Crown Castle Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	-4,618	-3,903	1,502	1,675	1,096	1,056
Depreciation & Amortization	1,664	1,696	1,709	1,658	1,590	1,550
Other Amortization	32	32	29	17	13	6
Asset Writedown	5,103	5,106	33	34	21	74
Stock-Based Compensation	117	131	157	156	129	138
Change in Accounts Receivable	-39	6	115	-49	-113	166
Change in Accounts Payable	15	-22	-14	-5	15	-77
Change in Other Net Operating Assets	-26	-184	-472	-693	-248	-19
Other Operating Activities	749	81	67	85	286	161
Net Cash from Discontinued Operations	67	-	-	-	-62	-
Operating Cash Flow	3,064	2,943	3,126	2,878	2,727	3,055
Operating Cash Flow Growth	4.43%	-5.85%	8.62%	5.54%	-10.74%	13.23%
Acquisition of Real Estate Assets	-1,221	-1,222	-1,424	-1,310	-1,229	-1,624
Net Sale / Acq. of Real Estate Assets	-1,221	-1,222	-1,424	-1,310	-1,229	-1,624
Cash Acquisition	-	-8	-96	-35	-111	-107
Other Investing Activities	143	10	1	-7	8	-10
Investing Cash Flow	-1,078	-1,220	-1,519	-1,352	-1,332	-1,741
Short-Term Debt Issued	-	1,341	-	976	-	130
Long-Term Debt Issued	-	1,244	7,456	4,243	5,230	6,163
Total Debt Issued	1,534	2,585	7,456	5,219	5,230	6,293
Short-Term Debt Repaid	-	-	-1,241	-	-20	-
Long-Term Debt Repaid	-	-1,519	-5,077	-4,203	-4,035	-5,260
Total Debt Repaid	-1,317	-1,519	-6,318	-4,203	-4,055	-5,260
Net Debt Issued (Repaid)	217	1,066	1,138	1,016	1,175	1,033
Repurchase of Common Stock	-24	-33	-30	-65	-70	-76
Common Dividends Paid	-2,295	-2,729	-2,723	-2,602	-2,373	-2,105
Preferred Dividends Paid	-	-	-	-	-	-85
Total Dividends Paid	-2,295	-2,729	-2,723	-2,602	-2,373	-2,190
Other Financing Activities	-	-12	-39	-14	-42	-38
Foreign Exchange Rate Adjustments	-	-1	1	-	-	-
Net Cash Flow	-116	14	-46	-139	85	43
Cash Interest Paid	955	895	800	684	661	653
Cash Income Tax Paid	21	17	18	10	20	19
Levered Free Cash Flow	1,318	1,287	1,485	1,480	1,363	768.5
Unlevered Free Cash Flow	1,890	1,837	1,987	1,900	1,760	1,193
Change in Working Capital	-50	-200	-371	-747	-346	70

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.