Revenue growth has faced severe headwinds, highlighted by a 35.06% year-over-year contraction in 2025Q4 and a collapse in NOI margins to 42.1% during the same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Revenue | 4.21B | 4.26B | 6.57B | 6.98B | 6.99B | 6.34B | 5.84B | 5.76B | 5.37B | 4.25B | 3.92B | 3.66B | 3.54B | 2.87B | 2.43B | 2.03B | 1.88B | 1.69B | 1.53B | 1.39B | 788.22M | 676.76M | 604.2M | 557.16M | 605.35M | 898.95M | 649.16M | 345.8M | 113.1M | 31.4M |
| Revenue Growth % | -22.95% | -35.06% | -5.92% | -0.07% | 10.19% | 8.56% | 1.34% | 7.32% | 26.2% | 8.52% | 7.02% | 3.54% | 23.48% | 17.8% | 19.68% | 8.2% | 11.47% | 10.41% | 10.18% | 75.77% | 16.47% | 12.01% | 8.44% | -7.96% | -32.66% | 38.48% | 87.73% | 205.75% | 260.19% | - |
| Property Operating Expenses | 1.45B | 1.45B | 1.85B | 1.98B | 2.07B | 1.99B | 1.97B | 1.99B | 1.84B | 1.54B | 1.44B | 1.32B | 1.31B | 991.02M | 728.99M | 588.38M | 581.38M | 549.37M | 538.58M | 509.08M | 272.96M | 251.99M | 231.03M | 226.19M | 298.19M | 467.23M | 233.6M | 106.8M | 29.9M | 13.1M |
| Net Operating Income (NOI) | 2.77B | 2.82B | 4.72B | 5B | 4.92B | 4.35B | 3.87B | 3.78B | 3.53B | 2.71B | 2.48B | 2.34B | 2.23B | 1.87B | 1.7B | 1.44B | 1.3B | 1.14B | 987.93M | 876.4M | 515.26M | 424.77M | 373.18M | 330.96M | 307.17M | 431.72M | 415.57M | 239M | 83.2M | 18.3M |
| NOI Margin % | 65.71% | 66.07% | 71.88% | 71.64% | 70.4% | 68.56% | 66.28% | 65.54% | 65.66% | 63.74% | 63.25% | 63.93% | 63.08% | 65.42% | 70.03% | 71.05% | 69.05% | 67.4% | 64.72% | 63.26% | 65.37% | 62.77% | 61.76% | 59.4% | 50.74% | 48.02% | 64.02% | 69.12% | 73.56% | 58.28% |
| Operating Expenses | 746M | 739M | 7.66B | 2.63B | 2.49B | 2.35B | 2.01B | 2.22B | 2.14B | 1.75B | 1.53B | 1.4B | 1.29B | 994.03M | 869.01M | 752.04M | 721.92M | 702.05M | 695.42M | 776.87M | 393.83M | 400.57M | 400.37M | 397.36M | 435.09M | 493.82M | 410.36M | 229.2M | 83.3M | 21.7M |
| G&A Expenses | 380M | 383M | 706M | 759M | 750M | 680M | 678M | 614M | 563M | 426M | 371M | 310.92M | 257.3M | 213.52M | 212.57M | 173.49M | 165.36M | 153.07M | 149.59M | 142.85M | 95.75M | 105.76M | 106.18M | 115.54M | 99.57M | 108.65M | 80.07M | 43.8M | 23.6M | 6.8M |
| EBITDA | 2.71B | 2.77B | -1.2B | 4.12B | 4.13B | 3.65B | 3.47B | 3.13B | 2.91B | 2.21B | 2.06B | 1.98B | 1.93B | 1.62B | 1.46B | 1.25B | 1.12B | 963.73M | 818.95M | 660.08M | 415.27M | 312.48M | 267.31M | 286.8M | 244.1M | 358.14M | 325.01M | 189.8M | 55M | 5.8M |
| EBITDA Margin % | 64.24% | 64.9% | -18.27% | 59.06% | 59.15% | 57.49% | 59.43% | 54.33% | 54.19% | 51.89% | 52.49% | 54.11% | 54.44% | 56.6% | 59.9% | 61.26% | 59.41% | 57.18% | 53.65% | 47.64% | 52.68% | 46.17% | 44.24% | 51.47% | 40.32% | 39.84% | 50.07% | 54.89% | 48.63% | 18.47% |
| Depreciation & Amortization | 684M | 689M | 1.74B | 1.75B | 1.71B | 1.64B | 1.61B | 1.57B | 1.53B | 1.24B | 1.11B | 1.04B | 985.78M | 741.34M | 622.59M | 552.95M | 540.77M | 529.74M | 526.44M | 560.55M | 293.84M | 288.28M | 294.5M | 353.19M | 372.02M | 420.24M | 319.8M | 180M | 55.1M | 9.2M |
| D&A / Revenue % | 16.23% | 16.15% | 26.46% | 25.13% | 24.43% | 25.93% | 27.53% | 27.28% | 28.44% | 29.17% | 28.28% | 28.28% | 27.86% | 25.87% | 25.59% | 27.2% | 28.78% | 31.43% | 34.49% | 40.46% | 37.28% | 42.6% | 48.74% | 63.39% | 61.46% | 46.75% | 49.26% | 52.05% | 48.72% | 29.3% |
| Operating Income | 2.02B | 2.08B | -2.94B | 2.37B | 2.42B | 2B | 1.86B | 1.56B | 1.38B | 967M | 949M | 946.18M | 940.68M | 880.7M | 834.68M | 692.3M | 575.37M | 433.99M | 292.51M | 99.53M | 121.43M | 24.21M | -27.19M | -66.39M | -127.92M | -62.1M | 5.21M | 9.8M | -100K | -3.4M |
| Operating Margin % | 48.01% | 48.75% | -44.73% | 33.93% | 34.71% | 31.56% | 31.9% | 27.05% | 25.75% | 22.73% | 24.2% | 25.82% | 26.58% | 30.73% | 34.31% | 34.06% | 30.63% | 25.75% | 19.16% | 7.18% | 15.41% | 3.58% | -4.5% | -11.92% | -21.13% | -6.91% | 0.8% | 2.83% | -0.09% | -10.83% |
| Interest Expense | 4M | 959M | 900M | 821M | 673M | 632M | 0 | 683M | 642M | 590.68M | 515.03M | 0 | 573.29M | 589.63M | 601.04M | 507.59M | 490.27M | 445.88M | 329.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 2.17x | -3.31x | 2.86x | 3.51x | 2.87x | - | 2.26x | 1.96x | 1.63x | 1.69x | - | 1.44x | 1.27x | 1.02x | 1.18x | 0.17x | 0.57x | 0.61x | - | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | -3M | 1M | 41M | 20M | 61M | 190M | 121M | 16M | 122M | 5M | 81M | -12.85M | 116.16M | 132.61M | 220.86M | 91.76M | 492.77M | 178.63M | 91.61M | -28.61M | -9.89M | -2.62M | -3.73M | -1.29M | -8.66M | -19.42M | 0 | 0 | 0 | 0 |
| Pretax Income | 1.05B | 1.12B | -3.88B | 1.53B | 1.69B | 1.18B | 1.08B | 881M | 641M | 392M | 374M | 473.83M | 335.07M | 251M | 100.83M | 179.81M | -338.11M | -190.52M | -153.22M | -317M | -48.37M | -392.04M | -306.95M | -453.02M | -336.89M | -351M | -203.04M | -94M | -37.4M | 0 |
| Pretax Margin % | 25.04% | 26.24% | -59.06% | 21.89% | 24.21% | 18.6% | 18.42% | 15.29% | 11.94% | 9.21% | 9.54% | 12.93% | 9.47% | 8.76% | 4.14% | 8.85% | -18% | -11.3% | -10.04% | -22.88% | -6.14% | -57.93% | -50.8% | -81.31% | -55.65% | -39.04% | -31.28% | -27.18% | -33.07% | 0% |
| Income Tax | 16M | 16M | 24M | 26M | 16M | 21M | 20M | 21M | 19M | 26M | 17M | -51.46M | -11.24M | 191M | -100.06M | 8.35M | -26.85M | -76.4M | -104.36M | -94.04M | -843K | 3.23M | -5.37M | 7.52M | 12.28M | 16.48M | 246K | 300K | 400K | 8.5M |
| Effective Tax Rate % | 1.52% | 1.43% | -0.62% | 1.7% | 0.95% | 1.78% | 1.86% | 2.38% | 2.96% | 6.63% | 4.55% | -10.86% | -3.36% | 76.1% | -99.24% | 4.64% | 7.94% | 40.1% | 68.11% | 29.67% | 1.74% | -0.82% | 1.75% | -1.66% | -3.64% | -4.69% | -0.12% | -0.32% | -1.07% | - |
| Net Income | 1.06B | 444M | -3.9B | 1.5B | 1.68B | 1.1B | 1.06B | 860M | 622M | 366M | 356.97M | 477.95M | 294.06M | 44.85M | 188.58M | 171.08M | -310.94M | -114.33M | -48.86M | -222.81M | -41.89M | -401.54M | 235.11M | -398.37M | -272.52M | -366.17M | -204.79M | -96.7M | -37.8M | -11.9M |
| Net Margin % | 25.13% | 10.41% | -59.42% | 21.52% | 23.98% | 17.29% | 18.08% | 14.92% | 11.58% | 8.6% | 9.1% | 13.05% | 8.31% | 1.56% | 7.75% | 8.42% | -16.55% | -6.78% | -3.2% | -16.08% | -5.31% | -59.33% | 38.91% | -71.5% | -45.02% | -40.73% | -31.55% | -27.96% | -33.42% | -37.9% |
| Net Income Growth % | 122.64% | 111.38% | -359.85% | -10.33% | 52.83% | 3.79% | 22.79% | 38.26% | 69.95% | 2.53% | -25.31% | 62.53% | 555.69% | -76.22% | 10.23% | 155.02% | -171.96% | -134.01% | 78.07% | -431.86% | 89.57% | -270.79% | 159.02% | -46.18% | 25.57% | -78.8% | -111.77% | -155.82% | -217.65% | - |
| Funds From Operations (FFO) | 1.74B | 1.13B | -2.17B | 3.26B | 3.38B | 2.74B | 2.66B | 2.43B | 2.15B | 1.61B | 1.47B | 1.51B | 1.28B | 786.19M | 811.18M | 724.03M | 229.83M | 415.41M | 477.58M | 337.74M | 251.95M | -113.26M | 529.61M | -45.18M | 99.5M | 54.08M | 115.01M | 83.3M | 17.3M | -2.7M |
| FFO Margin % | 41.36% | 26.57% | -32.96% | 46.64% | 48.41% | 43.22% | 45.62% | 42.2% | 40.02% | 37.77% | 37.39% | 41.33% | 36.17% | 27.43% | 33.34% | 35.62% | 12.23% | 24.65% | 31.29% | 24.38% | 31.96% | -16.74% | 87.66% | -8.11% | 16.44% | 6.02% | 17.72% | 24.09% | 15.3% | -8.6% |
| FFO Growth % | 271.12% | 152.33% | -166.49% | -3.73% | 23.43% | 2.85% | 9.54% | 13.17% | 33.73% | 9.62% | -3.18% | 18.31% | 62.79% | -3.08% | 12.04% | 215.03% | -44.67% | -13.02% | 41.41% | 34.05% | 322.46% | -121.39% | 1272.28% | -145.41% | 84% | -52.98% | 38.07% | 381.5% | 740.74% | - |
| FFO per Share | 3.99 | 2.59 | -4.99 | 7.50 | 7.79 | 6.31 | 6.27 | 5.82 | 5.18 | 4.19 | 4.30 | 4.53 | 3.84 | 2.63 | 2.78 | 2.53 | 0.80 | 1.45 | 1.69 | 1.21 | 1.22 | -0.52 | 2.39 | -0.21 | 0.46 | 0.25 | 0.64 | 0.63 | 0.41 | -0.43 |
| FFO Payout Ratio % | 106.88% | 183.58% | -126.05% | 83.63% | 76.94% | 86.61% | 79.02% | 78.62% | 82.92% | 93.9% | 87.52% | 73.73% | 48.78% | 0% | 0.31% | 2.69% | 8.65% | 4.79% | 4.16% | 5.89% | 7.89% | -19.09% | 1.8% | -162.56% | 0% | 0% | 0% | 1.44% | 0% | 0% |
| EPS (Diluted) | 2.42 | 1.02 | -8.98 | 3.46 | 3.86 | 2.53 | 2.35 | 1.79 | 1.23 | 0.80 | 0.95 | 1.43 | 0.88 | 0.15 | 0.64 | 0.52 | -1.08 | -0.40 | -0.17 | -0.80 | -0.20 | -1.84 | 0.88 | -1.84 | -1.25 | -1.71 | -1.15 | -0.74 | -0.89 | -1.92 |
| EPS Growth % | 122.53% | 111.36% | -359.54% | -10.36% | 52.57% | 7.66% | 31.28% | 45.53% | 53.75% | -15.79% | -33.57% | 62.5% | 486.67% | -76.56% | 23.08% | 148.15% | -170% | -135.29% | 78.75% | -300% | 89.13% | -309.09% | 147.83% | -47.2% | 26.9% | -48.7% | -55.41% | 16.85% | 53.65% | - |
| EPS (Basic) | - | 1.02 | -8.98 | 3.46 | 3.87 | 2.54 | 2.36 | 1.80 | 1.23 | 0.81 | 0.95 | 1.44 | 0.88 | 0.15 | 0.64 | 0.52 | -1.08 | -0.40 | -0.17 | -0.80 | -0.20 | -1.84 | 0.88 | -1.84 | -1.25 | -1.71 | -1.15 | -0.74 | -0.89 | -1.92 |
| Diluted Shares Outstanding | 437M | 437M | 434M | 434M | 434M | 434M | 425M | 418M | 415M | 383.22M | 340.88M | 334.06M | 333.26M | 299.29M | 291.27M | 285.95M | 286.76M | 286.62M | 282.01M | 279.94M | 207.25M | 217.76M | 221.69M | 216.95M | 218.03M | 214.25M | 178.59M | 131.47M | 42.52M | 6.21M |
Carrier capex spending volatility
As reported in recent financial filings, Crown Castle experienced a significant revenue decline, with year-over-year growth figures frequently printing in the negative double digits, including a notable -35.06% contraction in 2025Q4, suggesting that the company's domestic-only model is currently facing severe headwinds from carrier consolidation and spending pauses.
The persistent revenue contraction indicates that the company's reliance on US wireless carriers is currently a liability rather than a source of stability. Investors should monitor whether the recent strategic review of the fiber and small cell business will lead to a pivot that can stabilize top-line performance.
Based on the provided quarterly data, NOI margins have exhibited extreme volatility, plummeting from historical norms near 75% to a low of 42.1% in 2025Q4, which implies that the company's property-level cost structure is struggling to absorb the impact of recent revenue fluctuations and operational shifts.
The sharp compression in NOI margins suggests that the fixed-cost nature of the tower and fiber portfolio is failing to provide the expected operating leverage during this period of revenue decline. This warrants further investigation into whether the fiber segment's higher maintenance requirements are permanently diluting the company's historically strong tower-based profitability.
According to the company's reported earnings metrics, FFO per share has shown erratic behavior, swinging from a high of 2.83 in 2024Q3 to a negative 0.66 in 2025Q1, which raises significant questions regarding the long-term safety of the dividend and the quality of recurring cash flows.
The extreme variance in FFO suggests that non-recurring items or accounting adjustments are heavily distorting the company's core earnings power. Investors should be cautious, as the current FFO trajectory appears inconsistent with the historical stability typically expected from a REIT of this scale.
Financial statements indicate that the company's reliance on straight-line rent accounting and potential capitalization of leasing costs may be masking the true cash-generating capacity of the portfolio, as evidenced by the wide divergence between GAAP net income and reported AFFO across multiple quarters.
The disconnect between headline earnings and actual cash flow suggests that the company's reported metrics may be overly optimistic regarding its ability to fund capital expenditures and dividends. Analysts should scrutinize the distinction between maintenance and discretionary capital spending to determine if AFFO is being artificially inflated.
Quick answers to the most common questions about buying CCI stock.
For fiscal year 2025, Crown Castle Inc. (CCI) reported total revenue of $4.26B. This represents a 13482.8% increase compared to $31.4M in 1997.
Crown Castle Inc. (CCI) is profitable, generating $444.0M in net income for the fiscal year ending 2025 with a net profit margin of 10.4%.
Crown Castle Inc. (CCI) reported an operating income of $2.08B, resulting in an operating profit margin of 48.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Crown Castle Inc. (CCI) generated $2.82B in gross profit for the year, representing a gross profit margin of 66.1%. This demonstrates the company's core pricing power and production efficiency.