Crown Castle (CCI): financials, SEC filings and peers
Crown Castle (CCI) is a telecom tower reits company in the Real Estate sector of the S&P 500, headquartered in Houston, Texas.
It was founded in 1994 and joined the S&P 500 on March 14, 2012.
Its fiscal year ends in December, and its shares trade on the NYSE.
In its SEC filings it is classified as “Real Estate Investment Trusts”.
Crown Castle at a glance
- Revenue (12 months)
- $4.1B
- Revenue growth
- -5.3%
- Operating margin
- 47.1%
- Net income (12 months)
- $822M
- Free cash flow (12 months)
- $1.7B
- Cash
- $133M
- Debt
- $17.8B
- Diluted EPS (12 months)
- $1.90
Twelve months to September 30, 2026, from the 10-Q filed November 4, 2026.
Latest twelve months
Over the twelve months to September 30, 2026, Crown Castle reported revenue of $4.1 billion, down 5.3% from $4.3 billion a year earlier.
Its operating margin was 47.1%, down 2.1 percentage points from a year earlier: for every $100 of sales, about $47 was left as operating profit.
Net income was $822 million (20.1% of revenue).
Operating cash flow was $2.0 billion and capital spending $241 million, leaving free cash flow of $1.7 billion (42.2% of revenue).
At the end of the period it held $133 million in cash and $17.8 billion in debt, a net debt position of $17.7 billion.
The diluted share count fell 2.5% in a year, typically the result of buybacks.
Five-year trend
- Revenue went from $5.8 billion in fiscal 2020 to $4.3 billion in fiscal 2025, a decline of about 6.1% a year.
- Operating margin widened from 31.9% to 48.7% over the same years.
- Free cash flow was positive in each of the last 6 fiscal years.
- Crown Castle reported a net loss in 1 of the last 6 fiscal years.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $6.3B | $7.0B | $4.7B | $4.5B | $4.3B |
| Revenue growth | 8.6% | 10.2% | -32.2% | -5.8% | -4.4% |
| Operating margin | 31.6% | 34.7% | 44.3% | 47.5% | 48.7% |
| Net income | $1.1B | $1.7B | $1.5B | −$3.9B | $444M |
| Free cash flow | $1.6B | $1.6B | $2.9B | $2.8B | $2.9B |
| Diluted EPS | $2.53 | $3.86 | $3.46 | $-8.98 | $1.01 |
Fiscal years as reported in Crown Castle’s 10-K filings. Free cash flow is operating cash flow minus capital spending.
Recent SEC filings
- 8-K filed November 5, 2026 — Regulation FD disclosure
- 8-K/A filed November 4, 2026 — Earnings results; Regulation FD disclosure
- 10-Q filed November 4, 2026 — quarterly report
- 8-K filed October 21, 2026 — Earnings results; Regulation FD disclosure
- 8-K filed September 14, 2026 — Executive or director change; Regulation FD disclosure
- 8-K filed August 5, 2026 — Regulation FD disclosure
- 10-Q filed August 5, 2026 — quarterly report
- 8-K filed July 22, 2026 — Earnings results; Regulation FD disclosure
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Questions about Crown Castle
Is Crown Castle's revenue growing?
No. Revenue for the twelve months to September 30, 2026 was $4.1 billion, down 5.3% from a year earlier, according to its SEC filings.
Is Crown Castle profitable?
Yes. It earned $822 million in net income over the twelve months to September 30, 2026, a net margin of 20.1%.
Does Crown Castle have more cash or more debt?
At September 30, 2026 it had $133 million in cash and $17.8 billion in debt, so more debt than cash.
When did Crown Castle last file financial results?
Its latest quarterly report (10-Q) was filed with the SEC on November 4, 2026.
Which companies are similar to Crown Castle?
In the S&P 500, Crown Castle is grouped in Telecom Tower REITs within the Real Estate sector. American Tower (AMT), SBA Communications (SBAC) are in the same group.
Understand the numbers
Source: Crown Castle’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved November 11, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.