CROWN CASTLE INC.
For the period ended Jun 30, 2025. Filed Aug 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 6, 2025
CCI$88.60-2.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-09.
0001051470-25-000141
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0001051470-25-000168
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 149 previous paragraphs and 170 current paragraphs.
104 unchanged; 43 reworded; 9 added; 2 removed; 0 previous and 14 current paragraphs rearranged.
Tables are not compared: 6 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (9)
Current report
•During 2025, we completed the following financing activities (see note 5 to our condensed consolidated financial statements)
Current report
◦In May 2025, we paid in full the previously outstanding Tower Revenue Notes, Series 2015-2 on the anticipated repayment date.
Current report
◦In July 2025, we repaid in full the $500 million aggregate principal amount of 1.350% senior unsecured notes on the contractual maturity date.
Current report
Income (loss) from continuing operations remained consistent year-over-year at $265 million due primarily to the aforementioned decrease in Adjusted Site Rental Gross Margin being offset by the aforementioned decrease in selling, general and administrative expenses and the absence of restructuring charges during the three months ended June 30, 2025.
Current report
Income (loss) from discontinued operations before gain (loss) from disposal, net of tax, was $278 million for the second quarter of 2025 compared to $(14) million during the second quarter of 2024. The increase was primarily related to a $249 million decrease in depreciation, amortization and accretion related to the ceasing of depreciation and amortization of the Fiber Business long-lived assets classified as "held for sale." In addition, an absence of restructuring charges and an increase in revenue in the second quarter of 2025 further contributed to the increase period over period.
Current report
Net income (loss) was $291 million for the second quarter of 2025 compared to $251 million during the second quarter of 2024. The increase was primarily due to the income (loss) from discontinued operations, net of tax.
Current report
(b)Includes $102 million of towers non-renewals associated with Sprint Cancellations.
Current report
Selling, general and administrative expenses for the first six months of 2025 were $192 million and decreased by $58 million, or 23%, from $250 million during the same period in the prior year. This decrease was primarily related to the absence of advisory fees related to the proxy contest that occurred during 2024 and a decrease in employee- and facility-related costs as a result of our aforementioned restructuring activities.
Current report
As of June 30, 2025, over the next 12 months:
Removed paragraphs (2)
Previous report
(In millions of dollars)
Previous report
Over the next 12 months:
Reworded paragraphs (43)
Previous wording
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").
Current wording
We own, operate and lease shared communications infrastructure that is geographically dispersed throughout the U.S., including (1) approximately 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").
Previous wording
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.
Current wording
Our towers have a significant presence in each of the top 100 basic trading areas, 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.
Previous wording
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.
Current wording
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. Related to the classification of the Fiber Business as "held for sale", the Company recognized a loss from disposal of discontinued operations of $252 million and $1.1 billion, inclusive of estimated transaction fees, for the three and six months ended June 30, 2025, respectively. 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.
Previous wording
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.
Current wording
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 our operating segment.
Previous wording
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.
Current wording
Site rental revenues represented 95% of our second 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.
Previous wording
◦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.
Current wording
◦We had discretionary capital expenditures of $67 million for the six months ended June 30, 2025. The capital expenditures predominately related to improvements to existing towers in order to support additional tenants.
Previous wording
◦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.
Current wording
◦As of June 30, 2025, our weighted-average remaining term was approximately six years, exclusive of renewals exercisable at the tenants' option, currently representing approximately $28.8 billion of expected future cash inflows.
Previous wording
◦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.
Current wording
◦For the six months ended June 30, 2025, approximately 89% of our site rental revenues were derived from T-Mobile, AT&T and Verizon Wireless.
Previous wording
◦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.
Current wording
◦For the six months ended June 30, 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.
Previous wording
◦For the three months ended March 31, 2025, sustaining capital expenditures represented approximately 1% of net revenues.
Current wording
◦For the six months ended June 30, 2025, sustaining capital expenditures represented approximately 1% of net revenues.
Previous wording
◦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).
Current wording
◦As of June 30, 2025, our outstanding debt had a weighted-average interest rate of 3.9% and weighted-average maturity of approximately six years (assuming the anticipated repayment date on the $750 million aggregate principal amount of 4.241% senior secured tower revenue notes ("Tower Revenue Notes, Series 2018-2").
Previous wording
◦As of March 31, 2025, 89% of our debt had fixed rate coupons.
Current wording
◦As of June 30, 2025, 86% of our debt had fixed rate coupons.
Previous wording
◦Net cash provided by operating activities was $641 million for the three months ended March 31, 2025.
Current wording
◦Net cash provided by operating activities was $1.5 billion for the six months ended June 30, 2025.
Previous wording
◦During the three months ended March 31, 2025, we paid a common stock dividend of $1.565 per share, totaling approximately $690 million.
Current wording
◦During the first and second quarter of 2025, we paid a common stock dividend of $1.565 and $1.063 per share, respectively, totaling approximately $1.2 billion.
Previous wording
◦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.
Current wording
◦We updated our capital allocation framework to focus more on free cash flow generation and financial flexibility, which resulted in a reduction to our dividend, beginning in the second quarter 2025. As we grow cash flows, 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.
Previous wording
◦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.
Current wording
◦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 for further discussion of the 2023 Restructuring Plan.
Previous wording
•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.
Current wording
•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 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.
Previous wording
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:
Current wording
Site rental revenues decreased $56 million, or 5%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This decrease was predominately comprised of the factors depicted in the chart below:
Previous wording
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.
Current wording
Site rental revenues and Adjusted Site Rental Gross Margin for the second quarter of 2025 were $1.0 billion and $762 million, respectively, compared to $1.1 billion and $819 million, respectively, in the same period in the prior year. The decrease of $56 million and $57 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.
Previous wording
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.
Current wording
Adjusted Services and Other Gross Margin was $26 million for the second quarter of 2025 and increased by $6 million from $20 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.
Previous wording
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.
Current wording
Selling, general and administrative expenses for the second quarter of 2025 were $99 million and decreased by $37 million, or 27%, from $136 million during the same period in the prior year. This decrease was primarily related to the absence of advisory fees related to the proxy contest that occurred during 2024 and a decrease in employee- and facility-related costs as a result of our aforementioned restructuring activities.
Previous wording
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.
Current wording
Depreciation, amortization and accretion was $175 million for second quarter of 2025 and decreased by $5 million, or 3%, 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.
Previous wording
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.
Current wording
There were no restructuring charges recorded in the second quarter of 2025 compared to $19 million recorded during the same period in the prior year relating to the Restructuring Plans. See note 13 to our condensed consolidated financial statements.
Previous wording
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.
Current wording
Interest expense and amortization of deferred financing costs, net were $243 million for the second quarter of 2025 and increased by $13 million, or 6%, from $230 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.
Previous wording
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.
Current wording
The provision for income taxes was $4 million for the second quarter of 2025 and decreased by $1 million, or 20%, from $5 million during the same period in the prior year. For the second 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.
Previous wording
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.
Current wording
Income (loss) from continuing operations was $549 million for the first six months of 2025 compared to $559 million during the same period in the prior year. The decrease was primarily related to the aforementioned decrease in Adjusted Site Rental Gross Margin which was partially offset by decreases in (1) selling, general and administrative expenses, (2) restructuring charges and (3) depreciation, amortization and accretion.
Previous wording
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.
Current wording
Income (loss) from discontinued operations before gain (loss) from disposal, net of tax, was $360 million for the first six months of 2025 compared to $3 million during the same period in the prior year. The increase was primarily related to a $292 million decrease in depreciation, amortization and accretion related to the ceasing of depreciation and amortization of the Fiber Business long-lived assets classified as "held for sale." In addition, an increase in revenue and the absence of restructuring charges in the first six months of 2025 further contributed to the increase period over period. See note 13 to our condensed consolidated financial statements.
Previous wording
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.
Current wording
Gain (loss) from disposal of discontinued operations was $(1.1) billion for the first six months of 2025. The loss was primarily related to the classification during the first quarter of 2025 of the Fiber Business as "held for sale" and the additional investment in the Fiber Business during the second quarter of 2025. The loss represents the excess of the carrying value of the Fiber Business over the purchase price, less estimated costs to sell.
Previous wording
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.
Current wording
Net income (loss) was $(173) million for the first six months of 2025 compared to $562 million during the first six months of 2024. The decrease was primarily due to the income (loss) from discontinued operations, net of tax.
Previous wording
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.
Current wording
Adjusted EBITDA decreased by $53 million, or 4%, from the first six months of 2024 to the first six months of 2025, reflecting the aforementioned decrease in Adjusted Site Rental Gross Margin, partially offset by the aforementioned decrease in selling, general and administrative expenses.
Previous wording
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.
Current wording
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 existing 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.
Previous wording
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.
Current wording
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"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—Highlights of Business Fundamentals and Results" 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 senior unsecured revolving credit facility ("2016 Revolver"), issuances under our commercial paper program ("CP Program"), debt financings and issuances of equity or equity-related securities, including under our 2024 ATM Program.
Previous wording
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.
Current wording
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. As of June 30, 2025, our contractual debt maturities over the next 12 months, consist of (1) short-term, unsecured commercial paper notes ("Commercial Paper Notes"), of which we had $1.8 billion outstanding as of August 4, 2025, (2) the 1.350% senior unsecured notes due July 2025 ("1.350% Senior Notes"), (3) the 4.450% senior unsecured notes due February 2026 ("4.450% Senior Notes"), (4) the 3.700% senior unsecured notes due June 2026 ("3.700% Senior Notes") and (5) principal payments on certain outstanding debt. 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.
Previous wording
•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.
Current wording
•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 $4.2 billion (consisting of Commercial Paper Notes, the 1.350% Senior Notes, the 4.450% Senior Notes, the 3.700% 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.
Previous wording
•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.
Current wording
•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.
Previous wording
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.
Current wording
Net cash provided by operating activities of $1.5 billion for the first six months of 2025 increased by $106 million, or 8%, compared to the first six 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.
Previous wording
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.
Current wording
Net cash used for investing activities of $523 million for the first six months of 2025 decreased by $127 million, or 20%, from the first six months of 2024 primarily as a result of a decrease in discretionary capital expenditures related to discontinued operations.
Previous wording
A summary of our capital expenditures for the three months ended March 31, 2025 and 2024 is as follows:
Current wording
A summary of our capital expenditures for continuing operations for the six months ended June 30, 2025 and 2024 is as follows:
Previous wording
(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.
Current wording
(a)Includes $3 million and $7 million of capital expenditures incurred during the six months ended June 30, 2025 and 2024, respectively, in connection with tenant installations and upgrades on our towers.
Previous wording
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.
Current wording
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 six 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 sustaining capital expenditures.
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Rearranged current paragraphs (14)
Current report — wording carried from elsewhere
(c)Prepaid rent amortization includes amortization of upfront payments received from long-term tenants and other deferred credits.
Current report — wording carried from elsewhere
Gain (loss) from disposal of discontinued operations, was $252 million for the second quarter of 2025. The loss recorded for the second quarter of 2025, which primarily represents the excess of the carrying value of the Fiber Business over the purchase price, less estimated costs to sell, is predominately attributable to additional investment in the Fiber Business.
Current report — wording carried from elsewhere
Adjusted EBITDA decreased by $22 million, or 3%, from the second quarter of 2024 to the second 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.
Current report — wording carried from elsewhere
Highlights of our results of operations for the six months ended June 30, 2025 and 2024 are depicted below.
Current report — wording carried from elsewhere
(a)See reconciliations of these non-GAAP financial measures to net income (loss) and definition included in"Item 2. MD&A—Accounting and Reporting Matters—Non-GAAP and Segment Financial Measures."
Current report — wording carried from elsewhere
Site rental revenues decreased $113 million, or 5%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This decrease was predominately comprised of the factors depicted in the chart below:
Current report — wording carried from elsewhere
(a)Represents site rental revenues growth from tenant additions across our towers 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.
Current report — wording carried from elsewhere
Site rental revenues and Adjusted Site Rental Gross Margin for the first six months of 2025 were $2.0 billion and $1.5 billion, respectively, compared to $2.1 billion and $1.6 billion, respectively, in the same period in the prior year. The decreases of $113 million and $111 million in site rental revenue and Adjusted Site Rental Gross Margin, respectively, were 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.
Current report — wording carried from elsewhere
Adjusted Services and Other Gross Margin was $50 million for the first six months of 2025 and increased by $12 million from $38 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.
Current report — wording carried from elsewhere
Depreciation, amortization and accretion was $352 million for the first six months of 2025 and decreased by $19 million, or 5%, 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.
Current report — wording carried from elsewhere
There were no restructuring charges recorded in the first six months of 2025 compared to $30 million recorded during the same period in the prior year relating to the Restructuring Plans. See note 13 to our condensed consolidated financial statements.
Current report — wording carried from elsewhere
Interest expense and amortization of deferred financing costs, net were $479 million for the first six months of 2025 and increased by $24 million, or 5%, from $455 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.
Current report — wording carried from elsewhere
The provision for income taxes was $9 million for the first six months of 2025 and decreased by $2 million or 18%, from $11 million during the same period in the prior year For both periods, 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.
Current report — wording carried from elsewhere
•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.