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CROWN CASTLE INC.CCI

Sector
Financial Services
Industry
Real Estate Investment Trusts
Exchange
NYSE

Stock Price $CCI

Latest filings

You are here#10 of 14 in Real Estate by market cap

Filing record · 2016–202610-K1110-Q328-K239

CCI filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 239 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jan ’18Jan ’18
  2. Restatement8-K · Feb ’20Feb ’20
  3. Leadership change8-K · Oct ’21Oct ’21
  4. Leadership change8-K · Sep ’25Sep ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $4.26B
YoY changeLargest recent move−32.2%in FY23Latest −4.4%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All CCI Financial Metrics56 metrics

Income Statement15

Balance Sheet23

Cash Flow13

Per Share5

02—Overview

CROWN CASTLE INC. Financial Overview 2021–2025

Updated Aug 15, 2026

Crown Castle’s decision to finalize an $8.4 billiona cash sale of its Fiber segment marks a drastic strategic pivot. This massive divestiture transforms the REIT into a pure-play cell tower operator, a necessary move to rapidly deleverage its balance sheet and insulate the core business from mounting carrier consolidation headwinds.

Customer concentration has steadily intensified as the company's top three tenants—T-Mobile, AT&T, and Verizon—grew from 75% of site rental revenues in FY2021 to 90% of its $4.0 billionb site rental haul by FY2025. While recurring site rents remain highly predictable, the T-Mobile and Sprint merger forced Crown Castle to absorb significant non-renewal losses. To recalibrate its capital structure, management slashed its quarterly dividend to $1.0625 per share to prioritize free cash flow, generating $3.1 billion from operations during FY2025. Following the final fiber divestiture in Q2 2026, the company immediately deployed the proceeds to wipe out $7.2 billion in outstanding debt and initiated a restructuring plan designed to cut tower headcount by 20% and yield $65 million in annualized savings.

Investors have priced in a steep transitional phase for the infrastructure giant. At the close of FY2025, the market valued Crown Castle at a $38.7 billionc market cap, with the stock priced at $88.87 and trading at an 88.0x price-to-earnings multiple.

Recent Developments (Q1 and Q2 2026)

Crown Castle authorized a $1.0 billiond stock repurchase program in May 2026 and secured a new $4.5 billion revolving credit facility maturing in 2031. Top-line pressure remains visible, with site rental revenues falling 5% year-over-year to $961 million in Q1 2026 and dropping 4% in Q2 2026 following DISH network terminations. First-quarter net cash provided by operations decreased 21% year-over-year to $509 million. Additionally, Christopher D. Levendos resigned as Chief Operating Officer of the divested segment to pursue external opportunities. Bulls argue that immediate interest expense reductions will quickly improve net income for continuing tower operations. Bears counter that persistent tenant cancellations leave the equity expensively valued at 73.1x trailing earnings as of August 5, 2026.

What to watch: utilization rates for the new share repurchase program; stabilization of core tower rental revenues.

03—Filings

Recent SEC Filings

  1. 8-KCROWN CASTLE INC. 8-K Report, Financial Results (Oct 21, 2026)Crown Castle Inc. (CCI) reported its third quarter 2026 financial results, highlighting a slight increase in Adjusted EBITDA and AFFO compared to the previous year's quarter. The company has updated its full-year 2026 outlook, raising guidance for Adjusted EBITDA and AFFO, driven by higher ground lease buyout activity, operational efficiencies, and a recently secured customer agreement. Despite a year-over-year decrease in site rental revenues and net income for the quarter, the company emphasizes its strategic focus on optimizing its U.S. tower portfolio, enhancing operational efficiencies, and increasing land ownership under its towers. Financially, CCI demonstrated resilience with solid AFFO growth and a strong balance sheet, characterized by a high percentage of fixed-rate debt and significant availability under its revolving credit facility. The divestiture of its Fiber Business is complete, simplifying its operational focus to its core tower business. The updated full-year outlook reflects management's confidence in achieving its financial targets and delivering long-term shareholder value.
  2. 8-KCROWN CASTLE INC. 8-K Report, Executive Changes (Sep 14, 2026)Crown Castle (NYSE: CCI) announced a planned senior leadership transition on September 14, 2026, disclosed via Form 8-K Item 5.02 and a Regulation FD press release (Exhibit 99.1). CFO Sunit Patel will retire effective March 31, 2027, after the filing of the company's 2026 Form 10-K. He will be succeeded by Kristoffer (Kris) Hinson, currently EVP and Chief Commercial Officer, who is slated to become EVP and CFO effective April 1, 2027. The Board's intent to appoint Hinson is stated, and no compensation terms for his new role have been determined yet; any required material changes will be disclosed by 8-K amendment. Chief Operating Officer Cathy Piche steps down from the COO role effective September 23, 2026, and will serve as a special advisor until February 22, 2027, when she leaves the company. Both departures are described as "qualifying terminations" under their existing agreements, so both executives will receive separation benefits, and both will remain compensated under current arrangements through their separation dates. The company has begun a search for a successor COO, and no replacement has been named. For investors, the news is largely a planned, orderly succession rather than a signal of operational or financial stress. Hinson's background, including prior investor relations and treasury leadership at Crown Castle and 13 years in finance roles at ExxonMobil, gives continuity on capital markets and investor communication. The main open items are the COO hire, the finalized terms of Hinson's CFO compensation, and the transition quality during the overlap period. The release also notes the company's focus as a pure-play U.S. tower company following the sale of its fiber and small cell businesses.
  3. 8-KCROWN CASTLE INC. 8-K Report, Regulation FD Disclosure (Aug 5, 2026)Crown Castle Inc. (CCI) has announced its quarterly dividend payment, a key event for income-focused investors. The Board of Directors has declared a dividend of $1.0625 per share of common stock. This declaration signals continued confidence in the company's ability to generate consistent cash flows and return capital to shareholders. Shareholders of record as of September 15, 2026, will be eligible to receive this dividend, which is scheduled to be paid on September 30, 2026. While this filing does not contain new financial performance data, the regular declaration of dividends is a positive indicator for investors seeking stable income from their investments in Crown Castle.
  4. 8-KCROWN CASTLE INC. 8-K Report, Financial Results (Jul 22, 2026)Crown Castle reported second quarter 2026 results on July 22, 2026, and raised its full-year 2026 AFFO outlook, now $1,950M to $2,000M (midpoint $1,975M, up $5M), or $4.53 to $4.65 per share. The quarter was shaped by the May 1, 2026 closing of the sale of its Fiber and Small Cell businesses for $8.4 billion of net cash proceeds. Q2 AFFO rose 10% year over year to $488M ($1.13 per share), driven mainly by lower interest expense and higher interest income after the company used proceeds to repay debt and repurchase stock. Site rental revenues were $967M, down 4.1% year over year, reflecting the DISH lease terminations and a lower straight-line revenue contribution, while organic growth excluding DISH and Sprint impacts was a healthier 4.2%. The top-line picture remains pressured. Full-year 2026 site rental revenues are now guided to $3,833M to $3,878M, down about 4.8% at the midpoint versus 2025, and Adjusted EBITDA fell 4% in Q2 to $675M, with full-year guidance unchanged at $2,665M to $2,715M. Management's AFFO raise came from lower interest expense and cost savings that offset a $20M reduction in services gross margin, rather than from operating growth. Balance sheet deleveraging is material: Net Debt is $17.1B, or 6.3x last-quarter annualized Adjusted EBITDA, down from a much larger pre-sale base, and the company completed $1B of share repurchases and repaid more than $7B of debt after closing. For investors, the key questions are whether the lower-interest-cost tailwind and buybacks can sustain per-share growth as the DISH-related revenue decline runs through 2026, and how the company will redeploy its capital given its stated tower-only strategy. The 1.05% notes due July 2026 were repaid from cash, and the company retains about $4.5B of revolver availability. Reported GAAP net income of $94M in Q2 was lower than the prior year's $291M, largely due to a $280M loss on the Fiber disposal, so GAAP results are not a clean read on ongoing performance.
  5. 8-KCROWN CASTLE INC. 8-K Report, Regulation FD Disclosure (May 20, 2026)Crown Castle Inc. (CCI) announced on May 20, 2026, a quarterly dividend declaration. The Board of Directors has approved a dividend of $1.0625 per share for its common stock. This reflects the company's ongoing commitment to returning value to its shareholders. The dividend is scheduled to be paid on June 30, 2026, with a record date of June 15, 2026. Investors holding CCI stock by the close of business on June 15, 2026, will be eligible to receive this distribution. This announcement is a standard part of the company's financial reporting and provides important information regarding upcoming shareholder payouts.
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04—See also

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