Crown Castle
Leases shared tower space to U.S. wireless carriers.
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Profile
Leases space on roughly 40,000 U.S. towers to wireless carriers under long-term contracts, earning recurring site rent and smaller service fees. Operating as a single-segment REIT after selling fiber and small cells, the business depends on a concentrated group of major carriers.
Owns, operates, and leases roughly 40,000 towers and rooftop structures across the United States and Puerto Rico. Wireless carriers pay recurring site rent through long-term leases, licenses, subleases, and service agreements; site-development work adds nonrecurring revenue from tenant equipment installations.
Creates incremental cash flow by adding tenants or accommodating equipment modifications on existing sites at low additional operating cost. Also builds or acquires towers and buys land interests beneath them. The portfolio became a single tower segment after the completed sale of the Fiber Solutions and Small Cell businesses.
Depends heavily on network investment by T-Mobile, AT&T, and Verizon, which generate most site-rental revenue. Many towers stand on leased or otherwise controlled land, and operations are subject to zoning, permitting, FCC, and FAA requirements. REIT status imposes income, asset, and distribution tests.
Company facts
Key statistics
Year to date −14.2% · Average volume (30d) 3.6M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 20, 2026 | Barclays | Reiterate | Overweight | $101 | $84 | |
| Jun 26, 2026 | Goldman Sachs | Target | $120 | $95 | ||
| May 20, 2026 | Wolfe Research | Downgrade | Outperform | Peer Perform | ||
| Mar 31, 2026 | Truist Securities | Downgrade | Buy | Hold | ||
| Mar 23, 2026 | Wells Fargo | Downgrade | Overweight | Equal Weight |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 22, 2026Q2 FY26 | $0.39 | $0.69 | +76.7% | $995.1M | $1.01B | +1.3% | −3.78% |
| Apr 22, 2026Q1 FY26 | $0.38 | $0.34 | −9.7% | $994.8M | $1.01B | +1.5% | +1.76% |
| Feb 4, 2026Q4 FY25 | $0.58 | $1.12 | +93.4% | $1.06B | $1.07B | +1.1% | −8.99% |
| Oct 22, 2025Q3 FY25 | $1.04 | $1.12 | +7.7% | $1.06B | $1.07B | +1.2% | +0.58% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.06B | $1.06B | $1.07B | $1.07B | $1.01B | $1.01B | |
| Gross profit | $793.0M | $782.0M | $792.0M | $451.0M | $744.0M | $643.0M | |
| Operating income | $521.0M | $506.0M | $525.0M | $527.0M | $465.0M | $470.0M | |
| Net income | −$464.0M | $291.0M | $323.0M | $294.0M | $151.0M | $307.0M | |
| Diluted EPS | −$1.06 | $0.67 | $0.74 | $0.67 | $0.34 | $0.71 | |
| Gross margin | 74.7% | 73.8% | 73.9% | 42.1% | 73.7% | 63.8% | |
| Operating margin | 49.1% | 47.7% | 49.0% | 49.2% | 46.0% | 46.6% |
Fiscal years (4-quarter sums)FY21 $6.34B · FY22 $6.99B · FY23 $6.98B · FY24 $5.52B · FY25 $4.27B
Revenue by product · FY24
Balance sheet, Jun 30, 2026Cash & short-term investments $1.04B · Total debt $23.40B · Total assets $21.51B · Shareholders' equity −$3.27B
Dividends
Last cut to $1.0625 from $1.565 in Jun 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 15, 2026 | Jun 15 | Jun 30 | $1.0625 | |
| Mar 13, 2026 | Mar 13 | Mar 31 | $1.0625 | |
| Dec 15, 2025 | Dec 15 | Dec 31 | $1.0625 | |
| Sep 15, 2025 | Sep 15 | Sep 30 | $1.0625 | |
| Jun 13, 2025 | Jun 13 | Jun 30 | $1.0625 | cut from $1.565 |
| Mar 14, 2025 | Mar 14 | Mar 31 | $1.565 | |
| Dec 13, 2024 | Dec 13 | Dec 31 | $1.565 | |
| Sep 13, 2024 | Sep 13 | Sep 30 | $1.565 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 437.00M · Float 425.57M · 97.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 43.92M | 10.05% | 13F | Aug 7, 2026 |
| Cohen & Steers, Inc. | 39.08M | 8.94% | 13F | Aug 14, 2026 |
| Vanguard Portfolio Management LLC | 37.90M | 8.67% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 28.51M | 6.52% | 13F | Aug 13, 2026 |
| State Street Corp | 23.02M | 5.27% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 7, 2026 | Robert Sean Collins | officer: Vice President and Controller | −1,500 | $75.89 |
| May 5, 2026 | Kevin A. Stephens | director | +820 | $90.24 |
| Feb 25, 2026 | Edward B. JR Adams | officer: EVP and General Counsel | −4,650 | $86.34 |
| Feb 27, 2026 | Robert Sean Collins | officer: Vice President and Controller | −3,000 | $87.49 |
| Feb 6, 2026 | Christopher Levendos | officer: EVP & COO - Fiber | −1,883 | $79.71 |
Peers
- American Tower
Largest global tower REIT; ~42,000 U.S. sites, head-to-head rival.
- SBA Communications
Third leg of U.S. tower triopoly; ~17,400 domestic sites, same tenants.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Crown Castle | $76.14 | 0.00% | $33.27B | 31.0 | 28.6 | 8.0 | −4.9% |
| American Tower | $176.00 | −0.14% | $82.12B | 24.2 | 26.0 | 7.5 | +4.7% |
| SBA Communications | $191.37 | +0.25% | $20.25B | 20.6 | 24.0 | 7.1 | +2.3% |
| Median | 22.4 | 25.0 | 7.3 | +3.5% |