全球電信業者市場追蹤報告（2026年第二季）：營運商將在不損害利潤率的前提下擴大資本支出

Global Telco Market Tracker, 2Q26: Telcos Step Up Capex Without Denting Margins

出版日期: 2026年09月11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145家全球電信網路營運商（通訊營運商）從2011年第一季到2026年第二季的業績，詳細概述了它們的財務狀況和業務營運。報告重點關注最近一個季度（2026年第二季），涵蓋了收入、人事費用、資本支出、營運支出和盈利數據。

2026年第二季分析的主要結論如下：

2026年第二季度，全球電信業者的營收年增2.5%，達到4,725億美元，連續第五個季度成長。以年計算，預計營收將年增4.5%，達到1.89兆美元，超過2025年全年1.85兆美元的水平。

以營收排名前20的公司來看，年化營收成長幅度最大的公司分別是沃達豐（成長17.4%）、阿拉伯聯合大公國電信（成長16.4%）、美洲移動（成長14.0%）、Orange（成長10.5%）和德國電信（成長9.7%）。另一方面，表現最差的公司是西班牙電信（下降4.3%）、韓國電信（下降3.5%）和英國電信（下降1.9%），而Charter（下降1.5%）、康卡斯特（下降0.6%）、KDDI（成長0.3%）和中國電信（成長0.4%）的營收則基本持平。

產業重組，例如瑞士電信收購沃達豐義大利以及沃達豐與英國Three的合併，持續影響已公佈的成長率。然而，隨著同比基數的逐步恢復，這種影響正在減弱。例如，瑞士電信的單季營收成長率已從2025年第四季的48.5%正常化至2026年第二季的2.5%。

2026年第二季資本支出再次加速成長，年增7.2%至729億美元。這主要是由於大多數主要電信業者的支出普遍增加，而非集中在少數幾家小型公司。資本支出年化率達3,045億美元，自2024年第四季以來首次突破3,000億美元大關。資本支出比率也升至16.1%，扭轉了連續五個季度下降的趨勢。

年化資本投資成長率最高的公司分別是：阿拉伯聯合大公國電信（Etisalat，成長37.6%）、沃達豐（Vodafone，成長22.7%）、瑞士電信（Swisscom，成長21.4%）、Airtel（成長21.0%）及中國電信（成長19.5%）。另一方面，資本投資降幅最大的公司是：中國移動（下降16.9%）、Reliance Jio（下降8.8%）、西班牙電信（Telefonica，下降7.1%）、KDDI（下降4.2%）和軟銀（下降3.5%）。

中國電信尤其如此，它是2025年第四季資本支出降幅最大的營運商之一，但在2026年第二季卻出現了顯著成長。這是因為人工智慧和雲端基礎設施的支出增加超過了傳統網路資本支出的減少。

覆蓋範圍

調查對象：電信業者

電信營運商

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

調查對象：地區

亞洲
北美洲和南美洲
歐洲
中東和非洲

簡介目錄圖表

Product Code: GNI-11092026-1

This report delivers a detailed financial and operational snapshot of 145 telecommunications network operators (telcos) worldwide, tracking performance from 1Q11 through 2Q26. It captures revenue, labor, capex, opex, and profitability data with a focus on the most recent quarter (2Q26).

Key findings from our 2Q26 analysis follow:

Global telco revenues rose 2.5% year-over-year (YoY) in 2Q26 to reach $472.5 billion (B), a fifth consecutive quarterly gain. On an annualized basis, revenues rose 4.5% YoY to $1.89 trillion (T), building on the $1.85T full-year 2025 total. Focusing on the 20 largest telcos, the strongest annualized revenue growth by company came from Vodafone (17.4%), Etisalat (16.4%), America Movil (14.0%), Orange (10.5%), and Deutsche Telekom (9.7%). The weakest performance came from Telefonica (-4.3%), KT (-3.5%), and BT (-1.9%), while Charter (-1.5%), Comcast (-0.6%), KDDI (0.3%), and China Telecom (0.4%) were roughly flat. Consolidation activity including Swisscom-Vodafone Italia and Vodafone-Three UK continued to influence reported growth, though its effect is fading as year-ago comparisons catch up: Swisscom’s single-quarter growth, for instance, normalized to 2.5% in 2Q26 after a 48.5% spike in 4Q25.

Capex re-accelerated in 2Q26, rising 7.2% YoY to $72.9B as spending picked up across most of the largest operators rather than staying concentrated in a few. On an annualized basis, capex rose to $304.5B, back above the $300B threshold for the first time since 4Q24, and the first uptick in capital intensity (to 16.1%) after five straight quarters of decline. The strongest annualized capex growth rates were recorded by Etisalat (37.6%), Vodafone (22.7%), Swisscom (21.4%), Airtel (21.0%), and China Telecom (19.5%). The steepest capex declines came from China Mobile (-16.9%), Reliance Jio (-8.8%), Telefonica (-7.1%), KDDI (-4.2%), and SoftBank (-3.5%). Notably, China Telecom swung from one of 4Q25’s biggest decliners to one of 2Q26’s biggest gainers as AI and cloud infrastructure spending offset cuts to traditional network capex.

Global telco workforce declined 2.1% YoY to 4.29 million employees in 2Q26, as operators continued automation, outsourcing, and country-level exits. Despite lower headcount, annualized labor cost per employee rose to $62.5K, up from $60.0K in 4Q25, amid wage inflation, digital talent competition, and union-driven salary increases across several major markets. More details are available in our separately published “Telco Talent Tracker.

Profitability held steady in 2Q26 even as capex and opex both re-accelerated. Annualized EBIT margins stood at 15.8%, essentially flat with 1Q26 and 4Q25 (16.0%) and still below the 3Q25 peak of 16.4%, despite annualized opex (ex-D&A) growth nearly doubling to 4.2% YoY from 2.3% in 4Q25. Profitability trends diverged sharply across the largest operators: AT&T (+4.3pp to 20.6% helped by a weak year-ago quarter) and Airtel (+3.3pp) recorded the strongest annualized EBIT-margin expansion through 2Q26 vs. same period in the prior year, followed by BT (+1.7pp) and KT (+1.4pp). In contrast, Telefonica’s margin contracted 4.3pp to just 2.4%, dragged down by a large negative EBIT quarter in late 2025, while Deutsche Telekom (-3.7pp) and Vodafone (-2.9pp) also saw declines.

Three key country markets are moving in different directions. US capex is rising on home fiber builds, even as revenue stalls. China’s capex rose in 2Q26, but all three operators plan to spend less in 2026 operators as they are moving about a third of it into data centers under Beijing’s “East Data, West Computing” push. India’s capex decline has ended now that the bulk of BSNL’s 4G build is behind it, with Vodafone Idea’s 5G expansion and BSNL’s planned 5G launch the next factors to watch. Regionally, Asia and the Americas are now almost level on revenue (36.3% vs. 36.2% of the global total).

1. Report highlights
2. Summary
3. Outlook
4. Market snapshot
5. Analysis
6. Key stats through 2Q26
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

Coverage

Operator coverage:

Telecom Companies

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

Regional coverage:

Asia
Americas
Europe
MEA

簡介目錄圖表

Figure & Charts

1. TNO market size & growth by: Revenues, Capex, Employees – 1Q19-2Q26
2. Regional trends by: Revenues, Capex – 1Q19-2Q26
3. Opex & Cost trends
4. Labor cost trends: 1Q20-2Q26
5. Profitability margin trends: 1Q20-2Q26
6. Spending (opex, labor costs, capex): annualized and quarterly trend
7. Workforce & productivity trends: 1Q14-2Q26
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 1Q16-2Q26
13. Company Drilldown: Capex and capital intensity (annualized), 1Q16-2Q26
14. Company Drilldown: Revenue split by country, 2Q26
15. Company Drilldown: Costs and Profitability, 1Q16-2Q26 ($ Mn)
16. Company Drilldown: Labor costs, per employee and % opex trends, 1Q16-2Q26
17. Company Drilldown, Cash & debt levels (2011-25)
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