Telco Revenues Edge Higher In 4Q24 As Annual Capex Stays Muted Below $300B
This report delivers a detailed financial and operational snapshot of 140 telecommunications network operators (telcos) worldwide, tracking performance from 1Q11 through 4Q24. It captures revenue, labor, capex, opex, and profitability data with a focus on the most recent quarter and full-year 2024 results.
Key findings:
- Revenue rose 1.7% YoY in 4Q24 to $454.7 billion (B), but full-year topline was flat at $1.78 trillion (T). Airtel (9.1%), STC (Saudi Telecom) (4.9%), and America Movil (4.0%) led growth in 2024, while Vodafone (-11.1%) and Orange (-6.1%) declined sharply.
- Capex dropped 6.2% YoY to $295.4B for full-year 2024, the lowest level since at least 2011, dipping below even the COVID-hit 2020 levels ($296.8B). Reliance Jio (-33.2%), KDDI (-19.9%), America Movil (-19.0%) posted the largest cuts in 2024, while BSNL and Telstra ramped up spending.
- Labor costs fell 2.6% YoY to $258.3B in 2024, with telco headcount shrinking to 4.41 million. Labor represented 21.9% of opex (excluding D&A) for the full-year 2024.
- Profitability margins inched higher in 2024 from a year ago, with EBIT at 15.3% and EBITDA at 33.7%, suggesting stable operational efficiency despite cost pressures.
- Regionally, the Americas remained the top contributor in 2024 to both revenue (37.7% global share) and capex (36.1% global share), while Europe recorded the highest capital intensity at 18.6%.
Table of Contents
- Report Highlights
- Summary
- Market snapshot
- Analysis
- Key stats through 4Q24
- Labor stats
- Operator rankings
- Company drilldown
- Company benchmarking
- Country breakouts
- Country breakouts by company
- Regional breakouts
- Raw Data
- Subs & traffic
- Exchange rates
- Methodology & Scope
- About the Publisher
List of Figures and Charts
- TNO market size & growth by: Revenues, Capex, Employees - 1Q19-4Q24
- Regional trends by: Revenues, Capex - 1Q19-4Q24
- Opex & Cost trends
- Labor cost trends: 1Q20-4Q24
- Profitability margin trends: 1Q20-4Q24
- Spending (opex, labor costs, capex): annual and quarterly trend
- Key ratios: annual and quarterly trend
- Workforce & productivity trends: 1Q14-4Q24
- Operator rankings by revenue and capex: latest single-quarter and annualized periods
- Top 20 TNOs by capital intensity: latest single-quarter and annualized periods
- Top 20 TNOs by employee base: latest single-quarter
- TNOs: YoY growth in single quarter revenues
- TNOs: Annualized capital intensity, 1Q16-4Q24
- TNOs: Revenue and RPE, annualized 1Q16-4Q24
- TNOs: Capex and capital intensity (annualized), 1Q16-4Q24
- TNOs: Total headcount trends, 1Q16-4Q24
- TNOs: Revenue and RPE trends, 2011-24
- TNOs: Capex and capital intensity, 2011-24 ($ Mn)
- TNOs: Capex and capital intensity, 1Q16-4Q24 ($ Mn)
- TNOs: Revenue and RPE trends, 1Q16-4Q24
- TNOs by total opex, 4Q24
- TNOs by labor costs, 4Q24
- TNOs: Software as % of total capex
- TNOs: Software & spectrum spend
- TNOs: Total M&A, spectrum and capex (excl. spectrum)
- TNOs by total debt: 2011-24
- TNOs by total net debt: 2011-24
- TNOs by long term debt: 2011-24
- TNOs by short term debt: 2011-24
- TNOs by total cash and short term investments ($M): 2011-24
Companies Mentioned
- A1 Telekom Austria
- Advanced Info Service (AIS)
- Airtel
- Altice Europe
- Altice USA
- America Movil
- AT&T
- Axiata
- Axtel
- Batelco
- BCE
- Bezeq Israel
- Bouygues Telecom
- BSNL
- BT
- Cable ONE, Inc.
- Cablevision
- Cell C
- Cellcom Israel
- CenturyLink
- Cequel Communications
- Charter Communications
- China Broadcasting Network
- China Mobile
- China Telecom
- China Unicom
- Chunghwa Telecom
- Cincinatti Bell
- CK Hutchison
- Clearwire
- Cogeco
- Com Hem Holding AB
- Comcast
- Consolidated Communications
- Cyfrowy Polsat
- DEN Networks Limited
- Deutsche Telekom
- Digi Communications
- DirecTV
- Dish Network
- Dish TV India Limited
- DNA Ltd.
- Du
- EE
- Elisa
- Entel
- Etisalat
- Fairpoint Communications
- Far EasTone Telecommunications Co., Ltd.
- Frontier Communications
- Globe Telecom
- Grupo Clarin
- Grupo Televisa
- Hathway Cable & Datacom Limited
- Idea Cellular Limited
- Iliad SA
- KDDI
- KPN
- KT
- Leap Wireless
- LG Uplus
- Liberty Global
- M1
- Manitoba Telecom Services
- Maroc Telecom
- Maxis Berhad
- Megafon
- MetroPCS Communications
- Millicom
- Mobile Telesystems
- MTN Group
- MTNL
- NTT
- Oi
- Omantel
- Ono
- Ooredoo
- Orange
- PCCW
- PLDT
- Proximus
- Quebecor Telecommunications
- Rakuten
- Reliance Communications Limited
- Reliance Jio
- Rogers
- Rostelecom
- Safaricom Limited
- Sasktel
- Shaw
- Singtel
- SITI Networks Limited
- SK Telecom
- Sky plc
- SmarTone
- SoftBank
- Spark New Zealand Limited
- Sprint
- StarHub
- STC (Saudi Telecom)
- SureWest Communications
- Swisscom
- Taiwan Mobile
- Tata Communications
- Tata Teleservices
- TDC
- TDS
- Tele2 AB
- Telecom Argentina
- Telecom Egypt
- Telecom Italia
- Telefonica
- Telekom Malaysia Berhad
- Telenor
- Telia
- Telkom Indonesia
- Telkom SA
- Telstra
- Telus
- Thaicom
- Time Warner
- Time Warner Cable
- TPG Telecom Limited
- True Corp
- Turk Telekom
- Turkcell
- Veon
- Verizon
- Virgin Media
- Vivendi
- Vodafone
- Vodafone Idea Limited
- VodafoneZiggo
- Wind Tre
- Windstream
- Zain
- Zain KSA
- Ziggo
