CROWN CASTLE INC. CCI
We own, operate and lease shared communications infrastructure that is geographically dispersed throughout the U.S., including (1) more than 40,000 towers and other structures, such as rooftops (collectively, "towers"), (2) approximately 105,000 small cell nodes either currently generating revenue or under contract and (3) approximately 90,000 route miles of fiber primarily supporting small cells and fiber solutions. We refer to our towers, small cells and fiber assets collectively as "communications infrastructure," and, at times, to our customers on our communications infrastructure as "tenants." Our operating segments historically consisted of (1) Towers and (2) Fiber, which includes both small cells and fiber solutions.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $215.0M | $192.0M | $421.0M | $697.0M | $621.0M | $520.0M | $670.0M | $574.0M | $521.0M | $688.0M |
| Cost of revenue | $113.0M | $107.0M | $304.0M | $2.02B | $1.95B | $1.93B | $524.0M | $434.0M | $399.0M | $417.0M |
| Gross profit | $102.0M | $85.0M | $117.0M | -$1.33B | -$1.33B | -$1.41B | $146.0M | $140.0M | $122.0M | $271.0M |
| SG&A | $383.0M | $435.0M | $502.0M | $750.0M | $680.0M | $678.0M | $614.0M | $563.0M | $426.0M | $371.0M |
| Total operating expenses | $2.19B | $2.34B | $2.64B | $4.56B | $4.34B | $4.34B | $4.20B | $3.99B | $3.29B | $2.97B |
| Operating income | $2.08B | $2.12B | $2.10B | $2.42B | $2.00B | $1.86B | $1.56B | $1.38B | $967.0M | $949.0M |
| Interest expense | — | — | — | — | — | — | — | — | $0 | $0 |
| Pre-tax income | $1.12B | $1.18B | $1.26B | $1.69B | $1.18B | $1.08B | $881.0M | $641.0M | $392.0M | $374.0M |
| Income tax | $16.0M | $18.0M | $21.0M | $16.0M | $21.0M | $20.0M | $21.0M | $19.0M | $26.0M | $17.0M |
| Net income | $444.0M | -$3.90B | $1.50B | $1.68B | $1.10B | $1.06B | $860.0M | $622.0M | $366.0M | $357.0M |
| EPS, basic | 1.02 | -8.98 | 3.46 | 3.87 | 2.54 | 2.36 | 1.80 | 1.23 | 0.80 | 0.95 |
| EPS, diluted | 1.01 | -8.98 | 3.46 | 3.86 | 2.53 | 2.35 | 1.79 | 1.23 | 0.80 | 0.95 |
| Shares, diluted (wtd. avg.) | $437.0M | $434.0M | $434.0M | $434.0M | $434.0M | $425.0M | $418.0M | $415.0M | $383.0M | $341.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $99.0M | $100.0M | $281.0M | $327.0M | $466.0M | $381.0M | $338.0M | $413.0M | $440.0M | $697.0M |
| Receivables | $172.0M | $129.0M | $481.0M | $593.0M | $543.0M | $431.0M | $596.0M | $455.0M | $402.0M | $373.5M |
| Total current assets | $1.14B | $1.09B | $1.03B | $1.22B | $1.25B | $1.10B | $1.20B | $1.16B | $1.07B | $1.32B |
| Property, plant and equipment | $6.27B | $6.58B | $15.67B | $15.41B | $15.27B | $15.16B | $14.67B | $13.20B | $13.03B | $9.81B |
| Goodwill | $5.13B | $5.13B | $10.09B | $10.09B | $10.08B | $10.08B | $10.08B | $10.07B | $10.02B | $5.76B |
| Other intangibles | $861.0M | $1.04B | $3.18B | $3.60B | $4.05B | $4.43B | $4.84B | $5.52B | $5.96B | $3.65B |
| Total assets | $31.52B | $32.74B | $38.53B | $38.92B | $39.04B | $38.77B | $38.46B | $32.35B | $32.23B | $22.68B |
| Accounts payable | $71.0M | $48.0M | $252.0M | $236.0M | $246.0M | $230.0M | $334.0M | $272.0M | $248.0M | $188.5M |
| Short-term debt | $2.78B | $603.0M | $835.0M | $819.0M | $72.0M | $129.0M | $100.0M | $112.0M | $130.0M | $101.7M |
| Total current liabilities | $4.48B | $2.18B | $2.58B | $2.73B | $2.03B | $1.97B | $1.92B | $1.36B | $1.26B | $961.4M |
| Long-term debt | $24.34B | $24.08B | $22.92B | $21.73B | $20.63B | $19.28B | $18.12B | $16.68B | $16.16B | $12.17B |
| Total liabilities | $33.15B | $32.87B | $32.15B | $31.47B | $30.78B | $29.31B | $27.97B | $20.22B | $19.82B | $15.12B |
| Retained earnings | -$20.16B | -$18.52B | -$11.89B | -$10.67B | -$9.75B | -$8.47B | -$7.37B | -$5.58B | -$4.92B | -$3.71B |
| Total equity | -$1.64B | -$133.0M | $6.38B | $7.45B | $8.26B | $9.46B | $10.49B | $11.57B | $11.93B | $7.22B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.06B | $2.94B | $3.13B | $2.88B | $2.79B | $3.06B | $2.70B | $2.50B | $2.03B | $1.79B |
| Depreciation and amortisation | $690.0M | $736.0M | $787.0M | $1.71B | $1.64B | $1.61B | $1.57B | $1.53B | $1.24B | $1.11B |
| Stock-based compensation | $73.0M | $84.0M | $102.0M | $156.0M | $129.0M | $138.0M | $117.0M | $103.0M | $92.0M | $79.0M |
| Capital expenditure | $182.0M | $176.0M | $243.0M | $1.31B | $1.23B | $1.62B | $2.06B | $1.74B | $1.22B | $874.0M |
| Investing cash flow | -$1.16B | -$1.22B | -$1.52B | -$1.35B | -$1.33B | -$1.74B | -$2.08B | -$1.79B | -$10.48B | -$1.43B |
| Financing cash flow | -$1.89B | -$1.71B | -$1.65B | -$1.67B | -$1.31B | -$1.27B | -$692.0M | -$733.0M | $8.19B | -$89.0M |
| Dividends paid | $2.08B | $2.73B | $2.72B | $2.60B | $2.37B | $2.10B | $1.91B | $1.78B | $1.51B | $1.24B |
| Buybacks | $23.0M | $33.0M | $30.0M | $65.0M | $70.0M | $76.0M | $44.0M | $34.0M | $23.0M | $25.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001051470-26-000039.
Others in SIC 6798
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|---|---|---|---|---|
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| EQIX | EQUINIX INC | $102.22B | 75.3x | 5.4% |
| AMT | AMERICAN TOWER CORP /MA/ | $81.93B | 32.6x | 20.8% |
| SPG | SIMON PROPERTY GROUP INC. | $67.86B | 14.8x | 6.7% |
| DLR | DIGITAL REALTY TRUST, INC. | $66.20B | 52.6x | 10.0% |
| O | REALTY INCOME CORP | $57.96B | 52.4x | 9.1% |
| PSA | Public Storage | $53.04B | 33.5x | 2.7% |