Crown Castle Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	444	-3,903	1,502	1,675	1,096
Depreciation & Amortization	690	736	787	1,658	1,590
Other Amortization	32	32	29	17	13
Asset Writedown	11	11	9	34	21
Restructuring Activities	-	10	7	-	-
Stock-Based Compensation	73	84	102	156	129
Change in Accounts Receivable	3	35	152	-49	-113
Change in Accounts Payable	17	-19	-9	-5	15
Change in Other Net Operating Assets	-53	-258	-397	-693	-248
Other Operating Activities	655	5,092	-248	85	286
Net Cash from Discontinued Operations	1,185	1,123	1,192	-	-62
Operating Cash Flow	3,057	2,943	3,126	2,878	2,727
Operating Cash Flow Growth	3.87%	-5.85%	8.62%	5.54%	-10.74%
Acquisition of Real Estate Assets	-182	-176	-243	-1,310	-1,229
Net Sale / Acq. of Real Estate Assets	-182	-176	-243	-1,310	-1,229
Cash Acquisition	-	-8	-96	-35	-111
Other Investing Activities	-976	-1,036	-1,180	-7	8
Investing Cash Flow	-1,158	-1,220	-1,519	-1,352	-1,332
Short-Term Debt Issued	590	1,341	-	976	-
Long-Term Debt Issued	1,200	1,244	7,456	4,243	5,230
Total Debt Issued	1,790	2,585	7,456	5,219	5,230
Short-Term Debt Repaid	-	-	-1,241	-	-20
Long-Term Debt Repaid	-1,573	-1,519	-5,077	-4,203	-4,035
Total Debt Repaid	-1,573	-1,519	-6,318	-4,203	-4,055
Net Debt Issued (Repaid)	217	1,066	1,138	1,016	1,175
Repurchase of Common Stock	-23	-33	-30	-65	-70
Common Dividends Paid	-2,080	-2,729	-2,723	-2,602	-2,373
Total Dividends Paid	-2,080	-2,729	-2,723	-2,602	-2,373
Other Financing Activities	-	-12	-39	-14	-42
Foreign Exchange Rate Adjustments	-	-1	1	-	-
Net Cash Flow	13	14	-46	-139	85
Cash Interest Paid	965	895	800	684	661
Cash Income Tax Paid	15	10	13	10	20
Levered Free Cash Flow	1,372	1,297	1,497	1,480	1,363
Unlevered Free Cash Flow	1,948	1,847	1,999	1,900	1,760
Change in Working Capital	-33	-242	-254	-747	-346

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.