At a glance
Crown Castle is worth $37.03B, about 86 times its fiscal 2025 earnings. Revenue fell 4.4% to $4.26B in fiscal 2025, with 10.4% kept as profit. It pays a 4.87% dividend yield, and returned $-7.84B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +1.4% over the past year with dividends reinvested and −9.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 29.8% in the 2020 crash (S&P 500: 33.7%) and 36.2% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Crown Castle leases space on more than 40,000 towers and other structures, such as rooftops, across the U.S. Wireless carriers rent that space for antennas and equipment under long-term contracts. Each added tenant brings in revenue at little extra cost. About 56% of the towers sit in the 50 largest U.S. markets. It is a REIT (real estate investment trust), which generally spares it federal corporate income tax on income it pays out to shareholders.
Site rental made up 95% of 2025 net revenue; most of the rest came from site development services such as zoning and permitting. T-Mobile, AT&T and Verizon Wireless supplied about 90% of 2025 site rental revenue. As of December 31, 2025, tenant contracts had about six years left on average, before renewals, and $23.7 billion of expected cash inflows, excluding DISH, which received a notice of default and termination.
Crown Castle also had a Fiber segment, with about 105,000 small cell nodes (compact antennas, often on poles) and 90,000 route miles of fiber. In March 2025 it agreed to a sale for $8.5 billion, with Zayo Group Holdings taking fiber solutions and EQT Active Core Infrastructure fund taking small cells. The 2025 annual report expected a close in the first half of 2026 and showed towers as the only reportable segment.
Price history
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CCI +1.4% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.01B, down 4.9% from a year earlier, and net income was $94.0M (-67.7%).
- For fiscal 2025, revenue was $4.26B (-4.4% year over year) with a 10.4% net margin.
Financial health check
| Operating margin | 48.7% good |
|---|---|
| Free cash flow margin | 67.4% good |
| Return on assets (FY2025) | 1.4% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $5.84B | $999.0M | $1.43B |
| FY2021 | $6.34B | $1.10B | $1.56B |
| FY2022 | $6.99B | $1.68B | $1.57B |
| FY2023 | $4.73B | $1.50B | $2.88B |
| FY2024 | $4.46B | $-3.90B | $2.77B |
| FY2025 | $4.26B | $444.0M | $2.88B |
Valuation snapshot
| Market value | $37.03B |
|---|---|
| P/E ratio | 86.2 |
| Dividend yield | 4.87% |
Rank among 1514 US companies
Market value at each year end
Crown Castle’s market value went from $29.41B at the end of 2016 to $37.03B on Nov 2, 2026, up 26%; since the end of 2025 it is down 4%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $37.03B | -4.3% |
| 2025 | $38.70B | -1.9% |
| 2024 | $39.44B | -21.0% |
| 2023 | $49.96B | -15.0% |
| 2022 | $58.74B | -34.9% |
| 2021 | $90.22B | +31.4% |
| 2020 | $68.66B | +16.2% |
| 2019 | $59.10B | +31.1% |
| 2018 | $45.07B | -0.1% |
| 2017 | $45.10B | +53.4% |
| 2016 | $29.41B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CCI price data to Nov 2, 2026 | +1.8% | +1.4% | +1.6% | -9.4% | +4.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +1.8% |
| 2025 | +2.8% |
| 2024 | -16.4% |
| 2023 | -10.3% |
| 2022 | -32.5% |
| 2021 | +35.1% |
| 2020 | +15.6% |
| 2019 | +35.5% |
| 2018 | +1.7% |
| 2017 | +32.9% |
| 2016 | +4.5% |
| 2015 | +14.3% |
| 2014 | +9.8% |
| 2013 | +1.8% |
| 2012 | +61.1% |
| 2011 | +2.2% |
| 2010 | +12.3% |
| 2009 | +122.1% |
| 2008 | -57.7% |
| 2007 | +28.8% |
| 2006 | +20.0% |
| 2005 | +61.7% |
| 2004 | +50.9% |
| 2003 | +194.1% |
| 2002 | -64.9% |
| 2001 | -60.5% |
| 2000 | -15.8% |
| 1999 | +36.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 57.2% over that stretch · deepest drop along the way 76.2%, back to its old high 22 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 28.8% over that stretch · deepest drop along the way 29.8%, back to its old high 0.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 36.2% over that stretch · deepest drop along the way 36.2%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 1 open-market purchases ($74K) and 3 sales ($778K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 25, 2026 | Edward B JR Adams EVP and General Counsel | sell | $401K |
| Feb 27, 2026 | Robert Sean Collins Vice President and Controller | sell | $262K |
| Aug 7, 2026 | Robert Sean Collins Vice President and Controller | sell | $114K |
| May 5, 2026 | Kevin A Stephens Director | buy | $74K |
Who owns it
Large shareholders (13G filings)
| Cohen & Steers, Inc. | 9.35% | Mar 31, 2026 |
| BlackRock, Inc. | 8.9% | Mar 31, 2025 |
| Vanguard Portfolio Management | 8.56% | Mar 31, 2026 |
| Vanguard Capital Management | 7.53% | Mar 31, 2026 |
| COHEN & STEERS, INC. | 7.06% | Jun 30, 2025 |
| STATE STREET CORPORATION | 5.1% | Dec 31, 2025 |
ETFs with the most weight in CCI
| DTCR Global X Data Center And Digital Infrastructure ETF | 10.73% |
| IDGT iShares U.S. Digital Infrastructure and Real Estate ETF | 10.29% |
| DTRE First Trust Alerian Disruptive Technology Real Estate ETF | 7.49% |
| ICF iShares Cohen & Steers REIT ETF | 5.06% |
| SRVR Pacer Data & Infrastructure Real Estate ETF | 4.75% |
| WTRE WisdomTree New Economy Real Estate Fund | 4.69% |
| XLRE Real Estate Select Sector SPDR Fund | 4.1% |
| BAMD Brookstone Dividend Stock ETF | 3.69% |
What could go wrong
- Three carriers supply most of the revenue. T-Mobile, AT&T and Verizon Wireless supplied about 90% of 2025 site rental revenue. A carrier merger, lost tenant or financial trouble could hurt revenue. Crown Castle sent DISH a default and termination notice.
- Execution risk in becoming towers-only. The $8.5 billion fiber sale depended on regulatory approvals and separating operations; the annual report warned a failed deal could hurt results and the share price. A 2026 restructuring may also fall short.
- Nearly $16 billion of debt. Total debt was nearly $16 billion, against about $1 billion of cash, as of June 30, 2026. Debt terms limit some choices; trouble refinancing could force new share issues or asset sales on poor terms.
- Carrier spending and lease rates could weaken. Demand depends on data growth and carrier network spending. Slower 5G rollouts, new technologies that reduce demand for towers, or tougher competition on rates for new and renewed contracts could all cut growth.
- Most towers stand on leased land. About 60% of tower gross margin comes from towers on land Crown Castle leases or licenses. Land contracts have about 35 years left on average, counting its own renewal options, but losing them could hurt results.
- REIT rules limit flexibility. As a REIT, Crown Castle must generally pay out at least 90% of its REIT taxable income, leaving less cash to reinvest. Losing REIT status would bring corporate income tax and less cash for dividends.
Recent events
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Investor presentation or announcement
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Acquisition or sale of assets completed; Quarterly results released; Executive or board change; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
For income and retirement investors
Crown Castle has no streak of dividend increases. Regular dividends per share rose from $4.93 in 2020 to $6.26 in 2023, held there in 2024, then fell to $4.75 in 2025. In 2025 it paid $2.08 billion in dividends: about 72% of free cash flow but about 469% of net income. REIT earnings are held down by large depreciation charges, so the cash-flow figure is the more useful gauge. Buybacks have been small: $81 million over 2021–2025, versus $7.76 billion in dividends. The dividend yield was 4.83% as of October 28, 2026.
In the 2008 financial crisis the shares fell 76.2% and did not recover until September 2010. In the 2020 COVID crash they fell 29.8% but recovered within a month. In the 2022 bear market they fell 36.2% and had not regained their January 2022 peak as of October 28, 2026. A single stock carries more risk than a diversified fund, and its dividend can be cut.
Questions investors ask
How does Crown Castle make money?
Mostly by renting space on its towers. Crown Castle owns or operates more than 40,000 towers and other structures in the U.S. and leases space on them to wireless carriers under long-term contracts. Revenue was $4.26 billion in 2025. Site rental made up 95% of that, and T-Mobile, AT&T and Verizon Wireless supplied about 90% of site rental revenue. Most of the remainder came from services such as site acquisition, zoning and permitting for carrier equipment.
Did Crown Castle cut its dividend?
Yes. Regular dividends per share fell from $6.26 in 2024 to $4.75 in 2025, after rising each year from $4.93 in 2020 to $6.26 in 2023. The 2024 payout was flat, so there is no streak of annual increases. The dividend yield was 4.83% as of October 28, 2026. In 2025, dividends paid of $2.08 billion equaled about 72% of free cash flow.
Is Crown Castle a REIT?
Yes. Crown Castle operates as a real estate investment trust for U.S. federal tax purposes. That generally means it avoids federal corporate income tax on income it distributes, but it must pay out at least 90% of its REIT taxable income. Individual and other non-corporate U.S. shareholders may be able to deduct 20% of qualified REIT dividends under the qualified business income deduction, which a law signed July 4, 2025 made permanent.
What happened to Crown Castle's fiber business?
Crown Castle agreed to a sale of the business for $8.5 billion. Under a March 13, 2025 agreement, Zayo Group Holdings would acquire the fiber solutions business and EQT Active Core Infrastructure fund the small cell business, subject to closing adjustments and regulatory approvals. The 2025 annual report expected a close in the first half of 2026, and a company filing dated May 1, 2026 reported a completed asset sale. The annual report treats Fiber as discontinued operations, leaving towers as the only reportable segment.
How much debt does Crown Castle have?
Total debt was nearly $16 billion as of June 30, 2026, against about $1 billion of cash and investments and $21.5 billion of total assets. Shareholders' equity was negative $3.27 billion, meaning recorded liabilities exceeded recorded assets. The annual report flags this debt as a risk: loan terms limit some actions, and trouble refinancing could force the company to issue shares or make asset sales on unfavorable terms.