Crown Castle (CCI)
Leases shared tower space to U.S. wireless carriers.
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Leases space on roughly 40,000 U.S. towers to wireless carriers under long-term contracts, earning recurring site rent and smaller service fees. Operating as a single-segment REIT after selling fiber and small cells, the business depends on a concentrated group of major carriers.
Owns, operates, and leases roughly 40,000 towers and rooftop structures across the United States and Puerto Rico. Wireless carriers pay recurring site rent through long-term leases, licenses, subleases, and service agreements; site-development work adds nonrecurring revenue from tenant equipment installations.
Creates incremental cash flow by adding tenants or accommodating equipment modifications on existing sites at low additional operating cost. Also builds or acquires towers and buys land interests beneath them. The portfolio became a single tower segment after the completed sale of the Fiber Solutions and Small Cell businesses.
Depends heavily on network investment by T-Mobile, AT&T, and Verizon, which generate most site-rental revenue. Many towers stand on leased or otherwise controlled land, and operations are subject to zoning, permitting, FCC, and FAA requirements. REIT status imposes income, asset, and distribution tests.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 21, 2026 | Morgan Stanley | Target | Target: $105 | Target: $85 |
| Sep 14, 2026 | JP Morgan | Downgrade | ||
| Aug 20, 2026 | Barclays | Reiterate | Rating: —Target: $101 | Target: $84 |
| Jun 26, 2026 | Goldman Sachs | Target | Target: $120 | Target: $95 |
| May 20, 2026 | Wolfe Research | Downgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $1.04B · Total debt $23.40B · Total assets $21.51B · Shareholders' equity −$3.27B
- Revenue
- $1.01B
- Operating income
- $470.0M
- Net income
- $307.0M
HistoryDividendAnnual yield
| Institutions | ≈ 101.70% | 432.68M shares | |
|---|---|---|---|
| 970 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 0.10% | 444.1K shares | |
| 21 holders · as of Sep 17, 2026 | |||
| Adds to | 101.80% | ||
425.46M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 101.80%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 10.32% | 43.92M | as of Jun 30, 2026 |
Cohen & Steers, Inc.Institution | 9.19% | 39.08M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 8.91% | 37.90M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 6.70% | 28.51M | as of Jun 30, 2026 |
State Street CorpInstitution | 5.41% | 23.02M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 7, 2026 | Robert Sean Collins | officer: Vice President and Controller | −1,500 | $75.89 |
| May 5, 2026 | Kevin A. Stephens | director | +820 | $90.24 |
| Feb 25, 2026 | Edward B. JR Adams | officer: EVP and General Counsel | −4,650 | $86.34 |
| Feb 27, 2026 | Robert Sean Collins | officer: Vice President and Controller | −3,000 | $87.49 |
| Feb 6, 2026 | Christopher Levendos | officer: EVP & COO - Fiber | −1,883 | $79.71 |
- American Tower
Largest global tower REIT; ~42,000 U.S. sites, head-to-head rival.
- SBA Communications
Third leg of U.S. tower triopoly; ~17,400 domestic sites, same tenants.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Crown Castle | $72.58 | −0.87% | $32.00B | 29.8 | 27.2 | 7.7 | −4.9% |
| American Tower | $175.37 | +0.44% | $81.36B | 24.0 | 25.9 | 7.4 | +4.7% |
| SBA Communications | $176.19 | −0.05% | $18.70B | 19.0 | 22.1 | 6.5 | +2.3% |
| Median | 21.5 | 24.0 | 7.0 | +3.5% |