CROWN CASTLE INC.

For the period ended Dec 31, 2025. Filed Feb 23, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 23, 2026

CCI$89.35+1.7%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Balance Sheet as of December 31,

(In millions of dollars, except par values)

	December 31,
	2025	2024
ASSETS
Current assets:
Cash and cash equivalents	$99	$100
Restricted cash and cash equivalents	170	170
Receivables, net of allowance of $9 and $9, respectively	172	129
Prepaid expenses	79	74
Current portion of deferred site rental receivables	167	164
Other current assets	23	24
Current assets of discontinued operations (note 3)	434	429
Total current assets	1,144	1,090
Deferred site rental receivables	2,288	2,279
Property and equipment, net	6,273	6,577
Operating lease right-of-use assets	5,473	5,600
Goodwill	5,127	5,127
Site rental contracts and tenant relationships, net	834	1,009
Other intangible assets, net	27	28
Other assets, net	61	58
Non-current assets of discontinued operations (note 3)	10,291	10,968
Total assets	$31,518	$32,736
LIABILITIES AND EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$71	$48
Accrued interest	235	244
Deferred revenues	192	141
Other accrued liabilities	168	167
Current maturities of debt and other obligations	2,783	603
Current portion of operating lease liabilities	268	264
Current liabilities of discontinued operations (note 3)	762	710
Total current liabilities	4,479	2,177
Debt and other long-term obligations	21,554	23,451
Operating lease liabilities	4,961	5,062
Other long-term liabilities	607	645
Non-current liabilities of discontinued operations (note 3)	1,552	1,534
Total liabilities	33,153	32,869
Commitments and contingencies (see note 13)
CCI stockholders' equity (deficit):
Common stock, $0.01 par value; 1,200 shares authorized; shares issued and outstanding: December 31, 2025—435 and December 31, 2024—435	4	4
Additional paid-in capital	18,527	18,393
Accumulated other comprehensive income (loss)	(5)	(5)
Dividends/distributions in excess of earnings	(20,161)	(18,525)
Total equity (deficit)	(1,635)	(133)
Total liabilities and equity (deficit)	$31,518	$32,736

CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(In millions of dollars, except per share amounts)

	Years Ended December 31,
	2025	2024	2023
Net revenues:
Site rental	$4,049	$4,268	$4,313
Services and other	215	192	421
Net revenues	4,264	4,460	4,734
Operating expenses:
Costs of operations:(a)
Site rental	992	983	961
Services and other	113	107	304
Selling, general and administrative	383	435	502
Asset write-down charges	11	11	9
Acquisition and integration costs	—	—	1
Depreciation, amortization and accretion	690	736	787
Restructuring charges	—	70	73
Total operating expenses	2,189	2,342	2,637
Operating income (loss)	2,075	2,118	2,097
Interest expense and amortization of deferred financing costs, net	(972)	(932)	(849)
Interest income	13	20	15
Other income (expense)	3	(26)	(5)
Income (loss) from continuing operations before income taxes	1,119	1,180	1,258
Benefit (provision) for income taxes	(16)	(18)	(21)
Income (loss) from continuing operations	1,103	1,162	1,237
Discontinued operations (see note 3):
Income (loss) from discontinued operations before gain (loss) from disposal, net of tax	916	(5,065)	265
Gain (loss) from disposal of discontinued operations	(1,575)	—	—
Income (loss) from discontinued operations, net of tax	(659)	(5,065)	265
Net income (loss)	$444	$(3,903)	$1,502
Other comprehensive income (loss):
Foreign currency translation adjustments	—	(1)	1
Total other comprehensive income (loss)	—	(1)	1
Comprehensive income (loss)	$444	$(3,904)	$1,503
Net income (loss), per common share:
Income (loss) from continuing operations, basic	$2.53	$2.68	$2.85
Income (loss) from discontinued operations, basic	(1.51)	(11.66)	0.61
Net income (loss)—basic	$1.02	$(8.98)	$3.46
Income (loss) from continuing operations, diluted	$2.52	$2.68	$2.85
Income (loss) from discontinued operations, diluted	(1.51)	(11.66)	0.61
Net income (loss)—diluted	$1.01	$(8.98)	$3.46
Weighted-average common shares outstanding:
Basic	435	434	434
Diluted	437	434	434

(a)Exclusive of depreciation, amortization and accretion shown separately.

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