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Crown Castle cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$10.0M in Q3 2026 · $1.7B over twelve months

Operating cash flow$56.0M
Capital spending−$66.0M
Free cash flow−$10.0M
Cash / net income0.2×
Cash conversion cycle-528 days

Analysis

In Q3 2026, Crown Castle generated $56.0M of operating cash flow and spent $66.0M on capital projects, leaving free cash flow of −$10.0M. That is $681M less than in Q3 2025 ($671M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.0B; the largest uses were other financing ($7.2B), net borrowing (+) / repaid (−) ($3.6B), buybacks ($997M); besides operations, cash came from other investing ($7.8B), dividends ($2.3B); the cash balance rose by $50.0M.

Operating cash flow was $56.0M against net income of $283M — 0.2× profit, less cash than reported earnings, worth checking against working capital. The largest differences: prepaid and other assets −$257M, depreciation & amortization +$180M, other liabilities −$102M.

Its cash conversion cycle was -528 days (receivables 13 + inventory 0 − payables 541): suppliers fund its working capital.

Free cash flow

Crown Castle: free cash flow by quarterCrown Castle: free cash flow by quarter$825MQ4 2024$601MQ1 2025$792MQ2 2025$671MQ3 2025$811MQ4 2025$452MQ1 2026$472MQ2 2026−$10.0MQ3 2026
Operating cash flow less capital spending.
Crown Castle: operating cash flow against capital spendingCrown Castle: operating cash flow against capital spendingOperating cash flowCapital spending$877M$52.0MQ4 2024$641M$40.0MQ1 2025$832M$40.0MQ2 2025$714M$43.0MQ3 2025$870M$59.0MQ4 2025$509M$57.0MQ1 2026$531M$59.0MQ2 2026$56.0M$66.0MQ3 2026
Latest (Q3 2026): Operating cash flow $56.0M, Capital spending $66.0M.

Capital allocation, year by year

Crown Castle: where the cash came from (up) and went (down), by fiscal yearCrown Castle: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $2.8BFY2021: Net borrowing $2.3BFY2021: Capital spending −$1.2BFY2021: Acquisitions −$111MFY2021: Buybacks −$70.0MFY2021: Dividends −$2.4B$5.0BFY2021FY2022: Operating cash flow $2.9BFY2022: Net borrowing $9.3BFY2022: Capital spending −$1.3BFY2022: Acquisitions −$35.0MFY2022: Buybacks $65.0MFY2022: Dividends $2.6B$14.9BFY2022FY2023: Operating cash flow $3.1BFY2023: Net borrowing $11.2BFY2023: Capital spending −$243MFY2023: Acquisitions −$96.0MFY2023: Buybacks $30.0MFY2023: Dividends $2.7B$17.1BFY2023FY2024: Operating cash flow $2.9BFY2024: Net borrowing $4.0BFY2024: Capital spending −$176MFY2024: Acquisitions −$8.0MFY2024: Buybacks $33.0MFY2024: Dividends $2.7B$9.7BFY2024FY2025: Operating cash flow $3.1BFY2025: Net borrowing $3.2BFY2025: Capital spending −$182MFY2025: Buybacks $23.0MFY2025: Dividends $2.1B$8.4BFY2025
Over these 5 years operating cash flow totalled $14.8B; the largest uses were capital spending ($3.1B) and dividends ($2.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$133M
Debt$24.3B
Net debt$24.2B
Due within a year$4.7B

Crown Castle funds itself: free cash flow was $1.7B over the last twelve months, and $133M of cash and investments stands against $24.3B of debt ($4.7B due within a year, 0.0× covered by cash).

Crown Castle: debt maturities by year (FY2025)Crown Castle: debt maturities by year (FY2025)$4.7BYear 1$4.2BYear 2$2.6BYear 3$2.5BYear 4$772MYear 5$9.7BAfter year 5
Principal due in each year as disclosed in the annual report, against $133M of cash and investments now.

Where the cash came from and went

Crown Castle: sources (+) and uses (−) of cash, Q3 2026Crown Castle: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$949MDividends−$452MNet borrowing (+) / repaid (−)−$450MCapital spending−$66.0MOperating cash flow$56.0MBuybacks−$26.0MOther financing−$11.0M
Crown Castle: sources (+) and uses (−) of cash, TTM to Q3 2026Crown Castle: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing$7.8BOther financing−$7.2BNet borrowing (+) / repaid (−)−$3.6BDividends$2.3BOperating cash flow$2.0BBuybacks−$997MCapital spending−$241MCash drawn (+) / kept (−)−$50.0M

From profit to cash

Crown Castle: net income to operating cash flow, Q3 2026Crown Castle: net income to operating cash flow, Q3 2026Net income$283MDepreciation & amortization$180MStock-based pay$18.0MDeferred taxes$1.0MImpairments$1.0MOther non-cash$1.0MReceivables−$20.0MPayables−$21.0MPrepaid and other assets−$257MOther liabilities−$102MOperating cash flow$56.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202613—541-528
Q2 202617—374-357
Q1 202616—237-221
Q4 202513—216-203
Q3 202510—173-164
Q2 202510—152-142
Q1 202511—145-134
Q4 202422—439-416

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$56.0M−$66.0M−$26.0M−$452M−$450M$949M−$10.0M
Q2 2026$531M−$59.0M−$992M−$459M−$6.4B−$929M$472M
Q1 2026$509M−$57.0M−$25.0M−$473M−$1.4B−$17.0M$452M
Q4 2025$870M−$59.0M$46.0M$3.7B$2.9B−$53.0M$811M
Q3 2025$714M−$43.0M—−$462M$41.0M$19.0M$671M
Q2 2025$832M−$40.0M−$2.0M−$463M−$72.0M$4.0M$792M
Q1 2025$641M−$40.0M−$21.0M−$690M$336M$17.0M$601M
Q4 2024$877M−$52.0M$65.0M$4.8B$2.9B$76.0M$825M

Crown Castle: income statement and cash flow

Crown Castle, Q3 2026: revenue $995M (-7% year over year), operating margin 46.7%. The chart follows the revenue to costs, profit and cash.

Crown Castle: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.