---
title: "Crown Castle | 8-K: FY2025 Revenue Beats Estimate at USD 4.264 B"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/274870192.md"
datetime: "2026-02-04T21:25:14.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/274870192.md)
  - [en](https://longbridge.com/en/news/274870192.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/274870192.md)
---

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# Crown Castle | 8-K: FY2025 Revenue Beats Estimate at USD 4.264 B

Revenue: As of FY2025, the actual value is USD 4.264 B, beating the estimate of USD 4.255 B.

EPS: As of FY2025, the actual value is USD 1.01, beating the estimate of USD 0.8799.

EBIT: As of FY2025, the actual value is USD 3.034 B.

#### Net Revenues

-   **2025:**
    -   Site rental billings: $3,923 million
    -   Total site rental revenue: $4,049 million
    -   Services and other revenue: $215 million
    -   Net revenues: $4,264 million
-   **2024:**
    -   Site rental billings: $3,934 million
    -   Total site rental revenue: $4,268 million
    -   Services and other revenue: $192 million
    -   Net revenues: $4,460 million

#### Select Operating Expenses

-   **2025:**
    -   Site rental costs of operations exclusive of straight-lined expenses: $934 million
    -   Total site rental costs of operations: $992 million
    -   Services and other costs of operations: $113 million
    -   Total costs of operations: $1,105 million
    -   Selling, general and administrative expenses: $383 million
-   **2024:**
    -   Site rental costs of operations exclusive of straight-lined expenses: $920 million
    -   Total site rental costs of operations: $983 million
    -   Services and other costs of operations: $107 million
    -   Total costs of operations: $1,090 million
    -   Selling, general and administrative expenses: $435 million

#### Profitability Metrics

-   **2025:**
    -   Net income (loss): $444 million
    -   Adjusted EBITDA: $2,863 million
    -   Depreciation, amortization and accretion: $690 million
    -   Interest expense and amortization of deferred financing costs, net: $972 million
    -   FFO: $1,764 million
    -   AFFO: $1,904 million
    -   AFFO per share: $4.36
-   **2024:**
    -   Net income (loss): -$3,903 million
    -   Adjusted EBITDA: $3,035 million
    -   Depreciation, amortization and accretion: $736 million
    -   Interest expense and amortization of deferred financing costs, net: $932 million
    -   FFO: $1,863 million
    -   AFFO: $1,980 million
    -   AFFO per share: $4.55

#### Capital Expenditures

-   **2025:**
    -   Total discretionary capital expenditures: $149 million
    -   Sustaining capital expenditures: $33 million
    -   Total capital expenditures: $182 million
    -   Capital expenditures less prepaid rent additions: $139 million
-   **2024:**
    -   Total discretionary capital expenditures: $142 million
    -   Sustaining capital expenditures: $34 million
    -   Total capital expenditures: $176 million
    -   Capital expenditures less prepaid rent additions: $131 million

#### Cash Flow

-   **2025:**
    -   Net cash provided by operating activities: $3,057 million
    -   Net cash provided by investing activities: -$1,158 million
    -   Net cash provided by financing activities: -$1,886 million
    -   Free Cash Flow from Discontinued Operations: $205 million
-   **2024:**
    -   Net cash provided by operating activities: $2,943 million
    -   Net cash provided by investing activities: -$1,220 million
    -   Net cash provided by financing activities: -$1,708 million
    -   Free Cash Flow from Discontinued Operations: $78 million

#### Operational Metrics (as of December 31, 2025)

-   Number of towers: 40,000
-   Average number of tenants per tower: 2.4
-   Remaining contracted tenant receivables: $27 billion
-   Weighted average remaining tenant contract term: 6 years
-   Percent of towers in Top 50 / 100 Basic Trading Areas: 56% / 71%
-   Percent of ground leased / owned: 57% / 43%
-   Weighted average maturity of ground leases: 35 years

#### Tenant Overview (as of December 31, 2025)

-   T-Mobile accounted for 40% of Q4 2025 LQA Site Rental Revenues with a 7-year Weighted Average Current Term Remaining .
-   AT&T represented 27% of Q4 2025 LQA Site Rental Revenues with a 3-year Weighted Average Current Term Remaining .
-   Verizon contributed 22% of Q4 2025 LQA Site Rental Revenues with a 6-year Weighted Average Current Term Remaining .
-   All Other Combined tenants made up 11% of Q4 2025 LQA Site Rental Revenues with an 8-year Weighted Average Current Term Remaining .

#### Outlook / Guidance

Crown Castle Inc. initiated a restructuring plan on February 4, 2026, to enhance efficiency by reducing tower and corporate employee headcount by approximately 20%, estimating aggregate restructuring charges of about $30 million, mostly in Q1 and Q2 2026 . For the full year 2026, Crown Castle Inc. expects Site Rental Billings between $3,800 million and $3,830 million, Net Income (Loss) from $640 million to $920 million, and Adjusted EBITDA from $2,665 million to $2,715 million . AFFO is forecasted to be in the range of $1,895 million to $1,945 million, with AFFO per share between $4.38 and $4.49 .

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