Balance Sheet Crown Castle Inc.

Equities

CCI

US22822V1017

Specialized REITs

Market Closed - Nyse Other stock markets 04:00:02 2026-04-21 pm EDT			5-day change	1st Jan Change
84.92 ^USD	-3.02%		-1.56%	-4.44%

Apr. 17	BMO Capital Adjusts Price Target on Crown Castle to $100 From $91, Maintains Outperform Rating	MT
Apr. 14	Jefferies & Co Adjusts Crown Castle PT to $89 From $84, Maintains Hold Rating	MT

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Published financial data: CROWN CASTLE INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Rental Revenues	5.72B	6.29B	6.53B	6.36B	4.05B
Other Revenues, Total	621M	697M	449M	210M	215M
Total Revenues	6.34B	6.99B	6.98B	6.57B	4.26B
Property Expenses	1.99B	2.07B	1.98B	1.85B	1.1B
Selling General & Admin Expenses, Total	680M	750M	759M	706M	383M
Depreciation & Amortization - (IS) - (Collected)	1.64B	1.71B	1.75B	1.74B	690M
Total Operating Expenses	4.32B	4.52B	4.49B	4.29B	2.18B
Operating Income (REIT / Utility Template)	2.02B	2.46B	2.49B	2.28B	2.09B
Interest Expense, Total	-657M	-699M	-850M	-932M	-972M
Interest and Investment Income	1M	3M	15M	19M	13M
Net Interest Expenses	-656M	-696M	-835M	-913M	-959M
Other Non Operating Income (Expenses)	-21M	-10M	-6M	-28M	3M
EBT, Excl. Unusual Items	1.35B	1.76B	1.65B	1.34B	1.13B
Restructuring Charges	-	-	-85M	-109M	-
Total Merger & Related Restructuring Charges	-1M	-2M	-1M	-	-
Impairment of Goodwill	-	-	-	-4.96B	-
Asset Writedown	-21M	-34M	-33M	-148M	-11M
Other Unusual Items	-145M	-28M	-	-	-
EBT, Incl. Unusual Items	1.18B	1.69B	1.53B	-3.88B	1.12B
Income Tax Expense	21M	16M	26M	24M	16M
Earnings From Continuing Operations	1.16B	1.68B	1.5B	-3.9B	1.1B
Earnings Of Discontinued Operations	-62M	-	-	-	-659M
Net Income to Company	1.1B	1.68B	1.5B	-3.9B	444M
Net Income - (IS)	1.1B	1.68B	1.5B	-3.9B	444M
Preferred Dividend and Other Adjustments	-	-	-	-	-
Net Income to Common Incl Extra Items	1.1B	1.68B	1.5B	-3.9B	444M
Net Income to Common Excl. Extra Items	1.16B	1.68B	1.5B	-3.9B	1.1B
Per Share Items
Net EPS - Basic	2.54	3.87	3.46	-8.99	1.02
Basic EPS - Continuing Operations	2.68	3.87	3.46	-8.99	2.54
Basic Weighted Average Shares Outstanding	432M	433M	434M	434M	435M
Net EPS - Diluted	2.53	3.86	3.46	-8.99	1.01
Diluted EPS - Continuing Operations	2.67	3.86	3.46	-8.99	2.52
Diluted Weighted Average Shares Outstanding	434M	434M	434M	434M	437M
Normalized Basic EPS	1.95	2.53	2.37	1.92	1.62
Normalized Diluted EPS	1.94	2.53	2.37	1.92	1.62
Dividend Per Share	5.46	5.98	6.26	6.26	4.75
Payout Ratio	216.51	155.34	181.29	-69.92	468.47
American Depositary Receipts Ratio (ADR)	0.25	0.25	0.25	0.25	0.25
Supplemental Items
EBITDA	3.61B	4.12B	4.2B	3.97B	2.78B
EBITA	2.43B	2.88B	2.91B	2.66B	2.29B
EBIT	2.02B	2.46B	2.49B	2.28B	2.09B
EBITDAR	4.42B	4.95B	5.11B	4.89B	3.52B
Total Revenues (As Reported)	6.34B	6.99B	6.98B	6.57B	4.26B
Effective Tax Rate - (Ratio)	1.78	0.95	1.7	-0.62	1.43
Current Domestic Taxes	9M	4M	9M	14M	6M
Current Foreign Taxes	8M	9M	9M	6M	10M
Total Current Taxes	17M	13M	18M	20M	16M
Deferred Domestic Taxes	-	-	-	-1M	-
Deferred Foreign Taxes	4M	3M	8M	5M	-
Total Deferred Taxes	4M	3M	8M	4M	-
Normalized Net Income	841M	1.1B	1.03B	835M	706M
Interest Capitalized	12M	12M	15M	20M	15M
Interest on Long-Term Debt	669M	711M	865M	952M	987M
Supplemental Operating Expense Items
General and Administrative Expenses	-	-	-	-	-
Net Rental Expense, Total	810M	835M	913M	915M	746M
Imputed Operating Lease Interest Expense	165M	173M	223M	239M	200M
Imputed Operating Lease Depreciation	645M	662M	690M	676M	546M
Stock-Based Comp., COGS (Total)	22M	28M	29M	25M	9M
Stock-Based Comp., G&A Exp. (Total)	-	-	-	-	-
Stock-Based Comp., SG&A Exp. (Total)	109M	109M	128M	106M	64M
Stock-Based Comp., Other (Total)	-	19M	-	-	-
Total Stock-Based Compensation	131M	156M	157M	131M	73M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Gross Property Plant And Equipment	33.89B	35B	36.13B	36.84B	22.59B
Accumulated Depreciation	-11.94B	-13.07B	-14.28B	-15.54B	-10.84B
Net Property Plant And Equipment	21.95B	21.93B	21.85B	21.29B	11.75B
Total Real Estate Assets	21.95B	21.93B	21.85B	21.29B	11.75B
Cash And Equivalents	292M	156M	105M	119M	99M
Accounts Receivable, Total	635M	720M	597M	654M	339M
Goodwill	10.08B	10.08B	10.08B	5.13B	5.13B
Other Intangibles, Total	4.05B	3.6B	3.18B	2.78B	861M
Restricted Cash	169M	166M	171M	171M	170M
Other Current Assets, Total	158M	175M	159M	146M	536M
Deferred Tax Assets Long-Term (Collected)	26M	25M	47M	43M	42M
Other Long-Term Assets, Total	1.68B	2.06B	2.33B	2.4B	12.6B
Total Assets	39.04B	38.92B	38.53B	32.74B	31.52B
Liabilities
Current Portion of Long-Term Debt	72M	819M	835M	610M	2.78B
Current Portion of Leases	349M	350M	332M	296M	268M
Long-Term Debt	20.32B	20.66B	21.82B	23.17B	21.3B
Long-Term Leases	6.27B	6.13B	5.83B	5.54B	5.22B
Accounts Payable, Total	246M	236M	252M	192M	71M
Accrued Expenses, Total	583M	590M	533M	603M	403M
Unearned Revenue, Current	776M	736M	605M	476M	192M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	-	-	28M	-	762M
Unearned Revenue Non Current	1.57B	1.34B	1.31B	1.36B	245M
Deferred Tax Liability Non-Current	14M	18M	26M	31M	31M
Other Non Current Liabilities	586M	595M	578M	598M	1.88B
Total Liabilities	30.78B	31.47B	32.15B	32.87B	33.15B
Preferred Stock Convertible	-	-	-	-	-
Total Preferred Equity	-	-	-	-	-
Common Stock, Total	4M	4M	4M	4M	4M
Additional Paid In Capital	18.01B	18.12B	18.27B	18.39B	18.53B
Distributions In Excess Of Earnings	-9.75B	-10.67B	-11.89B	-18.52B	-20.16B
Comprehensive Income and Other	-4M	-5M	-4M	-5M	-5M
Total Common Equity	8.26B	7.45B	6.38B	-133M	-1.64B
Total Equity	8.26B	7.45B	6.38B	-133M	-1.64B
Total Liabilities And Equity	39.04B	38.92B	38.53B	32.74B	31.52B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	432M	433M	434M	435M	436M
ECS Total Common Shares Outstanding	432M	433M	434M	435M	435M
Book Value / Share	19.12	17.2	14.7	-0.31	-3.76
Tangible Book Value	-5.87B	-6.23B	-6.88B	-8.04B	-7.62B
Tangible Book Value Per Share	-13.58	-14.39	-15.86	-18.49	-17.52
Total Debt	27.01B	27.96B	28.81B	29.61B	29.57B
Net Debt	26.72B	27.8B	28.71B	29.49B	29.47B
Debt Equivalent Oper. Leases	6.48B	6.68B	7.3B	7.32B	5.97B
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	2.26B	2.34B	2.44B	2.54B	2.63B
Buildings, Total	218M	221M	209M	213M	182M
Full Time Employees	5K	5K	4.7K	3.9K	1.5K
Accumulated Allowance for Doubtful Accounts (Supple)	17M	19M	19M	22M	9M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	1.1B	1.68B	1.5B	-3.9B	444M
Depreciation, Depletion & Amortization	1.18B	1.24B	1.28B	1.31B	488M
Amortization of Goodwill and Intangible Assets - (CF)	410M	417M	426M	382M	202M
Total Depreciation, Depletion & Amortization	1.59B	1.66B	1.71B	1.7B	690M
Amortization of Deferred Charges, Total	13M	17M	29M	32M	32M
Total Asset Writedown	21M	34M	33M	5.11B	11M
Restructuring Activities	-	-	-	12M	-
Stock-Based Compensation (CF)	129M	156M	157M	131M	73M
Change in Accounts Receivable	-113M	-49M	115M	6M	3M
Change in Accounts Payable	15M	-5M	-14M	-22M	17M
Change in Unearned Revenues	-	-	-	-	-
Change in Other Net Operating Assets (Collected)	-248M	-693M	-472M	-184M	-53M
Other Operating Activities	286M	85M	67M	69M	655M
Net Cash From Discontinued Operations	-62M	-	-	-	1.18B
Cash from Operations	2.73B	2.88B	3.13B	2.94B	3.06B
Acquisition of Real Estate Assets, Total	-1.23B	-1.31B	-1.42B	-1.22B	-182M
Net Sale / Acquisition of Real Estate Assets	-1.23B	-1.31B	-1.42B	-1.22B	-182M
Cash Acquisitions	-111M	-35M	-96M	-8M	-
Other Investing Activities, Total	8M	-7M	1M	10M	-976M
Cash from Investing	-1.33B	-1.35B	-1.52B	-1.22B	-1.16B
Short Term Debt Issued, Total	-	976M	-	1.34B	590M
Long-Term Debt Issued, Total	5.23B	4.24B	7.46B	1.24B	1.2B
Total Debt Issued	5.23B	5.22B	7.46B	2.58B	1.79B
Short Term Debt Repaid, Total	-20M	-	-1.24B	-	-
Long-Term Debt Repaid, Total	-4.04B	-4.2B	-5.08B	-1.52B	-1.57B
Total Debt Repaid	-4.06B	-4.2B	-6.32B	-1.52B	-1.57B
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-70M	-65M	-30M	-33M	-23M
Issuance of Preferred Stock	-	-	-	-	-
Common Dividends Paid	-2.37B	-2.6B	-2.72B	-2.73B	-2.08B
Preferred Dividends Paid	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-2.37B	-2.6B	-2.72B	-2.73B	-2.08B
Other Financing Activities, Total	-42M	-14M	-39M	-12M	-
Cash from Financing	-1.31B	-1.66B	-1.65B	-1.71B	-1.89B
Foreign Exchange Rate Adjustments	-	-	1M	-1M	-
Net Change in Cash	85M	-139M	-46M	14M	13M
Supplemental Items
Cash Interest Paid	661M	684M	800M	895M	965M
Cash Income Tax Paid (Refund)	20M	10M	18M	17M	15M
Net Debt Issued / Repaid	1.18B	1.02B	1.14B	1.07B	217M
Levered Free Cash Flow	1.36B	1.48B	1.48B	1.29B	1.37B
Unlevered Free Cash Flow	1.76B	1.9B	1.99B	1.84B	1.95B
Change In Net Working Capital	-4M	142M	10M	191M	-63M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	3.25	3.95	4.02	3.99	4.06
Return on Total Capital	3.6	4.35	4.4	4.4	4.56
Return On Equity %	13.07	21.33	21.72	-124.94	-124.77
Return on Common Equity	13.07	21.33	21.72	-124.94	-124.77
Margin Analysis
Gross Profit Margin %	68.56	70.4	71.64	71.88	74.09
SG&A Margin	10.73	10.74	10.87	10.75	8.98
EBITDA Margin %	56.99	58.96	60.12	60.49	65.1
EBITA Margin %	38.38	41.2	41.74	40.48	53.66
EBIT Margin %	31.91	35.23	35.64	34.67	48.92
Income From Continuing Operations Margin %	18.26	23.98	21.52	-59.42	25.87
Net Income Margin %	17.29	23.98	21.52	-59.42	10.41
Net Avail. For Common Margin %	18.26	23.98	21.52	-59.42	25.87
Normalized Net Income Margin	13.27	15.7	14.75	12.71	16.56
Levered Free Cash Flow Margin	21.49	21.19	21.27	19.59	32.18
Unlevered Free Cash Flow Margin	27.77	27.2	28.46	27.97	45.68
Asset Turnover
Asset Turnover	0.16	0.18	0.18	0.18	0.13
Fixed Assets Turnover	0.29	0.32	0.32	0.3	0.36
Receivables Turnover (Average Receivables)	9.39	9.28	9.92	10.16	12.81
Short Term Liquidity
Current Ratio	0.62	0.45	0.4	0.5	0.26
Quick Ratio	0.46	0.32	0.27	0.36	0.1
Operating Cash Flow to Current Liabilities	1.35	1.05	1.21	1.35	0.68
Days Sales Outstanding (Average Receivables)	38.87	39.32	36.8	36.01	28.49
Average Days Payable Outstanding	43.59	42.54	44.98	43.99	19.65
Long Term Solvency
Total Debt/Equity	327.06	375.35	451.56	-22.27K	-1.81K
Total Debt / Total Capital	76.58	78.96	81.87	100.45	105.85
LT Debt/Equity	321.97	359.66	433.27	-21.58K	-1.62K
Long-Term Debt / Total Capital	75.39	75.66	78.55	97.38	94.93
Total Liabilities / Total Assets	78.85	80.86	83.44	100.41	105.19
EBIT / Interest Expense	3.08	3.52	2.93	2.44	2.15
EBITDA / Interest Expense	6.73	7.09	6.01	5.24	3.62
(EBITDA - Capex) / Interest Expense	4.86	5.21	4.34	3.93	3.44
Total Debt / EBITDA	6.11	5.64	5.64	6.06	8.39
Net Debt / EBITDA	6.04	5.61	5.62	6.03	8.37
Total Debt / (EBITDA - Capex)	8.46	7.67	7.82	8.08	8.85
Net Debt / (EBITDA - Capex)	8.36	7.63	7.79	8.05	8.82
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	8.56	10.19	-0.07	-5.92	-4.39
Gross Profit, 1 Yr. Growth %	11.72	13.14	1.69	-5.6	-6.26
EBITDA, 1 Yr. Growth %	14.52	14	1.89	-5.34	-5.42
EBITA, 1 Yr. Growth %	21.41	18.29	1.25	-8.75	-5.45
EBIT, 1 Yr. Growth %	26.04	21.65	1.1	-8.48	-5.14
Earnings From Cont. Operations, 1 Yr. Growth %	9.66	44.65	-10.33	-359.85	-5.08
Net Income, 1 Yr. Growth %	3.79	52.83	-10.33	-359.85	-111.38
Diluted EPS Before Extra, 1 Yr. Growth %	13.62	44.57	-10.36	-359.92	-5.88
Normalized Net Income, 1 Yr. Growth %	47.43	30.39	-6.15	-18.88	-10.39
Net Property, Plant and Equip., 1 Yr. Growth %	1.5	-0.08	-0.36	-2.57	-3.54
Accounts Receivable, 1 Yr. Growth %	8.92	13.39	-17.08	9.55	15.7
Total Assets, 1 Yr. Growth %	0.7	-0.3	-1.01	-15.03	-3.72
Common Equity, 1 Yr. Growth %	-12.72	-9.8	-14.34	-102.08	1.13K
Tangible Book Value, 1 Yr. Growth %	16.16	6.24	10.45	16.82	21.06
Cash From Operations, 1 Yr. Growth %	-10.74	5.54	8.62	-5.85	3.87
Capital Expenditures, 1 Yr. Growth %	-24.32	6.59	8.7	-14.19	3.41
Levered Free Cash Flow, 1 Yr. Growth %	77.33	8.62	0.3	-13.34	5.81
Unlevered Free Cash Flow, 1 Yr. Growth %	47.54	7.94	4.57	-7.54	5.43
Dividend Per Share, 1 Yr. Growth %	10.75	9.43	4.68	0	-24.08
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	4.89	9.37	4.93	-3.04	-5.09
Gross Profit, 2 Yr. CAGR %	7.28	12.43	7.26	-2.02	-4.57
EBITDA, 2 Yr. CAGR %	7.99	14.26	7.78	-1.79	-3.27
EBITA, 2 Yr. CAGR %	11.16	20.38	9.89	-3.54	-2.91
EBIT, 2 Yr. CAGR %	12.76	23.83	10.9	-3.81	-2.18
Earnings From Cont. Operations, 2 Yr. CAGR %	16.04	25.94	13.89	52.65	-5.57
Net Income, 2 Yr. CAGR %	12.89	25.94	17.07	52.65	-45.63
Diluted EPS Before Extra, 2 Yr. CAGR %	22.13	28.16	13.84	52.64	-5.97
Normalized Net Income, 2 Yr. CAGR %	21.29	38.64	10.62	-12.75	-8.2
Net Property, Plant and Equip., 2 Yr. CAGR %	2.73	0.71	-0.22	-1.47	-26.69
Accounts Receivable, 2 Yr. CAGR %	-5.43	11.13	-3.04	-4.69	-24.64
Total Assets, 2 Yr. CAGR %	0.76	0.2	-0.66	-8.29	-9.55
Common Equity, 2 Yr. CAGR %	-11.27	-11.27	-12.1	-86.64	-49.38
Tangible Book Value, 2 Yr. CAGR %	15.14	11.09	8.32	13.59	5.24
Cash From Operations, 2 Yr. CAGR %	0.54	-2.94	7.07	1.12	-1.11
Capital Expenditures, 2 Yr. CAGR %	-22.7	-10.19	7.64	-3.42	-13.46
Levered Free Cash Flow, 2 Yr. CAGR %	160.06	38.79	4.38	-6.77	-4.25
Unlevered Free Cash Flow, 2 Yr. CAGR %	67.51	26.2	6.24	-1.67	-1.28
Dividend Per Share, 2 Yr. CAGR %	9.19	10.09	7.08	2.31	-12.87
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	5.69	6.63	6.13	1.18	-15.17
Gross Profit, 3 Yr. CAGR %	7.23	9.2	8.73	2.79	-13.72
EBITDA, 3 Yr. CAGR %	7.69	9.96	9.98	3.22	-12.32
EBITA, 3 Yr. CAGR %	10.4	13.49	13.63	3.29	-7.15
EBIT, 3 Yr. CAGR %	12.1	15.65	15.73	4.02	-5.36
Earnings From Cont. Operations, 3 Yr. CAGR %	23.02	24.88	12.46	49.93	-13
Net Income, 3 Yr. CAGR %	20.78	24.88	12.46	52.71	-35.76
Diluted EPS Before Extra, 3 Yr. CAGR %	29.48	29.19	13.76	49.9	-13.25
Normalized Net Income, 3 Yr. CAGR %	18.94	24.25	21.73	-0.25	-13.65
Net Property, Plant and Equip., 3 Yr. CAGR %	17.15	1.79	0.35	-1.01	-18.79
Accounts Receivable, 3 Yr. CAGR %	2.31	0.47	0.79	0.99	-22.2
Total Assets, 3 Yr. CAGR %	6.02	0.4	-0.21	-5.7	-6.79
Common Equity, 3 Yr. CAGR %	-10.63	-10.78	-12.3	-74.75	-39.68
Tangible Book Value, 3 Yr. CAGR %	13.4	12.09	10.87	11.09	6.95
Cash From Operations, 3 Yr. CAGR %	2.94	2.18	0.77	2.57	2.03
Capital Expenditures, 3 Yr. CAGR %	-10.93	-13.96	-4.29	-0.19	-48.21
Levered Free Cash Flow, 3 Yr. CAGR %	48.13	94.4	24.55	-1.9	-2.49
Unlevered Free Cash Flow, 3 Yr. CAGR %	29.34	44.68	18.53	1.43	0.83
Dividend Per Share, 3 Yr. CAGR %	8.46	9.27	8.29	4.66	-7.37
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	10.09	10.42	5.39	2.65	-6.1
Gross Profit, 5 Yr. CAGR %	11.88	12.64	7.24	4.56	-4.08
EBITDA, 5 Yr. CAGR %	11.75	12.88	7.73	5.1	-2.53
EBITA, 5 Yr. CAGR %	14.43	16.62	10.02	6.19	2.87
EBIT, 5 Yr. CAGR %	15.13	18.69	11.62	7.43	5.38
Earnings From Cont. Operations, 5 Yr. CAGR %	26.53	35.55	19.28	35.33	0.87
Net Income, 5 Yr. CAGR %	25.15	35.55	19.28	35.33	-15.91
Diluted EPS Before Extra, 5 Yr. CAGR %	22.96	36.99	22.98	38.11	1.41
Normalized Net Income, 5 Yr. CAGR %	23.06	29.93	15.54	7.86	4.36
Net Property, Plant and Equip., 5 Yr. CAGR %	17.49	11.14	9.86	0.47	-11.49
Accounts Receivable, 5 Yr. CAGR %	7.58	8.27	0.13	-1.63	-10.28
Total Assets, 5 Yr. CAGR %	11.48	3.85	3.29	-3.17	-4.06
Common Equity, 5 Yr. CAGR %	1.79	-9.6	-11.22	-58.25	-29.61
Tangible Book Value, 5 Yr. CAGR %	25.95	11.33	11.34	12.69	8.58
Cash From Operations, 5 Yr. CAGR %	8.82	7.21	4.57	1.75	0.01
Capital Expenditures, 5 Yr. CAGR %	7.06	1.48	-3.92	-9.89	-35.45
Levered Free Cash Flow, 5 Yr. CAGR %	12.13	18.66	28.78	44.89	12.29
Unlevered Free Cash Flow, 5 Yr. CAGR %	10.33	13.94	19.56	23.97	10.3
Dividend Per Share, 5 Yr. CAGR %	8.63	8.91	7.9	6.45	-0.73