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PUBLISHER: MTN Consulting, LLC | PRODUCT CODE: 1742156

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PUBLISHER: MTN Consulting, LLC | PRODUCT CODE: 1742156

Global Telco Market Tracker, 4Q24: Telco Revenues Edge Higher in 4Q24 as Annual Capex Stays Muted Below $300B

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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.

VISUALS


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%.

Important note: We have made some significant enhancements to our telco market review report in 1Q24. The changes are designed to provide a more insightful and user-friendly experience:

  • 'Market Snapshot' Tab: This tab now features an interactive dashboard view of the telco market, allowing users to interact with and analyze market data more effectively. Additionally, users can export the dashboard to PDF for convenient sharing and reference.
  • Two distinct sections have been created from the previous 'Company Deepdive & Benchmarking' section for greater clarity and functionality:

1.'Company Drilldown': Provides a comprehensive analysis of a selected company from the full set of 140 telcos. It covers various metrics including revenue, capex, employee counts, costs, profitability, cash and debt levels, and key ratios.

2.'Company Benchmarking': Focuses on a sample of 79 telcos, representing approximately 82% of the global market. This section allows users to select and compare up to 5 telcos across multiple metrics such as labor costs, opex, EBIT, as well as revenues, capex, and employee counts. The sample includes operators from all regions and of varying sizes.

Both new sections also feature the capability to export graphics to PDF, enhancing the flexibility and utility of the data presented.

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
Product Code: GNI-05062025-1

Table of Contents

1. Report Highlights

2. Summary

3. Market snapshot

4. Analysis

5. Key stats through 4Q24

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

Product Code: GNI-05062025-1

List of Figures and Charts

  • 1. TNO market size & growth by: Revenues, Capex, Employees - 1Q19-4Q24
  • 2. Regional trends by: Revenues, Capex - 1Q19-4Q24
  • 3. Opex & Cost trends
  • 4. Labor cost trends: 1Q20-4Q24
  • 5. Profitability margin trends: 1Q20-4Q24
  • 6. Spending (opex, labor costs, capex): annual and quarterly trend
  • 7. Key ratios: annual and quarterly trend
  • 8. Workforce & productivity trends: 1Q14-4Q24
  • 9. Operator rankings by revenue and capex: latest single-quarter and annualized periods
  • 10. Top 20 TNOs by capital intensity: latest single-quarter and annualized periods
  • 11. Top 20 TNOs by employee base: latest single-quarter
  • 12. TNOs: YoY growth in single quarter revenues
  • 13. TNOs: Annualized capital intensity, 1Q16-4Q24
  • 14. TNOs: Revenue and RPE, annualized 1Q16-4Q24
  • 15. TNOs: Capex and capital intensity (annualized), 1Q16-4Q24
  • 16. TNOs: Total headcount trends, 1Q16-4Q24
  • 17. TNOs: Revenue and RPE trends, 2011-24
  • 18. TNOs: Capex and capital intensity, 2011-24 ($ Mn)
  • 19. TNOs: Capex and capital intensity, 1Q16-4Q24 ($ Mn)
  • 20. TNOs: Revenue and RPE trends, 1Q16-4Q24
  • 21. TNOs by total opex, 4Q24
  • 22. TNOs by labor costs, 4Q24
  • 23. TNOs: Software as % of total capex
  • 24. TNOs: Software & spectrum spend
  • 25. TNOs: Total M&A, spectrum and capex (excl. spectrum)
  • 26. TNOs by total debt: 2011-24
  • 27. TNOs by total net debt: 2011-24
  • 28. TNOs by long term debt: 2011-24
  • 29. TNOs by short term debt: 2011-24
  • 30. TNOs by total cash and short term investments ($M): 2011-24
Have a question?
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Jeroen Van Heghe

Manager - EMEA

+32-2-535-7543

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Christine Sirois

Manager - Americas

+1-860-674-8796

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