Crown Castle Inc. (CCI) financials
NYSE · Real Estate · REIT - Specialty · 1,500 employees · CEO Christian H. Hillabrant
- Price
- $88.69 -0.16%
- Market cap
- $38.8B
- Enterprise value
- $61.5B
- Last report
- Q3 '26 filed 2026-10-21
- Next report
- 2027-02-03
Revenue (TTM)$4.09B-15.6% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)47.2%+108.2 pp vs a year agoOperating income $1.93B
Net income (TTM)$1.04B+122.4% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$1.88B-29.4% vs a year agoCapex $241M
Diluted EPS (TTM)$2.39+122.5% vs a year agoSum of the last 4 quarters
Net cash-$22.8B+23.0% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $38.8B EV $61.5B
- Revenue
- $4.09B Trailing 12 months
- Revenue growth
- -5% FY2026 consensus
- Profit margin
- 25.3% Net income / revenue, TTM
- P/E
- 37.0× Forward 45.9× (FY2026)
- P/S
- 9.5× Price / sales, TTM
- EV / EBITDA
- 23.1× TTM
- Free cash flow
- $1.88B Trailing 12 months
- Net income
- $1.04B Trailing 12 months
- Revenue estimate
- $4.03B FY2026 consensus
- Earnings
- 2027-02-03
- Dividend
- $4.25 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Revenue growth accelerating: -7.2% year on yearQ3 '26 revenue $995M, against an average of -20.0% over the four quarters before.
- Operating margin 47.2% (TTM), +108.2 pp on a year agoOperating income grew 165.3% while revenue grew -15.6%.
- 75.8% of pre-tax profit is eaten by non-operating lossesPre-tax income $1.1B vs operating income $1.93B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 5.9% of revenue (a year ago 8.2%)$241M invested in the last 4 quarters (-39.6% on a year earlier). Free cash flow $1.88B = 181.8% of net income.
- Returned $2.89B to shareholders = 153.7% of free cash flowBuybacks $1.04B (a year earlier $24M), dividends $1.85B, stock-based pay $82M (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count down 2.5% in a year426M diluted shares in Q3 '26, 437M a year earlier.
- Net debt $22.8BCash + short-term investments $133M, debt incl. leases $22.9B; a year ago net debt $29.6B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $995M | $1.07B | -7.2% |
| Gross margin | 73.8% | 73.9% | -0.1 pp |
| Operating income | $465M | $525M | -11.4% |
| Operating margin | 46.7% | 49.0% | -2.2 pp |
| Net income | $283M | $323M | -12.4% |
| Diluted EPS | $0.67 | $0.74 | -9.5% |
| Operating cash flow | $213M | $714M | -70.2% |
| Capex | $66M | $43M | +53.5% |
| Free cash flow | $147M | $671M | -78.1% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $18M | $19M | -5.3% |
Revenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q4 '24 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Towers | $1.12B | -2.0% | 67.9% | $4.46B | -5.8% | |
| Fiber | $529M | -0.4% | 32.1% | $2.11B | -6.1% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $2.12B
- Capex
- -$241M
- Buybacks
- -$1.04B
- Dividends
- -$1.85B
- Acquisitions
- $0
- Net debt issued
- -$6.01B
- Stock-based compensation
- $82M
- Free cash flow
- $1.88B
- Returned to shareholders / FCF
- 153.7%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 37.0× | 59.4× 4 of 5 years | 33.3× – 87.1× |
| EV / EBITDA | 23.1× | 24.7× 4 of 5 years | 19.2× – 33.8× |
| EV / Sales | 15.1× | 13.7× | 10.5× – 18.4× |
| Price / FCF | 20.6× | 32.7× | 13.4× – 60.2× |
| Price / Book | -11.0× | 8.9× 3 of 5 years | 7.8× – 10.9× |
| FCF yield | 4.9% | 3.9% | 1.7% – 7.4% |
| Return on invested capital | 9.5% | 3.1% | -9.3% – 6.8% |
| Return on equity | -40.4% | 593.3% | -27.2% – 2,934.6% |
Analysts
Consensus target $89.25 (+0.6%)
range $84.00 – $95.00 · rating Buy
Strong buy1
Buy24
Hold21
Sell1
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $4.03B | -5.4% | $1.93 | +89.4% | 45.9× | 7 |
| FY2027 | $4.1B | +1.6% | $2.86 | +47.8% | 31.1× | 9 |
| FY2028 | $4.19B | +2.2% | $2.93 | +2.7% | 30.2× | 12 |
| FY2029 | $4.41B | +5.3% | $3.26 | +11.0% | 27.2× | 9 |
| FY2030 | $4.54B | +3.0% | $3.43 | +5.4% | 25.9× | 5 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 224 figures Crown Castle Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| $1B2026-03-31 | – | – | – | – | – | |
| Accounts Payable, Current | $90M2026-06-30 | $48M | +87.5% | $71M | $48M | +47.9% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $179M2026-06-30 | $100M | +79.0% | $172M | $129M | +33.3% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $11.1B2026-06-30 | $10.6B | +4.1% | -$10.8B | -$10.4B | -4.1% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$5M2026-06-30 | -$5M | 0.0% | -$5M | -$5M | 0.0% |
| Additional Paid in Capital | $18.6B2026-06-30 | $18.5B | +0.6% | $18.5B | $18.4B | +0.7% |
| Amortization of Debt Issuance Costs | $7M2026-06-30 | $8M | -12.5% | $31M | $32M | -3.1% |
| Amortization of Debt Issuance Costs and Discounts | $7M2026-06-30 | $8M | -12.5% | $32M | $32M | 0.0% |
| Amortization of Intangible Assets | – | – | – | $177M | $198M | -10.6% |
| Asset Impairment Charges | $2M2026-06-30 | $2M | 0.0% | $11M | $11M | 0.0% |
| Asset Retirement Obligation, Accretion Expense | – | – | – | $25M | $23M | +8.7% |
| Asset Retirement Obligation, Liabilities Settled | – | – | – | $4M | $1M | +300.0% |
| Asset Retirement Obligation, Period Increase (Decrease) | – | – | – | $0 | $1M | -100.0% |
| Assets | $21.5B2026-06-30 | $31.6B | -32.0% | $31.5B | $32.7B | -3.7% |
| Assets, Current | $1.72B2026-06-30 | $1.07B | +59.8% | $1.14B | $1.09B | +5.0% |
| Business Combination, Consideration Transferred | $02025-12-31 | – | – | $8.5B | – | – |
| Cash and Cash Equivalents, at Carrying Value | $1.04B2026-06-30 | $94M | +1,008.5% | $99M | $100M | -1.0% |
| Cash and Cash Equivalents, Fair Value Disclosure | $1.04B2026-06-30 | $94M | +1,008.5% | $99M | $100M | -1.0% |
| Cash Provided by (Used in) Investing Activities, Discontinued Operations | $8.35B2026-06-30 | -$229M | +3,744.1% | -$980M | -$1.05B | +6.2% |
| Cash Provided by (Used in) Operating Activities, Discontinued Operations | -$105M2026-06-30 | $311M | -133.8% | $1.19B | $1.12B | +5.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $1.25B2026-06-30 | $274M | +357.7% | $308M | $295M | +4.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | $929M2026-06-30 | -$4M | +23,325.0% | $13M | $15M | -13.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | – | – | – | $0 | -$1M | +100.0% |
| Common Stock, Dividends, Per Share, Cash Paid | $1.062026-06-30 | $1.06 | 0.0% | $1.572022-12-31 | – | – |
| Common Stock, Dividends, Per Share, Declared | $1.062026-06-30 | $1.06 | 0.0% | $4.75 | $6.26 | -24.1% |
| Common Stock, Par or Stated Value Per Share | $0.012026-06-30 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 1.2B2026-06-30 | 1.2B | 0.0% | 1.2B | 1.2B | 0.0% |
| Common Stock, Shares, Issued | 437M2026-06-30 | – | – | 435M | 435M | 0.0% |
| Common Stock, Shares, Outstanding | 426M2026-06-30 | 435M | -2.1% | 435M | 435M | 0.0% |
| Common Stock, Value, Issued | $4M2026-06-30 | $4M | 0.0% | $4M | $4M | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $94M2026-06-30 | $291M | -67.7% | $444M | -$3.9B | +111.4% |
| Contract with Customer, Liability, Revenue Recognized | $28M2026-06-30 | $32M | -12.5% | $121M | $185M | -34.6% |
| Cost of Goods and Services Sold | $19M2026-06-30 | $27M | -29.6% | $113M | $107M | +5.6% |
| Costs and Expenses | $538M2026-06-30 | $554M | -2.9% | $2.19B | $2.34B | -6.5% |
| Current Federal Tax Expense (Benefit) | – | – | – | -$3M | -$3M | 0.0% |
| Current Foreign Tax Expense (Benefit) | – | – | – | -$10M | -$7M | -42.9% |
| Current Income Tax Expense (Benefit) | – | – | – | -$16M | -$14M | -14.3% |
| Current State and Local Tax Expense (Benefit) | – | – | – | -$3M | -$4M | +25.0% |
| Debt and Lease Obligation | $18.2B2026-06-30 | $24.3B | -24.9% | $24.3B | $24.1B | +1.2% |
| Debt Instrument, Unamortized Discount | $114M2026-06-30 | $144M | -20.8% | $3.48M2015-12-31 | -$333K | +1,144.4% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $130M2025-12-31 | $158M | -17.7% | $130M | $158M | -17.7% |
| Debt, Current | $2.26B2026-06-30 | $2.25B | +0.4% | $2.78B | $603M | +361.5% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $0 | $4M | -100.0% |
| Deferred Income Tax Expense (Benefit) | $3M2026-06-30 | $0 | – | $0 | $4M | -100.0% |
| Deferred Rent Receivables, Net | $191M2026-06-30 | $205M | -6.8% | $167M | $164M | +1.8% |
| Deferred Rent Receivables, Net, Noncurrent | $2.26B2026-06-30 | $2.28B | -0.8% | $2.29B | $2.28B | +0.4% |
| Deferred Revenue, Current | $259M2026-06-30 | $139M | +86.3% | $192M | $141M | +36.2% |
| Deferred Tax Assets, Goodwill and Intangible Assets | $29M2025-12-31 | $29M | 0.0% | $29M | $29M | 0.0% |
| Deferred Tax Assets, Gross | -$4M2025-12-31 | -$3M | -33.3% | -$4M | -$3M | -33.3% |
| Deferred Tax Assets, Net | -$7M2025-12-31 | -$6M | -16.7% | -$7M | -$6M | -16.7% |
| Deferred Tax Assets, Net of Valuation Allowance | $42M2025-12-31 | $43M | -2.3% | $42M | $43M | -2.3% |
| Deferred Tax Assets, Operating Loss Carryforwards | $1M2025-12-31 | $1M | 0.0% | $1M | $1M | 0.0% |
| Deferred Tax Assets, Other | $5M2025-12-31 | $6M | -16.7% | $5M | $6M | -16.7% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $5M2025-12-31 | $5M | 0.0% | $5M | $5M | 0.0% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Deferred Rent | $5M2025-12-31 | $5M | 0.0% | $5M | $5M | 0.0% |
| Deferred Tax Assets, Valuation Allowance | $3M2025-12-31 | $3M | 0.0% | $3M | $3M | 0.0% |
| Deferred Tax Liabilities, Gross | $49M2025-12-31 | $49M | 0.0% | $49M | $49M | 0.0% |
| Deferred Tax Liabilities, Leasing Arrangements | $8M2025-12-31 | $7M | +14.3% | $8M | $7M | +14.3% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $11M2025-12-31 | $12M | -8.3% | $11M | $12M | -8.3% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-02