# Crown Castle Inc. (CCI) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/CCI/thesis · /stocks/CCI/memo

## Financial Snapshot

---
ticker: CCI
step: 04
generated: 2026-05-12
source: quick-research
---

### Crown Castle Inc. (CCI) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $6.99B | $6.98B | $6.57B | -5.9% |
| Gross Margin | ~65% | ~65% | ~64% | -1pp |
| Operating Margin | ~25% | ~22% | Negative* | — |
| Net Income | ~$1.68B | $1.50B | -$3.90B | NM |
| EPS (diluted) | ~$3.87 | ~$3.47 | Negative | NM |

*FY2024 net income was -$3.90B due to large goodwill and asset impairments on the Fiber/Small Cell segment as Crown Castle recognized it was selling at a significant discount to book value. Adjusted EBITDA was $4.14–4.19B (in line with guidance). AFFO (the key REIT metric) was $3.0B / $6.98 per share in FY2024.*

*FY2025: Revenue ~$4.3B (reflecting fiber segment classification as held-for-sale/discontinued); tower-only AFFO tracking toward post-transaction levels. Post-fiber-sale (H1 2026 close): annual AFFO expected $2.3–2.4B from pure tower operations.*

#### Cash Flow & Balance Sheet (FY2024–2025)

| Metric | Value |
|--------|-------|
| AFFO (FY2024) | $3.0B ($6.98/share) |
| Free Cash Flow (FY2025) | ~$2.9B (-3.9% YoY) |
| Cash & Equivalents | ~$0.3B |
| Total Debt | ~$22B (pre-fiber sale) |
| Debt Reduction Plan | $7.0B planned from fiber sale proceeds |
| Post-Sale Net Debt | ~$15B (target) |

#### Key Ratios (approximate, transitional FY2025)
- P/AFFO (pre-sale): ~15–17x | P/AFFO (post-sale, on $2.3B AFFO): ~18–20x
- Dividend: $4.25/share annualized (cut 32% from ~$6.26); yield ~4.5%
- Payout target: 75–80% of post-sale AFFO; dividend sustainable at new level
- Revenue Growth (tower-only): +2–3% organic from contractual escalators

#### Growth Profile
Pre-divestiture, Crown Castle's financial profile was dragged by fiber: high capex, lower margins, and $3.9B in write-downs as the fiber strategic bet failed. Post-divestiture (H1 2026), Crown Castle becomes a lean, high-margin tower-only REIT with ~$2.3–2.4B in annual AFFO, ~65–70% EBITDA margins, and minimal capex requirements (maintenance capex only, ~$100M vs. $1B+ for fiber). Revenue growth will be modest (2–3% organic from contractual escalators), with upside from carrier 5G/6G densification driving new co-location revenue on existing towers.

#### Forward Estimates
- **FY2026 (post-fiber sale)**: Tower site rental revenue ~$3.9–4.0B; AFFO $2.3–2.4B; $3B buyback and $7B debt paydown from fiber proceeds
- **FY2027+**: Annual AFFO growth 3–5% from escalators + new co-location; potential for multiple expansion if debt reduction improves balance sheet quality
- **Dividend (new level)**: $4.25/share annualized; ~75% AFFO payout ratio target; sustainable at this level

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/CCI/fundamental

## Navigation

- Overview: /stocks/CCI
- Financials (this page): /stocks/CCI/financials
- Thesis: /stocks/CCI/thesis
- Investment Memo: /stocks/CCI/memo
- Coverage universe: /stocks