# Telecom Services — company-by-company sector analysis > Telecom Services: BCE Inc. owns the largest revenue base; Millicom International Cellular S.A. has the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-08-04. Not investment advice. ## Bottom line Telecom Services has underperformed S&P 500 by 4% over 52 weeks and 10.9% over 13 weeks. 4 of 21 covered companies beat the S&P 500 on Mansfield relative strength, while 7 of 21 beat the sector itself. BCE Inc. leads with revenue of $24,706 million, based on 7 of 21 comparable companies through Mar 2026. ## Sector relative strength Telecom Services has underperformed S&P 500 by 4% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 10.9%. 4 of 21 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 +69%. 13-week sector return versus NIFTY 500: -11% 52-week sector return versus NIFTY 500: -4.0% Stocks leading NIFTY: 4/21 Stocks leading sector: 7/21 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: ₹8.5 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. BCE Inc. (BCE): 59/100 — Mixed-positive evidence; evidence 81% - Growth & earnings 23.4/35 | Capital efficiency 12.0/25 | Valuation 15.7/20 | Relative strength 8.0/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 23.4 + 12 + 15.7 + 8 = 59.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 2. Millicom International Cellular S.A. (TIGO): 57/100 — Mixed-positive evidence; evidence 71% - Growth & earnings 15.8/35 | Capital efficiency 13.0/25 | Valuation 9.9/20 | Relative strength 17.8/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks - Exact sum: 15.8 + 13 + 9.9 + 17.8 = 56.5 - Decision use: Price leads the evidence: RS versus the benchmark is 25.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 3. VEON Ltd. (VEON): 54/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 15.4/35 | Capital efficiency 16.4/25 | Valuation 8.7/20 | Relative strength 13.9/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks - Exact sum: 15.4 + 16.4 + 8.7 + 13.9 = 54.4 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 4. Verizon Communications Inc. (VZ): 54/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 16.3/35 | Capital efficiency 13.4/25 | Valuation 9.8/20 | Relative strength 14.3/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 16.3 + 13.4 + 9.8 + 14.3 = 53.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 5. Kyivstar Group Ltd. (KYIV): 54/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 12.5/35 | Capital efficiency 16.1/25 | Valuation 9.1/20 | Relative strength 15.9/20 - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 11 of the last 12 weeks - Exact sum: 12.5 + 16.1 + 9.1 + 15.9 = 53.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 6. Charter Communications, Inc. (CHTR): 52/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 17.3/35 | Capital efficiency 16.6/25 | Valuation 11.2/20 | Relative strength 6.7/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 17.3 + 16.6 + 11.2 + 6.7 = 51.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 7. Iridium Communications Inc. (IRDM): 51/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 12.8/35 | Capital efficiency 10.0/25 | Valuation 8.8/20 | Relative strength 19.6/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks - Exact sum: 12.8 + 10 + 8.8 + 19.6 = 51.2 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 8. Globalstar, Inc. (GSAT): 51/100 — Mixed-positive evidence; evidence 61% - Growth & earnings 21.7/35 | Capital efficiency 5.5/25 | Valuation 10.0/20 | Relative strength 13.5/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks - Exact sum: 21.7 + 5.5 + 10 + 13.5 = 50.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 9. AT&T Inc. (T): 50/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 19.5/35 | Capital efficiency 12.0/25 | Valuation 10.6/20 | Relative strength 8.3/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 19.5 + 12 + 10.6 + 8.3 = 50.4 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 10. Telefônica Brasil S.A. (VIV): 49/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 20.5/35 | Capital efficiency 13.8/25 | Valuation 9.6/20 | Relative strength 4.7/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 20.5 + 13.8 + 9.6 + 4.7 = 48.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 11. Array Digital Infrastructure, Inc. (AD): 48/100 — Mixed-negative evidence; evidence 64% - Growth & earnings 23.8/35 | Capital efficiency 13.6/25 | Valuation 9.3/20 | Relative strength 1.2/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 23.8 + 13.6 + 9.3 + 1.2 = 47.9 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -27.9% and the one-year return is -52.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 12. Rogers Communications Inc. (RCI): 47/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 16.6/35 | Capital efficiency 11.5/25 | Valuation 11.0/20 | Relative strength 7.4/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 16.6 + 11.5 + 11 + 7.4 = 46.5 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 13. T-Mobile US, Inc. (TMUS): 46/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 16.1/35 | Capital efficiency 14.1/25 | Valuation 9.4/20 | Relative strength 6.3/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 16.1 + 14.1 + 9.4 + 6.3 = 45.9 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 14. Comcast Corporation (CMCSA): 44/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 14.1/35 | Capital efficiency 12.0/25 | Valuation 10.2/20 | Relative strength 7.5/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 14.1 + 12 + 10.2 + 7.5 = 43.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 15. Telephone and Data Systems, Inc. (TDS): 43/100 — Mixed-negative evidence; evidence 64% - Growth & earnings 20.5/35 | Capital efficiency 10.3/25 | Valuation 8.5/20 | Relative strength 3.7/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 20.5 + 10.3 + 8.5 + 3.7 = 43 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 16. Lumen Technologies, Inc. (LUMN): 43/100 — Mixed-negative evidence; evidence 64% - Growth & earnings 18.4/35 | Capital efficiency 9.9/25 | Valuation 11.3/20 | Relative strength 3.4/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks - Exact sum: 18.4 + 9.9 + 11.3 + 3.4 = 43 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 17. EchoStar Corporation (ECHO): 41/100 — Mixed-negative evidence; evidence 64% - Growth & earnings 17.7/35 | Capital efficiency 5.8/25 | Valuation 11.5/20 | Relative strength 5.5/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 17.7 + 5.8 + 11.5 + 5.5 = 40.5 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 18. Liberty Global Ltd. (LBTYA): 35/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 12.6/35 | Capital efficiency 4.0/25 | Valuation 10.9/20 | Relative strength 7.9/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 12.6 + 4 + 10.9 + 7.9 = 35.4 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 19. TELUS Corporation (TU): 29/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 12.6/35 | Capital efficiency 6.6/25 | Valuation 9.0/20 | Relative strength 1.2/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 12.6 + 6.6 + 9 + 1.2 = 29.4 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 20. Vodafone Group Public Limited Company (VOD): 52/100 — Thin evidence · provisional; evidence 44% - Growth & earnings 18.7/35 | Capital efficiency 7.8/25 | Valuation 10.1/20 | Relative strength 15.0/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 18.7 + 7.8 + 10.1 + 15 = 51.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 21. Liberty Broadband Corporation (LBRDA): 43/100 — Thin evidence · provisional; evidence 45% - Growth & earnings 17.4/35 | Capital efficiency 8.2/25 | Valuation 10.4/20 | Relative strength 7.4/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 17.4 + 8.2 + 10.4 + 7.4 = 43.4 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. ## Market action EchoStar Corporation has the strongest one-year price move in Telecom Services at +238.3%. Iridium Communications Inc. leads on Mansfield relative strength against the S&P 500 at +54.9%. 4 of 21 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-08-04. ### Strongest one-year price performers 1. EchoStar Corporation (ECHO): 238% 2. Globalstar, Inc. (GSAT): 194% 3. Millicom International Cellular S.A. (TIGO): 121% 4. Iridium Communications Inc. (IRDM): 108% 5. Lumen Technologies, Inc. (LUMN): 79% ### Strongest relative strength versus NIFTY 500 1. Iridium Communications Inc. (IRDM): 55% 2. Millicom International Cellular S.A. (TIGO): 25% 3. Globalstar, Inc. (GSAT): 21% 4. Vodafone Group Public Limited Company (VOD): 2.6% 5. Kyivstar Group Ltd. (KYIV): -2.7% ## Revenue Scale & Growth Durability What the numbers say: BCE Inc. is the scale leader at $24,706 million, 66.9% ahead of EchoStar Corporation. Millicom International Cellular S.A.'s growth is 13.1% from a $6,429 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: BCE Inc. is the scale benchmark; Millicom International Cellular S.A. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: BCE Inc.'s growth falls below Millicom International Cellular S.A.'s for two consecutive comparable reports while operating margin also compresses. Evidence: BCE Inc. · $24,706 million | 66.9% versus #2 · EchoStar Corporation | 3/8 recent comparable periods | 7/21 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. BCE Inc. (BCE): ₹24.7K Cr 2. EchoStar Corporation (ECHO): ₹14.8K Cr 3. Lumen Technologies, Inc. (LUMN): ₹12.1K Cr 4. Millicom International Cellular S.A. (TIGO): ₹6.4K Cr 5. Telephone and Data Systems, Inc. (TDS): ₹2.1K Cr ### Revenue growth — fastest growers 1. Millicom International Cellular S.A. (TIGO): 13% 2. Globalstar, Inc. (GSAT): 12% 3. Array Digital Infrastructure, Inc. (AD): 6.9% 4. BCE Inc. (BCE): 1.6% 5. Telephone and Data Systems, Inc. (TDS): -0.7% ### 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - LBTYA: 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - LBTYA: 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - LBTYA: 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - LBTYA: 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: BCE Inc. leads with $6,498 million of TTM profit, 12.8× the profit of Telephone and Data Systems, 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: BCE 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: BCE Inc. · $6,498 million | 12.8× versus #2 · Telephone and Data Systems, Inc. | 5/8 recent comparable periods | 8/21 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. BCE Inc. (BCE): ₹6.5K Cr 2. Telephone and Data Systems, Inc. (TDS): ₹506 Cr 3. Millicom International Cellular S.A. (TIGO): ₹474 Cr 4. Array Digital Infrastructure, Inc. (AD): ₹227 Cr 5. Globalstar, Inc. (GSAT): ₹-9 Cr ### Profit growth — fastest growers 1. BCE Inc. (BCE): 100% 2. Millicom International Cellular S.A. (TIGO): 17% 3. Liberty Broadband Corporation (LBRDA): -384% ### 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - LBTYA: 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - LBTYA: 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 — ## Return On Capital Employed What the numbers say: Kyivstar Group Ltd. leads ROCE at 7.6%, 1.7 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. · 7.6% | 28.8% versus #2 · VEON Ltd. | 3/6 recent comparable periods | 21/21 companies · 399 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): 7.6% 2. VEON Ltd. (VEON): 5.9% 3. Charter Communications, Inc. (CHTR): 3.5% 4. Millicom International Cellular S.A. (TIGO): 3.2% 5. T-Mobile US, Inc. (TMUS): 2.9% ### 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 2.1% - 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 2.9% - 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 — - 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% - 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 — - 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 2.6% - 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% - 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 — - 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 -3.3% - 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 — - 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 — - 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 — - 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 5.9% - LBTYA: Sep 2021 4.7% | Dec 2021 3.1% | Mar 2022 1.8% | Jun 2022 0.6% | Sep 2022 0.6% | Dec 2022 0.6% | Mar 2023 0.6% | Jun 2023 0.2% | Sep 2023 -0.2% | Dec 2023 — | Mar 2024 -0.1% | Jun 2024 -0.1% | Sep 2024 0.1% | Dec 2024 — | Mar 2025 0.3% | Jun 2025 0.6% | Sep 2025 0.5% | 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 7.6% - 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 −0.5 pp - 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 +0.1 pp - 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 — - 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 - 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 — - 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 +1.1 pp - 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 - 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 — - 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 −3.7 pp - 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 — - 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 — - 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 — - 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 −11.0 pp - LBTYA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.1 pp | Dec 2022 −2.5 pp | Mar 2023 −1.2 pp | Jun 2023 −0.4 pp | Sep 2023 −0.8 pp | Dec 2023 — | Mar 2024 −0.7 pp | Jun 2024 −0.3 pp | Sep 2024 +0.3 pp | Dec 2024 — | Mar 2025 +0.4 pp | Jun 2025 +0.7 pp | Sep 2025 +0.4 pp | Dec 2025 — | Mar 2026 −0.2 pp | Jun 2026 −0.6 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 −7.1 pp - 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 PEG at 0.15×. Only 1 of 21 companies have earnings and growth steady enough for the ratio to mean anything, 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× | Not enough peers | 0/8 recent comparable periods | 1/21 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing. ### PEG — lowest PEG 1. BCE Inc. (BCE): 0.2 ### P/E — lowest P/E 1. EchoStar Corporation (ECHO): 2.2 2. Lumen Technologies, Inc. (LUMN): 3.6 3. Charter Communications, Inc. (CHTR): 3.7 4. Rogers Communications Inc. (RCI): 4.0 5. Liberty Global Ltd. (LBTYA): 4.6 ### 20-quarter 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 — - 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 — - 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 — - 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 11.0 - 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 17.6 - 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 — - 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 - 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 — - 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 16.6 - 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 - 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 — - TU: Sep 2021 29.3 | Dec 2021 24.4 | Mar 2022 26.1 | Jun 2022 21.4 | Sep 2022 18.8 | Dec 2022 22.8 | Mar 2023 26.1 | Jun 2023 31.1 | Sep 2023 40.4 | Dec 2023 40.7 | Mar 2024 41.7 | Jun 2024 39.1 | Sep 2024 36.0 | Dec 2024 29.0 | Mar 2025 26.1 | Jun 2025 34.1 | Sep 2025 28.5 | Dec 2025 25.1 | Mar 2026 30.2 | 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 — - 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 — - 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 65.3 - LBTYA: Sep 2021 1.4 | Dec 2021 1.1 | Mar 2022 1.0 | Jun 2022 2.3 | Sep 2022 1.2 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -1.5 | Dec 2023 — | Mar 2024 9.8 | Jun 2024 4.6 | Sep 2024 — | Dec 2024 — | 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 19.2 | Dec 2025 22.8 | Mar 2026 13.9 | Jun 2026 24.5 - 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 — ## 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. - Thin comparisons: Valuation have fewer than three usable current readings. ## Every company - Verizon Communications Inc. (VZ) — market value ₹1.9 L Cr; latest fundamentals Jun 2026 - T-Mobile US, Inc. (TMUS) — market value ₹1.9 L Cr; latest fundamentals Jun 2026 - AT&T Inc. (T) — market value ₹1.6 L Cr; latest fundamentals Jun 2026 - Comcast Corporation (CMCSA) — market value ₹88.5K Cr; latest fundamentals Jun 2026 - Vodafone Group Public Limited Company (VOD) — market value ₹36.2K Cr; latest fundamentals Mar 2026 - EchoStar Corporation (ECHO) — market value ₹26.6K Cr; latest fundamentals Mar 2026 - Charter Communications, Inc. (CHTR) — market value ₹20.6K Cr; latest fundamentals Jun 2026 - BCE Inc. (BCE) — market value ₹20.5K Cr; latest fundamentals Mar 2026 - Telefônica Brasil S.A. (VIV) — market value ₹20.3K Cr; latest fundamentals Jun 2026 - Rogers Communications Inc. (RCI) — market value ₹18.4K Cr; latest fundamentals Jun 2026 - Millicom International Cellular S.A. (TIGO) — market value ₹15.5K Cr; latest fundamentals Mar 2026 - TELUS Corporation (TU) — market value ₹15.0K Cr; latest fundamentals Jun 2026 - Globalstar, Inc. (GSAT) — market value ₹10.8K Cr; latest fundamentals Mar 2026 - Lumen Technologies, Inc. (LUMN) — market value ₹6.9K Cr; latest fundamentals Mar 2026 - Liberty Broadband Corporation (LBRDA) — market value ₹6.6K Cr; latest fundamentals Mar 2026 - Iridium Communications Inc. (IRDM) — market value ₹5.3K Cr; latest fundamentals Jun 2026 - Telephone and Data Systems, Inc. (TDS) — market value ₹4.1K Cr; latest fundamentals Mar 2026 - VEON Ltd. (VEON) — market value ₹3.8K Cr; latest fundamentals Jun 2026 - Liberty Global Ltd. (LBTYA) — market value ₹3.7K Cr; latest fundamentals Jun 2026 - Kyivstar Group Ltd. (KYIV) — market value ₹3.2K Cr; latest fundamentals Jun 2026 - Array Digital Infrastructure, Inc. (AD) — market value ₹3.1K Cr; latest fundamentals Mar 2026 ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-08-04. 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 ### Is the Telecom Services sector outperforming S&P 500? Telecom Services has underperformed S&P 500 by 4% over 52 weeks and 10.9% over 13 weeks. 4 of 21 covered companies beat the S&P 500 on Mansfield relative strength, while 7 of 21 beat the sector itself. ### Which Telecom Services company is largest by revenue? BCE Inc. leads with revenue of $24,706 million, based on 7 of 21 comparable companies through Mar 2026. ### Which Telecom Services company is growing fastest? Millicom International Cellular S.A. has the fastest current revenue growth at 13.1%, across 7 of 21 comparable companies. ### Which Telecom Services company has the strongest 4-Factor Sector Score? BCE Inc. ranks first at 59.1/100 with 81.1% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Telecom Services company has the lowest comparable PEG? BCE Inc. has the lowest comparable PEG at 0.15, among 1 of 21 companies whose earnings and growth are steady enough for the ratio to mean anything. ### How much history does this Telecom Services comparison include? The page compares up to 20 reported quarters per company for fundamentals, returns 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. ### Which Telecom Services company is the biggest? BCE Inc. is the largest, with trailing-twelve-month revenue of $24,706 million, ahead of EchoStar Corporation at $14,802 million. That covers 7 of 21 companies with comparable reporting through Mar 2026. ### 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? BCE Inc. earns the most, at $6,498 million of trailing-twelve-month net profit, from 8 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 7.6%, 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 PEG — where a LOWER number is cheaper — BCE Inc. screens cheapest at 0.15×. Only 1 of 21 companies have earnings and growth steady enough for the ratio to mean anything, 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. ### Is the Telecom Services sector beating the market? Telecom Services has underperformed S&P 500 by 4% over the last 52 weeks and 10.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 4 of 21 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? BCE Inc. scores 59.1 out of 100 with 81.1% evidence confidence, from 23.4 points on growth and earnings, 12 on capital efficiency, 15.7 on valuation and 8 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, 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 $854,003 million of combined market value. Verizon Communications Inc. is the largest at $194,776 million, about 23% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04. ### 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 10.2×, 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 2026-08-04. ### How is the Telecom Services sector performing? 4 of the 21 covered Telecom Services companies are beating S&P 500 on Mansfield relative strength. The sector itself is 4% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-04. ### 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.