Crown Castle Inc. owns, operates and leases shared communications infrastructure geographically dispersed throughout the U.S., including more than 40,000 towers and other structures such as rooftops, approximately 105,000 small cell nodes either currently generating revenue or under contract, and approximately 90,000 route miles of fiber primarily supporting small cells and fiber solutions ¹. The company operates in the wireless communications infrastructure industry, driven by consumer demand for data that continues to grow due to increases in data consumption and increased penetration of bandwidth-intensive devices, with factors such as growth in mobile entertainment, mobile internet usage, machine-to-machine applications, and the adoption of other bandwidth-intensive applications like cloud services, artificial intelligence and video communications ². U.S. wireless carriers are among the first carriers in the world to offer commercial 5G mobile cellular communications services to further support such growth ³. The company expects factors contributing to potential demand for its towers include consumers' growing wireless data consumption leading major wireless carriers to upgrade and enhance their networks, prior and future potential spectrum auctioned by the FCC, next-generation technologies and new uses for wireless communications, the continued adoption of bandwidth-intensive applications including artificial intelligence, and increased government initiatives to expand broadband infrastructure ⁴.

The company's largest competitors named in the filing are American Tower Corporation and SBA Communications Corporation ⁵. The company believes that location, existing tower footprint, deployment speed, quality of service, expertise, reputation, capacity and price have been and will continue to be the most significant competitive factors affecting its businesses ⁶. The company's three largest tenants are T-Mobile, AT&T and Verizon Wireless, which collectively accounted for approximately 90% of 2025 site rental revenues ⁷. The company believes its towers provide an efficient and cost-effective solution for its wireless tenants' growing networks that provides an opportunity to generate cash flows and increase stockholder return ⁸.

The company's core business is providing access, including space or capacity, to its towers via long-term contracts in various forms, including lease, license, sublease and service agreements ⁹. Site rental revenues represented 95% of 2025 net revenues, and the vast majority of site rental revenues are of a recurring nature and are derived from long-term tenant contracts ¹⁰. The company generally receives monthly rental payments and, in some cases, upfront payments, from its tenants pursuant to long-term tenant contracts with initial contract terms generally between five to 15 years, multiple renewal periods of generally five years each exercisable at the option of the tenant, limited termination rights for tenants, and contractual escalations of the rental price ¹¹. As an ancillary business, the company also offers certain services relating to its towers predominately consisting of pre-construction site development services including site acquisition, architectural and engineering, or zoning and permitting ¹².

The company's towers operations constitute its single reportable segment following the classification of the Fiber Business as discontinued operations ¹³. Site rental revenues for 2025 were $4,049 million ¹⁴. The company's tenant contracts, while amended and re-negotiated over time, have historically led to a long-term relationship with tenants on its towers, resulting in a retention rate generally between 98% and 99% each year ¹⁵. As of December 31, 2025, the average number of tenants per tower was approximately 2.4 ¹⁶. Approximately 75% of site rental costs of operations, exclusive of depreciation, amortization, and accretion, consists of ground lease expenses, and the remainder includes employee compensation or related benefit costs, property taxes, repairs and maintenance, and utilities ¹⁷. The company seeks to add tenants to its existing towers at low incremental operating cost, delivering high incremental returns to its business ¹⁸. Once constructed, towers require minimal sustaining capital expenditures, including maintenance or other non-discretionary capital expenditures, which are typically approximately 1% of net revenues ¹⁹.

The company's services and other revenues for 2025 were $215 million ²⁰. In 2025, services and other revenues primarily related to site development services ²¹. The company's site development services are typically non-recurring and are billed on a fixed fee basis, and the terms and pricing of site development services are negotiated separately from tenant contracts ²². For 2025, site rental revenues by tenant were: T-Mobile 40%, AT&T 27%, and Verizon Wireless 22% ²³.

On March 13, 2025, management signed a definitive agreement to sell the Fiber Business, with Zayo Group Holdings Inc. acquiring the fiber solutions business and EQT Active Core Infrastructure fund acquiring the small cell business ²⁴. Under the agreement, the company will receive $8.5 billion in aggregate, subject to certain closing adjustments ²⁵. The Strategic Fiber Transaction is expected to close in the first half of 2026, subject to certain closing conditions and regulatory approvals ²⁶. Related to the classification of the Fiber Business as held for sale, the company recognized a loss from disposal of discontinued operations of approximately $1.6 billion, inclusive of estimated transaction fees, for the year ended December 31, 2025 ²⁷. During 2025, the company paid common stock dividends totaling approximately $2.1 billion ²⁸. The company had discretionary capital expenditures of $149 million for the year ended December 31, 2025, predominately related to improvements to existing towers to support additional tenants and purchases of land underneath its towers ²⁹. During 2025, site rental revenues decreased approximately $200 million as a result of non-renewals related to the network consolidation of T-Mobile and Sprint ³⁰. In February 2026, the company initiated a restructuring plan as part of its efforts to enhance the efficiency and effectiveness of its tower business ³¹.

Total site rental revenues for 2025 decreased by $219 million, or 5%, from 2024 ³². Net income was $444 million during 2025 compared to $(3,903) million during 2024 ³³. Adjusted EBITDA decreased by $172 million, or 6%, from 2024 to 2025 ³⁴. Income from continuing operations was $1,103 million during 2025 compared to $1,162 million during 2024 ³⁵. Net cash provided by operating activities was $3,057 million for the year ended December 31, 2025 ³⁶.

The company's 2026 Outlook does not include any revenues from DISH ³⁷. The company expects a year over year reduction in site rental revenues related to approximately $220 million from the DISH termination, and a decline in long-term deferred revenue amortization ³⁸. In February 2026, the company initiated a restructuring plan as part of its efforts to enhance the efficiency and effectiveness of its tower business, expecting to realize approximately $65 million annualized run-rate savings in operating costs, of which approximately $55 million will be realized in 2026 due to timing, with the remaining savings of approximately $10 million to be realized in 2027 ³⁹. The company expects to incur aggregate restructuring charges of approximately $30 million in 2026 as a result of the 2026 Restructuring Plan, most of which it expects to incur in the first and second quarters of 2026 ⁴⁰.

The company expects existing and potential new tenant demand for its towers will result from new technologies, increased usage of mobile entertainment, mobile internet, and machine-to-machine applications, adoption of other emerging and embedded wireless devices, increasing smartphone penetration, wireless carrier focus on expanding both network quality and capacity, the adoption of other bandwidth-intensive applications such as cloud services, artificial intelligence and video communications, the availability of additional spectrum, and increased government initiatives to support connectivity throughout the U.S. ⁴¹. The company expects U.S. wireless carriers will continue to focus on improving network quality and expanding capacity, including through 5G initiatives ⁴². The company believes its towers provide an efficient and cost-effective solution to its wireless tenants' growing infrastructure needs ⁴³.

The company expects to continue to construct and acquire new towers that it expects will generate future cash flow growth and attractive long-term returns by adding tenants to those assets over time ⁴⁴. The company expects to continue to acquire land interests relating to land under its towers ⁴⁵. Following the closure of the Strategic Fiber Transaction, which is expected to occur in the first half of 2026, the company expects to use the proceeds from the sale to repurchase approximately $1 billion of shares and approximately $7 billion of debt ⁴⁶. As a result of the expected $7 billion repayment of debt, 2026 interest expense is expected to decrease ⁴⁷.

The company expects to continue to invest a significant amount of its available capital in the form of discretionary capital expenditures in the Fiber Business until the closing of the Strategic Fiber Transaction ⁴⁸. The company expects to grow its net cash provided by operating activities in the future (exclusive of changes in working capital) if it realizes expected growth in its core business ⁴⁹.

The company expects to maintain an investment grade credit profile ⁵⁰. Following the closure of the Strategic Fiber Transaction, the company does not expect that the absence of cash flows from the Fiber Business will have an adverse impact on its liquidity position ⁵¹.

The company expects to continue to pay minimal cash income taxes as a result of its REIT status and its NOLs ⁵². As the company grows cash flows, it expects to increase its dividend per share ⁵³.

The company expects additional non-renewals from the T-Mobile and Sprint network consolidation agreement, which it expects to fall within its historical non-renewal range of 1% to 2% of Towers annual site rental revenues, to occur each year through 2034 ⁵⁴. The company expects an additional impact of approximately $40 million in aggregate Fiber non-renewals to occur in 2026 and in subsequent years, until the closing of the Strategic Fiber Transaction ⁵⁵.

The company expects that the rate at which tenants adopt or prioritize small cells and fiber solutions has been lower or slower than anticipated, and may continue to be lower or slower, or may cease to exist altogether ⁵⁶. The company anticipates that delays in small cell deployments will be temporary, as its tenants plan for the next phase of their 5G network deployment which the company believes will require small cells at scale ⁵⁷.

Management's message emphasizes that the company's strategy is to create long-term stockholder value via a combination of growing cash flows generated from its existing portfolio of towers, returning a meaningful portion of cash generated by operating activities to common stockholders in the form of dividends, and investing capital efficiently to grow cash flows and long-term dividends per share ⁶⁵. Management states that the company's strategy is based, in part, on the belief that the U.S. is the most attractive market for tower investment with the greatest long-term growth potential ⁶⁶. Management measures efforts to create long-term stockholder value by the combined payment of dividends to stockholders and growth in per-share results ⁶⁷. Key strategic elements emphasized include growing cash flows from existing towers by maximizing recurring site rental cash flows, returning cash to stockholders through dividends and share repurchases, and investing capital efficiently in constructing and acquiring new towers, acquiring land interests, improvements and structural enhancements to existing towers, and purchases of shares of common stock or debt ⁶⁸. Management also highlights the pending sale of the Fiber Business and the expected use of proceeds to repurchase approximately $1 billion of shares and approximately $7 billion of debt ⁶⁹.

For the year ended December 31, 2025, total net revenues were $4,264 million compared to $4,460 million in 2024 ⁷⁰. Net income was $444 million in 2025 compared to $(3,903) million in 2024 ⁷¹. Diluted EPS was $1.01 in 2025 versus $(8.98) in 2024 ⁷². Income from continuing operations was $1,103 million in 2025 compared to $1,162 million in 2024 ⁷³. Diluted EPS from continuing operations was $2.52 in 2025 versus $2.68 in 2024 ⁷⁴. Operating income was $2,075 million in 2025 compared to $2,118 million in 2024 ⁷⁵. Adjusted EBITDA was $2,863 million in 2025 compared to $3,035 million in 2024 ⁷⁶. Net cash provided by operating activities was $3,057 million in 2025 compared to $2,943 million in 2024 ⁷⁷. Total debt and other obligations as of December 31, 2025 were $24,337 million compared to $24,054 million as of December 31, 2024 ⁷⁸. Total deficit was $(1,635) million as of December 31, 2025 compared to $(133) million as of December 31, 2024 ⁷⁹. The company recorded a loss from disposal of discontinued operations of $1,575 million for the year ended December 31, 2025 ⁸⁰. Income from discontinued operations before gain from disposal, net of tax, was $916 million in 2025 compared to $(5,065) million in 2024, with the increase primarily driven by the absence of a $5.0 billion goodwill impairment charge recorded in 2024 ⁸¹. Site rental revenues were $4,049 million in 2025 compared to $4,268 million in 2024 ⁸². Adjusted Site Rental Gross Margin was $3,076 million in 2025 compared to $3,307 million in 2024 ⁸³. Interest expense and amortization of deferred financing costs, net was $972 million in 2025 compared to $932 million in 2024 ⁸⁴.

A substantial portion of revenues is derived from a small number of tenants, with T-Mobile, AT&T and Verizon Wireless collectively accounting for approximately 90% of 2025 site rental revenues, and the loss, consolidation or financial instability of any such tenants may materially decrease revenues ⁵⁸. The T-Mobile and Sprint network consolidation resulted in approximately $200 million in Towers non-renewals in 2025, and additional non-renewals are anticipated each year through 2034 ⁵⁹. On January 12, 2026, the company delivered a notice of default and termination to DISH, asserting DISH owes all remaining payments totaling in excess of $3.5 billion ⁶⁰. As of December 31, 2025, associated with DISH agreements, the company had recorded approximately $50 million within Receivables, net and approximately $150 million within Deferred site rental receivables, partially offset by approximately $34 million recorded within Deferred revenues and Other long-term liabilities ⁶¹. The company has a substantial amount of indebtedness of approximately $24.2 billion as of February 19, 2026, which could adversely affect its ability to react to changes in its business ⁶². As of February 19, 2026, approximately 60% of fixed rate debt, with a weighted average interest rate of 3.7%, is scheduled to mature over the next five years ⁶³. As of February 19, 2026, approximately 19% of outstanding indebtedness consisted of variable interest rates ⁶⁴.