Crown Castle Inc
crowncastle.comWhat Do They Do?
Leases tower space to wireless carriers and provides pre-construction site-development services related to tenant equipment installations.
10-K for FY2025, filed Feb 23, 2026
How Do They Make Money?
Wireless tenants generally pay monthly rent for long-term access to tower space, with some contracts including upfront payments. Site-development work is billed at contractual milestones.
10-K for FY2025, filed Feb 23, 2026
$4.3B
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10-K for FY2025, filed Feb 23, 2026
$4.3B ↗
Who Are Their Customers?
Wireless carriers such as T-Mobile, AT&T and Verizon Wireless contract directly for access to towers under long-term tenant agreements.
10-K for FY2025, filed Feb 23, 2026Our largest tenants are T-Mobile, AT&T and Verizon Wireless, which collectively accounted for approximately 90% of our 2025 site rental…View ↗
We generally receive monthly rental payments and, in some cases, upfront payments, from our tenants pursuant to long-term tenant contracts…View ↗
Additional Site Rental Information. We have existing master agreements with our largest tenants, including T-Mobile, AT&T and Verizon…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 10 cents of every revenue dollar as net income in FY2025 and turned 67 cents into free cash flow.
10-K for FY2025, filed Feb 23, 2026
$2.1BView ↗
10-K for FY2025, filed Feb 23, 2026
$444MView ↗
10-K for FY2025, filed Feb 23, 2026
$2.9BView ↗
How Are They Changing?
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Sep 14, 2026
CFO plans to retire; successor named
Sunit Patel plans to retire as CFO, and Kris Hinson is slated to succeed him.
Sources
8-K, filed Sep 14, 2026
(b) On September 14, 2026, Crown Castle Inc. (“Company”) announced certain upcoming changes in senior leadership. Cathy Piche, its…View ↗
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Jul 22, 2026
Raised full-year 2026 AFFO outlook
The AFFO midpoint increased to $1,975 million from $1,970 million.
Sources
8-K, filed Jul 22, 2026
(dollars in millions, except per share amounts) Current Full Year 2026 Outlook Midpoint(a) Full Year 2025 Actual % Change Previous Full…View ↗
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May 1, 2026
Completed sale of fiber and small-cell businesses
Sold fiber solutions to Zayo and small cells to Arium Networks for $8.5 billion in cash, subject to adjustments.
Sources
8-K, filed May 1, 2026
On May 1, 2026 ("Closing Date"), Crown Castle Inc. ("Company") completed the previously announced sale of the Company's fiber solutions…View ↗
Shrinking. Revenue fell 33% in 4 years, from $6.3B in FY2021 to $4.3B in FY2025, about 9% a year.
Narrower business focus
The older report described towers, small cells and fiber solutions as operating businesses; the latest report treats the Fiber Business as discontinued operations and describes continuing operations as tower operations.
10-K for FY2022, filed Feb 24, 2023 10-K for FY2025, filed Feb 23, 2026
Installation services discontinued
The older report described tenant equipment installation and later augmentations as service offerings; the latest report says installation services were discontinued and describes site development as an ancillary tower service.
10-K for FY2022, filed Feb 24, 2023 10-K for FY2025, filed Feb 23, 2026As part of our effort to provide comprehensive communications infrastructure solutions, as an ancillary business, we also offer certain…View ↗
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