全球电信营运商市场追踪报告（2025年第二季）：电信收入预计成长4.6%，但资本支出增加显示营运商将重点放在获利能力上

本报告对全球电信网路营运商（NPO）产业进行了详细分析，涵盖了140家营运商从2011年第一季到2025年第二季的业绩数据。报告重点关注最新季度（2025年第二季）的趋势，并涵盖了收入、劳动力成本、资本支出、营运支出和获利能力等关键指标。

视觉

主要调查结果

• 2025年第二季全球营运商营收年增4.6%，达到4,568亿美元，主要得益于主要市场的全面復苏。以年计算，营收年增1.7%，达到1.8兆美元。
• 2025年第二季资本支出（CAPEX）较去年同期下降2.1%，至675亿美元。以年计算，营收下降2.6%至2,929亿美元，为2011年以来的最低12个月总额，也是2013年以来的最低资本密集度。儘管营运商的技术投资正逐步从资本支出转向软体和服务（这些通常计入营运支出），但总体而言，营运商仍然高度重视成本控制。
• 2025年第二季度，劳动成本年减1.3%至2,581亿美元，产业员工总数降至436万人。劳动成本占2025年第二季年度营运支出（不包括折旧和摊提）的21.7%，略低于2024年第二季的22.2%。
• 在最近的年度期间，获利能力指标较去年同期略有改善，EBITDA利润率为33.8%。这表明在持续的成本压力下，营运效率保持稳定。息税前利润率也略有成长，从2024年第二季的14.9%增至截至2025年6月的财年（前12个月）的15.5%。
• 依地区划分，亚洲在2025年第二季持续维持领先地位，占全球电信总营收的36.8%，略高于美洲的36.3%。同时，美洲在资本支出方面超过了其他所有地区，这主要得益于AT&T和Verizon扩大了网路投资。

通讯业者

地区填补

目录

第1章 报告亮点

第2章 摘要

第3章 市场概要

第4章 分析

第5章 主要统计:～2025年第2季

第6章 劳动统计

第7章 业者排行榜

第8章 企业的详细分析

第9章 企业基准

第10章 各国详细分析

第11章 企业·各国详细分析

第12章 各地区的详细分析

第13章 原始数据

第14章 用户·流量

第15章 汇率

第16章 调查手法·调查范围

第17章 关于本公司

This report delivers a detailed analysis of the global telecommunications network operator (telco) industry, drilling down into performance for 140 telcos from 1Q11 through 2Q25. It captures revenue, labor, capex, opex, and profitability data with a focus on the most recent quarter (2Q25).

VISUALS

Key findings:

• Global telco revenues climbed 4.6% year-over-year (YoY) in 2Q25 to reach $456.8 billion (B), supported by broad-based recovery across major markets. On an annualized 2Q25 basis, revenues grew 1.7% YoY to $1.8 trillion (T). Airtel (20.0%), Etisalat (18.7%), SoftBank (7.3%), Deutsche Telekom (4.6%), and China Unicom (3.7%) led growth in the annualized 2Q25 period, while Vodafone (-11.6%) and Orange (-7.1%) declined sharply.
• Capex declined 2.1% YoY in 2Q25 to $67.5B, while the annualized total fell 2.6% to $292.9B. That's the lowest 12-month total since 2011, and the lowest capital intensity since 2013. China Mobile remained the largest investor with $24.4B in annualized capex (+7.8% YoY) in 2Q25, while America Movil (-24.5%), China Telecom (-22.9%), and China Unicom (-17.7%) made significant cutbacks. 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 fell 1.3% YoY to $258.1B in the annualized 2Q25 period, with telco headcount shrinking to 4.36 million. Labor represented 21.7% of opex (excluding D&A) for the annualized 2Q25 period, down a bit from 22.2% in 2Q24.
• Profitability margin inched higher in the latest annualized period from a year ago, with EBITDA at 33.8%, suggesting stable operational efficiency despite cost pressures. EBIT margin also edged up a bit, from 14.9% in 2Q24 to 15.5% for the 12 months ended June 2025.
• Regionally, Asia maintained its lead with 36.8% of global telco revenues in 2Q25, slightly ahead of the Americas (36.3%). On the capex spending front, the Americas outspent all other regions, boosted by network spending from AT&T and Verizon.

Operator coverage:

Regional coverage:

Table of Contents

1. Report Highlights

2. Summary

3. Market snapshot

4. Analysis

5. Key stats through 2Q25

6. Labor stats

7. Operator rankings

8. Company drilldown

9. Company benchmarking

10. Country breakouts

11. Country breakouts by company

12. Regional breakouts

13. Raw Data

14. Subs & traffic

15. Exchange rates

16. Methodology & Scope

17. About

List of Figures and Charts

• 1. TNO market size & growth by: Revenues, Capex, Employees - 1Q19-2Q25
• 2. Regional trends by: Revenues, Capex - 1Q19-2Q25
• 3. Opex & Cost trends
• 4. Labor cost trends: 1Q20-2Q25
• 5. Profitability margin trends: 1Q20-2Q25
• 6. Spending (opex, labor costs, capex): annualized and quarterly trend
• 7. Workforce & productivity trends: 1Q14-2Q25
• 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 1Q16-2Q25
• 13. Company Drilldown: Capex and capital intensity (annualized), 1Q16-2Q25
• 14. Company Drilldown: Revenue split by country, 2Q25
• 15. Company Drilldown: Costs and Profitability, 1Q16-2Q25 ($ Mn)
• 16. Company Drilldown: Labor costs, per employee and % opex trends, 1Q16-2Q25
• 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