Short answer
Crown Castle (CCI) filed its fiscal 2025 10-K annual report with the SEC on Feb 23, 2026. It reported revenue of $215M (+2.4% year over year) and net income of $444M.
- Top risk flagged: DISH default: Crown Castle issued termination notice Jan 12, 2026; asserts >$3.5B owed, with ~$165M net balance sheet exposure currently unimpaired
FY2025 key financial metrics · XBRL
- Revenue
- $215M
- +2.4% YoY
- Net income
- $444M
- +111.4% YoY
- Operating margin
- 965.1%
- +2364.2 pp YoY
- EPS (diluted)
- $1.01
- +111.2% YoY
- ROE
- -27.2%
- −2961.7 pp YoY
- Operating cash flow
- $3.1B
- +3.9% YoY
Source: XBRL data from the Crown Castle (CCI) FY2025 10-K on SEC EDGAR. USD.
Crown Castle FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Pure-play U.S. tower REIT: leases space on 40,000+ towers to wireless carriers under long-term contracts; T-Mobile, AT&T, Verizon = ~90% of site rental revenues
- Transformative divestiture: signed agreement March 2025 to sell entire Fiber segment (small cells + fiber solutions) to Zayo and EQT for $8.5B aggregate; Fiber now classified as discontinued operations
- Headcount ~4,000 total, ~2,500 in discontinued Fiber operations; 2026 Restructuring Plan to further reduce tower-side headcount
- $23.7B contracted future cash inflows from tower tenant contracts (weighted-average ~6 years remaining); DISH default excluded from figure
- REIT qualified-dividend 20% deduction made permanent by "One Big Beautiful Bill Act" signed July 4, 2025, directly benefiting non-corporate Crown Castle stockholders
Management Discussion & Analysis
- Site rental revenues $4.0B in 2025 vs $4.3B in 2024, down $219M (-5%); ~$204M decline from T-Mobile/Sprint non-renewals
- Adjusted EBITDA $2.86B vs $3.04B, margin ~70.7% vs ~71.1%; SG&A fell $52M (-12%) to $383M partially offsetting revenue drag
- Operating cash flow $3.06B vs $2.94B (+$114M YoY); discretionary capex $149M; dividends paid $2.1B (cut from $1.565 to $1.0625/share mid-year)
- Fiber Business sold for $8.5B (Zayo + EQT); proceeds earmarked ~$1B share buybacks + ~$7B debt repayment; $1.6B disposal loss recognized
- 2026 headwinds: ~$220M revenue loss from DISH default/termination; 2026 Restructuring Plan targeting $65M annualized savings at ~$30M charge
Risk Factors
- DISH default: Crown Castle issued termination notice Jan 12, 2026; asserts >$3.5B owed, with ~$165M net balance sheet exposure currently unimpaired
- Tenant concentration: T-Mobile/Sprint consolidation driving ~$200M Towers non-renewals in 2025, with additional losses expected through 2034
- Debt leverage: ~$24.2B total indebtedness as of Feb 2026; ~60% of fixed-rate debt (avg 3.7%) maturing within five years amid elevated rates
- Fiber Transaction risk: Pending sale to Zayo/EQT requires regulatory clearance and full operational separation; deal failure would strand significant sunk transaction costs
- Key-person dependency: Three CEOs in ~18 months (Brown → Melone → Moskowitz → Schlanger → Hillabrant); 2026 Restructuring Plan cutting tower/corporate headcount ~20%
Generated from the filing text; verify against the original. How to read a 10-K
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