全球電信市場追蹤報告（2025年第三季）：年化收入突破1.8兆美元，資本支出維持低位－2025年第三季度，電信收入成長3.7%，資本支出維持低位，利潤率升至多年來的最高水準。

Global Telco Market Tracker, 3Q25: Annualized Revenues Break $1.8T as Capex Stays Disciplined - Telco Revenues Rise 3.7% in 3Q25 but Capex Remains Disciplined, Margins Rise to Multi-year High

出版日期: 2026年02月18日 | 出版商:

MTN Consulting, LLC | 英文 | 訂單完成後即時交付

價格

簡介目錄圖表

本報告追蹤了140家全球電信網路營運商從2011年第一季到2025年第三季的業績，提供了詳細的財務和營運概覽。報告重點關注最新季度（2025年第三季），涵蓋收入、勞動成本、資本支出（CAPEX）、營運支出（OPEX）和獲利能力。

主要發現：

2025年第三季度，全球電信業者營收達4,589億美元，年增3.7%，主要市場普遍復甦。 2025年第三季年度化營收年增2.4%，達1.81兆美元。依營運商劃分，2025年第三季年度化收入成長排名前20的營運商中，有五家分別是阿聯酋電信（Etisalat，24.0%）、Airtel（22.4%）、軟銀（SoftBank，8.6%）、德國電信（Deutsche Telekom，5.5%）和KDDI（4.0%）。同時，同期成長最慢的業者是西班牙電信（Telefonica，-5.5%）、Orange（-3.6%）、沃達豐（Vodafone，-3.5%）和美洲行動（America Movil，-0.5%）。 2025年第三季資本支出年增2.9%，達727億美元，但年度化資本支出總額下降0.3%，至2,948億美元，仍低於3,000億美元，接近近幾年的最低水準。阿聯酋電信 (Etisalat) (66.9%)、軟銀 (SoftBank) (31.4%)、Airtel (17.9%)、德國電信 (Deutsche Telekom) (8.0%) 和英國電信 (BT) (7.3%) 的年度資本支出增長強勁。同時，美洲移動 (America Movil) (-20.6%)、中國聯通 (China Unicom) (-16.9%)、Reliance Jio (-12.7%)、西班牙電信 (Telefonica) (-10.3%) 和中國電信 (China Telecom) (-8.5%) 同期資本增長最為緩慢。儘管電信業者的技術投資正緩慢轉向軟體和服務領域（這些投資可能計入營運支出而非資本支出），但電信業者總體上仍保持著降低成本的謹慎態度。
2025 年第三季年度勞動成本與去年同期基本持平，約 2,602 億美元。儘管全球電信業者的員工總數下降至 433 萬人，但勞動成本仍保持穩定。不包括折舊和攤銷的勞動成本佔營運支出的 21.9%，與 2024 年第三季持平。更多詳情請參閱單獨的 "電信人才追蹤報告" 。
獲利能力在第三季（2025 年）得到增強，年化息稅前利潤率 (EBIT) 增至 16.1%，這反映了自動化、雲端遷移和嚴格的成本控制帶來的營運槓桿效應。息稅折舊攤提前利潤率 (EBITDA) 基本上保持穩定，證實了儘管面臨工資和投入成本壓力，效率仍持續提升。
依地區劃分，美洲地區在 2025 年第三季表現強勁，佔全球營收的 36.1%，略高於亞洲（36.0%）。在投資方面，美洲地區在資本支出 (CAPEX) 方面也處於領先地位，這主要得益於 AT&T 和 Verizon 的審慎支出成長。同時，在亞洲部分地區，尤其是中國，營運商正在削減傳統網路資本支出，並將資金重新分配到人工智慧和雲端基礎設施領域。

通訊運營商：

A1 Telekom Austria
BCE
Cequel Communications
Cogeco
Dish TV India Limited
Globe Telecom
LG Uplus
MTN Group
Proximus
Singtel
SureWest Communications
Telecom Italia
Time Warner
Vodafone
Masmovil Masorange
Advanced Info Service (AIS)
Bezeq Israel
Charter Communications
Com Hem Holding AB
DNA Ltd.
Grupo Clarin
Liberty Global
MTNL
Quebecor Telecommunications
SITI Networks Limited
Swisscom
Telefonica
Time Warner Cable
Vodafone Idea Limited
Airtel
Bouygues Telecom
China Broadcasting Network
Comcast
Du
Grupo Televisa
M1
NTT
Rakuten
SK Telecom
Taiwan Mobile
Telekom Malaysia Berhad
TPG Telecom Limited
VodafoneZiggo
Altice Europe
BSNL
China Mobile
Consolidated Communications
EE
Hathway Cable & Datacom Limited
Manitoba Telecom Services
Oi
Reliance Communications Limited
Sky plc
Tata Communications
Telenor
True Corp
Wind Tre
Altice USA
BT
China Telecom
Cyfrowy Polsat
Elisa
Idea Cellular Limited
Maroc Telecom
Omantel
Reliance Jio
SmarTone
Tata Teleservices
Telia
Turk Telekom
Windstream
America Movil
Cable ONE, Inc.
China Unicom
DEN Networks Limited
Entel
Iliad SA
Maxis Berhad
Ono
Rogers
SoftBank
TDC
Telkom Indonesia
Turkcell
Zain
AT&T
Cablevision
Chunghwa Telecom
Deutsche Telekom
Etisalat
KDDI
Megafon
Ooredoo
Rostelecom
Spark New Zealand Limited
TDS
Telkom SA
Veon
Zain KSA
Axiata
Cell C
Cincinatti Bell
Digi Communications
Fairpoint Communications
KPN
MetroPCS Communications
Orange
Safaricom Limited
Sprint
Tele2 AB
Telstra
Verizon
Ziggo
Axtel
Cellcom Israel
CK Hutchison
DirecTV
Far EasTone Telecommunications Co., Ltd.
KT
Millicom
PCCW
Sasktel
StarHub
Telecom Argentina
Telus
Virgin Media
Batelco
CenturyLink
Clearwire
Dish Network
Frontier Communications
Leap Wireless
Mobile Telesystems
PLDT
Shaw
STC (Saudi Telecom)
Telecom Egypt
Thaicom
Vivendi

對象地區:

亞洲
美國大陸
歐洲
中東·非洲地區

1. 報告亮點
2. 摘要
3. 展望
4. 市場概覽
5. 分析
6. 截至 2025 年第三季的關鍵統計數據
7. 勞動力統計數據
8. 業者排名
9. 公司詳細分析
10. 公司基準分析
11. 國家細分
12. 公司與國家細分
13. 區域細分
14. 原始數據
15. 訂閱與流量
16. 匯率
17. 研究方法與範圍
18. 關於我們

簡介目錄圖表

Product Code: GNI-18022026-1

This report delivers a detailed financial and operational snapshot of 140 telecommunications network operators (telcos) worldwide, tracking performance from 1Q11 through 3Q25. It captures revenue, labor, capex, opex, and profitability data with a focus on the most recent quarter (3Q25).

Key findings:

Global telco revenues climbed 3.7% year-over-year (YoY) in 3Q25 to reach $458.9 billion (B), supported by broad-based recovery across major markets. On an annualized 3Q25 basis, revenues grew 2.4% YoY to $1.81 trillion (T). At the operator level, five of the top 20 best performing telcos by topline growth in 3Q25 on an annualized basis were Etisalat (24.0%), Airtel (22.4%), SoftBank (8.6%), Deutsche Telekom (5.5%), and KDDI (4.0%). The worst telco growth came from Telefonica (-5.5%), Orange (-3.6%), Vodafone (-3.5%), and America Movil (-0.5%) during the same period.
Capex rose 2.9% YoY in 3Q25 to $72.7B, but the annualized total dipped 0.3% to $294.8B, remaining below $300B and near multi-year lows. At the operator level, strong annualized capex growth rates were recorded by Etisalat (66.9%), SoftBank (31.4%), Airtel (17.9%), Deutsche Telekom (8.0%), and BT (7.3%). The worst capex growth came from America Movil (-20.6%), China Unicom (-16.9%), Reliance Jio (-12.7%), Telefonica (-10.3%), and China Telecom (-8.5%) during the same period. Telco tech spending continues to shift modestly towards software and services, which may be recorded as opex rather than capex, but telcos remain vigilant cost cutters across the board.
Labor costs remained broadly flat YoY at $260.2B in the annualized 3Q25 period, even as global telco headcount declined to 4.33 million. Labor accounted for 21.9% of opex (excluding D&A), unchanged from 3Q24. More details are available in our separately published "Telco Talent Tracker."
Profitability strengthened in 3Q25, with annualized EBIT margins rising to 16.1%, reflecting operating leverage from automation, cloud migration, and tighter cost controls. EBITDA margins remained broadly stable, underscoring continued efficiency gains despite wage and input cost pressures.
Regionally, the Americas moved ahead in 3Q25, capturing 36.1% of global revenues, narrowly surpassing Asia (36.0%). On the investment side, the Americas also led capex, supported by measured spending increases at AT&T and Verizon, while parts of Asia, particularly China, where operators are moderating traditional network capex and reallocating spending toward AI and cloud infrastructure.

Operator coverage:

A1 Telekom Austria
BCE
Cequel Communications
Cogeco
Dish TV India Limited
Globe Telecom
LG Uplus
MTN Group
Proximus
Singtel
SureWest Communications
Telecom Italia
Time Warner
Vodafone
Masmovil Masorange
Advanced Info Service (AIS)
Bezeq Israel
Charter Communications
Com Hem Holding AB
DNA Ltd.
Grupo Clarin
Liberty Global
MTNL
Quebecor Telecommunications
SITI Networks Limited
Swisscom
Telefonica
Time Warner Cable
Vodafone Idea Limited
Airtel
Bouygues Telecom
China Broadcasting Network
Comcast
Du
Grupo Televisa
M1
NTT
Rakuten
SK Telecom
Taiwan Mobile
Telekom Malaysia Berhad
TPG Telecom Limited
VodafoneZiggo
Altice Europe
BSNL
China Mobile
Consolidated Communications
EE
Hathway Cable & Datacom Limited
Manitoba Telecom Services
Oi
Reliance Communications Limited
Sky plc
Tata Communications
Telenor
True Corp
Wind Tre
Altice USA
BT
China Telecom
Cyfrowy Polsat
Elisa
Idea Cellular Limited
Maroc Telecom
Omantel
Reliance Jio
SmarTone
Tata Teleservices
Telia
Turk Telekom
Windstream
America Movil
Cable ONE, Inc.
China Unicom
DEN Networks Limited
Entel
Iliad SA
Maxis Berhad
Ono
Rogers
SoftBank
TDC
Telkom Indonesia
Turkcell
Zain
AT&T
Cablevision
Chunghwa Telecom
Deutsche Telekom
Etisalat
KDDI
Megafon
Ooredoo
Rostelecom
Spark New Zealand Limited
TDS
Telkom SA
Veon
Zain KSA
Axiata
Cell C
Cincinatti Bell
Digi Communications
Fairpoint Communications
KPN
MetroPCS Communications
Orange
Safaricom Limited
Sprint
Tele2 AB
Telstra
Verizon
Ziggo
Axtel
Cellcom Israel
CK Hutchison
DirecTV
Far EasTone Telecommunications Co., Ltd.
KT
Millicom
PCCW
Sasktel
StarHub
Telecom Argentina
Telus
Virgin Media
Batelco
CenturyLink
Clearwire
Dish Network
Frontier Communications
Leap Wireless
Mobile Telesystems
PLDT
Shaw
STC (Saudi Telecom)
Telecom Egypt
Thaicom
Vivendi

Regional coverage:

Asia
Americas
Europe
MEA

1. Report highlights
2. Summary
3. Outlook
4. Market snapshot
5. Analysis
6. Key stats through 3Q25
7. Labor stats
8. Operator rankings
9. Company drilldown
10. Company benchmarking
11. Country breakouts
12. Country breakouts by company
13. Regional breakouts
14. Raw data
15. Subs & traffic
16. Exchange rates
17. Methodology & scope
18. About

簡介目錄圖表

List of Figures and Charts

1. TNO market size & growth by: Revenues, Capex, Employees - 1Q19-3Q25
2. Regional trends by: Revenues, Capex - 1Q19-3Q25
3. Opex & Cost trends
4. Labor cost trends: 1Q20-3Q25
5. Profitability margin trends: 1Q20-3Q25
6. Spending (opex, labor costs, capex): annualized and quarterly trend
7. Workforce & productivity trends: 1Q14-3Q25
8. Operator rankings by revenue and capex: latest single-quarter and annualized periods
9. Top 20 TNOs by capital intensity: latest single-quarter and annualized periods
10. Top 20 TNOs by employee base: latest single-quarter
11. Company Drilldown: YoY growth in single quarter revenues
12. Company Drilldown: Revenue and revenue split, single quarter and annualized 1Q16-3Q25
13. Company Drilldown: Capex and capital intensity (annualized), 1Q16-3Q25
14. Company Drilldown: Revenue split by country, 3Q25
15. Company Drilldown: Costs and Profitability, 1Q16-3Q25 ($ Mn)
16. Company Drilldown: Labor costs, per employee and % opex trends, 1Q16-3Q25
17. Company Drilldown, Cash & debt levels (2011-24)
18. Company Drilldown: Software as % of total capex
19. Company Drilldown: Software & spectrum spend
20. Company Drilldown: Total M&A, spectrum and capex (excl. spectrum)
21. Country Breakouts: Revenue and Capex, Market Share, and Capital Intensity