# Crown Castle Inc. (CCI)

> 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.

Page: https://annalist.io/company/crown-castle/

Identifiers: LEI 54930012H97VSM0I2R19, CIK 0001051470

## Latest Figures

| Figure | Value | Exact value | Unit | Change | Period | Period end | Source documents |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue, quarter | $995m | 995000000 | USD | −7.2% year on year | FY2026 Q3 | 2026-09-30 | 10-Q 2026-09 |
| Operating income, quarter | $465m | 465000000 | USD | −11.4% year on year | FY2026 Q3 | 2026-09-30 | 10-Q 2026-09 |
| Net income, quarter | $283m | 283000000 | USD | −12.4% year on year | FY2026 Q3 | 2026-09-30 | 10-Q 2026-09 |
| Diluted EPS, quarter | $0.67 | 0.67 | USD/shares | −9.5% year on year | FY2026 Q3 | 2026-09-30 | 10-Q 2026-09 |
| Operating margin, last 4 quarters | 47.1% | 47.0862 | % | −2.1pp year on year | FY2026 Q3 | 2026-09-30 | 10-K 2025-12, 10-Q 2025-09, 10-Q 2026-03, 10-Q 2026-06, 10-Q 2026-09 |
| Return on invested capital, last 4 quarters | 10.2% | 10.1789 | % | +2.2pp year on year | FY2026 Q3 | 2026-09-30 | 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12, 10-Q 2026-03, 10-Q 2026-06 |

- Operating margin: Operating income / revenue.
- Return on invested capital: Operating income x (1 - effective tax rate) / average (total equity + total debt).

## Key Findings

Each finding is a sentence written by a fixed rule from the figures; the mark in brackets is how the finding moved against the report before.

- Revenue for the quarter ended 30 September 2026 was US$995 million, 7.2% lower than in the same quarter a year earlier. [Strengthened in Q3 FY2026] Sources: 10-Q 2026-09.
- Net income attributable to the company was US$283 million, 12.4% lower than in the same quarter a year earlier. [Weakened in Q3 FY2026] Sources: 10-Q 2026-09.
- The operating margin over the last 4 quarters was 47.1%, 2.1 percentage points lower than a year earlier. [Strengthened in Q3 FY2026] Sources: 10-K 2025-12, 10-Q 2025-09, 10-Q 2026-03, 10-Q 2026-06, 10-Q 2026-09.
- Return on invested capital over the last 4 quarters was 10.2%, against 8.0% a year earlier. [Confirmed in Q3 FY2026] Sources: 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12, 10-Q 2026-03, 10-Q 2026-06, 10-Q 2024-09.
- 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. [Weakened in Q3 FY2026] Sources: 10-K 2025-12, 10-Q 2025-09, 10-Q 2026-03, 10-Q 2026-06, 10-Q 2026-09.
- Net debt was US$17.7 billion at 30 September 2026, 6.8 times EBITDA over the last 4 quarters. [Confirmed in Q3 FY2026] Sources: 10-Q 2026-09, 10-K 2025-12, 10-Q 2025-09, 10-Q 2026-03, 10-Q 2026-06.
- 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. [Weakened in Q3 FY2026] Sources: 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12, 10-Q 2026-03, 10-Q 2026-06.
- The Altman Z'' score for fiscal 2025 was minus 2.39, below the distress threshold of 1.10. [Strengthened in FY2025] Sources: 10-Q 2026-09, 10-K 2025-12.
- The Beneish M-score for fiscal 2025 was minus 2.55, below the model threshold of minus 1.78. [Weakened in FY2025] Sources: 10-K 2025-12, 10-Q 2026-09.
- 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. [Confirmed in FY2025] Sources: 10-K 2024-12, 10-K 2025-12, 10-Q 2026-09.

## Fiscal Years

| Fiscal year | Year end | Item | Value | Exact value | Unit | Source documents |
| --- | --- | --- | --- | --- | --- | --- |
| FY2025 | 2025-12-31 | Revenue | $4.3bn | 4264000000 | USD | 10-K 2025-12 |
| FY2025 | 2025-12-31 | Operating income | $2.1bn | 2075000000 | USD | 10-K 2025-12 |
| FY2025 | 2025-12-31 | Net income attributable to the company | $444m | 444000000 | USD | 10-K 2025-12 |
| FY2024 | 2024-12-31 | Revenue | $4.5bn | 4460000000 | USD | 10-K 2025-12 |
| FY2024 | 2024-12-31 | Operating income | $2.1bn | 2118000000 | USD | 10-K 2025-12 |
| FY2024 | 2024-12-31 | Net income attributable to the company | −$3.9bn | -3903000000 | USD | 10-K 2025-12 |
| FY2023 | 2023-12-31 | Revenue | $4.7bn | 4734000000 | USD | 10-K 2025-12 |
| FY2023 | 2023-12-31 | Operating income | $2.1bn | 2097000000 | USD | 10-K 2025-12 |
| FY2023 | 2023-12-31 | Net income attributable to the company | $1.5bn | 1502000000 | USD | 10-K 2025-12 |
| FY2022 | 2022-12-31 | Revenue | $7.0bn | 6986000000 | USD | 10-K 2024-12 |
| FY2022 | 2022-12-31 | Operating income | $2.4bn | 2425000000 | USD | 10-K 2024-12 |
| FY2022 | 2022-12-31 | Net income attributable to the company | $1.7bn | 1675000000 | USD | 10-K 2024-12 |
| FY2021 | 2021-12-31 | Revenue | $6.3bn | 6340000000 | USD | 10-K 2023-12 |
| FY2021 | 2021-12-31 | Operating income | $2.0bn | 2001000000 | USD | 10-K 2023-12 |
| FY2021 | 2021-12-31 | Net income attributable to the company | $1.1bn | 1096000000 | USD | 10-K 2023-12 |

## Source Documents

- 10-Q 2026-09: Form 10-Q, period ended 30 September 2026, 4 Nov 2026 (https://www.sec.gov/Archives/edgar/data/1051470/000105147026000090/cci-20260930.htm)
- 10-K 2025-12: Form 10-K, period ended 31 December 2025, 23 Feb 2026 (https://www.sec.gov/Archives/edgar/data/1051470/000105147026000016/cci-20251231.htm)
- 10-Q 2025-09: Form 10-Q, period ended 30 September 2025, 6 Nov 2025 (https://www.sec.gov/Archives/edgar/data/1051470/000105147025000194/cci-20250930.htm)
- 10-Q 2026-03: Form 10-Q, period ended 31 March 2026, 7 May 2026 (https://www.sec.gov/Archives/edgar/data/1051470/000105147026000059/cci-20260331.htm)
- 10-Q 2026-06: Form 10-Q, period ended 30 June 2026, 5 Aug 2026 (https://www.sec.gov/Archives/edgar/data/1051470/000105147026000074/cci-20260630.htm)
- 10-Q 2024-09: Form 10-Q, period ended 30 September 2024, 30 Oct 2024 (https://www.sec.gov/Archives/edgar/data/1051470/000105147024000216/cci-20240930.htm)
- 10-K 2024-12: Form 10-K, period ended 31 December 2024, 14 Mar 2025 (https://www.sec.gov/Archives/edgar/data/1051470/000105147025000089/cci-20241231.htm)
- 10-K 2023-12: Form 10-K, period ended 31 December 2023, 23 Feb 2024 (https://www.sec.gov/Archives/edgar/data/1051470/000105147024000062/cci-20231231.htm)

## Reliability

- 359 checks compare these figures with other official figures; 0 failed.
- 50 values are withheld because the filings do not prove them; a withheld value is absent, never estimated.
- Every earlier snapshot stays published: https://annalist.io/api/v1/companies/crown-castle/snapshots.json

## Cite

Annalist, Crown Castle Inc., snapshot crown-castle/FY2026Q3_72f8c77e; <item>, <period>; source <document>. Link the page https://annalist.io/company/crown-castle/ and the source document of the figure.

A figure of a statement has an address of its own, which opens the page at that figure with its source documents: https://annalist.io/company/crown-castle/?fig=<statement>/<period>/<item>, for example https://annalist.io/company/crown-castle/?fig=pl_quarterly/FY2026%20Q3/revenue

## Full Data

- [Every statement, ratio and document of this snapshot (JSON)](https://annalist.io/api/v1/companies/crown-castle/snapshots/FY2026Q3_72f8c77e/info.json)
- [Latest snapshot, at an address that does not change (JSON)](https://annalist.io/api/v1/companies/crown-castle/latest.json)
- [Income statement, quarterly (CSV)](https://annalist.io/api/v1/companies/crown-castle/snapshots/FY2026Q3_72f8c77e/pl_quarterly.csv)
- [Income statement, annual (CSV)](https://annalist.io/api/v1/companies/crown-castle/snapshots/FY2026Q3_72f8c77e/pl_annual.csv)
- [Balance sheet, quarter end (CSV)](https://annalist.io/api/v1/companies/crown-castle/snapshots/FY2026Q3_72f8c77e/balance_sheet.csv)
- [Cash flow, quarterly (CSV)](https://annalist.io/api/v1/companies/crown-castle/snapshots/FY2026Q3_72f8c77e/cf_quarterly.csv)
- [Cash flow, annual (CSV)](https://annalist.io/api/v1/companies/crown-castle/snapshots/FY2026Q3_72f8c77e/cf_annual.csv)
- [Ratios, annual (JSON)](https://annalist.io/api/v1/companies/crown-castle/snapshots/FY2026Q3_72f8c77e/ratios/annual.json)
- [Ratios, quarterly (JSON)](https://annalist.io/api/v1/companies/crown-castle/snapshots/FY2026Q3_72f8c77e/ratios/quarterly.json)
- [Ratios, ttm (JSON)](https://annalist.io/api/v1/companies/crown-castle/snapshots/FY2026Q3_72f8c77e/ratios/ttm.json)
- [Key findings with their history (JSON)](https://annalist.io/api/v1/companies/crown-castle/findings.json)
- [New reports and findings (Atom feed)](https://annalist.io/company/crown-castle/feed.xml)
- [Excel workbook](https://annalist.io/company/crown-castle/crown-castle.xlsx)
- [Buyout model on these figures](https://annalist.io/deal-lab/buyout/crown-castle/)
- [Lenders, customers, suppliers and owners (brief in Markdown)](https://annalist.io/atlas/crown-castle/brief.md)
- [Lenders, customers, suppliers and owners (JSON)](https://annalist.io/api/v1/atlas/crown-castle.json)

## Peers

- [SBA Communications Corporation](https://annalist.io/company/sba-communications/brief.md)
- [Prologis, Inc.](https://annalist.io/company/prologis/brief.md)
- [CapitaLand Investment Limited](https://annalist.io/company/capitaland-investment/brief.md)
- [Side by side](https://annalist.io/compare/?c=crown-castle,sba-communications,prologis,capitaland-investment)

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Figures come from official filings and are provided as they are, without warranty of accuracy or completeness. They are not investment advice.