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CCI Crown Castle

FY2025 10-K
Filed: Feb 23, 2026
Financials
Real Estate Investment TrustsSEC EDGAR
Crown Castle Overview

Crown Castle (CCI) filed its fiscal year 2025 10-K annual report with the SEC on Feb 23, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.

AI Filing Analysis
FY2025 10-K

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
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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
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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
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Financial Summary
XBRL

Revenue

$215M

Net Income

$444M

Operating Margin

965.1%

Net Margin

206.5%

ROE

-27.2%

Total Assets

$31.5B

EPS (Diluted)

$1.01

Operating Cash Flow

$3.1B

Source: XBRL data from Crown Castle FY2025 10-K filing on SEC EDGAR. All figures in USD.

Other Crown Castle Annual Reports

FY2024 10-K

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