# Telecom Services — company-by-company sector analysis

> Telecom Services: Verizon Communications Inc. owns the largest revenue base; Kyivstar Group Ltd. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Telecom Services has outperformed S&P 500 by 1.1% over 52 weeks and 10.9% over 13 weeks. 5 of 20 covered companies beat the S&P 500 on Mansfield relative strength, while 6 of 20 beat the sector itself. Verizon Communications Inc. leads with revenue of $139,146 million, based on 13 of 21 comparable companies through Mar 2026.

### Is the Telecom Services sector outperforming S&P 500?

Telecom Services has outperformed S&P 500 by 1.1% over 52 weeks and 10.9% over 13 weeks. 5 of 20 covered companies beat the S&P 500 on Mansfield relative strength, while 6 of 20 beat the sector itself.

### Which Telecom Services company is largest by revenue?

Verizon Communications Inc. leads with revenue of $139,146 million, based on 13 of 21 comparable companies through Mar 2026.

### Which Telecom Services company is growing fastest?

Kyivstar Group Ltd. has the fastest current revenue growth at 24.2%, across 13 of 21 comparable companies.

### Which Telecom Services company has the strongest 4-Factor Sector Score?

VEON Ltd. ranks first at 61.7/100 with 82% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Telecom Services company reports the most CAPEX?

AT&T Inc. reports the largest latest CAPEX at $5,700 million, with 21 of 21 companies comparable.

### Which Telecom Services company has the least gross debt?

Kyivstar Group Ltd. has the lowest comparable gross debt at $526 million. Verizon Communications Inc. has the highest at $195,872 million.

### Which Telecom Services company has the lowest comparable PEG?

BCE Inc. has the lowest comparable Guarded PEG at 0.15, among 6 of 21 companies that pass the metric’s comparability rules.

### How much history does this Telecom Services comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Telecom Services has outperformed S&P 500 by 1.1% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 10.9%. 5 of 20 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Iridium Communications Inc. is the strongest against the sector itself at +58.5%.

13-week sector return versus NIFTY 500: -11%
52-week sector return versus NIFTY 500: 1.1%
Stocks leading NIFTY: 5/20
Stocks leading sector: 6/20

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 21
Combined market value: ₹8.7 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. VEON Ltd. (VEON): 62/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 22.2/35 | Capital efficiency 13.5/25 | Valuation 14.0/20 | Relative strength 12.0/20
   - Exact sum: 22.2 + 13.5 + 14 + 12 = 61.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Verizon Communications Inc. (VZ): 59/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 15.0/35 | Capital efficiency 13.5/25 | Valuation 13.8/20 | Relative strength 16.5/20
   - Exact sum: 15 + 13.5 + 13.8 + 16.5 = 58.8
   - Decision use: Price leads the evidence: RS versus the benchmark is 0.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
3. BCE Inc. (BCE): 57/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 22.8/35 | Capital efficiency 11.4/25 | Valuation 15.7/20 | Relative strength 7.4/20
   - Exact sum: 22.8 + 11.4 + 15.7 + 7.4 = 57.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Kyivstar Group Ltd. (KYIV): 56/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 12.6/35 | Capital efficiency 17.5/25 | Valuation 9.0/20 | Relative strength 16.5/20
   - Exact sum: 12.6 + 17.5 + 9 + 16.5 = 55.6
   - Decision use: Price leads the evidence: RS versus the benchmark is -0.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
5. Millicom International Cellular S.A. (TIGO): 54/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 16.2/35 | Capital efficiency 10.8/25 | Valuation 9.8/20 | Relative strength 17.5/20
   - Exact sum: 16.2 + 10.8 + 9.8 + 17.5 = 54.3
   - Decision use: Price leads the evidence: RS versus the benchmark is 35.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
6. AT&T Inc. (T): 52/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 19.4/35 | Capital efficiency 12.3/25 | Valuation 10.4/20 | Relative strength 10.0/20
   - Exact sum: 19.4 + 12.3 + 10.4 + 10 = 52.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. Globalstar, Inc. (GSAT): 52/100 — Mixed-positive evidence; evidence 62%
   - Growth & earnings 21.5/35 | Capital efficiency 6.7/25 | Valuation 10.0/20 | Relative strength 13.5/20
   - Exact sum: 21.5 + 6.7 + 10 + 13.5 = 51.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Telefônica Brasil S.A. (VIV): 50/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 19.9/35 | Capital efficiency 14.8/25 | Valuation 8.5/20 | Relative strength 6.8/20
   - Exact sum: 19.9 + 14.8 + 8.5 + 6.8 = 50
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Array Digital Infrastructure, Inc. (AD): 50/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 23.1/35 | Capital efficiency 15.0/25 | Valuation 9.4/20 | Relative strength 2.0/20
   - Exact sum: 23.1 + 15 + 9.4 + 2 = 49.5
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -29.8% and the one-year return is -52.4%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
10. Iridium Communications Inc. (IRDM): 49/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 12.2/35 | Capital efficiency 8.3/25 | Valuation 8.7/20 | Relative strength 20.0/20
   - Exact sum: 12.2 + 8.3 + 8.7 + 20 = 49.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. Rogers Communications Inc. (RCI): 46/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 16.5/35 | Capital efficiency 10.3/25 | Valuation 10.9/20 | Relative strength 8.1/20
   - Exact sum: 16.5 + 10.3 + 10.9 + 8.1 = 45.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12. Charter Communications, Inc. (CHTR): 46/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 16.6/35 | Capital efficiency 13.1/25 | Valuation 11.0/20 | Relative strength 5.0/20
   - Exact sum: 16.6 + 13.1 + 11 + 5 = 45.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
13. Telephone and Data Systems, Inc. (TDS): 45/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 19.8/35 | Capital efficiency 13.5/25 | Valuation 8.5/20 | Relative strength 3.0/20
   - Exact sum: 19.8 + 13.5 + 8.5 + 3 = 44.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Comcast Corporation (CMCSA): 43/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 13.4/35 | Capital efficiency 12.5/25 | Valuation 10.1/20 | Relative strength 7.2/20
   - Exact sum: 13.4 + 12.5 + 10.1 + 7.2 = 43.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
15. T-Mobile US, Inc. (TMUS): 43/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 13.5/35 | Capital efficiency 11.3/25 | Valuation 10.1/20 | Relative strength 7.9/20
   - Exact sum: 13.5 + 11.3 + 10.1 + 7.9 = 42.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Lumen Technologies, Inc. (LUMN): 39/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 18.4/35 | Capital efficiency 7.5/25 | Valuation 11.2/20 | Relative strength 2.1/20
   - Exact sum: 18.4 + 7.5 + 11.2 + 2.1 = 39.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17. EchoStar Corporation (ECHO): 37/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 17.5/35 | Capital efficiency 4.5/25 | Valuation 11.5/20 | Relative strength 3.8/20
   - Exact sum: 17.5 + 4.5 + 11.5 + 3.8 = 37.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18. TELUS Corporation (TU): 26/100 — Adverse evidence; evidence 82%
   - Growth & earnings 8.4/35 | Capital efficiency 8.3/25 | Valuation 3.8/20 | Relative strength 5.2/20
   - Exact sum: 8.4 + 8.3 + 3.8 + 5.2 = 25.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
19. Vodafone Group Public Limited Company (VOD): 54/100 — Thin evidence · provisional; evidence 40%
   - Growth & earnings 18.7/35 | Capital efficiency 8.7/25 | Valuation 9.9/20 | Relative strength 16.7/20
   - Exact sum: 18.7 + 8.7 + 9.9 + 16.7 = 54
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
20. Liberty Broadband Corporation (LBRDA): 45/100 — Thin evidence · provisional; evidence 46%
   - Growth & earnings 17.3/35 | Capital efficiency 11.0/25 | Valuation 10.2/20 | Relative strength 6.1/20
   - Exact sum: 17.3 + 11 + 10.2 + 6.1 = 44.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
21. Liberty Global Ltd. (LBTYB): 42/100 — Thin evidence · provisional; evidence 39%
   - Growth & earnings 13.7/35 | Capital efficiency 6.8/25 | Valuation 11.3/20 | Relative strength 10.0/20
   - Exact sum: 13.7 + 6.8 + 11.3 + 10 = 41.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Verizon Communications Inc. is the scale leader at $139,146 million, 53.7% ahead of T-Mobile US, Inc.. Kyivstar Group Ltd.'s growth is 24.2% from a $1,222 million base, with 9 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Verizon Communications Inc. is the scale benchmark; Kyivstar Group Ltd. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Verizon Communications Inc.'s growth falls below Kyivstar Group Ltd.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Verizon Communications Inc. · $139,146 million | 53.7% versus #2 · T-Mobile US, Inc. | 7/8 recent comparable periods | 13/21 companies · 370 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Verizon Communications Inc. (VZ): ₹1.4 L Cr
2. T-Mobile US, Inc. (TMUS): ₹90.5K Cr
3. Telefônica Brasil S.A. (VIV): ₹60.7K Cr
4. BCE Inc. (BCE): ₹24.7K Cr
5. TELUS Corporation (TU): ₹20.3K Cr

### Revenue growth — fastest growers
1. Kyivstar Group Ltd. (KYIV): 24%
2. Millicom International Cellular S.A. (TIGO): 13%
3. Globalstar, Inc. (GSAT): 12%
4. VEON Ltd. (VEON): 12%
5. T-Mobile US, Inc. (TMUS): 9.5%

### 20-quarter Revenue history
- VZ: Sep 2021 ₹32.9K Cr | Dec 2021 ₹34.1K Cr | Mar 2022 ₹33.6K Cr | Jun 2022 ₹33.8K Cr | Sep 2022 ₹34.2K Cr | Dec 2022 ₹35.3K Cr | Mar 2023 ₹32.9K Cr | Jun 2023 ₹32.6K Cr | Sep 2023 ₹33.3K Cr | Dec 2023 ₹35.1K Cr | Mar 2024 ₹33.0K Cr | Jun 2024 ₹32.8K Cr | Sep 2024 ₹33.3K Cr | Dec 2024 ₹35.7K Cr | Mar 2025 ₹33.5K Cr | Jun 2025 ₹34.5K Cr | Sep 2025 ₹33.8K Cr | Dec 2025 ₹36.4K Cr | Mar 2026 ₹34.4K Cr | Jun 2026 —
- TMUS: Sep 2021 ₹19.6K Cr | Dec 2021 ₹20.8K Cr | Mar 2022 ₹20.1K Cr | Jun 2022 ₹19.7K Cr | Sep 2022 ₹19.5K Cr | Dec 2022 ₹20.3K Cr | Mar 2023 ₹19.6K Cr | Jun 2023 ₹19.2K Cr | Sep 2023 ₹19.3K Cr | Dec 2023 ₹20.5K Cr | Mar 2024 ₹19.6K Cr | Jun 2024 ₹19.8K Cr | Sep 2024 ₹20.2K Cr | Dec 2024 ₹21.9K Cr | Mar 2025 ₹20.9K Cr | Jun 2025 ₹21.1K Cr | Sep 2025 ₹22.0K Cr | Dec 2025 ₹24.3K Cr | Mar 2026 ₹23.1K Cr | Jun 2026 —
- T: Sep 2021 ₹31.3K Cr | Dec 2021 ₹31.1K Cr | Mar 2022 ₹29.7K Cr | Jun 2022 ₹29.6K Cr | Sep 2022 ₹30.0K Cr | Dec 2022 ₹31.3K Cr | Mar 2023 ₹30.1K Cr | Jun 2023 ₹29.9K Cr | Sep 2023 ₹30.4K Cr | Dec 2023 ₹32.0K Cr | Mar 2024 ₹30.0K Cr | Jun 2024 ₹29.8K Cr | Sep 2024 ₹30.2K Cr | Dec 2024 ₹32.3K Cr | Mar 2025 ₹30.6K Cr | Jun 2025 ₹30.8K Cr | Sep 2025 ₹30.7K Cr | Dec 2025 ₹33.5K Cr | Mar 2026 ₹31.5K Cr | Jun 2026 —
- CMCSA: Sep 2021 ₹30.3K Cr | Dec 2021 ₹30.3K Cr | Mar 2022 ₹31.0K Cr | Jun 2022 ₹30.0K Cr | Sep 2022 ₹29.8K Cr | Dec 2022 ₹30.6K Cr | Mar 2023 ₹29.7K Cr | Jun 2023 ₹30.5K Cr | Sep 2023 ₹30.1K Cr | Dec 2023 ₹31.3K Cr | Mar 2024 ₹30.1K Cr | Jun 2024 ₹29.7K Cr | Sep 2024 ₹32.1K Cr | Dec 2024 ₹31.9K Cr | Mar 2025 ₹29.9K Cr | Jun 2025 ₹30.3K Cr | Sep 2025 ₹31.2K Cr | Dec 2025 ₹32.3K Cr | Mar 2026 ₹31.5K Cr | Jun 2026 —
- VOD: Sep 2021 ₹22.5K Cr | Dec 2021 — | Mar 2022 ₹23.1K Cr | Jun 2022 — | Sep 2022 ₹22.9K Cr | Dec 2022 — | Mar 2023 ₹22.8K Cr | Jun 2023 — | Sep 2023 ₹18.0K Cr | Dec 2023 — | Mar 2024 ₹18.7K Cr | Jun 2024 — | Sep 2024 ₹18.3K Cr | Dec 2024 — | Mar 2025 ₹19.2K Cr | Jun 2025 — | Sep 2025 ₹19.6K Cr | Dec 2025 — | Mar 2026 ₹20.9K Cr | Jun 2026 —
- ECHO: Sep 2021 ₹505 Cr | Dec 2021 ₹18.3K Cr | Mar 2022 ₹502 Cr | Jun 2022 ₹499 Cr | Sep 2022 ₹497 Cr | Dec 2022 ₹500 Cr | Mar 2023 ₹4.4K Cr | Jun 2023 ₹4.4K Cr | Sep 2023 ₹4.1K Cr | Dec 2023 ₹4.2K Cr | Mar 2024 ₹4.0K Cr | Jun 2024 ₹4.0K Cr | Sep 2024 ₹3.9K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 ₹3.8K Cr | Mar 2026 ₹3.7K Cr | Jun 2026 —
- VIV: Sep 2021 ₹10.9K Cr | Dec 2021 — | Mar 2022 ₹11.4K Cr | Jun 2022 — | Sep 2022 ₹12.2K Cr | Dec 2022 ₹12.7K Cr | Mar 2023 ₹12.7K Cr | Jun 2023 — | Sep 2023 ₹13.1K Cr | Dec 2023 ₹13.5K Cr | Mar 2024 ₹13.5K Cr | Jun 2024 ₹13.7K Cr | Sep 2024 ₹14.0K Cr | Dec 2024 ₹14.6K Cr | Mar 2025 ₹14.4K Cr | Jun 2025 ₹14.6K Cr | Sep 2025 ₹14.9K Cr | Dec 2025 ₹15.6K Cr | Mar 2026 ₹15.5K Cr | Jun 2026 —
- BCE: Sep 2021 ₹5.8K Cr | Dec 2021 ₹6.2K Cr | Mar 2022 ₹5.9K Cr | Jun 2022 ₹5.9K Cr | Sep 2022 ₹6.0K Cr | Dec 2022 ₹6.4K Cr | Mar 2023 ₹6.1K Cr | Jun 2023 ₹6.1K Cr | Sep 2023 ₹6.1K Cr | Dec 2023 ₹6.5K Cr | Mar 2024 ₹6.0K Cr | Jun 2024 ₹6.0K Cr | Sep 2024 ₹6.0K Cr | Dec 2024 ₹6.4K Cr | Mar 2025 ₹5.9K Cr | Jun 2025 ₹6.1K Cr | Sep 2025 ₹6.0K Cr | Dec 2025 ₹6.4K Cr | Mar 2026 ₹6.2K Cr | Jun 2026 —
- RCI: Sep 2021 ₹3.7K Cr | Dec 2021 ₹3.9K Cr | Mar 2022 ₹3.6K Cr | Jun 2022 ₹3.9K Cr | Sep 2022 ₹3.7K Cr | Dec 2022 ₹4.2K Cr | Mar 2023 ₹3.8K Cr | Jun 2023 ₹5.0K Cr | Sep 2023 ₹5.1K Cr | Dec 2023 ₹5.3K Cr | Mar 2024 ₹4.9K Cr | Jun 2024 ₹5.1K Cr | Sep 2024 ₹5.1K Cr | Dec 2024 ₹5.5K Cr | Mar 2025 ₹5.0K Cr | Jun 2025 ₹5.2K Cr | Sep 2025 ₹5.3K Cr | Dec 2025 ₹6.2K Cr | Mar 2026 ₹5.5K Cr | Jun 2026 —
- CHTR: Sep 2021 ₹13.1K Cr | Dec 2021 ₹13.2K Cr | Mar 2022 ₹13.2K Cr | Jun 2022 ₹13.6K Cr | Sep 2022 ₹13.6K Cr | Dec 2022 ₹13.7K Cr | Mar 2023 ₹13.7K Cr | Jun 2023 ₹13.7K Cr | Sep 2023 ₹13.6K Cr | Dec 2023 ₹13.7K Cr | Mar 2024 ₹13.7K Cr | Jun 2024 ₹13.7K Cr | Sep 2024 ₹13.8K Cr | Dec 2024 ₹13.9K Cr | Mar 2025 ₹13.7K Cr | Jun 2025 ₹13.8K Cr | Sep 2025 ₹13.7K Cr | Dec 2025 ₹13.6K Cr | Mar 2026 ₹13.6K Cr | Jun 2026 —
- TU: Sep 2021 ₹4.2K Cr | Dec 2021 ₹4.5K Cr | Mar 2022 ₹4.3K Cr | Jun 2022 ₹4.4K Cr | Sep 2022 ₹4.6K Cr | Dec 2022 ₹5.0K Cr | Mar 2023 ₹4.9K Cr | Jun 2023 ₹4.9K Cr | Sep 2023 ₹5.0K Cr | Dec 2023 ₹5.2K Cr | Mar 2024 ₹4.9K Cr | Jun 2024 ₹4.9K Cr | Sep 2024 ₹5.0K Cr | Dec 2024 ₹5.3K Cr | Mar 2025 ₹5.0K Cr | Jun 2025 ₹5.0K Cr | Sep 2025 ₹5.1K Cr | Dec 2025 ₹5.2K Cr | Mar 2026 ₹5.0K Cr | Jun 2026 —
- TIGO: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- GSAT: Sep 2021 ₹33 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹33 Cr | Jun 2022 ₹37 Cr | Sep 2022 ₹38 Cr | Dec 2022 ₹41 Cr | Mar 2023 ₹59 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹58 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹56 Cr | Jun 2024 ₹60 Cr | Sep 2024 ₹72 Cr | Dec 2024 ₹61 Cr | Mar 2025 ₹60 Cr | Jun 2025 ₹67 Cr | Sep 2025 ₹74 Cr | Dec 2025 ₹72 Cr | Mar 2026 ₹70 Cr | Jun 2026 —
- LBRDA: Sep 2021 ₹250 Cr | Dec 2021 ₹249 Cr | Mar 2022 ₹238 Cr | Jun 2022 ₹239 Cr | Sep 2022 ₹248 Cr | Dec 2022 ₹250 Cr | Mar 2023 ₹246 Cr | Jun 2023 ₹245 Cr | Sep 2023 ₹240 Cr | Dec 2023 — | Mar 2024 ₹245 Cr | Jun 2024 ₹246 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 ₹261 Cr | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LUMN: Sep 2021 ₹4.9K Cr | Dec 2021 ₹4.8K Cr | Mar 2022 ₹4.7K Cr | Jun 2022 ₹4.6K Cr | Sep 2022 ₹4.4K Cr | Dec 2022 ₹3.8K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.6K Cr | Dec 2023 ₹3.5K Cr | Mar 2024 ₹3.3K Cr | Jun 2024 ₹3.3K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 —
- IRDM: Sep 2021 ₹162 Cr | Dec 2021 ₹156 Cr | Mar 2022 ₹168 Cr | Jun 2022 ₹175 Cr | Sep 2022 ₹184 Cr | Dec 2022 ₹194 Cr | Mar 2023 ₹205 Cr | Jun 2023 ₹193 Cr | Sep 2023 ₹198 Cr | Dec 2023 ₹195 Cr | Mar 2024 ₹204 Cr | Jun 2024 ₹201 Cr | Sep 2024 ₹213 Cr | Dec 2024 ₹213 Cr | Mar 2025 ₹215 Cr | Jun 2025 ₹217 Cr | Sep 2025 ₹227 Cr | Dec 2025 ₹213 Cr | Mar 2026 ₹219 Cr | Jun 2026 —
- TDS: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹327 Cr | Dec 2024 ₹295 Cr | Mar 2025 ₹290 Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹309 Cr | Dec 2025 ₹331 Cr | Mar 2026 ₹309 Cr | Jun 2026 —
- VEON: Sep 2021 ₹2.0K Cr | Dec 2021 ₹988 Cr | Mar 2022 ₹968 Cr | Jun 2022 ₹957 Cr | Sep 2022 ₹891 Cr | Dec 2022 ₹940 Cr | Mar 2023 ₹884 Cr | Jun 2023 ₹916 Cr | Sep 2023 ₹945 Cr | Dec 2023 ₹953 Cr | Mar 2024 ₹942 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹998 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- LBTYB: Sep 2021 ₹1.9K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- KYIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹186 Cr | Jun 2024 ₹235 Cr | Sep 2024 ₹248 Cr | Dec 2024 ₹246 Cr | Mar 2025 ₹255 Cr | Jun 2025 ₹284 Cr | Sep 2025 ₹297 Cr | Dec 2025 ₹318 Cr | Mar 2026 ₹323 Cr | Jun 2026 —
- AD: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹986 Cr | Jun 2023 ₹957 Cr | Sep 2023 ₹963 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹950 Cr | Jun 2024 ₹927 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹916 Cr | Sep 2025 ₹47 Cr | Dec 2025 ₹60 Cr | Mar 2026 ₹52 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- VZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.1% | Sep 2022 4.0% | Dec 2022 3.5% | Mar 2023 -1.9% | Jun 2023 -3.5% | Sep 2023 -2.6% | Dec 2023 -0.3% | Mar 2024 0.2% | Jun 2024 0.6% | Sep 2024 -0.0% | Dec 2024 1.6% | Mar 2025 1.5% | Jun 2025 5.2% | Sep 2025 1.5% | Dec 2025 2.0% | Mar 2026 2.9% | Jun 2026 —
- TMUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.3% | Sep 2022 -0.8% | Dec 2022 -2.5% | Mar 2023 -2.4% | Jun 2023 -2.6% | Sep 2023 -1.2% | Dec 2023 1.0% | Mar 2024 -0.2% | Jun 2024 3.0% | Sep 2024 4.7% | Dec 2024 6.8% | Mar 2025 6.6% | Jun 2025 6.9% | Sep 2025 8.9% | Dec 2025 11% | Mar 2026 11% | Jun 2026 —
- T: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -17% | Sep 2022 -4.1% | Dec 2022 0.8% | Mar 2023 1.4% | Jun 2023 0.9% | Sep 2023 1.0% | Dec 2023 2.2% | Mar 2024 -0.4% | Jun 2024 -0.4% | Sep 2024 -0.5% | Dec 2024 0.9% | Mar 2025 2.0% | Jun 2025 3.5% | Sep 2025 1.6% | Dec 2025 3.6% | Mar 2026 2.9% | Jun 2026 —
- CMCSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.2% | Sep 2022 -1.5% | Dec 2022 0.7% | Mar 2023 -4.3% | Jun 2023 1.7% | Sep 2023 0.9% | Dec 2023 2.3% | Mar 2024 1.2% | Jun 2024 -2.7% | Sep 2024 6.5% | Dec 2024 2.1% | Mar 2025 -0.6% | Jun 2025 2.1% | Sep 2025 -2.7% | Dec 2025 1.2% | Mar 2026 5.3% | Jun 2026 —
- VOD: Sep 2021 5.0% | Dec 2021 — | Mar 2022 3.2% | Jun 2022 — | Sep 2022 2.0% | Dec 2022 — | Mar 2023 -1.4% | Jun 2023 — | Sep 2023 -22% | Dec 2023 — | Mar 2024 -18% | Jun 2024 — | Sep 2024 1.6% | Dec 2024 — | Mar 2025 2.3% | Jun 2025 — | Sep 2025 7.3% | Dec 2025 — | Mar 2026 8.8% | Jun 2026 —
- ECHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -0.2% | Sep 2022 -1.6% | Dec 2022 -97% | Mar 2023 774% | Jun 2023 773% | Sep 2023 727% | Dec 2023 733% | Mar 2024 -8.5% | Jun 2024 -9.3% | Sep 2024 -5.3% | Dec 2024 -4.7% | Mar 2025 -3.6% | Jun 2025 -5.8% | Sep 2025 -7.1% | Dec 2025 -4.3% | Mar 2026 -5.3% | Jun 2026 —
- VIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 7.5% | Dec 2023 6.9% | Mar 2024 6.5% | Jun 2024 — | Sep 2024 7.1% | Dec 2024 7.7% | Mar 2025 6.2% | Jun 2025 7.1% | Sep 2025 6.5% | Dec 2025 7.1% | Mar 2026 7.4% | Jun 2026 —
- BCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.9% | Sep 2022 3.2% | Dec 2022 3.7% | Mar 2023 3.5% | Jun 2023 3.5% | Sep 2023 0.9% | Dec 2023 0.5% | Mar 2024 -0.7% | Jun 2024 -1.0% | Sep 2024 -1.8% | Dec 2024 -0.8% | Mar 2025 -1.4% | Jun 2025 1.3% | Sep 2025 1.3% | Dec 2025 -0.3% | Mar 2026 4.0% | Jun 2026 —
- RCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.0% | Sep 2022 2.1% | Dec 2022 6.3% | Mar 2023 6.0% | Jun 2023 30% | Sep 2023 36% | Dec 2023 28% | Mar 2024 28% | Jun 2024 0.9% | Sep 2024 0.7% | Dec 2024 2.7% | Mar 2025 1.5% | Jun 2025 2.4% | Sep 2025 4.3% | Dec 2025 13% | Mar 2026 10% | Jun 2026 —
- CHTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.2% | Sep 2022 3.1% | Dec 2022 3.5% | Mar 2023 3.4% | Jun 2023 0.5% | Sep 2023 0.3% | Dec 2023 0.3% | Mar 2024 0.2% | Jun 2024 0.2% | Sep 2024 1.6% | Dec 2024 1.6% | Mar 2025 0.4% | Jun 2025 0.6% | Sep 2025 -0.9% | Dec 2025 -2.3% | Mar 2026 -1.0% | Jun 2026 —
- TU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.4% | Sep 2022 9.3% | Dec 2022 13% | Mar 2023 16% | Jun 2023 13% | Sep 2023 7.5% | Dec 2023 2.7% | Mar 2024 -1.2% | Jun 2024 -0.7% | Sep 2024 1.0% | Dec 2024 3.4% | Mar 2025 3.1% | Jun 2025 2.7% | Sep 2025 0.5% | Dec 2025 -1.9% | Mar 2026 -0.6% | Jun 2026 —
- TIGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 45% | Sep 2022 38% | Dec 2022 10% | Mar 2023 -2.8% | Jun 2023 -3.7% | Sep 2023 2.6% | Dec 2023 6.8% | Mar 2024 8.6% | Jun 2024 4.7% | Sep 2024 0.5% | Dec 2024 -3.2% | Mar 2025 -8.0% | Jun 2025 -5.9% | Sep 2025 -0.8% | Dec 2025 16% | Mar 2026 45% | Jun 2026 —
- GSAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 15% | Dec 2022 21% | Mar 2023 79% | Jun 2023 49% | Sep 2023 53% | Dec 2023 27% | Mar 2024 -5.1% | Jun 2024 9.1% | Sep 2024 24% | Dec 2024 17% | Mar 2025 7.1% | Jun 2025 12% | Sep 2025 2.8% | Dec 2025 18% | Mar 2026 17% | Jun 2026 —
- LBRDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.2% | Sep 2022 -0.8% | Dec 2022 0.4% | Mar 2023 3.4% | Jun 2023 2.5% | Sep 2023 -3.2% | Dec 2023 — | Mar 2024 -0.4% | Jun 2024 0.4% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 6.1% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LUMN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -6.3% | Sep 2022 -10% | Dec 2022 -22% | Mar 2023 -20% | Jun 2023 -21% | Sep 2023 -17% | Dec 2023 -7.5% | Mar 2024 -12% | Jun 2024 -11% | Sep 2024 -12% | Dec 2024 -5.4% | Mar 2025 -3.3% | Jun 2025 -5.4% | Sep 2025 -4.2% | Dec 2025 -8.7% | Mar 2026 -8.9% | Jun 2026 —
- IRDM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 14% | Dec 2022 24% | Mar 2023 22% | Jun 2023 10% | Sep 2023 7.6% | Dec 2023 0.5% | Mar 2024 -0.5% | Jun 2024 4.2% | Sep 2024 7.6% | Dec 2024 9.2% | Mar 2025 5.4% | Jun 2025 8.0% | Sep 2025 6.6% | Dec 2025 0.0% | Mar 2026 1.9% | Jun 2026 —
- TDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.9% | Sep 2022 4.8% | Dec 2022 -1.1% | Mar 2023 -0.9% | Jun 2023 -6.1% | Sep 2023 -8.2% | Dec 2023 -3.3% | Mar 2024 -3.2% | Jun 2024 -2.3% | Sep 2024 -74% | Dec 2024 -78% | Mar 2025 -77% | Jun 2025 -4.2% | Sep 2025 -5.5% | Dec 2025 12% | Mar 2026 6.6% | Jun 2026 —
- VEON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -50% | Sep 2022 -56% | Dec 2022 -4.9% | Mar 2023 -8.7% | Jun 2023 -4.3% | Sep 2023 6.1% | Dec 2023 1.4% | Mar 2024 6.6% | Jun 2024 12% | Sep 2024 9.7% | Dec 2024 4.7% | Mar 2025 8.9% | Jun 2025 5.8% | Sep 2025 7.5% | Dec 2025 17% | Mar 2026 17% | Jun 2026 —
- LBTYB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -41% | Sep 2022 -8.2% | Dec 2022 -4.1% | Mar 2023 0.8% | Jun 2023 5.4% | Sep 2023 6.2% | Dec 2023 4.3% | Mar 2024 -42% | Jun 2024 -43% | Sep 2024 -42% | Dec 2024 -42% | Mar 2025 7.3% | Jun 2025 20% | Sep 2025 13% | Dec 2025 9.6% | Mar 2026 8.9% | Jun 2026 —
- KYIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 37% | Jun 2025 21% | Sep 2025 20% | Dec 2025 29% | Mar 2026 27% | Jun 2026 —
- AD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.3% | Sep 2022 6.6% | Dec 2022 -1.9% | Mar 2023 -2.4% | Jun 2023 -6.8% | Sep 2023 -11% | Dec 2023 -4.7% | Mar 2024 -3.7% | Jun 2024 -3.1% | Sep 2024 -97% | Dec 2024 -97% | Mar 2025 -97% | Jun 2025 -1.2% | Sep 2025 81% | Dec 2025 131% | Mar 2026 93% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Array Digital Infrastructure, Inc. leads both opm at 309.1% and margin change at +418.9 percentage points.

Investor read: Array Digital Infrastructure, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Array Digital Infrastructure, Inc. · 309.1% | 549.4% versus #2 · Telephone and Data Systems, Inc. | 4/8 recent comparable periods | 20/21 companies · 360 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Array Digital Infrastructure, Inc. (AD): 309%
2. Telephone and Data Systems, Inc. (TDS): 48%
3. Kyivstar Group Ltd. (KYIV): 35%
4. VEON Ltd. (VEON): 26%
5. Verizon Communications Inc. (VZ): 24%

### Margin change — fastest expanders
1. Array Digital Infrastructure, Inc. (AD): +418.9 pp
2. Telephone and Data Systems, Inc. (TDS): +58.0 pp
3. Globalstar, Inc. (GSAT): +25.9 pp
4. Lumen Technologies, Inc. (LUMN): +17.4 pp
5. EchoStar Corporation (ECHO): +13.0 pp

### 20-quarter OPM history
- VZ: Sep 2021 27% | Dec 2021 22% | Mar 2022 23% | Jun 2022 22% | Sep 2022 23% | Dec 2022 21% | Mar 2023 23% | Jun 2023 22% | Sep 2023 22% | Dec 2023 1.7% | Mar 2024 23% | Jun 2024 24% | Sep 2024 18% | Dec 2024 21% | Mar 2025 24% | Jun 2025 24% | Sep 2025 24% | Dec 2025 14% | Mar 2026 24% | Jun 2026 —
- TMUS: Sep 2021 8.1% | Dec 2021 5.1% | Mar 2022 9.0% | Jun 2022 3.6% | Sep 2022 6.6% | Dec 2022 14% | Mar 2023 17% | Jun 2023 20% | Sep 2023 19% | Dec 2023 17% | Mar 2024 20% | Jun 2024 23% | Sep 2024 24% | Dec 2024 21% | Mar 2025 23% | Jun 2025 25% | Sep 2025 21% | Dec 2025 15% | Mar 2026 20% | Jun 2026 —
- T: Sep 2021 20% | Dec 2021 16% | Mar 2022 19% | Jun 2022 17% | Sep 2022 20% | Dec 2022 -67% | Mar 2023 20% | Jun 2023 21% | Sep 2023 19% | Dec 2023 17% | Mar 2024 20% | Jun 2024 19% | Sep 2024 7.0% | Dec 2024 17% | Mar 2025 19% | Jun 2025 21% | Sep 2025 20% | Dec 2025 17% | Mar 2026 21% | Jun 2026 —
- CMCSA: Sep 2021 18% | Dec 2021 16% | Mar 2022 18% | Jun 2022 21% | Sep 2022 -8.1% | Dec 2022 15% | Mar 2023 19% | Jun 2023 22% | Sep 2023 22% | Dec 2023 14% | Mar 2024 19% | Jun 2024 22% | Sep 2024 18% | Dec 2024 16% | Mar 2025 19% | Jun 2025 20% | Sep 2025 18% | Dec 2025 11% | Mar 2026 13% | Jun 2026 —
- ECHO: Sep 2021 12% | Dec 2021 18% | Mar 2022 9.0% | Jun 2022 9.2% | Sep 2022 9.5% | Dec 2022 10% | Mar 2023 8.1% | Jun 2023 5.8% | Sep 2023 -0.8% | Dec 2023 -21% | Mar 2024 -0.4% | Jun 2024 -1.7% | Sep 2024 -4.1% | Dec 2024 -1.6% | Mar 2025 -2.3% | Jun 2025 -5.7% | Sep 2025 -461% | Dec 2025 -21% | Mar 2026 11% | Jun 2026 —
- VIV: Sep 2021 17% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 14% | Dec 2022 16% | Mar 2023 13% | Jun 2023 — | Sep 2023 16% | Dec 2023 17% | Mar 2024 14% | Jun 2024 15% | Sep 2024 16% | Dec 2024 17% | Mar 2025 14% | Jun 2025 15% | Sep 2025 19% | Dec 2025 18% | Mar 2026 15% | Jun 2026 —
- BCE: Sep 2021 23% | Dec 2021 19% | Mar 2022 24% | Jun 2022 21% | Sep 2022 23% | Dec 2022 17% | Mar 2023 21% | Jun 2023 22% | Sep 2023 23% | Dec 2023 18% | Mar 2024 18% | Jun 2024 22% | Sep 2024 -12% | Dec 2024 19% | Mar 2025 17% | Jun 2025 22% | Sep 2025 6.6% | Dec 2025 17% | Mar 2026 21% | Jun 2026 —
- RCI: Sep 2021 26% | Dec 2021 22% | Mar 2022 25% | Jun 2022 25% | Sep 2022 25% | Dec 2022 25% | Mar 2023 27% | Jun 2023 21% | Sep 2023 25% | Dec 2023 22% | Mar 2024 22% | Jun 2024 23% | Sep 2024 27% | Dec 2024 25% | Mar 2025 22% | Jun 2025 23% | Sep 2025 24% | Dec 2025 24% | Mar 2026 21% | Jun 2026 —
- CHTR: Sep 2021 22% | Dec 2021 22% | Mar 2022 21% | Jun 2022 24% | Sep 2022 22% | Dec 2022 22% | Mar 2023 21% | Jun 2023 24% | Sep 2023 23% | Dec 2023 24% | Mar 2024 23% | Jun 2024 24% | Sep 2024 24% | Dec 2024 24% | Mar 2025 24% | Jun 2025 24% | Sep 2025 23% | Dec 2025 24% | Mar 2026 24% | Jun 2026 —
- TU: Sep 2021 16% | Dec 2021 24% | Mar 2022 17% | Jun 2022 17% | Sep 2022 17% | Dec 2022 13% | Mar 2023 12% | Jun 2023 12% | Sep 2023 10% | Dec 2023 13% | Mar 2024 12% | Jun 2024 14% | Sep 2024 16% | Dec 2024 14% | Mar 2025 15% | Jun 2025 3.5% | Sep 2025 15% | Dec 2025 13% | Mar 2026 11% | Jun 2026 —
- TIGO: Sep 2021 13% | Dec 2021 14% | Mar 2022 16% | Jun 2022 16% | Sep 2022 14% | Dec 2022 17% | Mar 2023 13% | Jun 2023 14% | Sep 2023 14% | Dec 2023 15% | Mar 2024 21% | Jun 2024 23% | Sep 2024 20% | Dec 2024 25% | Mar 2025 30% | Jun 2025 25% | Sep 2025 27% | Dec 2025 25% | Mar 2026 22% | Jun 2026 —
- GSAT: Sep 2021 -45% | Dec 2021 -45% | Mar 2022 -42% | Jun 2022 -31% | Sep 2022 -496% | Dec 2022 -23% | Mar 2023 12% | Jun 2023 4.8% | Sep 2023 3.5% | Dec 2023 -23% | Mar 2024 -8.3% | Jun 2024 -2.4% | Sep 2024 13% | Dec 2024 -6.9% | Mar 2025 -14% | Jun 2025 9.2% | Sep 2025 14% | Dec 2025 -0.5% | Mar 2026 12% | Jun 2026 —
- LBRDA: Sep 2021 10% | Dec 2021 -8.0% | Mar 2022 2.9% | Jun 2022 -0.4% | Sep 2022 -4.8% | Dec 2022 -13% | Mar 2023 6.5% | Jun 2023 9.4% | Sep 2023 8.8% | Dec 2023 — | Mar 2024 11% | Jun 2024 8.5% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 16% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LUMN: Sep 2021 23% | Dec 2021 24% | Mar 2022 23% | Jun 2022 20% | Sep 2022 32% | Dec 2022 -86% | Mar 2023 10% | Jun 2023 -230% | Sep 2023 6.1% | Dec 2023 -51% | Mar 2024 1.4% | Jun 2024 4.1% | Sep 2024 3.9% | Dec 2024 4.6% | Mar 2025 3.4% | Jun 2025 -20% | Sep 2025 -3.8% | Dec 2025 -6.6% | Mar 2026 21% | Jun 2026 —
- IRDM: Sep 2021 9.3% | Dec 2021 6.8% | Mar 2022 11% | Jun 2022 12% | Sep 2022 9.7% | Dec 2022 9.7% | Mar 2023 11% | Jun 2023 -8.3% | Sep 2023 14% | Dec 2023 24% | Mar 2024 24% | Jun 2024 22% | Sep 2024 26% | Dec 2024 25% | Mar 2025 28% | Jun 2025 23% | Sep 2025 31% | Dec 2025 26% | Mar 2026 23% | Jun 2026 —
- TDS: Sep 2021 5.2% | Dec 2021 1.7% | Mar 2022 7.2% | Jun 2022 4.7% | Sep 2022 -0.8% | Dec 2022 -1.8% | Mar 2023 2.2% | Jun 2023 2.6% | Sep 2023 3.8% | Dec 2023 100% | Mar 2024 5.3% | Jun 2024 3.2% | Sep 2024 -46% | Dec 2024 120% | Mar 2025 -10% | Jun 2025 3.4% | Sep 2025 -22% | Dec 2025 105% | Mar 2026 48% | Jun 2026 —
- VEON: Sep 2021 21% | Dec 2021 152% | Mar 2022 24% | Jun 2022 24% | Sep 2022 38% | Dec 2022 91% | Mar 2023 23% | Jun 2023 26% | Sep 2023 27% | Dec 2023 23% | Mar 2024 21% | Jun 2024 27% | Sep 2024 39% | Dec 2024 101% | Mar 2025 23% | Jun 2025 75% | Sep 2025 5.3% | Dec 2025 100% | Mar 2026 26% | Jun 2026 —
- LBTYB: Sep 2021 5.3% | Dec 2021 4.2% | Mar 2022 3.2% | Jun 2022 1.4% | Sep 2022 6.2% | Dec 2022 -2.5% | Mar 2023 2.0% | Jun 2023 -2.7% | Sep 2023 -1.5% | Dec 2023 70% | Mar 2024 -1.1% | Jun 2024 -3.1% | Sep 2024 3.1% | Dec 2024 -4.3% | Mar 2025 5.2% | Jun 2025 2.3% | Sep 2025 -0.7% | Dec 2025 -8.6% | Mar 2026 1.9% | Jun 2026 —
- KYIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 26% | Jun 2024 43% | Sep 2024 40% | Dec 2024 40% | Mar 2025 37% | Jun 2025 39% | Sep 2025 -16% | Dec 2025 36% | Mar 2026 35% | Jun 2026 —
- AD: Sep 2021 4.4% | Dec 2021 0.5% | Mar 2022 7.0% | Jun 2022 3.9% | Sep 2022 -1.4% | Dec 2022 -2.6% | Mar 2023 2.6% | Jun 2023 3.6% | Sep 2023 5.9% | Dec 2023 2.2% | Mar 2024 5.4% | Jun 2024 3.9% | Sep 2024 -622% | Dec 2024 -112% | Mar 2025 -110% | Jun 2025 3.8% | Sep 2025 -113% | Dec 2025 14% | Mar 2026 309% | Jun 2026 —

### 20-quarter Margin change history
- VZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.8 pp | Sep 2022 −4.0 pp | Dec 2022 −1.8 pp | Mar 2023 −0.2 pp | Jun 2023 −0.3 pp | Sep 2023 −0.7 pp | Dec 2023 −18.8 pp | Mar 2024 −0.2 pp | Jun 2024 +1.7 pp | Sep 2024 −4.6 pp | Dec 2024 +19.1 pp | Mar 2025 +1.0 pp | Jun 2025 −0.1 pp | Sep 2025 +6.2 pp | Dec 2025 −7.0 pp | Mar 2026 +0.1 pp | Jun 2026 —
- TMUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −7.0 pp | Sep 2022 −1.5 pp | Dec 2022 +8.5 pp | Mar 2023 +8.3 pp | Jun 2023 +16.2 pp | Sep 2023 +12.1 pp | Dec 2023 +3.4 pp | Mar 2024 +3.1 pp | Jun 2024 +3.6 pp | Sep 2024 +5.1 pp | Dec 2024 +4.0 pp | Mar 2025 +2.6 pp | Jun 2025 +1.3 pp | Sep 2025 −3.2 pp | Dec 2025 −5.6 pp | Mar 2026 −3.5 pp | Jun 2026 —
- T: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.5 pp | Sep 2022 +0.1 pp | Dec 2022 −83.0 pp | Mar 2023 +1.3 pp | Jun 2023 +4.7 pp | Sep 2023 −0.9 pp | Dec 2023 +83.8 pp | Mar 2024 −0.4 pp | Jun 2024 −2.1 pp | Sep 2024 −12.1 pp | Dec 2024 0.0 pp | Mar 2025 −0.7 pp | Jun 2025 +1.8 pp | Sep 2025 +12.9 pp | Dec 2025 +0.8 pp | Mar 2026 +2.3 pp | Jun 2026 —
- CMCSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.9 pp | Sep 2022 −26.1 pp | Dec 2022 −1.1 pp | Mar 2023 +1.0 pp | Jun 2023 +0.8 pp | Sep 2023 +29.6 pp | Dec 2023 −0.5 pp | Mar 2024 +0.3 pp | Jun 2024 +0.3 pp | Sep 2024 −3.2 pp | Dec 2024 +1.3 pp | Mar 2025 −0.4 pp | Jun 2025 −2.5 pp | Sep 2025 −0.6 pp | Dec 2025 −4.8 pp | Mar 2026 −5.8 pp | Jun 2026 —
- ECHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.9 pp | Sep 2022 −2.9 pp | Dec 2022 −7.4 pp | Mar 2023 −0.9 pp | Jun 2023 −3.4 pp | Sep 2023 −10.3 pp | Dec 2023 −30.8 pp | Mar 2024 −8.5 pp | Jun 2024 −7.5 pp | Sep 2024 −3.3 pp | Dec 2024 +18.9 pp | Mar 2025 −1.9 pp | Jun 2025 −4.0 pp | Sep 2025 −456.4 pp | Dec 2025 −18.9 pp | Mar 2026 +13.0 pp | Jun 2026 —
- VIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.1 pp | Dec 2022 — | Mar 2023 +0.5 pp | Jun 2023 — | Sep 2023 +2.0 pp | Dec 2023 +1.0 pp | Mar 2024 +0.9 pp | Jun 2024 — | Sep 2024 +0.1 pp | Dec 2024 +0.1 pp | Mar 2025 −0.3 pp | Jun 2025 +0.4 pp | Sep 2025 +2.2 pp | Dec 2025 +1.7 pp | Mar 2026 +1.2 pp | Jun 2026 —
- BCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.0 pp | Sep 2022 −0.7 pp | Dec 2022 −2.0 pp | Mar 2023 −3.5 pp | Jun 2023 +0.4 pp | Sep 2023 +0.8 pp | Dec 2023 +1.3 pp | Mar 2024 −3.0 pp | Jun 2024 +0.8 pp | Sep 2024 −35.1 pp | Dec 2024 +0.6 pp | Mar 2025 −0.3 pp | Jun 2025 −0.4 pp | Sep 2025 +18.3 pp | Dec 2025 −1.3 pp | Mar 2026 +3.3 pp | Jun 2026 —
- RCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4.5 pp | Sep 2022 −0.9 pp | Dec 2022 +2.7 pp | Mar 2023 +1.9 pp | Jun 2023 −4.1 pp | Sep 2023 −0.5 pp | Dec 2023 −3.0 pp | Mar 2024 −4.8 pp | Jun 2024 +2.7 pp | Sep 2024 +2.5 pp | Dec 2024 +3.1 pp | Mar 2025 +0.1 pp | Jun 2025 −0.7 pp | Sep 2025 −3.1 pp | Dec 2025 −1.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- CHTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.6 pp | Sep 2022 −0.7 pp | Dec 2022 −0.2 pp | Mar 2023 +0.4 pp | Jun 2023 0.0 pp | Sep 2023 +1.4 pp | Dec 2023 +1.6 pp | Mar 2024 +1.5 pp | Jun 2024 +0.1 pp | Sep 2024 +1.2 pp | Dec 2024 +0.5 pp | Mar 2025 +0.7 pp | Jun 2025 0.0 pp | Sep 2025 −1.3 pp | Dec 2025 −0.3 pp | Mar 2026 0.0 pp | Jun 2026 —
- TU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.4 pp | Sep 2022 +0.9 pp | Dec 2022 −10.3 pp | Mar 2023 −4.9 pp | Jun 2023 −5.6 pp | Sep 2023 −6.8 pp | Dec 2023 −0.4 pp | Mar 2024 −0.4 pp | Jun 2024 +2.1 pp | Sep 2024 +5.2 pp | Dec 2024 +1.3 pp | Mar 2025 +3.2 pp | Jun 2025 −10.4 pp | Sep 2025 −1.0 pp | Dec 2025 −0.9 pp | Mar 2026 −4.3 pp | Jun 2026 —
- TIGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +10.5 pp | Sep 2022 +0.7 pp | Dec 2022 +2.5 pp | Mar 2023 −3.1 pp | Jun 2023 −2.7 pp | Sep 2023 +0.2 pp | Dec 2023 −1.8 pp | Mar 2024 +7.9 pp | Jun 2024 +9.3 pp | Sep 2024 +6.0 pp | Dec 2024 +10.3 pp | Mar 2025 +8.9 pp | Jun 2025 +2.2 pp | Sep 2025 +6.5 pp | Dec 2025 −0.6 pp | Mar 2026 −8.3 pp | Jun 2026 —
- GSAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +22.0 pp | Sep 2022 −450.9 pp | Dec 2022 +22.4 pp | Mar 2023 +54.1 pp | Jun 2023 +35.7 pp | Sep 2023 +499.5 pp | Dec 2023 −0.3 pp | Mar 2024 −20.6 pp | Jun 2024 −7.2 pp | Sep 2024 +9.5 pp | Dec 2024 +16.0 pp | Mar 2025 −5.9 pp | Jun 2025 +11.6 pp | Sep 2025 +0.8 pp | Dec 2025 +6.4 pp | Mar 2026 +25.9 pp | Jun 2026 —
- LBRDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.4 pp | Sep 2022 −14.8 pp | Dec 2022 −5.2 pp | Mar 2023 +3.6 pp | Jun 2023 +9.8 pp | Sep 2023 +13.6 pp | Dec 2023 — | Mar 2024 +4.9 pp | Jun 2024 −0.9 pp | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 +7.2 pp | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LUMN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.6 pp | Sep 2022 +8.4 pp | Dec 2022 −110.4 pp | Mar 2023 −12.8 pp | Jun 2023 −249.8 pp | Sep 2023 −25.4 pp | Dec 2023 +35.9 pp | Mar 2024 −9.0 pp | Jun 2024 +234.1 pp | Sep 2024 −2.2 pp | Dec 2024 +55.1 pp | Mar 2025 +2.0 pp | Jun 2025 −23.6 pp | Sep 2025 −7.7 pp | Dec 2025 −11.2 pp | Mar 2026 +17.4 pp | Jun 2026 —
- IRDM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4.2 pp | Sep 2022 +0.4 pp | Dec 2022 +2.9 pp | Mar 2023 −0.1 pp | Jun 2023 −20.2 pp | Sep 2023 +4.5 pp | Dec 2023 +14.1 pp | Mar 2024 +13.1 pp | Jun 2024 +30.0 pp | Sep 2024 +11.6 pp | Dec 2024 +0.7 pp | Mar 2025 +3.7 pp | Jun 2025 +1.5 pp | Sep 2025 +5.1 pp | Dec 2025 +1.4 pp | Mar 2026 −4.9 pp | Jun 2026 —
- TDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.3 pp | Sep 2022 −6.0 pp | Dec 2022 −3.5 pp | Mar 2023 −5.0 pp | Jun 2023 −2.1 pp | Sep 2023 +4.6 pp | Dec 2023 +101.8 pp | Mar 2024 +3.1 pp | Jun 2024 +0.6 pp | Sep 2024 −49.5 pp | Dec 2024 +19.5 pp | Mar 2025 −15.7 pp | Jun 2025 +0.2 pp | Sep 2025 +23.7 pp | Dec 2025 −14.1 pp | Mar 2026 +58.0 pp | Jun 2026 —
- VEON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4.8 pp | Sep 2022 +17.4 pp | Dec 2022 −61.0 pp | Mar 2023 −0.7 pp | Jun 2023 +2.9 pp | Sep 2023 −10.6 pp | Dec 2023 −67.1 pp | Mar 2024 −1.9 pp | Jun 2024 +0.7 pp | Sep 2024 +11.3 pp | Dec 2024 +77.1 pp | Mar 2025 +2.0 pp | Jun 2025 +48.3 pp | Sep 2025 −33.4 pp | Dec 2025 −0.8 pp | Mar 2026 +2.2 pp | Jun 2026 —
- LBTYB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −16.6 pp | Sep 2022 +0.9 pp | Dec 2022 −6.7 pp | Mar 2023 −1.2 pp | Jun 2023 −4.1 pp | Sep 2023 −7.7 pp | Dec 2023 +72.0 pp | Mar 2024 −3.1 pp | Jun 2024 −0.4 pp | Sep 2024 +4.6 pp | Dec 2024 −73.8 pp | Mar 2025 +6.3 pp | Jun 2025 +5.4 pp | Sep 2025 −3.8 pp | Dec 2025 −4.3 pp | Mar 2026 −3.3 pp | Jun 2026 —
- KYIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 +10.6 pp | Jun 2025 −3.2 pp | Sep 2025 −56.1 pp | Dec 2025 −4.5 pp | Mar 2026 −1.9 pp | Jun 2026 —
- AD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.3 pp | Sep 2022 −5.8 pp | Dec 2022 −3.1 pp | Mar 2023 −4.4 pp | Jun 2023 −0.3 pp | Sep 2023 +7.3 pp | Dec 2023 +4.8 pp | Mar 2024 +2.8 pp | Jun 2024 +0.3 pp | Sep 2024 −628.2 pp | Dec 2024 −113.8 pp | Mar 2025 −115.2 pp | Jun 2025 −0.1 pp | Sep 2025 +509.2 pp | Dec 2025 +125.9 pp | Mar 2026 +418.9 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Verizon Communications Inc. leads with $17,771 million of TTM profit, 68.6% above T-Mobile US, Inc.. BCE Inc. shows ≥100% on the scoring scale (981.2% uncapped) growth from a $6,498 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Verizon Communications Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Verizon Communications Inc. · $17,771 million | 68.6% versus #2 · T-Mobile US, Inc. | 4/8 recent comparable periods | 14/21 companies · 380 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Verizon Communications Inc. (VZ): ₹17.8K Cr
2. T-Mobile US, Inc. (TMUS): ₹10.5K Cr
3. Telefônica Brasil S.A. (VIV): ₹6.7K Cr
4. BCE Inc. (BCE): ₹6.5K Cr
5. VEON Ltd. (VEON): ₹1.6K Cr

### Profit growth — fastest growers
1. BCE Inc. (BCE): 100%
2. Millicom International Cellular S.A. (TIGO): 17%
3. VEON Ltd. (VEON): 12%
4. Telefônica Brasil S.A. (VIV): 10%
5. Verizon Communications Inc. (VZ): -2.4%

### 20-quarter Net profit history
- VZ: Sep 2021 ₹6.6K Cr | Dec 2021 ₹4.7K Cr | Mar 2022 ₹4.7K Cr | Jun 2022 ₹5.3K Cr | Sep 2022 ₹5.0K Cr | Dec 2022 ₹6.7K Cr | Mar 2023 ₹5.0K Cr | Jun 2023 ₹4.8K Cr | Sep 2023 ₹4.9K Cr | Dec 2023 ₹-2.6K Cr | Mar 2024 ₹4.7K Cr | Jun 2024 ₹4.7K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹5.1K Cr | Mar 2025 ₹5.0K Cr | Jun 2025 ₹5.1K Cr | Sep 2025 ₹5.1K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹5.1K Cr | Jun 2026 —
- TMUS: Sep 2021 ₹691 Cr | Dec 2021 ₹422 Cr | Mar 2022 ₹713 Cr | Jun 2022 ₹-108 Cr | Sep 2022 ₹508 Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —
- T: Sep 2021 ₹5.0K Cr | Dec 2021 ₹5.2K Cr | Mar 2022 ₹5.1K Cr | Jun 2022 ₹4.8K Cr | Sep 2022 ₹6.3K Cr | Dec 2022 ₹-23.1K Cr | Mar 2023 ₹4.5K Cr | Jun 2023 ₹4.8K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹3.8K Cr | Jun 2024 ₹3.9K Cr | Sep 2024 ₹145 Cr | Dec 2024 ₹4.4K Cr | Mar 2025 ₹4.7K Cr | Jun 2025 ₹4.9K Cr | Sep 2025 ₹9.7K Cr | Dec 2025 ₹4.2K Cr | Mar 2026 ₹4.2K Cr | Jun 2026 —
- CMCSA: Sep 2021 ₹3.9K Cr | Dec 2021 ₹3.0K Cr | Mar 2022 ₹3.5K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹-4.7K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹3.8K Cr | Jun 2023 ₹4.2K Cr | Sep 2023 ₹4.0K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹3.8K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹3.6K Cr | Dec 2024 ₹4.7K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹11.0K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- VOD: Sep 2021 ₹1.3K Cr | Dec 2021 — | Mar 2022 ₹1.3K Cr | Jun 2022 — | Sep 2022 ₹1.2K Cr | Dec 2022 — | Mar 2023 ₹11.4K Cr | Jun 2023 — | Sep 2023 ₹84 Cr | Dec 2023 — | Mar 2024 ₹1.5K Cr | Jun 2024 — | Sep 2024 ₹1.2K Cr | Dec 2024 — | Mar 2025 ₹-4.9K Cr | Jun 2025 — | Sep 2025 ₹1.1K Cr | Dec 2025 — | Mar 2026 ₹-993 Cr | Jun 2026 —
- ECHO: Sep 2021 ₹30 Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹89 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹48 Cr | Mar 2023 ₹273 Cr | Jun 2023 ₹233 Cr | Sep 2023 ₹-119 Cr | Dec 2023 ₹-2.0K Cr | Mar 2024 ₹-108 Cr | Jun 2024 ₹-207 Cr | Sep 2024 ₹-144 Cr | Dec 2024 ₹335 Cr | Mar 2025 ₹-203 Cr | Jun 2025 ₹-307 Cr | Sep 2025 ₹-12.8K Cr | Dec 2025 ₹-1.2K Cr | Mar 2026 ₹-147 Cr | Jun 2026 —
- VIV: Sep 2021 ₹1.3K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹750 Cr | Jun 2022 ₹763 Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹835 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹896 Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- BCE: Sep 2021 ₹813 Cr | Dec 2021 ₹658 Cr | Mar 2022 ₹934 Cr | Jun 2022 ₹654 Cr | Sep 2022 ₹771 Cr | Dec 2022 ₹567 Cr | Mar 2023 ₹788 Cr | Jun 2023 ₹397 Cr | Sep 2023 ₹707 Cr | Dec 2023 ₹435 Cr | Mar 2024 ₹457 Cr | Jun 2024 ₹604 Cr | Sep 2024 ₹-1.2K Cr | Dec 2024 ₹505 Cr | Mar 2025 ₹683 Cr | Jun 2025 ₹644 Cr | Sep 2025 ₹4.6K Cr | Dec 2025 ₹632 Cr | Mar 2026 ₹667 Cr | Jun 2026 —
- RCI: Sep 2021 ₹490 Cr | Dec 2021 ₹405 Cr | Mar 2022 ₹392 Cr | Jun 2022 ₹409 Cr | Sep 2022 ₹371 Cr | Dec 2022 ₹508 Cr | Mar 2023 ₹511 Cr | Jun 2023 ₹109 Cr | Sep 2023 ₹-99 Cr | Dec 2023 ₹328 Cr | Mar 2024 ₹256 Cr | Jun 2024 ₹394 Cr | Sep 2024 ₹526 Cr | Dec 2024 ₹558 Cr | Mar 2025 ₹280 Cr | Jun 2025 ₹157 Cr | Sep 2025 ₹5.8K Cr | Dec 2025 ₹703 Cr | Mar 2026 ₹438 Cr | Jun 2026 —
- CHTR: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- TU: Sep 2021 ₹358 Cr | Dec 2021 ₹663 Cr | Mar 2022 ₹404 Cr | Jun 2022 ₹498 Cr | Sep 2022 ₹551 Cr | Dec 2022 ₹265 Cr | Mar 2023 ₹224 Cr | Jun 2023 ₹196 Cr | Sep 2023 ₹137 Cr | Dec 2023 ₹310 Cr | Mar 2024 ₹140 Cr | Jun 2024 ₹221 Cr | Sep 2024 ₹257 Cr | Dec 2024 ₹320 Cr | Mar 2025 ₹301 Cr | Jun 2025 ₹-245 Cr | Sep 2025 ₹431 Cr | Dec 2025 ₹290 Cr | Mar 2026 ₹144 Cr | Jun 2026 —
- TIGO: Sep 2021 ₹47 Cr | Dec 2021 ₹-32 Cr | Mar 2022 ₹30 Cr | Jun 2022 ₹-7 Cr | Sep 2022 ₹-48 Cr | Dec 2022 ₹41 Cr | Mar 2023 ₹-20 Cr | Jun 2023 ₹-47 Cr | Sep 2023 ₹-25 Cr | Dec 2023 ₹-157 Cr | Mar 2024 ₹82 Cr | Jun 2024 ₹78 Cr | Sep 2024 ₹58 Cr | Dec 2024 ₹53 Cr | Mar 2025 ₹215 Cr | Jun 2025 ₹67 Cr | Sep 2025 ₹67 Cr | Dec 2025 ₹266 Cr | Mar 2026 ₹74 Cr | Jun 2026 —
- GSAT: Sep 2021 ₹-31 Cr | Dec 2021 ₹-24 Cr | Mar 2022 ₹-20 Cr | Jun 2022 ₹-27 Cr | Sep 2022 ₹-204 Cr | Dec 2022 ₹-5 Cr | Mar 2023 ₹-3 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹-6 Cr | Dec 2023 ₹-15 Cr | Mar 2024 ₹-13 Cr | Jun 2024 ₹-10 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹-50 Cr | Mar 2025 ₹-17 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹-12 Cr | Mar 2026 ₹-17 Cr | Jun 2026 —
- LBRDA: Sep 2021 ₹237 Cr | Dec 2021 ₹387 Cr | Mar 2022 ₹299 Cr | Jun 2022 ₹465 Cr | Sep 2022 ₹315 Cr | Dec 2022 ₹178 Cr | Mar 2023 ₹69 Cr | Jun 2023 ₹252 Cr | Sep 2023 ₹162 Cr | Dec 2023 ₹205 Cr | Mar 2024 ₹241 Cr | Jun 2024 ₹195 Cr | Sep 2024 ₹120 Cr | Dec 2024 ₹273 Cr | Mar 2025 ₹234 Cr | Jun 2025 ₹383 Cr | Sep 2025 ₹255 Cr | Dec 2025 ₹-3.2K Cr | Mar 2026 ₹203 Cr | Jun 2026 —
- LUMN: Sep 2021 ₹544 Cr | Dec 2021 ₹508 Cr | Mar 2022 ₹599 Cr | Jun 2022 ₹344 Cr | Sep 2022 ₹578 Cr | Dec 2022 ₹-3.1K Cr | Mar 2023 ₹511 Cr | Jun 2023 ₹-8.7K Cr | Sep 2023 ₹-78 Cr | Dec 2023 ₹-2.0K Cr | Mar 2024 ₹57 Cr | Jun 2024 ₹-49 Cr | Sep 2024 ₹-148 Cr | Dec 2024 ₹85 Cr | Mar 2025 ₹-201 Cr | Jun 2025 ₹-915 Cr | Sep 2025 ₹-621 Cr | Dec 2025 ₹-2 Cr | Mar 2026 ₹-200 Cr | Jun 2026 —
- IRDM: Sep 2021 ₹-2 Cr | Dec 2021 ₹-6 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹-31 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹28 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹36 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹22 Cr | Jun 2026 —
- TDS: Sep 2021 ₹47 Cr | Dec 2021 ₹36 Cr | Mar 2022 ₹72 Cr | Jun 2022 ₹39 Cr | Sep 2022 ₹-10 Cr | Dec 2022 ₹-29 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹-503 Cr | Mar 2024 ₹38 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹-178 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹126 Cr | Mar 2026 ₹356 Cr | Jun 2026 —
- VEON: Sep 2021 ₹127 Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹239 Cr | Jun 2022 ₹43 Cr | Sep 2022 ₹194 Cr | Dec 2022 ₹255 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹148 Cr | Sep 2023 ₹131 Cr | Dec 2023 ₹88 Cr | Mar 2024 ₹78 Cr | Jun 2024 ₹89 Cr | Sep 2024 ₹227 Cr | Dec 2024 ₹972 Cr | Mar 2025 ₹118 Cr | Jun 2025 ₹608 Cr | Sep 2025 ₹-127 Cr | Dec 2025 ₹964 Cr | Mar 2026 ₹123 Cr | Jun 2026 —
- LBTYB: Sep 2021 ₹316 Cr | Dec 2021 ₹638 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹-4.1K Cr | Mar 2023 ₹-714 Cr | Jun 2023 ₹-352 Cr | Sep 2023 ₹823 Cr | Dec 2023 ₹-2.0K Cr | Mar 2024 ₹635 Cr | Jun 2024 ₹324 Cr | Sep 2024 ₹-1.4K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹-1.3K Cr | Jun 2025 ₹-2.8K Cr | Sep 2025 ₹-83 Cr | Dec 2025 ₹-2.9K Cr | Mar 2026 ₹358 Cr | Jun 2026 —
- KYIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹36 Cr | Jun 2024 ₹72 Cr | Sep 2024 ₹82 Cr | Dec 2024 ₹91 Cr | Mar 2025 ₹44 Cr | Jun 2025 ₹82 Cr | Sep 2025 ₹-89 Cr | Dec 2025 ₹89 Cr | Mar 2026 ₹85 Cr | Jun 2026 —
- AD: Sep 2021 ₹35 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹52 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹-12 Cr | Dec 2022 ₹-27 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹-78 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹-21 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹178 Cr | Jun 2026 —

### 20-quarter Profit growth history
- VZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -11% | Sep 2022 -23% | Dec 2022 41% | Mar 2023 6.5% | Jun 2023 -10% | Sep 2023 -2.8% | Dec 2023 -138% | Mar 2024 -5.9% | Jun 2024 -1.3% | Sep 2024 -30% | Dec 2024 — | Mar 2025 5.5% | Jun 2025 8.9% | Sep 2025 48% | Dec 2025 -52% | Mar 2026 3.3% | Jun 2026 —
- TMUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -111% | Sep 2022 -26% | Dec 2022 250% | Mar 2023 172% | Jun 2023 — | Sep 2023 322% | Dec 2023 36% | Mar 2024 22% | Jun 2024 32% | Sep 2024 43% | Dec 2024 48% | Mar 2025 24% | Jun 2025 10% | Sep 2025 -11% | Dec 2025 -29% | Mar 2026 -15% | Jun 2026 —
- T: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -20% | Sep 2022 26% | Dec 2022 -544% | Mar 2023 -14% | Jun 2023 0.2% | Sep 2023 -40% | Dec 2023 — | Mar 2024 -16% | Jun 2024 -17% | Sep 2024 -96% | Dec 2024 71% | Mar 2025 25% | Jun 2025 23% | Sep 2025 6,574% | Dec 2025 -5.7% | Mar 2026 -10% | Jun 2026 —
- CMCSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -11% | Sep 2022 -219% | Dec 2022 -3.6% | Mar 2023 8.4% | Jun 2023 29% | Sep 2023 — | Dec 2023 9.8% | Mar 2024 0.3% | Jun 2024 -8.4% | Sep 2024 -11% | Dec 2024 49% | Mar 2025 -13% | Jun 2025 188% | Sep 2025 -9.1% | Dec 2025 -56% | Mar 2026 -39% | Jun 2026 —
- VOD: Sep 2021 -13% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -5.9% | Dec 2022 — | Mar 2023 745% | Jun 2023 — | Sep 2023 -93% | Dec 2023 — | Mar 2024 -87% | Jun 2024 — | Sep 2024 1,335% | Dec 2024 — | Mar 2025 -432% | Jun 2025 — | Sep 2025 -13% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ECHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -71% | Sep 2022 -33% | Dec 2022 -98% | Mar 2023 207% | Jun 2023 2,230% | Sep 2023 -695% | Dec 2023 -4,313% | Mar 2024 -140% | Jun 2024 -189% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -463% | Mar 2026 — | Jun 2026 —
- VIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -43% | Sep 2022 9.3% | Dec 2022 -57% | Mar 2023 11% | Jun 2023 47% | Sep 2023 2.6% | Dec 2023 42% | Mar 2024 7.3% | Jun 2024 9.7% | Sep 2024 13% | Dec 2024 10% | Mar 2025 58% | Jun 2025 8.7% | Sep 2025 13% | Dec 2025 6.5% | Mar 2026 13% | Jun 2026 —
- BCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -11% | Sep 2022 -5.2% | Dec 2022 -14% | Mar 2023 -16% | Jun 2023 -39% | Sep 2023 -8.3% | Dec 2023 -23% | Mar 2024 -42% | Jun 2024 52% | Sep 2024 -268% | Dec 2024 16% | Mar 2025 49% | Jun 2025 6.6% | Sep 2025 — | Dec 2025 25% | Mar 2026 -2.3% | Jun 2026 —
- RCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 35% | Sep 2022 -24% | Dec 2022 25% | Mar 2023 30% | Jun 2023 -73% | Sep 2023 -127% | Dec 2023 -35% | Mar 2024 -50% | Jun 2024 261% | Sep 2024 — | Dec 2024 70% | Mar 2025 9.4% | Jun 2025 -60% | Sep 2025 994% | Dec 2025 26% | Mar 2026 56% | Jun 2026 —
- CHTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 48% | Sep 2022 -2.8% | Dec 2022 -24% | Mar 2023 -15% | Jun 2023 -17% | Sep 2023 5.1% | Dec 2023 -11% | Mar 2024 8.2% | Jun 2024 0.7% | Sep 2024 2.7% | Dec 2024 36% | Mar 2025 10% | Jun 2025 5.1% | Sep 2025 -11% | Dec 2025 -7.8% | Mar 2026 -3.3% | Jun 2026 —
- TU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 45% | Sep 2022 54% | Dec 2022 -60% | Mar 2023 -45% | Jun 2023 -61% | Sep 2023 -75% | Dec 2023 17% | Mar 2024 -38% | Jun 2024 13% | Sep 2024 88% | Dec 2024 3.2% | Mar 2025 115% | Jun 2025 -211% | Sep 2025 68% | Dec 2025 -9.4% | Mar 2026 -52% | Jun 2026 —
- TIGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -202% | Dec 2022 — | Mar 2023 -167% | Jun 2023 — | Sep 2023 — | Dec 2023 -483% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 162% | Jun 2025 -14% | Sep 2025 16% | Dec 2025 402% | Mar 2026 -66% | Jun 2026 —
- GSAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -90% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LBRDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 730% | Sep 2022 33% | Dec 2022 -54% | Mar 2023 -77% | Jun 2023 -46% | Sep 2023 -49% | Dec 2023 15% | Mar 2024 249% | Jun 2024 -23% | Sep 2024 -26% | Dec 2024 33% | Mar 2025 -2.9% | Jun 2025 96% | Sep 2025 113% | Dec 2025 -1,263% | Mar 2026 -13% | Jun 2026 —
- LUMN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -32% | Sep 2022 6.3% | Dec 2022 -704% | Mar 2023 -15% | Jun 2023 -2,640% | Sep 2023 -113% | Dec 2023 — | Mar 2024 -89% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -453% | Jun 2025 — | Sep 2025 — | Dec 2025 -102% | Mar 2026 — | Jun 2026 —
- IRDM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 — | Dec 2022 — | Mar 2023 233% | Jun 2023 -720% | Sep 2023 -200% | Dec 2023 2,700% | Mar 2024 100% | Jun 2024 — | Sep 2024 — | Dec 2024 29% | Mar 2025 50% | Jun 2025 -31% | Sep 2025 54% | Dec 2025 -31% | Mar 2026 -27% | Jun 2026 —
- TDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 -121% | Dec 2022 -181% | Mar 2023 -83% | Jun 2023 -100% | Sep 2023 — | Dec 2023 — | Mar 2024 217% | Jun 2024 — | Sep 2024 -4,550% | Dec 2024 — | Mar 2025 -79% | Jun 2025 157% | Sep 2025 — | Dec 2025 350% | Mar 2026 4,350% | Jun 2026 —
- VEON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -64% | Sep 2022 53% | Dec 2022 -80% | Mar 2023 -95% | Jun 2023 244% | Sep 2023 -32% | Dec 2023 -65% | Mar 2024 500% | Jun 2024 -40% | Sep 2024 73% | Dec 2024 1,005% | Mar 2025 51% | Jun 2025 583% | Sep 2025 -156% | Dec 2025 -0.8% | Mar 2026 4.2% | Jun 2026 —
- LBTYB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -80% | Sep 2022 670% | Dec 2022 -745% | Mar 2023 -166% | Jun 2023 -115% | Sep 2023 -66% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -273% | Dec 2024 — | Mar 2025 -308% | Jun 2025 -956% | Sep 2025 — | Dec 2025 -225% | Mar 2026 — | Jun 2026 —
- KYIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 22% | Jun 2025 14% | Sep 2025 -209% | Dec 2025 -2.2% | Mar 2026 93% | Jun 2026 —
- AD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -37% | Sep 2022 -134% | Dec 2022 -196% | Mar 2023 -73% | Jun 2023 -77% | Sep 2023 — | Dec 2023 — | Mar 2024 71% | Jun 2024 260% | Sep 2024 -439% | Dec 2024 -67% | Mar 2025 -17% | Jun 2025 78% | Sep 2025 — | Dec 2025 660% | Mar 2026 790% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: AT&T Inc. reports $5,700 million of CAPEX; Globalstar, Inc. has the highest covered intensity at 164.3%. Coverage is only 21 of 21 companies and 368 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: AT&T Inc. · $5,700 million | 35.7% versus #2 · Verizon Communications Inc. | 8/8 recent comparable periods | 21/21 companies · 368 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. AT&T Inc. (T): ₹5.7K Cr
2. Verizon Communications Inc. (VZ): ₹4.2K Cr
3. Comcast Corporation (CMCSA): ₹2.9K Cr
4. Charter Communications, Inc. (CHTR): ₹2.9K Cr
5. T-Mobile US, Inc. (TMUS): ₹2.6K Cr

### CAPEX intensity — highest reinvestment intensity
1. Globalstar, Inc. (GSAT): 164%
2. Telephone and Data Systems, Inc. (TDS): 48%
3. Lumen Technologies, Inc. (LUMN): 33%
4. Liberty Global Ltd. (LBTYB): 31%
5. Array Digital Infrastructure, Inc. (AD): 27%

### 20-quarter CAPEX history
- VZ: Sep 2021 ₹5.1K Cr | Dec 2021 ₹6.4K Cr | Mar 2022 ₹5.8K Cr | Jun 2022 ₹4.7K Cr | Sep 2022 ₹5.3K Cr | Dec 2022 ₹7.3K Cr | Mar 2023 ₹6.0K Cr | Jun 2023 ₹4.1K Cr | Sep 2023 ₹4.1K Cr | Dec 2023 ₹4.6K Cr | Mar 2024 ₹4.4K Cr | Jun 2024 ₹3.7K Cr | Sep 2024 ₹3.9K Cr | Dec 2024 ₹5.1K Cr | Mar 2025 ₹4.1K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹4.3K Cr | Dec 2025 ₹4.7K Cr | Mar 2026 ₹4.2K Cr | Jun 2026 —
- TMUS: Sep 2021 ₹2.9K Cr | Dec 2021 ₹2.9K Cr | Mar 2022 ₹3.4K Cr | Jun 2022 ₹3.6K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 —
- T: Sep 2021 ₹4.5K Cr | Dec 2021 ₹3.5K Cr | Mar 2022 ₹4.6K Cr | Jun 2022 ₹4.9K Cr | Sep 2022 ₹5.9K Cr | Dec 2022 ₹4.2K Cr | Mar 2023 ₹4.3K Cr | Jun 2023 ₹4.3K Cr | Sep 2023 ₹4.6K Cr | Dec 2023 ₹4.6K Cr | Mar 2024 ₹3.8K Cr | Jun 2024 ₹4.4K Cr | Sep 2024 ₹5.3K Cr | Dec 2024 ₹6.8K Cr | Mar 2025 ₹4.3K Cr | Jun 2025 ₹4.9K Cr | Sep 2025 ₹4.9K Cr | Dec 2025 ₹6.8K Cr | Mar 2026 ₹4.9K Cr | Jun 2026 ₹5.7K Cr
- CMCSA: Sep 2021 ₹2.3K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹3.3K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹3.9K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹3.8K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 ₹2.9K Cr
- VOD: Sep 2021 ₹3.1K Cr | Dec 2021 — | Mar 2022 ₹2.7K Cr | Jun 2022 — | Sep 2022 ₹3.5K Cr | Dec 2022 — | Mar 2023 ₹2.8K Cr | Jun 2023 — | Sep 2023 ₹2.4K Cr | Dec 2023 — | Mar 2024 ₹1.9K Cr | Jun 2024 — | Sep 2024 ₹2.2K Cr | Dec 2024 — | Mar 2025 ₹2.1K Cr | Jun 2025 — | Sep 2025 ₹2.5K Cr | Dec 2025 — | Mar 2026 ₹2.4K Cr | Jun 2026 —
- ECHO: Sep 2021 ₹90 Cr | Dec 2021 ₹86 Cr | Mar 2022 ₹112 Cr | Jun 2022 ₹76 Cr | Sep 2022 ₹61 Cr | Dec 2022 ₹77 Cr | Mar 2023 ₹766 Cr | Jun 2023 ₹935 Cr | Sep 2023 ₹833 Cr | Dec 2023 ₹567 Cr | Mar 2024 ₹520 Cr | Jun 2024 ₹347 Cr | Sep 2024 ₹334 Cr | Dec 2024 ₹344 Cr | Mar 2025 ₹258 Cr | Jun 2025 ₹293 Cr | Sep 2025 ₹256 Cr | Dec 2025 ₹158 Cr | Mar 2026 ₹133 Cr | Jun 2026 —
- VIV: Sep 2021 ₹2.4K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹3.6K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —
- BCE: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹959 Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹978 Cr | Sep 2024 ₹954 Cr | Dec 2024 ₹963 Cr | Mar 2025 ₹729 Cr | Jun 2025 ₹763 Cr | Sep 2025 ₹891 Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹841 Cr | Jun 2026 —
- RCI: Sep 2021 ₹716 Cr | Dec 2021 ₹834 Cr | Mar 2022 ₹930 Cr | Jun 2022 ₹702 Cr | Sep 2022 ₹754 Cr | Dec 2022 ₹998 Cr | Mar 2023 ₹930 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹922 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹971 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹840 Cr | Mar 2025 ₹966 Cr | Jun 2025 ₹899 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹905 Cr | Mar 2026 ₹920 Cr | Jun 2026 ₹778 Cr
- CHTR: Sep 2021 ₹1.9K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹2.9K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.9K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 ₹2.9K Cr
- TU: Sep 2021 ₹716 Cr | Dec 2021 ₹860 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹832 Cr | Dec 2022 ₹786 Cr | Mar 2023 ₹976 Cr | Jun 2023 ₹777 Cr | Sep 2023 ₹745 Cr | Dec 2023 ₹684 Cr | Mar 2024 ₹812 Cr | Jun 2024 ₹666 Cr | Sep 2024 ₹679 Cr | Dec 2024 ₹593 Cr | Mar 2025 ₹654 Cr | Jun 2025 ₹598 Cr | Sep 2025 ₹634 Cr | Dec 2025 ₹629 Cr | Mar 2026 ₹757 Cr | Jun 2026 —
- TIGO: Sep 2021 ₹149 Cr | Dec 2021 ₹261 Cr | Mar 2022 ₹196 Cr | Jun 2022 ₹210 Cr | Sep 2022 ₹219 Cr | Dec 2022 ₹175 Cr | Mar 2023 ₹228 Cr | Jun 2023 ₹201 Cr | Sep 2023 ₹170 Cr | Dec 2023 ₹215 Cr | Mar 2024 ₹131 Cr | Jun 2024 ₹121 Cr | Sep 2024 ₹120 Cr | Dec 2024 ₹168 Cr | Mar 2025 ₹132 Cr | Jun 2025 ₹173 Cr | Sep 2025 ₹159 Cr | Dec 2025 ₹186 Cr | Mar 2026 ₹169 Cr | Jun 2026 —
- GSAT: Sep 2021 ₹18 Cr | Dec 2021 — | Mar 2022 ₹10 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹71 Cr | Jun 2023 ₹53 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹54 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹148 Cr | Mar 2025 ₹190 Cr | Jun 2025 ₹78 Cr | Sep 2025 ₹214 Cr | Dec 2025 ₹63 Cr | Mar 2026 ₹115 Cr | Jun 2026 —
- LBRDA: Sep 2021 ₹41 Cr | Dec 2021 ₹43 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹46 Cr | Sep 2022 ₹54 Cr | Dec 2022 ₹49 Cr | Mar 2023 ₹54 Cr | Jun 2023 ₹43 Cr | Sep 2023 ₹52 Cr | Dec 2023 — | Mar 2024 ₹61 Cr | Jun 2024 ₹62 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LUMN: Sep 2021 ₹690 Cr | Dec 2021 ₹848 Cr | Mar 2022 ₹577 Cr | Jun 2022 ₹761 Cr | Sep 2022 ₹845 Cr | Dec 2022 ₹833 Cr | Mar 2023 ₹640 Cr | Jun 2023 ₹796 Cr | Sep 2023 ₹843 Cr | Dec 2023 ₹821 Cr | Mar 2024 ₹713 Cr | Jun 2024 ₹753 Cr | Sep 2024 ₹850 Cr | Dec 2024 ₹915 Cr | Mar 2025 ₹791 Cr | Jun 2025 ₹891 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹943 Cr | Jun 2026 —
- IRDM: Sep 2021 ₹9 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹25 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹33 Cr | Mar 2026 ₹30 Cr | Jun 2026 ₹22 Cr
- TDS: Sep 2021 ₹269 Cr | Dec 2021 ₹405 Cr | Mar 2022 ₹271 Cr | Jun 2022 ₹255 Cr | Sep 2022 ₹268 Cr | Dec 2022 ₹367 Cr | Mar 2023 ₹331 Cr | Jun 2023 ₹298 Cr | Sep 2023 ₹277 Cr | Dec 2023 ₹305 Cr | Mar 2024 ₹235 Cr | Jun 2024 ₹216 Cr | Sep 2024 ₹204 Cr | Dec 2024 ₹96 Cr | Mar 2025 ₹64 Cr | Jun 2025 ₹157 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹128 Cr | Mar 2026 ₹149 Cr | Jun 2026 —
- VEON: Sep 2021 ₹346 Cr | Dec 2021 — | Mar 2022 ₹261 Cr | Jun 2022 ₹453 Cr | Sep 2022 ₹133 Cr | Dec 2022 — | Mar 2023 ₹242 Cr | Jun 2023 — | Sep 2023 ₹142 Cr | Dec 2023 ₹118 Cr | Mar 2024 ₹186 Cr | Jun 2024 ₹155 Cr | Sep 2024 — | Dec 2024 ₹137 Cr | Mar 2025 ₹173 Cr | Jun 2025 ₹184 Cr | Sep 2025 — | Dec 2025 ₹210 Cr | Mar 2026 ₹232 Cr | Jun 2026 —
- LBTYB: Sep 2021 ₹272 Cr | Dec 2021 ₹294 Cr | Mar 2022 ₹373 Cr | Jun 2022 ₹261 Cr | Sep 2022 ₹295 Cr | Dec 2022 ₹374 Cr | Mar 2023 ₹377 Cr | Jun 2023 ₹311 Cr | Sep 2023 ₹328 Cr | Dec 2023 ₹370 Cr | Mar 2024 ₹206 Cr | Jun 2024 ₹185 Cr | Sep 2024 ₹221 Cr | Dec 2024 ₹297 Cr | Mar 2025 ₹243 Cr | Jun 2025 ₹319 Cr | Sep 2025 ₹343 Cr | Dec 2025 ₹438 Cr | Mar 2026 ₹398 Cr | Jun 2026 ₹348 Cr
- KYIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹28 Cr | Jun 2024 ₹39 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹35 Cr | Jun 2025 ₹38 Cr | Sep 2025 — | Dec 2025 — | Mar 2026 ₹50 Cr | Jun 2026 —
- AD: Sep 2021 ₹175 Cr | Dec 2021 ₹268 Cr | Mar 2022 ₹150 Cr | Jun 2022 ₹138 Cr | Sep 2022 ₹121 Cr | Dec 2022 ₹193 Cr | Mar 2023 ₹196 Cr | Jun 2023 ₹155 Cr | Sep 2023 ₹103 Cr | Dec 2023 ₹154 Cr | Mar 2024 ₹133 Cr | Jun 2024 ₹137 Cr | Sep 2024 ₹129 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹75 Cr | Sep 2025 ₹128 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹14 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- VZ: Sep 2021 16% | Dec 2021 19% | Mar 2022 17% | Jun 2022 14% | Sep 2022 16% | Dec 2022 21% | Mar 2023 18% | Jun 2023 13% | Sep 2023 12% | Dec 2023 13% | Mar 2024 13% | Jun 2024 11% | Sep 2024 12% | Dec 2024 14% | Mar 2025 12% | Jun 2025 11% | Sep 2025 13% | Dec 2025 13% | Mar 2026 12% | Jun 2026 —
- TMUS: Sep 2021 15% | Dec 2021 14% | Mar 2022 17% | Jun 2022 18% | Sep 2022 19% | Dec 2022 17% | Mar 2023 15% | Jun 2023 15% | Sep 2023 13% | Dec 2023 7.7% | Mar 2024 13% | Jun 2024 10% | Sep 2024 9.7% | Dec 2024 10% | Mar 2025 12% | Jun 2025 11% | Sep 2025 12% | Dec 2025 10% | Mar 2026 11% | Jun 2026 —
- T: Sep 2021 14% | Dec 2021 11% | Mar 2022 15% | Jun 2022 17% | Sep 2022 20% | Dec 2022 14% | Mar 2023 14% | Jun 2023 14% | Sep 2023 15% | Dec 2023 14% | Mar 2024 13% | Jun 2024 15% | Sep 2024 18% | Dec 2024 21% | Mar 2025 14% | Jun 2025 16% | Sep 2025 16% | Dec 2025 20% | Mar 2026 16% | Jun 2026 —
- CMCSA: Sep 2021 7.5% | Dec 2021 11% | Mar 2022 6.5% | Jun 2022 8.1% | Sep 2022 9.5% | Dec 2022 12% | Mar 2023 9.3% | Jun 2023 9.8% | Sep 2023 11% | Dec 2023 11% | Mar 2024 9.1% | Jun 2024 9.2% | Sep 2024 9.1% | Dec 2024 12% | Mar 2025 7.5% | Jun 2025 8.8% | Sep 2025 9.8% | Dec 2025 12% | Mar 2026 7.5% | Jun 2026 —
- VOD: Sep 2021 14% | Dec 2021 — | Mar 2022 12% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 13% | Dec 2023 — | Mar 2024 10% | Jun 2024 — | Sep 2024 12% | Dec 2024 — | Mar 2025 11% | Jun 2025 — | Sep 2025 13% | Dec 2025 — | Mar 2026 12% | Jun 2026 —
- ECHO: Sep 2021 18% | Dec 2021 0.5% | Mar 2022 22% | Jun 2022 15% | Sep 2022 12% | Dec 2022 15% | Mar 2023 18% | Jun 2023 22% | Sep 2023 20% | Dec 2023 14% | Mar 2024 13% | Jun 2024 8.8% | Sep 2024 8.6% | Dec 2024 8.7% | Mar 2025 6.7% | Jun 2025 7.9% | Sep 2025 7.1% | Dec 2025 4.2% | Mar 2026 3.6% | Jun 2026 —
- VIV: Sep 2021 22% | Dec 2021 — | Mar 2022 32% | Jun 2022 — | Sep 2022 24% | Dec 2022 23% | Mar 2023 10% | Jun 2023 — | Sep 2023 18% | Dec 2023 20% | Mar 2024 15% | Jun 2024 16% | Sep 2024 17% | Dec 2024 19% | Mar 2025 17% | Jun 2025 15% | Sep 2025 16% | Dec 2025 16% | Mar 2026 16% | Jun 2026 —
- BCE: Sep 2021 20% | Dec 2021 24% | Mar 2022 16% | Jun 2022 21% | Sep 2022 22% | Dec 2022 25% | Mar 2023 18% | Jun 2023 22% | Sep 2023 19% | Dec 2023 16% | Mar 2024 17% | Jun 2024 16% | Sep 2024 16% | Dec 2024 15% | Mar 2025 12% | Jun 2025 13% | Sep 2025 15% | Dec 2025 21% | Mar 2026 14% | Jun 2026 —
- RCI: Sep 2021 20% | Dec 2021 21% | Mar 2022 26% | Jun 2022 18% | Sep 2022 20% | Dec 2022 24% | Mar 2023 24% | Jun 2023 21% | Sep 2023 18% | Dec 2023 19% | Mar 2024 20% | Jun 2024 21% | Sep 2024 20% | Dec 2024 15% | Mar 2025 19% | Jun 2025 17% | Sep 2025 19% | Dec 2025 15% | Mar 2026 17% | Jun 2026 —
- CHTR: Sep 2021 14% | Dec 2021 16% | Mar 2022 14% | Jun 2022 16% | Sep 2022 18% | Dec 2022 21% | Mar 2023 18% | Jun 2023 21% | Sep 2023 22% | Dec 2023 21% | Mar 2024 20% | Jun 2024 21% | Sep 2024 19% | Dec 2024 22% | Mar 2025 18% | Jun 2025 21% | Sep 2025 22% | Dec 2025 25% | Mar 2026 21% | Jun 2026 —
- TU: Sep 2021 17% | Dec 2021 19% | Mar 2022 24% | Jun 2022 23% | Sep 2022 18% | Dec 2022 16% | Mar 2023 20% | Jun 2023 16% | Sep 2023 15% | Dec 2023 13% | Mar 2024 17% | Jun 2024 14% | Sep 2024 14% | Dec 2024 11% | Mar 2025 13% | Jun 2025 12% | Sep 2025 13% | Dec 2025 12% | Mar 2026 15% | Jun 2026 —
- TIGO: Sep 2021 15% | Dec 2021 21% | Mar 2022 14% | Jun 2022 15% | Sep 2022 16% | Dec 2022 13% | Mar 2023 17% | Jun 2023 14% | Sep 2023 12% | Dec 2023 15% | Mar 2024 8.8% | Jun 2024 8.3% | Sep 2024 8.4% | Dec 2024 12% | Mar 2025 9.6% | Jun 2025 13% | Sep 2025 11% | Dec 2025 11% | Mar 2026 8.5% | Jun 2026 —
- GSAT: Sep 2021 55% | Dec 2021 — | Mar 2022 30% | Jun 2022 27% | Sep 2022 7.9% | Dec 2022 2.4% | Mar 2023 120% | Jun 2023 96% | Sep 2023 41% | Dec 2023 3.8% | Mar 2024 96% | Jun 2024 33% | Sep 2024 44% | Dec 2024 243% | Mar 2025 317% | Jun 2025 116% | Sep 2025 289% | Dec 2025 88% | Mar 2026 164% | Jun 2026 —
- LBRDA: Sep 2021 16% | Dec 2021 17% | Mar 2022 13% | Jun 2022 19% | Sep 2022 22% | Dec 2022 20% | Mar 2023 22% | Jun 2023 18% | Sep 2023 22% | Dec 2023 — | Mar 2024 25% | Jun 2024 25% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LUMN: Sep 2021 14% | Dec 2021 18% | Mar 2022 12% | Jun 2022 17% | Sep 2022 19% | Dec 2022 22% | Mar 2023 17% | Jun 2023 22% | Sep 2023 23% | Dec 2023 23% | Mar 2024 22% | Jun 2024 23% | Sep 2024 26% | Dec 2024 28% | Mar 2025 25% | Jun 2025 29% | Sep 2025 34% | Dec 2025 54% | Mar 2026 33% | Jun 2026 —
- IRDM: Sep 2021 5.6% | Dec 2021 9.0% | Mar 2022 8.3% | Jun 2022 9.7% | Sep 2022 7.6% | Dec 2022 14% | Mar 2023 11% | Jun 2023 11% | Sep 2023 6.1% | Dec 2023 8.2% | Mar 2024 7.4% | Jun 2024 6.0% | Sep 2024 8.9% | Dec 2024 11% | Mar 2025 12% | Jun 2025 9.7% | Sep 2025 9.7% | Dec 2025 16% | Mar 2026 14% | Jun 2026 —
- TDS: Sep 2021 20% | Dec 2021 30% | Mar 2022 21% | Jun 2022 19% | Sep 2022 19% | Dec 2022 27% | Mar 2023 25% | Jun 2023 24% | Sep 2023 22% | Dec 2023 23% | Mar 2024 19% | Jun 2024 17% | Sep 2024 62% | Dec 2024 33% | Mar 2025 22% | Jun 2025 13% | Sep 2025 7.8% | Dec 2025 39% | Mar 2026 48% | Jun 2026 —
- VEON: Sep 2021 17% | Dec 2021 — | Mar 2022 27% | Jun 2022 47% | Sep 2022 15% | Dec 2022 — | Mar 2023 27% | Jun 2023 — | Sep 2023 15% | Dec 2023 12% | Mar 2024 20% | Jun 2024 15% | Sep 2024 — | Dec 2024 14% | Mar 2025 17% | Jun 2025 17% | Sep 2025 — | Dec 2025 18% | Mar 2026 19% | Jun 2026 —
- LBTYB: Sep 2021 14% | Dec 2021 15% | Mar 2022 20% | Jun 2022 15% | Sep 2022 17% | Dec 2022 20% | Mar 2023 20% | Jun 2023 17% | Sep 2023 18% | Dec 2023 19% | Mar 2024 19% | Jun 2024 18% | Sep 2024 21% | Dec 2024 26% | Mar 2025 21% | Jun 2025 25% | Sep 2025 28% | Dec 2025 36% | Mar 2026 31% | Jun 2026 —
- KYIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 15% | Jun 2024 17% | Sep 2024 — | Dec 2024 — | Mar 2025 14% | Jun 2025 13% | Sep 2025 — | Dec 2025 — | Mar 2026 16% | Jun 2026 —
- AD: Sep 2021 17% | Dec 2021 25% | Mar 2022 15% | Jun 2022 13% | Sep 2022 11% | Dec 2022 18% | Mar 2023 20% | Jun 2023 16% | Sep 2023 11% | Dec 2023 15% | Mar 2024 14% | Jun 2024 15% | Sep 2024 496% | Dec 2024 19% | Mar 2025 30% | Jun 2025 8.2% | Sep 2025 272% | Dec 2025 15% | Mar 2026 27% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Telephone and Data Systems, Inc. has the clearest covered balance-sheet capacity with $112 million net cash and gross debt of $1,255 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Kyivstar Group Ltd. · $526 million | 0.6% versus #2 · Globalstar, Inc. | 3/8 recent comparable periods | 20/21 companies · 376 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Kyivstar Group Ltd. (KYIV): ₹526 Cr
2. Globalstar, Inc. (GSAT): ₹529 Cr
3. Array Digital Infrastructure, Inc. (AD): ₹1.2K Cr
4. Telephone and Data Systems, Inc. (TDS): ₹1.3K Cr
5. Iridium Communications Inc. (IRDM): ₹1.8K Cr

### Net debt — lowest net debt
1. Telephone and Data Systems, Inc. (TDS): ₹-112 Cr
2. Kyivstar Group Ltd. (KYIV): ₹48 Cr
3. Globalstar, Inc. (GSAT): ₹171 Cr
4. Array Digital Infrastructure, Inc. (AD): ₹948 Cr
5. Iridium Communications Inc. (IRDM): ₹1.6K Cr

### 20-quarter Gross debt history
- VZ: Sep 2021 ₹1.8 L Cr | Dec 2021 ₹1.8 L Cr | Mar 2022 ₹1.8 L Cr | Jun 2022 ₹1.8 L Cr | Sep 2022 ₹1.7 L Cr | Dec 2022 ₹1.8 L Cr | Mar 2023 ₹1.8 L Cr | Jun 2023 ₹1.8 L Cr | Sep 2023 ₹1.7 L Cr | Dec 2023 ₹1.7 L Cr | Mar 2024 ₹1.8 L Cr | Jun 2024 ₹1.7 L Cr | Sep 2024 ₹1.7 L Cr | Dec 2024 ₹1.7 L Cr | Mar 2025 ₹1.7 L Cr | Jun 2025 ₹1.7 L Cr | Sep 2025 ₹1.7 L Cr | Dec 2025 ₹1.8 L Cr | Mar 2026 ₹2.0 L Cr | Jun 2026 —
- TMUS: Sep 2021 ₹1.1 L Cr | Dec 2021 ₹1.1 L Cr | Mar 2022 ₹1.1 L Cr | Jun 2022 ₹1.1 L Cr | Sep 2022 ₹1.1 L Cr | Dec 2022 ₹1.1 L Cr | Mar 2023 ₹1.1 L Cr | Jun 2023 ₹1.2 L Cr | Sep 2023 ₹1.1 L Cr | Dec 2023 ₹1.1 L Cr | Mar 2024 ₹1.2 L Cr | Jun 2024 ₹1.1 L Cr | Sep 2024 ₹1.2 L Cr | Dec 2024 ₹1.1 L Cr | Mar 2025 ₹1.2 L Cr | Jun 2025 ₹1.2 L Cr | Sep 2025 ₹1.2 L Cr | Dec 2025 ₹1.2 L Cr | Mar 2026 ₹1.2 L Cr | Jun 2026 —
- T: Sep 2021 ₹2.0 L Cr | Dec 2021 ₹2.0 L Cr | Mar 2022 ₹2.3 L Cr | Jun 2022 ₹1.6 L Cr | Sep 2022 ₹1.5 L Cr | Dec 2022 ₹1.5 L Cr | Mar 2023 ₹1.6 L Cr | Jun 2023 ₹1.6 L Cr | Sep 2023 ₹1.6 L Cr | Dec 2023 ₹1.5 L Cr | Mar 2024 ₹1.5 L Cr | Jun 2024 ₹1.5 L Cr | Sep 2024 ₹1.5 L Cr | Dec 2024 ₹1.4 L Cr | Mar 2025 ₹1.4 L Cr | Jun 2025 ₹1.5 L Cr | Sep 2025 ₹1.6 L Cr | Dec 2025 ₹1.6 L Cr | Mar 2026 ₹1.6 L Cr | Jun 2026 ₹1.6 L Cr
- CMCSA: Sep 2021 ₹1.0 L Cr | Dec 2021 ₹1.0 L Cr | Mar 2022 ₹99.7K Cr | Jun 2022 ₹98.7K Cr | Sep 2022 ₹97.6K Cr | Dec 2022 ₹100.0K Cr | Mar 2023 ₹1.0 L Cr | Jun 2023 ₹1.0 L Cr | Sep 2023 ₹1.0 L Cr | Dec 2023 ₹97.1K Cr | Mar 2024 ₹96.6K Cr | Jun 2024 ₹98.1K Cr | Sep 2024 ₹1.0 L Cr | Dec 2024 ₹99.1K Cr | Mar 2025 ₹99.1K Cr | Jun 2025 ₹1.0 L Cr | Sep 2025 ₹99.1K Cr | Dec 2025 ₹98.9K Cr | Mar 2026 ₹94.6K Cr | Jun 2026 ₹90.4K Cr
- ECHO: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹25.7K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹25.9K Cr | Mar 2024 ₹24.9K Cr | Jun 2024 ₹24.9K Cr | Sep 2024 ₹27.2K Cr | Dec 2024 ₹29.8K Cr | Mar 2025 ₹29.5K Cr | Jun 2025 ₹29.6K Cr | Sep 2025 ₹30.6K Cr | Dec 2025 ₹30.1K Cr | Mar 2026 ₹28.2K Cr | Jun 2026 —
- VIV: Sep 2021 ₹25.5K Cr | Dec 2021 ₹17.0K Cr | Mar 2022 ₹31.2K Cr | Jun 2022 ₹16.5K Cr | Sep 2022 ₹38.9K Cr | Dec 2022 ₹19.4K Cr | Mar 2023 ₹19.0K Cr | Jun 2023 ₹18.4K Cr | Sep 2023 ₹35.5K Cr | Dec 2023 ₹18.8K Cr | Mar 2024 ₹18.5K Cr | Jun 2024 ₹37.6K Cr | Sep 2024 ₹19.3K Cr | Dec 2024 ₹20.8K Cr | Mar 2025 ₹20.6K Cr | Jun 2025 ₹20.3K Cr | Sep 2025 ₹18.1K Cr | Dec 2025 ₹40.7K Cr | Mar 2026 ₹39.8K Cr | Jun 2026 —
- BCE: Sep 2021 ₹29.1K Cr | Dec 2021 ₹29.7K Cr | Mar 2022 ₹30.0K Cr | Jun 2022 ₹30.3K Cr | Sep 2022 ₹31.5K Cr | Dec 2022 ₹31.9K Cr | Mar 2023 ₹33.8K Cr | Jun 2023 ₹34.4K Cr | Sep 2023 ₹34.7K Cr | Dec 2023 ₹36.2K Cr | Mar 2024 ₹37.7K Cr | Jun 2024 ₹39.5K Cr | Sep 2024 ₹40.1K Cr | Dec 2024 ₹40.5K Cr | Mar 2025 ₹39.2K Cr | Jun 2025 ₹37.6K Cr | Sep 2025 ₹41.0K Cr | Dec 2025 ₹41.1K Cr | Mar 2026 ₹43.0K Cr | Jun 2026 —
- RCI: Sep 2021 ₹21.1K Cr | Dec 2021 ₹22.8K Cr | Mar 2022 ₹36.1K Cr | Jun 2022 ₹36.3K Cr | Sep 2022 ₹37.3K Cr | Dec 2022 ₹36.7K Cr | Mar 2023 ₹37.7K Cr | Jun 2023 ₹46.2K Cr | Sep 2023 ₹48.5K Cr | Dec 2023 ₹45.2K Cr | Mar 2024 ₹46.1K Cr | Jun 2024 ₹46.3K Cr | Sep 2024 ₹45.9K Cr | Dec 2024 ₹47.6K Cr | Mar 2025 ₹49.4K Cr | Jun 2025 ₹45.4K Cr | Sep 2025 ₹45.0K Cr | Dec 2025 ₹44.2K Cr | Mar 2026 ₹44.8K Cr | Jun 2026 ₹45.7K Cr
- CHTR: Sep 2021 ₹88.4K Cr | Dec 2021 ₹91.6K Cr | Mar 2022 ₹95.2K Cr | Jun 2022 ₹96.0K Cr | Sep 2022 ₹97.0K Cr | Dec 2022 ₹97.6K Cr | Mar 2023 ₹98.0K Cr | Jun 2023 ₹98.0K Cr | Sep 2023 ₹97.8K Cr | Dec 2023 ₹97.8K Cr | Mar 2024 ₹98.0K Cr | Jun 2024 ₹97.6K Cr | Sep 2024 ₹96.3K Cr | Dec 2024 ₹95.0K Cr | Mar 2025 ₹95.0K Cr | Jun 2025 ₹12.5K Cr | Sep 2025 ₹96.5K Cr | Dec 2025 ₹96.2K Cr | Mar 2026 ₹96.0K Cr | Jun 2026 ₹95.6K Cr
- TU: Sep 2021 ₹20.6K Cr | Dec 2021 ₹21.0K Cr | Mar 2022 ₹21.4K Cr | Jun 2022 ₹21.9K Cr | Sep 2022 ₹25.2K Cr | Dec 2022 ₹25.1K Cr | Mar 2023 ₹27.2K Cr | Jun 2023 ₹27.2K Cr | Sep 2023 ₹27.9K Cr | Dec 2023 ₹27.5K Cr | Mar 2024 ₹29.5K Cr | Jun 2024 ₹29.2K Cr | Sep 2024 ₹28.9K Cr | Dec 2024 ₹29.8K Cr | Mar 2025 ₹30.0K Cr | Jun 2025 ₹33.1K Cr | Sep 2025 ₹29.9K Cr | Dec 2025 ₹31.5K Cr | Mar 2026 ₹31.1K Cr | Jun 2026 —
- TIGO: Sep 2021 ₹6.2K Cr | Dec 2021 ₹8.9K Cr | Mar 2022 ₹8.5K Cr | Jun 2022 ₹7.9K Cr | Sep 2022 ₹7.9K Cr | Dec 2022 ₹7.8K Cr | Mar 2023 ₹7.9K Cr | Jun 2023 ₹7.8K Cr | Sep 2023 ₹7.7K Cr | Dec 2023 ₹7.7K Cr | Mar 2024 ₹7.7K Cr | Jun 2024 ₹7.5K Cr | Sep 2024 ₹7.3K Cr | Dec 2024 ₹6.8K Cr | Mar 2025 ₹7.1K Cr | Jun 2025 ₹7.9K Cr | Sep 2025 ₹8.4K Cr | Dec 2025 ₹9.5K Cr | Mar 2026 ₹11.7K Cr | Jun 2026 —
- GSAT: Sep 2021 ₹317 Cr | Dec 2021 ₹267 Cr | Mar 2022 ₹308 Cr | Jun 2022 ₹358 Cr | Sep 2022 ₹352 Cr | Dec 2022 ₹219 Cr | Mar 2023 ₹211 Cr | Jun 2023 ₹364 Cr | Sep 2023 ₹369 Cr | Dec 2023 ₹390 Cr | Mar 2024 ₹427 Cr | Jun 2024 ₹422 Cr | Sep 2024 ₹423 Cr | Dec 2024 ₹538 Cr | Mar 2025 ₹537 Cr | Jun 2025 ₹543 Cr | Sep 2025 ₹565 Cr | Dec 2025 ₹538 Cr | Mar 2026 ₹529 Cr | Jun 2026 —
- LBRDA: Sep 2021 ₹4.1K Cr | Dec 2021 ₹3.9K Cr | Mar 2022 ₹4.1K Cr | Jun 2022 ₹3.9K Cr | Sep 2022 ₹3.9K Cr | Dec 2022 ₹3.9K Cr | Mar 2023 ₹3.8K Cr | Jun 2023 ₹3.8K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹3.8K Cr | Mar 2024 ₹3.7K Cr | Jun 2024 ₹3.7K Cr | Sep 2024 ₹3.8K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 —
- LUMN: Sep 2021 ₹30.2K Cr | Dec 2021 ₹29.4K Cr | Mar 2022 ₹28.9K Cr | Jun 2022 ₹28.5K Cr | Sep 2022 ₹25.6K Cr | Dec 2022 ₹20.9K Cr | Mar 2023 ₹20.2K Cr | Jun 2023 ₹20.4K Cr | Sep 2023 ₹20.2K Cr | Dec 2023 ₹20.3K Cr | Mar 2024 ₹19.0K Cr | Jun 2024 ₹18.9K Cr | Sep 2024 ₹18.8K Cr | Dec 2024 ₹18.2K Cr | Mar 2025 ₹17.9K Cr | Jun 2025 ₹18.2K Cr | Sep 2025 ₹17.9K Cr | Dec 2025 ₹17.7K Cr | Mar 2026 ₹13.3K Cr | Jun 2026 —
- IRDM: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 ₹1.8K Cr
- TDS: Sep 2021 ₹0 Cr | Dec 2021 ₹4.0K Cr | Mar 2022 ₹4.7K Cr | Jun 2022 ₹4.6K Cr | Sep 2022 ₹4.7K Cr | Dec 2022 ₹4.8K Cr | Mar 2023 ₹5.1K Cr | Jun 2023 ₹5.0K Cr | Sep 2023 ₹4.9K Cr | Dec 2023 ₹5.1K Cr | Mar 2024 ₹5.2K Cr | Jun 2024 ₹5.2K Cr | Sep 2024 ₹5.1K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹5.1K Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- VEON: Sep 2021 ₹9.9K Cr | Dec 2021 ₹10.6K Cr | Mar 2022 ₹10.0K Cr | Jun 2022 ₹12.6K Cr | Sep 2022 ₹12.1K Cr | Dec 2022 ₹8.2K Cr | Mar 2023 ₹6.3K Cr | Jun 2023 ₹5.7K Cr | Sep 2023 ₹4.8K Cr | Dec 2023 ₹5.2K Cr | Mar 2024 ₹4.3K Cr | Jun 2024 ₹4.3K Cr | Sep 2024 ₹4.3K Cr | Dec 2024 ₹4.7K Cr | Mar 2025 ₹4.7K Cr | Jun 2025 ₹4.9K Cr | Sep 2025 ₹5.1K Cr | Dec 2025 ₹5.1K Cr | Mar 2026 ₹5.4K Cr | Jun 2026 —
- LBTYB: Sep 2021 ₹16.2K Cr | Dec 2021 ₹16.1K Cr | Mar 2022 ₹15.7K Cr | Jun 2022 ₹14.9K Cr | Sep 2022 ₹14.8K Cr | Dec 2022 ₹15.4K Cr | Mar 2023 ₹16.7K Cr | Jun 2023 ₹16.7K Cr | Sep 2023 ₹16.7K Cr | Dec 2023 ₹9.9K Cr | Mar 2024 ₹17.4K Cr | Jun 2024 ₹17.4K Cr | Sep 2024 ₹17.9K Cr | Dec 2024 ₹9.8K Cr | Mar 2025 ₹10.1K Cr | Jun 2025 ₹10.5K Cr | Sep 2025 ₹9.2K Cr | Dec 2025 ₹9.3K Cr | Mar 2026 ₹9.2K Cr | Jun 2026 ₹9.1K Cr
- KYIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹898 Cr | Dec 2023 ₹898 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹894 Cr | Dec 2024 ₹894 Cr | Mar 2025 ₹960 Cr | Jun 2025 ₹413 Cr | Sep 2025 ₹502 Cr | Dec 2025 ₹516 Cr | Mar 2026 ₹526 Cr | Jun 2026 —
- AD: Sep 2021 ₹3.6K Cr | Dec 2021 ₹3.7K Cr | Mar 2022 ₹4.2K Cr | Jun 2022 ₹4.1K Cr | Sep 2022 ₹4.1K Cr | Dec 2022 ₹4.2K Cr | Mar 2023 ₹4.3K Cr | Jun 2023 ₹4.1K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹4.0K Cr | Mar 2024 ₹4.0K Cr | Jun 2024 ₹3.9K Cr | Sep 2024 ₹3.9K Cr | Dec 2024 ₹93 Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —

### 20-quarter Net debt history
- VZ: Sep 2021 ₹1.7 L Cr | Dec 2021 ₹1.8 L Cr | Mar 2022 ₹1.8 L Cr | Jun 2022 ₹1.7 L Cr | Sep 2022 ₹1.7 L Cr | Dec 2022 ₹1.7 L Cr | Mar 2023 ₹1.8 L Cr | Jun 2023 ₹1.7 L Cr | Sep 2023 ₹1.7 L Cr | Dec 2023 ₹1.7 L Cr | Mar 2024 ₹1.7 L Cr | Jun 2024 ₹1.7 L Cr | Sep 2024 ₹1.7 L Cr | Dec 2024 ₹1.6 L Cr | Mar 2025 ₹1.7 L Cr | Jun 2025 ₹1.7 L Cr | Sep 2025 ₹1.6 L Cr | Dec 2025 ₹1.6 L Cr | Mar 2026 ₹1.9 L Cr | Jun 2026 —
- TMUS: Sep 2021 ₹1.0 L Cr | Dec 2021 ₹1.0 L Cr | Mar 2022 ₹1.1 L Cr | Jun 2022 ₹1.1 L Cr | Sep 2022 ₹1.1 L Cr | Dec 2022 ₹1.1 L Cr | Mar 2023 ₹1.1 L Cr | Jun 2023 ₹1.1 L Cr | Sep 2023 ₹1.1 L Cr | Dec 2023 ₹1.1 L Cr | Mar 2024 ₹1.1 L Cr | Jun 2024 ₹1.1 L Cr | Sep 2024 ₹1.1 L Cr | Dec 2024 ₹1.1 L Cr | Mar 2025 ₹1.1 L Cr | Jun 2025 ₹1.1 L Cr | Sep 2025 ₹1.2 L Cr | Dec 2025 ₹1.2 L Cr | Mar 2026 ₹1.2 L Cr | Jun 2026 —
- T: Sep 2021 ₹1.8 L Cr | Dec 2021 ₹1.8 L Cr | Mar 2022 ₹1.9 L Cr | Jun 2022 ₹1.5 L Cr | Sep 2022 ₹1.5 L Cr | Dec 2022 ₹1.5 L Cr | Mar 2023 ₹1.5 L Cr | Jun 2023 ₹1.5 L Cr | Sep 2023 ₹1.5 L Cr | Dec 2023 ₹1.5 L Cr | Mar 2024 ₹1.5 L Cr | Jun 2024 ₹1.4 L Cr | Sep 2024 ₹1.4 L Cr | Dec 2024 ₹1.4 L Cr | Mar 2025 ₹1.4 L Cr | Jun 2025 ₹1.4 L Cr | Sep 2025 ₹1.4 L Cr | Dec 2025 ₹1.4 L Cr | Mar 2026 ₹1.5 L Cr | Jun 2026 ₹1.5 L Cr
- CMCSA: Sep 2021 ₹90.6K Cr | Dec 2021 ₹91.3K Cr | Mar 2022 ₹90.9K Cr | Jun 2022 ₹91.9K Cr | Sep 2022 ₹91.9K Cr | Dec 2022 ₹95.2K Cr | Mar 2023 ₹95.2K Cr | Jun 2023 ₹95.5K Cr | Sep 2023 ₹96.1K Cr | Dec 2023 ₹90.9K Cr | Mar 2024 ₹90.1K Cr | Jun 2024 ₹92.1K Cr | Sep 2024 ₹92.6K Cr | Dec 2024 ₹91.8K Cr | Mar 2025 ₹90.5K Cr | Jun 2025 ₹91.8K Cr | Sep 2025 ₹89.7K Cr | Dec 2025 ₹89.5K Cr | Mar 2026 ₹85.1K Cr | Jun 2026 ₹82.7K Cr
- ECHO: Sep 2021 ₹66 Cr | Dec 2021 ₹85 Cr | Mar 2022 ₹109 Cr | Jun 2022 ₹113 Cr | Sep 2022 ₹62 Cr | Dec 2022 ₹21.4K Cr | Mar 2023 ₹-46 Cr | Jun 2023 ₹-287 Cr | Sep 2023 ₹-364 Cr | Dec 2023 ₹22.3K Cr | Mar 2024 ₹24.2K Cr | Jun 2024 ₹24.4K Cr | Sep 2024 ₹24.5K Cr | Dec 2024 ₹24.1K Cr | Mar 2025 ₹24.3K Cr | Jun 2025 ₹25.1K Cr | Sep 2025 ₹26.5K Cr | Dec 2025 ₹27.0K Cr | Mar 2026 ₹26.7K Cr | Jun 2026 —
- VIV: Sep 2021 ₹8.5K Cr | Dec 2021 ₹10.5K Cr | Mar 2022 ₹18.7K Cr | Jun 2022 ₹13.3K Cr | Sep 2022 ₹27.8K Cr | Dec 2022 ₹17.1K Cr | Mar 2023 ₹13.8K Cr | Jun 2023 ₹12.9K Cr | Sep 2023 ₹26.7K Cr | Dec 2023 ₹14.5K Cr | Mar 2024 ₹11.8K Cr | Jun 2024 ₹23.4K Cr | Sep 2024 ₹12.5K Cr | Dec 2024 ₹14.1K Cr | Mar 2025 ₹12.4K Cr | Jun 2025 ₹10.9K Cr | Sep 2025 ₹11.3K Cr | Dec 2025 ₹26.5K Cr | Mar 2026 ₹21.5K Cr | Jun 2026 —
- BCE: Sep 2021 ₹26.9K Cr | Dec 2021 ₹29.4K Cr | Mar 2022 ₹29.9K Cr | Jun 2022 ₹29.7K Cr | Sep 2022 ₹30.7K Cr | Dec 2022 ₹31.8K Cr | Mar 2023 ₹33.1K Cr | Jun 2023 ₹33.5K Cr | Sep 2023 ₹34.1K Cr | Dec 2023 ₹34.4K Cr | Mar 2024 ₹36.0K Cr | Jun 2024 ₹37.1K Cr | Sep 2024 ₹37.5K Cr | Dec 2024 ₹38.5K Cr | Mar 2025 ₹38.1K Cr | Jun 2025 ₹37.0K Cr | Sep 2025 ₹40.5K Cr | Dec 2025 ₹40.7K Cr | Mar 2026 ₹41.6K Cr | Jun 2026 —
- RCI: Sep 2021 ₹19.5K Cr | Dec 2021 ₹22.1K Cr | Mar 2022 ₹22.2K Cr | Jun 2022 ₹22.5K Cr | Sep 2022 ₹23.7K Cr | Dec 2022 ₹23.4K Cr | Mar 2023 ₹24.3K Cr | Jun 2023 ₹45.8K Cr | Sep 2023 ₹45.9K Cr | Dec 2023 ₹44.4K Cr | Mar 2024 ₹45.3K Cr | Jun 2024 ₹45.9K Cr | Sep 2024 ₹45.1K Cr | Dec 2024 ₹46.7K Cr | Mar 2025 ₹46.7K Cr | Jun 2025 ₹38.4K Cr | Sep 2025 ₹43.5K Cr | Dec 2025 ₹42.8K Cr | Mar 2026 ₹43.4K Cr | Jun 2026 ₹44.0K Cr
- CHTR: Sep 2021 ₹87.9K Cr | Dec 2021 ₹91.0K Cr | Mar 2022 ₹92.8K Cr | Jun 2022 ₹95.5K Cr | Sep 2022 ₹96.6K Cr | Dec 2022 ₹97.0K Cr | Mar 2023 ₹97.4K Cr | Jun 2023 ₹97.5K Cr | Sep 2023 ₹97.2K Cr | Dec 2023 ₹97.1K Cr | Mar 2024 ₹97.3K Cr | Jun 2024 ₹97.0K Cr | Sep 2024 ₹95.6K Cr | Dec 2024 ₹94.5K Cr | Mar 2025 ₹94.2K Cr | Jun 2025 ₹12.4K Cr | Sep 2025 ₹96.1K Cr | Dec 2025 ₹95.7K Cr | Mar 2026 ₹95.5K Cr | Jun 2026 ₹95.0K Cr
- TU: Sep 2021 ₹18.8K Cr | Dec 2021 ₹20.2K Cr | Mar 2022 ₹20.7K Cr | Jun 2022 ₹21.5K Cr | Sep 2022 ₹23.8K Cr | Dec 2022 ₹24.2K Cr | Mar 2023 ₹26.3K Cr | Jun 2023 ₹26.5K Cr | Sep 2023 ₹26.7K Cr | Dec 2023 ₹26.6K Cr | Mar 2024 ₹27.3K Cr | Jun 2024 ₹28.3K Cr | Sep 2024 ₹28.1K Cr | Dec 2024 ₹28.9K Cr | Mar 2025 ₹29.0K Cr | Jun 2025 ₹29.4K Cr | Sep 2025 ₹28.1K Cr | Dec 2025 ₹28.8K Cr | Mar 2026 ₹29.7K Cr | Jun 2026 —
- TIGO: Sep 2021 ₹5.5K Cr | Dec 2021 ₹8.0K Cr | Mar 2022 ₹7.8K Cr | Jun 2022 ₹7.1K Cr | Sep 2022 ₹7.0K Cr | Dec 2022 ₹6.8K Cr | Mar 2023 ₹7.0K Cr | Jun 2023 ₹7.1K Cr | Sep 2023 ₹7.0K Cr | Dec 2023 ₹7.0K Cr | Mar 2024 ₹7.1K Cr | Jun 2024 ₹6.7K Cr | Sep 2024 ₹6.4K Cr | Dec 2024 ₹6.1K Cr | Mar 2025 ₹6.6K Cr | Jun 2025 ₹6.6K Cr | Sep 2025 ₹6.8K Cr | Dec 2025 ₹7.9K Cr | Mar 2026 ₹10.5K Cr | Jun 2026 —
- GSAT: Sep 2021 ₹306 Cr | Dec 2021 ₹253 Cr | Mar 2022 ₹296 Cr | Jun 2022 ₹345 Cr | Sep 2022 ₹337 Cr | Dec 2022 ₹187 Cr | Mar 2023 ₹191 Cr | Jun 2023 ₹299 Cr | Sep 2023 ₹305 Cr | Dec 2023 ₹333 Cr | Mar 2024 ₹368 Cr | Jun 2024 ₹358 Cr | Sep 2024 ₹371 Cr | Dec 2024 ₹147 Cr | Mar 2025 ₹296 Cr | Jun 2025 ₹235 Cr | Sep 2025 ₹219 Cr | Dec 2025 ₹91 Cr | Mar 2026 ₹171 Cr | Jun 2026 —
- LBRDA: Sep 2021 ₹3.8K Cr | Dec 2021 ₹3.7K Cr | Mar 2022 ₹3.8K Cr | Jun 2022 ₹3.6K Cr | Sep 2022 ₹3.7K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹3.6K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹3.6K Cr | Jun 2024 ₹3.6K Cr | Sep 2024 ₹3.6K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹3.7K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —
- LUMN: Sep 2021 ₹29.5K Cr | Dec 2021 ₹29.0K Cr | Mar 2022 ₹28.6K Cr | Jun 2022 ₹28.2K Cr | Sep 2022 ₹25.4K Cr | Dec 2022 ₹19.7K Cr | Mar 2023 ₹19.1K Cr | Jun 2023 ₹20.0K Cr | Sep 2023 ₹19.9K Cr | Dec 2023 ₹18.0K Cr | Mar 2024 ₹17.4K Cr | Jun 2024 ₹17.4K Cr | Sep 2024 ₹16.2K Cr | Dec 2024 ₹16.3K Cr | Mar 2025 ₹16.0K Cr | Jun 2025 ₹16.6K Cr | Sep 2025 ₹15.5K Cr | Dec 2025 ₹16.7K Cr | Mar 2026 ₹11.6K Cr | Jun 2026 —
- IRDM: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 ₹1.6K Cr
- TDS: Sep 2021 ₹-725 Cr | Dec 2021 ₹3.7K Cr | Mar 2022 ₹4.1K Cr | Jun 2022 ₹4.1K Cr | Sep 2022 ₹4.3K Cr | Dec 2022 ₹4.4K Cr | Mar 2023 ₹4.8K Cr | Jun 2023 ₹4.7K Cr | Sep 2023 ₹4.7K Cr | Dec 2023 ₹4.9K Cr | Mar 2024 ₹5.0K Cr | Jun 2024 ₹4.8K Cr | Sep 2024 ₹4.7K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹4.7K Cr | Jun 2025 ₹-540 Cr | Sep 2025 ₹477 Cr | Dec 2025 ₹638 Cr | Mar 2026 ₹-112 Cr | Jun 2026 —
- VEON: Sep 2021 ₹8.4K Cr | Dec 2021 ₹8.4K Cr | Mar 2022 ₹8.1K Cr | Jun 2022 ₹10.2K Cr | Sep 2022 ₹8.8K Cr | Dec 2022 ₹5.1K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹3.5K Cr | Sep 2024 ₹3.3K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 ₹3.5K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹3.7K Cr | Jun 2026 —
- LBTYB: Sep 2021 ₹12.9K Cr | Dec 2021 ₹12.9K Cr | Mar 2022 ₹12.9K Cr | Jun 2022 ₹11.0K Cr | Sep 2022 ₹11.0K Cr | Dec 2022 ₹11.1K Cr | Mar 2023 ₹13.1K Cr | Jun 2023 ₹13.0K Cr | Sep 2023 ₹13.4K Cr | Dec 2023 ₹6.5K Cr | Mar 2024 ₹14.6K Cr | Jun 2024 ₹14.2K Cr | Sep 2024 ₹14.6K Cr | Dec 2024 ₹7.6K Cr | Mar 2025 ₹8.1K Cr | Jun 2025 ₹7.4K Cr | Sep 2025 ₹7.6K Cr | Dec 2025 ₹7.2K Cr | Mar 2026 ₹7.3K Cr | Jun 2026 ₹6.7K Cr
- KYIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹266 Cr | Dec 2023 ₹266 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹126 Cr | Dec 2024 ₹126 Cr | Mar 2025 ₹143 Cr | Jun 2025 ₹-139 Cr | Sep 2025 ₹-72 Cr | Dec 2025 ₹-58 Cr | Mar 2026 ₹48 Cr | Jun 2026 —
- AD: Sep 2021 ₹3.4K Cr | Dec 2021 ₹3.6K Cr | Mar 2022 ₹3.9K Cr | Jun 2022 ₹3.8K Cr | Sep 2022 ₹3.9K Cr | Dec 2022 ₹3.9K Cr | Mar 2023 ₹4.1K Cr | Jun 2023 ₹3.9K Cr | Sep 2023 ₹3.7K Cr | Dec 2023 ₹3.9K Cr | Mar 2024 ₹3.8K Cr | Jun 2024 ₹3.7K Cr | Sep 2024 ₹3.6K Cr | Dec 2024 ₹-51 Cr | Mar 2025 ₹3.6K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹877 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹948 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Kyivstar Group Ltd. leads ROCE at 7.3%, 1.5 percentage points above VEON Ltd.. Array Digital Infrastructure, Inc. has the strongest latest improvement at +2.7 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Kyivstar Group Ltd. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Kyivstar Group Ltd. · 7.3% | 25.9% versus #2 · VEON Ltd. | 3/5 recent comparable periods | 21/21 companies · 395 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Kyivstar Group Ltd. (KYIV): 7.3%
2. VEON Ltd. (VEON): 5.8%
3. Charter Communications, Inc. (CHTR): 3.5%
4. Millicom International Cellular S.A. (TIGO): 3.2%
5. Verizon Communications Inc. (VZ): 2.5%

### ROCE change — fastest improvers
1. Array Digital Infrastructure, Inc. (AD): +2.7 pp
2. Lumen Technologies, Inc. (LUMN): +1.7 pp
3. Telephone and Data Systems, Inc. (TDS): +1.6 pp
4. Vodafone Group Public Limited Company (VOD): +1.5 pp
5. EchoStar Corporation (ECHO): +1.1 pp

### 20-quarter ROCE history
- VZ: Sep 2021 3.1% | Dec 2021 2.6% | Mar 2022 2.5% | Jun 2022 2.4% | Sep 2022 2.5% | Dec 2022 2.2% | Mar 2023 2.3% | Jun 2023 2.2% | Sep 2023 2.3% | Dec 2023 0.2% | Mar 2024 2.3% | Jun 2024 2.4% | Sep 2024 1.8% | Dec 2024 2.3% | Mar 2025 2.5% | Jun 2025 2.6% | Sep 2025 2.5% | Dec 2025 1.5% | Mar 2026 2.5% | Jun 2026 —
- TMUS: Sep 2021 0.9% | Dec 2021 0.6% | Mar 2022 1.0% | Jun 2022 0.4% | Sep 2022 0.7% | Dec 2022 1.5% | Mar 2023 1.8% | Jun 2023 2.0% | Sep 2023 1.9% | Dec 2023 1.9% | Mar 2024 2.1% | Jun 2024 2.5% | Sep 2024 2.5% | Dec 2024 2.4% | Mar 2025 2.5% | Jun 2025 2.8% | Sep 2025 2.4% | Dec 2025 2.0% | Mar 2026 2.3% | Jun 2026 —
- T: Sep 2021 1.3% | Dec 2021 1.1% | Mar 2022 1.1% | Jun 2022 1.2% | Sep 2022 1.4% | Dec 2022 -5.3% | Mar 2023 1.4% | Jun 2023 1.8% | Sep 2023 1.6% | Dec 2023 1.5% | Mar 2024 1.7% | Jun 2024 1.6% | Sep 2024 0.6% | Dec 2024 1.5% | Mar 2025 1.6% | Jun 2025 1.8% | Sep 2025 1.7% | Dec 2025 1.6% | Mar 2026 1.8% | Jun 2026 1.9%
- CMCSA: Sep 2021 2.2% | Dec 2021 2.0% | Mar 2022 2.3% | Jun 2022 2.6% | Sep 2022 -1.0% | Dec 2022 1.9% | Mar 2023 2.4% | Jun 2023 2.9% | Sep 2023 2.9% | Dec 2023 2.0% | Mar 2024 2.6% | Jun 2024 2.9% | Sep 2024 2.6% | Dec 2024 2.2% | Mar 2025 2.5% | Jun 2025 2.6% | Sep 2025 2.3% | Dec 2025 1.5% | Mar 2026 1.8% | Jun 2026 2.2%
- VOD: Sep 2021 1.0% | Dec 2021 2.4% | Mar 2022 1.3% | Jun 2022 1.2% | Sep 2022 1.2% | Dec 2022 4.7% | Mar 2023 4.7% | Jun 2023 0.8% | Sep 2023 0.8% | Dec 2023 0.7% | Mar 2024 0.7% | Jun 2024 1.0% | Sep 2024 1.0% | Dec 2024 -1.2% | Mar 2025 -1.2% | Jun 2025 1.0% | Sep 2025 1.0% | Dec 2025 0.3% | Mar 2026 0.3% | Jun 2026 —
- ECHO: Sep 2021 1.1% | Dec 2021 58% | Mar 2022 0.8% | Jun 2022 0.8% | Sep 2022 0.8% | Dec 2022 0.2% | Mar 2023 6.1% | Jun 2023 4.4% | Sep 2023 -0.5% | Dec 2023 -1.7% | Mar 2024 -0.1% | Jun 2024 -0.2% | Sep 2024 -0.6% | Dec 2024 -0.1% | Mar 2025 -0.2% | Jun 2025 -0.4% | Sep 2025 -39% | Dec 2025 -1.8% | Mar 2026 0.9% | Jun 2026 —
- VIV: Sep 2021 2.7% | Dec 2021 2.0% | Mar 2022 1.0% | Jun 2022 1.6% | Sep 2022 0.9% | Dec 2022 2.1% | Mar 2023 1.1% | Jun 2023 2.0% | Sep 2023 1.1% | Dec 2023 2.3% | Mar 2024 1.9% | Jun 2024 1.4% | Sep 2024 1.5% | Dec 2024 2.4% | Mar 2025 2.0% | Jun 2025 1.5% | Sep 2025 2.8% | Dec 2025 2.8% | Mar 2026 2.3% | Jun 2026 —
- BCE: Sep 2021 2.4% | Dec 2021 2.1% | Mar 2022 2.5% | Jun 2022 2.2% | Sep 2022 2.4% | Dec 2022 1.9% | Mar 2023 2.2% | Jun 2023 2.3% | Sep 2023 2.5% | Dec 2023 2.0% | Mar 2024 1.8% | Jun 2024 2.3% | Sep 2024 -1.2% | Dec 2024 2.0% | Mar 2025 1.7% | Jun 2025 2.2% | Sep 2025 0.6% | Dec 2025 1.8% | Mar 2026 2.0% | Jun 2026 —
- RCI: Sep 2021 10% | Dec 2021 2.3% | Mar 2022 2.0% | Jun 2022 2.3% | Sep 2022 2.2% | Dec 2022 2.4% | Mar 2023 2.1% | Jun 2023 1.3% | Sep 2023 1.9% | Dec 2023 2.0% | Mar 2024 1.8% | Jun 2024 1.9% | Sep 2024 2.1% | Dec 2024 2.1% | Mar 2025 1.6% | Jun 2025 1.5% | Sep 2025 1.8% | Dec 2025 2.2% | Mar 2026 1.6% | Jun 2026 1.5%
- CHTR: Sep 2021 2.2% | Dec 2021 2.2% | Mar 2022 2.1% | Jun 2022 2.4% | Sep 2022 2.2% | Dec 2022 2.3% | Mar 2023 2.2% | Jun 2023 2.4% | Sep 2023 2.3% | Dec 2023 2.5% | Mar 2024 2.3% | Jun 2024 2.4% | Sep 2024 2.5% | Dec 2024 2.5% | Mar 2025 2.4% | Jun 2025 3.8% | Sep 2025 2.3% | Dec 2025 2.4% | Mar 2026 2.3% | Jun 2026 3.5%
- TU: Sep 2021 1.8% | Dec 2021 2.7% | Mar 2022 1.8% | Jun 2022 1.9% | Sep 2022 1.9% | Dec 2022 1.6% | Mar 2023 1.4% | Jun 2023 1.3% | Sep 2023 1.1% | Dec 2023 1.4% | Mar 2024 1.2% | Jun 2024 1.5% | Sep 2024 1.7% | Dec 2024 1.6% | Mar 2025 1.6% | Jun 2025 0.4% | Sep 2025 1.5% | Dec 2025 1.4% | Mar 2026 1.1% | Jun 2026 —
- TIGO: Sep 2021 1.4% | Dec 2021 1.7% | Mar 2022 2.1% | Jun 2022 2.2% | Sep 2022 1.8% | Dec 2022 2.0% | Mar 2023 1.4% | Jun 2023 1.5% | Sep 2023 1.6% | Dec 2023 1.8% | Mar 2024 2.6% | Jun 2024 2.7% | Sep 2024 2.4% | Dec 2024 3.1% | Mar 2025 3.5% | Jun 2025 2.8% | Sep 2025 3.1% | Dec 2025 3.2% | Mar 2026 3.2% | Jun 2026 —
- GSAT: Sep 2021 -1.8% | Dec 2021 -2.0% | Mar 2022 -1.8% | Jun 2022 -1.4% | Sep 2022 -27% | Dec 2022 -1.4% | Mar 2023 1.0% | Jun 2023 0.4% | Sep 2023 0.3% | Dec 2023 -1.9% | Mar 2024 -0.6% | Jun 2024 -0.2% | Sep 2024 1.2% | Dec 2024 -0.4% | Mar 2025 -0.7% | Jun 2025 0.5% | Sep 2025 0.7% | Dec 2025 0.0% | Mar 2026 0.4% | Jun 2026 —
- LBRDA: Sep 2021 0.2% | Dec 2021 -0.1% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 -0.1% | Dec 2022 -0.2% | Mar 2023 0.1% | Jun 2023 0.2% | Sep 2023 0.1% | Dec 2023 0.1% | Mar 2024 0.2% | Jun 2024 0.1% | Sep 2024 -0.1% | Dec 2024 -0.1% | Mar 2025 -0.1% | Jun 2025 0.3% | Sep 2025 -0.1% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 —
- LUMN: Sep 2021 2.1% | Dec 2021 2.2% | Mar 2022 2.1% | Jun 2022 1.7% | Sep 2022 2.9% | Dec 2022 -7.2% | Mar 2023 0.8% | Jun 2023 -20% | Sep 2023 0.6% | Dec 2023 -5.0% | Mar 2024 0.1% | Jun 2024 0.4% | Sep 2024 0.4% | Dec 2024 0.5% | Mar 2025 0.4% | Jun 2025 -2.1% | Sep 2025 -0.4% | Dec 2025 -0.7% | Mar 2026 2.1% | Jun 2026 —
- IRDM: Sep 2021 0.5% | Dec 2021 0.3% | Mar 2022 0.6% | Jun 2022 0.7% | Sep 2022 0.6% | Dec 2022 0.6% | Mar 2023 0.8% | Jun 2023 -0.6% | Sep 2023 1.0% | Dec 2023 1.7% | Mar 2024 1.9% | Jun 2024 1.7% | Sep 2024 2.1% | Dec 2024 2.1% | Mar 2025 2.4% | Jun 2025 2.0% | Sep 2025 2.8% | Dec 2025 2.2% | Mar 2026 2.1% | Jun 2026 1.4%
- TDS: Sep 2021 0.5% | Dec 2021 0.2% | Mar 2022 0.7% | Jun 2022 0.5% | Sep 2022 -0.1% | Dec 2022 -0.2% | Mar 2023 0.2% | Jun 2023 0.3% | Sep 2023 0.4% | Dec 2023 10% | Mar 2024 0.5% | Jun 2024 0.3% | Sep 2024 -1.2% | Dec 2024 2.8% | Mar 2025 -0.2% | Jun 2025 0.3% | Sep 2025 -0.7% | Dec 2025 3.4% | Mar 2026 1.4% | Jun 2026 —
- VEON: Sep 2021 4.4% | Dec 2021 14% | Mar 2022 2.3% | Jun 2022 2.1% | Sep 2022 3.3% | Dec 2022 7.7% | Mar 2023 2.0% | Jun 2023 2.3% | Sep 2023 2.7% | Dec 2023 3.0% | Mar 2024 2.7% | Jun 2024 4.0% | Sep 2024 5.8% | Dec 2024 22% | Mar 2025 5.5% | Jun 2025 17% | Sep 2025 1.2% | Dec 2025 23% | Mar 2026 5.8% | Jun 2026 —
- LBTYB: Sep 2021 0.2% | Dec 2021 0.2% | Mar 2022 0.1% | Jun 2022 0.1% | Sep 2022 0.3% | Dec 2022 -0.1% | Mar 2023 0.1% | Jun 2023 -0.1% | Sep 2023 -0.1% | Dec 2023 -0.5% | Mar 2024 0.0% | Jun 2024 -0.1% | Sep 2024 0.1% | Dec 2024 -0.2% | Mar 2025 0.2% | Jun 2025 0.1% | Sep 2025 0.0% | Dec 2025 -0.5% | Mar 2026 0.1% | Jun 2026 0.0%
- KYIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 6.5% | Dec 2024 6.5% | Mar 2025 13% | Jun 2025 15% | Sep 2025 -3.4% | Dec 2025 7.7% | Mar 2026 7.3% | Jun 2026 —
- AD: Sep 2021 0.5% | Dec 2021 0.1% | Mar 2022 0.7% | Jun 2022 0.4% | Sep 2022 -0.2% | Dec 2022 -0.3% | Mar 2023 0.3% | Jun 2023 0.3% | Sep 2023 0.6% | Dec 2023 0.2% | Mar 2024 0.5% | Jun 2024 0.4% | Sep 2024 -1.7% | Dec 2024 -0.3% | Mar 2025 -0.3% | Jun 2025 0.4% | Sep 2025 -0.8% | Dec 2025 0.1% | Mar 2026 2.4% | Jun 2026 —

### 20-quarter ROCE change history
- VZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 −0.4 pp | Mar 2023 −0.2 pp | Jun 2023 −0.2 pp | Sep 2023 −0.2 pp | Dec 2023 −2.0 pp | Mar 2024 0.0 pp | Jun 2024 +0.2 pp | Sep 2024 −0.5 pp | Dec 2024 +2.1 pp | Mar 2025 +0.2 pp | Jun 2025 +0.2 pp | Sep 2025 +0.7 pp | Dec 2025 −0.8 pp | Mar 2026 0.0 pp | Jun 2026 —
- TMUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 +0.9 pp | Mar 2023 +0.8 pp | Jun 2023 +1.6 pp | Sep 2023 +1.2 pp | Dec 2023 +0.4 pp | Mar 2024 +0.3 pp | Jun 2024 +0.5 pp | Sep 2024 +0.6 pp | Dec 2024 +0.5 pp | Mar 2025 +0.4 pp | Jun 2025 +0.3 pp | Sep 2025 −0.1 pp | Dec 2025 −0.4 pp | Mar 2026 −0.2 pp | Jun 2026 —
- T: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 −6.4 pp | Mar 2023 +0.3 pp | Jun 2023 +0.6 pp | Sep 2023 +0.2 pp | Dec 2023 +6.8 pp | Mar 2024 +0.3 pp | Jun 2024 −0.2 pp | Sep 2024 −1.0 pp | Dec 2024 0.0 pp | Mar 2025 −0.1 pp | Jun 2025 +0.2 pp | Sep 2025 +1.1 pp | Dec 2025 +0.1 pp | Mar 2026 +0.2 pp | Jun 2026 +0.1 pp
- CMCSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.2 pp | Dec 2022 −0.1 pp | Mar 2023 +0.1 pp | Jun 2023 +0.3 pp | Sep 2023 +3.9 pp | Dec 2023 +0.1 pp | Mar 2024 +0.2 pp | Jun 2024 0.0 pp | Sep 2024 −0.3 pp | Dec 2024 +0.2 pp | Mar 2025 −0.1 pp | Jun 2025 −0.3 pp | Sep 2025 −0.3 pp | Dec 2025 −0.7 pp | Mar 2026 −0.7 pp | Jun 2026 −0.4 pp
- VOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +2.3 pp | Mar 2023 +3.4 pp | Jun 2023 −0.4 pp | Sep 2023 −0.4 pp | Dec 2023 −4.0 pp | Mar 2024 −4.0 pp | Jun 2024 +0.2 pp | Sep 2024 +0.2 pp | Dec 2024 −1.9 pp | Mar 2025 −1.9 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 +1.5 pp | Mar 2026 +1.5 pp | Jun 2026 —
- ECHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 −57.5 pp | Mar 2023 +5.3 pp | Jun 2023 +3.6 pp | Sep 2023 −1.3 pp | Dec 2023 −1.9 pp | Mar 2024 −6.2 pp | Jun 2024 −4.6 pp | Sep 2024 −0.1 pp | Dec 2024 +1.6 pp | Mar 2025 −0.1 pp | Jun 2025 −0.2 pp | Sep 2025 −38.4 pp | Dec 2025 −1.7 pp | Mar 2026 +1.1 pp | Jun 2026 —
- VIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.8 pp | Dec 2022 +0.1 pp | Mar 2023 +0.1 pp | Jun 2023 +0.4 pp | Sep 2023 +0.2 pp | Dec 2023 +0.2 pp | Mar 2024 +0.8 pp | Jun 2024 −0.6 pp | Sep 2024 +0.4 pp | Dec 2024 +0.1 pp | Mar 2025 +0.1 pp | Jun 2025 +0.1 pp | Sep 2025 +1.3 pp | Dec 2025 +0.4 pp | Mar 2026 +0.3 pp | Jun 2026 —
- BCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −0.2 pp | Mar 2023 −0.3 pp | Jun 2023 +0.1 pp | Sep 2023 +0.1 pp | Dec 2023 +0.1 pp | Mar 2024 −0.4 pp | Jun 2024 0.0 pp | Sep 2024 −3.7 pp | Dec 2024 0.0 pp | Mar 2025 −0.1 pp | Jun 2025 −0.1 pp | Sep 2025 +1.8 pp | Dec 2025 −0.2 pp | Mar 2026 +0.3 pp | Jun 2026 —
- RCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.1 pp | Dec 2022 +0.1 pp | Mar 2023 +0.1 pp | Jun 2023 −1.0 pp | Sep 2023 −0.3 pp | Dec 2023 −0.4 pp | Mar 2024 −0.3 pp | Jun 2024 +0.6 pp | Sep 2024 +0.2 pp | Dec 2024 +0.1 pp | Mar 2025 −0.2 pp | Jun 2025 −0.4 pp | Sep 2025 −0.3 pp | Dec 2025 +0.1 pp | Mar 2026 0.0 pp | Jun 2026 0.0 pp
- CHTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.1 pp | Mar 2023 +0.1 pp | Jun 2023 0.0 pp | Sep 2023 +0.1 pp | Dec 2023 +0.2 pp | Mar 2024 +0.1 pp | Jun 2024 0.0 pp | Sep 2024 +0.2 pp | Dec 2024 0.0 pp | Mar 2025 +0.1 pp | Jun 2025 +1.4 pp | Sep 2025 −0.2 pp | Dec 2025 −0.1 pp | Mar 2026 −0.1 pp | Jun 2026 −0.3 pp
- TU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 −1.1 pp | Mar 2023 −0.4 pp | Jun 2023 −0.6 pp | Sep 2023 −0.8 pp | Dec 2023 −0.2 pp | Mar 2024 −0.2 pp | Jun 2024 +0.2 pp | Sep 2024 +0.6 pp | Dec 2024 +0.2 pp | Mar 2025 +0.4 pp | Jun 2025 −1.1 pp | Sep 2025 −0.2 pp | Dec 2025 −0.2 pp | Mar 2026 −0.5 pp | Jun 2026 —
- TIGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +0.3 pp | Mar 2023 −0.7 pp | Jun 2023 −0.7 pp | Sep 2023 −0.2 pp | Dec 2023 −0.2 pp | Mar 2024 +1.2 pp | Jun 2024 +1.2 pp | Sep 2024 +0.8 pp | Dec 2024 +1.3 pp | Mar 2025 +0.9 pp | Jun 2025 +0.1 pp | Sep 2025 +0.7 pp | Dec 2025 +0.1 pp | Mar 2026 −0.3 pp | Jun 2026 —
- GSAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −24.8 pp | Dec 2022 +0.6 pp | Mar 2023 +2.8 pp | Jun 2023 +1.8 pp | Sep 2023 +26.9 pp | Dec 2023 −0.5 pp | Mar 2024 −1.6 pp | Jun 2024 −0.6 pp | Sep 2024 +0.9 pp | Dec 2024 +1.5 pp | Mar 2025 −0.1 pp | Jun 2025 +0.7 pp | Sep 2025 −0.5 pp | Dec 2025 +0.4 pp | Mar 2026 +1.1 pp | Jun 2026 —
- LBRDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 −0.1 pp | Mar 2023 +0.1 pp | Jun 2023 +0.2 pp | Sep 2023 +0.2 pp | Dec 2023 +0.3 pp | Mar 2024 +0.1 pp | Jun 2024 −0.1 pp | Sep 2024 −0.2 pp | Dec 2024 −0.2 pp | Mar 2025 −0.3 pp | Jun 2025 +0.2 pp | Sep 2025 0.0 pp | Dec 2025 +0.1 pp | Mar 2026 +0.1 pp | Jun 2026 —
- LUMN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.8 pp | Dec 2022 −9.4 pp | Mar 2023 −1.3 pp | Jun 2023 −21.7 pp | Sep 2023 −2.3 pp | Dec 2023 +2.2 pp | Mar 2024 −0.7 pp | Jun 2024 +20.4 pp | Sep 2024 −0.2 pp | Dec 2024 +5.5 pp | Mar 2025 +0.3 pp | Jun 2025 −2.5 pp | Sep 2025 −0.8 pp | Dec 2025 −1.2 pp | Mar 2026 +1.7 pp | Jun 2026 —
- IRDM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +0.3 pp | Mar 2023 +0.2 pp | Jun 2023 −1.3 pp | Sep 2023 +0.4 pp | Dec 2023 +1.1 pp | Mar 2024 +1.1 pp | Jun 2024 +2.3 pp | Sep 2024 +1.1 pp | Dec 2024 +0.4 pp | Mar 2025 +0.5 pp | Jun 2025 +0.3 pp | Sep 2025 +0.7 pp | Dec 2025 +0.1 pp | Mar 2026 −0.3 pp | Jun 2026 −0.6 pp
- TDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 −0.4 pp | Mar 2023 −0.5 pp | Jun 2023 −0.2 pp | Sep 2023 +0.5 pp | Dec 2023 +10.4 pp | Mar 2024 +0.3 pp | Jun 2024 0.0 pp | Sep 2024 −1.6 pp | Dec 2024 −7.4 pp | Mar 2025 −0.7 pp | Jun 2025 0.0 pp | Sep 2025 +0.5 pp | Dec 2025 +0.6 pp | Mar 2026 +1.6 pp | Jun 2026 —
- VEON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.1 pp | Dec 2022 −6.1 pp | Mar 2023 −0.3 pp | Jun 2023 +0.2 pp | Sep 2023 −0.6 pp | Dec 2023 −4.7 pp | Mar 2024 +0.7 pp | Jun 2024 +1.7 pp | Sep 2024 +3.1 pp | Dec 2024 +19.2 pp | Mar 2025 +2.8 pp | Jun 2025 +12.9 pp | Sep 2025 −4.6 pp | Dec 2025 +0.7 pp | Mar 2026 +0.3 pp | Jun 2026 —
- LBTYB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 −0.3 pp | Mar 2023 0.0 pp | Jun 2023 −0.2 pp | Sep 2023 −0.4 pp | Dec 2023 −0.4 pp | Mar 2024 −0.1 pp | Jun 2024 0.0 pp | Sep 2024 +0.2 pp | Dec 2024 +0.3 pp | Mar 2025 +0.2 pp | Jun 2025 +0.2 pp | Sep 2025 −0.1 pp | Dec 2025 −0.3 pp | Mar 2026 −0.1 pp | Jun 2026 −0.1 pp
- KYIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +6.5 pp | Dec 2024 +6.5 pp | Mar 2025 — | Jun 2025 — | Sep 2025 −9.9 pp | Dec 2025 +1.2 pp | Mar 2026 −6.0 pp | Jun 2026 —
- AD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 −0.4 pp | Mar 2023 −0.4 pp | Jun 2023 −0.1 pp | Sep 2023 +0.8 pp | Dec 2023 +0.5 pp | Mar 2024 +0.2 pp | Jun 2024 +0.1 pp | Sep 2024 −2.3 pp | Dec 2024 −0.5 pp | Mar 2025 −0.8 pp | Jun 2025 0.0 pp | Sep 2025 +0.9 pp | Dec 2025 +0.4 pp | Mar 2026 +2.7 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: BCE Inc. has the lowest comparable Guarded PEG at 0.15×, 21.1% below Verizon Communications Inc.. Only 6 of 21 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: BCE Inc. · 0.15× | 21.1% versus #2 · Verizon Communications Inc. | 0/8 recent comparable periods | 6/21 companies · 46 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. BCE Inc. (BCE): 0.2
2. Verizon Communications Inc. (VZ): 0.2
3. VEON Ltd. (VEON): 0.4
4. T-Mobile US, Inc. (TMUS): 1.2
5. Telefônica Brasil S.A. (VIV): 1.6

### P/E — lowest P/E
1. EchoStar Corporation (ECHO): 2.2
2. Liberty Global Ltd. (LBTYB): 3.0
3. Lumen Technologies, Inc. (LUMN): 3.6
4. Charter Communications, Inc. (CHTR): 3.7
5. Rogers Communications Inc. (RCI): 4.0

### 20-quarter Guarded PEG history
- VZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.8 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.2 | Mar 2025 0.2 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TMUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.3 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.4 | Sep 2024 0.7 | Dec 2024 0.6 | Mar 2025 0.7 | Jun 2025 0.7 | Sep 2025 1.2 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CMCSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.8 | Mar 2025 1.2 | Jun 2025 — | Sep 2025 — | Dec 2025 0.2 | Mar 2026 0.2 | Jun 2026 —
- ECHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.4 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.7 | Mar 2024 0.3 | Jun 2024 0.4 | Sep 2024 0.4 | Dec 2024 0.5 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.6 | Jun 2026 —
- RCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.5 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.5 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CHTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.1 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.8 | Sep 2024 — | Dec 2024 0.6 | Mar 2025 0.7 | Jun 2025 0.7 | Sep 2025 0.6 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 2.5 | Dec 2024 1.9 | Mar 2025 0.5 | Jun 2025 — | Sep 2025 1.3 | Dec 2025 4.2 | Mar 2026 — | Jun 2026 —
- LBRDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.6 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.5 | Dec 2024 0.4 | Mar 2025 — | Jun 2025 0.4 | Sep 2025 0.1 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IRDM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 7.7 | Mar 2024 3.1 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.8 | Sep 2025 0.7 | Dec 2025 1.6 | Mar 2026 — | Jun 2026 —
- VEON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.2 | Mar 2026 0.4 | Jun 2026 —

### 20-quarter P/E history
- VZ: Sep 2021 10.1 | Dec 2021 9.8 | Mar 2022 9.9 | Jun 2022 10.2 | Sep 2022 8.3 | Dec 2022 7.8 | Mar 2023 7.6 | Jun 2023 7.5 | Sep 2023 6.5 | Dec 2023 13.7 | Mar 2024 15.7 | Jun 2024 15.5 | Sep 2024 19.4 | Dec 2024 9.7 | Mar 2025 10.8 | Jun 2025 10.1 | Sep 2025 9.4 | Dec 2025 10.0 | Mar 2026 12.2 | Jun 2026 —
- TMUS: Sep 2021 47.9 | Dec 2021 48.1 | Mar 2022 57.3 | Jun 2022 98.2 | Sep 2022 110.0 | Dec 2022 68.0 | Mar 2023 47.2 | Jun 2023 27.7 | Sep 2023 21.8 | Dec 2023 23.1 | Mar 2024 22.2 | Jun 2024 22.1 | Sep 2024 23.5 | Dec 2024 22.9 | Mar 2025 26.0 | Jun 2025 22.5 | Sep 2025 23.0 | Dec 2025 20.9 | Mar 2026 22.3 | Jun 2026 —
- T: Sep 2021 46.3 | Dec 2021 6.8 | Mar 2022 8.2 | Jun 2022 8.2 | Sep 2022 5.6 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 8.5 | Mar 2024 9.5 | Jun 2024 11.0 | Sep 2024 17.9 | Dec 2024 15.3 | Mar 2025 17.4 | Jun 2025 16.4 | Sep 2025 9.2 | Dec 2025 8.2 | Mar 2026 9.7 | Jun 2026 6.9
- CMCSA: Sep 2021 18.0 | Dec 2021 16.6 | Mar 2022 15.1 | Jun 2022 12.8 | Sep 2022 25.5 | Dec 2022 28.9 | Mar 2023 28.7 | Jun 2023 26.3 | Sep 2023 12.3 | Dec 2023 11.8 | Mar 2024 11.5 | Jun 2024 10.4 | Sep 2024 11.2 | Dec 2024 9.1 | Mar 2025 9.1 | Jun 2025 5.9 | Sep 2025 5.2 | Dec 2025 5.6 | Mar 2026 5.7 | Jun 2026 7.9
- VOD: Sep 2021 — | Dec 2021 37.6 | Mar 2022 19.6 | Jun 2022 19.4 | Sep 2022 15.1 | Dec 2022 3.8 | Mar 2023 2.4 | Jun 2023 2.2 | Sep 2023 2.4 | Dec 2023 3.7 | Mar 2024 19.6 | Jun 2024 12.1 | Sep 2024 9.5 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ECHO: Sep 2021 15.7 | Dec 2021 3.3 | Mar 2022 3.0 | Jun 2022 2.4 | Sep 2022 2.1 | Dec 2022 2.1 | Mar 2023 2.4 | Jun 2023 2.1 | Sep 2023 2.2 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VIV: Sep 2021 12.6 | Dec 2021 13.0 | Mar 2022 14.8 | Jun 2022 14.7 | Sep 2022 12.3 | Dec 2022 15.5 | Mar 2023 15.5 | Jun 2023 16.1 | Sep 2023 15.7 | Dec 2023 17.5 | Mar 2024 14.0 | Jun 2024 12.5 | Sep 2024 17.1 | Dec 2024 13.8 | Mar 2025 14.1 | Jun 2025 17.3 | Sep 2025 18.0 | Dec 2025 17.1 | Mar 2026 20.8 | Jun 2026 —
- BCE: Sep 2021 19.3 | Dec 2021 22.0 | Mar 2022 21.4 | Jun 2022 20.2 | Sep 2022 18.7 | Dec 2022 20.0 | Mar 2023 21.5 | Jun 2023 24.0 | Sep 2023 21.3 | Dec 2023 22.9 | Mar 2024 23.9 | Jun 2024 20.6 | Sep 2024 522.4 | Dec 2024 185.1 | Mar 2025 78.6 | Jun 2025 65.7 | Sep 2025 4.9 | Dec 2025 4.8 | Mar 2026 5.2 | Jun 2026 —
- RCI: Sep 2021 18.7 | Dec 2021 19.6 | Mar 2022 22.8 | Jun 2022 18.9 | Sep 2022 17.5 | Dec 2022 19.1 | Mar 2023 18.1 | Jun 2023 20.8 | Sep 2023 26.1 | Dec 2023 38.3 | Mar 2024 51.4 | Jun 2024 31.5 | Sep 2024 19.5 | Dec 2024 13.8 | Mar 2025 11.9 | Jun 2025 14.5 | Sep 2025 3.9 | Dec 2025 4.1 | Mar 2026 4.1 | Jun 2026 4.0
- CHTR: Sep 2021 33.2 | Dec 2021 26.6 | Mar 2022 19.8 | Jun 2022 15.1 | Sep 2022 9.5 | Dec 2022 11.0 | Mar 2023 11.7 | Jun 2023 12.3 | Sep 2023 14.4 | Dec 2023 13.0 | Mar 2024 9.4 | Jun 2024 9.5 | Sep 2024 10.2 | Dec 2024 9.8 | Mar 2025 10.3 | Jun 2025 11.2 | Sep 2025 7.6 | Dec 2025 5.8 | Mar 2026 5.8 | Jun 2026 3.7
- TU: Sep 2021 29.3 | Dec 2021 24.4 | Mar 2022 26.1 | Jun 2022 21.4 | Sep 2022 18.8 | Dec 2022 22.7 | Mar 2023 26.1 | Jun 2023 31.1 | Sep 2023 40.3 | Dec 2023 40.7 | Mar 2024 41.7 | Jun 2024 39.1 | Sep 2024 36.0 | Dec 2024 29.1 | Mar 2025 26.1 | Jun 2025 34.3 | Sep 2025 28.1 | Dec 2025 25.1 | Mar 2026 29.8 | Jun 2026 —
- TIGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 9.9 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 674.3 | Jun 2024 40.3 | Sep 2024 29.8 | Dec 2024 17.1 | Mar 2025 14.6 | Jun 2025 6.6 | Sep 2025 7.5 | Dec 2025 7.1 | Mar 2026 10.2 | Jun 2026 —
- LBRDA: Sep 2021 52.3 | Dec 2021 41.0 | Mar 2022 24.7 | Jun 2022 14.4 | Sep 2022 8.4 | Dec 2022 9.6 | Mar 2023 12.3 | Jun 2023 14.6 | Sep 2023 20.1 | Dec 2023 18.3 | Mar 2024 10.2 | Jun 2024 10.4 | Sep 2024 15.4 | Dec 2024 13.4 | Mar 2025 14.8 | Jun 2025 13.9 | Sep 2025 7.9 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LUMN: Sep 2021 — | Dec 2021 6.6 | Mar 2022 5.5 | Jun 2022 5.6 | Sep 2022 3.6 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IRDM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1,109.3 | Dec 2022 734.3 | Mar 2023 412.9 | Jun 2023 — | Sep 2023 — | Dec 2023 343.0 | Mar 2024 124.6 | Jun 2024 37.0 | Sep 2024 32.4 | Dec 2024 30.9 | Mar 2025 25.5 | Jun 2025 30.2 | Sep 2025 15.3 | Dec 2025 16.4 | Mar 2026 28.0 | Jun 2026 62.3
- TDS: Sep 2021 19.3 | Dec 2021 20.2 | Mar 2022 21.2 | Jun 2022 18.2 | Sep 2022 33.9 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 79.4 | Jun 2026 —
- VEON: Sep 2021 104.0 | Dec 2021 4.5 | Mar 2022 13.6 | Jun 2022 6.6 | Sep 2022 — | Dec 2022 — | Mar 2023 2.9 | Jun 2023 2.8 | Sep 2023 1.2 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 5.5 | Dec 2024 7.0 | Mar 2025 6.6 | Jun 2025 3.3 | Sep 2025 6.1 | Dec 2025 7.0 | Mar 2026 6.1 | Jun 2026 —
- LBTYB: Sep 2021 0.7 | Dec 2021 0.6 | Mar 2022 0.6 | Jun 2022 1.2 | Sep 2022 0.6 | Dec 2022 3.3 | Mar 2023 0.9 | Jun 2023 1.9 | Sep 2023 6.6 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 3.0 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KYIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 20.5 | Dec 2025 22.8 | Mar 2026 26.3 | Jun 2026 —
- AD: Sep 2021 21.0 | Dec 2021 17.8 | Mar 2022 18.3 | Jun 2022 19.2 | Sep 2022 26.6 | Dec 2022 59.6 | Mar 2023 — | Jun 2023 — | Sep 2023 330.5 | Dec 2023 65.9 | Mar 2024 54.5 | Jun 2024 68.1 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 26.7 | Dec 2025 95.0 | Mar 2026 19.2 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: VEON Ltd. leads ev/ebitda at 1.52×; Liberty Global Ltd. leads p/bv at 0.42×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: VEON Ltd. · 1.52× | 67% versus #2 · Vodafone Group Public Limited Company | 0/8 recent comparable periods | 21/21 companies · 360 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. VEON Ltd. (VEON): 1.5
2. Vodafone Group Public Limited Company (VOD): 4.6
3. Comcast Corporation (CMCSA): 5.0
4. AT&T Inc. (T): 6.7
5. Telefônica Brasil S.A. (VIV): 7.6

### P/BV — lowest P/BV
1. Liberty Global Ltd. (LBTYB): 0.4
2. Vodafone Group Public Limited Company (VOD): 0.6
3. Comcast Corporation (CMCSA): 1.0
4. Telephone and Data Systems, Inc. (TDS): 1.0
5. Charter Communications, Inc. (CHTR): 1.0

### 20-quarter EV/EBITDA history
- VZ: Sep 2021 8.1 | Dec 2021 8.1 | Mar 2022 8.1 | Jun 2022 8.0 | Sep 2022 7.0 | Dec 2022 7.2 | Mar 2023 7.2 | Jun 2023 7.0 | Sep 2023 6.5 | Dec 2023 8.2 | Mar 2024 8.7 | Jun 2024 8.4 | Sep 2024 9.0 | Dec 2024 7.2 | Mar 2025 7.6 | Jun 2025 7.4 | Sep 2025 7.0 | Dec 2025 7.1 | Mar 2026 8.3 | Jun 2026 —
- TMUS: Sep 2021 10.8 | Dec 2021 10.6 | Mar 2022 12.2 | Jun 2022 13.7 | Sep 2022 14.3 | Dec 2022 13.9 | Mar 2023 13.5 | Jun 2023 11.4 | Sep 2023 10.4 | Dec 2023 11.1 | Mar 2024 10.8 | Jun 2024 10.9 | Sep 2024 11.6 | Dec 2024 11.7 | Mar 2025 13.1 | Jun 2025 11.7 | Sep 2025 12.0 | Dec 2025 10.7 | Mar 2026 10.8 | Jun 2026 —
- T: Sep 2021 10.2 | Dec 2021 7.5 | Mar 2022 7.7 | Jun 2022 8.1 | Sep 2022 7.0 | Dec 2022 21.7 | Mar 2023 21.3 | Jun 2023 17.9 | Sep 2023 17.3 | Dec 2023 6.7 | Mar 2024 6.8 | Jun 2024 7.1 | Sep 2024 8.2 | Dec 2024 8.0 | Mar 2025 9.0 | Jun 2025 9.0 | Sep 2025 8.0 | Dec 2025 7.3 | Mar 2026 8.0 | Jun 2026 6.7
- CMCSA: Sep 2021 10.4 | Dec 2021 9.3 | Mar 2022 8.6 | Jun 2022 7.4 | Sep 2022 7.8 | Dec 2022 8.8 | Mar 2023 9.0 | Jun 2023 9.4 | Sep 2023 7.4 | Dec 2023 7.1 | Mar 2024 7.0 | Jun 2024 6.5 | Sep 2024 6.8 | Dec 2024 6.2 | Mar 2025 6.0 | Jun 2025 5.9 | Sep 2025 5.4 | Dec 2025 5.4 | Mar 2026 5.3 | Jun 2026 5.0
- VOD: Sep 2021 5.1 | Dec 2021 4.9 | Mar 2022 5.1 | Jun 2022 5.3 | Sep 2022 4.8 | Dec 2022 3.1 | Mar 2023 3.2 | Jun 2023 2.9 | Sep 2023 3.1 | Dec 2023 3.5 | Mar 2024 5.0 | Jun 2024 4.6 | Sep 2024 4.6 | Dec 2024 4.6 | Mar 2025 5.7 | Jun 2025 6.0 | Sep 2025 6.0 | Dec 2025 5.1 | Mar 2026 4.6 | Jun 2026 —
- ECHO: Sep 2021 3.3 | Dec 2021 0.5 | Mar 2022 0.6 | Jun 2022 0.5 | Sep 2022 0.4 | Dec 2022 6.9 | Mar 2023 1.3 | Jun 2023 0.8 | Sep 2023 0.6 | Dec 2023 20.7 | Mar 2024 25.8 | Jun 2024 32.2 | Sep 2024 36.4 | Dec 2024 18.9 | Mar 2025 20.4 | Jun 2025 23.8 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VIV: Sep 2021 7.9 | Dec 2021 3.1 | Mar 2022 4.9 | Jun 2022 4.5 | Sep 2022 4.4 | Dec 2022 2.8 | Mar 2023 4.3 | Jun 2023 4.6 | Sep 2023 5.7 | Dec 2023 4.0 | Mar 2024 6.2 | Jun 2024 1.5 | Sep 2024 1.5 | Dec 2024 3.1 | Mar 2025 5.6 | Jun 2025 6.6 | Sep 2025 4.6 | Dec 2025 3.6 | Mar 2026 7.6 | Jun 2026 —
- BCE: Sep 2021 9.3 | Dec 2021 9.9 | Mar 2022 10.0 | Jun 2022 9.3 | Sep 2022 8.9 | Dec 2022 9.2 | Mar 2023 9.5 | Jun 2023 9.4 | Sep 2023 8.6 | Dec 2023 8.5 | Mar 2024 8.2 | Jun 2024 8.1 | Sep 2024 10.6 | Dec 2024 — | Mar 2025 9.1 | Jun 2025 8.6 | Sep 2025 8.1 | Dec 2025 — | Mar 2026 8.3 | Jun 2026 —
- RCI: Sep 2021 8.7 | Dec 2021 9.3 | Mar 2022 10.2 | Jun 2022 9.0 | Sep 2022 8.5 | Dec 2022 9.0 | Mar 2023 8.9 | Jun 2023 11.7 | Sep 2023 10.0 | Dec 2023 9.7 | Mar 2024 8.9 | Jun 2024 8.3 | Sep 2024 8.2 | Dec 2024 7.6 | Mar 2025 7.2 | Jun 2025 7.3 | Sep 2025 8.2 | Dec 2025 8.1 | Mar 2026 8.1 | Jun 2026 7.7
- CHTR: Sep 2021 11.4 | Dec 2021 10.5 | Mar 2022 9.2 | Jun 2022 8.3 | Sep 2022 7.1 | Dec 2022 7.3 | Mar 2023 7.4 | Jun 2023 7.5 | Sep 2023 7.9 | Dec 2023 7.4 | Mar 2024 11.2 | Jun 2024 11.2 | Sep 2024 11.2 | Dec 2024 6.8 | Mar 2025 11.4 | Jun 2025 5.2 | Sep 2025 10.4 | Dec 2025 5.9 | Mar 2026 9.8 | Jun 2026 9.2
- TU: Sep 2021 10.0 | Dec 2021 9.9 | Mar 2022 10.4 | Jun 2022 9.5 | Sep 2022 9.5 | Dec 2022 9.8 | Mar 2023 10.2 | Jun 2023 10.1 | Sep 2023 9.5 | Dec 2023 9.7 | Mar 2024 9.4 | Jun 2024 9.2 | Sep 2024 9.3 | Dec 2024 8.7 | Mar 2025 8.9 | Jun 2025 9.9 | Sep 2025 9.8 | Dec 2025 9.0 | Mar 2026 9.4 | Jun 2026 —
- TIGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.7 | Mar 2024 4.6 | Jun 2024 4.6 | Sep 2024 4.5 | Dec 2024 4.1 | Mar 2025 4.5 | Jun 2025 5.0 | Sep 2025 5.5 | Dec 2025 6.1 | Mar 2026 7.7 | Jun 2026 —
- GSAT: Sep 2021 105.2 | Dec 2021 76.0 | Mar 2022 81.8 | Jun 2022 62.6 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 30.7 | Dec 2023 45.2 | Mar 2024 41.1 | Jun 2024 34.2 | Sep 2024 33.9 | Dec 2024 46.3 | Mar 2025 34.8 | Jun 2025 34.6 | Sep 2025 51.9 | Dec 2025 83.4 | Mar 2026 80.9 | Jun 2026 —
- LBRDA: Sep 2021 320.2 | Dec 2021 184.4 | Mar 2022 94.4 | Jun 2022 78.4 | Sep 2022 62.1 | Dec 2022 66.0 | Mar 2023 68.8 | Jun 2023 64.2 | Sep 2023 65.5 | Dec 2023 117.6 | Mar 2024 48.0 | Jun 2024 47.8 | Sep 2024 96.0 | Dec 2024 256.2 | Mar 2025 566.5 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 423.1 | Jun 2026 —
- LUMN: Sep 2021 5.1 | Dec 2021 5.0 | Mar 2022 5.0 | Jun 2022 5.1 | Sep 2022 4.5 | Dec 2022 7.5 | Mar 2023 3.7 | Jun 2023 3.8 | Sep 2023 — | Dec 2023 — | Mar 2024 5.0 | Jun 2024 5.3 | Sep 2024 15.8 | Dec 2024 6.3 | Mar 2025 5.8 | Jun 2025 6.4 | Sep 2025 7.3 | Dec 2025 12.7 | Mar 2026 15.7 | Jun 2026 —
- IRDM: Sep 2021 19.0 | Dec 2021 19.1 | Mar 2022 18.0 | Jun 2022 16.6 | Sep 2022 18.7 | Dec 2022 20.5 | Mar 2023 23.8 | Jun 2023 23.7 | Sep 2023 17.8 | Dec 2023 16.1 | Mar 2024 11.5 | Jun 2024 11.9 | Sep 2024 12.8 | Dec 2024 12.1 | Mar 2025 11.4 | Jun 2025 11.6 | Sep 2025 8.0 | Dec 2025 7.8 | Mar 2026 10.5 | Jun 2026 17.5
- TDS: Sep 2021 1.3 | Dec 2021 6.8 | Mar 2022 7.1 | Jun 2022 6.8 | Sep 2022 7.1 | Dec 2022 7.1 | Mar 2023 8.0 | Jun 2023 7.9 | Sep 2023 8.6 | Dec 2023 — | Mar 2024 8.1 | Jun 2024 7.4 | Sep 2024 9.1 | Dec 2024 92.5 | Mar 2025 16.1 | Jun 2025 5.2 | Sep 2025 14.6 | Dec 2025 30.2 | Mar 2026 34.7 | Jun 2026 —
- VEON: Sep 2021 1.4 | Dec 2021 6.7 | Mar 2022 1.5 | Jun 2022 2.1 | Sep 2022 2.3 | Dec 2022 3.3 | Mar 2023 1.1 | Jun 2023 1.2 | Sep 2023 1.0 | Dec 2023 2.9 | Mar 2024 3.2 | Jun 2024 3.3 | Sep 2024 3.1 | Dec 2024 3.3 | Mar 2025 1.6 | Jun 2025 1.7 | Sep 2025 1.4 | Dec 2025 3.0 | Mar 2026 1.5 | Jun 2026 —
- LBTYB: Sep 2021 6.1 | Dec 2021 5.6 | Mar 2022 6.4 | Jun 2022 6.4 | Sep 2022 6.0 | Dec 2022 — | Mar 2023 7.8 | Jun 2023 7.5 | Sep 2023 7.8 | Dec 2023 11.1 | Mar 2024 10.4 | Jun 2024 12.1 | Sep 2024 15.9 | Dec 2024 12.8 | Mar 2025 11.8 | Jun 2025 10.3 | Sep 2025 10.9 | Dec 2025 10.7 | Mar 2026 11.3 | Jun 2026 10.8
- KYIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 10.9 | Dec 2025 5.1 | Mar 2026 8.2 | Jun 2026 —
- AD: Sep 2021 8.5 | Dec 2021 7.5 | Mar 2022 7.8 | Jun 2022 7.6 | Sep 2022 8.8 | Dec 2022 7.4 | Mar 2023 8.2 | Jun 2023 7.8 | Sep 2023 9.8 | Dec 2023 — | Mar 2024 8.5 | Jun 2024 10.4 | Sep 2024 13.5 | Dec 2024 — | Mar 2025 54.5 | Jun 2025 51.6 | Sep 2025 — | Dec 2025 — | Mar 2026 101.0 | Jun 2026 —

### 20-quarter P/BV history
- VZ: Sep 2021 2.9 | Dec 2021 2.6 | Mar 2022 2.6 | Jun 2022 2.5 | Sep 2022 1.8 | Dec 2022 1.8 | Mar 2023 1.8 | Jun 2023 1.6 | Sep 2023 1.4 | Dec 2023 1.7 | Mar 2024 1.9 | Jun 2024 1.8 | Sep 2024 2.0 | Dec 2024 1.7 | Mar 2025 1.9 | Jun 2025 1.8 | Sep 2025 1.8 | Dec 2025 1.6 | Mar 2026 2.0 | Jun 2026 —
- TMUS: Sep 2021 2.3 | Dec 2021 2.1 | Mar 2022 2.3 | Jun 2022 2.4 | Sep 2022 2.4 | Dec 2022 2.5 | Mar 2023 2.7 | Jun 2023 2.5 | Sep 2023 2.6 | Dec 2023 3.0 | Mar 2024 3.1 | Jun 2024 3.3 | Sep 2024 3.7 | Dec 2024 4.1 | Mar 2025 5.0 | Jun 2025 4.4 | Sep 2025 4.4 | Dec 2025 3.8 | Mar 2026 4.1 | Jun 2026 —
- T: Sep 2021 0.9 | Dec 2021 0.8 | Mar 2022 0.8 | Jun 2022 1.3 | Sep 2022 0.9 | Dec 2022 1.4 | Mar 2023 1.4 | Jun 2023 1.1 | Sep 2023 1.0 | Dec 2023 1.2 | Mar 2024 1.2 | Jun 2024 1.3 | Sep 2024 1.5 | Dec 2024 1.6 | Mar 2025 2.0 | Jun 2025 2.0 | Sep 2025 1.8 | Dec 2025 1.6 | Mar 2026 1.8 | Jun 2026 1.3
- CMCSA: Sep 2021 2.7 | Dec 2021 2.4 | Mar 2022 2.2 | Jun 2022 1.9 | Sep 2022 1.6 | Dec 2022 1.8 | Mar 2023 1.9 | Jun 2023 2.0 | Sep 2023 2.2 | Dec 2023 2.1 | Mar 2024 2.1 | Jun 2024 1.8 | Sep 2024 1.9 | Dec 2024 1.7 | Mar 2025 1.6 | Jun 2025 1.4 | Sep 2025 1.2 | Dec 2025 1.1 | Mar 2026 1.2 | Jun 2026 1.0
- VOD: Sep 2021 0.7 | Dec 2021 0.7 | Mar 2022 0.8 | Jun 2022 0.8 | Sep 2022 0.6 | Dec 2022 0.4 | Mar 2023 0.5 | Jun 2023 0.4 | Sep 2023 0.4 | Dec 2023 0.4 | Mar 2024 0.4 | Jun 2024 0.4 | Sep 2024 0.4 | Dec 2024 0.4 | Mar 2025 0.4 | Jun 2025 0.4 | Sep 2025 0.5 | Dec 2025 0.5 | Mar 2026 0.6 | Jun 2026 —
- ECHO: Sep 2021 0.6 | Dec 2021 0.7 | Mar 2022 0.6 | Jun 2022 0.5 | Sep 2022 0.4 | Dec 2022 0.1 | Mar 2023 0.4 | Jun 2023 0.4 | Sep 2023 0.4 | Dec 2023 0.2 | Mar 2024 0.2 | Jun 2024 0.3 | Sep 2024 0.4 | Dec 2024 0.3 | Mar 2025 0.4 | Jun 2025 0.4 | Sep 2025 3.2 | Dec 2025 5.5 | Mar 2026 6.0 | Jun 2026 —
- VIV: Sep 2021 0.5 | Dec 2021 0.6 | Mar 2022 0.6 | Jun 2022 1.2 | Sep 2022 0.5 | Dec 2022 0.9 | Mar 2023 — | Jun 2023 1.1 | Sep 2023 0.5 | Dec 2023 0.6 | Mar 2024 0.6 | Jun 2024 0.6 | Sep 2024 0.7 | Dec 2024 0.5 | Mar 2025 0.6 | Jun 2025 0.7 | Sep 2025 0.8 | Dec 2025 1.5 | Mar 2026 1.9 | Jun 2026 —
- BCE: Sep 2021 2.5 | Dec 2021 2.6 | Mar 2022 2.7 | Jun 2022 2.5 | Sep 2022 2.3 | Dec 2022 2.5 | Mar 2023 2.5 | Jun 2023 2.6 | Sep 2023 2.3 | Dec 2023 2.4 | Mar 2024 2.1 | Jun 2024 2.1 | Sep 2024 2.4 | Dec 2024 1.8 | Mar 2025 1.7 | Jun 2025 1.5 | Sep 2025 1.3 | Dec 2025 1.3 | Mar 2026 1.4 | Jun 2026 —
- RCI: Sep 2021 2.9 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 2.3 | Mar 2025 — | Jun 2025 1.9 | Sep 2025 1.5 | Dec 2025 1.6 | Mar 2026 1.6 | Jun 2026 1.5
- CHTR: Sep 2021 7.7 | Dec 2021 8.0 | Mar 2022 7.6 | Jun 2022 7.6 | Sep 2022 5.3 | Dec 2022 5.7 | Mar 2023 5.7 | Jun 2023 5.3 | Sep 2023 5.9 | Dec 2023 5.1 | Mar 2024 3.5 | Jun 2024 3.3 | Sep 2024 3.3 | Dec 2024 3.1 | Mar 2025 3.2 | Jun 2025 3.6 | Sep 2025 2.3 | Dec 2025 1.7 | Mar 2026 1.6 | Jun 2026 1.0
- TU: Sep 2021 2.5 | Dec 2021 2.7 | Mar 2022 2.9 | Jun 2022 2.5 | Sep 2022 2.3 | Dec 2022 2.3 | Mar 2023 2.3 | Jun 2023 2.3 | Sep 2023 2.0 | Dec 2023 2.2 | Mar 2024 2.0 | Jun 2024 1.9 | Sep 2024 2.2 | Dec 2024 1.9 | Mar 2025 2.0 | Jun 2025 2.2 | Sep 2025 2.1 | Dec 2025 1.8 | Mar 2026 1.8 | Jun 2026 —
- TIGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.9 | Mar 2024 1.0 | Jun 2024 1.2 | Sep 2024 1.2 | Dec 2024 1.2 | Mar 2025 1.5 | Jun 2025 1.8 | Sep 2025 2.4 | Dec 2025 2.5 | Mar 2026 4.0 | Jun 2026 —
- GSAT: Sep 2021 7.8 | Dec 2021 5.7 | Mar 2022 7.6 | Jun 2022 6.7 | Sep 2022 21.1 | Dec 2022 7.7 | Mar 2023 6.8 | Jun 2023 6.2 | Sep 2023 6.4 | Dec 2023 9.6 | Mar 2024 7.3 | Jun 2024 5.5 | Sep 2024 6.0 | Dec 2024 10.9 | Mar 2025 7.7 | Jun 2025 8.3 | Sep 2025 12.7 | Dec 2025 22.0 | Mar 2026 24.9 | Jun 2026 —
- LBRDA: Sep 2021 2.8 | Dec 2021 2.7 | Mar 2022 2.3 | Jun 2022 2.0 | Sep 2022 1.3 | Dec 2022 1.3 | Mar 2023 1.4 | Jun 2023 1.3 | Sep 2023 1.5 | Dec 2023 1.3 | Mar 2024 0.9 | Jun 2024 0.8 | Sep 2024 1.2 | Dec 2024 1.1 | Mar 2025 1.2 | Jun 2025 1.4 | Sep 2025 1.0 | Dec 2025 1.2 | Mar 2026 1.2 | Jun 2026 —
- LUMN: Sep 2021 1.1 | Dec 2021 1.1 | Mar 2022 1.0 | Jun 2022 0.9 | Sep 2022 0.6 | Dec 2022 0.5 | Mar 2023 0.2 | Jun 2023 1.0 | Sep 2023 0.7 | Dec 2023 4.4 | Mar 2024 -3.1 | Jun 2024 2.4 | Sep 2024 21.1 | Dec 2024 11.6 | Mar 2025 13.9 | Jun 2025 -7.6 | Sep 2025 -5.4 | Dec 2025 -5.6 | Mar 2026 -5.4 | Jun 2026 —
- IRDM: Sep 2021 4.0 | Dec 2021 4.2 | Mar 2022 4.3 | Jun 2022 4.0 | Sep 2022 4.9 | Dec 2022 5.7 | Mar 2023 7.2 | Jun 2023 7.8 | Sep 2023 6.1 | Dec 2023 5.7 | Mar 2024 3.7 | Jun 2024 4.0 | Sep 2024 5.2 | Dec 2024 5.6 | Mar 2025 5.7 | Jun 2025 6.8 | Sep 2025 4.1 | Dec 2025 3.9 | Mar 2026 6.3 | Jun 2026 12.3
- TDS: Sep 2021 — | Dec 2021 0.4 | Mar 2022 0.4 | Jun 2022 0.3 | Sep 2022 0.3 | Dec 2022 0.2 | Mar 2023 0.2 | Jun 2023 0.2 | Sep 2023 0.4 | Dec 2023 0.4 | Mar 2024 0.4 | Jun 2024 0.5 | Sep 2024 0.5 | Dec 2024 0.8 | Mar 2025 0.9 | Jun 2025 — | Sep 2025 1.0 | Dec 2025 1.0 | Mar 2026 1.0 | Jun 2026 —
- VEON: Sep 2021 9.6 | Dec 2021 5.1 | Mar 2022 5.2 | Jun 2022 1.4 | Sep 2022 1.2 | Dec 2022 1.5 | Mar 2023 1.8 | Jun 2023 1.8 | Sep 2023 1.3 | Dec 2023 1.6 | Mar 2024 1.9 | Jun 2024 2.1 | Sep 2024 2.1 | Dec 2024 2.6 | Mar 2025 2.7 | Jun 2025 2.4 | Sep 2025 2.7 | Dec 2025 — | Mar 2026 2.3 | Jun 2026 —
- LBTYB: Sep 2021 0.3 | Dec 2021 0.3 | Mar 2022 0.3 | Jun 2022 0.2 | Sep 2022 0.2 | Dec 2022 0.2 | Mar 2023 0.2 | Jun 2023 0.2 | Sep 2023 0.2 | Dec 2023 0.2 | Mar 2024 0.2 | Jun 2024 0.2 | Sep 2024 0.2 | Dec 2024 0.4 | Mar 2025 0.3 | Jun 2025 0.3 | Sep 2025 0.3 | Dec 2025 0.4 | Mar 2026 0.4 | Jun 2026 0.4
- KYIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 2.3 | Dec 2025 2.3 | Mar 2026 1.7 | Jun 2026 —
- AD: Sep 2021 0.8 | Dec 2021 0.6 | Mar 2022 0.6 | Jun 2022 0.5 | Sep 2022 0.7 | Dec 2022 0.4 | Mar 2023 0.4 | Jun 2023 0.3 | Sep 2023 0.8 | Dec 2023 0.8 | Mar 2024 0.7 | Jun 2024 1.0 | Sep 2024 1.0 | Dec 2024 — | Mar 2025 1.3 | Jun 2025 1.2 | Sep 2025 1.7 | Dec 2025 1.8 | Mar 2026 2.2 | Jun 2026 —

## Market action

Globalstar, Inc. has the strongest one-year price move in Telecom Services at +241.4%. Iridium Communications Inc. leads on Mansfield relative strength against the S&P 500 at +49.7%. 5 of 20 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Globalstar, Inc. (GSAT): 241%
2. EchoStar Corporation (ECHO): 219%
3. Millicom International Cellular S.A. (TIGO): 137%
4. Iridium Communications Inc. (IRDM): 88%
5. Lumen Technologies, Inc. (LUMN): 67%

### Strongest relative strength versus NIFTY 500
1. Iridium Communications Inc. (IRDM): 50%
2. Millicom International Cellular S.A. (TIGO): 36%
3. Globalstar, Inc. (GSAT): 21%
4. Vodafone Group Public Limited Company (VOD): 12%
5. Verizon Communications Inc. (VZ): 0.7%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

## Every company
- Verizon Communications Inc. (VZ) — market value ₹2.0 L Cr; latest fundamentals Mar 2026
- T-Mobile US, Inc. (TMUS) — market value ₹2.0 L Cr; latest fundamentals Mar 2026
- AT&T Inc. (T) — market value ₹1.7 L Cr; latest fundamentals Jun 2026
- Comcast Corporation (CMCSA) — market value ₹85.8K Cr; latest fundamentals Jun 2026
- Vodafone Group Public Limited Company (VOD) — market value ₹37.8K Cr; latest fundamentals Mar 2026
- EchoStar Corporation (ECHO) — market value ₹24.9K Cr; latest fundamentals Mar 2026
- Telefônica Brasil S.A. (VIV) — market value ₹21.1K Cr; latest fundamentals Mar 2026
- BCE Inc. (BCE) — market value ₹20.4K Cr; latest fundamentals Mar 2026
- Rogers Communications Inc. (RCI) — market value ₹18.9K Cr; latest fundamentals Jun 2026
- Charter Communications, Inc. (CHTR) — market value ₹18.9K Cr; latest fundamentals Jun 2026
- TELUS Corporation (TU) — market value ₹16.8K Cr; latest fundamentals Mar 2026
- Millicom International Cellular S.A. (TIGO) — market value ₹16.0K Cr; latest fundamentals Mar 2026
- Globalstar, Inc. (GSAT) — market value ₹10.2K Cr; latest fundamentals Mar 2026
- Liberty Broadband Corporation (LBRDA) — market value ₹6.6K Cr; latest fundamentals Mar 2026
- Lumen Technologies, Inc. (LUMN) — market value ₹6.4K Cr; latest fundamentals Mar 2026
- Iridium Communications Inc. (IRDM) — market value ₹4.8K Cr; latest fundamentals Jun 2026
- Telephone and Data Systems, Inc. (TDS) — market value ₹3.9K Cr; latest fundamentals Mar 2026
- VEON Ltd. (VEON) — market value ₹3.6K Cr; latest fundamentals Mar 2026
- Liberty Global Ltd. (LBTYB) — market value ₹3.5K Cr; latest fundamentals Jun 2026
- Kyivstar Group Ltd. (KYIV) — market value ₹3.1K Cr; latest fundamentals Mar 2026
- Array Digital Infrastructure, Inc. (AD) — market value ₹3.0K Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Telecom Services company is the biggest?

Verizon Communications Inc. is the largest, with trailing-twelve-month revenue of $139,146 million, ahead of T-Mobile US, Inc. at $90,530 million. That covers 13 of 21 companies with comparable reporting through Mar 2026.

### Which Telecom Services company is growing fastest?

Kyivstar Group Ltd. has the fastest revenue growth at 24.2% year on year, across 13 of 21 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Telecom Services company has the best profit margins?

Array Digital Infrastructure, Inc. has the highest operating margin at 309.1%, from 20 of 21 comparable companies. Array Digital Infrastructure, Inc. shows the biggest recent improvement, at +418.9 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Telecom Services company makes the most profit?

Verizon Communications Inc. earns the most, at $17,771 million of trailing-twelve-month net profit, from 14 of 21 comparable companies. BCE Inc. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Telecom Services company earns the highest return on capital?

Kyivstar Group Ltd. leads on return on capital employed at 7.3%, across 21 of 21 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Telecom Services stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — BCE Inc. screens cheapest at 0.15×. Only 6 of 21 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Telecom Services company has the strongest balance sheet?

Kyivstar Group Ltd. carries the lowest comparable gross debt at $526 million, from 20 of 21 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Telecom Services company is investing most in new capacity?

AT&T Inc. reports the largest capital spending at $5,700 million, across 21 of 21 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Telecom Services sector beating the market?

Telecom Services has outperformed S&P 500 by 1.1% over the last 52 weeks and 10.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 5 of 20 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Telecom Services stock has the strongest price momentum?

Iridium Communications Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Telecom Services company scores highest for research priority?

VEON Ltd. scores 61.7 out of 100 with 82% evidence confidence, from 22.2 points on growth and earnings, 13.5 on capital efficiency, 14 on valuation and 12 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Telecom Services companies does this comparison cover, and over what period?

It compares 21 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Telecom Services sector?

The 21 Telecom Services companies on this page carry $870,532 million of combined market value. Verizon Communications Inc. is the largest at $200,229 million, about 23% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Telecom Services sector's P/E ratio?

The median price-to-earnings ratio across the 21 Telecom Services companies on this page is 9.5×, measured on the 20 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Telecom Services sector performing?

5 of the 20 covered Telecom Services companies are beating S&P 500 on Mansfield relative strength. The sector itself is 1.1% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Telecom Services stocks are listed in the US?

This comparison covers 21 listed Telecom Services companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/telecom-services