Item 16. Form 10-K Summary
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Item 16. Form 10-K Summary
N/A
CROWN CASTLE INC. AND SUBSIDIARIES
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS
YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023
(In millions of dollars)
| Additions | Deductions | ||||||||||||||||||||||||||||||||||||||||
| Balance at Beginning of Year | Charged to Operations | Written Off | Balance at End of Year | ||||||||||||||||||||||||||||||||||||||
| Allowance for Credit Losses: | |||||||||||||||||||||||||||||||||||||||||
| 2025 | $ | 9 | $ | 4 | $ | (4) | $ | 9 | |||||||||||||||||||||||||||||||||
| 2024 | $ | 8 | $ | 5 | $ | (4) | $ | 9 | |||||||||||||||||||||||||||||||||
| 2023 | $ | 12 | $ | 4 | $ | (8) | $ | 8 |
| Additions | Deductions | ||||||||||||||||||||||||||||||||||||||||
| Balance at Beginning of Year | Charged to Operations | Credited to Operations | Balance at End of Year | ||||||||||||||||||||||||||||||||||||||
| Deferred Tax Valuation Allowance: | |||||||||||||||||||||||||||||||||||||||||
| 2025 | $ | 3 | $ | — | $ | — | $ | 3 | |||||||||||||||||||||||||||||||||
| 2024 | $ | 2 | $ | 1 | $ | — | $ | 3 | |||||||||||||||||||||||||||||||||
| 2023 | $ | 2 | $ | — | $ | — | $ | 2 |
CROWN CASTLE INC. AND SUBSIDIARIES
SCHEDULE III—SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION
YEARS ENDED DECEMBER 31, 2025, 2024 and 2023
(In millions of dollars)
| Description | Encumbrances | Initial Cost to Company | Cost Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Current Period | Accumulated Depreciation at Close of Current Period | Date of Construction | Date Acquired | Life on Which Depreciation in Latest Income Statement is Computed | |||||||||||||||||||||
| Communications infrastructure(a) | $ | 1,063 | (b) | (c) | (c) | $ | 31,586 | $ | (15,604) | Various | Various | Up to 20 years |
(a)Includes (1) more than 40,000 towers, (2) approximately 105,000 small cell nodes either currently generating revenue or under contract and (3) approximately 90,000 route miles of fiber. No single asset exceeds 5% of the aggregate gross amounts at which the assets were carried at the close of the period set forth in the table above.
(b)Encumbrances are reported at face value, without contemplating the effect of deferred financing costs, discounts or premiums. Certain of the Company's debt is secured by (1) a security interest in substantially all of the applicable issuers' assignable personal property, (2) a pledge of the equity interests in each applicable issuer and (3) a security interest in the applicable issuers' leases with tenants to lease tower space (space licenses).
(c)The Company has omitted this information, as it would be impracticable to compile such information on an asset-by-asset basis.
| 2025 | 2024 | 2023 | |||||||||||||||
| Gross amount at beginning | $ | 30,474 | $ | 29,383 | $ | 27,936 | |||||||||||
| Additions during period: | |||||||||||||||||
| Acquisitions through foreclosure | — | — | — | ||||||||||||||
| Other acquisitions(a) | — | 10 | 50 | ||||||||||||||
| Communications infrastructure construction and improvements | 1,008 | 1,063 | 1,254 | ||||||||||||||
| Purchase of land interests | 77 | 58 | 64 | ||||||||||||||
| Sustaining capital expenditures | 51 | 59 | 52 | ||||||||||||||
| Other(b) | 61 | 78 | 105 | ||||||||||||||
| Total additions | 1,197 | 1,268 | 1,525 | ||||||||||||||
| Deductions during period: | |||||||||||||||||
| Cost of real estate sold or disposed | (85) | (177) | (78) | ||||||||||||||
| Other | — | — | — | ||||||||||||||
| Total deductions | (85) | (177) | (78) | ||||||||||||||
| Balance at end | $ | 31,586 | $ | 30,474 | $ | 29,383 | |||||||||||
| Amounts related to discontinued operations | $ | 15,054 | $ | 14,032 | $ | 13,099 |
(a)Includes acquisitions of communications infrastructure.
(b)Predominately relates to (1) the purchase of property and equipment under finance leases and installment land purchases, (2) asset retirement obligations and (3) capitalized stock-based compensation.
| 2025 | 2024 | 2023 | |||||||||||||||
| Gross amount of accumulated depreciation at beginning | $ | (15,049) | $ | (13,817) | $ | (12,649) | |||||||||||
| Additions during period: | |||||||||||||||||
| Depreciation | (609) | (1,257) | (1,222) | ||||||||||||||
| Total additions | (609) | (1,257) | (1,222) | ||||||||||||||
| Deductions during period: | |||||||||||||||||
| Amount for assets sold or disposed | 49 | 22 | 38 | ||||||||||||||
| Other | 5 | 3 | 16 | ||||||||||||||
| Total deductions | 54 | 25 | 54 | ||||||||||||||
| Balance at end | $ | (15,604) | $ | (15,049) | $ | (13,817) | |||||||||||
| Amounts related to discontinued operations | $ | (5,240) | $ | (5,093) | $ | (4,307) |
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this 2025 Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized, on this 23rd day of February, 2026.
| CROWN CASTLE INC. | ||||||||
| By: | /s/ SUNIT S. PATEL | |||||||
| Sunit S. Patel Executive Vice President and Chief Financial Officer |
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Christian H. Hillabrant and Edward B. Adams, Jr. and each of them, as his or her true and lawful attorneys-in-fact and agents with full power of substitution and re-substitution for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all documents relating to the 2025 Form 10-K, including any and all amendments and supplements thereto, for the year ended December 31, 2025 and to file the same with all exhibits thereto and other documents in connection therewith with the Securities and Exchange Commission granting unto said attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully as to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or their substitute or substitutes may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, this 2025 Form 10-K has been signed below by the following persons on behalf of the Registrant and in the capacities indicated below on this 23rd day of February, 2026.
| Name | Title | |||||||
| /s/ CHRISTIAN H. HILLABRANT | President, Chief Executive Officer and Director | |||||||
| Christian H. Hillabrant | (Principal Executive Officer) | |||||||
| /s/ SUNIT S. PATEL | Executive Vice President and Chief Financial Officer | |||||||
| Sunit S. Patel | (Principal Financial Officer) | |||||||
| /s/ ROBERT S. COLLINS | Vice President and Controller | |||||||
| Robert S. Collins | (Principal Accounting Officer) | |||||||
| /s/ P. ROBERT BARTOLO | Chair of the Board of Directors | |||||||
| P. Robert Bartolo | ||||||||
| /s/ JASON GENRICH | Director | |||||||
| Jason Genrich | ||||||||
| /s/ ANDREA J. GOLDSMITH | Director | |||||||
| Andrea J. Goldsmith | ||||||||
| /s/ TAMMY K. JONES | Director | |||||||
| Tammy K. Jones | ||||||||
| /s/ KEVIN T. KABAT | Director | |||||||
| Kevin T. Kabat | ||||||||
| /s/ ANTHONY J. MELONE | Director | |||||||
| Anthony J. Melone | ||||||||
| /s/ KATHERINE MOTLAGH | Director | |||||||
| Katherine Motlagh | ||||||||
| /s/ KEVIN A. STEPHENS | Director | |||||||
| Kevin A. Stephens | ||||||||
| /s/ MATTHEW THORNTON III | Director | |||||||
| Matthew Thornton III | ||||||||
Previous: Item 15. Exhibits, Financial Statement Schedules