# Crown Castle Inc. (CCI)

> Source: Nexqual · https://nexqual.com/CCI · data as of 2026-10-23 16:58 UTC · cite as "Nexqual, Crown Castle Inc. (CCI), nexqual.com/CCI" · informational, not investment advice.

**Price:** USD 86.42 (+9.63% today) · US market open, as of October 23, 2026 at 16:58 UTC; quotes may be delayed. Prev close 78.83 · day 85.13–91.45 · 52w 65.32–99.21 · market cap $37.8B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $4.16B, net income $862M (20.7% margin), free cash flow $2.41B (SEC filings).
- Valuation: P/E 43.8x (avg 60.4x at the last 2 fiscal year-ends), EV/EBITDA 20.6x, net debt $17.2B.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $114K; 1 not under a Rule 10b5-1 plan ($114K); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $74K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.41 on a 1–5 scale) (22 analysts), mean target USD 93.5 (range 80–120).
- Total return with dividends: 1Y -7.5% vs S&P 500 +14.6%; 5Y -38.6% vs S&P 500 +77.3%.
- Next earnings: 2026-10-21, EPS estimate USD 0.7, revenue estimate $1.02B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $6.34B | $6.99B | $4.73B | $4.46B | $4.26B | $4.16B |
| Gross profit | $4.39B | $4.96B | $2.80B | $2.65B | $4.15B | — |
| Operating income | $2.00B | $2.42B | $2.10B | $2.12B | $2.08B | $1.98B |
| Net income | $1.10B | $1.68B | $1.50B | -$3.90B | $444M | $862M |
| EPS (diluted) | $2.53 | $3.86 | $3.46 | -$8.98 | $1.01 | — |
| Free cash flow | $1.56B | $1.57B | $2.88B | $2.77B | $2.88B | $2.41B |
| Gross margin | 69.2% | 71.0% | 59.1% | 59.5% | 97.3% | — |
| Operating margin | 31.6% | 34.7% | 44.3% | 47.5% | 48.7% | 47.7% |
| Net margin | 17.3% | 24.0% | 31.7% | -87.5% | 10.4% | 20.7% |
| Revenue growth | +8.6% | +10.2% | -32.2% | -5.8% | -4.4% | — |
| Cash + short-term investments | $292M | $156M | $105M | $100M | $99.0M | — |
| Total debt | $20.7B | $22.5B | $23.8B | $24.7B | $27.1B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 43.8x · P/S 9.1x · EV/EBITDA 20.6x · EV/Sales 13.2x · P/FCF 15.7x · FCF yield 6.37% · Earnings yield 2.28% · Dividend yield (paid, TTM) 6.09% · Buyback yield (TTM) 2.57% · Net debt $17.2B · EV $55.0B
P/E at fiscal year-ends: Dec 2025 87.5x, Dec 2023 33.3x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-07 | Collins Robert Sean | Vice President and Controller | 1,500 | $114K | 19.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $74K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-05 | Stephens Kevin A | Director | 820 | $74K | 90.24 | Too little history (no open-market trades in 2024) |

## Analysts
Consensus Buy (mean 2.41 on a 1–5 scale), 22 analysts; mean target USD 93.5 (low 80, high 120).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | BMO Capital | Target lowered | Outperform | $93 → $91 |
| 2026-10-22 | TD Cowen | Target raised | Buy | $92 → $98 |
| 2026-09-30 | Barclays | Target raised | Overweight | $84 → $86 |
| 2026-09-14 | JP Morgan | Downgrade | Neutral → Underweight | $85 → $80 |
| 2026-08-20 | Barclays | Upgrade | Equal-Weight → Overweight | $92 → $84 |
| 2026-07-28 | Truist Securities | Target lowered | Hold | $95 → $87 |
| 2026-07-24 | Citigroup | Target lowered | Buy | $106 → $98 |
| 2026-07-24 | Citizens | Target lowered | Market Outperform | $125 → $120 |
| 2026-07-23 | JP Morgan | Target lowered | Neutral | $95 → $85 |
| 2026-07-23 | TD Cowen | Target lowered | Buy | $94 → $92 |
| 2026-07-23 | RBC Capital | Target lowered | Outperform | $92 → $90 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -7.5% | -38.6% |
| S&P 500 (SPY) | +14.6% | +77.3% |
| Per year | -7.6% | -9.3% |
| Volatility (annualized) | 35.0% | 29.5% |
| Max drawdown | -29.4% (Oct 2025→Oct 2026) | -59.5% (Dec 2021→Sep 2026) |

## Peers (REIT - Specialty)
IRM (Iron Mountain Incorporated (Del) USD 110.6 -0.05% · SBAC (SBA Communications Corporation) USD 183.47 +2.84% · DLR (Digital Realty Trust, Inc.) USD 170.71 -0.13% · LAMR (Lamar Advertising Company) USD 156.38 -0.72% · WY (Weyerhaeuser Company) USD 19.42 -2.04% · AMT (American Tower Corporation (REI) USD 188.21 +3.65%

## More
Full page: https://nexqual.com/CCI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CCI's own 10-K filed 2026-02-23 (https://www.sec.gov/Archives/edgar/data/1051470/000105147026000016/cci-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Zayo Group Holdings | "•The restrictions and requirements imposed on our business and operations pursuant to certain covenants set forth in the Strategic Fiber Agreement and ancillary transaction agreements obligate us to generally conduct our…" |
| Partner | T-Mobile (TMUS) | "On January 6, 2022, we entered into an agreement with T-Mobile that addressed the T-Mobile and Sprint network consolidation." |

## Customer concentration

Period ended 2025-12-31: 89%, 40%, 27%, 22% of revenue from unnamed direct customers (10-K, filed 2026-02-23).

## Company outlook (8-K filed 2026-10-21)

- "(b) Reflects midpoint of previous full year 2026 Outlook as issued on July 22, 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $0.70 | $0.70 | +1.0% | $1.02B | 8 |
| Next quarter (ends 2027-03-31) | $0.71 | $0.69 | +3.4% | $1.01B | 5 |
| Current fiscal year (ends 2026-12-31) | $2.24 | $2.29 | -1.8% | $4.03B | 7 |
| Next fiscal year (ends 2027-12-31) | $2.94 | $2.91 | +1.2% | $4.10B | 10 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 42.3% | ±8.7% |
| 2026-12-18 | 56 | 37.5% | ±13.1% |
| 2027-01-15 | 84 | 35.2% | ±13.0% |
| 2027-03-19 | 147 | 36.1% | ±18.6% |
| 2027-04-16 | 175 | 36.2% | ±20.0% |
| 2027-06-17 | 237 | 34.6% | ±22.2% |
| 2027-09-17 | 329 | 34.9% | ±25.8% |