 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Crown Castle's return on assets (ROA)?
Crown Castle (CCI) had a return on assets of -11.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
Why is Crown Castle's debt-to-equity ratio negative or unusual?
Crown Castle (CCI) has negative shareholder equity of -$133.0M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Crown Castle's Piotroski F-Score?
Crown Castle (CCI) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Crown Castle's earnings high quality?
Crown Castle (CCI) has an earnings quality ratio of -0.75x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Crown Castle cover its interest payments?
Crown Castle (CCI) has an interest coverage ratio of -3.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Crown Castle?
Crown Castle (CCI) scores 28 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.