CCI · 10-K filed 23 Feb 2026 · year to 31 Dec 2025

Crown Castle

27 named things its latest annual report says its results depend on, each in the company's own words. 14 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

AT&T

earns from · approximately 90% of our 2025 site rental revenuesnamed as a risk

Our largest tenants are T-Mobile, AT&T and Verizon Wireless, which collectively accounted for approximately 90% of our 2025 site rental revenues.Business (Item 1)

Also named by ASTS, CMCSA, ECHO, LUMN

T-Mobile

earns from · approximately 90% of our 2025 site rental revenuesnamed as a risk

Our largest tenants are T-Mobile, AT&T and Verizon Wireless, which collectively accounted for approximately 90% of our 2025 site rental revenues.Business (Item 1)

Also named by CMCSA, ECHO, LUV

Verizon Wireless

earns from · approximately 90% of our 2025 site rental revenuesnamed as a risk

Our largest tenants are T-Mobile, AT&T and Verizon Wireless, which collectively accounted for approximately 90% of our 2025 site rental revenues.Business (Item 1)

DISH Wireless L.L.C.

earns from · in excess of $3.5 billionnamed as a risk

As a result of the termination, we assert in the notice that DISH owes us all remaining payments under these agreements, which total in excess of $3.5 billion.Risk factors (Item 1A)

T-Mobile and Sprint network consolidation

earns from · approximately $200 million in Towers non-renewals in 2025named as a risk

This consolidation resulted in approximately $200 million in Towers non-renewals in 2025, and we anticipate additional non-renewals from this agreement, which we expect to fall within our historical non-renewal range of 1% to 2% of Towers annual site rental revenues, to occur each year through 2034.Risk factors (Item 1A)

Other companies

AT&T

depends on · 22% of our towersnamed as a risk

22% of our towers are leased or subleased or operated and managed under a master lease or other related agreements with AT&T.Risk factors (Item 1A)

Also named by ASTS, CMCSA, ECHO, LUMN

T-Mobile

depends on · 32% of our towersnamed as a risk

32% of our towers are leased or subleased or operated and managed under master leases, subleases or other agreements with T-Mobile (including those which T-Mobile assumed in its merger with Sprint).Risk factors (Item 1A)

Also named by CMCSA, ECHO, LUV

Zayo Group Holdings Inc.

$8.5 billion in aggregatenamed as a risk

Under the agreement, we will receive $8.5 billion in aggregate, subject to certain closing adjustments.Business (Item 1)

EQT Active Core Infrastructure fund

$8.5 billion in aggregatenamed as a risk

The failure to complete the planned sale of the Fiber Business to Zayo and EQT could have a material and adverse effect on our business, results of operations, financial condition, cash flows, and stock price.Risk factors (Item 1A)

Ground leases expiring within 10 years

depends on · Approximately 10% of our towers Adjusted Site Rental Gross Marginnamed as a risk

Approximately 10% of our towers Adjusted Site Rental Gross Margin for the year ended December 31, 2025 was derived from towers where the leases for the land under such towers had final expiration dates of less than 10 years.Risk factors (Item 1A)

Tower Revenue Notes, Series 2018-2

$750 millionnamed as a risk

The Tower Revenue Notes, Series 2018-2 have a principal amount of $750 million, with an anticipated repayment date in 2028.Market risk (Item 7A)

Elliott Investment Management L.P.

named as a risk

In December 2023, we entered into a Cooperation Agreement ("Cooperation Agreement") with Elliott Investment Management L.P., Elliott Associates, L.P. and Elliott International, L.P. (collectively, "Elliott").Risk factors (Item 1A)

Competitors

SBA Communications Corporation

competes with

Some of our largest competitors are American Tower Corporation and SBA Communications Corporation.Business (Item 1)

Also named by AMT

American Tower Corporation

competes with

Some of our largest competitors are American Tower Corporation and SBA Communications Corporation.Business (Item 1)

Places

Top 100 U.S. basic trading areas

concentrated in · Approximately 56% and 71% of our towers

Approximately 56% and 71% of our towers are located in the 50 and 100 largest U.S. basic trading areas ("BTAs"), respectively.Business (Item 1)

Puerto Rico

operates in

Our foreign assets and operations (primarily our tower operations in Puerto Rico) most likely will be subject to foreign income taxes in the jurisdictions in which such assets and operations are located, regardless of whether or not they are included in a TRS.Business (Item 1)

Also named by AMGN, BMY, BPOP, COO, GMED, HPE, LLY, PWR and 2 more

Hazards

Wildfires

named as a risk

Further, we do not maintain, and do not expect to maintain, insurance policies that provide adequate coverage in the event that our actions (or those actions of those acting on our behalf) contribute to a wildfire event, as a result of the fact that such insurance policies are generally not economically available.Risk factors (Item 1A)

Also named by AAON, AMRC, AZO, BRK/B, CDNS, CINF, CNP, COST and 17 more

Radio frequency emissions

named as a risk

If a connection between radio frequency emissions and possible negative health effects were established, our operations, costs, or revenues may be materially and adversely affected.Risk factors (Item 1A)

Commodities and inputs

Ground leases

depends on · Approximately 75% of our site rental costs of operations

Approximately 75% of our site rental costs of operations, exclusive of depreciation, amortization, and accretion, which is shown separately, consists of ground lease expenses, and the remainder includes employee compensation or related benefit costs, property taxes, repairs and maintenance, and utilities.Business (Item 1)

Also named by ELS, VICI

Regulators

Federal Aviation Administration (FAA)

subject to

Proposals to construct or to modify existing tower or antenna structures above certain heights are reviewed by the FAA to ensure the structure will not present a hazard to aviation, which determination may be conditioned upon compliance with lighting or marking requirements.Business (Item 1)

Also named by ACHR, AIR, ALK, AMT, AVAV, BA, BRK/B, CW and 27 more

Federal Communications Commission (FCC)

subject to

Both the FCC and the FAA regulate towers used for wireless communications, radio, or television broadcasting.Business (Item 1)

Also named by AIOT, AMT, ANET, ASTS, CMCSA, DIS, ECHO, EXTR and 26 more

Laws and programs

REIT qualification (Internal Revenue Code)

subject to · at least 90% of our REIT taxable incomenamed as a risk

To remain qualified and be taxed as a REIT, we are generally required to annually distribute to our stockholders at least 90% of our REIT taxable income, after the utilization of our net operating loss carryforwards "NOLs" (determined without regard to the dividends paid deduction and excluding net capital gain).Business (Item 1)

Also named by ABR, AMT, DLR, ENSG, FPI, KIM, LAMR, O and 6 more

2016 Credit Facility

$5.2 billion of undrawn availabilitynamed as a risk

Economic conditions and the credit markets have historically experienced, and may continue to experience, periods of volatility, uncertainty, or weakness that could impact (1) the availability or cost of debt financing, including any refinancing of the obligations described above, (2) our ability to draw the full amount of our $7.0 billion senior unsecured revolving credit facility under our 2016 Credit Facility ("2016 Revolver"), that, as of February 19, 2026, had $5.2 billion of undrawn availability, or (3) our ability to issue the full amount of the $2.0 billion commercial paper notes ("Commercial Paper Notes") under our unsecured commercial paper program ("CP Program"), that, as of February 19, 2026, had $1.9 billion outstanding.Risk factors (Item 1A)

National Environmental Policy Act (NEPA)

subject tonamed as a risk

Such determination could significantly delay the FCC's approval of the construction or modification.Business (Item 1)

Also named by CRC, DC

U.S. Telecommunications Act of 1996

subject to

The U.S. Telecommunications Act of 1996 amended the Communications Act of 1934 to preserve state and local zoning authorities' jurisdiction over the siting of communications towers.Business (Item 1)

Also named by AMT

Technology

5G

named as a risk

For example, our tenants have initially focused on utilizing towers in the first phase of deploying their 5G networks, which has led to delays in some of our small cell deployments.Risk factors (Item 1A)

Also named by AMT, QCOM

Satellite (low earth orbit) and WiFi technologies

competes withnamed as a risk

In addition, other technologies, such as WiFi, satellite (such as low earth orbiting) and mesh transmission systems may serve as substitutes for, or alternatives to, leasing on communications infrastructure that might otherwise be anticipated or expected had such technologies not existed.Risk factors (Item 1A)