What is Crown Castle's earnings per share (EPS)?

Crown Castle (CCI) reported diluted earnings per share of $1.01 for fiscal year 2025. This represents a 111.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Crown Castle Financials

CCI

Trailing 12 months to June 30, 2026

Revenue $4.2B -4.6% YoY

Net Income $862.0M +118.6% YoY

EPS (Diluted) $1.97 +118.5% YoY

Free Cash Flow $2.4B -16.4% YoY

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 5, 2026 Currency USD FYE December

Crown Castle (CCI) reported $4.2B in revenue over the twelve months to Jun 30, 2026, down 4.6% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI CCI FY2025 2026-08-30

Crown Castle converts a shrinking revenue base into cash, while debt and negative equity make financing the dominant balance-sheet mechanic.

From FY2023 to FY2025, revenue contracted from $4.7B to $4.3B, yet operating margin widened from 44.3% to 48.7%; the business absorbed lower top-line scale without proportional operating erosion. Free cash flow was $2.9B in FY2025 while capital expenditures were $182M, making cash conversion unusually strong but also tying it to a low-reinvestment profile.

FY2024’s net loss was -$3.9B alongside operating cash flow of $2.9B, so reported earnings were heavily influenced by items that did not consume operating cash. Earnings returned positive in FY2025 while operating cash flow remained near $3.1B, reinforcing that cash flow is a more stable operating signal here than net income.

By FY2025, total liabilities exceeded total assets, leaving equity negative at -$1.6B. The current ratio was 0.3x and long-term debt was $21.6B; that combination indicates limited short-term cushion and a financing-heavy structure despite continued operating cash generation.

Financial Health Signals

Financial Health Score 27/100

Scored as: REITs peer group

Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Crown Castle's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

FFO Margin

FFO Growth

Leverage

Interest Cov.

AFFO Margin

Dividend Cov.

Altman Z-Score Distress

-0.08

Crown Castle scores -0.08, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($32.4B) relative to total liabilities ($33.2B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral

5/9

Crown Castle passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

6.89x

For every $1 of reported earnings, Crown Castle generates $6.89 in operating cash flow ($3.1B OCF vs $444.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

2.13x

Crown Castle earns $2.13 in operating income for every $1 of interest expense ($2.1B vs $972.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$4.3B

YoY-4.4%

5Y CAGR-6.1%

10Y CAGR+1.5%

Crown Castle generated $4.3B in revenue in fiscal year 2025. This represents a decrease of 4.4% from the prior year.

EBITDA

$2.8B

YoY-3.1%

5Y CAGR-4.4%

10Y CAGR+3.4%

Crown Castle's EBITDA was $2.8B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 3.1% from the prior year.

Net Income

$444.0M

YoY+111.4%

5Y CAGR-15.9%

10Y CAGR-11.6%

Crown Castle reported $444.0M in net income in fiscal year 2025. This represents an increase of 111.4% from the prior year.

EPS (Diluted)

$1.01

YoY+111.2%

5Y CAGR-15.5%

10Y CAGR-13.7%

Crown Castle earned $1.01 per diluted share (EPS) in fiscal year 2025. This represents an increase of 111.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$2.9B

YoY+3.9%

5Y CAGR+15.0%

10Y CAGR+12.5%

Crown Castle generated $2.9B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 3.9% from the prior year.

Cash & Debt

$99.0M

YoY-1.0%

5Y CAGR-15.7%

10Y CAGR-5.7%

Crown Castle held $99.0M in cash against $21.6B in long-term debt as of fiscal year 2025.

Dividends Per Share

$4.75

YoY-24.1%

5Y CAGR-0.7%

10Y CAGR+3.6%

Crown Castle paid $4.75 per share in dividends in fiscal year 2025. This represents a decrease of 24.1% from the prior year.

Shares Outstanding

436M

YoY+0.1%

5Y CAGR+0.2%

10Y CAGR+2.7%

Crown Castle had 436M shares outstanding in fiscal year 2025. This represents an increase of 0.1% from the prior year.

Margins & Returns

Gross Margin

97.4%

YoY-0.2pp

5Y CAGR+5.0pp

Crown Castle's gross margin was 97.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.2 percentage points from the prior year.

Operating Margin

48.7%

YoY+1.2pp

5Y CAGR+16.8pp

10Y CAGR+22.8pp

Crown Castle's operating margin was 48.7% in fiscal year 2025, reflecting core business profitability. This is up 1.2 percentage points from the prior year.

Net Margin

10.4%

YoY+97.9pp

5Y CAGR-7.7pp

10Y CAGR-31.1pp

Crown Castle's net profit margin was 10.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 97.9 percentage points from the prior year.

Return on Equity

Not reported for fiscal year 2025.

Capital Allocation

Share Buybacks

$23.0M

YoY-30.3%

5Y CAGR-21.3%

10Y CAGR-2.5%

Crown Castle spent $23.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 30.3% from the prior year.

Capital Expenditures

$182.0M

YoY+3.4%

5Y CAGR-35.4%

10Y CAGR-14.9%

Crown Castle invested $182.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 3.4% from the prior year.

R&D Spending

Not reported for fiscal year 2025.

CCI Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

CCI quarterly income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Revenue	$4.2B	$4.3B-4.4%	$4.5B-5.8%	$4.7B-32.2%	$7.0B+10.2%	$6.3B+8.6%	$5.8B+1.3%	$5.8B+7.3%	$5.4B+26.2%	$4.3B+8.5%	$3.9B+7.0%	$3.7B+3.5%	$3.5B+23.5%	$2.9B+17.8%	$2.4B+19.7%	$2.0B
Cost of Revenue	$103.0M	$113.0M+5.6%	$107.0M-64.8%	$304.0M-34.8%	$466.0M+6.2%	$439.0M-2.0%	$448.0M-14.5%	$524.0M+20.7%	$434.0M+8.8%	$399.0M-4.3%	$417.0M	N/A	N/A	N/A	N/A	N/A
Gross Profit	$4.1B	$4.2B-4.6%	$4.4B-1.7%	$4.4B-32.1%	$6.5B+10.5%	$5.9B+9.4%	$5.4B+2.9%	$5.2B+6.1%	$4.9B+28.0%	$3.9B+10.0%	$3.5B	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$378.0M	$383.0M-12.0%	$435.0M-13.3%	$502.0M-33.1%	$750.0M+10.3%	$680.0M+0.3%	$678.0M+10.4%	$614.0M+9.1%	$563.0M+32.2%	$426.0M+14.8%	$371.0M+19.3%	$310.9M+20.8%	$257.3M+20.5%	$213.5M+0.4%	$212.6M+22.5%	$173.5M
Operating Income	$2.0B	$2.1B-2.0%	$2.1B+1.0%	$2.1B-13.5%	$2.4B+21.2%	$2.0B+7.4%	$1.9B+19.5%	$1.6B+12.7%	$1.4B+43.0%	$967.0M+1.9%	$949.0M+0.3%	$946.2M+0.6%	$940.7M+6.8%	$880.7M+5.5%	$834.7M+20.6%	$692.3M
Interest Expense	$943.0M	$972.0M+4.3%	$932.0M+9.8%	$849.0M+221.5%	-$699.0M-206.4%	$657.0M-4.6%	$689.0M+0.9%	$683.0M+6.4%	$642.0M	$0	$0-100.0%	$18.7M-70.3%	$63.1M-2.7%	$64.9M-0.5%	$65.2M-9.0%	$71.7M
Income Tax	$16.0M	$16.0M-11.1%	$18.0M-14.3%	$21.0M+31.3%	$16.0M-23.8%	$21.0M+5.0%	$20.0M+195.2%	-$21.0M-10.5%	-$19.0M+26.9%	-$26.0M-52.9%	-$17.0M+67.0%	-$51.5M-357.6%	-$11.2M-105.9%	$191.0M+290.9%	-$100.1M-1298.8%	$8.3M
Net Income	$862.0M	$444.0M+111.4%	-$3.9B-359.9%	$1.5B-10.3%	$1.7B+52.8%	$1.1B+3.8%	$1.1B+22.8%	$860.0M+38.3%	$622.0M+39.9%	$444.6M+24.5%	$357.0M-76.5%	$1.5B+289.5%	$390.5M+333.4%	$90.1M-52.2%	$188.6M+10.2%	$171.1M
EPS (Diluted)	$1.97	$1.01+111.2%	-$8.98-359.5%	$3.46-10.4%	$3.86+52.6%	$2.53+7.7%	$2.35+31.3%	$1.79+45.5%	$1.23+53.7%	$0.80-15.8%	$0.95-78.5%	$4.42+325.0%	$1.04+300.0%	$0.26-59.4%	$0.64+23.1%	$0.52

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$1.0B-0.2%	$1.0B-5.7%	$1.1B-0.1%	$1.1B+1.1%	$1.1B-0.1%	$1.1B-5.2%	$1.1B-0.1%	$1.1B
Cost of Revenue	$19.0M-26.9%	$26.0M-7.1%	$28.0M-6.7%	$30.0M+11.1%	$27.0M-3.6%	$28.0M+7.7%	$26.0M-3.7%	$27.0M
Gross Profit	$989.0M+0.5%	$984.0M-5.7%	$1.0B+0.1%	$1.0B+0.9%	$1.0B0.0%	$1.0B-5.5%	$1.1B0.0%	$1.1B
SG&A Expenses	$97.0M+7.8%	$90.0M-4.3%	$94.0M-3.1%	$97.0M-2.0%	$99.0M+6.5%	$93.0M+1.1%	$92.0M-1.1%	$93.0M
Operating Income	$470.0M+1.1%	$465.0M-11.1%	$523.0M-0.4%	$525.0M+3.8%	$506.0M-2.9%	$521.0M-8.8%	$571.0M+7.3%	$532.0M
Interest Expense	$208.0M-14.0%	$242.0M-1.6%	$246.0M-0.4%	$247.0M+1.6%	$243.0M+3.0%	$236.0M-1.7%	$240.0M+1.7%	$236.0M
Income Tax	$4.0M-20.0%	$5.0M+66.7%	$3.0M-25.0%	$4.0M0.0%	$4.0M-20.0%	$5.0M+25.0%	$4.0M+33.3%	$3.0M
Net Income	$94.0M-37.7%	$151.0M-48.6%	$294.0M-9.0%	$323.0M+11.0%	$291.0M+162.7%	-$464.0M+90.3%	-$4.8B-1673.6%	$303.0M
EPS (Diluted)	$0.22-35.3%	$0.34-49.3%	$0.67-9.5%	$0.74+10.4%	$0.67+162.6%	-$1.07+90.2%	-$10.97-1667.1%	$0.70

Not reported in any period shown, so not listed: R&D Expenses.

CCI Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

CCI quarterly balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Total Assets	$31.5B-3.7%	$32.7B-15.0%	$38.5B-1.0%	$38.9B-0.3%	$39.0B+0.7%	$38.8B+0.8%	$38.5B+17.4%	$32.8B+1.7%	$32.2B+42.1%	$22.7B+3.4%	$21.9B+3.8%	$21.1B+2.7%	$20.6B+28.0%	$16.1B+52.6%	$10.5B
Current Assets	$1.1B+5.0%	$1.1B+5.6%	$1.0B-15.2%	$1.2B-3.0%	$1.3B+13.6%	$1.1B-8.3%	$1.2B-2.0%	$1.2B+8.4%	$1.1B-14.4%	$1.3B+35.0%	$981.2M-23.5%	$1.3B+43.7%	$892.7M-43.5%	$1.6B+163.9%	$599.2M
Cash & Equivalents	$99.0M-1.0%	$100.0M-4.8%	$105.0M-32.7%	$156.0M-46.6%	$292.0M+25.9%	$232.0M+18.4%	$196.0M-29.2%	$277.0M-11.8%	$314.0M-44.7%	$568.0M+217.7%	$178.8M+18.2%	$151.3M-32.3%	$223.4M-49.4%	$441.4M+450.9%	$80.1M
Accounts Receivable	$172.0M+33.3%	$129.0M-73.2%	$481.0M-18.9%	$593.0M+9.2%	$543.0M+26.0%	$431.0M-27.7%	$596.0M+19.0%	$501.0M+25.9%	$398.0M+6.6%	$373.5M+19.2%	$313.3M0.0%	$313.3M+25.4%	$249.9M+29.6%	$192.8M+149.6%	$77.3M
Goodwill	$5.1B0.0%	$5.1B-49.2%	$10.1B0.0%	$10.1B+0.1%	$10.1B0.0%	$10.1B0.0%	$10.1B0.0%	$10.1B+0.6%	$10.0B+74.0%	$5.8B+4.4%	$5.5B+6.1%	$5.2B+6.0%	$4.9B+57.1%	$3.1B+53.3%	$2.0B
Total Liabilities	$33.2B+0.9%	$32.9B+2.2%	$32.1B+2.1%	$31.5B+2.2%	$30.8B+5.0%	$29.3B+4.8%	$28.0B+32.0%	$21.2B+6.5%	$19.9B+31.6%	$15.1B+1.8%	$14.8B+3.1%	$14.4B+5.5%	$13.7B+3.9%	$13.1B+67.3%	$7.9B
Current Liabilities	$4.5B+105.7%	$2.2B-15.8%	$2.6B-5.3%	$2.7B+34.8%	$2.0B+2.9%	$2.0B+2.6%	$1.9B+27.5%	$1.5B+16.6%	$1.3B+34.4%	$961.4M+12.4%	$855.4M-8.2%	$932.1M+23.2%	$756.4M-38.9%	$1.2B+207.8%	$402.1M
Long-Term Debt	$21.6B-8.1%	$23.5B+6.2%	$22.1B+5.6%	$20.9B+1.7%	$20.6B+7.3%	$19.2B+6.3%	$18.0B+8.7%	$16.6B+3.3%	$16.0B+32.9%	$12.1B+0.2%	$12.0B+2.0%	$11.8B+2.8%	$11.5B+5.2%	$10.9B+59.4%	$6.9B
Total Equity	-$1.6B-1129.3%	-$133.0M-102.1%	$6.4B-14.3%	$7.4B-9.8%	$8.3B-12.7%	$9.5B-9.8%	$10.5B-9.4%	$11.6B-3.0%	$11.9B+65.1%	$7.2B+1.9%	$7.1B+5.6%	$6.7B-3.0%	$6.9B+135.7%	$2.9B+23.2%	$2.4B
Retained Earnings	-$20.2B-8.8%	-$18.5B-55.8%	-$11.9B-11.5%	-$10.7B-9.4%	-$9.8B-15.1%	-$8.5B-15.0%	-$7.4B-18.9%	-$6.2B-25.9%	-$4.9B-32.4%	-$3.7B-51.1%	-$2.5B+12.7%	-$2.8B-11.0%	-$2.5B+3.4%	-$2.6B+6.6%	-$2.8B

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$21.5B-31.5%	$31.4B-0.4%	$31.5B+0.1%	$31.5B-0.4%	$31.6B-0.4%	$31.8B-3.0%	$32.7B-14.0%	$38.0B
Current Assets	$1.7B+36.8%	$1.3B+9.6%	$1.1B+2.7%	$1.1B+3.7%	$1.1B-1.0%	$1.1B-0.5%	$1.1B-3.0%	$1.1B
Cash & Equivalents	$1.0B+1794.5%	$55.0M-44.4%	$99.0M+73.7%	$57.0M-39.4%	$94.0M+56.7%	$60.0M-40.0%	$100.0M-48.5%	$194.0M
Accounts Receivable	$179.0M-4.8%	$188.0M+9.3%	$172.0M+37.6%	$125.0M+25.0%	$100.0M-18.7%	$123.0M-4.7%	$129.0M-68.8%	$413.0M
Goodwill	$5.1B0.0%	$5.1B0.0%	$5.1B0.0%	$5.1B0.0%	$5.1B0.0%	$5.1B0.0%	$5.1B-49.2%	$10.1B
Total Liabilities	$24.8B-25.6%	$33.3B+0.5%	$33.2B+0.5%	$33.0B-0.1%	$33.0B0.0%	$33.0B+0.4%	$32.9B+0.4%	$32.7B
Current Liabilities	$3.3B-30.1%	$4.7B+5.0%	$4.5B+4.2%	$4.3B+13.0%	$3.8B+28.9%	$3.0B+35.5%	$2.2B+3.8%	$2.1B
Long-Term Debt	$16.0B-25.8%	$21.5B-0.1%	$21.6B0.0%	$21.6B-2.2%	$22.0B-3.7%	$22.9B-2.5%	$23.5B0.0%	$23.5B
Total Equity	-$3.3B-70.3%	-$1.9B-17.4%	-$1.6B-9.5%	-$1.5B-8.0%	-$1.4B-10.3%	-$1.3B-842.1%	-$133.0M-102.5%	$5.3B
Retained Earnings	-$20.8B-1.8%	-$20.5B-1.6%	-$20.2B-0.9%	-$20.0B-0.7%	-$19.8B-0.9%	-$19.7B-6.2%	-$18.5B-41.7%	-$13.1B

Not reported in any period shown, so not listed: Inventory.

CCI Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

CCI quarterly cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Cash Flow	$2.6B	$3.1B+3.9%	$2.9B-5.9%	$3.1B+8.6%	$2.9B+3.2%	$2.8B-8.7%	$3.1B+13.2%	$2.7B+7.9%	$2.5B+23.0%	$2.0B+13.7%	$1.8B-0.4%	$1.8B+12.1%	$1.6B+36.6%	$1.2B+51.6%	$772.6M+20.1%	$643.5M
Capital Expenditures	$218.0M	$182.0M+3.4%	$176.0M-27.6%	$243.0M-81.5%	$1.3B+6.6%	$1.2B-24.3%	$1.6B-21.1%	$2.1B+18.3%	$1.7B+42.9%	-$1.2B+39.2%	$874.0M-3.8%	$908.9M+19.8%	$758.5M+41.8%	$534.8M+21.2%	$441.4M+26.9%	$347.9M
Free Cash Flow	$2.4B	$2.9B+3.9%	$2.8B-4.0%	$2.9B+83.9%	$1.6B+0.5%	$1.6B+9.0%	$1.4B+123.2%	$641.0M-15.8%	$761.0M-6.6%	$815.0M-10.7%	$913.0M+3.1%	$885.1M+5.2%	$841.7M+32.3%	$636.3M+92.1%	$331.2M+12.1%	$295.5M
Investing Cash Flow	$7.3B	-$1.2B+5.1%	-$1.2B+19.7%	-$1.5B-12.4%	-$1.4B-1.5%	-$1.3B+23.5%	-$1.7B+16.3%	-$2.1B-16.1%	-$1.8B+82.9%	-$10.5B-633.5%	-$1.4B+27.1%	-$2.0B-61.1%	-$1.2B+77.7%	-$5.5B-30.0%	-$4.2B-950.3%	-$399.9M
Financing Cash Flow	-$9.0B	-$1.9B-10.4%	-$1.7B-3.3%	-$1.7B+0.7%	-$1.7B-27.1%	-$1.3B-3.1%	-$1.3B-83.7%	-$692.0M+5.6%	-$733.0M-108.9%	$8.2B+9304.5%	-$89.0M+90.5%	-$935.5M-102.1%	-$463.0M-111.4%	$4.1B+7.3%	$3.8B+1473.5%	-$275.7M
Dividends Paid	-$2.3B	-$2.1B+23.8%	-$2.7B-0.2%	-$2.7B-4.7%	-$2.6B-209.7%	$2.4B+12.7%	$2.1B+10.1%	$1.9B+7.3%	$1.8B+218.1%	-$1.5B-221.8%	$1.2B+11.0%	$1.1B+78.8%	$624.3M	$0	$0	N/A
Share Buybacks	$971.0M	-$23.0M-30.3%	-$33.0M+10.0%	-$30.0M-53.8%	-$65.0M-7.1%	$70.0M-7.9%	$76.0M+72.7%	$44.0M+29.4%	$34.0M+47.8%	-$23.0M-8.0%	$25.0M-15.7%	$29.7M+35.6%	$21.9M-78.0%	$99.5M+175.9%	$36.0M-88.1%	$303.4M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$531.0M+4.3%	$509.0M-41.5%	$870.0M+21.8%	$714.0M-14.2%	$832.0M+29.8%	$641.0M-26.9%	$877.0M+25.5%	$699.0M
Capital Expenditures	$59.0M+3.5%	$57.0M-3.4%	$59.0M+37.2%	$43.0M+7.5%	$40.0M0.0%	$40.0M-23.1%	$52.0M+36.8%	$38.0M
Free Cash Flow	$472.0M+4.4%	$452.0M-44.3%	$811.0M+20.9%	$671.0M-15.3%	$792.0M+31.8%	$601.0M-27.2%	$825.0M+24.8%	$661.0M
Investing Cash Flow	$8.3B+2747.3%	-$313.0M+11.3%	-$353.0M-25.2%	-$282.0M-5.2%	-$268.0M-5.1%	-$255.0M+6.6%	-$273.0M+8.1%	-$297.0M
Financing Cash Flow	-$7.9B-4306.7%	-$179.0M+61.4%	-$464.0M-2.9%	-$451.0M+20.6%	-$568.0M-40.9%	-$403.0M+40.7%	-$680.0M-87.8%	-$362.0M
Dividends Paid	$459.0M-3.0%	$473.0M+112.8%	-$3.7B-899.8%	$462.0M-0.2%	$463.0M-32.9%	$690.0M+114.4%	-$4.8B-801.6%	$681.0M
Share Buybacks	$992.0M+3868.0%	$25.0M-45.7%	-$46.0M	$0-100.0%	$2.0M-90.5%	$21.0M-67.7%	-$65.0M+3150.0%	$2.0M

CCI Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

CCI quarterly financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Gross Margin	97.4%-0.2pp	97.6%+4.0pp	93.6%+0.2pp	93.3%+0.3pp	93.1%+0.7pp	92.3%+1.4pp	90.9%-1.0pp	91.9%+1.3pp	90.6%+1.3pp	89.4%	N/A	N/A	N/A	N/A	N/A
Operating Margin	48.7%+1.2pp	47.5%+3.2pp	44.3%+9.6pp	34.7%+3.2pp	31.6%-0.3pp	31.9%+4.8pp	27.1%+1.3pp	25.8%+3.0pp	22.7%-1.5pp	24.2%-1.6pp	25.8%-0.8pp	26.6%-4.2pp	30.7%-3.6pp	34.3%+0.3pp	34.1%
Net Margin	10.4%+97.9pp	-87.5%-119.2pp	31.7%+7.8pp	24.0%+6.7pp	17.3%-0.8pp	18.1%+3.2pp	14.9%+3.3pp	11.6%+1.1pp	10.4%+1.3pp	9.1%-32.4pp	41.5%+30.5pp	11.0%+7.9pp	3.1%-4.6pp	7.8%-0.7pp	8.4%
Return on Equity	N/A	N/A	23.5%+1.1pp	22.5%+9.2pp	13.3%+2.1pp	11.2%+3.0pp	8.2%+2.8pp	5.4%+1.7pp	3.7%-1.2pp	4.9%-16.5pp	21.4%+15.6pp	5.8%+4.5pp	1.3%-5.1pp	6.4%-0.8pp	7.2%
Return on Assets	1.4%+13.3pp	-11.9%-15.8pp	3.9%-0.4pp	4.3%+1.5pp	2.8%+0.1pp	2.7%+0.5pp	2.2%+0.3pp	1.9%+0.5pp	1.4%-0.2pp	1.6%-5.4pp	6.9%+5.1pp	1.8%+1.4pp	0.4%-0.7pp	1.2%-0.4pp	1.6%
Current Ratio	0.26-0.2x	0.50+0.1x	0.400.0x	0.45-0.2x	0.62+0.1x	0.56-0.1x	0.63-0.2x	0.82-0.1x	0.88-0.5x	1.38+0.2x	1.15-0.2x	1.38+0.2x	1.18-0.1x	1.28-0.2x	1.49
Debt-to-Equity	N/A	N/A	3.46+0.7x	2.81+0.3x	2.49+0.5x	2.02+0.3x	1.72+0.3x	1.43+0.1x	1.35-0.3x	1.670.0x	1.70-0.1x	1.76+0.1x	1.66-2.1x	3.72+0.8x	2.87
FCF Margin	67.4%+5.4pp	62.0%+1.1pp	60.9%+38.5pp	22.4%-2.2pp	24.6%+0.1pp	24.5%+13.4pp	11.1%-3.0pp	14.2%-5.0pp	19.1%-4.1pp	23.3%-0.9pp	24.2%+0.4pp	23.8%+1.6pp	22.2%+8.6pp	13.6%-0.9pp	14.5%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	98.1%+0.7pp	97.4%0.0pp	97.4%+0.2pp	97.2%-0.3pp	97.5%+0.1pp	97.4%-0.3pp	97.7%+0.1pp	97.6%
Operating Margin	46.6%+0.6pp	46.0%-2.8pp	48.8%-0.1pp	49.0%+1.2pp	47.7%-1.4pp	49.1%-1.9pp	51.0%+3.5pp	47.5%
Net Margin	9.3%-5.6pp	14.9%-12.5pp	27.5%-2.7pp	30.1%+2.7pp	27.5%+71.2pp	-43.7%	-426.1%	27.1%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	5.7%
Return on Assets	0.4%0.0pp	0.5%-0.4pp	0.9%-0.1pp	1.0%+0.1pp	0.9%+2.4pp	-1.5%+13.1pp	-14.6%-15.4pp	0.8%
Current Ratio	0.52+0.3x	0.270.0x	0.260.0x	0.260.0x	0.28-0.1x	0.37-0.1x	0.500.0x	0.54
Debt-to-Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	4.43
FCF Margin	46.8%+2.1pp	44.8%-31.0pp	75.7%+13.1pp	62.6%-12.1pp	74.7%+18.1pp	56.6%-17.1pp	73.7%+14.7pp	59.0%

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.

Note: Shareholder equity is negative (-$1.6B), 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 (0.26), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Where Crown Castle Ranks

Frequently Asked Questions

What is Crown Castle's annual revenue?

Crown Castle (CCI) reported $4.3B in total revenue for fiscal year 2025. This represents a -4.4% 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 4.4% year-over-year, from $4.5B to $4.3B in fiscal year 2025.

Is Crown Castle profitable?

Yes, Crown Castle (CCI) reported a net income of $444.0M in fiscal year 2025, with a net profit margin of 10.4%.

What is Crown Castle's EBITDA?

Crown Castle (CCI) had EBITDA of $2.8B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Crown Castle have?

As of fiscal year 2025, Crown Castle (CCI) had $99.0M in cash and equivalents against $21.6B in long-term debt.

What is Crown Castle's gross margin?

Crown Castle (CCI) had a gross margin of 97.4% in fiscal year 2025, 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 48.7% in fiscal year 2025, 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 10.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Crown Castle pay dividends?

Yes, Crown Castle (CCI) paid $4.75 per share in dividends during fiscal year 2025.

What is Crown Castle's free cash flow?

Crown Castle (CCI) generated $2.9B in free cash flow during fiscal year 2025. This represents a 3.9% 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 $3.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Crown Castle's total assets?

Crown Castle (CCI) had $31.5B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Crown Castle's capital expenditures?

Crown Castle (CCI) invested $182.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Crown Castle buy back shares?

Yes, Crown Castle (CCI) spent $23.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Crown Castle have outstanding?

Crown Castle (CCI) had 436M shares outstanding as of fiscal year 2025.

What is Crown Castle's current ratio?

Crown Castle (CCI) had a current ratio of 0.26 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Crown Castle's return on assets (ROA)?

Crown Castle (CCI) had a return on assets of 1.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Why is Crown Castle's debt-to-equity ratio negative or not reported?

Crown Castle (CCI) has negative shareholder equity of -$1.6B as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 Altman Z-Score?

Crown Castle (CCI) has an Altman Z-Score of -0.08, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

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 to 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 6.89x, considered cash-backed (high 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 2.13x, meaning it can adequately 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 27 out of 100 on our Financial Health Score, indicating weak standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.