全球电信市场追踪报告（2025年第三季）：年化收入突破1.8兆美元，资本支出维持低位－2025年第三季度，电信收入成长3.7%，资本支出维持低位，利润率升至多年来的最高水准。

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 | 订单完成后即时交付

价格

简介目录图表

本报告追踪了140家全球电信网路营运商从2011年第一季到2025年第三季的业绩，提供了详细的财务和营运概览。报告重点关注最新季度（2025年第三季），涵盖收入、劳动成本、资本支出（CAPEX）、营运支出（OPEX）和获利能力。

主要发现：

2025年第三季度，全球电信业者营收达4,589亿美元，年增3.7%，主要市场普遍復苏。 2025年第三季年度化营收年增2.4%，达1.81兆美元。依营运商划分，2025年第三季年度化收入成长排名前20的营运商中，有五家分别是阿联酋电信（Etisalat，24.0%）、Airtel（22.4%）、软银（SoftBank，8.6%）、德国电信（Deutsche Telekom，5.5%）和KDDI（4.0%）。同时，同期成长最慢的业者是西班牙电信（Telefonica，-5.5%）、Orange（-3.6%）、沃达丰（Vodafone，-3.5%）和美洲行动（America Movil，-0.5%）。 2025年第三季资本支出年增2.9%，达727亿美元，但年度化资本支出总额下降0.3%，至2,948亿美元，仍低于3,000亿美元，接近近几年的最低水准。阿联酋电信 (Etisalat) (66.9%)、软银 (SoftBank) (31.4%)、Airtel (17.9%)、德国电信 (Deutsche Telekom) (8.0%) 和英国电信 (BT) (7.3%) 的年度资本支出增长强劲。同时，美洲移动 (America Movil) (-20.6%)、中国联通 (China Unicom) (-16.9%)、Reliance Jio (-12.7%)、西班牙电信 (Telefonica) (-10.3%) 和中国电信 (China Telecom) (-8.5%) 同期资本增长最为缓慢。儘管电信业者的技术投资正缓慢转向软体和服务领域（这些投资可能计入营运支出而非资本支出），但电信业者总体上仍保持着降低成本的谨慎态度。
2025 年第三季年度劳动成本与去年同期基本持平，约 2,602 亿美元。儘管全球电信业者的员工总数下降至 433 万人，但劳动成本仍保持稳定。不包括折旧和摊销的劳动成本占营运支出的 21.9%，与 2024 年第三季持平。更多详情请参阅单独的 "电信人才追踪报告" 。
获利能力在第三季（2025 年）得到增强，年化息税前利润率 (EBIT) 增至 16.1%，这反映了自动化、云端迁移和严格的成本控制带来的营运槓桿效应。息税折旧摊提前利润率 (EBITDA) 基本上保持稳定，证实了儘管面临工资和投入成本压力，效率仍持续提升。
依地区划分，美洲地区在 2025 年第三季表现强劲，占全球营收的 36.1%，略高于亚洲（36.0%）。在投资方面，美洲地区在资本支出 (CAPEX) 方面也处于领先地位，这主要得益于 AT&T 和 Verizon 的审慎支出成长。同时，在亚洲部分地区，尤其是中国，营运商正在削减传统网路资本支出，并将资金重新分配到人工智慧和云端基础设施领域。

通讯运营商：

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

对象地区:

亚洲
美国大陆
欧洲
中东·非洲地区

1. 报告亮点
2. 摘要
3. 展望
4. 市场概览
5. 分析
6. 截至 2025 年第三季的关键统计数据
7. 劳动力统计数据
8. 业者排名
9. 公司详细分析
10. 公司基准分析
11. 国家细分
12. 公司与国家细分
13. 区域细分
14. 原始数据
15. 订阅与流量
16. 汇率
17. 研究方法与范围
18. 关于我们

简介目录图表

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

简介目录图表

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