Crown Castle CCI · USD

Operating Segment and Concentrations of Credit RiskReportable SegmentThe Fiber Business is predominately comprised of the assets that the Company previously reported under the historic Fiber segment. Following the classification of the Fiber Business as discontinued operations, the Company has one reportable segment that constitutes consolidated results consisting of its towers operations. Following the execution of the Strategic Fiber Agreement, the Fiber Business is treated as discontinued operations for all periods presented because the anticipated disposal represents a strategic shift that will have a material impact on the Company's operating results. See note 3 to the Company's consolidated financial statements for a discussion of discontinued operations. As such, the Company has recast results for all periods presented under the discontinued operations basis of presentation. The determination that the Company operates as a single segment is consistent with the nature of its operations and the financial information regularly reviewed by the Company's President and Chief Executive Officer in such person's capacity as the chief operating decision maker ("CODM"). The Company provides its tenants with access, including space or capacity, to the Company's approximately 40,000 towers geographically dispersed throughout the U.S. The Company also offers site development services and previously offered installation services as an ancillary offering relating to its towers. See note 17 to the Company's consolidated financial statements for a discussion of the Company's 2023 Restructuring Plan, which included discontinuing installation services as a product offering. The measurement of profit or loss primarily used by the CODM in making operating decisions, assessing financial performance, and allocating resources is net income (loss).The following table sets forth the Company's results, including significant expenses not presented in the consolidated statement of operations comprehensive income (loss), for the years ended December 30, 2025, 2024, and 2023. Since the Company operates as one reportable segment that constitutes consolidated continuing results of operations, there are no reconciling items between segment and consolidated assets or capital expenditures from continuing operations.

RevenuesThe following table is a summary of the contracted amounts owed to the Company by tenants pursuant to tenant contracts in effect as of December 31, 2025. As of December 31, 2025, the weighted-average remaining term of tenant contracts was approximately six years, exclusive of renewals exercisable at the tenant's option.Years Ending December 31,20262027202820292030ThereafterTotalContracted amounts(a)(b)$3,777 $3,810 $3,668 $2,961 $2,778 $6,661 $23,655 (a)Excludes amounts related to services, as those contracts generally have a duration of one year or less.(b)Excludes approximately $3.5 billion due from DISH Wireless L.L.C ("DISH") following the notice of default and termination of the DISH Master Lease Agreement and underlying agreements delivered on January 12, 2026. See note 18 for further information.See notes 2 and 14 for further discussion regarding the Company's lessor arrangements and note 15 for further information regarding the Company's single operating segment.

Commitments and ContingenciesOther MattersThe Company is involved in various claims, assessments, lawsuits or proceedings arising in the ordinary course of business. While there are uncertainties inherent in the ultimate outcome of such matters and it is impossible to presently determine the ultimate costs or losses that may be incurred, if any, management believes the adverse resolution of such uncertainties and the incurrence of such costs should not have a material adverse effect on the Company's consolidated financial position or results of operations. The Company and certain of its subsidiaries are also contingently liable for commitments or performance guarantees arising in the ordinary course of business, including certain letters of credit or surety bonds. See note 14 for a discussion of operating lease commitments. In addition, as mentioned in note 5, the Company has the option to purchase approximately 55% of its towers at the end of their respective lease terms. The Company has no obligation to exercise such purchase options.On January 12, 2026, the Company delivered a notice of default and termination to DISH relating to the Company's Master Lease Agreement and underlying agreements with DISH as a result of DISH failing to make required payments and defaulting on its obligations under the agreement. See note 18 for additional discussion.

Debt and Other ObligationsThe table below sets forth the Company's debt and other obligations as of December 31, 2025. Original Issue DateContractual Maturity Date Outstanding Balance as of December 31,Stated Interest Rate as ofDecember 31,2025 20242025(a)Secured Notes, Series 2009-1, Class A-2July 2009Aug. 202926 32 9.0 %Tower Revenue Notes, Series 2015-2May 2015May 2045— (b)700 3.7 %Tower Revenue Notes, Series 2018-2July 2018July 2048(c)748 747 4.2 %Installment purchase liabilities and finance leasesVarious(d)Various(d)258 (e)272 (e)Various(d)Total secured debt1,032 1,751 2016 RevolverJan. 2016July 2027945 (f)— 5.4 %(g)2016 Term Loan AJan. 2016July 20271,056 1,117 5.0 %(g)Commercial Paper NotesVarious(h)Various(h)1,931 1,341 4.2 %1.350% Senior NotesJune 2020July 2025— (i)499 1.4 %4.450% Senior NotesFeb. 2016Feb. 2026900 899 4.5 %3.700% Senior NotesMay 2016June 2026750 749 3.7 %1.050% Senior NotesFeb. 2021July 2026999 997 1.1 %4.000% Senior NotesFeb. 2017Mar. 2027499 498 4.0 %2.900% Senior NotesMar. 2022Mar. 2027748 746 2.9 %3.650% Senior NotesAug. 2017Sept. 2027998 997 3.7 %5.000% Senior NotesJan. 2023Jan. 2028996 993 5.0 %3.800% Senior NotesJan. 2018Feb. 2028997 996 3.8 %4.800% Senior NotesApr. 2023Sept. 2028596 595 4.8 %4.300% Senior NotesFeb. 2019Feb. 2029597 596 4.3 %5.600% Senior NotesDec. 2023June 2029744 742 5.6 %4.900% Senior NotesAug. 2024Sept. 2029545 544 4.9 %3.100% Senior NotesAug. 2019Nov. 2029547 547 3.1 %3.300% Senior NotesApr. 2020July 2030743 742 3.3 %2.250% Senior NotesJune 2020Jan. 20311,094 1,093 2.3 %2.100% Senior NotesFeb. 2021Apr. 2031993 991 2.1 %2.500% Senior NotesJune 2021July 2031745 744 2.5 %5.100% Senior NotesApr. 2023May 2033744 743 5.1 %5.800% Senior NotesDec. 2023Mar. 2034743 742 5.8 %5.200% Senior NotesAug. 2024Sept. 2034690 689 5.2 %2.900% Senior NotesFeb. 2021Apr. 20411,236 1,235 2.9 %4.750% Senior NotesMay 2017May 2047345 345 4.8 %5.200% Senior NotesFeb. 2019Feb. 2049396 396 5.2 %4.000% Senior NotesAug. 2019Nov. 2049346 346 4.0 %4.150% Senior NotesApr. 2020July 2050491 490 4.2 %3.250% Senior NotesJune 2020Jan. 2051891 891 3.3 %Total unsecured debt23,305 22,303 Total debt and other obligations24,337 24,054 Less: current maturities of debt and other obligations2,783 603 Non-current portion of debt and other long-term obligations$21,554 $23,451 (a)Represents the weighted-average stated interest rate, as applicable.

Income TaxesIncome (loss) from continuing operations before income taxes by geographic area is summarized in the table below. Years Ended December 31, 202520242023Domestic$1,097 $1,155 $1,229 Foreign(a)22 25 29 Total$1,119 $1,180 $1,258 (a)Inclusive of income (loss) before income taxes from Puerto Rico.The benefit (provision) for income taxes from continuing operations consists of the following: Years Ended December 31, 202520242023Current:Federal$(3)$(3)$(3)Foreign(10)(7)(8)State(3)(4)(1)Total current(16)(14)(12)Deferred:Federal— — — Foreign— (4)(9)Total deferred— (4)(9)Total tax benefit (provision)$(16)$(18)$(21)The Company operates as a REIT for U.S. federal income tax purposes.A reconciliation between the benefit (provision) for income taxes and the amount computed by applying the federal statutory income tax rate to the income (loss) from continuing operations before income taxes is as follows: Years Ended December 31, 202520242023Amount %Amount %Amount %Benefit (provision) for income taxes at statutory rate$(235)21.0 %$(248)21.0 %$(264)21.0 %Tax adjustment related to REIT operations232 (20.7)%246 (20.8)%260 (20.7)%Valuation allowances— — %(1)0.1 %— — %State tax (provision) benefit, net of federal(a)(3)0.3 %(4)0.3 %(1)0.1 %Foreign tax(10)0.9 %(11)0.9 %(16)1.3 %Total$(16)1.4 %$(18)1.5 %$(21)1.6 %(a)State taxes in Texas make up the majority (greater than 50%) of the tax effect in this category.The components of income taxes paid (refunded) from continuing operations are as follows: December 31,202520242023Federal $4 $3 $3 StateTexas2 2 2 New Jersey — — (2)Other States1 1 — Puerto Rico 8 4 10 Total Income taxes paid (refunded)$15 $10 $13 The components of the net deferred income tax assets and liabilities from continuing operations are as follows: December 31, 20252024Deferred income tax liabilities:Property and equipment$11 $12 Deferred site rental receivables8 7 Site rental contracts and tenant relationships, net30 30 Total deferred income tax liabilities49 49 Deferred income tax assets:Other intangible assets, net29 29 Net operating loss carryforwards(a)1 1 Straight-line rent expense liability5 5 Accrued liabilities5 5 Other5 6 Valuation allowances(3)(3)Total deferred income tax assets, net42 43 Net deferred income tax assets (liabilities)$(7)$(6)(a)Balance results from the Company's foreign NOLs. Due to the Company's REIT status, no federal or state NOLs result in the Company recording a deferred income tax asset.

Stock-based CompensationStock Compensation PlansPursuant to stockholder approved plans, the Company may grant stock-based awards to certain employees, consultants or non-employee directors of the Company and its subsidiaries or affiliates. Following the stockholder approval of the 2022 Long-Term Incentive Plan ("2022 LTIP"), no further awards can be made under the 2013 Long-Term Incentive Plan ("2013 LTIP"). As of December 31, 2025, the Company had no shares available for issuance under existing awards, and approximately 0.1 million shares available for issuance under future awards pursuant to the 2013 LTIP and approximately 2.8 million and 11.0 million shares available for issuance under existing and future awards, respectively, pursuant to the 2022 LTIP.Restricted Stock UnitsThe Company issues RSUs to certain executives and employees. Each RSU represents a contingent right to receive one share of the Company's common stock subject to satisfaction of the applicable vesting terms. The RSUs granted to certain executives and employees include (1) annual awards that contain only service-based conditions, (2) annual performance awards that vest subject to the achievement of certain performance-based metrics, (3) new hire, promotional or relocation awards that generally contain only service-based vesting conditions and (4) other awards related to specific business initiatives or compensation objectives including retention and merger integration. Generally, such awards vest over periods of approximately three years.The following is a summary of the RSU activity during the year ended December 31, 2025, inclusive of RSUs granted to executives and employees recorded within discontinued operations. RSUsWeighted Average Grant Date Fair Value (In millions)Outstanding at the beginning of year3 $117.18 Granted2 93.20 Vested(1)127.44 Forfeited(1)98.90 Outstanding at end of year3 $103.51 The Company granted to its executives and certain other employees, including those recorded in its discontinued operations, approximately 1.6 million, 1.4 million, and 1.6 million RSUs for the years ended December 31, 2025, 2024 and 2023, respectively. The weighted-average grant-date fair value per share of the grants for the years ended December 31, 2025, 2024 and 2023 was $93.20, $107.98 and $126.56 per share, respectively. The weighted-average requisite service period for the RSUs granted during 2025 was approximately 2.2 years.Of the approximately 1.

LeasesLessor Tenant LeasesSee note 4 for further information regarding the contractual amounts owed to the Company pursuant to tenant contracts in effect as of December 31, 2025 and other information.Lessee Operating LeasesThe components of the Company's operating lease expense are as follows:Years Ended December 31,202520242023Lease cost:Operating lease expense(a)$599 $594 $595 Variable lease expense(b)147 158 159 Total lease expense$746 $752 $754 (a)Represents the Company's operating lease expense related to its ROU assets.(b)Represents the Company's expense related to contingent payments for operating leases (such as payments based on revenues derived from the tower located on the leased asset). Such contingencies are recognized as expense in the period they are resolved.Lessee Finance LeasesThe vast majority of the Company's finance leases are related to the towers subject to prepaid master lease agreements with AT&T and T-Mobile (including those which T-Mobile assumed in its merger with Sprint), and are recorded as "Property and equipment, net" on the consolidated balance sheet. See note 5 for further discussion of the Company's prepaid master lease agreements. The components of the Company's finance leases are as follows:As of December 31, 2025As of December 31, 2024Gross Carrying ValueAccumulated AmortizationNet Book ValueGross Carrying ValueAccumulated AmortizationNet Book ValueMaster Prepaid Leases$4,217 $(3,169)$1,048 $4,234 $(3,007)$1,227 Finance Leases21 (15)6 26 (21)5 Total$4,238 $(3,184)$1,054 $4,260 $(3,028)$1,232 For the year ended December 31, 2025, the Company recorded $185 million to "Depreciation, amortization and accretion" related to finance leases and recorded $184 million and $189 million in the years ended December 31, 2024 and December 31, 2023, respectively. Other Lessee InformationAs of December 31, 2025, the Company's weighted-average remaining lease term and weighted-average discount rate for operating leases were 15 years and 5.2%, respectively.

Excludes the Company's contingent payments for operating leases (such as payments based on revenues derived from the tower located on the leased asset) as such arrangements are excluded from the Company's operating lease liability.