Q3 2026 Revenue down 7% year over year to $995M · 28¢ of every $1 of revenue kept as net profit · operating margin 46.7%
Crown Castle made $995M in Q3 2026 (-7% Y/Y). Operating margin 46.7%, net earnings $283M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
Revenue$995M
Year over year-7%
Operating margin46.7%
Net earnings$283M
Operating cash flow$56.0M
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $995.0M in Q3 2026, down 7% year over year and down 1% from the previous quarter.
Operating profit was $465.0M, a 46.7% margin (down 2.2 points year over year). Total costs fell 3% while revenue fell 7%. Net earnings were $283.0M, down 12% year over year. The effective tax rate was 1.7%.
Operating cash flow was $56.0M (down 92% year over year), 20% of net earnings. Non-cash charges added back $180.0M of depreciation and amortization and $18.0M of share-based compensation. Working capital and other items used $425.0M. Capital expenditures of $66.0M exceeded it, leaving free cash flow of −$10.0M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 4, 2026
$995M
-7%
46.7%
$283M
$56.0M
Q2 2026
10-Q
Aug 5, 2026
$1.0B
-5%
46.6%
$94.0M
$531M
Q1 2026
10-Q
May 7, 2026
$1.0B
-5%
46.0%
$151M
$509M
Q4 2025
10-K
Feb 23, 2026
$1.1B
-4%
48.8%
$294M
$870M
Q3 2025
10-Q
Nov 6, 2025
$1.1B
-4%
49.0%
$323M
$714M
Q2 2025
10-Q
Aug 6, 2025
$1.1B
-4%
47.7%
$291M
$832M
Q1 2025
10-Q
May 9, 2025
$1.1B
-5%
49.1%
−$464M
$641M
Charts
Latest (Q3 2026): Y/Y -7%, Q/Q -1%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q3 2026): Net income $283M, Operating cash flow $56.0M.+2.8% since FY2020: more shares outstanding (issuance, stock pay).Cash $99.0M, short-term investments —, long-term debt $24.3B at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
TMUS — 40% of its revenue · Stated in 10-K (XBRL) · source
T — 27% of its revenue · Stated in 10-K (XBRL) · source
VZ · Stated in 10-K (named, share not stated) · source
About Crown Castle
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. We refer to our towers, small cells and fiber assets collectively as "communications infrastructure," and, at times, to our customers on our communications infrastructure as "tenants." Our operating segments historically consisted of (1) Towers and (2) Fiber, which includes both small cells and fiber solutions.
In its own words, from its 10-K, filed Feb 23, 2026.
Crown Castle against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -7% against the peers' median +11%. Operating margin: 46.7% against the peers' median 20.6%.
Met or beat 1 of 1 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.32 statements; tone +0.31 (−1 all cautious, +1 all confident); 4 hedged.
13F: who owns CCI and who is buying
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).