cci-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________

FORM 10-Q

___________________________________


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period to

Commission File Number 001-16441

____________________________________

CROWN CASTLE INC.

(Exact name of registrant as specified in its charter)


Delaware						76-0470458
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

8020 Katy Freeway, Houston, Texas 77024

(Address of principal executives office) (Zip Code)

(713) 570-3000

(Registrant's telephone number, including area code)

____________________________________

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	CCI	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Number of shares of common stock outstanding at May 5, 2026: 436,451,983

CROWN CASTLE INC. AND SUBSIDIARIES

INDEX


		Page
PART I—FINANCIAL INFORMATION		3
ITEM 1.	FINANCIAL STATEMENTS	3
	CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)	3
	CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited)	4
	CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)	5
	CONDENSED CONSOLIDATED STATEMENT OF EQUITY (DEFICIT) (Unaudited)	6
	NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)	7
ITEM 2.	MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	21
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	35
ITEM 4.	CONTROLS AND PROCEDURES	36
PART II—OTHER INFORMATION		37
ITEM 1.	LEGAL PROCEEDINGS	37
ITEM 1A.	RISK FACTORS	37
ITEM 5.	OTHER INFORMATION	37
ITEM 6.	EXHIBITS	37
EXHIBIT INDEX		38
SIGNATURES		39

Cautionary Language Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q ("Form 10-Q") contains forward-looking statements that are based on our management's expectations as of the filing date of this report with the Securities and Exchange Commission ("SEC"). Statements that are not historical facts are hereby identified as forward-looking statements. In addition, words such as "estimate," "anticipate," "project," "plan," "intend," "believe," "expect," "likely," "predicted," "positioned," "continue," "target," "seek," "focus" and any variations of these words and similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements include our full year 2026 outlook and plans, projections, expectations and estimates regarding (1) our strategy and the value of our business model, (2) demand for our towers, including factors driving such demand, (3) the growth potential of the U.S. market for towers, (4) demand for data and factors driving such demand, (5) tenants' investment to improve network quality and expand capacity, (6) our ability to service our debt and comply with debt covenants, (7) the level of commitment under our debt instruments, (8) our ability to remain qualified as a real estate investment trust ("REIT"), (9) site rental revenues, (10) sources and uses of liquidity, (11) impact from the DISH Terminations (as defined below), (12) drivers of cash flow growth, (13) dividends, (14) discretionary and sustaining capital expenditures, (15) non-renewals, (16) restructuring plans, including the timing and scope thereof, and the benefits, costs and charges associated therewith, (17) the sale of the Fiber Business (as defined below), including the use of proceeds therefrom, (18) our capital allocation framework, (19) potential land acquisitions under our towers and construction of new towers, (20) maintenance of an investment grade credit profile and (21) debt and share repurchases, including repurchase levels and amounts. Dividends remain subject to the approval of our board of directors, which has the discretion to determine whether to declare dividends and the amounts and timing of the dividends.

Such forward-looking statements should, therefore, be considered in light of various risks, uncertainties and assumptions, including prevailing market conditions, risk factors described in "Item 1A. Risk Factors" of this Form 10-Q and the Annual Report on Form 10-K for the fiscal year ended December 31, 2025 ("2025 Form 10-K") and other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected.

Our filings with the SEC are available through the SEC website at www.sec.gov or through our investor relations website at investor.crowncastle.com. We use our investor relations website to disclose information about us that may be deemed to be material. We encourage investors, the media and others interested in us to visit our investor relations website from time to time to review up-to-date information or to sign up for e-mail alerts to be notified when new or updated information is posted on the site.

Interpretation

As used herein, the term "including," and any variation thereof, means "including without limitation." The use of the word "or" herein is not exclusive. Unless this Form 10-Q indicates otherwise or the context otherwise requires, the terms "we," "our," "our company," "the company" or "us" as used in this Form 10-Q refer to Crown Castle Inc. ("CCI") and its predecessor (organized in 1995), as applicable, each a Delaware corporation, and their subsidiaries. Additionally, unless the context suggests otherwise, references to "U.S." are to the United States of America and Puerto Rico, collectively. Capitalized terms used but not defined in this Form 10-Q have the same meaning given to them in the 2025 Form 10-K.

PART I—FINANCIAL INFORMATION

ITEM 1.FINANCIAL STATEMENTS

CROWN CASTLE INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)

(Amounts in millions, except par values)


	March 31, 2026		December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	55	$	99
Restricted cash and cash equivalents	167		170
Receivables, net	188		172
Prepaid expenses	80		79
Current portion of deferred site rental receivables	179		167
Other current assets	18		23
Current assets of discontinued operations (note 3)	567		434
Total current assets	1,254		1,144
Deferred site rental receivables	2,273		2,288
Property and equipment, net of accumulated depreciation of $10,961 and $10,841, respectively	6,220		6,273
Operating lease right-of-use assets	5,437		5,473
Goodwill	5,127		5,127
Site rental contracts and tenant relationships, net	790		834
Other intangible assets, net	27		27
Other assets, net	60		61
Non-current assets of discontinued operations (note 3)	10,203		10,291
Total assets	$	31,391	$	31,518

LIABILITIES AND EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$	66	$	71
Accrued interest	156		235
Deferred revenues	194		192
Other accrued liabilities	127		168
Current maturities of debt and other obligations	3,148		2,783
Current portion of operating lease liabilities	258		268
Current liabilities of discontinued operations (note 3)	756		762
Total current liabilities	4,705		4,479
Debt and other long-term obligations	21,534		21,554
Operating lease liabilities	4,939		4,961
Other long-term liabilities	611		607
Non-current liabilities of discontinued operations (note 3)	1,522		1,552
Total liabilities	33,311		33,153
Commitments and contingencies (note 9)
Stockholders' equity (deficit):
Common stock, $0.01 par value; 1,200 shares authorized; shares issued and outstanding: March 31, 2026—436 and December 31, 2025—435	4		4
Additional paid-in capital	18,557		18,527
Accumulated other comprehensive income (loss)	(5)		(5)
Dividends/distributions in excess of earnings	(20,476)		(20,161)
Total equity (deficit)	(1,920)		(1,635)
Total liabilities and equity (deficit)	$	31,391	$	31,518

See notes to condensed consolidated financial statements.

CROWN CASTLE INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND

COMPREHENSIVE INCOME (LOSS) (Unaudited)

(Amounts in millions, except per share amounts)


	Three Months Ended March 31,
	2026		2025
Net revenues:
Site rental	$	961	$	1,011
Services and other	49		50
Net revenues	1,010		1,061
Operating expenses:
Costs of operations:(a)
Site rental	240		240
Services and other	26		28
Selling, general and administrative	90		93
Asset write-down charges	3		2

Depreciation, amortization and accretion	172		177
Restructuring charges	14		—
Total operating expenses	545		540
Operating income (loss)	465		521
Interest expense and amortization of deferred financing costs, net	(242)		(236)

Interest income	3		3
Other income (expense)	(1)		1
Income (loss) from continuing operations before income taxes	225		289
Benefit (provision) for income taxes	(5)		(5)
Income (loss) from continuing operations	220		284
Discontinued operations (note 3):
Income (loss) from discontinued operations before gain (loss) from disposal, net of tax	276		82
Gain (loss) from disposal of discontinued operations	(345)		(830)
Income (loss) from discontinued operations, net of tax	(69)		(748)
Net income (loss)	151		(464)
Other comprehensive income (loss):
Foreign currency translation adjustments	—		—
Total other comprehensive income (loss)	—		—
Comprehensive income (loss)	$	151	$	(464)
Net income (loss), per common share:
Income (loss) from continuing operations, basic	$	0.50	$	0.65
Income (loss) from discontinued operations, basic	(0.16)		(1.72)
Net income (loss)—basic	$	0.34	$	(1.07)
Income (loss) from continuing operations, diluted	$	0.50	$	0.65
Income (loss) from discontinued operations, diluted	(0.16)		(1.72)
Net income (loss)—diluted	$	0.34	$	(1.07)
Weighted-average common shares outstanding:
Basic	436		435
Diluted	437		436

(a)Exclusive of depreciation, amortization and accretion, shown separately.

See notes to condensed consolidated financial statements.

CROWN CASTLE INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

(In millions of dollars)


	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities:
Net income (loss)	$	151	$	(464)
(Income) loss from discontinued operations before (gain) loss from disposal, net of tax	(276)		(82)
(Gain) loss from disposal of discontinued operations	345		830
Income (loss) from continuing operations	220		284
Adjustments to reconcile income (loss) from continuing operations to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion	172		177

Amortization of deferred financing costs and other non-cash interest	7		8
Stock-based compensation expense, net	18		18
Asset write-down charges	3		2
Deferred income tax (benefit) provision	1		1
Other non-cash adjustments, net	1		(1)
Net cash provided by (used for) operating activities from discontinued operations	213		270
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in accrued interest	(79)		(82)
Increase (decrease) in accounts payable	1		(6)
Increase (decrease) in other liabilities	(48)		(21)
Decrease (increase) in receivables	(12)		6
Decrease (increase) in other assets	12		(15)
Net cash provided by (used for) operating activities	509		641
Cash flows from investing activities:
Capital expenditures	(57)		(40)

Other investing activities, net	—		2
Net cash provided by (used for) investing activities from discontinued operations	(256)		(217)
Net cash provided by (used for) investing activities	(313)		(255)
Cash flows from financing activities:

Principal payments on debt and other long-term obligations	(32)		(28)
Purchases and redemptions of long-term debt	(900)		—
Borrowings under revolving credit facility	1,350		—
Payments under revolving credit facility	(60)		—
Net issuances (repayments) under commercial paper program	(39)		336

Purchases of common stock	(25)		(21)
Dividends/distributions paid on common stock	(473)		(690)
Net cash provided by (used for) financing activities	(179)		(403)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents	17		(17)
Effect of exchange rate changes	—		—
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period(a)	308		295
Cash and cash equivalents and restricted cash and cash equivalents at end of period(a)	$	325	$	278

(a)Inclusive of cash and cash equivalents and restricted cash and cash equivalents included in discontinued operations. See note 12.

See notes to condensed consolidated financial statements.

CROWN CASTLE INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (DEFICIT)

(Amounts in millions) (Unaudited)


	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Dividends/Distributions in Excess of Earnings
	Shares	($0.01 Par)								Total
Balance, December 31, 2025	435	$	4	$	18,527	$	(5)	$	(20,161)	$	(1,635)
Stock-based compensation related activity, net of forfeitures	1	—		55		—		—		55
Purchases and retirement of common stock	—	—		(25)		—		—		(25)
Other comprehensive income (loss)(a)	—	—		—		—		—		—
Common stock dividends/distributions	—	—		—		—		(466)		(466)
Net income (loss)	—	—		—		—		151		151
Balance, March 31, 2026	436	$	4	$	18,557	$	(5)	$	(20,476)	$	(1,920)

Balance, December 31, 2024	435	$	4	$	18,393	$	(5)	$	(18,525)	$	(133)
Stock-based compensation related activity, net of forfeitures	—	—		51		—		—		51
Purchases and retirement of common stock	—	—		(21)		—		—		(21)
Other comprehensive income (loss)(a)	—	—		—		—		—		—
Common stock dividends/distributions	—	—		—		—		(686)		(686)
Net income (loss)	—	—		—		—		(464)		(464)
Balance, March 31, 2025	435	$	4	$	18,423	$	(5)	$	(19,675)	$	(1,253)

(a)See the condensed consolidated statement of operations and other comprehensive income (loss) for the components of other comprehensive income (loss).

See notes to condensed consolidated financial statements.

CROWN CASTLE INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-Unaudited

(Tabular dollars in millions, except per share amounts)

1.General

The information contained in the following notes to the condensed consolidated financial statements is condensed from that which would appear in the annual consolidated financial statements; accordingly, the condensed consolidated financial statements included herein should be reviewed in conjunction with the consolidated financial statements for the fiscal year ended December 31, 2025, and related notes thereto, included in the 2025 Form 10-K filed by Crown Castle Inc. ("CCI") with the SEC. Capitalized terms used but not defined in these notes to the condensed consolidated financial statements have the same meaning given to them in the 2025 Form 10-K. References to the "Company" refer to CCI and its predecessor, as applicable, and their subsidiaries, unless otherwise indicated or the context indicates otherwise. As used herein, the term "including," and any variation thereof means "including without limitation." The use of the word "or" herein is not exclusive. Unless the context suggests otherwise, references to "U.S." are to the United States of America and Puerto Rico, collectively.

The Company owns, operates and leases shared communications infrastructure that is geographically dispersed throughout the U.S., including (1) towers and other structures, such as rooftops (collectively, "towers"), and (2) fiber primarily supporting small cell networks ("small cells") and fiber solutions. The Company's towers, small cells and fiber assets are collectively referred to herein as "communications infrastructure," and the Company's customers on its communications infrastructure are referred to herein as "tenants." The Company provides access, including space or capacity, to its communications infrastructure

SEC Form 10-Q filed by Crown Castle Inc.