Financials Crown Castle Inc.

Equities

CCI

US22822V1017

Specialized REITs

Market Closed - Nyse Other stock markets 04:10:00 2025-06-18 pm EDT			5-day change	1st Jan Change
99.38 ^USD	+0.58%		-0.65%	+9.50%

Jun. 06	MoffettNathanson Adjusts Crown Castle Price Target to $120 From $122	MT
Jun. 04	Crown Castle Inc. Presents at Nareit REITweek: 2025 Investor Conference, Jun-04-2025 02:45 PM

Projected Income Statement: Crown Castle Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	5,840	6,340	6,986	6,981	6,568	4,218	4,345	4,455
Change	-	8.56%	10.19%	-0.07%	-5.92%	-35.78%	3.01%	2.53%
EBITDA ¹	3,706	3,816	4,340	4,415	4,161	2,806	2,965	3,100
Change	-	2.97%	13.73%	1.73%	-5.75%	-32.55%	5.64%	4.57%
EBIT ¹	1,863	2,001	2,425	2,369	-2,938	1,969	2,172	2,361
Change	-	7.41%	21.19%	-2.31%	-224.02%	167.02%	10.31%	8.72%
Interest Paid ¹	-689	-657	-699	-850	-932	-977	-819.4	-796.3
Earnings before Tax (EBT) ¹	1,076	1,179	1,691	1,528	-3,879	990.3	1,332	1,555
Change	-	9.57%	43.43%	-9.64%	-353.86%	125.53%	34.47%	16.76%
Net income ¹	999	1,096	1,675	1,502	-3,903	240.6	1,223	1,388
Change	-	9.71%	52.83%	-10.33%	-359.85%	106.16%	408.21%	13.53%
Announcement Date	1/27/21	1/26/22	1/25/23	1/24/24	3/13/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	1,440	1,486	1,493	1,485	1,583	1,618	1,654	1,742	1,734	1,746	1,764	1,773	1,867	1,667	1,674	1,641	1,626	1,652	1,649	1,061	1,038	1,054	1,058	1,067	1,068	1,098	1,113	1,074
Change	-	3.19%	0.47%	-0.54%	6.6%	2.21%	2.22%	5.32%	-0.46%	0.69%	1.03%	0.51%	5.3%	-10.71%	0.42%	-1.97%	-0.91%	1.6%	-0.18%	-35.66%	-2.17%	1.59%	0.33%	0.81%	0.12%	2.81%	1.39%	-3.52%
EBITDA ¹	831	883	1,179	897	958	976	984	1,095	1,078	1,077	1,090	1,104	1,188	1,047	1,076	1,036	1,006	1,075	1,044	722	685.1	694.7	697.2	718.1	715.3	746.6	760.4	741.4
Change	-	6.26%	33.52%	-23.92%	6.8%	1.88%	0.82%	11.28%	-1.55%	-0.09%	1.21%	1.28%	7.61%	-11.87%	2.77%	-3.72%	-2.9%	6.86%	-2.88%	-30.84%	-5.11%	1.41%	0.35%	3%	-0.39%	4.38%	1.85%	-2.49%
EBIT ¹	383	434	680	448	505	526	522	618	593	602	610	628	667	486	586	538	485	544	-4,505	521	471.5	482.5	483.5	508	505.5	532.9	543.5	-
Change	-	13.32%	56.68%	-34.12%	12.72%	4.16%	-0.76%	18.39%	-4.05%	1.52%	1.33%	2.95%	6.21%	-27.14%	20.58%	-8.19%	-9.85%	12.16%	-928.12%	111.56%	-9.5%	2.33%	0.2%	5.08%	-0.5%	5.43%	1.99%	-
Charge d'intérêts ¹	-178	-168	-167	-170	-161	-163	-164	-164	-165	-177	-192	-202	-208	-217	-223	-226	-230	-236	-240	-236	-248.1	-250.8	-253.8	-248.2	-250.3	-225	-197.5	-197.4
Earnings before Tax (EBT) ¹	206	168	513	128	339	358	354	427	426	422	415	425	462	272	366	318	258	308	-4,763	289	228.2	239.7	232.5	323.5	315.7	342.6	353.6	-
Change	-	-18.45%	205.36%	-75.05%	164.84%	5.6%	-1.12%	20.62%	-0.23%	-0.94%	-1.66%	2.41%	8.71%	-41.13%	34.56%	-13.11%	-18.87%	19.38%	-1,646.43%	106.07%	-21.05%	5.06%	-3.03%	39.17%	-2.41%	8.51%	3.22%	-
Net income ¹	172	163	508	121	334	351	353	421	421	419	413	418	455	265	361	311	251	303	-4,768	-464	206.7	234.5	230.2	280.5	280.3	320.8	342.1	312.9
Change	-	-5.23%	211.66%	-76.18%	176.03%	5.09%	0.57%	19.26%	0%	-0.48%	-1.43%	1.21%	8.85%	-41.76%	36.23%	-13.85%	-19.29%	20.72%	-1,673.6%	90.27%	144.55%	13.43%	-1.81%	21.84%	-0.05%	14.45%	6.61%	-8.51%
Announcement Date	7/29/20	10/21/20	1/27/21	4/21/21	7/21/21	10/20/21	1/26/22	4/20/22	7/20/22	10/19/22	1/25/23	4/19/23	7/19/23	10/18/23	1/24/24	4/17/24	7/17/24	10/16/24	3/13/25	4/30/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Crown Castle Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	19,048	20,337	21,573	22,816	23,962	24,797	18,728	19,402
Change	-	6.77%	6.08%	5.76%	5.02%	3.48%	-24.47%	3.6%
Announcement Date	1/27/21	1/26/22	1/25/23	1/24/24	3/13/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Crown Castle Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	1,624	1,229	1,310	1,424	1,222	210.8	219.5	228.1
Change	-	-24.32%	6.59%	8.7%	-14.19%	-82.75%	4.12%	3.92%
Free Cash Flow (FCF) ¹	1,431	1,560	1,568	1,702	1,721	1,942	2,334	3,289
Change	-	9.01%	0.51%	8.55%	1.12%	12.86%	20.17%	40.91%
Announcement Date	1/27/21	1/26/22	1/25/23	1/24/24	3/13/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Crown Castle Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	63.46%	60.19%	62.12%	63.24%	63.35%	66.53%	68.23%	69.59%
EBIT Margin (%)	31.9%	31.56%	34.71%	33.93%	-44.73%	46.68%	49.99%	53.01%
EBT Margin (%)	18.42%	18.6%	24.21%	21.89%	-59.06%	23.48%	30.65%	34.9%
Net margin (%)	17.11%	17.29%	23.98%	21.52%	-59.42%	5.7%	28.14%	31.16%
FCF margin (%)	24.5%	24.61%	22.44%	24.38%	26.2%	46.05%	53.72%	73.83%
FCF / Net Income (%)	143.24%	142.34%	93.61%	113.32%	-44.09%	807.27%	190.88%	236.92%
Profitability
ROA	2.59%	2.82%	4.3%	3.88%	-10.95%	0.97%	4.91%	6.18%
ROE	10.02%	12.37%	21.33%	21.72%	-124.94%	-	-	-
Financial Health
Leverage (Debt/EBITDA)	5.14x	5.33x	4.97x	5.17x	5.76x	8.84x	6.32x	6.26x
Debt / Free cash flow	13.31x	13.04x	13.76x	13.41x	13.92x	12.77x	8.02x	5.9x
Capital Intensity
CAPEX / Current Assets (%)	27.81%	19.38%	18.75%	20.4%	18.61%	5%	5.05%	5.12%
CAPEX / EBITDA (%)	43.82%	32.21%	30.18%	32.25%	29.37%	7.51%	7.4%	7.36%
CAPEX / FCF (%)	113.49%	78.78%	83.55%	83.67%	71.01%	10.85%	9.4%	6.94%
Items per share
Cash flow per share ¹	7.188	6.426	6.631	7.203	6.781	4.284	4.562	5.192
Change	-	-10.6%	3.19%	8.62%	-5.85%	-36.82%	6.48%	13.82%
Dividend per Share ¹	4.93	5.46	5.98	6.26	6.26	4.719	4.588	4.764
Change	-	10.75%	9.52%	4.68%	0%	-24.62%	-2.78%	3.84%
Book Value Per Share ¹	21.95	19.12	17.2	14.7	-0.3057	-3.732	-7.321	-10.17
Change	-	-12.92%	-10.01%	-14.53%	-102.08%	-1,120.91%	-96.16%	-38.89%
EPS ¹	2.35	2.53	3.86	3.46	-8.98	0.5578	2.868	3.281
Change	-	7.66%	52.57%	-10.36%	-359.54%	106.21%	414.17%	14.41%
Nbr of stocks (in thousands)	431,298	432,203	433,048	433,689	434,598	435,459	435,459	435,459
Announcement Date	1/27/21	1/26/22	1/25/23	1/24/24	3/13/25	-	-	-