RVBA-CCIReal Estate & REITs

Crown Castle — in detail

Full extracted data, every event in the company's history we've captured, and (soon) external news. The full ratios diagnostic with peer benchmarks lives at /ratios.

Reference sources (3/5)

Source documents
Recent disclosure
Multi-year metrics
Targets
Certifications

External news· 1 ESG-tagged · GDELT

tagged categories: climate · governance · controversy · M&A · regulatory

Source: GDELT 2.0 DOC API · ESG-keyword filtered · 3-month trailing window.

Data by year· every metric + key events per year

Each year shows the firm's reported metrics on the left and the most material events on the right. Up to 10 events per year; the full event log is one click further.

2025

P&L highlights (USD)

Headcount (FTE)	4,000people
Revenue	4.3B
Cost of revenue	(1.4B)
Gross profit	2.8B
Operating expenses (S&M + G&A)	(739M)
Operating income	2.1B
Net income	444M

Balance sheet highlights (USD)

Property, plant & equipment	11.7B
Right-of-use (leased) assets	5.6B
Total assets	31.5B
Total debt	24.3B
Cash & equivalents	269M
Minority interest	0

Market & shares

Market cap (FY-end)	38.7B
Shares outstanding	435M

Events 2025· 4

Strategic Fiber Transaction - $8.5B sale of Fiber Business

In March 2025, the Company entered into an agreement to sell its small cells and fiber solutions businesses (Fiber Business) for $8.5 billion. EQT Active Core Infrastructure fund acquiring small cells, Zayo acquiring fiber solutions. Expected to close in first half of 2026. Will transform Crown Castle into a U.S.-focused, standalone tower REIT.

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Carbon neutral Scope 1 and 2 by 2025 goal

Company advanced sustainability strategies during 2025, including its goal to be carbon neutral in Scope 1 and 2 emissions by 2025 by sourcing renewable energy and converting tower lighting to LED.

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Announced sale of small cells and fiber solutions businesses

On March 13, 2025, Crown Castle announced a definitive agreement to sell its small cells and fiber solutions businesses to EQT Active Core Infrastructure fund and Zayo Group Holdings. Transaction expected to close in first half of 2026. Will materially change energy consumption and emissions profile as company transitions to a towers-focused business model.

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Multiple CEO transitions in 2025

Three CEO transitions in 2025: Mr. Moskowitz departed March 23, 2025; Mr. Schlanger served as Interim CEO; Mr. Hillabrant appointed President & CEO effective September 15, 2025.

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2024

sustainability report ↗

Climate · carbon footprint (tCO2e)

Scope 1	11,374
Scope 2 (market-based)	4,012
Cat 1 · Purchased goods	74,686
Cat 13 · Downstream leased	994,816
Gross carbon footprint	—
Net carbon footprint	—

Energy (kWh)

Renewable energy %

93%

P&L highlights (USD)

Headcount (FTE)	3,900people
Revenue	6.6B
Cost of revenue	(1.8B)
Gross profit	4.7B
Operating expenses (S&M + G&A)	(7.7B)
Operating income	-2.9B
Net income	-3.9B

Balance sheet highlights (USD)

Property, plant & equipment	21.3B
Right-of-use (leased) assets	6.2B
Total assets	32.7B
Total debt	24.1B
Cash & equivalents	119M
Minority interest	0

Market & shares

Market cap (FY-end)	39.4B
Shares outstanding	434M

Events 2024· 6

Corrected HVAC electricity allocation in unoccupied tower shelters

The 2024 analysis identified that HVAC electricity use was incorrectly included for units located in unoccupied shelters in 2022 and 2023. This has been corrected in the 2024 calculation, resulting in lower reported Scope 2 emissions for tower asset class.

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Reattributed iDAS venue electricity between Crown Castle and customers

Prior to 2024, Crown Castle misinterpreted remote monitoring unit data for a limited number of iDAS venues, incorrectly distinguishing between Crown Castle and customer electricity usage. The 2024 calculations correctly attribute electricity use, contributing to an 11% decrease in downstream leased asset emissions.

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Built upon first comprehensive Scope 3 inventory

For 2024, Crown Castle continued reporting Scope 3 emissions categories built on the foundation of its first comprehensive Scope 3 inventory, including Cat 1, 2, 13 and others.

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S&P Global TCFD-aligned climate scenario analysis completed

In 2024, Crown Castle engaged S&P Global to conduct quantitative climate scenario modeling aligned with TCFD across four climate scenarios. Found tower portfolio is resilient with no material physical climate risks projected through end of century.

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Limited external assurance on credit-facility-linked sustainability targets

Crown Castle obtains external limited assurance with respect to the sustainability targets included within its credit facility.

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On track for Scope 1 & 2 carbon neutral by 2025

Crown Castle reports being 76% of the way to its goal of carbon neutrality in Scope 1 and 2 emissions for 2025, primarily through renewable energy sourcing and carbon offsets to a lesser extent.

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2023

sustainability report ↗

Climate · carbon footprint (tCO2e)

Scope 1	14,332
Scope 2 (market-based)	4,626
Scope 3	1.6M
Cat 1 · Purchased goods	117,318
Cat 13 · Downstream leased	1.1M
Gross carbon footprint	1.6M
Net carbon footprint	1.6M

Energy (kWh)

Renewable energy %

92%

P&L highlights (USD)

Headcount (FTE)	4,700people
Revenue	7B
Cost of revenue	(2B)
Gross profit	5B
Operating expenses (S&M + G&A)	(2.6B)
Operating income	2.4B
Net income	1.5B

Balance sheet highlights (USD)

Property, plant & equipment	21.9B
Right-of-use (leased) assets	6.5B
Total assets	38.5B
Total debt	22.9B
Cash & equivalents	105M
Minority interest	0

Market & shares

Market cap (FY-end)	50B
Shares outstanding	434M

Events 2023· 6

100% renewable electricity target by 2025

Aiming to source 100% renewable electricity by 2025 in support of carbon neutral goal. 92% achieved in 2023 via 50 MW solar farm, 300 MW wind farm contracts, and California community solar partnership.

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Corrected iDAS electricity attribution between Crown Castle and customers

Prior to 2023, Crown Castle misinterpreted remote monitoring unit data for a limited number of iDAS venues, incorrectly distinguishing between Crown Castle and customer electricity usage. 2023 calculations correctly attribute usage. May affect comparability with prior years' Small Cells & Fiber emissions.

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Significant Scope 2 reduction driven by renewable energy procurement

Market-based Scope 2 fell from 18,309 tCO2e (2022) to 4,626 tCO2e (2023) due to renewable energy contracts (50 MW solar, 300 MW wind). Location-based was 69,603 tCO2e in 2023, showing the gap between methods.

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Limited external assurance on credit-facility-linked sustainability targets

Crown Castle obtains external limited assurance with respect to the sustainability targets included within its credit facility. No restatements reported.

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Carbon neutral target by 2025 for Scope 1 & 2

Crown Castle's stated goal to be carbon neutral in Scope 1 and 2 emissions by 2025. Reports being ~73% of the way there in 2023, driven primarily by renewable energy procurement.

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First comprehensive Scope 3 inventory completed

In 2023, Crown Castle finalized its first comprehensive Scope 3 emissions inventory across relevant categories (including Cat 1, Cat 2, Cat 13). Total Scope 3 ~1.6M tCO2e, dominated by downstream leased assets (69%).

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2022

sustainability report ↗

Energy (kWh)

Renewable energy %

68%

P&L highlights (USD)

Headcount (FTE)	5,000people
Revenue	7B
Cost of revenue	(2.1B)
Gross profit	4.9B
Operating expenses (S&M + G&A)	(2.5B)
Operating income	2.4B
Net income	1.7B

Balance sheet highlights (USD)

Property, plant & equipment	21.9B
Right-of-use (leased) assets	6.7B
Total assets	38.9B
Total debt	21.7B
Cash & equivalents	156M
Minority interest	0

Market & shares

Market cap (FY-end)	58.7B
Shares outstanding	433M

Events 2022· 5

Added iDAS venue electricity from venue operators to Scope 2

For 2022, Crown Castle estimated electricity consumption at a limited number of iDAS venues where electricity is supplied by the venue operator (not previously included). This adds previously uncounted Scope 2 sources.

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16% diverse supplier spend goal by 2026

Goal to reach 16% diverse supplier spend by 2026, top quartile in US diversity spend among 100+ large companies. Currently at 10.1%.

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Scope 3 inventory in development, not yet reported

Crown Castle states it is finalizing a comprehensive Scope 3 inventory but has not yet publicly reported Scope 3 emissions. Identified primary drivers as downstream electricity powering customer equipment, capital goods/construction, and purchased goods and services.

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Switched Scope 2 reporting from location- to market-based method

In 2022, Crown Castle reported Scope 2 emissions using the WRI GHG Protocol's market-based method. Prior years' Scope 2 emissions were reported using the location-based method. This change yields lower reported Scope 2 emissions (18,609 market-based vs ~60,329 location-based for 2022) and is the primary driver of progress reported toward the 2025 carbon neutrality goal.

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Removed leased fiber POP electricity from Scope 2 boundary

Prior to 2022, calculation of electricity consumption for fiber points of presence (POPs) included PUE adjustments accounting for auxiliary energy use at leased POP locations. Crown Castle determined it does not have operational control over leased POPs and excluded them, stating that prior years' electricity consumption and resulting emissions were overstated. This narrows the Scope 2 boundary.

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2021

Climate · carbon footprint (tCO2e)

Scope 1	13,052
Scope 2 (market-based)	57,787
Gross carbon footprint	—
Net carbon footprint	—

P&L highlights (USD)

Headcount (FTE)	5,000people
Revenue	6.3B
Cost of revenue	(2B)
Gross profit	4.3B
Operating expenses (S&M + G&A)	(2.3B)
Operating income	2B
Net income	1.1B

Balance sheet highlights (USD)

Property, plant & equipment	22B
Right-of-use (leased) assets	6.5B
Total assets	39B
Total debt	20.6B
Cash & equivalents	292M
Minority interest	0

Market & shares

Market cap (FY-end)	90.2B
Shares outstanding	432M

2020

P&L highlights (USD)

Headcount (FTE)	4,900people
Revenue	5.8B
Cost of revenue	(2B)
Gross profit	3.9B
Operating expenses (S&M + G&A)	(2B)
Operating income	1.9B
Net income	1.1B

Balance sheet highlights (USD)

Property, plant & equipment	21.6B
Right-of-use (leased) assets	6.1B
Total assets	38.8B
Total debt	19.3B
Cash & equivalents	232M
Minority interest	0

Market & shares

Market cap (FY-end)	67.3B
Shares outstanding	423M