冠城 2025年季度报告

FORM10-Q___________________________________ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedSeptember 30, 2025OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ 76-0470458(I.R.S. EmployerIdentification No.) 8020 Katy Freeway,Houston,Texas77024(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: 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 thepreceding 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 90days.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 RegulationS-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 emerginggrowth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of theExchange Act. 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 revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Number of shares of common stock outstanding at November4, 2025:435,479,010 CROWN CASTLE INC. AND SUBSIDIARIES INDEX PART I—FINANCIAL INFORMATION3ITEM 1.FINANCIAL STATEMENTS3CONDENSED CONSOLIDATED BALANCE SHEET(Unaudited)3CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVEINCOME (LOSS) (Unaudited)4CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)5CONDENSED CONSOLIDATED STATEMENT OF EQUITY (DEFICIT) (Unaudited)6NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)7ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESULTS OF OPERATIONS20ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK35ITEM 4.CONTROLS AND PROCEDURES36PART II—OTHER INFORMATION37ITEM 1.LEGAL PROCEEDINGS37ITEM 1A.RISK FACTORS37ITEM 5.OTHER INFORMATION37ITEM 6.EXHIBITS37EXHIBIT INDEX37SIGNATURES38 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'sexpectations as of the filing date of this report with the Securities and Exchange Commission ("SEC"). Statements that are nothistorical 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 ofthese words and similar expressions are intended to identify forward-looking statements. Examples of forward-looking statementsinclude our full year 2025 outlook and plans, projections, expectations and estimates regarding (1) our strategy and the value of ourbusiness model, (2) demand for our towers, including factors driving such demand, (3) the growth potential of the U.S. market fortowers, (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) ourability 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,, and (19) maintenance of an investmentgrade credit profile. Dividends and the share repurchase program remain subject to the approval of our board of directors, which hasthe discretion to determine whether to declare dividends or authorize a repurchase program and the amounts and timing of thedividends 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 thefiscal year ended December31, 2024 ("2024 Fo