Crown Castle Inc.

Name: Crown Castle Inc. financial statements and ratios
Creator: Annalist

CCI · NYSE · Real estate, communications infrastructure · United States · US GAAP · Fiscal year ends December

Latest report: Q3 FY2026, the quarter ended 30 September 2026, released 4 November 2026. Snapshot FY2026Q3_72f8c77e.

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Overview

Revenue, quarter

−7.2% year on year

Operating income, quarter

−11.4% year on year

Net income, quarter

−12.4% year on year

Diluted EPS, quarter

−9.5% year on year

Operating margin, last 4 quarters

−2.1pp year on year

Return on invested capital, last 4 quarters

+2.2pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest quarter, with their history over earlier quarters.

Revenue for the quarter ended 30 September 2026 was US$995 million, 7.2% lower than in the same quarter a year earlier.
Strengthenedin Q3 FY2026 · stated since Q3 FY2024−7.2% from −4.9% in Q2 FY2026
Rule: Revenue against a year earlier · Sources 10-Q 2026-09
History of this finding, 9 records
1. Q3 FY2026 StrengthenedRevenue for the quarter ended 30 September 2026 was US$995 million, 7.2% lower than in the same quarter a year earlier.Recorded from FY2026Q3_72f8c77e · data update
2. Q2 FY2026 ConfirmedRevenue for the quarter ended 30 June 2026 was US$1.0 billion, 4.9% lower than in the same quarter a year earlier.Reconstructed · data update
3. Q1 FY2026 ConfirmedRevenue for the quarter ended 31 March 2026 was US$1.0 billion, 4.8% lower than in the same quarter a year earlier.Reconstructed · data update
4. Q4 FY2025 ConfirmedRevenue for the quarter ended 31 December 2025 was US$1.1 billion, 4.3% lower than in the same quarter a year earlier.Reconstructed · data update
5. Q3 FY2025 ConfirmedRevenue for the quarter ended 30 September 2025 was US$1.1 billion, 4.3% lower than in the same quarter a year earlier.Reconstructed · data update
6. Q2 FY2025 ConfirmedRevenue for the quarter ended 30 June 2025 was US$1.1 billion, 4.2% lower than in the same quarter a year earlier.Reconstructed · data update
7. Q1 FY2025 StrengthenedRevenue for the quarter ended 31 March 2025 was US$1.1 billion, 4.8% lower than in the same quarter a year earlier.Reconstructed · data update
8. Q4 FY2024 ConfirmedRevenue for the quarter ended 31 December 2024 was US$1.1 billion, 1.5% lower than in the same quarter a year earlier.Reconstructed · data update
9. Q3 FY2024 NewRevenue for the quarter ended 30 September 2024 was US$1.1 billion, 0.9% lower than in the same quarter a year earlier.Reconstructed · initial
Net income attributable to the company was US$283 million, 12.4% lower than in the same quarter a year earlier.
Weakenedin Q3 FY2026 · stated since Q2 FY2026−12.4% from −67.7% in Q2 FY2026
Rule: Net income against a year earlier · Sources 10-Q 2026-09
History of this finding, 13 records
1. Q3 FY2026 WeakenedNet income attributable to the company was US$283 million, 12.4% lower than in the same quarter a year earlier.Recorded from FY2026Q3_72f8c77e · data update
2. Q2 FY2026 NewNet income attributable to the company was US$94 million, 67.7% lower than in the same quarter a year earlier.Reconstructed · data update
3. Q2 FY2026 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
4. Q1 FY2026 WeakenedNet income attributable to the company was US$151 million, against a net loss of US$464 million in the same quarter a year earlier.Reconstructed · data update
5. Q4 FY2025 NewNet income attributable to the company was US$294 million, against a net loss of US$4.8 billion in the same quarter a year earlier.Reconstructed · data update
6. Q4 FY2025 RetiredThe finding changed to a profit after a loss a year earlier.Reconstructed · data update
7. Q3 FY2025 WeakenedNet income attributable to the company was US$323 million, 6.6% higher than in the same quarter a year earlier.Reconstructed · data update
8. Q2 FY2025 NewNet income attributable to the company was US$291 million, 15.9% higher than in the same quarter a year earlier.Reconstructed · data update
9. Q2 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
10. Q1 FY2025 WeakenedThe company reported a net loss of US$464 million, against net income of US$311 million in the same quarter a year earlier.Reconstructed · data update
11. Q4 FY2024 NewThe company reported a net loss of US$4.8 billion, against net income of US$363 million in the same quarter a year earlier.Reconstructed · data update
12. Q4 FY2024 RetiredThe finding changed to a loss.Reconstructed · data update
13. Q3 FY2024 NewNet income attributable to the company was US$303 million, 14.3% higher than in the same quarter a year earlier.Reconstructed · initial
The operating margin over the last 4 quarters was 47.1%, 2.1 percentage points lower than a year earlier.
Strengthenedin Q3 FY2026 · stated since Q1 FY2026
Rule: Operating margin against a year earlier · Sources 10-K 2025-12, 10-Q 2025-09, 10-Q 2026-03 and 2 more
History of this finding, 10 records
1. Q3 FY2026 StrengthenedThe operating margin over the last 4 quarters was 47.1%, 2.1 percentage points lower than a year earlier.Recorded from FY2026Q3_72f8c77e · data update
2. Q2 FY2026 StrengthenedThe operating margin over the last 4 quarters was 47.7%, 1.2 percentage points lower than a year earlier.Reconstructed · data update
3. Q1 FY2026 NewThe operating margin over the last 4 quarters was 47.9%, 0.2 percentage points lower than a year earlier.Reconstructed · data update
4. Q1 FY2026 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
5. Q4 FY2025 WeakenedThe operating margin over the last 4 quarters was 48.7%, 1.2 percentage points higher than a year earlier.Reconstructed · data update
6. Q3 FY2025 WeakenedThe operating margin over the last 4 quarters was 49.2%, 6.6 percentage points higher than a year earlier.Reconstructed · data update
7. Q2 FY2025 WeakenedThe operating margin over the last 4 quarters was 48.9%, 11.3 percentage points higher than a year earlier.Reconstructed · data update
8. Q1 FY2025 WeakenedThe operating margin over the last 4 quarters was 48.1%, 12.3 percentage points higher than a year earlier.Reconstructed · data update
9. Q4 FY2024 StrengthenedThe operating margin over the last 4 quarters was 47.5%, 13.6 percentage points higher than a year earlier.Reconstructed · data update
10. Q3 FY2024 NewThe operating margin over the last 4 quarters was 42.6%, 8.8 percentage points higher than a year earlier.Reconstructed · initial
Return on invested capital over the last 4 quarters was 10.2%, against 8.0% a year earlier.
Confirmedin Q3 FY2026 · stated since Q1 FY2025
Rule: Return on invested capital against a year earlier · Sources 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12 and 3 more
History of this finding, 11 records
1. Q3 FY2026 ConfirmedReturn on invested capital over the last 4 quarters was 10.2%, against 8.0% a year earlier.Recorded from FY2026Q3_72f8c77e · data update
2. Q2 FY2026 StrengthenedReturn on invested capital over the last 4 quarters was 10.3%, against 8.0% a year earlier.Reconstructed · data update
3. Q1 FY2026 ConfirmedReturn on invested capital over the last 4 quarters was 8.7%, against 7.9% a year earlier.Reconstructed · data update
4. Q4 FY2025 ConfirmedReturn on invested capital over the last 4 quarters was 8.8%, against 7.8% a year earlier.Reconstructed · data update
5. Q3 FY2025 ConfirmedReturn on invested capital over the last 4 quarters was 8.0%, against 7.2% a year earlier.Reconstructed · data update
6. Q2 FY2025 StrengthenedReturn on invested capital over the last 4 quarters was 8.0%, against 7.0% a year earlier.Reconstructed · data update
7. Q1 FY2025 NewReturn on invested capital over the last 4 quarters was 7.9%, against 7.5% a year earlier.Reconstructed · data update
8. Q1 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
9. Q4 FY2024 NewReturn on invested capital over the last 4 quarters was 7.8%, against 8.0% a year earlier.Reconstructed · data update
10. Q4 FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
11. Q3 FY2024 NewReturn on invested capital over the last 4 quarters was 7.2%.Reconstructed · initial
Free cash flow over the last 4 quarters was US$1.7 billion, and operating cash flow was 2.4 times net income attributable to the company.
Interpretation. Operating cash flow paid for all capital expenditure, and the rest is free for dividends, share buybacks or debt repayment.
Weakenedin Q3 FY2026 · stated since Q3 FY2024
Rule: Free cash flow · Sources 10-K 2025-12, 10-Q 2025-09, 10-Q 2026-03 and 2 more
History of this finding, 9 records
1. Q3 FY2026 WeakenedFree cash flow over the last 4 quarters was US$1.7 billion, and operating cash flow was 2.4 times net income attributable to the company.Recorded from FY2026Q3_72f8c77e · data update
2. Q2 FY2026 WeakenedFree cash flow over the last 4 quarters was US$2.4 billion, and operating cash flow was 3.0 times net income attributable to the company.Reconstructed · data update
3. Q1 FY2026 WeakenedFree cash flow over the last 4 quarters was US$2.7 billion, and operating cash flow was 2.8 times net income attributable to the company.Reconstructed · data update
4. Q4 FY2025 ConfirmedFree cash flow over the last 4 quarters was US$2.9 billion, and operating cash flow was 6.9 times net income attributable to the company.Reconstructed · data update
5. Q3 FY2025 ConfirmedFree cash flow over the last 4 quarters was US$2.9 billion, and operating cash flow was -0.7 times net income attributable to the company.Reconstructed · data update
6. Q2 FY2025 ConfirmedFree cash flow over the last 4 quarters was US$2.9 billion, and operating cash flow was -0.7 times net income attributable to the company.Reconstructed · data update
7. Q1 FY2025 ConfirmedFree cash flow over the last 4 quarters was US$2.8 billion, and operating cash flow was -0.6 times net income attributable to the company.Reconstructed · data update
8. Q4 FY2024 StrengthenedFree cash flow over the last 4 quarters was US$2.8 billion, and operating cash flow was -0.8 times net income attributable to the company.Reconstructed · data update
9. Q3 FY2024 NewFree cash flow over the last 4 quarters was US$2.5 billion, and operating cash flow was 2.4 times net income attributable to the company.Reconstructed · initial
Net debt was US$17.7 billion at 30 September 2026, 6.8 times EBITDA over the last 4 quarters.
Confirmedin Q3 FY2026 · stated since Q3 FY2024
Rule: Net debt or net cash · Sources 10-Q 2026-09, 10-K 2025-12, 10-Q 2025-09 and 2 more
History of this finding, 9 records
1. Q3 FY2026 ConfirmedNet debt was US$17.7 billion at 30 September 2026, 6.8 times EBITDA over the last 4 quarters.Recorded from FY2026Q3_72f8c77e · data update
2. Q2 FY2026 WeakenedNet debt was US$17.2 billion at 30 June 2026, 6.5 times EBITDA over the last 4 quarters.Reconstructed · data update
3. Q1 FY2026 ConfirmedNet debt was US$24.6 billion at 31 March 2026, 9.1 times EBITDA over the last 4 quarters.Reconstructed · data update
4. Q4 FY2025 ConfirmedNet debt was US$24.2 billion at 31 December 2025, 8.8 times EBITDA over the last 4 quarters.Reconstructed · data update
5. Q3 FY2025 ConfirmedNet debt was US$24.3 billion at 30 September 2025, 8.6 times EBITDA over the last 4 quarters.Reconstructed · data update
6. Q2 FY2025 ConfirmedNet debt was US$24.2 billion at 30 June 2025, 8.5 times EBITDA over the last 4 quarters.Reconstructed · data update
7. Q1 FY2025 ConfirmedNet debt was US$24.3 billion at 31 March 2025, 8.6 times EBITDA over the last 4 quarters.Reconstructed · data update
8. Q4 FY2024 ConfirmedNet debt was US$24.0 billion at 31 December 2024, 8.4 times EBITDA over the last 4 quarters.Reconstructed · data update
9. Q3 FY2024 NewNet debt was US$23.9 billion at 30 September 2024, 7.6 times EBITDA over the last 4 quarters.Reconstructed · initial

Records before Q3 FY2026 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents29 documents, latest Form 10-Q, period ended 30 September 2026List

DownloadsExcel workbook · JSON · Brief for AI

SnapshotFY2026Q3_72f8c77e

Corporate Events

Disposal1 May 2026
Completed the disposal of a business, with Fiber Finco, LLC as counterparty.
Source 8-K 2026-05
recast23 February 2026
Presented revenue for fiscal 2023 again as US$4.7 billion, from US$7.0 billion, after the discontinued operations reported at the year end of 31 December 2023.
Source 10-K 2025-12
Discontinued operations31 December 2025
Reported discontinued operations for fiscal 2025, with net income of US$916 million from them.
Source 10-K 2025-12
Discontinued operations31 December 2024
Reported discontinued operations for fiscal 2024, with a net loss of US$5.1 billion from them.
Source 10-K 2025-12
Discontinued operations31 December 2023
Reported discontinued operations for fiscal 2023, with net income of US$265 million from them.
Source 10-K 2025-12
Change of name25 July 2022
Changed its name from CROWN CASTLE INTERNATIONAL CORP to Crown Castle Inc.
Non-reliance26 February 2020
Stated that earlier financial statements are no longer to be relied on.
Source 8-K 2020-02

Earnings, Returns and Balance Sheet

Revenue

By quarter, US dollars

Operating Income

By quarter, US dollars

Net Income Attributable to the Company

By quarter, US dollars

Margins

Last 4 quarters at each quarter end, per cent

Returns

Last 4 quarters, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by quarter, US dollars

Net Debt

Total debt less cash and short-term investments, at quarter end, US dollars

Diluted Earnings per Share

By quarter, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a quarter derived from cumulative reports.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

Q3 FY2026

Form 10-Q, period ended 30 September 2026, filed 4 November 2026. Changes are against the previous report, and each figure shows its period.

5changes1threshold crossed

Changes in This Report 5

StrengthenedRevenue Against a Year Earlier10-Q 2026-09
Revenue for the quarter ended 30 September 2026 was US$995 million, 7.2% lower than in the same quarter a year earlier.
Earlier record, Q2 FY2026
Revenue for the quarter ended 30 June 2026 was US$1.0 billion, 4.9% lower than in the same quarter a year earlier.
WeakenedNet Income Against a Year Earlier10-Q 2026-09
Net income attributable to the company was US$283 million, 12.4% lower than in the same quarter a year earlier.
Earlier record, Q2 FY2026
Net income attributable to the company was US$94 million, 67.7% lower than in the same quarter a year earlier.
StrengthenedOperating Margin Against a Year Earlier10-Q 2026-09
The operating margin over the last 4 quarters was 47.1%, 2.1 percentage points lower than a year earlier.
Earlier record, Q2 FY2026
The operating margin over the last 4 quarters was 47.7%, 1.2 percentage points lower than a year earlier.
WeakenedFree Cash Flow10-Q 2026-09
Free cash flow over the last 4 quarters was US$1.7 billion, and operating cash flow was 2.4 times net income attributable to the company.
Earlier record, Q2 FY2026
Free cash flow over the last 4 quarters was US$2.4 billion, and operating cash flow was 3.0 times net income attributable to the company.

1 more change

WeakenedCash Backing of Earnings10-Q 2026-09
Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 4.4% of average total assets.
Earlier record, Q2 FY2026
Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.6% of average total assets.

Thresholds Crossed 1

StrengthenedAltman Z'' Zone
The Altman Z'' score for fiscal 2025 was minus 2.39, below the distress threshold of 1.10.
Interpretation. By this model, the balance sheet and earnings look like those of companies that went bankrupt in its original study: below 1.10 means distress, above 2.60 safe. Large share buybacks lower book equity and so lower the score.

Fiscal years and the latest quarter, with flows over the last 4 quarters and balances at the quarter end. Select a value for its formula and the figures it uses.

Credit MetricsLease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

These ratios are not computed for this company; the method below gives the reason.

Method

Not computed: the company is a real estate investment trust (SIC 6798), where debt to EBITDA and the related ratios do not measure credit; financial companies need a template of their own.
Lease-adjusted debt is total debt plus operating lease liabilities, before the deduction of cash. Adjusted EBITDA adds goodwill impairment, share-based compensation and operating lease cost to EBIT and depreciation and amortisation; restructuring and litigation charges, other impairments and profits on disposals stay in EBIT. FFO deducts cash interest, lease interest and cash taxes.
Lease interest is the average operating lease liability times the weighted average discount rate of the leases, or the implied cost of debt where the rate is not reported.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends, with the debt maturities of the latest annual report.

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends, with the debt maturities of the latest annual report.

Sources and Uses, Fiscal 2021

Sources	Amount
Cash and short-term investments	$292m
Operating cash flow	$2.8bn
Sources	$3.1bn

Uses	Amount
Debt due within 12 months	$338m
Capital expenditure	$1.2bn
Dividends paid	$2.4bn
Uses	$3.9bn

Liquidity cover 0.78x

Debt Maturities at 30 September 2026

Principal due by fiscal year, US dollars

FY2027	FY2028	FY2029	FY2030	FY2031	After FY2031	Total
n/a	$2.2bn	$2.6bn	$2.4bn	$734m	$9.9bn	n/a

The report gives no amount for FY2027, so the schedule has no total.

By Fiscal Year

Ratio	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q3 FY2026latest quarter
Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included	n/a	n/a	n/a	n/a	n/a
Debt due within 12 monthsBorrowings due within the next 12 months, which the company must repay or refinance.The larger of long-term debt maturing within 12 months in the maturity schedule and the current portion of long-term debt, + short-term borrowings
Maturity concentrationThe largest amount of debt due in a single year of the next 5, as a share of the debt in the schedule. A high share means the repayments are concentrated in 1 year.Largest single year of debt maturing within 5 years / total debt in the maturity schedule					n/a

Method

Debt due within 12 months is the larger of the first year of the maturity schedule and the current portion of long-term debt, plus short-term borrowings. The schedule of a quarterly report can cover the rest of the fiscal year only and leaves out finance leases.
Capital expenditure and dividends of the fiscal year, or of the last 4 quarters, are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −4.4%, Operating cash flow to EBITDA 0.75x · Q3 FY2026

Accruals and the cash backing of reported earnings.

Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 4.4% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Weakenedin Q3 FY2026 · stated since Q3 FY2024−4.4% from −6.6% in Q2 FY2026
Rule: Cash backing of earnings · Sources 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12 and 2 more
History of this finding, 9 records
1. Q3 FY2026 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 4.4% of average total assets.Recorded from FY2026Q3_72f8c77e · data update
2. Q2 FY2026 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.6% of average total assets.Reconstructed · data update
3. Q1 FY2026 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 5.9% of average total assets.Reconstructed · data update
4. Q4 FY2025 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 8.1% of average total assets.Reconstructed · data update
5. Q3 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 22.1% of average total assets.Reconstructed · data update
6. Q2 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 22.0% of average total assets.Reconstructed · data update
7. Q1 FY2025 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 21.9% of average total assets.Reconstructed · data update
8. Q4 FY2024 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 19.2% of average total assets.Reconstructed · data update
9. Q3 FY2024 NewOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 4.4% of average total assets.Reconstructed · initial

Net Income and Operating Cash Flow

Last 4 quarters at each quarter end, US dollars

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202431 Dec 2024
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)
Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation)
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company		n/a
Working capital investment to revenueCash put into receivables and stock, less extra credit from suppliers and customers, as a share of revenue. A positive figure means growth or slower collection uses cash.(Increase in receivables + increase in inventories - increase in payables - increase in contract liabilities) / revenue	n/a

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresDistress zoneAltman Z'' −2.39, Beneish −2.55 · Piotroski 6 of 9 · Last 4 quarters −3.58 at Q3 FY2026 · FY2025

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2025 was minus 2.39, below the distress threshold of 1.10.
Interpretation. By this model, the balance sheet and earnings look like those of companies that went bankrupt in its original study: below 1.10 means distress, above 2.60 safe. Large share buybacks lower book equity and so lower the score.
Strengthenedin FY2025 · stated since FY2023−2.39 from −1.63 in FY2024
Rule: Altman Z'' zone · Sources 10-Q 2026-09, 10-K 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedThe Altman Z'' score for fiscal 2025 was minus 2.39, below the distress threshold of 1.10.Reconstructed · data update
2. FY2024 StrengthenedThe Altman Z'' score for fiscal 2024 was minus 1.63, below the distress threshold of 1.10.Reconstructed · data update
3. FY2023 NewThe Altman Z'' score for fiscal 2023 was minus 0.70, below the distress threshold of 1.10.Reconstructed · initial
The Beneish M-score for fiscal 2025 was minus 2.55, below the model threshold of minus 1.78.
Interpretation. The model finds no sign of earnings manipulation. Beneish (1999) set a threshold of minus 1.78, above which a company resembles the companies that manipulated their earnings.
Weakenedin FY2025 · stated since FY2023−2.55 from −4.17 in FY2024
Rule: Beneish M-score against its threshold · Sources 10-K 2025-12, 10-Q 2026-09
History of this finding, 3 records
1. FY2025 WeakenedThe Beneish M-score for fiscal 2025 was minus 2.55, below the model threshold of minus 1.78.Reconstructed · data update
2. FY2024 StrengthenedThe Beneish M-score for fiscal 2024 was minus 4.17, below the model threshold of minus 1.78.Reconstructed · data update
3. FY2023 NewThe Beneish M-score for fiscal 2023 was minus 2.66, below the model threshold of minus 1.78.Reconstructed · initial
The Piotroski F-score for fiscal 2025 was 6 of 9. The 3 signals not met were long-term debt to assets lower than a year earlier, current ratio higher than a year earlier and margin higher than a year earlier.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 4 to 6 is the middle group: Piotroski (2000) placed 7 to 9 in the strongest group and 0 to 3 in the weakest.
Confirmedin FY2025 · stated since FY20236.00 from 5.00 in FY2024
Rule: Piotroski F-score · Sources 10-K 2024-12, 10-K 2025-12, 10-Q 2026-09
History of this finding, 3 records
1. FY2025 ConfirmedThe Piotroski F-score for fiscal 2025 was 6 of 9. The 3 signals not met were long-term debt to assets lower than a year earlier, current ratio higher than a year earlier and margin higher than a year earlier.Reconstructed · data update
2. FY2024 ConfirmedThe Piotroski F-score for fiscal 2024 was 5 of 9. The 4 signals not met were return on assets above zero, return on assets higher than a year earlier, long-term debt to assets lower than a year earlier and asset turnover higher than a year earlier.Reconstructed · data update
3. FY2023 NewThe Piotroski F-score for fiscal 2023 was 5 of 9. The 4 signals not met were return on assets higher than a year earlier, long-term debt to assets lower than a year earlier, current ratio higher than a year earlier and asset turnover higher than a year earlier.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q3 FY2026latest quarter
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	distress zone	distress zone	distress zone	distress zone	distress zone	distress zone
Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78	below threshold	below threshold	below threshold	below threshold	below threshold	n/a
Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate	n/a					n/a
Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000)	n/a					n/a

Altman Z'' Score

fiscal 2025

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

−2.39Distress zone, below 1.10

Grey zone, 1.10 to 2.60

Safe zone, above 2.60

The score of minus 2.39 is in the distress zone of the model, below 1.10. The largest part is operating profit, at 0.44; working capital below zero lowers the score by 0.69, an accumulated deficit by 2.09 and negative equity by 0.05.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	−0.106	6.560	−0.694
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	−0.640	3.260	−2.085
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.066	6.720	0.442
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	−0.049	1.050	−0.052
Score			−2.389

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Beneish M-score

fiscal 2025

A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.

−2.55Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 2.55 is below the model threshold of minus 1.78. Of the 8 measures, receivables against sales raises the score most.

Part	Value	Coefficient	Contribution
Intercept			−4.840
Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay.	1.395	0.920	1.283
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	1.003	0.528	0.529
Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets.	0.999	0.404	0.403
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	0.956	0.892	0.853
Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit.	1.006	0.115	0.116
Selling, general and administrative expenses indexOverheads against sales, against a year earlier.	0.921	−0.172	−0.158
Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model.	−0.083	4.679	−0.388
Leverage indexDebt against total assets, against a year earlier.	1.055	−0.327	−0.345
Score			−2.547

Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.

Dechow F-score

fiscal 2025

The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.

A score of 0.41 means a probability of a misstatement 0.41 times the average rate in the Dechow sample: 0.15% against 0.37%.

Part	Value	Coefficient	Contribution
Intercept			−7.893
Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets.	−0.047	0.790	−0.037
Change in receivables / average total assetsThe growth of receivables against average assets.	0.001	2.518	0.003
Change in inventories / average total assetsThe growth of stock against average assets.	0.000	1.191	0.000
Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement.	0.798	1.979	1.579
Change in cash salesThe growth of sales collected in cash.	−0.123	0.171	−0.021
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	0.123	−0.932	−0.115
Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year.	0.000	1.029	0.000
Predicted value			−6.484
Probability of a misstatement			0.15%

Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.

Piotroski F-score

fiscal 2025

A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.

6 of the 9 tests are met, in the middle group of 4 to 6.

Signal	FY2025	FY2024
Return on assets above zero	Met	Not met
Operating cash flow above zero	Met	Met
Return on assets higher than a year earlier	Met	Not met
Operating cash flow above net income	Met	Met
Long-term debt to assets lower than a year earlier	Not met	Not met
Current ratio higher than a year earlier	Not met	Met
No common equity issued	Met	Met
Margin higher than a year earlier	Not met	Met
Asset turnover higher than a year earlier	Met	Not met

Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.

Source Documents

Documents of this snapshot, latest first.

Document	Date	Id
Form 10-Q, period ended 30 September 2026	4 Nov 2026	10-Q:0001051470-26-000090
Form 10-Q, period ended 30 June 2026	5 Aug 2026	10-Q:0001051470-26-000074
Form 10-Q, period ended 31 March 2026	7 May 2026	10-Q:0001051470-26-000059
Form 8-K, period ended 1 May 2026	1 May 2026	8-K:0001051470-26-000052
Form 10-K, period ended 31 December 2025	23 Feb 2026	10-K:0001051470-26-000016
Form 10-Q, period ended 30 September 2025	6 Nov 2025	10-Q:0001051470-25-000194
Form 10-Q, period ended 30 June 2025	6 Aug 2025	10-Q:0001051470-25-000168
Form 10-Q, period ended 31 March 2025	9 May 2025	10-Q:0001051470-25-000141
Form 10-K, period ended 31 December 2024	14 Mar 2025	10-K:0001051470-25-000089
Form 10-Q, period ended 30 September 2024	30 Oct 2024	10-Q:0001051470-24-000216
Form 10-Q, period ended 30 June 2024	30 Jul 2024	10-Q:0001051470-24-000186
Form 10-Q, period ended 31 March 2024	1 May 2024	10-Q:0001051470-24-000143
Form 10-K, period ended 31 December 2023	23 Feb 2024	10-K:0001051470-24-000062
Form 10-Q, period ended 30 September 2023	1 Nov 2023	10-Q:0001051470-23-000162
Form 10-Q, period ended 30 June 2023	2 Aug 2023	10-Q:0001051470-23-000128
Form 10-Q, period ended 31 March 2023	3 May 2023	10-Q:0001051470-23-000106
Form 10-K, period ended 31 December 2022	24 Feb 2023	10-K:0001051470-23-000041
Form 10-Q, period ended 30 September 2022	4 Nov 2022	10-Q:0001051470-22-000173
Form 10-Q, period ended 30 June 2022	5 Aug 2022	10-Q:0001051470-22-000153
Form 10-Q, period ended 31 March 2022	29 Apr 2022	10-Q:0001051470-22-000115
Form 10-K, period ended 31 December 2021	22 Feb 2022	10-K:0001051470-22-000019
Form 10-Q, period ended 30 September 2021	5 Nov 2021	10-Q:0001051470-21-000191
Form 10-Q, period ended 30 June 2021	6 Aug 2021	10-Q:0001051470-21-000171
Form 10-Q, period ended 31 March 2021	3 May 2021	10-Q:0001051470-21-000134
Form 10-K, period ended 31 December 2020	22 Feb 2021	10-K:0001051470-21-000031
Form 10-Q, period ended 30 September 2020	28 Oct 2020	10-Q:0001051470-20-000157
Form 10-Q, period ended 30 June 2020	31 Jul 2020	10-Q:0001051470-20-000132
Form 10-Q, period ended 31 March 2020	1 May 2020	10-Q:0001051470-20-000104
Form 8-K, period ended 25 February 2020	26 Feb 2020	8-K:0001051470-20-000068

Checks

359290 of 359 checks passed, 69 warnings

Fiscal calendar70 passedFiscal years last 350 to 380 days, quarters 80 to 125 days, and each period starts on the day after the one before. Checked at error level.

Quarters and fiscal year104 of 116 passedThe 4 quarters of every item add up to its fiscal year, or a later filing restated the year. Checked at error level; a difference that a later report explains is a warning, which does not stop publication.

Revenue, FY2023: $6,981m against $4,734m

Cost of revenue, FY2023: $316m against $304m

Selling, general and administrative expense, FY2023: $759m against $502m

Operating income, FY2023: $2,369m against $2,097m

Income before income taxes, FY2023: $1,527m against $1,258m

Income tax expense, FY2023: $26.0m against $21.0m

Reported quarters0 of 1 passedA quarter that a filing reports on its own agrees with the figures of the same filing. Checked at warning level.

Operating income, Q3 FY2024: $532m against $534m

Withheld values50 values withheldA value that contradicts the definition of its item, or that documents report in contradiction, is withheld. Checked at warning level.

Income tax expense, Q4 FY2020: withheld, reported with opposite signs

Income tax expense, FY2020: withheld, reported with opposite signs

Income tax expense, Q4 FY2021: withheld, reported with opposite signs

Income tax expense, FY2021: withheld, reported with opposite signs

Interest expense, Q4 FY2022: withheld, reported with opposite signs

Income tax expense, Q1 FY2022: withheld, reported with opposite signs

Filer identity1 passedThe documents are those of the company of this page. Checked at error level.

Balance sheet identity27 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Balance sheet structure27 passedTotal assets equal liabilities, temporary equity and total equity. Checked at warning level.

Debt maturities21 of 27 passedThe debt maturity schedule adds up to the long-term debt. Checked at warning level.

31 Mar 2024: $21,607m against $23,414m

30 Jun 2024: $21,625m against $23,719m

31 Mar 2025: $22,273m against $24,377m

30 Jun 2025: $21,978m against $24,290m

30 Sep 2025: $22,484m against $24,319m

31 Mar 2026: $21,055m against $24,682m

Lease liabilities6 passedLease payments due, less imputed interest, equal the lease liabilities. Checked at warning level.

Quarters and 9 months20 passedThe 3 reported quarters of a fiscal year add up to the reported 9-month figure. Checked at error level.

Earnings per share6 passedNet income divided by average shares agrees with reported basic earnings per share. Checked at warning level.

Interest and debt3 passedInterest expense of a fiscal year is between 0.5% and 15% of the average total debt at its opening and closing dates, so that the debt captured carries the interest reported. Checked at warning level.

Primary statements5 passedEach key figure of the latest fiscal year is a line of the income statement, the balance sheet or the cash flow statement of the annual report. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	1,506
Confirmed by other figures	42.7%, 643 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	19.1%, 288 values
Values withheld	50
Restated figures tracked	81
Changes compared on one basis	15
Company lines mapped	0 of 0 reviewed

Citation

Annalist, Crown Castle Inc., snapshot crown-castle/FY2026Q3_72f8c77e (as of FY2026 Q3); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2026Q3_72f8c77e · dataset SHA-256 72f8c77ec0d029eef52368c9f4670401dbf2f9a1483e31c8e3dcc0a11ed4dbc9 · findings rules 0.5

Data: info.json · dataset.json · validation.json · documents.json