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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________

FORM 10-Q
___________________________________
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2025
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period    to             
Commission File Number 001-16441
____________________________________
CCMasterbrand_Logo_BLACK copy.jpg
CROWN CASTLE INC.
(Exact name of registrant as specified in its charter)
 
Delaware76-0470458
(State or other jurisdiction
of incorporation or organization)		(I.R.S. Employer
Identification No.)
8020 Katy Freeway, Houston, Texas 77024
(Address of principal executives office) (Zip Code)
(713) 570-3000
(Registrant's telephone number, including area code)


____________________________________
 Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueCCINew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
Number of shares of common stock outstanding at May 7, 2025: 435,458,808


CROWN CASTLE INC. AND SUBSIDIARIES
INDEX
Cautionary Language Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q ("Form 10-Q") contains forward-looking statements that are based on our management's expectations as of the filing date of this report with the Securities and Exchange Commission ("SEC"). Statements that are not historical facts are hereby identified as forward-looking statements. In addition, words such as "estimate," "anticipate," "project," "plan," "intend," "believe," "expect," "likely," "predicted," "positioned," "continue," "target," "seek," "focus" and any variations of these words and similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements include our full year 2025 outlook and plans, projections, expectations and estimates regarding (1) our strategy and the value of our business model, (2) demand for our towers, including factors driving such demand, (3) the growth potential of the U.S. market for towers, (4) demand for data and factors driving such demand, (5) tenants' investment to improve network quality and expand capacity (6) our ability to service our debt and comply with debt covenants, (7) the level of commitment under our debt instruments, (8) our ability to remain qualified as a real estate investment trust ("REIT"), (9) site rental revenues, (10) sources and uses of liquidity, (11) impact from the Sprint Cancellations (as defined below), (12) drivers of cash flow growth, (13) dividends and share repurchases, (14) discretionary and sustaining capital expenditures, (15) non-renewals, (16) timing of payments related to restructuring activities, (17) pending sale of our Fiber Business (as defined below), (18) our capital allocation framework, (19) refinancing of our Tower Revenue Notes, Series 2015-2, and (20) maintenance of an investment grade credit profile. Dividends and the share repurchase program remain subject to the approval of our board of directors, which has the discretion to determine whether to declare dividends or authorize a repurchase program and the amounts and timing of the dividends and share repurchase program.
Such forward-looking statements should, therefore, be considered in light of various risks, uncertainties and assumptions, including prevailing market conditions, risk factors described in "Item 1A. Risk Factors" of the Annual Report on Form 10-K for the fiscal year ended December 31, 2024 ("2024 Form 10-K") and other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected.
Our filings with the SEC are available through the SEC website at www.sec.gov or through our investor relations website at investor.crowncastle.com. We use our investor relations website to disclose information about us that may be deemed to be material. We encourage investors, the media and others interested in us to visit our investor relations website from time to time to review up-to-date information or to sign up for e-mail alerts to be notified when new or updated information is posted on the site.
1

Interpretation
As used herein, the term "including," and any variation thereof, means "including without limitation." The use of the word "or" herein is not exclusive. Unless this Form 10-Q indicates otherwise or the context otherwise requires, the terms "we," "our," "our company," "the company" or "us" as used in this Form 10-Q refer to Crown Castle Inc. ("CCI") and its predecessor (organized in 1995), as applicable, each a Delaware corporation, and their subsidiaries. Additionally, unless the context suggests otherwise, references to "U.S." are to the United States of America and Puerto Rico, collectively. Capitalized terms used but not defined in this Form 10-Q have the same meaning given to them in the 2024 Form 10-K.

2

PART I—FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS
CROWN CASTLE INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)
(Amounts in millions, except par values)
 March 31, 2025December 31, 2024
ASSETS  
Current assets:
Cash and cash equivalents$60 $100 
Restricted cash and cash equivalents
174 170 
Receivables, net123 129 
Prepaid expenses76 74 
Current portion of deferred site rental receivables185 164 
Other current assets25 24 
Current assets of discontinued operations (note 3)
442 429 
Total current assets1,085 1,090 
Deferred site rental receivables2,277 2,279 
Property and equipment, net of accumulated depreciation of $10,519 and $10,417, respectively
6,492 6,577 
Operating lease right-of-use assets5,566 5,600 
Goodwill5,127 5,127 
Other intangible assets, net993 1,037 
Other assets, net57 58 
Non-current assets of discontinued operations (note 3)
10,163 10,968 
Total assets$31,760 $32,736 
LIABILITIES AND EQUITY (DEFICIT)
  
Current liabilities:  
Accounts payable$42 $48 
Accrued interest162 244 
Deferred revenues145 141 
Other accrued liabilities141 167 
Current maturities of debt and other obligations1,503 603 
Current portion of operating lease liabilities268 264 
Current liabilities of discontinued operations (note 3)
689 710 
Total current liabilities2,950 2,177 
Debt and other long-term obligations22,874 23,451 
Operating lease liabilities5,030 5,062 
Other long-term liabilities641 645 
Non-current liabilities of discontinued operations (note 3)
1,518 1,534 
Total liabilities33,013 32,869 
Commitments and contingencies (note 8)
Stockholders' equity (deficit):
Common stock, $0.01 par value; 1,200 shares authorized; shares issued and outstanding:
   March 31, 2025—435 and December 31, 2024—435
4 4 
Additional paid-in capital18,423 18,393 
Accumulated other comprehensive income (loss)(5)(5)
Dividends/distributions in excess of earnings(19,675)(18,525)
Total equity (deficit)
(1,253)(133)
Total liabilities and equity (deficit)
$31,760 $32,736 

See notes to condensed consolidated financial statements.
3
CROWN CASTLE INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS) (Unaudited)
(Amounts in millions, except per share amounts)



Three Months Ended March 31,
20252024
Net revenues:
Site rental$1,011 $1,068 
Services and other50 46 
Net revenues1,061 1,114 
Operating expenses:
Costs of operations:(a)
Site rental240 243 
Services and other28 29 
Selling, general and administrative93 114 
Asset write-down charges2 6 
Depreciation, amortization and accretion177 191 
Restructuring charges
— 11 
Total operating expenses540 594 
Operating income (loss)521 520 
Interest expense and amortization of deferred financing costs, net(236)(226)
Interest income3 4 
Other income (expense)1 2 
Income (loss) from continuing operations before income taxes
289 300 
Benefit (provision) for income taxes(5)(6)
Income (loss) from continuing operations
284 294 
Discontinued operations (note 3):
Income (loss) from discontinued operations before gain (loss) from disposal, net of tax
82 17 
Gain (loss) from disposal of discontinued operations, net of tax
(830)— 
Income (loss) from discontinued operations, net of tax
(748)17 
Net income (loss)
(464)311 
Other comprehensive income (loss):
Foreign currency translation adjustments— (1)
Total other comprehensive income (loss)— (1)
Comprehensive income (loss) $(464)$310 
Net income (loss), per common share:
Income (loss) from continuing operations, basic
$0.65 $0.68 
Income (loss) from discontinued operations, basic
$(1.72)$0.04 
Net income (loss)—basic
$(1.07)$0.72 
Income (loss) from continuing operations, diluted
$0.65 $0.67 
Income (loss) from discontinued operations, diluted
$(1.72)$0.04 
Net income (loss)—diluted
$(1.07)$0.71 
Weighted-average common shares outstanding:
Basic435434 
Diluted436435 
(a)Exclusive of depreciation, amortization and accretion, shown separately.

See notes to condensed consolidated financial statements.
4
CROWN CASTLE INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
(In millions of dollars)

 Three Months Ended March 31,
 20252024
Cash flows from operating activities:  
Net income (loss)$(464)$311 
(Income) loss from discontinued operations before (gain) loss from disposal, net of tax
(82)(17)
(Gain) loss from disposal of discontinued operations, net of tax
830 — 
Income (loss) from continuing operations
284 294 
Adjustments to reconcile income (loss) from continuing operations to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion177 191 
Amortization of deferred financing costs and other non-cash interest8 8 
Stock-based compensation expense, net18 24 
Asset write-down charges2 6 
Deferred income tax (benefit) provision1 4 
Other non-cash adjustments, net(1)4 
Net cash provided by (used for) operating activities from discontinued operations
270 274
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in accrued interest(82)(59)
Increase (decrease) in accounts payable(6)(16)
Increase (decrease) in other liabilities(21)(115)
Decrease (increase) in receivables6 38 
Decrease (increase) in other assets(15)(54)
Net cash provided by (used for) operating activities641 599 
Cash flows from investing activities: 
Capital expenditures(40)(47)
Payments for acquisitions, net of cash acquired— (1)
Other investing activities, net2 1 
Net cash provided by (used for) investing activities from discontinued operations
(217)(273)
Net cash provided by (used for) investing activities(255)(320)
Cash flows from financing activities:
Principal payments on debt and other long-term obligations(28)(14)
Payments under revolving credit facility— (670)
Net issuances (repayments) under commercial paper program336 1,138 
Purchases of common stock(21)(27)
Dividends/distributions paid on common stock(690)(688)
Net cash provided by (used for) financing activities(403)(261)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents(17)18 
Effect of exchange rate changes— (1)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period(a)
295 281 
Cash and cash equivalents and restricted cash and cash equivalents at end of period(a)
$278 $298 
(a)Inclusive of cash and cash equivalents and restricted cash and cash equivalents included in discontinued operations. See note 12.

See notes to condensed consolidated financial statements.
5
CROWN CASTLE INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF EQUITY (DEFICIT)
(Amounts in millions) (Unaudited)

Common StockAdditional
Paid-in
Capital
Accumulated Other Comprehensive Income (Loss)
Dividends/Distributions in Excess of Earnings
Shares($0.01 Par)Total
Balance, December 31, 2024
435 $4 $18,393 $(5)$(18,525)$(133)
Stock-based compensation related activity, net of forfeitures— — 51 — — 51 
Purchases and retirement of common stock— — (21)— — (21)
Other comprehensive income (loss)(a)
— — — — — — 
Common stock dividends/distributions— — — — (686)(686)
Net income (loss)— — — — (464)(464)
Balance, March 31, 2025
435 $4 $18,423 $(5)$(19,675)$(1,253)
Balance, December 31, 2023
434 $4 $18,270 $(4)$(11,889)$6,381 
Stock-based compensation related activity, net of forfeitures1 — 67 — — 67 
Purchases and retirement of common stock— — (27)— — (27)
Other comprehensive income (loss)(a)
— — — (1)— (1)
Common stock dividends/distributions— — — — (683)(683)
Net income (loss)— — — — 311 311 
Balance, March 31, 2024
435 $4 $18,310 $(5)$(12,261)$6,048 
(a)See the condensed consolidated statement of operations and other comprehensive income (loss) for the components of other comprehensive income (loss).

See notes to condensed consolidated financial statements.
6
CROWN CASTLE INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-Unaudited
(Tabular dollars in millions, except per share amounts)

1.General
The information contained in the following notes to the condensed consolidated financial statements is condensed from that which would appear in the annual consolidated financial statements; accordingly, the condensed consolidated financial statements included herein should be reviewed in conjunction with the consolidated financial statements for the fiscal year ended December 31, 2024, and related notes thereto, included in the 2024 Form 10-K filed by Crown Castle Inc. ("CCI") with the SEC. Capitalized terms used but not defined in these notes to the condensed consolidated financial statements have the same meaning given to them in the 2024 Form 10-K. References to the "Company" refer to CCI and its predecessor, as applicable, and their subsidiaries, unless otherwise indicated or the context indicates otherwise. As used herein, the term "including," and any variation thereof means "including without limitation." The use of the word "or" herein is not exclusive. Unless the context suggests otherwise, references to "U.S." are to the United States of America and Puerto Rico, collectively.
The Company owns, operates and leases shared communications infrastructure that is geographically dispersed throughout the U.S., including (1) towers and other structures, such as rooftops (collectively, "towers"), and (2) fiber primarily supporting small cell networks ("small cells") and fiber solutions. The Company's towers, small cells and fiber assets are collectively referred to herein as "communications infrastructure," and the Company's customers on its communications infrastructure are referred to herein as "tenants." The Company provides access, including space or capacity, to its communications infrastructure via long-term contracts in various forms, including lease, license, sublease and service agreements (collectively, "tenant contracts").
On March 13, 2025, management signed a definitive agreement ("Strategic Fiber Agreement") to sell the small cells and fiber solutions businesses, together with certain supporting assets and personnel ("Fiber Business"), with Zayo Group Holdings Inc. ("Zayo") acquiring the fiber solutions business and EQT Active Core Infrastructure fund ("EQT") acquiring the small cells business ("Strategic Fiber Transaction"). Under the Strategic Fiber Agreement, the Company will receive $8.5 billion in aggregate cash proceeds, subject to certain closing adjustments.
As the aforementioned sale represents a material strategic shift for the Company, the Fiber Business' results and net assets are presented herein as discontinued operations and comparable prior periods have been recast to reflect this change. Upon classification as "held for sale", the Company recognized a loss of $830 million, inclusive of estimated transaction fees, during the first quarter of 2025. The Strategic Fiber Transaction is expected to close in the first half of 2026, subject to certain closing conditions and required government and regulatory approvals. Pending the closing of the Strategic Fiber Transaction, we will continue to operate the Fiber Business in accordance with the Strategic Fiber Agreement. See note 3 to our condensed consolidated financial statements for a further discussion of discontinued operations.
As part of the Company's effort to provide efficient and cost effective solutions, the Company also offers certain site development services relating to existing or new tenant equipment installations, including: site acquisition, architectural and engineering, or zoning and permitting (collectively, "site development services") as an ancillary offering relating to its towers.
The Company operates as a REIT for U.S. federal income tax purposes. In addition, the Company has certain taxable REIT subsidiaries ("TRSs"). See note 7.
Approximately 54% of the Company's towers are leased or subleased or operated and managed under master leases, subleases, and other agreements with AT&T and T-Mobile (including those which T-Mobile assumed in its merger with Sprint). The Company has the option to purchase these towers at the end of their respective lease terms. The Company has no obligation to exercise such purchase options.
Basis of Presentation
The condensed consolidated financial statements included herein are unaudited; however, they include all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to state fairly the condensed consolidated financial position of the Company as of March 31, 2025, the condensed consolidated results of operations for the three months ended March 31, 2025 and 2024, and the condensed consolidated cash flows for the three months ended March 31, 2025 and 2024. The year-end condensed consolidated balance sheet data, that was derived from audited financial statements, was recast following the Fiber Business being classified as discontinued operations and does not include all disclosures required by GAAP. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year.
7
CROWN CASTLE INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-Unaudited
(Tabular dollars in millions, except per share amounts)
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. Unless otherwise noted, all activities and amounts reported in the following notes relate to the continuing operations of the Company and exclude activities and amounts related to discontinued operations. See notes 3 and 11 to our condensed consolidated financial statements for a discussion of discontinued operations and the Company's operating segment.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
2.Summary of Significant Accounting Policies
Recently Adopted Accounting Pronouncements
No accounting pronouncements adopted during the three months ended March 31, 2025 had a material impact on the Company's condensed consolidated financial statements.
Recent Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued new guidance that enhances the transparency and decision usefulness of income tax disclosures, primarily through changes to the rate reconciliation and income taxes paid disclosures. The guidance will be effective for the Company's fiscal year ending December 31, 2025 and can be applied prospectively or retrospectively, with early adoption permitted. The Company is currently evaluating the effect of the guidance, including the impact on its financial statement disclosures.
In November 2024, the FASB issued new guidance that requires disclosure of disaggregated information about certain income statement expense line items in the notes to the financial statements for both annual and interim periods. The guidance will be effective for the Company's fiscal year ending December 31, 2027, and can be applied prospectively or retrospectively, with early adoption permitted. The Company is currently evaluating the effect of the guidance, including the potential impact on its financial statement disclosures.
3.Discontinued Operations
In January 2024, the Company's board of directors established a Fiber Review Committee to oversee and direct the review of strategic and operational alternatives that were available to the Company with respect to its Fiber Business. The operational review concluded in June 2024 and resulted in the restructuring plan that we initiated in June 2024 ("2024 Restructuring Plan"), while the strategic review concluded in March 2025 with the signing of the Strategic Fiber Agreement. See note 13 to our condensed consolidated financial statements for a discussion of the 2024 Restructuring Plan.
On March 13, 2025, management signed the Strategic Fiber Agreement to sell the Fiber Business, with Zayo acquiring the fiber solutions business and EQT acquiring the small cells business. Under the Strategic Fiber Agreement, the Company will receive $8.5 billion in aggregate cash proceeds, subject to certain closing adjustments. As such, the Fiber Business' results and net assets are presented herein as discontinued operations and comparable prior periods have been recast to reflect this change. Upon classification as "held for sale", the Company recorded a loss from disposal of discontinued operations, net of tax, of $830 million, which represents the excess of the carrying value of the Fiber Business over the purchase price, less estimated costs to sell. The loss is included in "Gain (loss) from disposal of discontinued operations, net of tax" in the condensed consolidated statement of operations and comprehensive income (loss) for the three months ended March 31, 2025. The Strategic Fiber Transaction is expected to close in the first half of 2026, subject to certain closing conditions and required government and regulatory approvals. Pending the closing of the Strategic Fiber Transaction, management will continue to operate the Fiber Business in accordance with the Strategic Fiber Agreement.
The historic Fiber segment was previously a separate reportable segment of the Company. The Company's Fiber reportable segment 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. The tables below set forth the assets and liabilities related to discontinued operations as of March 31, 2025 and December 31, 2024 and results of operations related to discontinued operations for the three months ended March 31, 2025 and 2024. See note 11 to our condensed consolidated financial statements for a discussion of our reportable segment.

8
CROWN CASTLE INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-Unaudited (Continued)
(Tabular dollars in millions, except per share amounts)
March 31, 2025December 31, 2024
ASSETS
Current assets:
Receivables, net
$316 $349 
Other current assets(a)
126 80 
Total current assets
442 429 
Property and equipment(b)
8,976 8,918 
Other intangible assets, net(b)
1,704 1,744 
Operating lease right-of-use assets and other assets, net
302 306 
Valuation allowance for assets held for sale
(819)— 
Total assets
$10,605 $11,397 
LIABILITIES
Current liabilities:
Accounts payable
$150 $144 
Deferred revenues
345 336 
Operating lease liabilities and other accrued liabilities
186 223 
Current maturities of debt and other obligations
8 7 
Total current liabilities
689 710 
Debt and other long-term obligations22 20 
Operating lease liabilities
166 173 
Deferred revenue and other long-term liabilities
1,330 1,341 
Total liabilities
$2,207 $2,244 
Three Months Ended March 31,
20252024
Net revenues
$532 $526 
Operating expenses(b)
448 507 
Income (loss) from discontinued operations before income taxes
84 19 
Benefit (provision) for income taxes
(2)(2)
Income (loss) from discontinued operations before gain (loss) from disposal, net of tax(c)
$82 $17 
(a)As of March 31, 2025 and December 31, 2024, inclusive of $39 million and $20 million, respectively, in cash and cash equivalents.
(b)Following the classification of the Fiber Business as "held for sale", the Company ceased depreciation and amortization of assets included in discontinued operations.
(c)Exclusive of the gain (loss) from disposal of discontinued operations, net of tax, as presented on the condensed consolidated statement of operations and comprehensive income (loss).

4.Revenues
Site Rental Revenues
The Company generates site rental revenues from its core business by providing tenants with access, including space or capacity, to its towers via long-term tenant contracts in various forms, including lease, license, sublease and service agreements. Typically, providing such access over the length of the tenant contract term represents the Company’s sole performance obligation under its tenant contracts.
9
CROWN CASTLE INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-Unaudited (Continued)
(Tabular dollars in millions, except per share amounts)
Site rental revenues from the Company's tenant contracts are recognized on a straight-line, ratable basis over the fixed, non-cancelable term of the relevant tenant contract, which generally ranges between five to 15 years for wireless tenants, regardless of whether the payments from the tenant are received in equal monthly amounts during the life of the tenant contract. Certain of the Company's tenant contracts contain (1) fixed escalation clauses (such as fixed dollar or fixed percentage increases) or inflation-based escalation clauses (such as those tied to the CPI), (2) multiple renewal periods exercisable at the tenant's option and (3) only limited termination rights at the applicable tenant's option through the current term. If the payment terms call for fixed escalators, upfront payments, or rent-free periods, the revenue is recognized on a straight-line basis over the fixed, non-cancelable term of the tenant contract. When calculating straight-line rental revenues, the Company considers all fixed elements of tenant contractual escalation provisions, even if such escalation provisions contain a variable element in addition to a minimum. The Company's assets related to straight-line site rental revenues are recorded within "Current portion of deferred site rental receivables" and "Deferred site rental receivables" on the Company's condensed consolidated balance sheet. Amounts billed or received prior to being earned are deferred and reflected in "Deferred revenues" and "Other long-term liabilities" on the Company's condensed consolidated balance sheet. Amounts to which the Company has an unconditional right to payment, which are related to both satisfied or partially satisfied performance obligations, are recorded within "Receivables, net" on the Company's condensed consolidated balance sheet.
Services and Other Revenues
As part of the Company’s effort to provide efficient and cost effective solutions, as an ancillary business, the Company offers certain site development services.
The Company may have multiple performance obligations for site development services, which primarily include: structural analysis, zoning, permitting and construction drawings. For each of these performance obligations, services revenues are recognized at completion of the applicable performance obligation, which represents the point at which the Company believes it has transferred goods or services to the tenant. The services revenue recognized is based on an allocation of the transaction price among the performance obligations in a respective tenant contract based on estimated standalone selling price. The volume and mix of site development services may vary among tenant contracts and may include a combination of some or all of the above performance obligations. Amounts are billed per contractual milestones, with payments generally due within 45 to 90 days, and generally do not contain variable-consideration provisions. Since performance obligations are typically satisfied prior to receiving payment from tenants, the unconditional right to payment is recorded within "Receivables, net" on the Company’s condensed consolidated balance sheet. Generally, the services the Company provides to its tenants have a duration of one year or less.
Additional Information on Revenues
As of January 1, 2025 and March 31, 2025, $430 million and $423 million of unrecognized revenues, respectively, were reported in "Deferred revenues" and "Other long-term liabilities" on the Company's condensed consolidated balance sheet. During the three months ended March 31, 2025, approximately $37 million of the January 1, 2025 unrecognized revenues balance was recognized as revenues. As of January 1, 2024, $623 million of unrecognized revenues were reported in "Deferred revenues" and "Other long-term liabilities" on the Company's condensed consolidated balance sheet. During the three months ended March 31, 2024, approximately $55 million of the January 1, 2024 unrecognized revenues balance was recognized as revenues.
The following table is a summary of the contracted amounts owed to the Company by tenants pursuant to tenant contracts in effect as of March 31, 2025.
Nine Months Ending December 31,
Years Ending December 31,
20252026202720282029ThereafterTotal
Contracted amounts(a)
$2,928 $3,955 $4,033 $3,911 $3,212 $11,546 $29,585 
(a)Excludes amounts related to services, as those contracts generally have a duration of one year or less.
10
CROWN CASTLE INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-Unaudited (Continued)
(Tabular dollars in millions, except per share amounts)
5.Debt and Other Obligations
The table below sets forth the Company's debt and other obligations as of March 31, 2025.
Original
Issue Date
Final
Maturity
Date(a)
Balance as of March 31, 2025
Balance as of
December 31, 2024
Stated Interest
Rate as of March 31, 2025(a)(b)
Secured Notes, Series 2009-1, Class A-2July 2009Aug. 2029$31 $32 9.0 %
Tower Revenue Notes, Series 2015-2May 2015May 2045
(c)
700 700 3.7 %
Tower Revenue Notes, Series 2018-2July 2018July 2048
(c)
747 747 4.2 %
Installment purchase liabilities and finance leasesVarious
(d)
Various
(d)
268 
(e)
272 
(e)
Various
(d)
Total secured debt1,746 1,751 
2016 RevolverJan. 2016July 2027— 
(f)
— N/A
(g)
2016 Term Loan AJan. 2016July 20271,101 1,117 5.5 %
(g)
Commercial Paper NotesVarious
(h)
Various
(h)
1,677 
(h)
1,341 4.9 %
1.350% Senior NotesJune 2020July 2025500 499 1.4 %
4.450% Senior NotesFeb. 2016Feb. 2026899 899 4.5 %
3.700% Senior NotesMay 2016June 2026749 749 3.7 %
1.050% Senior NotesFeb. 2021July 2026997 997 1.1 %
4.000% Senior NotesFeb. 2017Mar. 2027499 498 4.0 %
2.900% Senior NotesMar. 2022Mar. 2027746 746 2.9 %
3.650% Senior NotesAug. 2017Sept. 2027998 997 3.7 %
5.000% Senior NotesJan. 2023Jan. 2028994 993 5.0 %
3.800% Senior NotesJan. 2018Feb. 2028996 996 3.8 %
4.800% Senior NotesApr. 2023Sept. 2028595 595 4.8 %
4.300% Senior NotesFeb. 2019Feb. 2029596 596 4.3 %
5.600% Senior NotesDec. 2023June 2029743 742 5.6 %
4.900% Senior Notes
Aug. 2024
Sept. 2029
544 544 4.9 %
3.100% Senior NotesAug. 2019Nov. 2029547 547 3.1 %
3.300% Senior NotesApr. 2020July 2030742 742 3.3 %
2.250% Senior NotesJune 2020Jan. 20311,093 1,093 2.3 %
2.100% Senior NotesFeb. 2021Apr. 2031992 991 2.1 %
2.500% Senior NotesJune 2021July 2031744 744 2.5 %
5.100% Senior NotesApr. 2023May 2033744 743 5.1 %
5.800% Senior NotesDec. 2023Mar. 2034743 742 5.8 %
5.200% Senior Notes
Aug. 2024
Sept. 2034
689 689 5.2 %
2.900% Senior NotesFeb. 2021Apr. 20411,234 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 debt22,631 22,303 
Total debt and other obligations24,377 24,054 
Less: current maturities of debt and other obligations1,503 603 
Non-current portion of debt and other long-term obligations$22,874 $23,451 
(a)See the 2024 Form 10-K, including note 7 to the consolidated financial statements, for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness.
(b)Represents the weighted-average stated interest rate, as applicable.
(c)If the Tower Revenue Notes, Series 2015-2 and Series 2018-2 (collectively, "Tower Revenue Notes") are not paid in full on or prior to an applicable anticipated repayment date, then Excess Cash Flow (as defined in the indenture governing the terms of such notes) of the issuers of such notes will be used to repay principal of the applicable series and class of the Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the respective Tower Revenue Notes. As of March 31, 2025, the Tower Revenue Notes, Series 2015-2 and Series 2018-2 have principal amounts of $700 million and $750 million, with anticipated repayment dates in 2025 and 2028, respectively.
11
CROWN CASTLE INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-Unaudited (Continued)
(Tabular dollars in millions, except per share amounts)
(d)The Company's installment purchases primarily relate to land and bear interest rates up to 8% and mature in periods ranging from less than one year to approximately 20 years.
(e)For the periods ended March 31, 2025 and December 31, 2024, reflects $7 million and $8 million, respectively, in finance lease obligations (primarily related to vehicles).
(f)As of March 31, 2025, the undrawn availability under the Company's senior unsecured revolving credit facility ("2016 Revolver") was $7.0 billion.
(g)Both the 2016 Revolver and the senior unsecured term loan A facility ("2016 Term Loan A" and, collectively, "2016 Credit Facility") bear interest, at the Company's option, at either (1) Term SOFR plus (i) a credit spread adjustment of 0.10% per annum and (ii) a credit spread ranging from 0.875% to 1.750% per annum or (2) an alternate base rate plus a credit spread ranging from 0.000% to 0.750% per annum, in each case, with the applicable credit spread based on the Company's senior unsecured debt rating. The Company pays a commitment fee ranging from 0.080% to 0.300%, based on the Company's senior unsecured debt rating, per annum on the undrawn available amount under the 2016 Revolver. See the 2024 Form 10-K, including note 7 to the consolidated financial statements, for information regarding potential adjustments to such percentages.
(h)The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue, but there were no Commercial Paper Notes issued or outstanding during the period that had original maturities greater than three months. The Commercial Paper Notes are issued under customary terms in the commercial paper market and are issued at a discount from par or, alternatively, can be issued at par and bear varying interest rates on a fixed or floating basis. At any point in time, the Company intends to maintain available commitments under its 2016 Revolver in an amount at least equal to the amount of Commercial Paper Notes outstanding. While any outstanding Commercial Paper Notes generally have short-term maturities, the Company classifies the outstanding issuances, when applicable, as long-term based on its ability and intent to refinance the outstanding issuances on a long-term basis.

Scheduled Principal Payments and Final Maturities
The following are the scheduled principal payments and final maturities of the total debt and other long-term obligations of the Company outstanding as of March 31, 2025, which do not consider the principal payments that will commence following the anticipated repayment dates on the Tower Revenue Notes.
 
Nine Months Ending December 31,
Years Ending December 31,Total Cash ObligationsUnamortized Adjustments, NetTotal Debt and Other Obligations Outstanding
 20252026202720282029Thereafter
Scheduled principal payments and
final maturities
$2,255 
(a)
$2,780 $3,252 $2,633 $2,478 

$11,130 $24,528 $(151)$24,377 
(a)Predominately consists of outstanding indebtedness under the CP Program as discussed in footnote (h) of the preceding table.
Interest Expense and Amortization of Deferred Financing Costs, Net
The components of interest expense and amortization of deferred financing costs, net are as follows:
Three Months Ended March 31,
20252024
Interest expense on debt obligations$233 $223 
Amortization of deferred financing costs and adjustments on long-term debt8 8 
Capitalized interest(5)(5)
Total$236 $226 

6.Fair Value Disclosures
Level in Fair Value HierarchyMarch 31, 2025December 31, 2024
Carrying AmountFair ValueCarrying AmountFair Value
Assets:
Cash and cash equivalents
1$60 $60 $100 $100 
Restricted cash and cash equivalents, current and non-current
1179 179 175 175 
Liabilities:
Total debt and other obligations
224,377 22,767 24,054 22,371 
12
CROWN CASTLE INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-Unaudited (Continued)
(Tabular dollars in millions, except per share amounts)
The fair values of cash and cash equivalents and restricted cash and cash equivalents approximate the carrying values. The Company determines the fair value of its debt securities based on indicative, non-binding quotes from brokers. Quotes from brokers require judgment and are based on the brokers' interpretation of market information, including implied credit spreads for similar borrowings on recent trades or bid/ask prices or quotes from active markets if available. Since December 31, 2024, there have been no changes in the Company's valuation techniques used to measure fair values.
7.Income Taxes
The Company operates as a REIT for U.S. federal income tax purposes. As a REIT, the Company is generally entitled to a deduction for dividends that it pays and, therefore, is not subject to U.S. federal corporate income tax on its net taxable income that is currently distributed to its stockholders. The Company may be subject to certain federal, state, local and foreign taxes on its income, including (1) taxes on any undistributed income and (2) taxes related to the TRSs. In addition, the Company could, under certain circumstances, be required to pay an excise or penalty tax, which could be significant in amount, in order to utilize one or more relief provisions under the Internal Revenue Code of 1986, as amended, to maintain qualification for taxation as a REIT.
The Company's TRS assets and operations will continue to be subject, as applicable, to federal and state corporate income taxes or to foreign taxes in the jurisdictions in which such assets and operations are located. The Company's foreign assets and operations (including its tower operations in Puerto Rico) are subject to foreign income taxes in the jurisdictions in which such assets and operations are located, regardless of whether they are included in a TRS or not.
For the three months ended March 31, 2025 and 2024, the Company's effective tax rate differed from the federal statutory rate predominately due to the Company's REIT status, including the dividends paid deduction.
8.Per Share Information
Basic net income (loss), per common share, excludes dilution and is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. For the three months ended March 31, 2025 and 2024, diluted net income (loss), per common share, is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period, plus any potential dilutive common share equivalents, including shares issuable upon the vesting of restricted stock units ("RSUs") as determined under the treasury stock method.
 Three Months Ended March 31,
 20252024
Income (loss) from continuing operations
$284 $294 
Income (loss) from discontinued operations, net of tax
(748)17
Weighted-average number of common shares outstanding (in millions):
Basic weighted-average number of common stock outstanding435 434 
Effect of assumed dilution from potential issuance of common shares relating to restricted stock units1 1 
Diluted weighted-average number of common shares outstanding436 435 
Net income (loss), per common share:
Income (loss) from continuing operations, basic
$0.65 $0.68 
Income (loss) from discontinued operations, basic
$(1.72)$0.04 
Net income (loss)—basic
$(1.07)$0.72 
Income (loss) from continuing operations, diluted
$0.65 $0.67 
Income (loss) from discontinued operations, diluted
$(1.72)$0.04 
Net income (loss)—diluted
$(1.07)$0.71 
Dividends/distributions declared per share of common stock$1.565 $1.565 
During the three months ended March 31, 2025, the Company granted 1.3 million RSUs to the Company's executives and certain other employees.
13
CROWN CASTLE INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-Unaudited (Continued)
(Tabular dollars in millions, except per share amounts)
9.Commitments and Contingencies
The 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 condensed 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. In addition, the Company has the option to purchase approximately 54% of its towers at the end of their respective lease terms. The Company has no obligation to exercise such purchase options.
10.Equity
Declaration and Payment of Dividends
During the three months ended March 31, 2025, the following dividends/distributions were declared or paid:
Equity TypeDeclaration DateRecord DatePayment DateDividends Per Share
Aggregate
Payment
Amount(a)
Common StockFebruary 26, 2025March 14, 2025March 31, 2025$1.565 $686 
(a)Inclusive of dividends accrued for holders of unvested RSUs, which will be paid when and if the RSUs vest.
Purchases of the Company's Common Stock
For the three months ended March 31, 2025, the Company purchased 0.2 million shares of its common stock utilizing $21 million in cash. The shares of common stock purchased relate to shares withheld in connection with the payment of withholding taxes upon vesting of RSUs.
2024 "At-the-Market" Stock Offering Program
In March 2024, the Company established a new "at-the-market" stock offering program through which it may issue and sell shares of its common stock having an aggregate gross sales price of up to $750 million ("2024 ATM Program"). Sales under the 2024 ATM Program may be made by means of ordinary brokers' transactions on the New York Stock Exchange ("NYSE") or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or, subject to the Company's specific instructions, at negotiated prices. The Company intends to use the net proceeds from any sales under the 2024 ATM Program for general corporate purposes, which may include (1) the funding of future acquisitions or investments or (2) the repayment or repurchase of any outstanding indebtedness. The Company has not sold any shares of common stock under the 2024 ATM Program.
11.Operating Segment
Reportable Segment
The 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. As such, the Company 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 CODM.
The Company provides access, including space or capacity, to the Company's more than 40,000 towers geographically dispersed throughout the U.S. The Company also offers site development services as an ancillary offering relating to its towers.
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).
14
CROWN CASTLE INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-Unaudited (Continued)
(Tabular dollars in millions, except per share amounts)
The following table sets forth the Company's results, including significant expenses not presented in the condensed consolidated statement of operations comprehensive income (loss), for the three months ended March 31, 2025 and 2024. 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.
Three Months Ended March 31,
20252024
Net revenues
$1,061 $1,114 
Less:
Lease expense186 185 
Employee compensation expense(a)
88 96 
Other costs of operations expense(b)(c)
57 62 
Other selling, general and administrative expenses(d)
30 43 
Asset write-down charges2 6 
Depreciation, amortization and accretion177 191 
Restructuring charges
— 11 
Total operating expenses540 594 
Operating income521 520 
Interest expense and amortization of deferred financing costs, net(236)(226)
Interest income3 4 
Other income (expense)1 2 
Income (loss) from continuing operations before income taxes
289 300 
Benefit (provision) for income taxes(5)(6)
Income (loss) from continuing operations284 294 
Discontinued operations (note 3):
Income (loss) from discontinued operations before gain (loss) from disposal, net of tax82 17 
Gain (loss) from disposal of discontinued operations, net of tax(830)— 
Income (loss) from discontinued operations, net of tax(748)17 
Net income (loss)$(464)$311 
(a)$24 million and $26 million is included in "Costs of operations" for the three months ended March 31, 2025 and 2024, respectively, and $63 million and $72 million is included in "Selling, general and administrative" for the three months ended March 31, 2025 and 2024, respectively, on the Company's condensed consolidated statement of operations and comprehensive income (loss).
(b)Exclusive of depreciation, amortization and accretion, shown separately.
(c)Other costs of operations primarily consists of (1) property taxes, (2) repair and maintenance expense, (3) third-party costs related to ancillary services performed and (4) various other insignificant expenses.
(d)Other selling, general and administrative expenses primarily include (1) corporate facilities expense, (2) legal expenses and consulting fees, (3) subscriptions and software costs and (4) other general corporate costs.
12.Supplemental Cash Flow Information
The following table is a summary of the Company's supplemental cash flow information for the three months ended March 31, 2025 and 2024:
Three Months Ended March 31,
20252024
Supplemental disclosure of cash flow information:
Cash payments related to operating lease liabilities(a)
$131 $131 
Interest paid315 282 
Supplemental disclosure of non-cash operating, investing and financing activities:
Right-of-use assets recorded in exchange for operating lease liabilities
36 (98)
Increase (decrease) in accounts payable for purchases of property and equipment— (2)
Purchase of property and equipment under finance leases and installment land purchases6 18 
(a)Excludes the Company's contingent payments pursuant to operating leases, which are recorded as expense in the period such contingencies are resolved.
15
CROWN CASTLE INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-Unaudited (Continued)
(Tabular dollars in millions, except per share amounts)
The reconciliation of cash and cash equivalents and restricted cash and cash equivalents reported within various lines on the condensed consolidated balance sheet to amounts reported in the condensed consolidated statement of cash flows is shown below.
March 31, 2025December 31, 2024
Continuing Operations
Discontinued Operations
Total
Continuing OperationsDiscontinued Operations
Total
Cash and cash equivalents$60 $38 $98 $100 $19 $119 
Restricted cash and cash equivalents, current
174 1 175 170 1 171 
Restricted cash and cash equivalents reported within other assets, net5 — 5 5 — 5 
Cash and cash equivalents and restricted cash and cash equivalents$239 $39 $278 $275 $20 $295 
13.Restructuring
2023 Restructuring Plan
In July 2023, the Company initiated the restructuring plan ("2023 Restructuring Plan," and together with the 2024 Restructuring Plan, "Restructuring Plans") as part of its efforts to reduce costs to better align the Company's operational needs with lower tower activity. The 2023 Restructuring Plan included reducing the Company's total employee headcount by approximately 15%, discontinuing installation services as a product offering while continuing to offer site development services on Company towers, and consolidating office space.
The 2023 Restructuring Plan included charges related to the (1) employee headcount reduction, including severance, stock-based compensation and other one-time termination benefits and (2) office space consolidation, which included remaining obligations under facility leases and non-cash charges for accelerated depreciation.
The actions associated with the 2023 Restructuring Plan were substantially completed and related charges were recorded by June 30, 2024. The payments for the employee headcount reduction were completed in 2024, while the payments for the office space consolidation are expected to be completed in 2032. The following tables summarize the activities related to the 2023 Restructuring Plan for the three months ended March 31, 2025 and 2024:
Three Months Ended March 31, 2025
Three Months Ended March 31, 2024
Employee Headcount Reduction
Office Space Consolidation
Total
Employee Headcount Reduction
Office Space Consolidation
Total
Liability as of the beginning of the respective period
$2 $5 $7 $12 $11 $23 
Charges (credits)
— — — — 10 10 
Payments
(1)(1)(2)(6)(4)(10)
Non-cash items
— — — — (4)(4)
Liability as of the end of the respective period
$1 $4 $5 $6 $13 $19 
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CROWN CASTLE INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-Unaudited (Continued)
(Tabular dollars in millions, except per share amounts)
2024 Restructuring Plan
In June 2024, the Company initiated the 2024 Restructuring Plan as part of its efforts to drive operational efficiencies and reduce operating costs and capital expenditures, with a primary focus on the Company's small cells and fiber solutions businesses. As a result, the Company announced a reduction of the Company's total employee headcount by more than 10% and the closing of certain offices.
The 2024 Restructuring Plan included charges related to the (1) employee headcount reduction, including severance, stock-based compensation and other one-time termination benefits and (2) office closures, which included remaining obligations under facility leases and non-cash charges for accelerated depreciation. The actions associated with the 2024 Restructuring Plan were substantially completed and the related charges were recorded by December 31, 2024, while the payments are expected to be completed for the employee headcount reduction in 2025 and office closures in 2033.
The following table summarizes the activities related to the 2024 Restructuring Plan for the three months ended March 31, 2025:
Three Months Ended March 31, 2025
Employee Headcount Reduction
Office Space Consolidation
Total
Liability as of December 31, 2024
$2 $34 $36 
Charges (credits)
— — — 
Payments
(2)(3)(5)
Non-cash items
— — — 
Liability as of March 31, 2025
$— $31 $31 
The liability for restructuring charges is included in "Other accrued liabilities" and "Other long-term liabilities" on the condensed consolidated balance sheet, and the corresponding expense is included in "Restructuring charges" on the condensed consolidated statement of operations and comprehensive income (loss).
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ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion should be read in conjunction with the response to Part I, Item 1 of this report and the consolidated financial statements of the Company including the related notes and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" ("MD&A") included in the 2024 Form 10-K.
General Overview
Overview
We own, operate and lease shared communications infrastructure that is geographically dispersed throughout the U.S., including (1) more than 40,000 towers and other structures, such as rooftops (collectively, "towers"), (2) approximately 105,000 small cell nodes either currently generating revenue or under contract and (3) approximately 90,000 route miles of fiber primarily supporting small cells and fiber solutions. Our towers, small cells and fiber solutions assets are collectively referred to herein as "communications infrastructure," and the Company's customers on its communications infrastructure are referred to herein as "tenants." The Company provides access, including space or capacity, to its communications infrastructure via long-term contracts in various forms, including lease, license, sublease and service agreements (collectively, "tenant contracts").
Our towers have a significant presence in each of the top 100 basic trading areas ("BTAs"), and the majority of our small cells and fiber assets are located in major metropolitan areas, including a presence in most major U.S. markets.
On March 13, 2025, management signed a definitive agreement ("Strategic Fiber Agreement") to sell our small cells and fiber solutions businesses, together with certain supporting assets and personnel ("Fiber Business"), with Zayo Group Holdings Inc. ("Zayo") acquiring the fiber solutions business and EQT Active Core Infrastructure fund ("EQT") acquiring the small cells business ("Strategic Fiber Transaction"). Under the Strategic Fiber Agreement, we will receive $8.5 billion in aggregate cash proceeds, subject to certain closing adjustments.
As the Strategic Fiber Transaction represents a material strategic shift for the Company, the Fiber Business' results and net assets are presented herein as discontinued operations and comparable prior periods have been recast to reflect this change. Upon classification as "held for sale", the Company recognized a loss of $830 million, inclusive of estimated transaction fees, during the first quarter of 2025. The Strategic Fiber Transaction is expected to close in the first half of 2026, subject to certain closing conditions and required government and regulatory approvals. Pending the closing of the Strategic Fiber Transaction, we will continue to operate the Fiber Business in accordance with the Strategic Fiber Agreement.
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. Unless otherwise noted, all activities and amounts reported below relate to the continuing operations of the Company and exclude activities and amounts related to discontinued operations. See notes 3 and 11 to our condensed consolidated financial statements for a discussion of discontinued operations and operating segment.
Site rental revenues represented 95% of our first quarter 2025 consolidated net revenues. The vast majority of our site rental revenues are of a recurring nature and are derived from long-term tenant contracts.
Strategy
As a leading provider of towers in the U.S., our strategy is to create long-term stockholder value via a combination of (1) growing cash flows generated from our existing portfolio of towers, (2) returning a meaningful portion of our cash generated by operating activities to our common stockholders in the form of dividends and share repurchases and (3) investing capital efficiently to grow cash flows. Our strategy is based, in part, on our belief that the U.S. is the most attractive market in the world for towers. We measure our efforts to create "long-term stockholder value" by the combined payments of dividends to stockholders and growth in our per-share results. The key elements of our strategy are to:
•Grow cash flows from our existing towers. We are focused on maximizing the recurring site rental cash flows generated from providing our tenants with long-term access to our towers, which we believe is the core driver of value for our stockholders. Tenant additions or modifications of existing tenant equipment (collectively, "tenant additions") enable our tenants to expand coverage and capacity in order to meet increasing demand for data while generating high incremental returns for our business. We believe our towers provide an efficient and cost-effective solution for our wireless tenants' growing networks that provides an opportunity to generate cash flows and increase stockholder return.
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•Return cash generated by operating activities to stockholders in the form of dividends and share repurchases. We believe that distributing a meaningful portion of our cash generated by operating activities appropriately provides stockholders with increased certainty for a portion of expected long-term stockholder value while still allowing us to retain sufficient flexibility to invest in our business and deliver growth. We believe this decision reflects the translation of the high-quality, long-term contractual cash flows of our business into stable capital returns to stockholders.
•Invest capital efficiently to grow cash flows. In addition to adding tenants to our existing towers, we seek to invest our available capital, including the net cash generated by our operating activities and external financing sources, in a manner that will increase long-term stockholder value. These investments include acquisition of land interests, making improvements and structural enhancements to our existing towers, and constructing and acquiring new towers that we expect will generate future cash flow growth and attractive long-term returns by adding tenants to those assets over time.
Our strategy to create long-term stockholder value is based on our belief that there will be considerable future demand for our towers based on the location of our assets and the rapid and continuing growth in the demand for data. We believe that such demand for our towers will continue, will result in growth of our cash flows due to tenant additions on our existing towers, and will create other growth opportunities for us, such as demand for newly constructed or acquired towers, as described above. Further, we seek to augment the long-term value creation associated with growing our recurring site rental cash flows by offering certain ancillary site development services.
Highlights of Business Fundamentals and Results
•We operate as a REIT for U.S. federal income tax purposes
◦As a REIT, we are generally entitled to a deduction for dividends that we pay and, therefore, are not subject to U.S. federal corporate income tax on our net taxable income that is currently distributed to our stockholders.
◦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).
◦See note 7 to our condensed consolidated financial statements for further discussion of our REIT status.
•Potential growth resulting from the increasing demand for data
◦We expect existing and potential new tenant demand for our towers will result from (1) new technologies, (2) increased usage of mobile entertainment, mobile internet, and machine-to-machine applications, (3) adoption of other emerging and embedded wireless devices (including smartphones, laptops, tablets, wearables and other devices), (4) increasing smartphone penetration, (5) wireless carrier focus on expanding both network quality and capacity, (6) the adoption of other bandwidth-intensive applications (such as cloud services, artificial intelligence and video communications), (7) the availability of additional spectrum and (8) increased government initiatives to support connectivity throughout the U.S.
◦We expect U.S. wireless carriers will continue to focus on improving network quality and expanding capacity (including through 5G initiatives). We believe our towers provide an efficient and cost-effective solution to our wireless tenants' growing infrastructure needs.
◦Tenant additions on our towers are achieved at a low incremental operating cost, delivering high incremental returns.
•Substantially all of our towers can accommodate additional tenancy, either as currently constructed or with appropriate modifications.
•Investing capital efficiently to grow cash flows (see also "Item 2. MD&A—General Overview—Strategy")
◦We had discretionary capital expenditures of $33 million for the three months ended March 31, 2025. The capital expenditures predominately related to improvements to existing towers in order to support additional tenants.
◦We expect to continue to construct and acquire new towers based on our tenants' needs and generate attractive long-term returns by adding additional tenants over time.
•Site rental revenues under long-term tenant contracts
◦Our tenant contracts have initial terms generally between five to 15 years, with contractual escalators and multiple renewal periods generally between five to 10 years each, exercisable at the option of the tenant.
◦As of March 31, 2025, our weighted-average remaining term was approximately six years, exclusive of renewals exercisable at the tenants' option, currently representing approximately $29.6 billion of expected future cash inflows.
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•Majority of our revenues from large wireless carriers
◦For the three months ended March 31, 2025, approximately 89% of our site rental revenues were derived from T-Mobile, AT&T and Verizon Wireless.
•Majority of land under our towers under long-term control
◦For the three months ended March 31, 2025, approximately 90% of our towers site rental gross margin and approximately 80% of our towers site rental gross margin was derived from towers located on land that we own or control for greater than 10 and 20 years, respectively. The aforementioned percentages include towers located on land that is owned, including through fee interests and perpetual easements, which represented approximately 40% of our towers site rental gross margin.
•Minimal sustaining capital expenditure requirements
◦For the three months ended March 31, 2025, sustaining capital expenditures represented approximately 1% of net revenues.
•Debt portfolio with long-dated maturities extended over multiple years, with the vast majority of such debt having a fixed rate (see note 5 to our condensed consolidated financial statements and "Item 3. Quantitative and Qualitative Disclosures About Market Risk" for a further discussion of our debt)
◦As of March 31, 2025, our outstanding debt had a weighted-average interest rate of 3.9% and weighted-average maturity of approximately six years (assuming anticipated repayment dates on certain debt).
◦As of March 31, 2025, 89% of our debt had fixed rate coupons.
◦Our debt service coverage and leverage ratios are within their respective financial maintenance covenants.
•Significant cash flows from operations
◦Net cash provided by operating activities was $641 million for the three months ended March 31, 2025.
◦In addition to the positive impact of contractual escalators, we expect to grow our core business of providing access to our towers as a result of future anticipated additional demand.
•Returning cash flows provided by operations to stockholders in the form of dividends and share repurchases.
◦During the three months ended March 31, 2025, we paid a common stock dividend of $1.565 per share, totaling approximately $690 million.
◦We are updating our capital allocation framework to focus more on free cash flow generation and financial flexibility, which we currently expect to result in a reduction to our dividend, beginning with our expected second quarter 2025 dividend. As we grow cash flows thereafter, we expect to increase our dividend per share. See note 10 to our condensed consolidated financial statements for further information regarding our common stock and dividends.
•Restructuring Plans
◦In July 2023, we initiated a restructuring plan ("2023 Restructuring Plan") as part of our efforts to reduce costs to better align our operational needs with lower tower activity. See note 13 to our condensed consolidated financial statements and "Item 2. MD&A—Results of Operations" for further discussion of the 2023 Restructuring Plan.
◦In June 2024, we initiated a restructuring plan ("2024 Restructuring Plan," and together with 2023 Restructuring Plan, "Restructuring Plans") as part of our efforts to drive operational efficiencies, enhance returns by increasing return thresholds on new growth opportunities and reduce operating costs and capital expenditures, with a primary focus on our small cells and fiber solutions businesses. See note 13 to our condensed consolidated financial statements and "Item 2. MD&A—Results of Operations" for further discussion of the 2024 Restructuring Plan.
•In December 2023, we announced a strategic and operating review of our Fiber Business, and in the second quarter of 2024, we concluded our operating review and implemented changes to our operating plans based on the findings. Additionally, in March 2025, we concluded the strategic review following the announcement of the Strategic Fiber Transaction, as discussed above. See note 13 to our condensed consolidated financial statements and "Item 2. MD&A—Outlook Highlights" for further discussion of the 2024 Restructuring Plan; in addition, see note 3 to our condensed consolidated financial statements and "Item 2. MD&A—Overview" for further discussion of the pending sale of the Fiber Business.
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Outlook Highlights
The following are certain highlights of our outlook that impact our business fundamentals described above.
•We expect a year over year reduction in site rental revenues related to (1) higher towers non-renewals in 2025, which are expected to reduce site rental revenues by approximately $200 million, as a result of the T-Mobile US, Inc. and Sprint network consolidation ("Sprint Cancellations") and (2) a decline in long-term prepaid rent amortization.
•We also expect sustaining capital expenditures of approximately 1% of net revenues for full year 2025, relatively consistent with historical annual levels.
Results of Operations
The following discussion of our results of operations should be read in conjunction with our condensed consolidated financial statements and the 2024 Form 10-K.
The following discussion of our results of operations is based on our condensed consolidated financial statements prepared in accordance with GAAP, which requires us to make estimates and judgments that affect the reported amounts (see "Item 2. MD&A—Accounting and Reporting Matters—Critical Accounting Policies and Estimates" and note 2 to our consolidated financial statements in the 2024 Form 10-K). See "Item 2. MD&A—Accounting and Reporting Matters—Non-GAAP Financial Measures" for a discussion of our use of (1) Adjusted EBITDA, (2) Adjusted Site Rental Gross Margin and (3) Adjusted Services and Other Gross Margin, including their respective definitions and reconciliations to net income (loss).
The Fiber Business is predominately comprised of the assets that we previously reported under the historic Fiber segment. Following the classification of the Fiber Business as discontinued operations, we have one reportable segment that constitutes consolidated results consisting of our 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 our operating results. As such, we recast results for all periods presented to reflect the Fiber Business as discontinued operations.See note 11 to our condensed consolidated financial statements for further discussion of our operating segment.
Highlights of our results of operations for the three months ended March 31, 2025 and 2024 are depicted below.
(In millions of dollars)Three Months Ended March 31,
20252024$ Change% Change
Site rental revenues
$1,011$1,068$(57)(5)%
Income (loss) from continuing operations
284294(10)(3)%
Net income (loss)(464)311(775)(249)%
Adjusted Site Rental Gross Margin(a)
776829(53)(6)%
Adjusted Services and Other Gross Margin(a)
22184+22%
Adjusted EBITDA(a)
$722$754$(32)(4)%
(a)See reconciliations of these non-GAAP financial measures to Net income (loss) and definitions included in "Item 2. MD&A—Accounting and Reporting Matters—Non-GAAP Financial Measures."

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Site rental revenues decreased $57 million, or 5%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. This decrease was predominately comprised of the factors depicted in the chart below:
(In millions of dollars)
808
(a)Represents site rental revenues growth from tenant additions and renewals or extensions of tenant contracts, exclusive of the impacts from both straight-line accounting and amortization of prepaid rent, in accordance with GAAP.
(b)Includes $51 million of towers non-renewals related to Sprint Cancellations.
(c)Includes the growth or reduction in site rental revenues as a result of non-recurring contractual billings and adjustments, expense recoveries, sales credits and other amounts not captured in core leasing activity.
(d)Prepaid rent amortization includes amortization of upfront payments received from long-term tenants and other deferred credits.
Site rental revenues and Adjusted Site Rental Gross Margin for the first quarter of 2025 were $1.0 billion and $776 million, respectively, compared to $1.1 billion and $829 million, respectively, in the same period in the prior year. The decrease of $57 million and $53 million in site rental revenue and Adjusted Site Rental Gross Margin, respectively, was primarily due to higher towers non-renewals as a result of the Sprint Cancellations, as well as a decrease in prepaid rent amortization, as new leasing activity and contractual cash escalators were substantially offset by a decline in the associated straight-line accounting adjustment.
Adjusted Services and Other Gross Margin was $22 million for the first quarter of 2025 and increased by $4 million from $18 million during the same period in the prior year, which is a reflection of the volume of activity from carriers' network enhancements and the volume and mix of services and other work. Our services and other offerings are of a variable nature as these revenues are not under long-term tenant contracts.
Selling, general and administrative expenses for the first quarter of 2025 were $93 million and decreased by $21 million, or 18%, from $114 million during the same period in the prior year. This decrease was primarily related to a decrease in employee- and facility-related costs as a result of our aforementioned restructuring activities, as well as the absence of certain advisory fees related to the strategic review of the Fiber Business.
Depreciation, amortization and accretion was $177 million for first quarter of 2025 and decreased by $14 million, or 7%, from the same period in the prior year. This decrease predominately resulted from certain site rental contracts and tenant relationships intangible assets becoming fully amortized.
There were no restructuring charges recorded in the first quarter of 2025 compared to $11 million recorded during the same period in the prior year relating to the 2023 Restructuring Plan. See note 13 to our condensed consolidated financial statements.
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Interest expense and amortization of deferred financing costs, net were $236 million for the first quarter of 2025 and increased by $10 million, or 4%, from $226 million during the same period in the prior year. The increase predominately resulted from an increase in our outstanding indebtedness due to the financing of our discretionary capital expenditures. See note 5 to our condensed consolidated financial statements for a further discussion of our debt and "Item 3. Quantitative and Qualitative Disclosures About Market Risk" for a further discussion of our interest rate exposure.
The provision for income taxes was $5 million for the first quarter of 2025 and decreased by $1 million, or 17%, from $6 million during the same period in the prior year. For the first quarter 2025 and 2024, the effective tax rate differs from the federal statutory rate predominately due to our REIT status, including the dividends paid deduction. See note 7 to our condensed consolidated financial statements and also note 9 to our consolidated financial statements in the 2024 Form 10-K.
Income (loss) from continuing operations was $284 million for the first quarter of 2025 compared to $294 million during the first quarter of 2024. The decrease was primarily related to the aforementioned decrease in Adjusted Site Rental Gross Margin which was partially offset by decreases in selling, general and administrative expenses, depreciation, amortization and accretion and restructuring charges.
Income (loss) from discontinued operations before gain (loss) from disposal, net of tax, was $82 million for the first quarter of 2025 compared to $17 million during the first quarter of 2024. The increase was primarily related to (1) a decrease in depreciation, amortization and accretion related to the halting of depreciation and amortization of the Fiber Business assets classified as "held for sale", (2) an increase in revenue and (3) decreased employee costs as a result of our 2024 Restructuring Plan. See note 13 to our condensed consolidated financial statements.
Gain (loss) from disposal of discontinued operations, net of tax, was $830 million for the first quarter of 2025. The loss was primarily related to the classification of the Fiber Business as "held for sale", and the loss represents the excess of the carrying value of the Fiber Business over the purchase price, less estimated costs to sell.
Net income (loss) was $(464) million for the first quarter of 2025 compared to $311 million during the first quarter of 2024. The decrease was primarily due to the aforementioned loss from disposal of discontinued operations, net of tax.
Adjusted EBITDA decreased by $32 million, or 4%, from the first quarter of 2024 to the first quarter of 2025, reflecting the aforementioned decrease in Adjusted Site Rental Gross Margin, partially offset by the aforementioned decrease in selling, general and administrative expenses.
Liquidity and Capital Resources
Overview
General. Our core business generates revenues under long-term tenant contracts (see "Item 2. MD&A—General Overview—Overview") from the largest U.S. wireless carriers and other tenants. As a leading provider of towers in the U.S., our strategy is to create long-term stockholder value via a combination of (1) growing cash flows generated from our towers, (2) returning a meaningful portion of our cash generated by operating activities to our stockholders in the form of dividends and share repurchases, and (3) investing capital efficiently to grow cash flows. Our strategy is based, in part, on our belief that the U.S. is the most attractive market for towers investment with the greatest long-term growth potential. We measure our efforts to create "long-term stockholder value" by the growth in our per share results.
We have engaged, and expect to continue to engage, in discretionary investments that we believe will maximize long-term stockholder value. These investments include the acquisition of land interests, making improvements and structural enhancements to our existing towers, and constructing and acquiring new towers that we expect will generate future cash flow growth and attractive long-term returns by adding tenants to those assets over time. We have recently spent, and expect to continue to spend, a significant percentage of our discretionary investments on the construction of small cells and fiber until the closing of the sale of the Fiber Business. See note 3 to our condensed consolidated financial statements and and "Item 2. MD&A—General Overview" for further discussion of the pending sale of the Fiber Business. Also, see note 13 to our condensed consolidated financial statements and "Item 2. MD&A—Outlook Highlights" for a discussion of the 2024 Restructuring Plan, which resulted in, among other things, an increase in return thresholds on new growth opportunities in our small cells and fiber solutions businesses. We seek to fund our discretionary investments with both cash generated by operating activities and cash available from financing capacity, such as the use of our availability under our 2016 Revolver, issuances under our CP Program, debt financings and issuances of equity or equity-related securities, including under our 2024 ATM Program.
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We seek to maintain a capital structure that we believe drives long-term stockholder value and optimizes our weighted-average cost of capital, and we expect to maintain an investment grade credit profile. Our contractual debt maturities over the next 12 months, consist of (1) Commercial Paper Notes, of which we had $1.4 billion outstanding as of May 7, 2025, (2) the 1.350% senior unsecured notes due July 2025 ("1.350% Senior Notes") and (3) principal payments on certain outstanding debt. We currently expect to refinance $700 million of Tower Revenue Notes, Series 2015-2 on or prior to the anticipated repayment date of May 15, 2025. Amounts available under our CP Program may be repaid and re-issued from time to time and we intend to maintain available commitments under our 2016 Revolver in an amount at least equal to the amount of Commercial Paper Notes outstanding.
We operate as a REIT for U.S. federal income tax purposes. We expect to continue to pay minimal cash income taxes as a result of our REIT status and our NOLs. See note 7 to our condensed consolidated financial statements and also the 2024 Form 10-K.
Liquidity Position. The following is a summary of our capitalization and liquidity position as of March 31, 2025. See "Item 3. Quantitative and Qualitative Disclosures About Market Risk" and note 5 to our condensed consolidated financial statements for additional information regarding our debt as well as note 10 to our condensed consolidated financial statements for additional information regarding our 2024 ATM Program.
(In millions of dollars)
Cash and cash equivalents and restricted cash and cash equivalents(a)
$239 
Undrawn 2016 Revolver availability(b)
6,961 
Debt and other long-term obligations (current and non-current)24,377 
Total equity (deficit)
(1,253)
(a)Inclusive of $5 million included within "Other assets, net" on our condensed consolidated balance sheet.
(b)Availability at any point in time is subject to certain restrictions based on the maintenance of financial covenants contained in our 2016 Credit Facility. See the 2024 Form 10-K. At any point in time, we intend to maintain available commitments under our 2016 Revolver in an amount at least equal to the amount of outstanding Commercial Paper Notes. See note 5 to our condensed consolidated financial statements.
Over the next 12 months:
•Our liquidity sources may include (1) cash on hand, (2) cash generated by our operating activities, (3) availability under our 2016 Revolver, (4) issuances under our CP Program, and (5) issuances of equity pursuant to our 2024 ATM Program. Our liquidity uses over the next 12 months are expected to include (1) debt obligations of $3.2 billion (consisting of Commercial Paper Notes, the 1.350% Senior Notes, the 4.450% Senior Notes and principal payments on certain outstanding debt), (2) common stock dividend payments, (3) capital expenditures and (4) purchase shares of our common stock. We currently expect to refinance the Tower Revenue Notes, Series 2015-2 on or prior to the anticipated repayment date of May 15, 2025, see "Item 3. Quantitative and Qualitative Disclosures About Market Risk" for further discussion.
•Amounts available under our CP Program may be repaid and re-issued from time to time and we intend to maintain available commitments under our 2016 Revolver in an amount at least equal to the amount of Commercial Paper Notes outstanding. During the next 12 months, while our liquidity uses are expected to exceed our cash generated by operating activities, we expect that our liquidity sources described above should be sufficient to cover our expected uses. Historically, from time to time, we have accessed the capital markets to issue debt and equity.
•See "Item 3. Quantitative and Qualitative Disclosures About Market Risk" for a discussion of interest rate risk and note 5 to our condensed consolidated financial statements for a tabular presentation of our debt maturities and a discussion of anticipated repayment dates.
•Upon the closing of the Strategic Fiber Transaction, which is expected to occur in the first half of 2026, the Company expects to use a portion of the cash proceeds to repay existing indebtedness and fund anticipated share repurchases.

24

Summary Cash Flow Information
Three Months Ended March 31,
(In millions of dollars)20252024Change
Net cash provided by (used for):
Operating activities(a)
$641 $599 $42 
Investing activities(a)
(255)(320)65 
Financing activities(403)(261)(142)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents(a)
$(17)$18 $(35)
(a)Inclusive of cash and cash equivalents and restricted cash and cash equivalents included in discontinued operations.
Operating Activities
Net cash provided by operating activities of $641 million for the first three months of 2025 increased by $42 million, or 7%, compared to the first three months of 2024, due primarily to a net increase from changes in working capital. Changes in working capital contribute to variability in net cash provided by operating activities, largely due to the timing of advanced payments by us and advanced receipts from tenants. We expect to grow our net cash provided by operating activities in the future (exclusive of changes in working capital) if we realize expected growth in our core business.
Investing Activities
Net cash used for investing activities of $255 million for the first three months of 2025 decreased by $65 million, or 20%, from the first three months of 2024 primarily as a result of a decrease in discretionary capital expenditures related to discontinued operations.
Our capital expenditures are categorized as discretionary or sustaining as described below.
•Discretionary capital expenditures relating to continuing operations are those made with respect to activities which we believe exhibit sufficient potential to enhance long-term stockholder value. Discretionary capital expenditures, including with respect to discontinued operations, primarily consist of expansion or development of our communications infrastructure (including capital expenditures related to (1) enhancing communications infrastructure in order to add new tenants for the first time or support subsequent tenant equipment augmentations or (2) modifying the structure of a communications infrastructure asset to accommodate additional tenants) and construction of new communications infrastructure. Discretionary capital expenditures also include purchases of land interests (which primarily relate to land assets under towers as we seek to manage our interests in the land beneath our towers), certain technology-related investments necessary to support and scale future customer demand for our communications infrastructure, and other capital projects. The expansion or development of existing communications infrastructure to accommodate new leasing typically varies based on, among other factors: (1) the type of communications infrastructure, (2) the scope, volume, and mix of work performed on the communications infrastructure, (3) existing capacity prior to installation, or (4) changes in structural engineering regulations and standards. Currently, construction of new communications infrastructure is predominately comprised of the construction of small cells and fiber (including certain construction projects that may take 18 to 36 months to complete). Our decisions regarding discretionary capital expenditures are influenced by the availability and cost of capital and expected returns on alternative uses of cash, such as payments of dividends and investments.
•Sustaining capital expenditures consist of those capital expenditures (including with respect to discontinued operations) not otherwise categorized as discretionary capital expenditures, such as (1) maintenance capital expenditures on our communications infrastructure assets that enable our tenants' ongoing quiet enjoyment of the communications infrastructure and (2) ordinary corporate capital expenditures.
25

A summary of our capital expenditures for the three months ended March 31, 2025 and 2024 is as follows:
For the Three Months Ended
(In millions of dollars)March 31, 2025March 31, 2024
Discretionary:
Towers improvements and other capital projects
$15 $26 
Purchases of land interests18 13 
Sustaining7 8 
Total$40 $47 
(a)Includes $1 million and $4 million of capital expenditures incurred during the three months ended March 31, 2025 and 2024, respectively, in connection with tenant installations and upgrades on our towers.
The reduction in discretionary capital expenditures for our discontinued operations was primarily related to the higher return thresholds on new growth opportunities as a result of the review of the Fiber Business completed in the second quarter of 2024, while the discretionary capital expenditures for our continuing operations were primarily impacted by the timing of tenant activity that was partially offset by an increase in land purchases under our towers during the first three months of 2025 compared to the same period in 2024. See also "Item 2. MD&A—General Overview—Outlook Highlights" for our expectations surrounding 2025 capital expenditures.
Financing Activities
We seek to allocate cash generated by our operations in a manner that will enhance long-term stockholder value, which may include various financing activities such as (in no particular order): (1) paying dividends on our common stock, (2) purchasing our common stock or (3) purchasing, repaying, or redeeming our debt. See notes 5 and 10 to our condensed consolidated financial statements.
Net cash used for financing activities of $403 million for the first three months of 2025 increased by $142 million from the first three months of 2024 as a result of the net impact from our issuances and repayments of debt (including with respect to our 2016 Credit Facility and CP Program). See "Item 2. MD&A—General Overview—Highlights of Business Fundamentals and Results" and notes 5 and 10 to our condensed consolidated financial statements for further information.
Credit Facility. The proceeds from our 2016 Revolver may be used for general corporate purposes, which may include the financing of capital expenditures, acquisitions, the repayment or repurchase of any outstanding indebtedness and purchases of our common stock. As of May 7, 2025, there was no outstanding balance and $7.0 billion in undrawn availability under our 2016 Revolver. At any point in time, we intend to maintain available commitments under our 2016 Revolver in an amount at least equal to the amount of outstanding Commercial Paper Notes. See note 5 to our condensed consolidated financial statements for additional information regarding our Credit Facility.
Commercial Paper Program. The proceeds from our Commercial Paper Notes may be used for general corporate purposes, which may include the financing of capital expenditures, acquisitions, the repayment or repurchase of any outstanding indebtedness and purchases of our common stock. As of May 7, 2025, there was $1.4 billion outstanding under our CP Program. See note 5 to our condensed consolidated financial statements for further information regarding our CP Program.
Incurrence, Purchases, and Repayments of Debt. See "Item 7. MD&A—General Overview", "MD&A—Liquidity and Capital Resources—Overview—Liquidity Position" and note 7 of our consolidated financial statements in the 2024 Form 10-K for further discussion of our recent issuances, purchases, redemptions and repayments of debt.
Common Stock Activity. See note 10 to our condensed consolidated financial statements for further information regarding our common stock and dividends.
26

ATM Program. In March 2024, we established the 2024 ATM Program through which we may issue and sell shares of our common stock having an aggregate gross sales price of up to $750 million. Sales under the 2024 ATM Program may be made by means of ordinary brokers' transactions on the New York Stock Exchange ("NYSE") or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or, subject to our specific instructions, at negotiated prices. We intend to use the net proceeds from any sales under the 2024 ATM Program for general corporate purposes, which may include (1) the funding of future acquisitions or investments or (2) the repayment or repurchase of any outstanding indebtedness. We have not sold any shares of common stock under the 2024 ATM Program.
Debt Covenants. Our 2016 Credit Agreement contains financial maintenance covenants. We are currently in compliance with these financial maintenance covenants and, based upon our current expectations, we believe we will continue to comply with our financial maintenance covenants. In addition, certain of our debt agreements contain restrictive covenants that place restrictions on us and may limit our ability to, among other things, incur additional debt and liens, purchase our securities, make capital expenditures, dispose of assets, undertake transactions with affiliates, make other investments, pay dividends or distribute excess cash flow. See the 2024 Form 10-K for a further discussion of our debt covenants, certain restrictive covenants and factors that are likely to determine our subsidiaries' ability to comply with current and future debt covenants.
Accounting and Reporting Matters
Critical Accounting Policies and Estimates
Our critical accounting policies and estimates are those that we believe (1) are most important to the portrayal of our financial condition and results of operations or (2) require our most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. In many cases, the accounting treatment of a particular transaction is specifically prescribed by GAAP. In other cases, management is required to exercise judgment in the application of accounting principles with respect to particular transactions. Accordingly, actual results could differ materially from our estimates. Our critical accounting policies and estimates as of December 31, 2024 are described in "Item 7. MD&A—Accounting and Reporting Matters" and in note 2 of our consolidated financial statements in the 2024 Form 10-K.
Accounting Pronouncements
Recently Adopted Accounting Pronouncements. See note 2 to our condensed consolidated financial statements.
Recent Accounting Pronouncements Not Yet Adopted. See note 2 to our condensed consolidated financial statements.
Non-GAAP Financial Measures
We define earnings before interest, taxes, depreciation, amortization and accretion, as adjusted ("Adjusted EBITDA") as net income (loss) plus restructuring charges (credits), asset write-down charges, goodwill impairment, acquisition and integration costs, depreciation, amortization and accretion, amortization of prepaid lease purchase price adjustments, interest expense and amortization of deferred financing costs, net, (gains) losses on retirement of long-term obligations, net (gain) loss on interest rate swaps, (gains) losses on foreign currency swaps, impairment of available-for-sale securities, interest income, other (income) expense, (benefit) provision for income taxes, (income) loss from discontinued operations, net of tax, cumulative effect of a change in accounting principle and stock-based compensation expense, net.
We use Adjusted EBITDA, which is a non-GAAP financial measure, as an indicator of consolidated financial performance. Our measure of Adjusted EBITDA may not be comparable to similarly titled measures of other companies, including companies in the towers sector or other REITs, and is not a measure of performance calculated in accordance with GAAP. Adjusted EBITDA should not be considered in isolation or as a substitute for operating income (loss), net income (loss), net cash provided by (used for) operating, investing and financing activities or other income statement or cash flow statement data prepared in accordance with GAAP and should be considered only as a supplement to net income (loss) computed in accordance with GAAP as a measure of our performance. There are material limitations to using a measure such as Adjusted EBITDA, including the difficulty associated with comparing results among more than one company, including our competitors, and the inability to analyze certain significant items, including depreciation and interest expense, that directly affect our net income (loss). Management compensates for these limitations by considering the economic effect of the excluded expense items independently as well as in connection with their analysis of net income (loss). The reconciliation of Adjusted EBITDA to our net income (loss) is set forth below:

27

(In millions of dollars; components may not sum to totals due to rounding)Three Months Ended March 31,
20252024
Net income (loss)$(464)$311 
Adjustments to increase (decrease) net income (loss):
Asset write-down charges2 6 
Acquisition and integration costs— — 
Depreciation, amortization and accretion
177 191 
Restructuring charges
— 11 
Amortization of prepaid lease purchase price adjustments
4 4 
Interest expense and amortization of deferred financing costs, net236 226 
Interest income(3)(4)
Other (income) expense(1)(2)
(Benefit) provision for income taxes5 6 
Stock-based compensation expense, net18 24 
(Income) loss from discontinued operations, net of tax
748 (17)
Adjusted EBITDA(a)
$722 $754 
(a)The above reconciliation excludes the items included in our Adjusted EBITDA definition which are not applicable to the periods shown.
We believe Adjusted EBITDA is useful to investors or other interested parties in evaluating our financial performance because:
•it is frequently used by our management (1) to evaluate the economic productivity of our operations and (2) for purposes of making decisions about allocating resources to, and assessing the performance of, our operations;
•although specific definitions may vary, it is widely used by investors or other interested parties in evaluation of the communications infrastructure sector and other REITs to measure financial performance without regard to items such as depreciation, amortization and accretion, which can vary depending upon accounting methods and the book value of assets;
•we believe it helps investors and other interested parties meaningfully evaluate and compare the results of our operations (1) from period to period and (2) to our competitors by removing the impact of our capital structure (primarily interest charges from our outstanding debt) and asset base (primarily depreciation, amortization and accretion) from our financial results; and
•it is similar to the measure of current financial performance generally used in our debt covenant calculations.
Our management uses Adjusted EBITDA:
•as a component in the employee annual incentive compensation calculation;
•as a measurement of financial performance because it assists us in comparing our financial performance on a consistent basis as it removes the impact of our capital structure (primarily interest charges from our outstanding debt) and asset base (primarily depreciation, amortization and accretion) from our operating results;
•in presentations to our board of directors to enable it to have the same measurement of financial performance used by management;
•for planning purposes, including preparation of our annual operating budget;
•as a valuation measure in strategic analyses in connection with the purchase and sale of assets;
•in determining self-imposed limits on our debt levels, including the evaluation of our leverage ratio; and
•with respect to compliance with our debt covenants, which require us to maintain certain financial ratios that incorporate concepts such as, or similar to, Adjusted EBITDA.
28

We define Adjusted Site Rental Gross Margin as net income (loss) plus services and other costs of operations, selling, general and administrative expenses, restructuring charges (credits), asset write-down charges, goodwill impairment, acquisition and integration costs, depreciation, amortization and accretion, amortization of prepaid lease purchase price adjustments, interest expense and amortization of deferred financing costs, net, (gains) losses on retirement of long-term obligations, net (gain) loss on interest rate swaps, (gains) losses on foreign currency swaps, impairment of available-for-sale securities, interest income, other (income) expense, (benefit) provision for income taxes, (income) loss from discontinued operations, net of tax, cumulative effect of a change in accounting principle and stock-based compensation expense, net, recorded in consolidated site rental costs of operations, less services and other revenues.
We define Adjusted Services and Other Gross Margin as net income (loss) plus site rental costs of operations, selling, general and administrative expenses, restructuring charges (credits), asset write-down charges, goodwill impairment, acquisition and integration costs, depreciation, amortization and accretion, interest expense and amortization of deferred financing costs, net, (gains) losses on retirement of long-term obligations, net (gain) loss on interest rate swaps, (gains) losses on foreign currency swaps, impairment of available-for-sale securities, interest income, other (income) expense, (benefit) provision for income taxes, (income) loss from discontinued operations, net of tax, cumulative effect of a change in accounting principle and stock-based compensation expense, net, recorded in consolidated services and other costs of operations, less site rental revenues.
We use Adjusted Site Rental Gross Margin and Adjusted Services and Other Gross Margin, which are non-GAAP financial measures, as indicators of financial performance. Our measures of Adjusted Site Rental Gross Margin and Adjusted Services and Other Gross Margin may not be comparable to similarly titled measures of other companies, including companies in the towers sector or other REITs, and are not measures of performance calculated in accordance with GAAP. There are material limitations to using measures such as Adjusted Site Rental Gross Margin and Adjusted Services and Other Gross Margin, including the difficulty associated with comparing results among more than one company, including our competitors, and the inability to analyze certain significant items, including selling, general and administrative expenses and depreciation, amortization, and accretion, that directly affect our net income (loss). Management compensates for these limitations by considering the economic effect of the excluded expense items independently as well as in connection with their analysis of net income (loss). The reconciliations of Adjusted Site Rental Gross Margin and Adjusted Services and Other Gross Margin to our net income (loss) is set forth below:
29

Three Months Ended March 31,
(In millions of dollars)20252024
Net income (loss)$(464)$311 
Adjustments to increase (decrease) net income (loss):
Services and other revenues(50)(46)
Services and other costs of operations28 29 
Selling, general and administrative expenses
93 114 
Asset write-down charges
2 6 
Depreciation, amortization and accretion177 191 
Restructuring charges— 11 
Amortization of prepaid lease purchase price adjustments4 4 
Interest expense and amortization of deferred financing costs, net236 226 
Interest income
(3)(4)
Other (income) expense
(1)(2)
(Benefit) provision for income taxes
5 6 
Stock-based compensation expense, net recorded in site rental costs of operations
1 — 
(Income) loss from discontinued operations, net of tax
748 (17)
Adjusted Site Rental Gross Margin
$776 $829 
Three Months Ended March 31,
(In millions of dollars)20252024
Net income (loss)$(464)$311 
Adjustments to increase (decrease) net income (loss):
Site rental revenues(1,011)(1,068)
Site rental costs of operations(a)
240 243 
Selling, general and administrative expenses
93 114 
Asset write-down charges2 6 
Depreciation, amortization and accretion177 191 
Restructuring charges— 11 
Interest expense and amortization of deferred financing costs, net236 226 
Interest income(3)(4)
Other (income) expense
(1)(2)
(Benefit) provision for income taxes
5 6 
Stock-based compensation expense, net recorded in services and other costs of operations
— 1 
(Income) loss from discontinued operations, net of tax
748 (17)
Adjusted Services and Other Gross Margin
$22 $18 
(a)Exclusive of depreciation, amortization and accretion, shown separately.

We believe Adjusted Site Rental Gross Margin and Adjusted Services and Other Gross Margin are useful to investors or other interested parties in evaluating our financial performance because:
•they are measures used by our management (1) to evaluate the economic productivity of our business, (2) to identify underlying business trends that are impacting our performance, and (3) for purposes of making decisions about allocating resources to, and assessing the performance of, our business; and
•we believe it helps investors and other interested parties meaningfully evaluate and compare the results of our operations from period to period.
Our management uses Adjusted Site Rental Gross Margin and Adjusted Services and Other Gross Margin:
•as a measurement of financial performance because it assists us in comparing our financial performance excluding the impact of certain non-cash items such as stock-based compensation expense, net and amortization of prepaid lease purchase price adjustments and asset base (primarily depreciation, amortization and accretion) from our operating results and before consideration of selling, general and administrative expenses;
•in the evaluation of pricing of new projects and new tenant agreements; and
•for planning purposes, including preparation of our annual operating budget.
30

ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The following section updates "Item 7A. Quantitative and Qualitative Disclosures About Market Risk" in the 2024 Form 10-K and should be read in conjunction with that report as well as our condensed consolidated financial statements.
Interest Rate Risk
Our interest rate risk as of March 31, 2025 relates primarily to the impact of interest rate movements on the following:
•our $2.8 billion of floating rate debt as of March 31, 2025, which represented approximately 11% of our total debt as of March 31, 2025; and
•potential future borrowings of incremental debt, including borrowings under our 2016 Credit Facility and issuances under our CP Program.
Since March 2022, the Federal Reserve repeatedly raised the federal funds rate, which has adversely impacted the interest rates on our variable rate debt and refinancings of fixed rate debt. Recently, the Federal Reserve has started to loosen its monetary policy by lowering the federal funds rate; however, any prolonged period of elevated interest rates or further increases to interest rates could increase our costs of borrowing. See also "Item 1A. Risk Factors" in the 2024 Form 10-K for a discussion of risks stemming from interest rate increases.
We currently have no interest rate swaps.
Sensitivity Analysis.
We manage our exposure to market interest rates on our existing debt by controlling the mix of fixed and floating rate debt. As of March 31, 2025, we had $2.8 billion of floating rate debt. As a result, a hypothetical unfavorable fluctuation in market interest rates on our existing debt of 1/4 of a percent point over a 12-month period would increase our interest expense by approximately $7 million.
31

Future Principal Payments and Interest Rates.
The following table provides information about our market risk related to changes in interest rates. The future principal payments and weighted-average interest rates are presented as of March 31, 2025. These debt maturities reflect final maturity dates and do not consider the impact of the principal payments that commence following the anticipated repayment dates of certain debt (see footnotes (b) and (d)). The information presented below regarding the variable rate debt is supplementary to our sensitivity analysis regarding the impact of changes in the interest rates. See notes 5 and 6 to our condensed consolidated financial statements and the 2024 Form 10-K for additional information regarding our debt.
Future Principal Payments and Interest Rates by the Debt Instruments' Contractual Year of Maturity
(In millions of dollars)20252026202720282029ThereafterTotal
Fair Value(a)
Debt:
Fixed rate(b)
$533 $2,690 $2,286 $2,633 $2,478 $11,130 $21,750 $19,989 
Average interest rate(b)(c)(d)
1.5 %3.0 %3.5 %4.5 %4.6 %3.7 %3.7 %
Variable rate(e)
$1,722 
(f)
$90 $966 $— $— $— $2,778 $2,778 
Average interest rate(e)
4.9 %4.4 %4.4 %— %— %— %4.7 %
(a)The fair value of our debt is based on indicative quotes, non-binding quotes from brokers that require judgment to interpret market information, including implied credit spreads for similar borrowings on recent trades or bid/ask offers. These fair values are not necessarily indicative of the amount, which could be realized in a current market exchange.
(b)The impact of principal payments that will commence following the anticipated repayment dates is not considered (see footnote (d) below). The Tower Revenue Notes, Series 2015-2 and Series 2018-2 have principal amounts of $700 million and $750 million, with anticipated repayment dates in 2025 and 2028, respectively.
(c)The average interest rate represents the weighted-average stated coupon rate (see footnote (d) below).
(d)If the Tower Revenue Notes are not repaid in full by the applicable anticipated repayment dates, the applicable interest rate increases by approximately 5% per annum and monthly principal payments commence using the Excess Cash Flow (as defined in the indenture governing the applicable Tower Revenue Notes) of the issuers of the Tower Revenue Notes. The Tower Revenue Notes are presented based on their contractual maturity dates ranging from 2045 to 2048 and include the impact of an assumed 5% increase in interest rate that would occur following the anticipated repayment dates but exclude the impact of monthly principal payments that would commence using Excess Cash Flow of the issuers of the Tower Revenue Notes. The full year 2024 Excess Cash Flow of the issuers of the Tower Revenue Notes was approximately $1.0 billion. We currently expect to refinance these notes on or prior to the respective anticipated repayment dates.
(e)See note 7 to our consolidated financial statements in the 2024 Form 10-K for information regarding potential upward or downward adjustments to the interest rate spread and unused commitment fee percentage on our 2016 Credit Facility if we achieve specified annual sustainability targets or fail to meet annual sustainability metrics. Each period presented assumes the downward adjustments in the interest rate spread and unused commitment fee percentage on our 2016 Credit Facility.
(f)Predominately consists of outstanding indebtedness under our CP Program. Such amounts may be issued, repaid or re-issued from time to time.
ITEM 4.CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
The Company conducted an evaluation, under the supervision and with the participation of the Company's management, including the Company's Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), of the effectiveness of the Company's disclosure controls and procedures as of the end of the period covered by this report. Based upon their evaluation, the CEO and CFO concluded that as of March 31, 2025, the Company's disclosure controls and procedures were effective in alerting them in a timely manner to material information relating to the Company required to be included in the Company's periodic reports under the Securities Exchange Act of 1934, as amended.
Changes in Internal Control Over Financial Reporting
There have been no changes in the Company's internal control over financial reporting during the fiscal quarter covered by this Form 10-Q that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

32

PART II—OTHER INFORMATION
ITEM 1.    LEGAL PROCEEDINGS
See the disclosure in note 9 to our condensed consolidated financial statements.
ITEM 1A.RISK FACTORS
There are no material changes to the risk factors discussed in "Item 1A. Risk Factors" in the 2024 Form 10-K.
ITEM 5.OTHER INFORMATION
None.
ITEM 6.EXHIBITS
Exhibit Index
Incorporated by Reference
Exhibit
Number		Exhibit DescriptionFormFile NumberDate of FilingExhibit Number
2.1**
8-K
001-16441
March 17, 2025
2.1
3.1
10-Q001-16441
August 2, 2023
3.1
3.2
8-K
001-16441
November 12, 2024
3.1
3.3
8-K
001-16441
February 26, 2025
3.1
10.1
8-K
001-16441
February 26, 2025
10.1
10.2*
————
31.1*————
31.2*————
32.1†————
101*
The following financial statements from Crown Castle Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, formatted in Inline XBRL: (i) Condensed Consolidated Balance Sheet, (ii) Condensed Consolidated Statement of Operations and Comprehensive Income (Loss), (iii) Condensed Consolidated Statement of Cash Flows, (iv) Condensed Consolidated Statement of Equity, and (v) Notes to Condensed Consolidated Financial Statements, tagged as blocks of text and including detailed tags
————
104*
The cover page from Crown Castle Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, formatted in Inline XBRL
————
* Filed herewith.
** Certain portions of this exhibit have been omitted in accordance with Item 601(a)(5) and Item 601(b)(2) of Regulation S-K, as applicable. The registrant agrees to furnish supplementally the omitted portions of this exhibit to the Securities and Exchange Commission upon its request.
† Furnished herewith.

33

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
  CROWN CASTLE INC.
Date:May 9, 2025 By:
/s/ SUNIT S. PATEL
    
Sunit S. Patel
    Executive Vice President and Chief Financial Officer
    (Principal Financial Officer)
    
Date:May 9, 2025 By:
/s/  ROBERT S. COLLINS
    Robert S. Collins
    Vice President and Controller
    (Principal Accounting Officer)
 
34
Exhibit 10.2
    

PRIVILEGED AND CONFIDENTIAL
ATTORNEY WORK PRODUCT

March 24, 2025
FROM: Robert Bartolo, Chair of the Board of Directors
POSITION: Interim President & CEO
EFFECTIVE DATE: March 24, 2025
Daniel K. Schlanger
Via email
I am pleased to offer you the position of Interim President & Chief Executive Officer (“Interim CEO”), a full-time position reporting to the Board of Directors of Crown Castle Inc. (the “Company” or “Crown Castle”). This is an exempt position that is not eligible for overtime.
Subject to your acceptance of this offer and the satisfaction of the conditions set forth in this letter, you will be eligible to receive the following:
INTERIM POSITION: You acknowledge and agree that the role of Interim CEO is an interim position and that the Company intends to conduct a search to identify a successor President and Chief Executive Officer (the “Successor CEO”). Once the Successor CEO is appointed, you acknowledge and agree that you will transition into the role of Executive Vice President and Chief Transformation Officer of the Company (“CTO”). Upon such transition, your base salary and annual incentive opportunity (each as set forth below) will remain unchanged. For the avoidance of doubt, you will also continue to serve as Executive Vice President and Chief Financial Officer of the Company until March 31, 2025.
BASE SALARY COMPENSATION: Your base salary will continue to be $640,000 annually, paid bi-weekly according to Crown Castle’s payroll schedule and subject to customary withholdings.
MONTHLY STIPEND: For as long as you serve as Interim CEO, you will be eligible to receive a monthly stipend of $100,000, paid according to Crown Castle’s payroll schedule and subject to customary withholdings, and pro-rated for any month of partial service based on the number of days in such month in which you serve in such role. For the avoidance of doubt, if you remain employed by the Company but cease to serve as Interim CEO, you will no longer be eligible to receive this monthly stipend.
ANNUAL INCENTIVE: You will continue to be eligible to earn a cash-based annual incentive payment with a target value of 100% of your base salary compensation. The administration and


payment of the annual incentive will continue to be in accordance with the Crown Castle Inc. Executive Management Team (“EMT”) Annual Incentive Plan.
2025 RESTRICTED STOCK UNITS: You will receive a 2025 LTI grant with a grant date value of $4,125,000 (as determined by the Company) in the same form and mix as the other EMT members. Specifically, you will be eligible to receive an award of restricted stock units (“RSUs”) pursuant to the Crown Castle Inc. 2022 Long-Term Incentive Plan (the “Plan”) for calendar year 2025 (the “2025 RSU Award”). For 2025, the long-term incentive compensation opportunity for the EMT is comprised of both time-vesting RSUs (“Time RSUs”) (weighted 40%) and performance-vesting RSUs (“Performance RSUs”) (weighted 60%).
You will receive the 2025 RSU Award as soon as practicable after the Effective Date. Once granted, you will receive award documentation fully outlining the terms of the 2025 RSU Award, including details on the following, summarized vesting schedule:
•Time RSUs (40% of award value) will vest annually, in one-third increments, on February 19th of 2026, 2027 and 2028; and
•Performance RSUs (60% of award value) will vest, to the extent earned, on February 19, 2028.
Except as set forth in your award documentation or the Severance Agreement, vesting of the 2025 RSU Award will be subject to your continued employment with the Company through each applicable vesting date; provided, however, that if you experience an involuntary termination by the Company without Cause (as defined in the Severance Agreement) prior to the vesting of the 2025 RSU Award, you shall continue to vest in the 2025 RSU Award as if you were an employee of the Company through the final vesting date.
TRANSFORMATION RESTRICTED STOCK UNITS: You will be eligible to receive a bonus in the form of RSUs (the “Transformation RSUs”) granted under the Plan, with a grant date value of $1,000,000 (as determined by the Company). The Transformation RSUs will become 100% vested upon the consummation of a sale of the Company’s Fiber business (i.e., the later of the consummation of the sale of the small cell business or fiber solutions business) (the “Fiber Sale Closing”), subject to your continued employment with the Company through such vesting date; provided, however, that if you experience an involuntary termination by the Company without Cause prior to the time the Transformation RSUs are fully vested, the Transformation RSUs will immediately accelerate and vest in full at the time of such termination and be settled within 30 days following such termination of employment.
PROMOTION RESTRICTED STOCK UNITS: You will be eligible to receive a grant of RSUs under the Plan with a grant date value of $4,100,000 (as determined by the Company) (the “Promotion RSUs”). Vesting of the Promotion RSUs will occur on March 23, 2026, subject to your continued employment with the Company through such date; provided, however, that if you experience an involuntary termination by the Company without Cause prior to the time the Promotion RSUs are fully vested, the Promotion RSUs will immediately accelerate and vest in full at the time of such termination and be settled within 30 days following such termination of employment.
2

SEVERANCE AGREEMENT: You and the Company acknowledge and agree that the Severance Agreement will remain in full force and effect; provided, however, that you acknowledge and agree that a Qualifying Termination has not occurred and will not occur on March 31, 2025, as was previously planned. As a result, no event has occurred that would result in you receiving benefits under the Severance Agreement.
GOOD REASON RIGHTS: For the avoidance of doubt, you acknowledge and agree that you are waiving your rights to assert Good Reason (as defined in the Severance Agreement) (or any term of similar import) under the Severance Agreement or otherwise as a result of the changes in your role with the Company. However, you and the Company acknowledge and agree that during the period between the Transformation Date and 60 days after such date, you may assert Good Reason. For purposes of this letter, “Transformation Date” means the earlier of (x) the Fiber Sale Closing or (y) September 30, 2026.
BENEFITS: Except as explicitly set forth in this letter, the terms of your employment with the Company, including your Personal Time Off, Company years of service, eligibility for expense reimbursement and benefit eligibility will remain unchanged upon your appointment to Interim CEO.
FREE OF RESTRICTIONS: By accepting this offer, you are representing that you are free to perform this role for Crown Castle and have no legal restrictions on your work. You are also representing that you have told Crown Castle about any such restrictions and provided as much information about them as possible, including copies of any agreements describing such restrictions on your activities.
Please be advised that this offer will expire 3 business days from the date of this letter. If you decide to accept this position, this offer of employment, in its entirety and without modification, must be signed, dated, and submitted prior to offer expiration.
Once complete, please email this letter to Teddy Adams at teddy.adams@crowncastle.com. I look forward to working with you. Please contact me with any questions.
Sincerely,
/s/ Robert Bartolo
Robert Bartolo
Chairman of the Board
Crown Castle Inc.
3


I ACKNOWLEDGE RECEIPT OF THIS LETTER AND I ACCEPT THE POSITION OFFERED.
Signature:
/s/ Daniel K. Schlanger
Date:
March 24, 2025

4

Exhibit 31.1

Certification
For the Quarterly Period Ended March 31, 2025

I, Daniel K. Schlanger, certify that:
 
1.I have reviewed this report on Form 10-Q of Crown Castle Inc. ("registrant");
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  May 9, 2025

/s/ Daniel K. Schlanger
Daniel K. Schlanger
Interim President and Chief Executive Officer



Exhibit 31.2

Certification
For the Quarterly Period Ended March 31, 2025

I, Sunit S. Patel, certify that:
 
1.I have reviewed this report on Form 10-Q of Crown Castle Inc. ("registrant");
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  May 9, 2025

/s/ Sunit S. Patel
Sunit S. Patel
Executive Vice President and Chief Financial Officer



Exhibit 32.1
Certification Pursuant to
18 U.S.C. Section 1350
As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
In connection with the Quarterly Report on Form 10-Q of Crown Castle Inc., a Delaware Corporation ("Company"), for the period ended March 31, 2025 as filed with the Securities and Exchange Commission on the date hereof ("Report"), each of the undersigned officers of the Company hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of such officer's knowledge:

1)the Report complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of March 31, 2025 (the last date of the period covered by the Report).

/s/ Daniel K. Schlanger
Daniel K. Schlanger
Interim President and Chief Executive Officer
May 9, 2025
/s/ Sunit S. Patel
Sunit S. Patel
Executive Vice President and Chief Financial Officer
May 9, 2025




v3.25.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2025
May 07, 2025
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Document Transition Report false  
Entity File Number 001-16441  
Entity Registrant Name CROWN CASTLE INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 76-0470458  
Entity Address, Address Line One 8020 Katy Freeway  
Entity Address, City or Town Houston  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 77024  
City Area Code 713  
Local Phone Number 570-3000  
Title of 12(b) Security Common Stock, $0.01 par value  
Trading Symbol CCI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   435,458,808
Entity Central Index Key 0001051470  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.25.1
Condensed Consolidated Balance Sheet - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Assets, Current [Abstract]    
Cash and cash equivalents $ 60 $ 100
Restricted cash and cash equivalents, current 174 170
Receivables, net 123 129
Prepaid expenses 76 74
Deferred site rental receivables 185 164
Other current assets 25 24
Disposal Group, Including Discontinued Operation, Assets, Current 442 429
Assets, Current, Total 1,085 1,090
Deferred site rental receivables 2,277 2,279
Property and equipment, net of accumulated depreciation of $10,519 and $10,417, respectively 6,492 6,577
Operating lease right-of-use assets 5,566 5,600
Goodwill 5,127 5,127
Other Intangible Assets, Net 993 1,037
Other assets, net 57 58
Disposal Group, Including Discontinued Operation, Assets, Noncurrent 10,163 10,968
Assets, Total 31,760 32,736
Liabilities, Current [Abstract]    
Accounts payable 42 48
Accrued interest 162 244
Deferred revenues 145 141
Other accrued liabilities 141 167
Current maturities of debt and other obligations 1,503 603
Current portion of operating lease liabilities 268 264
Disposal Group, Including Discontinued Operation, Liabilities, Current 689 710
Liabilities, Current, Total 2,950 2,177
Debt and other long-term obligations 22,874 23,451
Operating lease liabilities 5,030 5,062
Other long-term liabilities 641 645
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent 1,518 1,534
Liabilities, Total 33,013 32,869
Stockholders' Equity Attributable to Parent [Abstract]    
Common Stock, Value, Issued 4 4
Additional Paid in Capital 18,423 18,393
Accumulated Other Comprehensive Income (Loss), Net of Tax (5) (5)
Retained Earnings (Accumulated Deficit) (19,675) (18,525)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Total (1,253) (133)
Liabilities and Equity, Total $ 31,760 $ 32,736
v3.25.1
Condensed Consolidated Balance Sheet (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Mar. 31, 2025
Dec. 31, 2024
Condensed Consolidated Balance Sheet (Parenthetical) [Abstract]    
Accumulated depreciation, property and equipment $ 10,519 $ 10,417
Common stock, shares outstanding 435 435
Common stock, shares authorized 1,200 1,200
Common stock, par value $ 0.01 $ 0.01
v3.25.1
Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Net revenues:    
Site Rental $ 1,011 $ 1,068
Services and other 50 46
Net Revenues 1,061 1,114
Operating expenses:    
Site rental [1] 240 243
Services and other [1] 28 29
Selling, general and administrative 93 114
Asset write-down charges 2 6
Depreciation, amortization and accretion 177 191
Restructuring Charges 0 11
Total operating expenses 540 594
Operating income (loss) 521 520
Interest expense and amortization of deferred financing costs, net (236) (226)
Interest income 3 4
Other income (expense) 1 2
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest 289 300
Benefit (provision) for income taxes (5) (6)
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent 284 294
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent 82 17
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax (830) 0
Net income (loss) from discontinued operations, net of tax (748) 17
Net Income (Loss) Attributable to Parent (464) 311
Foreign currency translation adjustments 0 (1)
Total other comprehensive income (loss) [2] 0 (1)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent $ (464) $ 310
Income (Loss) from Continuing Operations, Per Basic Share $ 0.65 $ 0.68
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share (1.72) 0.04
Earnings Per Share, Basic (1.07) 0.72
Income (Loss) from Continuing Operations, Per Diluted Share 0.65 0.67
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share (1.72) 0.04
Earnings Per Share, Diluted $ (1.07) $ 0.71
Weighted-average common shares outstanding, basic 435 434
Weighted-average common shares outstanding, diluted 436 435
[1] Exclusive of depreciation, amortization and accretion, shown separately.
[2] See the condensed consolidated statement of operations and other comprehensive income (loss) for the components of other comprehensive income (loss).
v3.25.1
Condensed Consolidated Statement of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net Income (Loss) Attributable to Parent $ (464) $ 311
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent (82) (17)
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax 830 0
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent 284 294
Adjustments to reconcile Net Income (Loss) to net cash provided by (used for) operating activities:    
Depreciation, amortization and accretion 177 191
Amortization of deferred financing costs and other non-cash interest 8 8
Stock-based compensation expense, net 18 24
Asset write-down charges 2 6
Deferred income tax (benefit) provision 1 4
Other non-cash adjustments, net (1) 4
Cash Provided by (Used in) Operating Activities, Discontinued Operations 270 274
Changes in assets and liabilities, excluding the effects of acquisitions:    
Increase (decrease) in accrued interest (82) (59)
Increase (decrease) in accounts payable (6) (16)
Increase (decrease) in other liabilities (21) (115)
Decrease (increase) in receivables 6 38
Decrease (increase) in other assets (15) (54)
Net cash provided by (used for) operating activities 641 599
Cash flows from investing activities:    
Capital expenditures (40) (47)
Payments for acquisitions, net of cash acquired 0 (1)
Other investing activities, net 2 1
Cash Provided by (Used in) Investing Activities, Discontinued Operations (217) (273)
Net cash provided by (used for) investing activities (255) (320)
Cash flows from financing activities:    
Principal payments on debt and other long-term obligations (28) (14)
Payments under revolving credit facility 0 (670)
Net issuances (repayments) under commercial paper program 336 1,138
Purchases of common stock (21) (27)
Dividends/distributions paid on common stock (690) (688)
Net cash provided by (used for) financing activities (403) (261)
Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents (17) 18
Effect of Exchange Rate on Cash and Cash Equivalents and Restricted Cash and Cash Equivalents 0 (1)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period [1] 295 281
Cash and cash equivalents and restricted cash and cash equivalents at end of period [1] $ 278 $ 298
[1] Inclusive of cash and cash equivalents and restricted cash and cash equivalents included in discontinued operations. See note 12.
v3.25.1
Condensed Consolidated Statement of Equity - USD ($)
shares in Millions, $ in Millions
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Dividends/Distributions in Excess of Earnings [Member]
AOCI Attributable to Parent
Balance, shares Period Start at Dec. 31, 2023   434      
Balance, value Period Start at Dec. 31, 2023 $ 6,381 $ 4 $ 18,270 $ (11,889) $ (4)
Stock-based compensation related activity, net of forfeitures, value 67   67    
Stock-Based Compensation Arrangement by Stock-Based Payment Award, Shares Issued in Period   1      
Purchases and retirement of common stock, value (27)   (27)    
Total other comprehensive income (loss) [1] (1)       (1)
Common stock dividends/distributions (683)     (683)  
Net income (loss) 311     311  
Balance, shares Period End at Mar. 31, 2024   435      
Balance, value Period End at Mar. 31, 2024 $ 6,048 $ 4 18,310 (12,261) (5)
Balance, shares Period Start at Dec. 31, 2024 435 435      
Balance, value Period Start at Dec. 31, 2024 $ (133) $ 4 18,393 (18,525) (5)
Stock-based compensation related activity, net of forfeitures, value 51   51    
Stock-Based Compensation Arrangement by Stock-Based Payment Award, Shares Issued in Period   0      
Purchases and retirement of common stock, value (21)   (21)    
Total other comprehensive income (loss) [1] 0       0
Common stock dividends/distributions (686)     (686)  
Net income (loss) $ (464)     (464)  
Balance, shares Period End at Mar. 31, 2025 435 435      
Balance, value Period End at Mar. 31, 2025 $ (1,253) $ 4 $ 18,423 $ (19,675) $ (5)
[1] See the condensed consolidated statement of operations and other comprehensive income (loss) for the components of other comprehensive income (loss).
v3.25.1
General
 3 Months Ended
Mar. 31, 2025
General  
General General
The information contained in the following notes to the condensed consolidated financial statements is condensed from that which would appear in the annual consolidated financial statements; accordingly, the condensed consolidated financial statements included herein should be reviewed in conjunction with the consolidated financial statements for the fiscal year ended December 31, 2024, and related notes thereto, included in the 2024 Form 10-K filed by Crown Castle Inc. ("CCI") with the SEC. Capitalized terms used but not defined in these notes to the condensed consolidated financial statements have the same meaning given to them in the 2024 Form 10-K. References to the "Company" refer to CCI and its predecessor, as applicable, and their subsidiaries, unless otherwise indicated or the context indicates otherwise. As used herein, the term "including," and any variation thereof means "including without limitation." The use of the word "or" herein is not exclusive. Unless the context suggests otherwise, references to "U.S." are to the United States of America and Puerto Rico, collectively.
The Company owns, operates and leases shared communications infrastructure that is geographically dispersed throughout the U.S., including (1) towers and other structures, such as rooftops (collectively, "towers"), and (2) fiber primarily supporting small cell networks ("small cells") and fiber solutions. The Company's towers, small cells and fiber assets are collectively referred to herein as "communications infrastructure," and the Company's customers on its communications infrastructure are referred to herein as "tenants." The Company provides access, including space or capacity, to its communications infrastructure via long-term contracts in various forms, including lease, license, sublease and service agreements (collectively, "tenant contracts").
On March 13, 2025, management signed a definitive agreement ("Strategic Fiber Agreement") to sell the small cells and fiber solutions businesses, together with certain supporting assets and personnel ("Fiber Business"), with Zayo Group Holdings Inc. ("Zayo") acquiring the fiber solutions business and EQT Active Core Infrastructure fund ("EQT") acquiring the small cells business ("Strategic Fiber Transaction"). Under the Strategic Fiber Agreement, the Company will receive $8.5 billion in aggregate cash proceeds, subject to certain closing adjustments.
As the aforementioned sale represents a material strategic shift for the Company, the Fiber Business' results and net assets are presented herein as discontinued operations and comparable prior periods have been recast to reflect this change. Upon classification as "held for sale", the Company recognized a loss of $830 million, inclusive of estimated transaction fees, during the first quarter of 2025. The Strategic Fiber Transaction is expected to close in the first half of 2026, subject to certain closing conditions and required government and regulatory approvals. Pending the closing of the Strategic Fiber Transaction, we will continue to operate the Fiber Business in accordance with the Strategic Fiber Agreement. See note 3 to our condensed consolidated financial statements for a further discussion of discontinued operations.
As part of the Company's effort to provide efficient and cost effective solutions, the Company also offers certain site development services relating to existing or new tenant equipment installations, including: site acquisition, architectural and engineering, or zoning and permitting (collectively, "site development services") as an ancillary offering relating to its towers.
The Company operates as a REIT for U.S. federal income tax purposes. In addition, the Company has certain taxable REIT subsidiaries ("TRSs"). See note 7.
Approximately 54% of the Company's towers are leased or subleased or operated and managed under master leases, subleases, and other agreements with AT&T and T-Mobile (including those which T-Mobile assumed in its merger with Sprint). The Company has the option to purchase these towers at the end of their respective lease terms. The Company has no obligation to exercise such purchase options.
Basis of Presentation
The condensed consolidated financial statements included herein are unaudited; however, they include all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to state fairly the condensed consolidated financial position of the Company as of March 31, 2025, the condensed consolidated results of operations for the three months ended March 31, 2025 and 2024, and the condensed consolidated cash flows for the three months ended March 31, 2025 and 2024. The year-end condensed consolidated balance sheet data, that was derived from audited financial statements, was recast following the Fiber Business being classified as discontinued operations and does not include all disclosures required by GAAP. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year.
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. Unless otherwise noted, all activities and amounts reported in the following notes relate to the continuing operations of the Company and exclude activities and amounts related to discontinued operations. See notes 3 and 11 to our condensed consolidated financial statements for a discussion of discontinued operations and the Company's operating segment.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
v3.25.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Significant Accounting Policies Summary of Significant Accounting Policies
Recently Adopted Accounting Pronouncements
No accounting pronouncements adopted during the three months ended March 31, 2025 had a material impact on the Company's condensed consolidated financial statements.
Recent Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued new guidance that enhances the transparency and decision usefulness of income tax disclosures, primarily through changes to the rate reconciliation and income taxes paid disclosures. The guidance will be effective for the Company's fiscal year ending December 31, 2025 and can be applied prospectively or retrospectively, with early adoption permitted. The Company is currently evaluating the effect of the guidance, including the impact on its financial statement disclosures.
In November 2024, the FASB issued new guidance that requires disclosure of disaggregated information about certain income statement expense line items in the notes to the financial statements for both annual and interim periods. The guidance will be effective for the Company's fiscal year ending December 31, 2027, and can be applied prospectively or retrospectively, with early adoption permitted. The Company is currently evaluating the effect of the guidance, including the potential impact on its financial statement disclosures.
v3.25.1
Discontinued Operations and Disposal Groups
 3 Months Ended
Mar. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations, Disclosure Discontinued Operations
In January 2024, the Company's board of directors established a Fiber Review Committee to oversee and direct the review of strategic and operational alternatives that were available to the Company with respect to its Fiber Business. The operational review concluded in June 2024 and resulted in the restructuring plan that we initiated in June 2024 ("2024 Restructuring Plan"), while the strategic review concluded in March 2025 with the signing of the Strategic Fiber Agreement. See note 13 to our condensed consolidated financial statements for a discussion of the 2024 Restructuring Plan.
On March 13, 2025, management signed the Strategic Fiber Agreement to sell the Fiber Business, with Zayo acquiring the fiber solutions business and EQT acquiring the small cells business. Under the Strategic Fiber Agreement, the Company will receive $8.5 billion in aggregate cash proceeds, subject to certain closing adjustments. As such, the Fiber Business' results and net assets are presented herein as discontinued operations and comparable prior periods have been recast to reflect this change. Upon classification as "held for sale", the Company recorded a loss from disposal of discontinued operations, net of tax, of $830 million, which represents the excess of the carrying value of the Fiber Business over the purchase price, less estimated costs to sell. The loss is included in "Gain (loss) from disposal of discontinued operations, net of tax" in the condensed consolidated statement of operations and comprehensive income (loss) for the three months ended March 31, 2025. The Strategic Fiber Transaction is expected to close in the first half of 2026, subject to certain closing conditions and required government and regulatory approvals. Pending the closing of the Strategic Fiber Transaction, management will continue to operate the Fiber Business in accordance with the Strategic Fiber Agreement.
The historic Fiber segment was previously a separate reportable segment of the Company. The Company's Fiber reportable segment 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. The tables below set forth the assets and liabilities related to discontinued operations as of March 31, 2025 and December 31, 2024 and results of operations related to discontinued operations for the three months ended March 31, 2025 and 2024. See note 11 to our condensed consolidated financial statements for a discussion of our reportable segment.
March 31, 2025December 31, 2024
ASSETS
Current assets:
Receivables, net
$316 $349 
Other current assets(a)
126 80 
Total current assets
442 429 
Property and equipment(b)
8,976 8,918 
Other intangible assets, net(b)
1,704 1,744 
Operating lease right-of-use assets and other assets, net
302 306 
Valuation allowance for assets held for sale
(819)— 
Total assets
$10,605 $11,397 
LIABILITIES
Current liabilities:
Accounts payable
$150 $144 
Deferred revenues
345 336 
Operating lease liabilities and other accrued liabilities
186 223 
Current maturities of debt and other obligations
8 7 
Total current liabilities
689 710 
Debt and other long-term obligations22 20 
Operating lease liabilities
166 173 
Deferred revenue and other long-term liabilities
1,330 1,341 
Total liabilities
$2,207 $2,244 
Three Months Ended March 31,
20252024
Net revenues
$532 $526 
Operating expenses(b)
448 507 
Income (loss) from discontinued operations before income taxes
84 19 
Benefit (provision) for income taxes
(2)(2)
Income (loss) from discontinued operations before gain (loss) from disposal, net of tax(c)
$82 $17 
(a)As of March 31, 2025 and December 31, 2024, inclusive of $39 million and $20 million, respectively, in cash and cash equivalents.
(b)Following the classification of the Fiber Business as "held for sale", the Company ceased depreciation and amortization of assets included in discontinued operations.
(c)Exclusive of the gain (loss) from disposal of discontinued operations, net of tax, as presented on the condensed consolidated statement of operations and comprehensive income (loss).
v3.25.1
Revenues (Notes)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block] Revenues
Site Rental Revenues
The Company generates site rental revenues from its core business by providing tenants with access, including space or capacity, to its towers via long-term tenant contracts in various forms, including lease, license, sublease and service agreements. Typically, providing such access over the length of the tenant contract term represents the Company’s sole performance obligation under its tenant contracts.
Site rental revenues from the Company's tenant contracts are recognized on a straight-line, ratable basis over the fixed, non-cancelable term of the relevant tenant contract, which generally ranges between five to 15 years for wireless tenants, regardless of whether the payments from the tenant are received in equal monthly amounts during the life of the tenant contract. Certain of the Company's tenant contracts contain (1) fixed escalation clauses (such as fixed dollar or fixed percentage increases) or inflation-based escalation clauses (such as those tied to the CPI), (2) multiple renewal periods exercisable at the tenant's option and (3) only limited termination rights at the applicable tenant's option through the current term. If the payment terms call for fixed escalators, upfront payments, or rent-free periods, the revenue is recognized on a straight-line basis over the fixed, non-cancelable term of the tenant contract. When calculating straight-line rental revenues, the Company considers all fixed elements of tenant contractual escalation provisions, even if such escalation provisions contain a variable element in addition to a minimum. The Company's assets related to straight-line site rental revenues are recorded within "Current portion of deferred site rental receivables" and "Deferred site rental receivables" on the Company's condensed consolidated balance sheet. Amounts billed or received prior to being earned are deferred and reflected in "Deferred revenues" and "Other long-term liabilities" on the Company's condensed consolidated balance sheet. Amounts to which the Company has an unconditional right to payment, which are related to both satisfied or partially satisfied performance obligations, are recorded within "Receivables, net" on the Company's condensed consolidated balance sheet.
Services and Other Revenues
As part of the Company’s effort to provide efficient and cost effective solutions, as an ancillary business, the Company offers certain site development services.
The Company may have multiple performance obligations for site development services, which primarily include: structural analysis, zoning, permitting and construction drawings. For each of these performance obligations, services revenues are recognized at completion of the applicable performance obligation, which represents the point at which the Company believes it has transferred goods or services to the tenant. The services revenue recognized is based on an allocation of the transaction price among the performance obligations in a respective tenant contract based on estimated standalone selling price. The volume and mix of site development services may vary among tenant contracts and may include a combination of some or all of the above performance obligations. Amounts are billed per contractual milestones, with payments generally due within 45 to 90 days, and generally do not contain variable-consideration provisions. Since performance obligations are typically satisfied prior to receiving payment from tenants, the unconditional right to payment is recorded within "Receivables, net" on the Company’s condensed consolidated balance sheet. Generally, the services the Company provides to its tenants have a duration of one year or less.
Additional Information on Revenues
As of January 1, 2025 and March 31, 2025, $430 million and $423 million of unrecognized revenues, respectively, were reported in "Deferred revenues" and "Other long-term liabilities" on the Company's condensed consolidated balance sheet. During the three months ended March 31, 2025, approximately $37 million of the January 1, 2025 unrecognized revenues balance was recognized as revenues. As of January 1, 2024, $623 million of unrecognized revenues were reported in "Deferred revenues" and "Other long-term liabilities" on the Company's condensed consolidated balance sheet. During the three months ended March 31, 2024, approximately $55 million of the January 1, 2024 unrecognized revenues balance was recognized as revenues.
The following table is a summary of the contracted amounts owed to the Company by tenants pursuant to tenant contracts in effect as of March 31, 2025.
Nine Months Ending December 31,
Years Ending December 31,
20252026202720282029ThereafterTotal
Contracted amounts(a)
$2,928 $3,955 $4,033 $3,911 $3,212 $11,546 $29,585 
(a)Excludes amounts related to services, as those contracts generally have a duration of one year or less.
v3.25.1
Debt and Other Obligations
 3 Months Ended
Mar. 31, 2025
Debt and Other Obligations [Abstract]  
Debt Disclosure Debt and Other Obligations
The table below sets forth the Company's debt and other obligations as of March 31, 2025.
Original
Issue Date
Final
Maturity
Date(a)
Balance as of March 31, 2025
Balance as of
December 31, 2024
Stated Interest
Rate as of March 31, 2025(a)(b)
Secured Notes, Series 2009-1, Class A-2July 2009Aug. 2029$31 $32 9.0 %
Tower Revenue Notes, Series 2015-2May 2015May 2045
(c)
700 700 3.7 %
Tower Revenue Notes, Series 2018-2July 2018July 2048
(c)
747 747 4.2 %
Installment purchase liabilities and finance leasesVarious
(d)
Various
(d)
268 
(e)
272 
(e)
Various
(d)
Total secured debt1,746 1,751 
2016 RevolverJan. 2016July 2027— 
(f)
— N/A
(g)
2016 Term Loan AJan. 2016July 20271,101 1,117 5.5 %
(g)
Commercial Paper NotesVarious
(h)
Various
(h)
1,677 
(h)
1,341 4.9 %
1.350% Senior NotesJune 2020July 2025500 499 1.4 %
4.450% Senior NotesFeb. 2016Feb. 2026899 899 4.5 %
3.700% Senior NotesMay 2016June 2026749 749 3.7 %
1.050% Senior NotesFeb. 2021July 2026997 997 1.1 %
4.000% Senior NotesFeb. 2017Mar. 2027499 498 4.0 %
2.900% Senior NotesMar. 2022Mar. 2027746 746 2.9 %
3.650% Senior NotesAug. 2017Sept. 2027998 997 3.7 %
5.000% Senior NotesJan. 2023Jan. 2028994 993 5.0 %
3.800% Senior NotesJan. 2018Feb. 2028996 996 3.8 %
4.800% Senior NotesApr. 2023Sept. 2028595 595 4.8 %
4.300% Senior NotesFeb. 2019Feb. 2029596 596 4.3 %
5.600% Senior NotesDec. 2023June 2029743 742 5.6 %
4.900% Senior Notes
Aug. 2024
Sept. 2029
544 544 4.9 %
3.100% Senior NotesAug. 2019Nov. 2029547 547 3.1 %
3.300% Senior NotesApr. 2020July 2030742 742 3.3 %
2.250% Senior NotesJune 2020Jan. 20311,093 1,093 2.3 %
2.100% Senior NotesFeb. 2021Apr. 2031992 991 2.1 %
2.500% Senior NotesJune 2021July 2031744 744 2.5 %
5.100% Senior NotesApr. 2023May 2033744 743 5.1 %
5.800% Senior NotesDec. 2023Mar. 2034743 742 5.8 %
5.200% Senior Notes
Aug. 2024
Sept. 2034
689 689 5.2 %
2.900% Senior NotesFeb. 2021Apr. 20411,234 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 debt22,631 22,303 
Total debt and other obligations24,377 24,054 
Less: current maturities of debt and other obligations1,503 603 
Non-current portion of debt and other long-term obligations$22,874 $23,451 
(a)See the 2024 Form 10-K, including note 7 to the consolidated financial statements, for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness.
(b)Represents the weighted-average stated interest rate, as applicable.
(c)If the Tower Revenue Notes, Series 2015-2 and Series 2018-2 (collectively, "Tower Revenue Notes") are not paid in full on or prior to an applicable anticipated repayment date, then Excess Cash Flow (as defined in the indenture governing the terms of such notes) of the issuers of such notes will be used to repay principal of the applicable series and class of the Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the respective Tower Revenue Notes. As of March 31, 2025, the Tower Revenue Notes, Series 2015-2 and Series 2018-2 have principal amounts of $700 million and $750 million, with anticipated repayment dates in 2025 and 2028, respectively.
(d)The Company's installment purchases primarily relate to land and bear interest rates up to 8% and mature in periods ranging from less than one year to approximately 20 years.
(e)For the periods ended March 31, 2025 and December 31, 2024, reflects $7 million and $8 million, respectively, in finance lease obligations (primarily related to vehicles).
(f)As of March 31, 2025, the undrawn availability under the Company's senior unsecured revolving credit facility ("2016 Revolver") was $7.0 billion.
(g)Both the 2016 Revolver and the senior unsecured term loan A facility ("2016 Term Loan A" and, collectively, "2016 Credit Facility") bear interest, at the Company's option, at either (1) Term SOFR plus (i) a credit spread adjustment of 0.10% per annum and (ii) a credit spread ranging from 0.875% to 1.750% per annum or (2) an alternate base rate plus a credit spread ranging from 0.000% to 0.750% per annum, in each case, with the applicable credit spread based on the Company's senior unsecured debt rating. The Company pays a commitment fee ranging from 0.080% to 0.300%, based on the Company's senior unsecured debt rating, per annum on the undrawn available amount under the 2016 Revolver. See the 2024 Form 10-K, including note 7 to the consolidated financial statements, for information regarding potential adjustments to such percentages.
(h)The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue, but there were no Commercial Paper Notes issued or outstanding during the period that had original maturities greater than three months. The Commercial Paper Notes are issued under customary terms in the commercial paper market and are issued at a discount from par or, alternatively, can be issued at par and bear varying interest rates on a fixed or floating basis. At any point in time, the Company intends to maintain available commitments under its 2016 Revolver in an amount at least equal to the amount of Commercial Paper Notes outstanding. While any outstanding Commercial Paper Notes generally have short-term maturities, the Company classifies the outstanding issuances, when applicable, as long-term based on its ability and intent to refinance the outstanding issuances on a long-term basis.

Scheduled Principal Payments and Final Maturities
The following are the scheduled principal payments and final maturities of the total debt and other long-term obligations of the Company outstanding as of March 31, 2025, which do not consider the principal payments that will commence following the anticipated repayment dates on the Tower Revenue Notes.
 
Nine Months Ending December 31,
Years Ending December 31,Total Cash ObligationsUnamortized Adjustments, NetTotal Debt and Other Obligations Outstanding
 20252026202720282029Thereafter
Scheduled principal payments and
final maturities
$2,255 
(a)
$2,780 $3,252 $2,633 $2,478 

$11,130 $24,528 $(151)$24,377 
(a)Predominately consists of outstanding indebtedness under the CP Program as discussed in footnote (h) of the preceding table.
Interest Expense and Amortization of Deferred Financing Costs, Net
The components of interest expense and amortization of deferred financing costs, net are as follows:
Three Months Ended March 31,
20252024
Interest expense on debt obligations$233 $223 
Amortization of deferred financing costs and adjustments on long-term debt8 8 
Capitalized interest(5)(5)
Total$236 $226 
v3.25.1
Fair Value Disclosures
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Disclosures Fair Value Disclosures
Level in Fair Value HierarchyMarch 31, 2025December 31, 2024
Carrying AmountFair ValueCarrying AmountFair Value
Assets:
Cash and cash equivalents
1$60 $60 $100 $100 
Restricted cash and cash equivalents, current and non-current
1179 179 175 175 
Liabilities:
Total debt and other obligations
224,377 22,767 24,054 22,371 
The fair values of cash and cash equivalents and restricted cash and cash equivalents approximate the carrying values. The Company determines the fair value of its debt securities based on indicative, non-binding quotes from brokers. Quotes from brokers require judgment and are based on the brokers' interpretation of market information, including implied credit spreads for similar borrowings on recent trades or bid/ask prices or quotes from active markets if available. Since December 31, 2024, there have been no changes in the Company's valuation techniques used to measure fair values.
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company operates as a REIT for U.S. federal income tax purposes. As a REIT, the Company is generally entitled to a deduction for dividends that it pays and, therefore, is not subject to U.S. federal corporate income tax on its net taxable income that is currently distributed to its stockholders. The Company may be subject to certain federal, state, local and foreign taxes on its income, including (1) taxes on any undistributed income and (2) taxes related to the TRSs. In addition, the Company could, under certain circumstances, be required to pay an excise or penalty tax, which could be significant in amount, in order to utilize one or more relief provisions under the Internal Revenue Code of 1986, as amended, to maintain qualification for taxation as a REIT.
The Company's TRS assets and operations will continue to be subject, as applicable, to federal and state corporate income taxes or to foreign taxes in the jurisdictions in which such assets and operations are located. The Company's foreign assets and operations (including its tower operations in Puerto Rico) are subject to foreign income taxes in the jurisdictions in which such assets and operations are located, regardless of whether they are included in a TRS or not.
For the three months ended March 31, 2025 and 2024, the Company's effective tax rate differed from the federal statutory rate predominately due to the Company's REIT status, including the dividends paid deduction.
v3.25.1
Per Share Information
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Per Share Information Per Share Information
Basic net income (loss), per common share, excludes dilution and is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. For the three months ended March 31, 2025 and 2024, diluted net income (loss), per common share, is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period, plus any potential dilutive common share equivalents, including shares issuable upon the vesting of restricted stock units ("RSUs") as determined under the treasury stock method.
 Three Months Ended March 31,
 20252024
Income (loss) from continuing operations
$284 $294 
Income (loss) from discontinued operations, net of tax
(748)17
Weighted-average number of common shares outstanding (in millions):
Basic weighted-average number of common stock outstanding435 434 
Effect of assumed dilution from potential issuance of common shares relating to restricted stock units1 1 
Diluted weighted-average number of common shares outstanding436 435 
Net income (loss), per common share:
Income (loss) from continuing operations, basic
$0.65 $0.68 
Income (loss) from discontinued operations, basic
$(1.72)$0.04 
Net income (loss)—basic
$(1.07)$0.72 
Income (loss) from continuing operations, diluted
$0.65 $0.67 
Income (loss) from discontinued operations, diluted
$(1.72)$0.04 
Net income (loss)—diluted
$(1.07)$0.71 
Dividends/distributions declared per share of common stock$1.565 $1.565 
During the three months ended March 31, 2025, the Company granted 1.3 million RSUs to the Company's executives and certain other employees.
v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
The 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 condensed 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. In addition, the Company has the option to purchase approximately 54% of its towers at the end of their respective lease terms. The Company has no obligation to exercise such purchase options.
v3.25.1
Equity
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Equity Equity
Declaration and Payment of Dividends
During the three months ended March 31, 2025, the following dividends/distributions were declared or paid:
Equity TypeDeclaration DateRecord DatePayment DateDividends Per Share
Aggregate
Payment
Amount(a)
Common StockFebruary 26, 2025March 14, 2025March 31, 2025$1.565 $686 
(a)Inclusive of dividends accrued for holders of unvested RSUs, which will be paid when and if the RSUs vest.
Purchases of the Company's Common Stock
For the three months ended March 31, 2025, the Company purchased 0.2 million shares of its common stock utilizing $21 million in cash. The shares of common stock purchased relate to shares withheld in connection with the payment of withholding taxes upon vesting of RSUs.
2024 "At-the-Market" Stock Offering Program
In March 2024, the Company established a new "at-the-market" stock offering program through which it may issue and sell shares of its common stock having an aggregate gross sales price of up to $750 million ("2024 ATM Program"). Sales under the 2024 ATM Program may be made by means of ordinary brokers' transactions on the New York Stock Exchange ("NYSE") or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or, subject to the Company's specific instructions, at negotiated prices. The Company intends to use the net proceeds from any sales under the 2024 ATM Program for general corporate purposes, which may include (1) the funding of future acquisitions or investments or (2) the repayment or repurchase of any outstanding indebtedness. The Company has not sold any shares of common stock under the 2024 ATM Program.
v3.25.1
Operating Segments
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Operating Segments Operating Segment
Reportable Segment
The 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. As such, the Company 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 CODM.
The Company provides access, including space or capacity, to the Company's more than 40,000 towers geographically dispersed throughout the U.S. The Company also offers site development services as an ancillary offering relating to its towers.
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 condensed consolidated statement of operations comprehensive income (loss), for the three months ended March 31, 2025 and 2024. 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.
Three Months Ended March 31,
20252024
Net revenues
$1,061 $1,114 
Less:
Lease expense186 185 
Employee compensation expense(a)
88 96 
Other costs of operations expense(b)(c)
57 62 
Other selling, general and administrative expenses(d)
30 43 
Asset write-down charges2 6 
Depreciation, amortization and accretion177 191 
Restructuring charges
— 11 
Total operating expenses540 594 
Operating income521 520 
Interest expense and amortization of deferred financing costs, net(236)(226)
Interest income3 4 
Other income (expense)1 2 
Income (loss) from continuing operations before income taxes
289 300 
Benefit (provision) for income taxes(5)(6)
Income (loss) from continuing operations284 294 
Discontinued operations (note 3):
Income (loss) from discontinued operations before gain (loss) from disposal, net of tax82 17 
Gain (loss) from disposal of discontinued operations, net of tax(830)— 
Income (loss) from discontinued operations, net of tax(748)17 
Net income (loss)$(464)$311 
(a)$24 million and $26 million is included in "Costs of operations" for the three months ended March 31, 2025 and 2024, respectively, and $63 million and $72 million is included in "Selling, general and administrative" for the three months ended March 31, 2025 and 2024, respectively, on the Company's condensed consolidated statement of operations and comprehensive income (loss).
(b)Exclusive of depreciation, amortization and accretion, shown separately.
(c)Other costs of operations primarily consists of (1) property taxes, (2) repair and maintenance expense, (3) third-party costs related to ancillary services performed and (4) various other insignificant expenses.
(d)Other selling, general and administrative expenses primarily include (1) corporate facilities expense, (2) legal expenses and consulting fees, (3) subscriptions and software costs and (4) other general corporate costs.
v3.25.1
Supplemental Cash Flow Information
 3 Months Ended
Mar. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow Information Supplemental Cash Flow Information
The following table is a summary of the Company's supplemental cash flow information for the three months ended March 31, 2025 and 2024:
Three Months Ended March 31,
20252024
Supplemental disclosure of cash flow information:
Cash payments related to operating lease liabilities(a)
$131 $131 
Interest paid315 282 
Supplemental disclosure of non-cash operating, investing and financing activities:
Right-of-use assets recorded in exchange for operating lease liabilities
36 (98)
Increase (decrease) in accounts payable for purchases of property and equipment— (2)
Purchase of property and equipment under finance leases and installment land purchases6 18 
(a)Excludes the Company's contingent payments pursuant to operating leases, which are recorded as expense in the period such contingencies are resolved.
The reconciliation of cash and cash equivalents and restricted cash and cash equivalents reported within various lines on the condensed consolidated balance sheet to amounts reported in the condensed consolidated statement of cash flows is shown below.
March 31, 2025December 31, 2024
Continuing Operations
Discontinued Operations
Total
Continuing OperationsDiscontinued Operations
Total
Cash and cash equivalents$60 $38 $98 $100 $19 $119 
Restricted cash and cash equivalents, current
174 1 175 170 1 171 
Restricted cash and cash equivalents reported within other assets, net5 — 5 5 — 5 
Cash and cash equivalents and restricted cash and cash equivalents$239 $39 $278 $275 $20 $295 
v3.25.1
Restructuring and Related Activities
 3 Months Ended
Mar. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring and Related Activities Disclosure Restructuring
2023 Restructuring Plan
In July 2023, the Company initiated the restructuring plan ("2023 Restructuring Plan," and together with the 2024 Restructuring Plan, "Restructuring Plans") as part of its efforts to reduce costs to better align the Company's operational needs with lower tower activity. The 2023 Restructuring Plan included reducing the Company's total employee headcount by approximately 15%, discontinuing installation services as a product offering while continuing to offer site development services on Company towers, and consolidating office space.
The 2023 Restructuring Plan included charges related to the (1) employee headcount reduction, including severance, stock-based compensation and other one-time termination benefits and (2) office space consolidation, which included remaining obligations under facility leases and non-cash charges for accelerated depreciation.
The actions associated with the 2023 Restructuring Plan were substantially completed and related charges were recorded by June 30, 2024. The payments for the employee headcount reduction were completed in 2024, while the payments for the office space consolidation are expected to be completed in 2032. The following tables summarize the activities related to the 2023 Restructuring Plan for the three months ended March 31, 2025 and 2024:
Three Months Ended March 31, 2025
Three Months Ended March 31, 2024
Employee Headcount Reduction
Office Space Consolidation
Total
Employee Headcount Reduction
Office Space Consolidation
Total
Liability as of the beginning of the respective period
$2 $5 $7 $12 $11 $23 
Charges (credits)
— — — — 10 10 
Payments
(1)(1)(2)(6)(4)(10)
Non-cash items
— — — — (4)(4)
Liability as of the end of the respective period
$1 $4 $5 $6 $13 $19 
2024 Restructuring Plan
In June 2024, the Company initiated the 2024 Restructuring Plan as part of its efforts to drive operational efficiencies and reduce operating costs and capital expenditures, with a primary focus on the Company's small cells and fiber solutions businesses. As a result, the Company announced a reduction of the Company's total employee headcount by more than 10% and the closing of certain offices.
The 2024 Restructuring Plan included charges related to the (1) employee headcount reduction, including severance, stock-based compensation and other one-time termination benefits and (2) office closures, which included remaining obligations under facility leases and non-cash charges for accelerated depreciation. The actions associated with the 2024 Restructuring Plan were substantially completed and the related charges were recorded by December 31, 2024, while the payments are expected to be completed for the employee headcount reduction in 2025 and office closures in 2033.
The following table summarizes the activities related to the 2024 Restructuring Plan for the three months ended March 31, 2025:
Three Months Ended March 31, 2025
Employee Headcount Reduction
Office Space Consolidation
Total
Liability as of December 31, 2024
$2 $34 $36 
Charges (credits)
— — — 
Payments
(2)(3)(5)
Non-cash items
— — — 
Liability as of March 31, 2025
$— $31 $31 
The liability for restructuring charges is included in "Other accrued liabilities" and "Other long-term liabilities" on the condensed consolidated balance sheet, and the corresponding expense is included in "Restructuring charges" on the condensed consolidated statement of operations and comprehensive income (loss).
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net Income (Loss) Attributable to Parent $ (464) $ 311
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Recent accounting prounouncements
Recently Adopted Accounting Pronouncements
No accounting pronouncements adopted during the three months ended March 31, 2025 had a material impact on the Company's condensed consolidated financial statements.
Recent Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued new guidance that enhances the transparency and decision usefulness of income tax disclosures, primarily through changes to the rate reconciliation and income taxes paid disclosures. The guidance will be effective for the Company's fiscal year ending December 31, 2025 and can be applied prospectively or retrospectively, with early adoption permitted. The Company is currently evaluating the effect of the guidance, including the impact on its financial statement disclosures.
In November 2024, the FASB issued new guidance that requires disclosure of disaggregated information about certain income statement expense line items in the notes to the financial statements for both annual and interim periods. The guidance will be effective for the Company's fiscal year ending December 31, 2027, and can be applied prospectively or retrospectively, with early adoption permitted. The Company is currently evaluating the effect of the guidance, including the potential impact on its financial statement disclosures.
v3.25.1
Discontinued Operations and Disposal Groups (Tables)
 3 Months Ended
Mar. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations The tables below set forth the assets and liabilities related to discontinued operations as of March 31, 2025 and December 31, 2024 and results of operations related to discontinued operations for the three months ended March 31, 2025 and 2024. See note 11 to our condensed consolidated financial statements for a discussion of our reportable segment.
March 31, 2025December 31, 2024
ASSETS
Current assets:
Receivables, net
$316 $349 
Other current assets(a)
126 80 
Total current assets
442 429 
Property and equipment(b)
8,976 8,918 
Other intangible assets, net(b)
1,704 1,744 
Operating lease right-of-use assets and other assets, net
302 306 
Valuation allowance for assets held for sale
(819)— 
Total assets
$10,605 $11,397 
LIABILITIES
Current liabilities:
Accounts payable
$150 $144 
Deferred revenues
345 336 
Operating lease liabilities and other accrued liabilities
186 223 
Current maturities of debt and other obligations
8 7 
Total current liabilities
689 710 
Debt and other long-term obligations22 20 
Operating lease liabilities
166 173 
Deferred revenue and other long-term liabilities
1,330 1,341 
Total liabilities
$2,207 $2,244 
Three Months Ended March 31,
20252024
Net revenues
$532 $526 
Operating expenses(b)
448 507 
Income (loss) from discontinued operations before income taxes
84 19 
Benefit (provision) for income taxes
(2)(2)
Income (loss) from discontinued operations before gain (loss) from disposal, net of tax(c)
$82 $17 
(a)As of March 31, 2025 and December 31, 2024, inclusive of $39 million and $20 million, respectively, in cash and cash equivalents.
(b)Following the classification of the Fiber Business as "held for sale", the Company ceased depreciation and amortization of assets included in discontinued operations.
(c)Exclusive of the gain (loss) from disposal of discontinued operations, net of tax, as presented on the condensed consolidated statement of operations and comprehensive income (loss).
v3.25.1
Revenues (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity
The following table is a summary of the contracted amounts owed to the Company by tenants pursuant to tenant contracts in effect as of March 31, 2025.
Nine Months Ending December 31,
Years Ending December 31,
20252026202720282029ThereafterTotal
Contracted amounts(a)
$2,928 $3,955 $4,033 $3,911 $3,212 $11,546 $29,585 
(a)Excludes amounts related to services, as those contracts generally have a duration of one year or less.
v3.25.1
Debt and Other Obligations (Tables)
 3 Months Ended
Mar. 31, 2025
Debt and Other Obligations [Abstract]  
Schedule of Long-Term Debt Instruments
The table below sets forth the Company's debt and other obligations as of March 31, 2025.
Original
Issue Date
Final
Maturity
Date(a)
Balance as of March 31, 2025
Balance as of
December 31, 2024
Stated Interest
Rate as of March 31, 2025(a)(b)
Secured Notes, Series 2009-1, Class A-2July 2009Aug. 2029$31 $32 9.0 %
Tower Revenue Notes, Series 2015-2May 2015May 2045
(c)
700 700 3.7 %
Tower Revenue Notes, Series 2018-2July 2018July 2048
(c)
747 747 4.2 %
Installment purchase liabilities and finance leasesVarious
(d)
Various
(d)
268 
(e)
272 
(e)
Various
(d)
Total secured debt1,746 1,751 
2016 RevolverJan. 2016July 2027— 
(f)
— N/A
(g)
2016 Term Loan AJan. 2016July 20271,101 1,117 5.5 %
(g)
Commercial Paper NotesVarious
(h)
Various
(h)
1,677 
(h)
1,341 4.9 %
1.350% Senior NotesJune 2020July 2025500 499 1.4 %
4.450% Senior NotesFeb. 2016Feb. 2026899 899 4.5 %
3.700% Senior NotesMay 2016June 2026749 749 3.7 %
1.050% Senior NotesFeb. 2021July 2026997 997 1.1 %
4.000% Senior NotesFeb. 2017Mar. 2027499 498 4.0 %
2.900% Senior NotesMar. 2022Mar. 2027746 746 2.9 %
3.650% Senior NotesAug. 2017Sept. 2027998 997 3.7 %
5.000% Senior NotesJan. 2023Jan. 2028994 993 5.0 %
3.800% Senior NotesJan. 2018Feb. 2028996 996 3.8 %
4.800% Senior NotesApr. 2023Sept. 2028595 595 4.8 %
4.300% Senior NotesFeb. 2019Feb. 2029596 596 4.3 %
5.600% Senior NotesDec. 2023June 2029743 742 5.6 %
4.900% Senior Notes
Aug. 2024
Sept. 2029
544 544 4.9 %
3.100% Senior NotesAug. 2019Nov. 2029547 547 3.1 %
3.300% Senior NotesApr. 2020July 2030742 742 3.3 %
2.250% Senior NotesJune 2020Jan. 20311,093 1,093 2.3 %
2.100% Senior NotesFeb. 2021Apr. 2031992 991 2.1 %
2.500% Senior NotesJune 2021July 2031744 744 2.5 %
5.100% Senior NotesApr. 2023May 2033744 743 5.1 %
5.800% Senior NotesDec. 2023Mar. 2034743 742 5.8 %
5.200% Senior Notes
Aug. 2024
Sept. 2034
689 689 5.2 %
2.900% Senior NotesFeb. 2021Apr. 20411,234 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 debt22,631 22,303 
Total debt and other obligations24,377 24,054 
Less: current maturities of debt and other obligations1,503 603 
Non-current portion of debt and other long-term obligations$22,874 $23,451 
(a)See the 2024 Form 10-K, including note 7 to the consolidated financial statements, for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness.
(b)Represents the weighted-average stated interest rate, as applicable.
(c)If the Tower Revenue Notes, Series 2015-2 and Series 2018-2 (collectively, "Tower Revenue Notes") are not paid in full on or prior to an applicable anticipated repayment date, then Excess Cash Flow (as defined in the indenture governing the terms of such notes) of the issuers of such notes will be used to repay principal of the applicable series and class of the Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the respective Tower Revenue Notes. As of March 31, 2025, the Tower Revenue Notes, Series 2015-2 and Series 2018-2 have principal amounts of $700 million and $750 million, with anticipated repayment dates in 2025 and 2028, respectively.
(d)The Company's installment purchases primarily relate to land and bear interest rates up to 8% and mature in periods ranging from less than one year to approximately 20 years.
(e)For the periods ended March 31, 2025 and December 31, 2024, reflects $7 million and $8 million, respectively, in finance lease obligations (primarily related to vehicles).
(f)As of March 31, 2025, the undrawn availability under the Company's senior unsecured revolving credit facility ("2016 Revolver") was $7.0 billion.
(g)Both the 2016 Revolver and the senior unsecured term loan A facility ("2016 Term Loan A" and, collectively, "2016 Credit Facility") bear interest, at the Company's option, at either (1) Term SOFR plus (i) a credit spread adjustment of 0.10% per annum and (ii) a credit spread ranging from 0.875% to 1.750% per annum or (2) an alternate base rate plus a credit spread ranging from 0.000% to 0.750% per annum, in each case, with the applicable credit spread based on the Company's senior unsecured debt rating. The Company pays a commitment fee ranging from 0.080% to 0.300%, based on the Company's senior unsecured debt rating, per annum on the undrawn available amount under the 2016 Revolver. See the 2024 Form 10-K, including note 7 to the consolidated financial statements, for information regarding potential adjustments to such percentages.
(h)The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue, but there were no Commercial Paper Notes issued or outstanding during the period that had original maturities greater than three months. The Commercial Paper Notes are issued under customary terms in the commercial paper market and are issued at a discount from par or, alternatively, can be issued at par and bear varying interest rates on a fixed or floating basis. At any point in time, the Company intends to maintain available commitments under its 2016 Revolver in an amount at least equal to the amount of Commercial Paper Notes outstanding. While any outstanding Commercial Paper Notes generally have short-term maturities, the Company classifies the outstanding issuances, when applicable, as long-term based on its ability and intent to refinance the outstanding issuances on a long-term basis.
Schedule of Maturities of Long-term Debt
Scheduled Principal Payments and Final Maturities
The following are the scheduled principal payments and final maturities of the total debt and other long-term obligations of the Company outstanding as of March 31, 2025, which do not consider the principal payments that will commence following the anticipated repayment dates on the Tower Revenue Notes.
 
Nine Months Ending December 31,
Years Ending December 31,Total Cash ObligationsUnamortized Adjustments, NetTotal Debt and Other Obligations Outstanding
 20252026202720282029Thereafter
Scheduled principal payments and
final maturities
$2,255 
(a)
$2,780 $3,252 $2,633 $2,478 

$11,130 $24,528 $(151)$24,377 
(a)Predominately consists of outstanding indebtedness under the CP Program as discussed in footnote (h) of the preceding table.
Components of Interest Expense and Amortization of Deferred Financing Costs, net
Interest Expense and Amortization of Deferred Financing Costs, Net
The components of interest expense and amortization of deferred financing costs, net are as follows:
Three Months Ended March 31,
20252024
Interest expense on debt obligations$233 $223 
Amortization of deferred financing costs and adjustments on long-term debt8 8 
Capitalized interest(5)(5)
Total$236 $226 
v3.25.1
Fair Value Disclosures (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Estimated Fair Values and Carrying Amounts of Assets and Liabilities
Level in Fair Value HierarchyMarch 31, 2025December 31, 2024
Carrying AmountFair ValueCarrying AmountFair Value
Assets:
Cash and cash equivalents
1$60 $60 $100 $100 
Restricted cash and cash equivalents, current and non-current
1179 179 175 175 
Liabilities:
Total debt and other obligations
224,377 22,767 24,054 22,371 
v3.25.1
Per Share Information (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Share Computations
 Three Months Ended March 31,
 20252024
Income (loss) from continuing operations
$284 $294 
Income (loss) from discontinued operations, net of tax
(748)17
Weighted-average number of common shares outstanding (in millions):
Basic weighted-average number of common stock outstanding435 434 
Effect of assumed dilution from potential issuance of common shares relating to restricted stock units1 1 
Diluted weighted-average number of common shares outstanding436 435 
Net income (loss), per common share:
Income (loss) from continuing operations, basic
$0.65 $0.68 
Income (loss) from discontinued operations, basic
$(1.72)$0.04 
Net income (loss)—basic
$(1.07)$0.72 
Income (loss) from continuing operations, diluted
$0.65 $0.67 
Income (loss) from discontinued operations, diluted
$(1.72)$0.04 
Net income (loss)—diluted
$(1.07)$0.71 
Dividends/distributions declared per share of common stock$1.565 $1.565 
v3.25.1
Equity (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Dividends Declared
Declaration and Payment of Dividends
During the three months ended March 31, 2025, the following dividends/distributions were declared or paid:
Equity TypeDeclaration DateRecord DatePayment DateDividends Per Share
Aggregate
Payment
Amount(a)
Common StockFebruary 26, 2025March 14, 2025March 31, 2025$1.565 $686 
(a)Inclusive of dividends accrued for holders of unvested RSUs, which will be paid when and if the RSUs vest.
v3.25.1
Operating Segments Operating Segments (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following table sets forth the Company's results, including significant expenses not presented in the condensed consolidated statement of operations comprehensive income (loss), for the three months ended March 31, 2025 and 2024. 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.
Three Months Ended March 31,
20252024
Net revenues
$1,061 $1,114 
Less:
Lease expense186 185 
Employee compensation expense(a)
88 96 
Other costs of operations expense(b)(c)
57 62 
Other selling, general and administrative expenses(d)
30 43 
Asset write-down charges2 6 
Depreciation, amortization and accretion177 191 
Restructuring charges
— 11 
Total operating expenses540 594 
Operating income521 520 
Interest expense and amortization of deferred financing costs, net(236)(226)
Interest income3 4 
Other income (expense)1 2 
Income (loss) from continuing operations before income taxes
289 300 
Benefit (provision) for income taxes(5)(6)
Income (loss) from continuing operations284 294 
Discontinued operations (note 3):
Income (loss) from discontinued operations before gain (loss) from disposal, net of tax82 17 
Gain (loss) from disposal of discontinued operations, net of tax(830)— 
Income (loss) from discontinued operations, net of tax(748)17 
Net income (loss)$(464)$311 
(a)$24 million and $26 million is included in "Costs of operations" for the three months ended March 31, 2025 and 2024, respectively, and $63 million and $72 million is included in "Selling, general and administrative" for the three months ended March 31, 2025 and 2024, respectively, on the Company's condensed consolidated statement of operations and comprehensive income (loss).
(b)Exclusive of depreciation, amortization and accretion, shown separately.
(c)Other costs of operations primarily consists of (1) property taxes, (2) repair and maintenance expense, (3) third-party costs related to ancillary services performed and (4) various other insignificant expenses.
(d)Other selling, general and administrative expenses primarily include (1) corporate facilities expense, (2) legal expenses and consulting fees, (3) subscriptions and software costs and (4) other general corporate costs.
v3.25.1
Supplemental Cash Flow Information (Tables)
 3 Months Ended
Mar. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]
The following table is a summary of the Company's supplemental cash flow information for the three months ended March 31, 2025 and 2024:
Three Months Ended March 31,
20252024
Supplemental disclosure of cash flow information:
Cash payments related to operating lease liabilities(a)
$131 $131 
Interest paid315 282 
Supplemental disclosure of non-cash operating, investing and financing activities:
Right-of-use assets recorded in exchange for operating lease liabilities
36 (98)
Increase (decrease) in accounts payable for purchases of property and equipment— (2)
Purchase of property and equipment under finance leases and installment land purchases6 18 
(a)Excludes the Company's contingent payments pursuant to operating leases, which are recorded as expense in the period such contingencies are resolved.
Schedule of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents
The reconciliation of cash and cash equivalents and restricted cash and cash equivalents reported within various lines on the condensed consolidated balance sheet to amounts reported in the condensed consolidated statement of cash flows is shown below.
March 31, 2025December 31, 2024
Continuing Operations
Discontinued Operations
Total
Continuing OperationsDiscontinued Operations
Total
Cash and cash equivalents$60 $38 $98 $100 $19 $119 
Restricted cash and cash equivalents, current
174 1 175 170 1 171 
Restricted cash and cash equivalents reported within other assets, net5 — 5 5 — 5 
Cash and cash equivalents and restricted cash and cash equivalents$239 $39 $278 $275 $20 $295 
v3.25.1
Restructuring and Related Activities (Tables)
 3 Months Ended
Mar. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring and Related Costs The following tables summarize the activities related to the 2023 Restructuring Plan for the three months ended March 31, 2025 and 2024:
Three Months Ended March 31, 2025
Three Months Ended March 31, 2024
Employee Headcount Reduction
Office Space Consolidation
Total
Employee Headcount Reduction
Office Space Consolidation
Total
Liability as of the beginning of the respective period
$2 $5 $7 $12 $11 $23 
Charges (credits)
— — — — 10 10 
Payments
(1)(1)(2)(6)(4)(10)
Non-cash items
— — — — (4)(4)
Liability as of the end of the respective period
$1 $4 $5 $6 $13 $19 
2024 Restructuring and Related Costs
The following table summarizes the activities related to the 2024 Restructuring Plan for the three months ended March 31, 2025:
Three Months Ended March 31, 2025
Employee Headcount Reduction
Office Space Consolidation
Total
Liability as of December 31, 2024
$2 $34 $36 
Charges (credits)
— — — 
Payments
(2)(3)(5)
Non-cash items
— — — 
Liability as of March 31, 2025
$— $31 $31 
v3.25.1
General Business (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Business Combination, Consideration Transferred $ 8,500  
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax $ 830 $ 0
Subject to Capital Lease with TMO or AT&T [Member]    
Purchase Option, Percentage of Towers 54.00%  
v3.25.1
Discontinued Operations and Disposal Groups (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Disposal Group, Including Discontinued Operation, Assets, Current $ 442   $ 429
Disposal Group, Including Discontinued Operation, Liabilities, Current 689   710
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent 82 $ 17  
Disposal Group, Including Discontinued Operation, Consideration 8,500    
Discontinued Operations, Held-for-Sale      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net 316   349
Disposal Group, Including Discontinued Operation, Other Assets, Current [1] 126   80
Disposal Group, Including Discontinued Operation, Assets, Current     429
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment [2] 8,976   8,918
Disposal Group, Including Discontinued Operation, Intangible Assets [2] 1,704   1,744
Disposal Group, Including Discontinued Operation, Operating Lease Right-of-use Assets and Other Assets, Noncurrent 302   306
Valuation allowance for assets held for sale (819)   0
Disposal Group, Including Discontinued Operation, Assets 10,605   11,397
Disposal Group, Including Discontinued Operation, Accounts Payable 150   144
Disposal Group, Including Discontinued Operation, Deferred Revenue, Current 345   336
Disposal Group, Including Discontinued Operation, Accrued Liabilities, Current 186   223
Disposal Group, Including Discontinued Operation, Current maturities of debt and other obligations 8   7
Disposal Group, Including Discontinued Operation, Liabilities, Current     710
Disposal Group, Including Discontinued Operation, Debt and other long-term obligations 22   20
Disposal Group, Including Discontinued Operation, Operating Lease, Liability, Noncurrent 166   173
Disposal Group, Including Discontinued Operation, Deferred Revenue and Other Liabilities, Noncurrent 1,330   1,341
Disposal Group, Including Discontinued Operation, Liabilities 2,207   2,244
Disposal Group, Including Discontinued Operation, Revenue 532 526  
Disposal Group, Including Discontinued Operation, Operating Expense [2] 448 507  
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax 84 19  
Discontinued Operation, Tax Effect of Discontinued Operation (2) (2)  
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent [3] 82 $ 17  
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents $ 39   $ 20
[1] As of March 31, 2025 and December 31, 2024, inclusive of $39 million and $20 million, respectively, in cash and cash equivalents.
[2] Following the classification of the Fiber Business as "held for sale", the Company ceased depreciation and amortization of assets included in discontinued operations.
[3] Exclusive of the gain (loss) from disposal of discontinued operations, net of tax, as presented on the condensed consolidated statement of operations and comprehensive income (loss).
v3.25.1
Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Revenue, Remaining Performance Obligation, Amount $ 423   $ 430 $ 623
Revenue Recognized on Deferred Revenues 37 $ 55    
Continuing Operations        
Contracted Amounts Receivable from Customers, remainder of year [1] 2,928      
Contracted Amounts Receivable from Customers, in Two Years [1] 3,955      
Contracted Amounts Receivable from Customers, in Three Years [1] 4,033      
Contracted Amounts Receivable from Customers, in Four Years [1] 3,911      
Contracted Amounts Receivable from Customers, in Five Years [1] 3,212      
Contracted Amounts Receivable from Customers, Thereafter [1] 11,546      
Lessor, Operating Lease, Payments to be Received [1] $ 29,585      
Minimum [Member]        
Revenue Recognition Non-cancelable Lease Term for Wireless Tenants five      
Revenue, Performance Obligation, Description of Payment Terms 45      
Maximum [Member]        
Revenue Recognition Non-cancelable Lease Term for Wireless Tenants 15      
Revenue, Performance Obligation, Description of Payment Terms 90      
[1] Excludes amounts related to services, as those contracts generally have a duration of one year or less.
v3.25.1
Debt and Other Obligations (Indebtedness) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Debt and Finance Lease Obligations $ 24,377 $ 24,054
Less: current maturities of debt and other obligations 1,503 603
Non-current portion of long-term debt and other long-term obligations 22,874 23,451
Finance Lease Obligations 7 8
2015 Tower Revenue Notes 3.663% due 2045 [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Face Amount 700  
2018 Tower Revenue Notes 4.241% due 2048 [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Face Amount $ 750  
Fixed Rate Securitized Debt July 2018 Tower Revenue Notes [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Increase (Decrease) 5.00%  
Securitized Debt [Member]    
Debt Instrument [Line Items]    
Debt and Finance Lease Obligations $ 1,746 1,751
Securitized Debt [Member] | Fixed Rate Debt 2009 Securitized Notes A-2 [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage [1],[2] 9.00%  
Debt and Finance Lease Obligations $ 31 32
Securitized Debt [Member] | 2015 Tower Revenue Notes 3.663% due 2045 [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage [1],[2] 3.70%  
Debt and Finance Lease Obligations [3] $ 700 700
Securitized Debt [Member] | 2018 Tower Revenue Notes 4.241% due 2048 [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage [1],[2] 4.20%  
Debt and Finance Lease Obligations [3] $ 747 747
Installment Purchase Liabilities and Finance Leases | Securitized Debt [Member]    
Debt Instrument [Line Items]    
Debt and Finance Lease Obligations [4],[5] $ 268 272
Bank Debt [Member] | 2016 Term Loan A [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage [1],[2],[6] 5.50%  
Debt and Finance Lease Obligations $ 1,101 1,117
High Yield Bonds [Member] | June 2020 Senior Unsecured 1.350% Notes [Domain]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage [1],[2] 1.40%  
Debt and Finance Lease Obligations $ 500 499
High Yield Bonds [Member] | Senior Unsecured 2016 Notes 4.450% [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage [1],[2] 4.50%  
Debt and Finance Lease Obligations $ 899 899
High Yield Bonds [Member] | Senior Unsecured 2016 Notes 3.7% [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage [1],[2] 3.70%  
Debt and Finance Lease Obligations $ 749 749
High Yield Bonds [Member] | February 2021 Senior Unsecured 1.050% Notes    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage [1],[2] 1.10%  
Debt and Finance Lease Obligations $ 997 997
High Yield Bonds [Member] | 4.000% Senior Unsecured Notes [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage [1],[2] 4.00%  
Debt and Finance Lease Obligations $ 499 498
High Yield Bonds [Member] | 2.900% Senior Unsecured Notes    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage [1],[2] 2.90%  
Debt and Finance Lease Obligations $ 746 746
High Yield Bonds [Member] | August 2017 Senior Unsecured 3.650% Notes [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage [1],[2] 3.70%  
Debt and Finance Lease Obligations $ 998 997
High Yield Bonds [Member] | January 2023 Senior Unsecured 5.000% Notes    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage [1],[2] 5.00%  
Debt and Finance Lease Obligations $ 994 993
High Yield Bonds [Member] | 3.800% Senior Notes [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage [1],[2] 3.80%  
Debt and Finance Lease Obligations $ 996 996
High Yield Bonds [Member] | 4.800% Senior Notes    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage [1],[2] 4.80%  
Debt and Finance Lease Obligations $ 595 595
High Yield Bonds [Member] | February 2019 Senior Unsecured 4.300% Notes [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage [1],[2] 4.30%  
Debt and Finance Lease Obligations $ 596 596
High Yield Bonds [Member] | December 2023 Senior Unsecured 5.600% Notes    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage [1],[2] 5.60%  
Debt and Finance Lease Obligations $ 743 742
High Yield Bonds [Member] | August 2024 Senior Unsecured 4.900% Notes    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage [1],[2] 4.90%  
Debt and Finance Lease Obligations $ 544 544
High Yield Bonds [Member] | August 2019 Senior Unsecured 3.100% Notes [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage [1],[2] 3.10%  
Debt and Finance Lease Obligations $ 547 547
High Yield Bonds [Member] | April 2020 Senior Unsecured 3.300% Notes [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage [1],[2] 3.30%  
Debt and Finance Lease Obligations $ 742 742
High Yield Bonds [Member] | June 2020 Senior Unsecured 2.250% Notes [Domain]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage [1],[2] 2.30%  
Debt and Finance Lease Obligations $ 1,093 1,093
High Yield Bonds [Member] | February 2021 Senior Unsecured 2.100% Notes    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage [1],[2] 2.10%  
Debt and Finance Lease Obligations $ 992 991
High Yield Bonds [Member] | June 2021 Senior Unsecured 2.500% Notes [Domain]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage [1],[2] 2.50%  
Debt and Finance Lease Obligations $ 744 744
High Yield Bonds [Member] | 5.100% Senior Notes    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage [1],[2] 5.10%  
Debt and Finance Lease Obligations $ 744 743
High Yield Bonds [Member] | December 2023 Senior Unsecured 5.800% Notes    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage [1],[2] 5.80%  
Debt and Finance Lease Obligations $ 743 742
High Yield Bonds [Member] | August 2024 Senior Unsecured 5.200% Notes    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage [1],[2] 5.20%  
Debt and Finance Lease Obligations $ 689 689
High Yield Bonds [Member] | February 2021 Senior Unsecured 2.900% Notes    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage [1],[2] 2.90%  
Debt and Finance Lease Obligations $ 1,234 1,235
High Yield Bonds [Member] | 4.750% Senior Unsecured Notes [Member] [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage [1],[2] 4.80%  
Debt and Finance Lease Obligations $ 345 345
High Yield Bonds [Member] | February 2019 Senior Unsecured 5.200% Notes [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage [1],[2] 5.20%  
Debt and Finance Lease Obligations $ 396 396
High Yield Bonds [Member] | August 2019 Senior Unsecured 4.000% Notes [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage [1],[2] 4.00%  
Debt and Finance Lease Obligations $ 346 346
High Yield Bonds [Member] | April 2020 Senior Unsecured 4.150% Notes [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage [1],[2] 4.20%  
Debt and Finance Lease Obligations $ 491 490
High Yield Bonds [Member] | June 2020 Senior Unsecured 3.250% Notes [Domain]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage [1],[2] 3.30%  
Debt and Finance Lease Obligations $ 891 891
Unsecured Debt [Member]    
Debt Instrument [Line Items]    
Debt and Finance Lease Obligations $ 22,631 22,303
Maximum [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 0.75%  
Maximum [Member] | Installment Purchase Liabilities and Finance Leases    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 8.00%  
Maximum [Member] | Installment purchases    
Debt Instrument [Line Items]    
Debt Instrument Maturity Date Range 20 years  
Minimum [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 0.00%  
Minimum [Member] | Installment purchases    
Debt Instrument [Line Items]    
Debt Instrument Maturity Date Range one year  
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 1.75%  
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 0.875%  
Revolving Credit Facility [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Unused Borrowing Capacity, Amount $ 7,000  
Debt and Finance Lease Obligations [6] $ 0 [7] 0
Revolving Credit Facility [Member] | Maximum [Member]    
Debt Instrument [Line Items]    
Line of Credit Facility, Commitment Fee Percentage 0.30%  
Revolving Credit Facility [Member] | Minimum [Member]    
Debt Instrument [Line Items]    
Line of Credit Facility, Commitment Fee Percentage 0.08%  
Commercial Paper [Member] | Bank Debt [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage [1],[2] 4.90%  
Debt and Finance Lease Obligations $ 1,677 [8] $ 1,341
Debt Instrument, Maturity Date, Description 397 days  
Commercial Paper [Member] | Maximum [Member] | Bank Debt [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Maturity Date, Description three months  
Term SOFR Adjustment    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 0.10%  
[1] Represents the weighted-average stated interest rate, as applicable.
[2] See the 2024 Form 10-K, including note 7 to the consolidated financial statements, for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness.
[3] If the Tower Revenue Notes, Series 2015-2 and Series 2018-2 (collectively, "Tower Revenue Notes") are not paid in full on or prior to an applicable anticipated repayment date, then Excess Cash Flow (as defined in the indenture governing the terms of such notes) of the issuers of such notes will be used to repay principal of the applicable series and class of the Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the respective Tower Revenue Notes. As of March 31, 2025, the Tower Revenue Notes, Series 2015-2 and Series 2018-2 have principal amounts of $700 million and $750 million, with anticipated repayment dates in 2025 and 2028, respectively.
[4] The Company's installment purchases primarily relate to land and bear interest rates up to 8% and mature in periods ranging from less than one year to approximately 20 years.
[5] For the periods ended March 31, 2025 and December 31, 2024, reflects $7 million and $8 million, respectively, in finance lease obligations (primarily related to vehicles).
[6] Both the 2016 Revolver and the senior unsecured term loan A facility ("2016 Term Loan A" and, collectively, "2016 Credit Facility") bear interest, at the Company's option, at either (1) Term SOFR plus (i) a credit spread adjustment of 0.10% per annum and (ii) a credit spread ranging from 0.875% to 1.750% per annum or (2) an alternate base rate plus a credit spread ranging from 0.000% to 0.750% per annum, in each case, with the applicable credit spread based on the Company's senior unsecured debt rating. The Company pays a commitment fee ranging from 0.080% to 0.300%, based on the Company's senior unsecured debt rating, per annum on the undrawn available amount under the 2016 Revolver. See the 2024 Form 10-K, including note 7 to the consolidated financial statements, for information regarding potential adjustments to such percentages.
[7] As of March 31, 2025, the undrawn availability under the Company's senior unsecured revolving credit facility ("2016 Revolver") was $7.0 billion.
[8] The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue, but there were no Commercial Paper Notes issued or outstanding during the period that had original maturities greater than three months. The Commercial Paper Notes are issued under customary terms in the commercial paper market and are issued at a discount from par or, alternatively, can be issued at par and bear varying interest rates on a fixed or floating basis. At any point in time, the Company intends to maintain available commitments under its 2016 Revolver in an amount at least equal to the amount of Commercial Paper Notes outstanding. While any outstanding Commercial Paper Notes generally have short-term maturities, the Company classifies the outstanding issuances, when applicable, as long-term based on its ability and intent to refinance the outstanding issuances on a long-term basis.
v3.25.1
Debt and Other Obligations (Components of Interest Expense and Amortization of Deferred Financing Costs) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Debt and Other Obligations [Abstract]    
Interest Expense, Debt, Excluding Amortization $ 233 $ 223
Amortization of deferred financing costs and adjustments on long-term debt, net 8 8
Capitalized interest (5) (5)
Interest expense and amortization of deferred financing costs, net $ 236 $ 226
v3.25.1
Debt and Other Obligations Contractual Maturities (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract]    
Long-Term Debt, Maturity, remainder of year [1] $ 2,255  
Long-Term Debt, Maturity, Year One 2,780  
Long-Term Debt, Maturity, Year Two 3,252  
Long-Term Debt, Maturity, Year Three 2,633  
Long-Term Debt, Maturity, Year Four 2,478  
Long-Term Debt, Maturity, after Year Five 11,130  
Total Cash Obligations 24,528  
Unamortized Adjustments, Net (151)  
Debt and Finance Lease Obligations $ 24,377 $ 24,054
[1] Predominately consists of outstanding indebtedness under the CP Program as discussed in footnote (h) of the preceding table.
v3.25.1
Fair Value Disclosures (Estimated Fair Values and Carrying Amounts of Assets and Liabilities) (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]    
Cash and cash equivalents $ 60 $ 100
Cash and cash equivalents, fair value 60 100
Restricted Cash and Cash Equivalents 179 175
Restricted Cash and Cash Equivalents Fair Value Disclosure 179 175
Long-term debt and other obligations, carrying amount 24,377 24,054
Long-term debt and other obligations, fair value $ 22,767 $ 22,371
v3.25.1
Per Share Information (Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Share Computations) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share [Abstract]    
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent $ 284 $ 294
Net income (loss) from discontinued operations, net of tax $ (748) $ 17
Basic weighted-average number of common stock outstanding 435 434
Effect of assumed dilution from potential issuance of common shares relating to restricted stock units 1 1
Diluted weighted-average number of common shares outstanding 436 435
Income (Loss) from Continuing Operations, Per Basic Share $ 0.65 $ 0.68
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share (1.72) 0.04
Earnings Per Share, Basic (1.07) 0.72
Income (Loss) from Continuing Operations, Per Diluted Share 0.65 0.67
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share (1.72) 0.04
Earnings Per Share, Diluted (1.07) 0.71
Dividends/distributions declared per share of common stock (in dollars per share) $ 1.565 $ 1.565
v3.25.1
Per Share Information Stock Issued During Period, Restricted Stock Award (Details)
shares in Millions
 3 Months Ended
Mar. 31, 2025
shares
Restricted stock units granted [Abstract]  
Restricted stock award granted 1.3
v3.25.1
Commitments and Contingencies Commitment and Contingencies (Details)
Mar. 31, 2025
Subject to Capital Lease with TMO or AT&T [Member]  
Other Commitments [Line Items]  
Purchase Option, Percentage of Towers 54.00%
v3.25.1
Equity (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Common Stock, Dividends, Per Share, Cash Paid $ 1.565  
Dividends, Common Stock, Cash [1] $ 686  
Common stock repurchased during period, shares 0.2  
Purchases of common stock $ (21) $ (27)
Availability Under ATM $ 750  
O2025Q1Dividends    
Dividends Payable, Date Declared Feb. 26, 2025  
Dividends Payable, Date of Record Mar. 14, 2025  
Dividends Payable, Date to be Paid Mar. 31, 2025  
[1] Inclusive of dividends accrued for holders of unvested RSUs, which will be paid when and if the RSUs vest.
v3.25.1
Operating Segments Operating Segments Table (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Segment Reporting Information [Line Items]    
Tower Count 40,000  
Segment Revenues $ 1,061 $ 1,114
Employee compensation expense [1] 88 96
Other Selling, General and Administrative Expense [2] 30 43
Asset write-down charges 2 6
Depreciation, Amortization and Accretion, Net 177 191
Restructuring Charges 0 11
Total operating expenses 540 594
Operating income (loss) 521 520
Interest expense and amortization of deferred financing costs, net (236) (226)
Interest income 3 4
Other income (expense) 1 2
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest 289 300
Benefit (provision) for income taxes (5) (6)
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent 284 294
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent 82 17
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax (830) 0
Net income (loss) from discontinued operations, net of tax (748) 17
Net Income (Loss) Attributable to Parent (464) 311
Selling, general and administrative 93 114
Lease expense    
Segment Reporting Information [Line Items]    
Segment cost of operations 186 185
Employee compensation expense    
Segment Reporting Information [Line Items]    
Operating Costs and Expenses 24 26
Selling, general and administrative 63 72
Other    
Segment Reporting Information [Line Items]    
Segment cost of operations [3],[4] $ 57 $ 62
[1] $24 million and $26 million is included in "Costs of operations" for the three months ended March 31, 2025 and 2024, respectively, and $63 million and $72 million is included in "Selling, general and administrative" for the three months ended March 31, 2025 and 2024, respectively, on the Company's condensed consolidated statement of operations and comprehensive income (loss).
[2] Other selling, general and administrative expenses primarily include (1) corporate facilities expense, (2) legal expenses and consulting fees, (3) subscriptions and software costs and (4) other general corporate costs.
[3] Exclusive of depreciation, amortization and accretion, shown separately.
[4] Other costs of operations primarily consists of (1) property taxes, (2) repair and maintenance expense, (3) third-party costs related to ancillary services performed and (4) various other insignificant expenses.
v3.25.1
Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]        
Cash payments related to operating lease liabilities [1] $ 131 $ 131    
Interest Paid 315 282    
Right-of-use assets recorded in exchange for operating lease liabilities 36 (98)    
Increase (decrease) in accounts payable for purchases of property and equipment 0 (2)    
Purchase of property and equipment under capital leases and installment purchases 6 18    
Cash and cash equivalents 60   $ 100  
Restricted cash and cash equivalents, current 174   170  
Cash, Cash Equivalents, Restricted Cash and Cash Equivalents [2] 278 $ 298 295 $ 281
Continuing Operations        
Cash and cash equivalents 60   100  
Restricted cash and cash equivalents, current 174   170  
Restricted Cash and Cash Equivalents, Noncurrent 5   5  
Cash, Cash Equivalents, Restricted Cash and Cash Equivalents 239   275  
Discontinued Operations        
Cash and cash equivalents 38   19  
Restricted cash and cash equivalents, current 1   1  
Restricted Cash and Cash Equivalents, Noncurrent 0   0  
Cash, Cash Equivalents, Restricted Cash and Cash Equivalents 39   20  
Consolidated - Continuing and Discontinued Operations        
Cash and cash equivalents 98   119  
Restricted cash and cash equivalents, current 175   171  
Restricted Cash and Cash Equivalents, Noncurrent 5   5  
Cash, Cash Equivalents, Restricted Cash and Cash Equivalents $ 278   $ 295  
[1] Excludes the Company's contingent payments pursuant to operating leases, which are recorded as expense in the period such contingencies are resolved.
[2] Inclusive of cash and cash equivalents and restricted cash and cash equivalents included in discontinued operations. See note 12.
v3.25.1
Restructuring and Related Activities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]        
Restructuring Charges $ 0 $ (11)    
2023 Restructuring Plan        
Restructuring Cost and Reserve [Line Items]        
Restructuring Charges 0 10    
Payments for Restructuring (2) (10)    
Restructuring Reserve, Settled without Cash 0 (4)    
Restructuring Reserve 5 $ 19 $ 7 $ 23
Employee headcount reduction   15.00%    
2024 Restructuring Plan        
Restructuring Cost and Reserve [Line Items]        
Restructuring Charges 0      
Payments for Restructuring (5)      
Restructuring Reserve, Settled without Cash 0      
Restructuring Reserve $ 31   36  
Employee headcount reduction 10.00%      
Employee Severance | 2023 Restructuring Plan        
Restructuring Cost and Reserve [Line Items]        
Restructuring Charges $ 0 $ 0    
Payments for Restructuring (1) (6)    
Restructuring Reserve, Settled without Cash 0 0    
Restructuring Reserve 1 6 2 12
Employee Severance | 2024 Restructuring Plan        
Restructuring Cost and Reserve [Line Items]        
Restructuring Charges 0      
Payments for Restructuring (2)      
Restructuring Reserve, Settled without Cash 0      
Restructuring Reserve 0   2  
Facility Closing | 2023 Restructuring Plan        
Restructuring Cost and Reserve [Line Items]        
Restructuring Charges 0 10    
Payments for Restructuring (1) (4)    
Restructuring Reserve, Settled without Cash 0 (4)    
Restructuring Reserve 4 $ 13 5 $ 11
Facility Closing | 2024 Restructuring Plan        
Restructuring Cost and Reserve [Line Items]        
Restructuring Charges 0      
Payments for Restructuring (3)      
Restructuring Reserve, Settled without Cash 0      
Restructuring Reserve $ 31   $ 34  
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