Crown Castle Inc. (CCI) Balance Sheet
CCI balance sheet, 2025
December 31, 2025 · U.S. dollars$31.52B assets = $33.15B liabilities + −$1.64B equity
Liabilities exceed assets: shareholders’ equity is negative (−$1.64B).
Both columns are drawn to the same scale: what CCI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
CCI financial health
Descriptive bands, not a rating. Fiscal 2025.
CCI balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $22.68B2016 | $31.52B2025 | +3.7%/yr | |
| Total liabilities | $15.12B2016 | $33.15B2025 | +9.1%/yr | |
| Shareholders’ equity | $7.56B2016 | −$1.64B2025 | — | |
| Cash & short-term investments | $567.6M2016 | $269.0M2025 | −8.0%/yr | |
| Total debt | $12.17B2016 | $29.57B2025 | +10.4%/yr | |
| Net cash (debt) | −$11.60B2016 | −$29.30B2025 | −$17.7B | |
| Working capital | $363.4M2016 | −$3.33B2025 | −$3.7B | |
| Book value per share | $22.172016 | −$3.742025 | — | |
| Current ratio | 1.382016 | 0.262025 | −1.12 | |
| Debt / equity | 1.612016 | 4.522023 | +2.91 | |
| Shares outstanding | 340.9M2016 | 437.0M2025 | +2.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CCI assets
CCI liabilities and equity
CCI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
CCI balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $269.0M | $119.0M | $105.0M | $156.0M | $292.0M | $232.0M | $196.0M | $277.0M | $314.0M | $567.6M |
| Cash & equivalents | $269.0M | $119.0M | $105.0M | $156.0M | $292.0M | $232.0M | $196.0M | $277.0M | $314.0M | $567.6M |
| Short-term investments | — | −$171.0M | $38.53B | $38.93B | $39.05B | $38.77B | $38.46B | $32.77B | $121.1M | $124.5M |
| Receivables | $339.0M | $654.0M | $597.0M | $720.0M | $635.0M | $431.0M | $596.0M | $501.0M | $398.0M | $373.5M |
| Inventory | $0 | −$171.0M | $0 | $268.0M | $274.0M | $239.0M | $244.0M | $303.0M | $283.4M | $253.3M |
| Other current assets | $536.0M | $488.0M | $330.0M | $73.0M | $53.0M | $202.0M | $168.0M | $148.0M | $138.6M | $130.4M |
| Total current assets | $1.14B | $1.09B | $1.03B | $1.22B | $1.25B | $1.10B | $1.20B | $1.23B | $1.13B | $1.32B |
| Property, plant & equipment (net) | $11.75B | $21.29B | $21.85B | $21.93B | $21.95B | $21.63B | $20.80B | $13.65B | $12.93B | $9.81B |
| Goodwill & intangible assets | $5.99B | $7.91B | $13.26B | $13.68B | $14.12B | $14.51B | $14.91B | $15.59B | $15.98B | $9.41B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $12.64B | $2.45B | $2.38B | $2.09B | $1.71B | $1.53B | $1.54B | $2.29B | $2.18B | $2.14B |
| Total assets | $31.52B | $32.74B | $38.53B | $38.92B | $39.04B | $38.77B | $38.46B | $32.76B | $32.23B | $22.68B |
| Liabilities | ||||||||||
| Accounts payable | $71.0M | $192.0M | $252.0M | $236.0M | $246.0M | $230.0M | $334.0M | $313.0M | $249.0M | $188.5M |
| Short-term debt | $3.05B | $906.0M | $1.17B | $1.17B | $421.0M | $458.0M | $399.0M | $107.0M | $115.0M | $101.7M |
| Deferred revenue | — | $476.0M | $605.0M | $736.0M | $776.0M | $704.0M | $657.0M | $498.0M | $457.1M | $353.0M |
| Total current liabilities | $4.48B | $2.18B | $2.58B | $2.73B | $2.03B | $1.97B | $1.92B | $1.51B | $1.29B | $961.4M |
| Long-term debt | $21.55B | $23.47B | $22.09B | $20.91B | $20.56B | $19.15B | $18.02B | $16.57B | $16.04B | $12.07B |
| Lease obligations | $5.23B | $5.53B | $5.89B | $6.23B | $6.38B | $6.14B | $5.81B | — | — | — |
| Other long-term liabilities | $7.12B | $7.22B | $7.47B | $7.83B | $8.20B | $8.19B | $8.03B | $3.11B | $2.55B | $2.09B |
| Total liabilities | $33.15B | $32.87B | $32.15B | $31.47B | $30.78B | $29.31B | $27.97B | $21.19B | $19.89B | $15.12B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $4.0M | $4.0M | $4.0M | $4.0M | $4.0M | $4.0M | $4.0M | $4.0M | $16.85B | $10.94B |
| Retained earnings (deficit) | −$20.16B | −$18.52B | −$11.89B | −$10.67B | −$9.75B | −$8.47B | −$7.36B | −$5.73B | −$4.50B | −$3.38B |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$5.0M | −$5.0M | −$4.0M | −$5.0M | −$4.0M | −$4.0M | −$5.0M | −$5.0M | −$4.0M | −$5.9M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | −$1.64B | −$133.0M | $6.38B | $7.45B | $8.26B | $9.46B | $10.49B | $11.57B | $12.34B | $7.56B |
| Key figures | ||||||||||
| Total debt | $29.57B | $29.61B | $28.81B | $27.96B | $27.01B | $25.42B | $23.93B | $16.68B | $16.16B | $12.17B |
| Net cash (debt) | −$29.30B | −$29.49B | −$28.71B | −$27.80B | −$26.72B | −$25.18B | −$23.73B | −$16.41B | −$15.85B | −$11.60B |
| Working capital | −$3.33B | −$1.09B | −$1.55B | −$1.51B | −$772.0M | −$865.0M | −$716.0M | −$277.0M | −$158.0M | $363.4M |
| Tangible book value | −$7.62B | −$8.04B | −$6.88B | −$6.23B | −$5.87B | −$5.05B | −$4.42B | −$4.02B | −$3.64B | −$1.85B |
| Book value per share | −$3.74 | −$0.31 | $14.70 | $17.16 | $19.03 | $22.26 | $25.09 | $27.88 | $32.20 | $22.17 |
| Shares outstanding | 437.0M | 434.0M | 434.0M | 434.0M | 434.0M | 425.0M | 418.0M | 415.0M | 383.2M | 340.9M |
| Current ratio | 0.26 | 0.50 | 0.40 | 0.45 | 0.62 | 0.56 | 0.63 | 0.82 | 0.88 | 1.38 |
| Quick ratio | 0.14 | 0.36 | 0.27 | 0.32 | 0.46 | 0.34 | 0.41 | 0.52 | 0.55 | 0.98 |
| Debt / equity | — | — | 4.52 | 3.75 | 3.27 | 2.69 | 2.28 | 1.44 | 1.31 | 1.61 |
| Equity / assets | −5.2% | −0.4% | 16.6% | 19.1% | 21.2% | 24.4% | 27.3% | 35.3% | 38.3% | 33.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.04B | $55.0M | $269.0M | $233.0M | $94.0M | $60.0M | $119.0M | $194.0M | $155.0M | $125.0M | $105.0M | $117.0M |
| Cash & equivalents | $1.04B | $55.0M | $269.0M | $233.0M | $94.0M | $60.0M | $119.0M | $194.0M | $155.0M | $125.0M | $105.0M | $117.0M |
| Short-term investments | — | — | — | — | — | — | −$171.0M | — | — | — | $52.0M | — |
| Receivables | $179.0M | $188.0M | $2.63B | $2.60B | $100.0M | $308.0M | $654.0M | $571.0M | $549.0M | $503.0M | $597.0M | $627.0M |
| Inventory | $207.0M | $0 | $0 | $0 | $0 | $0 | −$171.0M | $0 | $0 | $0 | $0 | $310.0M |
| Other current assets | $210.0M | $1.01B | $0 | $0 | $880.0M | $717.0M | $488.0M | $359.0M | $377.0M | $349.0M | $330.0M | $72.0M |
| Total current assets | $1.64B | $1.25B | $1.14B | $1.11B | $1.07B | $1.08B | $1.09B | $1.12B | $1.08B | $977.0M | $1.03B | $1.13B |
| Property, plant & equipment (net) | $11.57B | $6.22B | $11.75B | $11.84B | $11.96B | $12.06B | $21.29B | $21.49B | $21.63B | $21.67B | $21.85B | $21.88B |
| Goodwill & intangible assets | $5.90B | $5.94B | $5.99B | $6.03B | $6.08B | $6.12B | $7.91B | $12.96B | $13.06B | $13.16B | $13.26B | $13.36B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $2.40B | $17.97B | $12.64B | $12.51B | $12.52B | $12.50B | $2.45B | $2.47B | $2.48B | $2.43B | $2.38B | $2.33B |
| Total assets | $21.51B | $31.39B | $31.52B | $31.50B | $31.64B | $31.76B | $32.74B | $38.04B | $38.25B | $38.23B | $38.53B | $38.70B |
| Liabilities | ||||||||||||
| Accounts payable | $90.0M | $66.0M | $71.0M | $65.0M | $48.0M | $42.0M | $192.0M | $200.0M | $225.0M | $216.0M | $252.0M | $215.0M |
| Short-term debt | $2.52B | $3.15B | $3.05B | $3.31B | $2.52B | $1.77B | $906.0M | $912.0M | $1.17B | $1.17B | $1.17B | $1.17B |
| Deferred revenue | $259.0M | $194.0M | $192.0M | $147.0M | $139.0M | $145.0M | $476.0M | $483.0M | $509.0M | $514.0M | $605.0M | $650.0M |
| Total current liabilities | $3.29B | $4.71B | $4.48B | $4.30B | $3.80B | $2.95B | $2.18B | $2.10B | $2.49B | $2.34B | $2.58B | $2.55B |
| Long-term debt | $15.98B | $21.53B | $21.55B | $21.55B | $22.04B | $22.87B | $23.47B | $23.45B | $22.85B | $22.56B | $22.09B | $21.90B |
| Lease obligations | $5.17B | $5.20B | $5.23B | $5.26B | $5.28B | $5.30B | $5.53B | $5.57B | $5.66B | $5.71B | $5.89B | $6.00B |
| Other long-term liabilities | $5.51B | $7.07B | $7.12B | $7.15B | $7.18B | $7.19B | $7.22B | $7.20B | $7.25B | $7.29B | $7.47B | $7.58B |
| Total liabilities | $24.78B | $33.31B | $33.15B | $32.99B | $33.02B | $33.01B | $32.87B | $32.75B | $32.59B | $32.18B | $32.15B | $32.03B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $4.0M | $4.0M | $4.0M | $4.0M | $4.0M | $4.0M | $4.0M | $4.0M | $4.0M | $4.0M | $4.0M | $4.0M |
| Retained earnings (deficit) | −$20.84B | −$20.48B | −$20.16B | −$19.99B | −$19.84B | −$19.68B | −$18.52B | −$13.07B | −$12.69B | −$12.26B | −$11.89B | −$11.57B |
| Accumulated other comprehensive income | −$5.0M | −$5.0M | −$5.0M | −$4.0M | −$5.0M | −$5.0M | −$5.0M | −$5.0M | −$5.0M | −$5.0M | −$4.0M | −$5.0M |
| Total shareholders' equity | −$3.27B | −$1.92B | −$1.64B | −$1.49B | −$1.38B | −$1.25B | −$133.0M | $5.30B | $5.65B | $6.05B | $6.38B | $6.67B |
| Key figures | ||||||||||||
| Total debt | $23.40B | $24.68B | $29.57B | $29.84B | $29.57B | $29.68B | $29.61B | $29.64B | $29.38B | $29.12B | $28.81B | $28.73B |
| Net cash (debt) | −$22.36B | −$24.63B | −$29.30B | −$29.61B | −$29.47B | −$29.61B | −$29.49B | −$29.44B | −$29.23B | −$29.00B | −$28.71B | −$28.61B |
| Working capital | −$1.65B | −$3.45B | −$3.33B | −$3.18B | −$2.73B | −$1.86B | −$1.09B | −$973.0M | −$1.41B | −$1.36B | −$1.55B | −$1.42B |
| Tangible book value | −$9.17B | −$7.86B | −$7.62B | −$7.53B | −$7.46B | −$7.37B | −$8.04B | −$7.67B | −$7.41B | −$7.11B | −$6.88B | −$6.69B |
| Book value per share | −$7.53 | −$4.39 | −$3.74 | −$3.42 | −$3.16 | −$2.87 | −$0.31 | $12.15 | $12.99 | $13.90 | $14.70 | $15.37 |
| Shares outstanding | 434.0M | 437.0M | 437.0M | 437.0M | 437.0M | 436.0M | 434.0M | 436.0M | 435.0M | 435.0M | 434.0M | 434.0M |
| Current ratio | 0.50 | 0.27 | 0.26 | 0.26 | 0.28 | 0.37 | 0.50 | 0.54 | 0.43 | 0.42 | 0.40 | 0.44 |
| Quick ratio | 0.37 | 0.05 | 0.65 | 0.66 | 0.05 | 0.12 | 0.36 | 0.36 | 0.28 | 0.27 | 0.27 | 0.29 |
| Debt / equity | — | — | — | — | — | — | — | 5.60 | 5.20 | 4.82 | 4.52 | 4.31 |
| Equity / assets | −15.2% | −6.1% | −5.2% | −4.7% | −4.4% | −3.9% | −0.4% | 13.9% | 14.8% | 15.8% | 16.6% | 17.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 23, 2026); data from EODHD.
CCI financial position
At the end of fiscal 2025 (December 31, 2025), Crown Castle had total assets of $31.5 billion (down 3.7% from a year earlier), total liabilities of $33.2 billion and shareholders' equity of -$1.6 billion. It held $269.0 million in cash and short-term investments against $29.6 billion of debt, net debt of $29.3 billion. Its current ratio was 0.26. In the latest quarter (ended June 30, 2026) total assets were $21.5 billion and equity -$3.3 billion.
Related: CCI income statement, CCI cash flow statement, CCI key metrics. See the CCI stock overview for the latest quote and news.
CCI balance sheet FAQ
What are Crown Castle's total assets?
Crown Castle reported total assets of $31.5 billion at the end of fiscal 2025 (December 31, 2025), compared with $32.7 billion a year earlier.
How much debt does Crown Castle have?
Crown Castle had $29.6 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Crown Castle have?
Crown Castle held $269.0 million in cash and short-term investments at the end of fiscal 2025; with $29.6 billion of debt that is net debt of $29.3 billion.
What is Crown Castle's book value?
Crown Castle's shareholders' equity (book value) was -$1.6 billion at the end of fiscal 2025, or −$3.74 per share.
What is Crown Castle's current ratio?
Crown Castle had current assets of $1.1 billion and current liabilities of $4.5 billion, a current ratio of 0.26 (current liabilities exceed current assets).
How much goodwill does Crown Castle have?
Crown Castle carried $6.0 billion of goodwill and intangible assets, 19.0% of total assets, at the end of fiscal 2025.