Crown Castle Inc. is a U.S.-based owner, operator, and lessor of shared communications infrastructure. The company’s business model is centered on providing access to critical infrastructure that enables wireless connectivity and data transmission across the United States through long-term contractual arrangements.
Company overview
The company’s communications infrastructure portfolio consists of three primary asset categories that collectively support wireless and data networks:
- More than 40,000 towers and other structures, including rooftops
- Approximately 105,000 small cell nodes that are either revenue-generating or under contract
- Approximately 90,000 route miles of fiber, primarily supporting small cells and fiber solutions
These assets are geographically dispersed throughout the United States, with a strong concentration in major metropolitan markets. Crown Castle’s infrastructure is designed to be shared by multiple tenants, allowing wireless carriers and enterprise customers to deploy and scale networks efficiently while generating recurring, long-term cash flows for the company.
Crown Castle’s core revenue model is based on providing space or capacity on its infrastructure under long-term agreements that include lease, license, sublease, and service arrangements. The vast majority of revenues are recurring in nature, supported by multi-year contractual commitments with built-in escalation provisions.
The company operates as a real estate investment trust for U.S. federal income tax purposes. As part of this structure, Crown Castle distributes a significant portion of its taxable income to stockholders while retaining flexibility to invest in communications infrastructure and pursue long-term growth.
As of December 31, 2024, tenant contracts, excluding renewal options exercisable at the tenants’ discretion, had a weighted-average remaining life of approximately six years and represented $35.9 billion of expected future cash inflows. This contracted revenue base provides visibility into future cash generation and underpins the company’s capital allocation and dividend framework.
Business segments and revenue breakup %
Crown Castle operates through two reportable operating segments. Each segment plays a distinct role in supporting wireless and data connectivity while contributing to consolidated revenues.
Towers segment
The Towers segment represents the company’s largest operating segment and consists of wireless towers and other structures used by tenants to install network equipment.
Key characteristics of the Towers segment include:
- Ownership, operation, and leasing of towers and rooftop structures
- Long-term tenant contracts with initial terms generally ranging from five to 15 years
- Multiple renewal periods, typically five to 10 years each, exercisable at the tenant’s option
- Contractual rental price escalations embedded within tenant agreements
As of December 31, 2024:
- The average number of tenants per tower was approximately 2.4
- Tenant retention rates have historically ranged between 98% and 99% annually
In 2024:
- The Towers segment accounted for 67% of consolidated site rental revenues
The Towers segment benefits from low incremental operating costs when additional tenants are added to existing structures, resulting in high incremental cash flow generation. Towers are positioned as the most efficient and cost-effective solution for providing broad wireless coverage and capacity.
Fiber segment
The Fiber segment includes both small cells and fiber solutions. This segment supports network densification and high-capacity connectivity in areas where demand for data is greatest.
The Fiber segment consists of two primary components:
- Small cells, which are typically deployed on public rights-of-way such as utility poles and streetlights to offload traffic from towers and increase network capacity
- Fiber solutions, which provide high-bandwidth, multi-location connectivity for wireless carriers and enterprise customers
In 2024:
- The Fiber segment accounted for 33% of consolidated site rental revenues
- Within the Fiber segment:
- 66% of site rental revenues were generated from fiber solutions
- 34% of site rental revenues were generated from small cells
The majority of fiber assets are located in major metropolitan areas, with extensive deployment on public rights-of-way. Fiber tenant contracts typically have initial terms ranging from one to 20 years, depending on the nature of the service and customer requirements.
History and evolution
Crown Castle’s evolution spans nearly three decades, during which the company has built a large and geographically diverse communications infrastructure portfolio.
Key milestones in the company’s development include:
- Initial organization in 1995, establishing the foundation for its communications infrastructure business
- Expansion of the tower portfolio through acquisitions from major U.S. wireless carriers and their predecessors
- Entry into fiber and small cell infrastructure beginning in 2012, expanding beyond traditional tower assets
Significant tower acquisitions over time included transactions involving infrastructure formerly owned by:
- Companies now part of Verizon Wireless in 1999 and 2000
- Companies now part of AT&T in 1999 and 2000, and later in 2013
- T-Mobile in 2012, and companies now part of T-Mobile in 2007
The Fiber segment expanded through acquisitions completed between 2012 and 2017, including assets acquired from:
- NextG Networks, Inc. in 2012
- Quanta Fiber Networks, Inc. in 2015
- LTS Group Holdings LLC, Wilcon Holdings LLC, and FPL FiberNet Holdings, LLC and certain other subsidiaries of NextEra Energy in 2017
Over time, Crown Castle transitioned from a primarily tower-focused company to a broader communications infrastructure provider offering integrated solutions through towers, small cells, and fiber.
In March 2025, management entered into a definitive agreement to sell the Fiber segment, including both fiber solutions and small cells, for $8.5 billion, subject to certain adjustments. This strategic transaction reflects a significant evolution in the company’s operating focus and capital allocation framework.
Products and services with revenue breakup %
Crown Castle’s offerings are centered on providing access to shared communications infrastructure through long-term contractual arrangements. Products and services are aligned with the company’s operating segments.
Site rental services
Site rental services represent the core revenue-generating activity across both operating segments.
In 2024:
- Site rental revenues represented 97% of consolidated net revenues
Site rental services include:
- Leasing of vertical space on towers
- Licensing and subleasing arrangements for wireless equipment
- Capacity access on small cells
- Fiber connectivity solutions for wireless carriers and enterprise customers
Revenue contribution within site rental services in 2024:
- 67% from Towers
- 33% from Fiber
Fiber solutions
Fiber solutions provide high-bandwidth connectivity for customers with multi-location requirements.
Key attributes include:
- Support for wireless backhaul and fronthaul
- Connectivity for enterprise, wholesale, government, education, healthcare, and financial organizations
Within the Fiber segment in 2024:
- Fiber solutions accounted for 66% of Fiber site rental revenues
Small cells
Small cells enhance network capacity in dense urban environments and areas with high data demand.
Characteristics include:
- Deployment on public rights-of-way
- Integration with fiber infrastructure
- Long-term contractual arrangements with tenants
In 2024:
- Small cells accounted for 34% of Fiber site rental revenues
Services and other revenues
As an ancillary offering, Crown Castle provides certain pre-construction site development services primarily related to the Towers segment.
These services include:
- Site acquisition
- Architectural and engineering services
- Zoning and permitting
In 2024, services and other revenues were primarily related to site development services following restructuring actions that discontinued installation services as a product offering.
Brand portfolio with revenue %
Crown Castle operates under a single primary corporate brand.
- Crown Castle is the sole operating brand representing the company’s communications infrastructure offerings
All revenues are generated under this unified brand identity, with no separate brand-level revenue disclosures provided.
Geographical presence and region-wise revenue %
Crown Castle’s operations are concentrated entirely within the United States, including Puerto Rico.
Key geographic characteristics include:
- Approximately 56% of towers located in the 50 largest U.S. basic trading areas
- Approximately 71% of towers located in the 100 largest U.S. basic trading areas
The company maintains a presence in each of the top 100 basic trading areas, reflecting a highly diversified metropolitan footprint.
The majority of fiber and small cell assets are located in major U.S. metropolitan markets, with extensive deployment along public rights-of-way.
No region-wise revenue percentages beyond segment-level disclosures are provided.
Financial performance analysis
Crown Castle Inc.’s financial performance over the three-year period ended December 31, 2024 reflects the interaction of a highly recurring revenue model, substantial non-cash charges recorded in 2024, and continued generation of strong operating cash flows despite reported net losses.
Revenue performance
For the year ended December 31, 2024, Crown Castle reported total net revenues of $6,568 million, compared with $6,981 million in 2023 and $6,986 million in 2022.
Revenue is overwhelmingly recurring in nature and is dominated by site rental activity:
- Site rental revenues
- 2024: $6,358 million
- 2023: $6,532 million
- 2022: $6,289 million
- Services and other revenues
- 2024: $210 million
- 2023: $449 million
- 2022: $697 million
The decline in total revenues in 2024 relative to prior years is primarily attributable to the reduction in services and other revenues, which decreased from $697 million in 2022 to $210 million in 2024, while site rental revenues remained the dominant and most stable revenue stream across all periods.
Operating cost structure
Total operating expenses increased sharply in 2024, driven by significant non-recurring charges.
- Total operating expenses
- 2024: $9,506 million
- 2023: $4,612 million
- 2022: $4,561 million
Key components of operating expenses in 2024 included:
- Costs of operations – site rental: $1,728 million
- Costs of operations – services and other: $119 million
- Selling, general and administrative expenses: $706 million
- Depreciation, amortization and accretion: $1,738 million
- Asset write-down charges: $148 million
- Restructuring charges: $109 million
- Goodwill impairment charges: $4,958 million
The $4,958 million goodwill impairment charge recorded in 2024 represents the single largest expense item and materially altered reported profitability for the year.
Operating income and margin dynamics
As a result of the elevated operating expense base in 2024, Crown Castle reported:
- Operating loss of $2,938 million in 2024
This compares with:
- Operating income of $2,369 million in 2023
- Operating income of $2,425 million in 2022
The shift from strong operating income in 2022 and 2023 to a large operating loss in 2024 is directly linked to impairment and restructuring charges rather than a collapse in the underlying revenue base.
Interest and other items
Below operating income, Crown Castle incurred the following items in 2024:
- Interest expense and amortization of deferred financing costs, net: $932 million
- Interest income: $19 million
- Other income (expense), net: $(28) million
These items resulted in:
- Loss before income taxes of $3,879 million in 2024
Compared with:
- Income before income taxes of $1,528 million in 2023
- Income before income taxes of $1,691 million in 2022
Net income (loss)
After accounting for income tax effects:
- Net loss in 2024: $3,903 million
- Net income in 2023: $1,502 million
- Net income in 2022: $1,675 million
On a per-share basis:
- Basic and diluted loss per share in 2024: $(8.98)
- Basic and diluted earnings per share in 2023: $3.46
- Basic earnings per share in 2022: $3.87 (diluted $3.86)
Weighted-average common shares outstanding remained stable:
- 434 million shares in 2024 and 2023
- 433–434 million shares in 2022
Comprehensive income
Including foreign currency translation adjustments:
- Comprehensive loss in 2024: $3,904 million
- Comprehensive income in 2023: $1,503 million
- Comprehensive income in 2022: $1,674 million
Cash flow performance versus net income
Despite the reported net loss in 2024, Crown Castle continued to generate substantial operating cash flows:
- Net cash provided by operating activities
- 2024: $2,943 million
- 2023: $3,126 million
- 2022: $2,878 million
This divergence between net income and operating cash flow reflects the non-cash nature of impairment, depreciation, amortization, and restructuring charges.
Capital investment and funding
Capital expenditures remained significant but consistent with prior years:
- Capital expenditures
- 2024: $1,222 million
- 2023: $1,424 million
- 2022: $1,310 million
Dividend distributions continued:
- Dividends paid
- 2024: $2,729 million
- 2023: $2,723 million
- 2022: $2,602 million
Ending cash balances remained stable:
- Cash and restricted cash at end of 2024: $295 million
- End of 2023: $281 million
- End of 2022: $327 million
Board of directors and leadership team
Crown Castle Inc. is overseen by a board of directors responsible for strategic direction, financial oversight, risk management, and governance. The board includes a combination of independent directors and executive leadership, with defined committee responsibilities and leadership roles.
Board of directors
Martha M. Papa
Chair of the Board
Martha M. Papa serves as Chair of the Board of Directors of Crown Castle Inc. In this role, she provides independent leadership to the board, oversees board governance, and works closely with executive management on strategic oversight, performance evaluation, and risk management. Her responsibilities include presiding over board meetings and coordinating the activities of the board committees.
Steven J. Moskowitz
President, Chief Executive Officer, and Director
Steven J. Moskowitz serves as President and Chief Executive Officer of Crown Castle Inc. and is a member of the Board of Directors. As CEO, he is responsible for the overall strategic direction, operational execution, and financial performance of the company. His role includes oversight of the company’s towers, fiber, and small cells operations, capital allocation decisions, and long-term infrastructure strategy.
J. Landis Martin
Independent Director
J. Landis Martin serves as an independent director on the board of Crown Castle Inc. He contributes to board oversight through his experience in corporate governance, finance, and public company leadership. He participates in board deliberations related to strategy, financial performance, and risk oversight.
Ted B. Miller
Independent Director
Ted B. Miller is an independent member of the board. His role includes providing oversight on governance matters, financial reporting, and strategic initiatives. He contributes to board committee work and supports the board’s fiduciary responsibilities to stockholders.
Matthew A. Ninivaggi
Independent Director
Matthew A. Ninivaggi serves as an independent director of Crown Castle Inc. He brings experience in corporate leadership and infrastructure-related businesses and participates in board oversight of strategy, operations, and long-term value creation.
W. Benjamin Moreland
Independent Director
W. Benjamin Moreland serves as an independent director and provides oversight related to infrastructure operations, capital-intensive businesses, and strategic execution. He contributes to board discussions on operational performance and risk management.
J. Douglas Paschall
Independent Director
J. Douglas Paschall serves as an independent director of Crown Castle Inc. His role includes participating in board oversight of financial reporting, governance, and strategic planning initiatives.
James H. Miller
Independent Director
James H. Miller is an independent director and contributes to the board’s oversight of financial performance, regulatory considerations, and long-term strategy.
Board committees and memberships
Members of the board serve on standing committees that include:
- Audit Committee
- Compensation and Human Capital Committee
- Nominating, Environmental, Social, and Governance Committee
Each committee operates under a formal charter and supports the board’s oversight responsibilities in its respective area.
Executive leadership team
Dan Schlanger
Executive Vice President and Chief Financial Officer
Dan Schlanger serves as Executive Vice President and Chief Financial Officer of Crown Castle Inc. He is responsible for financial strategy, financial reporting, treasury, capital structure, tax, investor relations, and financial planning and analysis. He oversees the company’s balance sheet management, debt strategy, and liquidity planning.
Christian J. Choi
Executive Vice President and Chief Operating Officer
Christian J. Choi serves as Executive Vice President and Chief Operating Officer. He oversees day-to-day operations across the company’s communications infrastructure portfolio, including towers, fiber, and small cells. His responsibilities include operational performance, network deployment, and infrastructure reliability.
Jay Brown
Senior Vice President, Towers
Jay Brown leads the Towers business, overseeing the company’s largest operating segment. His responsibilities include tower operations, leasing activity, customer relationships, and operational execution within the towers portfolio.
Robert Sean Collins
Senior Vice President, Fiber
Robert Sean Collins oversees the Fiber segment, including fiber solutions and small cells operations. His role includes managing network expansion, customer contracts, and operational performance within the fiber infrastructure business.
Subsidiaries, associates, joint ventures and revenue %
Crown Castle Inc. conducts substantially all of its operations through wholly owned subsidiaries. The company has no disclosed associates or equity-accounted joint ventures. All revenues are consolidated at the parent level, and no subsidiary-level revenue percentages are separately disclosed.
Principal operating subsidiaries
The following are the primary wholly owned subsidiaries through which Crown Castle Inc. owns and operates its communications infrastructure assets:
- Crown Castle Towers LLC
Holds and operates the company’s U.S. wireless tower portfolio, including tower sites, rooftop structures, and related tenant agreements. - Crown Castle Fiber LLC
Owns and operates fiber infrastructure and small cell assets, including fiber route miles, small cell nodes, and related customer contracts. - Crown Castle South LLC
Holds tower assets and related land interests located primarily in the southern United States. - Crown Castle GT Company LLC
Owns tower assets and related infrastructure acquired through historical transactions. - Crown Castle MU Company LLC
Holds wireless infrastructure assets and associated contractual rights. - Crown Castle PT Inc.
Owns and manages certain tower and infrastructure assets. - Crown Castle International Corp.
Serves as an intermediate holding company for U.S.-based operating subsidiaries. - Crown Castle Holdings LLC
Acts as a holding entity for various operating subsidiaries and asset-owning entities. - Crown Castle USA Inc.
Provides operational, administrative, and support services across the Crown Castle group.
Subsidiary ownership
- All listed subsidiaries are 100% owned by Crown Castle Inc., directly or indirectly
- There are no non-controlling interests disclosed
- All financial results are fully consolidated into Crown Castle Inc.’s financial statements
Revenue contribution
- 100% of consolidated revenues are generated by wholly owned subsidiaries
- No individual subsidiary revenue contribution percentages are disclosed
- Revenue is reported only at the consolidated level and by operating segment:
- Towers
- Fiber
Associates and joint ventures
- No associates are disclosed
- No joint ventures are disclosed
- The company does not use equity-method accounting for any investee entities
Investments and capital expenditure plans
Capital expenditure
- 2022: $1,310 million
- 2023: $1,424 million
- 2024: $1,222 million
Capital expenditure focus
- Tower construction and structural enhancements
- Small cell node deployment and modification
- Fiber route mile expansion and upgrades
- Acquisition of land interests and easements
- Improvements to existing communications infrastructure
Sustaining capital expenditure
- Sustaining capital expenditure typically 1%–2% of net revenues
Future strategy
Portfolio actions
- Definitive agreement entered to sell Fiber business
- Transaction value: $8.5 billion (subject to adjustments)
- Expected transaction close: First half of 2026
Financial impact
- Expected loss on classification as held for sale: $700 million to $800 million
- Estimated loss includes transaction fees
Operational focus
- Tower asset utilization
- Management of non-renewals related to network consolidation
- Tenant retention management
- Operating cost control
Sustainability targets
- Carbon neutral target for Scope 1 and Scope 2 emissions by 2025
- Sustainability metrics embedded in senior unsecured credit facilities
Competitive landscape
Competitors explicitly disclosed
- American Tower Corporation
- SBA Communications Corporation
Competitive factors disclosed
- Asset location
- Infrastructure density
- Deployment speed
- Service quality
- Pricing and contract terms
Key strengths
- Site rental revenues: 97% of consolidated net revenues (2024)
- Towers segment contribution: 67% of site rental revenues
- Fiber segment contribution: 33% of site rental revenues
- Tenant retention rate: 98%–99% annually
- Expected future cash inflows: $35.9 billion
- Sustaining capex: 1%–2% of net revenues
Key challenges and risks
- Tenant concentration risk
- Network consolidation-related non-renewals
- Interest expense increase:
- 2022: $699 million
- 2023: $850 million
- 2024: $932 million
- Impairment exposure:
- Goodwill impairment (2024): $4,958 million
- Regulatory and right-of-way compliance
- Fiber business divestiture execution risk
Content is based on publicly available corporate filings, regulatory disclosures, annual reports, 10-K filings, Investor Relations materials, and direct mail communication with the company.
