Crown Castle Inc. (CCI): Business Model Canvas [Dec-2025 Updated]

You're looking at Crown Castle Inc. (CCI) right as they execute a major pivot to a pure-play tower operator, a strategic move designed for long-term stability in the wireless game. Honestly, their entire operation is built on leasing space across roughly 40,000 U.S. towers, projecting site rental revenues of about $4.030 billion by the 2025 midpoint, all while promising consistent organic growth near 4.7%. But here's the tightrope walk: that revenue stream is highly concentrated, with 75% coming from just their top three Mobile Network Operators, so understanding their Key Partnerships and the associated Cost Structure is absolutely essential to gauge the risk versus the reward. Scroll down to see the nine building blocks of this infrastructure giant's model, from their capital-efficient Value Proposition to the debt load that fuels their growth.

Crown Castle Inc. (CCI) - Canvas Business Model: Key Partnerships

You're mapping out Crown Castle International Corp.'s (CCI) core relationships as they pivot back to a pure-play U.S. tower company in late 2025. These partnerships are the backbone of their site rental revenue stream.

Major Mobile Network Operators (MNOs) for long-term master lease agreements

Crown Castle International Corp. derives the majority of its revenue from leasing tower infrastructure to U.S. wireless carriers such as AT&T, T-Mobile US, and Verizon Communications on a long-term basis. The stability of these relationships is key, with the company raising its annual site rental revenue forecast for 2025 to the range of $4.01 billion to $4.05 billion.

The structure of these agreements dictates long-term cash flows. For instance, the Master Lease Agreement (MLA) with DISH Network is for a 15-year term covering up to 20,000 tower sites.

Landlords and property owners for tower site ground leases

Rental expenses paid to property owners are the largest recurring cost for Crown Castle International Corp., making the ground lease structure critical. By the end of 2022, Crown Castle was leasing 59% of its sites, while owning the land under the remaining 41%.

The standard agreement structure is designed for extreme longevity, though Crown Castle is actively engaging landowners on expiring leases.

• Initial ground lease term: 25 years.
• Extension terms: Three successive terms of 25 years each.
• Total potential term: Up to 100 years.
• Average ground lease payment: Just over $1,500/mo.
• Ground lease expense: Approx. 50% of total site rental cost of operations.
• Average remaining term of leased towers (as of Q3 2023): 35 years.

Crown Castle encourages contact from landowners if the remaining lease term is 30 years or less to discuss extensions.

EQT and Zayo Group for the pending $8.5 billion fiber/small cell divestiture

This strategic transaction marks a decisive return to the core macro tower business, retaining roughly 40,000 towers post-close. The total deal value is $8.5 billion, expected to close in the first half of 2026.

Crown Castle International Corp. had on net invested more than $17 billion on the fiber business being divested. Proceeds are earmarked for capital allocation changes, with $6 billion planned for debt reduction and the remainder for share repurchases, including an anticipated $3.0 billion share repurchase program.

Equipment vendors for tower maintenance and upgrades

Relationships with vendors ensure the physical integrity and operational readiness of the tower portfolio. Crown Castle International Corp. provides equipment, installation, and maintenance services through federal contracts, one example being a 10-year blanket purchase agreement with the Department of the Army Installation Management Command Northeast Region, awarded in 2020.

Crown Castle International Corp. actively monitors and enforces the safety standards set by its carrier partners for maintenance work.

• DISH Network MLA covers fiber services as well as tower sites.
• Crown Castle International Corp. is one of the largest providers of shared communications infrastructure in the U.S.
• The company is focused on streamlining processes and automating systems to deliver best-in-class service to its customers.

Finance: draft 13-week cash view by Friday.

Crown Castle Inc. (CCI) - Canvas Business Model: Key Activities

The core of Crown Castle Inc.'s (CCI) key activities centers on maximizing the utilization and cash flow from its physical U.S. tower assets, especially as the industry pivots toward 5G density.

Leasing space on approximately 40,000 U.S. wireless towers

Crown Castle Inc. operates and leases approximately 40,000 cell towers across every major U.S. market as of the third quarter of 2025. This activity involves securing tenants for the physical structures, which is measured by the average number of tenants per tower, reported at approximately 2.4 as of December 31, 2024. The company's focus is now exclusively on these U.S. tower assets following the strategic sale of its fiber and small cell businesses.

Managing long-term master lease agreements (MLAs) with MNOs

A critical activity is managing the long-term contracts that underpin revenue stability. The largest tenants, which include T-Mobile, AT&T, and Verizon Wireless, collectively accounted for approximately three-fourths of the 2024 consolidated site rental revenues. For instance, the company has a firm contract with DISH Network that extends through the year 2036, covering 20,000 towers. The operational performance in the core tower business for the third quarter of 2025 showed an organic growth rate of 5.2% when excluding the impact of Sprint Cancellations. The impact from Sprint Cancellations on Q3 2025 revenue was approximately $51 million.

Supporting 5G network densification and capacity upgrades

Crown Castle Inc. supports ongoing network buildouts, which is a primary driver for new leasing activity and amendments. Management noted continued strong demand for its tower assets, especially as carriers focus on coverage and intensity for 5G deployments. The company's full-year 2025 outlook for organic growth in the tower segment, excluding Sprint churn, was updated to 4.7% as of October 2025. This reflects a slight increase from the previous guidance of 4.5% organic growth projected earlier in the year. The company is investing in platforms and systems to drive efficiencies in this area.

Executing the $3.0 billion share repurchase program

A key capital allocation activity involves returning value to shareholders through buybacks, funded by the proceeds from the fiber segment divestiture. Crown Castle Inc. detailed plans to implement a $3.0 billion share repurchase program. This program is part of a balanced approach that also includes using $6.0 billion of the sale proceeds to repay existing debt. The company also adjusted its annualized dividend to approximately $4.25 per share starting in the second quarter of 2025.

Here's a quick look at the key financial metrics underpinning these activities, based on the latest reported figures and outlook:

The operational focus is clearly on the tower segment, which contributed 67% of site rental revenues in 2024, with the company aiming for a leverage range of 6.0-6.5x post-sale. The dividend payout ratio is set to be 75%-80% of AFFO going forward.

Crown Castle Inc. (CCI) - Canvas Business Model: Key Resources

You're looking at the core assets that make Crown Castle Inc. (CCI) a powerhouse in digital infrastructure, focusing only on the hard numbers that define their competitive moat as of late 2025.

Portfolio of approximately 40,000 macro cell towers across the U.S.

The physical footprint is the bedrock. Crown Castle Inc. owns and leases shared communications infrastructure, which, as of recent reports, includes approximately 40,000 cell towers across key U.S. locations. This asset class is the primary focus following the strategic pivot away from other segments. The company is the nation's largest provider of this shared wireless infrastructure.

This core asset base is expected to drive organic revenue growth in the tower business, with guidance for 2025 projected at 4.5%, though some reports indicate an upgraded outlook to 4.7% organic growth for the full year 2025. Analysts project tower organic site rental revenue growth to rebound to +4.1% in 2026 after a slight dip or flat performance in 2025.

Real Estate Investment Trust (REIT) structure for tax efficiency

Crown Castle Inc. officially converted to a Real Estate Investment Trust in January 2014. This structure aligns the business with long-term real estate commitments. The company maintains a substantial market capitalization, reported around $38.5 billion in late 2025. The capital allocation strategy supports shareholder returns through a dividend payout ratio targeted at 75-80% of AFFO (Adjusted Funds From Operations). Following the divestiture of its fiber and small cell businesses, the company announced a substantial $6.0 billion share repurchase program.

Long-term, non-cancellable tenant lease contracts

The revenue visibility comes from deeply embedded contracts with wireless carriers. Tenant contracts generally feature initial terms between five to 15 years. These are often followed by multiple renewal periods, each typically lasting five to 10 years, exercisable at the tenant's option. For instance, a stable agreement with DISH extends through 2036. Furthermore, historical agreements, such as the one with T-Mobile, involved initial terms of 28 years. The average number of subtenants per tower was approximately 2.2 as of the end of 2021.

Nationwide real estate and zoning expertise

Managing this vast physical network requires specialized knowledge to navigate local regulations. Crown Castle Inc. helps businesses coordinate and cut through complexities by building on relationships with municipalities. This expertise is crucial for site acquisition and deployment, which can take between 6 and 12 months due to regulatory reasons from the time a request is made until equipment is installed. The company operates with a presence in every major US market.

Here's a quick look at the key quantitative metrics defining Crown Castle Inc.'s resource base and financial posture near the end of 2025:

The company's operational focus is now almost solely on the tower business, with the sale of its fiber and small cell segments valued at $8.5 billion, expected to close in the first half of 2026. Proceeds are earmarked with $6.0 billion for debt paydown and the remainder for share repurchases. This is intended to normalize leverage to the 6.0-6.5x range post-sale.

You can see the long-term nature of the asset class is secured by these contracts, which also include contractual escalations of the rental price. The company strives for a high tenant retention rate, historically between 98% and 99% each year.

• Presence in all top 100 U.S. markets.
• Network Operations Centers (NOCs) staffed 24 hours a day.
• Approximately 20% of towers are under master leases with T-Mobile for an initial term of approximately 28 years.
• The company has 100 offices worldwide, supporting its U.S. operations.

Finance: draft 13-week cash view by Friday.

Crown Castle Inc. (CCI) - Canvas Business Model: Value Propositions

You're looking at how Crown Castle Inc. (CCI) delivers unique value to its Mobile Network Operator (MNO) customers, especially now that they've sharpened their focus exclusively on U.S. towers. The core proposition is about making network expansion cheaper and faster for them, so they don't have to shoulder the massive capital burden themselves.

The company provides a shared, capital-efficient infrastructure model for MNOs. Instead of each carrier buying and maintaining every single tower site, Crown Castle Inc. (CCI) owns the asset, and MNOs lease space on it. This is the essence of capital efficiency for your customers. They get access to a massive, existing footprint, which is currently over 40,000 cell towers across the U.S.. This scale means they can deploy their equipment where it's needed most without tying up billions in real estate and construction.

This shared model directly helps MNOs offer immediate capacity and coverage for 5G network expansion. 5G requires denser networks, meaning more antennas and equipment closer to users. Crown Castle Inc. (CCI)'s existing footprint covers about 95% of U.S. wireless traffic. This means carriers can quickly add new 5G radios to existing structures to boost capacity and coverage, rather than starting from scratch. The company's focus on operational execution and investing in technology to enhance and automate systems-with annual net capital expenditures for tower modifications and technology expected between $150 million and $250 million-supports this rapid deployment capability.

Also, you're buying peace of mind by letting Crown Castle Inc. (CCI) handle the headaches of site acquisition and permitting complexity. Getting municipal approval for a new tower site can take months, sometimes years. Crown Castle Inc. (CCI) leverages its established relationships and internal processes to navigate this maze. They offer tools like CCIsites™, which is their patented analysis and site location tool covering over 235,000 assets, helping customers evaluate and select sites and track applications through milestones to 'get on air quickly'. This drastically cuts down on the non-revenue-generating time for your customers.

The result of this focused strategy is a reliable financial outcome that customers can bank on. Crown Castle Inc. (CCI) is delivering consistent organic site rental growth. The full-year 2025 outlook for organic growth in site rental billings is set at 4.7%, excluding the impact from Sprint Cancellations. To be fair, the third quarter of 2025 actually saw a slightly better 5.2% organic growth rate when excluding those Sprint impacts. This predictable growth underpins the stability of the lease revenue MNOs rely on for their own long-term planning.

Here's a quick look at how these value drivers translate into key operational and financial figures for late 2025:

The value proposition is built on scale, speed, and stability. You get the infrastructure you need, when you need it, without the administrative drag, all while relying on Crown Castle Inc. (CCI)'s proven ability to generate steady, recurring revenue growth.

Crown Castle Inc. (CCI) - Canvas Business Model: Customer Relationships

You're looking at the core of Crown Castle Inc.'s (CCI) value capture, which is entirely dependent on maintaining deep, sticky relationships with a very small group of massive wireless carriers. This isn't about chasing thousands of small customers; it's about securing multi-decade partnerships with the giants.

Strategic, long-term relationships via Master Lease Agreements (MLAs)

The foundation of these relationships rests on Master Lease Agreements (MLAs). These are not simple, one-off contracts; they set the overarching terms for all future site leasing between Crown Castle Inc. and a major carrier. For example, the agreements with AT&T often involve an initial term of approximately 28 years for about 20% of Crown Castle Inc.'s towers, with purchase options for the carrier running out between 2032 and 2048, with aggregate option payments around $4.2 billion. Similarly, T-Mobile agreements cover about 20% of towers with a weighted-average initial term of roughly 28 years, and purchase options due between 2035 and 2049. Even the legacy Sprint agreements, now consolidated, covered about 15% of towers with an initial term through May 2037. Standard tenant contracts generally feature initial terms ranging from five to 15 years, followed by renewal options of five to 10 years each. This structure locks in revenue visibility, which is key for a real estate investment trust (REIT) structure.

The strategic pivot to a pure-play U.S. tower company, following the sale of the Fiber segment for a total of $8.5 billion, means these tower MLAs are now the singular focus for durable cash flow, with the 2025 outlook for site rental revenues from continuing operations sitting at a midpoint of $4,030 million.

Dedicated account management for the concentrated customer base

Because the customer base is so concentrated, Crown Castle Inc. must deploy specialized resources to manage these critical accounts. While specific headcount isn't public, the strategy implies a high degree of dedicated focus on the top tenants. Relationship stability is absolutely crucial, as the top three carriers-T-Mobile, AT&T, and Verizon Wireless-collectively accounted for approximately 73% of 2024 consolidated site rental revenues, aligning closely with the expected 75% reliance mentioned in the strategic framework. The company is driving efficiencies and improving systems, which directly impacts how these major accounts are serviced.

The concentration risk dictates the relationship management structure:

• Top Carrier Reliance: T-Mobile, AT&T, and Verizon Wireless represent the vast majority of recurring revenue.
• Strategic Alignment: Growth is tied directly to these carriers' 5G buildout plans, requiring proactive engagement.
• Capital Allocation Focus: Post-fiber sale, the dividend policy targets paying 75% to 80% of AFFO (Adjusted Funds From Operations) as dividends, making consistent tower revenue paramount.

High-touch service for complex network deployment and amendments

When a major carrier needs to add equipment for 5G densification or upgrade existing sites, the process involves complex amendments to the MLAs. Crown Castle Inc. emphasizes enhancing response times for these deployments and upgrades to ensure long-term satisfaction. This high-touch service is necessary for site lease amendments (SLAs) that detail site-specific requirements, which flow from the overarching MLA terms. The company expects continued growth, projecting 4.7% organic growth for the tower business in 2025, excluding Sprint Cancellations, driven by these very lease and amendment applications.

The complexity of managing these deployments is reflected in the capital structure and operational focus:

Relationship stability is crucial since 75% of revenue is from the top three carriers

The reliance on the top three carriers means that any significant churn or renegotiation risk with one of them has an outsized impact on Crown Castle Inc.'s financial standing. The stability of these relationships, secured by the long-term MLAs, directly underpins the company's ability to meet its financial targets, including the planned dividend payout ratio of 75% to 80% of AFFO post-fiber sale. The focus on operational efficiency and system improvements is a direct action to de-risk these relationships by ensuring superior service delivery for complex modifications.

Crown Castle Inc. (CCI) - Canvas Business Model: Channels

You're looking at how Crown Castle Inc. gets its value proposition-access to critical wireless infrastructure-into the hands of its customers and how it communicates with the capital markets. For a company of this scale, the channels are a mix of direct, high-touch relationship management and scalable digital platforms, plus the formal structure required of a Real Estate Investment Trust (REIT).

Direct sales and leasing teams managing MNO relationships represent the core channel for revenue generation. This team directly manages the relationships with Mobile Network Operators (MNOs) and other tenants who need space on Crown Castle Inc.'s assets. The effectiveness of this channel is directly tied to the sheer scale of the physical assets they are selling access to. As of late 2025, Crown Castle Inc.'s comprehensive infrastructure portfolio includes approximately 40,000 cell towers, approximately 105,000 on air or under-contract small cell nodes, and approximately 90,000 route miles of fiber, though the fiber segment is being divested.

Leasing activity, which is the direct output of these sales efforts, shows the ongoing demand. For the third quarter of 2025, the Organic Contribution to Site Rental Billings was 5.2%, excluding the negative impact of Sprint Cancellations. Management's updated full-year 2025 outlook suggests a total Organic Contribution to Site Rental Billings growth, excluding Sprint Cancellations, of 4.7%.

Here's a quick look at the components driving that site rental billings growth, based on Q3 2025 expectations:

The sales channel is clearly focused on driving core leasing activity, which is a direct measure of new or expanded tenant placements on the towers. If onboarding takes 14+ days, churn risk rises, so operational efficiency here is key.

Online portals for customer service and lease amendment processing are crucial for managing the existing tenant base and streamlining the sales cycle post-initial contact. Crown Castle Inc. has been investing in systems and processes to streamline operations and enhance operational flexibility. This digital channel supports the high volume of existing contracts and amendments necessary for network upgrades like 5G deployment.

• Improve customer service quality.
• Enhance the accessibility of asset information.
• Drive further efficiencies in operations.

Investor Relations for communicating REIT value to shareholders is the channel used to translate operational success and asset value into shareholder returns and market perception. As a REIT, Crown Castle Inc. must effectively communicate its stability and growth trajectory to maintain its valuation multiple. The company's commitment to this channel is evident in its regular reporting and dividend policy.

For instance, the common stock dividend declared in November 2025 was $1.0625 per common share. This represented a 32% decrease on a per share basis compared to the same period a year ago. The financial health communicated through this channel is also reflected in forward-looking guidance; the estimated annual Adjusted Funds From Operations (AFFO) range following the fiber business sale is $2.265 billion to $2.415 billion.

Here are some key financial metrics used to communicate value to the investment community as of late 2025:

The focus is definitely on positioning the tower business to maximize shareholder value on a standalone basis after the fiber sale. Finance: draft 13-week cash view by Friday.

Crown Castle Inc. (CCI) - Canvas Business Model: Customer Segments

You're looking at the core of Crown Castle Inc.'s (CCI) business, which is fundamentally about leasing space on its infrastructure to wireless tenants. The customer base is heavily concentrated, which is typical for this infrastructure REIT (Real Estate Investment Trust) structure.

Major U.S. Mobile Network Operators (MNOs): Verizon, T-Mobile, AT&T

These three national carriers are the bedrock of Crown Castle Inc.'s site rental revenue stream. As of the end of 2024, these top-tier MNOs accounted for approximately three-fourths of the consolidated site rental revenues. This concentration means their capital expenditure cycles and network build-out plans directly drive Crown Castle Inc.'s near-term financial performance. The company's asset base supporting these customers includes over 40,000 towers across every major U.S. market, and as of December 31, 2024, the average number of tenants per tower stood at approximately 2.4.

The focus for Crown Castle Inc. in 2025 is clearly on maximizing value from the tower business, which represented 67% of site rental revenues in 2024, while managing the wind-down of the Fiber segment. The ongoing 5G build-out by these MNOs is the primary driver for new leasing activity; for instance, full-year site rental billings growth, excluding the impact of Sprint Cancellations, is expected to be 4.7% in 2025.

Here's a look at the scale of the infrastructure serving these primary customers:

The MNOs are driving the core leasing activity. For example, in the third quarter of 2025, the organic contribution to site rental billings, excluding Sprint Cancellations, showed 5.2% growth year-over-year.

Wireless service providers and regional carriers

This segment comprises the remaining portion of the wireless tenant base not covered by the top three MNOs. These customers include smaller wireless carriers, Mobile Virtual Network Operators (MVNOs), and regional players who rely on Crown Castle Inc.'s infrastructure to provide their own services across the U.S. markets.

If the top three MNOs account for roughly 75% of site rental revenue, this segment represents the other 25%, plus any non-MNO tenants on the towers. This group is crucial for diversification, even if their collective revenue contribution is smaller. They are key participants in amendment activity, which drives organic growth beyond just new customer additions.

You can expect this segment to be characterized by:

• Leasing activity for network densification.
• Demand for tower space in secondary and tertiary markets.
• Contracts often structured similarly to MNO agreements.
• A lower concentration risk compared to the top three tenants.

Government and public safety entities (minor segment)

This is a minor segment, but it represents a stable, non-commercial revenue source. Crown Castle Inc. provides infrastructure access for various government and public safety communications needs, such as first responder networks or specialized government use cases.

While not a primary driver of the growth narrative-especially as the company focuses on the core tower business following the Fiber segment's strategic review-these contracts provide a baseline of reliable, long-term cash flow. The company's market cap as of December 1, 2025, was reported at $38.5 billion, reflecting the overall value of this infrastructure portfolio, which includes these smaller, specialized customers.

The financial impact from this segment is embedded within the overall site rental revenue figures, which for the full year 2025 are projected at a midpoint of $4,030 million (excluding discontinued operations).

Crown Castle Inc. (CCI) - Canvas Business Model: Cost Structure

You're looking at the major expenses driving Crown Castle Inc.'s (CCI) operating performance as of late 2025. The cost structure is dominated by the fixed nature of tower access and the financing required to build out the portfolio. Honestly, managing these two areas is key to their profitability story.

The most significant recurring cost is tied to the physical assets themselves. This involves the payments made to secure the land beneath the towers and the access rights to the infrastructure. To be fair, this is the bedrock of the tower REIT model, but it's also a major drag if lease escalators aren't managed against revenue growth.

Here's a quick look at the composition of site rental costs of operations, based on historical filings which still inform the current structure:

• Approximately 40% of the Company's site rental costs of operations expenses consist of Towers ground lease expenses.
• The remainder includes fiber access expenses, repairs and maintenance expenses, employee compensation or related benefit costs, property taxes, or utilities.

The company is actively managing these costs, as reflected in their updated 2025 guidance. For instance, the full-year 2025 Outlook issued in October 2025 incorporated a $5 million decrease in site rental costs of operations compared to the previous outlook.

Financing costs represent another substantial outflow. Crown Castle Inc. carries a substantial debt load to fund its capital-intensive infrastructure investments. While the total interest expense for fiscal year 2025 isn't explicitly stated here, the recent debt activity gives you a sense of the scale and cost of that leverage. In August 2024, Crown Castle Inc. issued $1.25 billion in senior unsecured notes with a weighted average coupon of approximately 5.1%.

Operating expenses (OpEx) for day-to-day tower maintenance and power consumption are baked into the site rental costs of operations, but general overhead is also a focus area. Management has been clear about driving efficiency across the board. The full-year 2025 Outlook reflects this focus, projecting a $10 million decrease in selling, General, and Administrative (SG&A) costs compared to the prior outlook.

This push for efficiency is not new; in 2024, staffing reductions and office closures were implemented, expected to generate approximately $100 million in annualized run-rate operating cost savings. The reduction in SG&A for 2025 is a continuation of that trend.

Here is a table summarizing key cost structure elements and recent financial movements:

The focus on reducing SG&A by $10 million in the 2025 outlook, alongside the decrease in site rental costs of operations, shows management is actively trying to improve the bottom line despite revenue headwinds like the Sprint cancellations.

Finance: draft 13-week cash view by Friday.

Crown Castle Inc. (CCI) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Crown Castle Inc. (CCI) for late 2025, which is almost entirely focused on its U.S. tower operations following the strategic divestiture of the Fiber Business, treated as discontinued operations for reporting purposes. The revenue streams are built on long-term, predictable contracts for tower space.

The primary revenue component is site rental revenues from tower leasing. For the full year 2025 midpoint, Crown Castle Inc. projects these revenues to be $4.030 billion.

This recurring revenue base is strengthened by built-in mechanisms designed for consistent growth, which you see reflected in the organic performance metrics. The full-year site rental billings growth, excluding the impact of Sprint Cancellations, is forecasted at 4.7%.

Here's a quick look at the key 2025 projections based on the latest reported outlook:

The recurring revenue growth from long-term contracts is driven by several components that feed into the Organic Contribution to Site Rental Billings. These are the mechanisms that help keep the revenue stream growing year-over-year, even with headwinds like Sprint Cancellations (expected to be an unfavorable impact of $205 million for the full year 2025).

• Escalators built into long-term contracts for recurring revenue growth are a key factor. For the second quarter context, escalators were expected to contribute between $90 million and $100 million to the organic contribution.
• Revenue from new tenant additions and equipment amendments (colocation) falls under Core leasing activity. This activity is expected to drive positive growth, with an anticipated increase of $5 million from the previous outlook for the full year 2025.

The overall financial health supporting these revenue streams is summarized by the projected profitability metric. Crown Castle Inc.'s Adjusted EBITDA is projected to be around $2.835 billion for the 2025 midpoint. This figure reflects the operational leverage on the tower assets, complemented by management's focus on cost reductions in selling, general, and administrative expenses and improvements in services gross margin.

To be defintely clear, site rental revenues represented 94% of Crown Castle Inc.'s third quarter 2025 consolidated net revenues, underscoring the pure-play tower focus.

Finance: draft 13-week cash view by Friday.