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Global Telco Market Tracker, 4q24: Annual Capex Stays Muted Below $300b

Publisher MTN Consulting, LLC
Published Jun 05, 2025
SKU # MTNC20395061

Description

This report delivers a detailed financial and operational snapshot of 140 telecommunications network operators (telcos) worldwide, tracking performance from 1Q11 through 4Q24. It captures revenue, labor, capex, opex, and profitability data with a focus on the most recent quarter and full-year 2024 results.

Key findings:

Revenue rose 1.7% YoY in 4Q24 to $454.7 billion (B), but full-year topline was flat at $1.78 trillion (T). Airtel (9.1%), STC (Saudi Telecom) (4.9%), and America Movil (4.0%) led growth in 2024, while Vodafone (-11.1%) and Orange (-6.1%) declined sharply.
Capex dropped 6.2% YoY to $295.4B for full-year 2024, the lowest level since at least 2011, dipping below even the COVID-hit 2020 levels ($296.8B). Reliance Jio (-33.2%), KDDI (-19.9%), America Movil (-19.0%) posted the largest cuts in 2024, while BSNL and Telstra ramped up spending.
Labor costs fell 2.6% YoY to $258.3B in 2024, with telco headcount shrinking to 4.41 million. Labor represented 21.9% of opex (excluding D&A) for the full-year 2024.
Profitability margins inched higher in 2024 from a year ago, with EBIT at 15.3% and EBITDA at 33.7%, suggesting stable operational efficiency despite cost pressures.
Regionally, the Americas remained the top contributor in 2024 to both revenue (37.7% global share) and capex (36.1% global share), while Europe recorded the highest capital intensity at 18.6%.

Please Note: This product is delivered as a Excel File.

Table of Contents

Report Highlights
Summary
Market snapshot
Analysis
Key stats through 4Q24
Labor stats
Operator rankings
Company drilldown
Company benchmarking
Country breakouts
Country breakouts by company
Regional breakouts
Raw Data
Subs & traffic
Exchange rates
Methodology & Scope
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