CROWN CASTLE INC.CCI
CROWN CASTLE INC. Segments Disclosure
Operating Segment and Concentrations of Credit Risk
Reportable Segment
The Fiber Business is predominately comprised of the assets that the Company previously reported under the historic Fiber segment. Following the classification of the Fiber Business as discontinued operations, the Company has one reportable segment that constitutes consolidated results consisting of its towers operations. Following the execution of the Strategic Fiber Agreement, the Fiber Business is treated as discontinued operations for all periods presented because the anticipated disposal represents a strategic shift that will have a material impact on the Company's operating results. See note 3 to the Company's consolidated financial statements for a discussion of discontinued operations. As such, the Company has recast results for all
periods presented under the discontinued operations basis of presentation. The determination that the Company operates as a single segment is consistent with the nature of its operations and the financial information regularly reviewed by the Company's President and Chief Executive Officer in such person's capacity as the chief operating decision maker ("CODM").
The Company provides its tenants with access, including space or capacity, to the Company's approximately 40,000 towers geographically dispersed throughout the U.S. The Company also offers site development services and previously offered installation services as an ancillary offering relating to its towers. See note 17 to the Company's consolidated financial statements for a discussion of the Company's 2023 Restructuring Plan, which included discontinuing installation services as a product offering.
The measurement of profit or loss primarily used by the CODM in making operating decisions, assessing financial performance, and allocating resources is net income (loss).
The following table sets forth the Company's results, including significant expenses not presented in the consolidated statement of operations comprehensive income (loss), for the years ended December 30, 2025, 2024, and 2023. Since the Company operates as one reportable segment that constitutes consolidated continuing results of operations, there are no reconciling items between segment and consolidated assets or capital expenditures from continuing operations.
Year Ended December 31, | |||||||||||||||||
2025 | 2024 | 2023 | |||||||||||||||
Net revenues | $ | 4,264 | $ | 4,460 | $ | 4,734 | |||||||||||
Less: | |||||||||||||||||
Lease expense(a) | 744 | 748 | 732 | ||||||||||||||
Employee compensation expense(b) | 358 | 357 | 443 | ||||||||||||||
Other costs of operations expense(c)(d) | 255 | 242 | 399 | ||||||||||||||
Other selling, general and administrative expenses(e) | 131 | 178 | 193 | ||||||||||||||
| Asset write-down charges | 11 | 11 | 9 | ||||||||||||||
| Acquisition and integration costs | — | — | 1 | ||||||||||||||
| Depreciation, amortization and accretion | 690 | 736 | 787 | ||||||||||||||
Restructuring charges | — | 70 | 73 | ||||||||||||||
| Total operating expenses | 2,189 | 2,342 | 2,637 | ||||||||||||||
| Operating income | 2,075 | 2,118 | 2,097 | ||||||||||||||
| Interest expense and amortization of deferred financing costs, net | (972) | (932) | (849) | ||||||||||||||
| Interest income | 13 | 20 | 15 | ||||||||||||||
| Other income (expense) | 3 | (26) | (5) | ||||||||||||||
Income (loss) from continuing operations before income taxes | 1,119 | 1,180 | 1,258 | ||||||||||||||
| Benefit (provision) for income taxes | (16) | (18) | (21) | ||||||||||||||
| Income (loss) from continuing operations | 1,103 | 1,162 | 1,237 | ||||||||||||||
Discontinued operations (note 3): | |||||||||||||||||
| Income (loss) from discontinued operations before gain (loss) from disposal, net of tax | 916 | (5,065) | 265 | ||||||||||||||
Gain (loss) from disposal of discontinued operations | (1,575) | — | — | ||||||||||||||
| Income (loss) from discontinued operations, net of tax | (659) | (5,065) | 265 | ||||||||||||||
| Net income (loss) | $ | 444 | $ | (3,903) | $ | 1,502 | |||||||||||
(a)Includes lease expense included in "Cost of operations."
(b)$106 million, $99 million and $134 million are included in "Costs of operations" for year ended December 31, 2025, 2024, and 2023 respectively, and $252 million, $258 million, and $309 million are included in "Selling, general and administrative" for year ended December 31, 2025, 2024, and 2023 respectively, on the Company's consolidated statement of operations and comprehensive income (loss).
(c)Exclusive of depreciation, amortization and accretion, shown separately.
(d)Other costs of operations primarily consists of (1) property taxes, (2) repair and maintenance expense, (3) third-party costs related to ancillary services performed and (4) various other insignificant expenses.
(e)Other selling, general and administrative expenses primarily include (1) corporate facilities expense, (2) legal expenses and consulting fees, (3) subscriptions and software costs and (4) other general corporate costs.
Major Tenants
The following table summarizes the percentage of the consolidated revenues for those tenants accounting for more than 10% of the Company's consolidated revenues.
| Years Ended December 31, | |||||||||||||||||
2025 | 2024 | 2023 | |||||||||||||||
| T-Mobile | 40 | % | 42 | % | 42 | % | |||||||||||
| AT&T | 27 | % | 25 | % | 25 | % | |||||||||||
| Verizon Wireless | 22 | % | 21 | % | 20 | % | |||||||||||
| Total | 89 | % | 88 | % | 87 | % | |||||||||||
Concentrations of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents, restricted cash and cash equivalents and trade receivables. The Company mitigates its risk with respect to cash and cash equivalents by maintaining such deposits at high credit quality financial institutions and monitoring the credit ratings of those institutions. The Company's restricted cash and cash equivalents are predominately held and directed by a trustee (see note 2).
The Company derives the largest portion of its revenues from tenants in the wireless industry. The Company also has a concentration in its volume of business with T-Mobile, AT&T and Verizon Wireless or their agents that accounts for a significant portion of the Company's revenues, receivables and deferred site rental receivables. The Company mitigates its concentrations of credit risk with respect to trade receivables by actively monitoring the creditworthiness of its tenants, the use of tenant leases with contractually determinable payment terms or proactive management of past due balances.
On January 12, 2026, the Company delivered a notice of default and termination to DISH relating to the Company's Master Lease Agreement and underlying agreements with DISH as a result of DISH failing to make required payments and defaulting on its obligations under the agreement. See note 18 for additional discussion.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 23, 2026 | Showing above |
| 2024 | Mar 14, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 22, 2021 | |
| 2019 | Mar 10, 2020 | |
| 2018 | Feb 25, 2019 | |
| 2017 | Feb 26, 2018 | |
| 2016 | Feb 22, 2017 | |
| 2015 | Feb 22, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.