Telecom Operators

9432 Nippon Telegraph & Telephone (NTT)

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, +¥714.0B

9433 KDDI

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2018–2026 ¥700.3B¥630.1B¥930.4B¥1.27T¥1.04T¥684.2B¥1.18T¥848.1B¥1.38T

Retained capital Retained ¥1.19T of earnings over 2018–2026; annual owner earnings grew ¥384.6B, ¥0.32 per ¥1 retained.

Balance sheet Meaningful net debt, ¥4.30T · dividend paid 9 of 9 yrs, never cut

9434 SoftBank Corp

Revenue is led by Consumer (43%) and Media EC (23%), with 3 more segments behind.

Owner earnings 2018–2026 ¥249.3B¥512.2B¥817.8B¥859.4B¥506.8B¥546.5B¥685.6B¥621.2B¥823.3B

Retained capital Retained ¥163.8B of earnings over 2018–2026; annual owner earnings grew ¥183.6B.

Balance sheet Modest net debt, ¥1.24T · dividend paid 9 of 9 yrs, cut at least once

AD Array Digital Infrastructure Inc.

Array connects America through digital infrastructure by leasing tower space to tenants and providing ancillary services.

Owner earnings 2016–2025 $58M$4M$197M$74M$248M$78M$230M$826M$864M$174M

Retained capital Retained $616M of earnings over 2016–2025; annual owner earnings grew $535M, $0.87 per $1 retained.

Balance sheet Net debt against an operating loss, $561M

AMX America Movil S.A.B. de C.V.

America Movil sells telephone and internet service to households and businesses across Latin America — mobile and fixed-line phone, broadband, and pay television, billed by the connection. Its largest operations sit in Mexico and Brazil. The work is to build and run the networks — wireless spectrum, cables, fiber — and then collect a recurring fee from each subscriber who uses them.

Owner earnings 2015–2024 MX$35.7BMX$97.1BMX$98.6BMX$104.4BMX$101.4BMX$175.3BMX$117.4BMX$79.1BMX$117.0BMX$126.3B

Retained capital Retained MX$216.8B of earnings over 2015–2024; annual owner earnings grew MX$30.3B, MX$0.14 per MX$1 retained.

Balance sheet Meaningful net debt, MX$413.3B · dividend paid 10 of 10 yrs, cut at least once

ANGH Anghami Inc.

A telecom carrier, renting access to a network that must be constantly rebuilt.

Owner earnings 2020–2024 $91K($16M)($119K)($4M)($48M)

Retained capital not read

Balance sheet Net cash, debt-free, +$14M

ASTS AST SpaceMobile Inc.

SpaceMobile Service is being designed to provide cost-effective, high-speed Cellular Broadband services to end-users who are out of terrestrial cellular coverage using existing mobile devices.

Owner earnings 2020–2025 ($24M)($83M)($161M)($203M)($189M)($123M)

Retained capital not read

Balance sheet Net cash, +$2.1B

ATEX Anterix Inc.

Through TowerX, CatalyX, and the Anterix Active Ecosystem, which includes more than 150 technology innovators, we provide customers with a complete and integrated, pathway from spectrum acquisition to network deployment and operation.

Owner earnings 2017–2026 ($28M)($23M)($24M)($28M)($10M)$17M($29M)$42M($29M)$5M

Retained capital not read

Balance sheet Net cash, +$98M

ATNI ATN International Inc.

We provide digital infrastructure and communications services in the United States, primarily in the western US, and Alaska, and internationally, including Bermuda and the Caribbean region.

Owner earnings 2016–2025 $36M$59M$30M$15M$11M($16M)($57M)($52M)$18M$44M

Retained capital Paid out $243M more than it earned over 2016–2025; annual owner earnings fell $38M.

Balance sheet Heavy net debt, $462M · buybacks at an average near $33.79 · dividend paid 10 of 10 yrs, cut at least once

BCE BCE Inc.

A telecom carrier, renting access to a network that must be constantly rebuilt.

Owner earnings 2016–2025 C$2.9BC$3.3BC$3.4BC$4.0BC$3.6BC$3.2BC$3.2BC$3.4BC$3.1BC$3.3B

Retained capital Paid out C$2.5B more than it earned over 2016–2025; annual owner earnings grew C$47M.

Balance sheet Meaningful net debt, C$34.9B · dividend paid 10 of 10 yrs, cut at least once

CALX Calix

Calix Customer Success guides service providers through every stage of their transformation journey with expertise across technology, business and market insights.

Owner earnings 2016–2025 $15M($71M)($7M)($6M)$44M$46M$13M$38M$50M$116M

Retained capital Paid out $21M more than it earned over 2016–2025; annual owner earnings grew $89M.

Balance sheet Net cash, debt-free, +$143M · buybacks at an average near $38.14

CCOI Cogent Communications Holdings Inc.

We are a facilities-based provider of low-cost, high-speed Internet access, private network services, optical wavelength and optical transport services and data center colocation space and power.

Owner earnings 2016–2025 $63M$66M$84M$102M$84M$100M$95M($112M)($204M)($198M)

Retained capital Paid out $339M more than it earned over 2016–2025; annual owner earnings fell $242M.

Balance sheet Net debt against an operating loss, $1.6B · buybacks at an average near $48.37 · dividend paid 10 of 10 yrs, cut at least once

CHT Chunghwa Telecom Co. Ltd.

Chunghwa Telecom Co. Ltd. offer and Listing Details Market Price Information for Our Common Shares Our common shares have been listed on the TWSE under the number "2412" since October 27, 2000.

Owner earnings 2015–2024 NT$51.2BNT$41.4BNT$44.1BNT$37.8BNT$48.3BNT$50.9BNT$39.5BNT$44.4BNT$43.8BNT$50.5B

Retained capital Retained NT$5.7B of earnings over 2015–2024; annual owner earnings grew NT$663M.

Balance sheet Net cash, +NT$57.8B · dividend paid 10 of 10 yrs, cut at least once

ECHO EchoStar Corporation

EchoStar Corporation is a holding company that was organized in October 2007 as a corporation under the laws of the State of Nevada.

Owner earnings 2016–2025 $370M$341M$179M$238M$296M$3.4B$2.4B$835M($292M)($1.1B)

Retained capital Paid out $11.4B more than it earned over 2016–2025; annual owner earnings fell $471M.

Balance sheet Net debt against an operating loss, $23.0B · buybacks at an average near $24.04

GOGO Gogo Inc.

Gogo Inc. is the only multi-orbit, multi-band in-flight connectivity provider offering connectivity technology purpose-built for business and military/government aviation.

Owner earnings 2016–2025 ($41M)($85M)($85M)$63M$3M$62M$91M$63M$28M$65M

Retained capital Paid out $494M more than it earned over 2016–2025; annual owner earnings grew $122M.

Balance sheet Heavy net debt, $711M

GSAT Globalstar Inc.

Globalstar Inc. provides Mobile Satellite Services, including voice and data communications services to retail, business and governmental customers as well as wholesale satellite capacity services.

Owner earnings 2016–2025 ($572K)$8M($1M)($2M)$17M$126M($3M)$67M$432M$616M

Retained capital Paid out $822M more than it earned over 2016–2025; annual owner earnings grew $370M.

Balance sheet Heavy net debt, $36M · dividend paid 3 of 10 yrs, cut at least once

IDT IDT Corporation

IDT is a provider of fintech and communications solutions focused on certain under-served consumer and B2B markets.

Owner earnings 2016–2025 $31M$13M($173K)$66M($46M)$50M$8M$30M$59M$106M

Retained capital Retained $215M of earnings over 2016–2025; annual owner earnings grew $51M, $0.24 per $1 retained.

Balance sheet Net cash, +$220M · dividend paid 5 of 10 yrs, cut at least once

IHS IHS Holding Limited

Revenue is Nigeria (68%) and SSA (32%).

Owner earnings 2020–2025 $540M$512M$529M$389M$494M$719M

Retained capital Paid out $4.3B more than it earned over 2020–2025; annual owner earnings grew $7M.

Balance sheet Meaningful net debt, $2.2B

IRDM Iridium Communications Inc

Iridium Communications Inc is a leading provider of global voice, data, and positioning, navigation and timing satellite services.

Owner earnings 2016–2025 $176M$137M$46M$80M$211M$261M$273M$241M$306M$300M

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings grew $163M.

Balance sheet Heavy net debt, $1.7B · dividend paid 3 of 10 yrs, never cut

KT KT Corporation

KT is South Korea's incumbent telephone company — the former national monopoly — and it sells communication service: fixed-line and broadband Internet into homes and businesses, and wireless service to mobile subscribers across the country. Around that core network it also sells media and pay-television, corporate IT and data-center services, and runs financial businesses, including credit-card processing. Customers pay monthly, so the money arrives as recurring subscription and usage fees, and the whole thing rests on owning and operating the physical network.

Owner earnings 2015–2024 ₩1.11T₩2.01T₩1.44T₩1.75T₩481.8B₩1.53T₩2.07T₩157.2B₩1.81T₩2.16T

Retained capital Retained ₩3.55T of earnings over 2015–2024; annual owner earnings fell ₩144.1B, ₩-0.04 per ₩1 retained.

Balance sheet Meaningful net debt, ₩1.65T · dividend paid 10 of 10 yrs, cut at least once

KYIV Kyivstar Group Ltd.

Kyivstar segment, we operate two related business lines: mobile telecommunications services and digital, which accounted for approximately 89%, and 11% of our revenue for year ended December 31, 2025, respectively and approximately 98% and 2% of our revenue for the year ended December 31, 2024, respectively.

Owner earnings 2023–2025 $317M$312M$418M

Retained capital not read

Balance sheet Net cash, +$180M

KYIVW Kyivstar Group Ltd.

Kyivstar segment, we operate two related business lines: mobile telecommunications services and digital, which accounted for approximately 89%, and 11% of our revenue for year ended December 31, 2025, respectively and approximately 98% and 2% of our revenue for the year ended December 31, 2024, respectively.

Owner earnings 2023–2025 $317M$312M$418M

Retained capital not read

Balance sheet Net cash, +$180M

LUMN Lumen Technologies

We are unleashing the world's digital potential by providing a broad array of integrated products and services to our customers.

Owner earnings 2016–2025 $1.6B$772M$3.9B$3.1B$2.8B$3.6B$1.7B($940M)$1.1B$371M

Retained capital Paid out $28.1B more than it earned over 2016–2025; annual owner earnings fell $1.9B.

Balance sheet Net debt against an operating loss, $16.8B · buybacks at an average near $10.54 · dividend paid 10 of 10 yrs, cut at least once

PHI PLDT Inc. Sponsored ADR

Revenue is Fixed Line (52%) and Wireless (48%).

Owner earnings 2015–2024 PHP 38.2BPHP 6.7BPHP 19.5BPHP 13.9BPHP 29.7BPHP 37.6BPHP 39.9B(PHP 17.6B)PHP 27.3BPHP 16.1B

Retained capital Retained PHP 11.5B of earnings over 2015–2024; annual owner earnings fell PHP 12.9B.

Balance sheet Heavy net debt, PHP 258.2B · dividend paid 10 of 10 yrs, cut at least once

SATS EchoStar Corporation

EchoStar Corporation is a holding company that was organized in October 2007 as a corporation under the laws of the State of Nevada.

Owner earnings 2016–2025 $370M$341M$179M$238M$296M$3.4B$2.4B$835M($292M)($1.1B)

Retained capital Paid out $11.4B more than it earned over 2016–2025; annual owner earnings fell $471M.

Balance sheet Net debt against an operating loss, $23.0B · buybacks at an average near $24.04

SHEN Shenandoah Telecom

Shenandoah Telecommunications Company, provide broadband services through its high speed, state-of-the-art fiber-optic and cable networks to customers in eight contiguous states in the eastern United States.

Owner earnings 2016–2025 ($12M)$76M$209M$192M$182M($411M)($114M)($141M)($257M)($258M)

Retained capital Retained $412M of earnings over 2016–2025; annual owner earnings fell $310M, $-0.75 per $1 retained.

Balance sheet Net debt against an operating loss, $601M · dividend paid 10 of 10 yrs, cut at least once

SKM SK Telecom Co. Ltd.

SK Telecom is South Korea's largest mobile carrier. It sells wireless phone and data service to Korean households and businesses, billing them month after month for access to its network. The money comes from subscribers paying to stay connected, set against the cost of building and running that network and the airwaves it rides on.

Owner earnings 2015–2024 ₩1.30T₩1.75T₩1.14T₩1.54T₩659.1B₩2.26T₩2.12T₩2.25T₩1.97T₩2.60T

Retained capital Retained ₩7.93T of earnings over 2015–2024; annual owner earnings grew ₩877.4B, ₩0.11 per ₩1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs, cut at least once

SPIR Spire Global Inc.

Spire Global Inc. designs, manufactures, integrates, and operates its own satellites and ground stations to deliver unique end-to-end comprehensive solutions.

Owner earnings 2020–2025 ($20M)($66M)($67M)($54M)($45M)($72M)

Retained capital not read

Balance sheet Net cash, +$77M

T AT&T Inc.

AT&T sells telecommunications service: wireless phone and data plans, plus internet and broadband, to consumers and to businesses. Customers pay a monthly bill to stay connected. The company owns the network the traffic runs on — spectrum, towers, fiber — and earns by carrying that traffic across it.

Owner earnings 2016–2025 $16.9B$17.4B$22.4B$29.0B$28.4B$26.4B$16.2B$20.5B$18.5B$19.4B

Retained capital Paid out $2.7B more than it earned over 2016–2025; annual owner earnings grew $590M.

Balance sheet Heavy net debt, $123.6B · buybacks at an average near $36.30 · dividend paid 10 of 10 yrs, cut at least once

TBB AT&T Inc. 5.350% Global Notes due 2066

We are a leading provider of telecommunications and technology services globally.

Owner earnings 2016–2025 $16.9B$17.4B$22.4B$29.0B$28.4B$26.4B$16.2B$20.5B$18.5B$19.4B

Retained capital Paid out $2.7B more than it earned over 2016–2025; annual owner earnings grew $590M.

Balance sheet Heavy net debt, $123.6B · buybacks at an average near $36.30 · dividend paid 10 of 10 yrs, cut at least once

TDS Telephone and Data Systems

Telephone and Data Systems provides high-quality communications services to customers through its wholly-owned subsidiary TDS Telecommunications LLC with 1.1 million broadband, video, voice and wireless connections at December 31, 2025.

Owner earnings 2016–2025 $146M$91M$241M$59M$194M($28M)($6M)$498M$780M$199M

Retained capital Retained $183M of earnings over 2016–2025; annual owner earnings grew $333M, $1.82 per $1 retained.

Balance sheet Net debt against an operating loss, $63M

TEO Telecom Argentina SA

We extend our footprint to other markets, with new businesses based on the development of APIs and applications, highlighting our infrastructure and network capabilities for developers around the world.

Owner earnings 2016–2025 ARS 19.8BARS 28.2BARS 5.7BARS 67.3BARS 140.1BARS 342.4BARS 656.2BARS 1.01TARS 609.6BARS 1.03T

Retained capital Paid out ARS 1.10T more than it earned over 2016–2025; annual owner earnings grew ARS 866.7B.

Balance sheet Heavy net debt, ARS 4.64T · dividend paid 8 of 10 yrs, cut at least once

TIGO Millicom International Cellular S.A.

We provide certain customer data below that we believe will assist investors in understanding our performance and to which we refer later in this section in discussing our results of operations.

Owner earnings 2016–2025 $159M$170M$160M$65M$199M$216M$484M$409M$1.1B$1.1B

Retained capital Retained $3M of earnings over 2016–2025; annual owner earnings grew $689M.

Balance sheet Meaningful net debt, $5.2B · dividend paid 5 of 10 yrs, cut at least once

TIMB TIM S.A.

A telecom carrier, renting access to a network that must be constantly rebuilt.

Owner earnings 2018–2025 R$2.3BR$3.2BR$8.5BR$4.6BR$4.4BR$7.9BR$7.8BR$8.9B

Retained capital Retained R$7.9B of earnings over 2018–2025; annual owner earnings grew R$3.5B, R$0.45 per R$1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 8 of 8 yrs, never cut

TLK PT Telekomunikasi Indonesia Tbk

A telecom carrier, renting access to a network that must be constantly rebuilt.

Owner earnings 2015–2024 Rp 25.10TRp 28.68TRp 28.93TRp 24.23TRp 31.76TRp 35.91TRp 38.43TRp 38.34TRp 26.98TRp 35.59T

Retained capital Retained Rp 61.55T of earnings over 2015–2024; annual owner earnings grew Rp 6.07T, Rp 0.10 per Rp 1 retained.

Balance sheet Modest net debt, Rp 1.85T · dividend paid 10 of 10 yrs, cut at least once

TMUS T-Mobile US Inc.

T-Mobile sells wireless phone and data service — and home broadband — to consumers and businesses across the United States, mostly on monthly plans, and the bulk of its base is postpaid subscribers. The money is recurring: people pay each month to stay connected. Behind that service sits a nationwide cellular network built on spectrum licenses, which makes this a capital-heavy business.

Owner earnings 2016–2025 ($1.9B)($1.4B)($1.6B)$433M($2.4B)$1.6B$2.8B$8.8B$13.5B$18.0B

Retained capital Paid out $14.9B more than it earned over 2016–2025; annual owner earnings grew $15.1B.

Balance sheet Heavy net debt, $80.7B · buybacks at an average near $63.07 · dividend paid 5 of 10 yrs, cut at least once

TSAT TELESAT CORPORATION

Telesat is a leading global satellite operator, providing its customers with mission -critical communications services since the start of the satellite communications industry in the 1960s.

Owner earnings 2019–2025 C$367MC$355MC$262MC$207MC$127M(C$2M)(C$74M)

Retained capital Retained C$415M of earnings over 2019–2025; annual owner earnings fell C$311M, C$-0.75 per C$1 retained.

Balance sheet Net debt against an operating loss, C$3.0B · dividend paid 3 of 7 yrs, cut at least once

TU Telus Corporation

Revenue is led by Mobile (45%) and Fixed (31%), with 2 more segments behind.

Owner earnings 2016–2025 C$861MC$1.5BC$1.7BC$1.2BC$1.9BC$1.2BC$1.5BC$1.9BC$2.2BC$2.1B

Retained capital Retained C$1.1B of earnings over 2016–2025; annual owner earnings grew C$742M.

Balance sheet Heavy net debt, C$25.7B · dividend paid 10 of 10 yrs, cut at least once

UCL uCloudlink Group Inc.

A telecom carrier, renting access to a network that must be constantly rebuilt.

Owner earnings 2018–2025 ($24M)$3M($3M)($23M)$4M$4M$5M$2M

Retained capital not read

Balance sheet Net cash, +$31M

UNIT Uniti Group Inc.

The Kinetic business unit is a premier provider of multi-gigabit fiber internet, whole-home Wi-Fi, internet security, and voice services in approximately 1,400 markets across 18 states in the Southwestern, Southeastern, Midwestern and Northeastern U.S.

Owner earnings 2023–2025 $43M$12M($438M)

Retained capital not read

Balance sheet Heavy net debt, $9.5B

UZD Array Digital Infrastructure, Inc.

Array connects America through digital infrastructure by leasing tower space to tenants and providing ancillary services.

Owner earnings 2016–2025 $58M$4M$197M$74M$248M$78M$230M$826M$864M$174M

Retained capital Retained $616M of earnings over 2016–2025; annual owner earnings grew $535M, $0.87 per $1 retained.

Balance sheet Net debt against an operating loss, $561M

UZE Array Digital Infrastructure, Inc.

Array connects America through digital infrastructure by leasing tower space to tenants and providing ancillary services.

Owner earnings 2016–2025 $58M$4M$197M$74M$248M$78M$230M$826M$864M$174M

Retained capital Retained $616M of earnings over 2016–2025; annual owner earnings grew $535M, $0.87 per $1 retained.

Balance sheet Net debt against an operating loss, $561M

UZF Array Digital Infrastructure, Inc.

Array connects America through digital infrastructure by leasing tower space to tenants and providing ancillary services.

Owner earnings 2016–2025 $58M$4M$197M$74M$248M$78M$230M$826M$864M$174M

Retained capital Retained $616M of earnings over 2016–2025; annual owner earnings grew $535M, $0.87 per $1 retained.

Balance sheet Net debt against an operating loss, $561M

VEON VEON Ltd. ADS

VEON is a leading global provider of connectivity and digital services, currently headquartered in Dubai.

Owner earnings 2016–2025 $224M$438M$567M$1.4B$1.9B$262M$299M$629M$523M$620M

Retained capital Paid out $139M more than it earned over 2016–2025; annual owner earnings grew $181M.

Balance sheet net position not read (debt under-captured) · dividend paid 8 of 10 yrs, cut at least once

VIV Telefonica Brasil S.A.

A telecom carrier, renting access to a network that must be constantly rebuilt.

Owner earnings 2016–2025 R$4.0BR$4.3BR$3.4BR$8.9BR$11.1BR$8.8BR$9.0BR$10.0BR$10.6BR$11.3B

Retained capital Retained R$8.4B of earnings over 2016–2025; annual owner earnings grew R$6.7B, R$0.80 per R$1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs, cut at least once

VOD Vodafone Group Plc

Revenue is led by Germany (31%) and Africa (20%), with 3 more segments behind.

Owner earnings 2016–2025 €6.1B€7.9B€8.7B€7.9B€12.2B€11.8B€13.5B€13.1B€12.3B€11.0B

Retained capital Paid out €45.8B more than it earned over 2016–2025; annual owner earnings grew €4.6B.

Balance sheet Net debt against an operating loss, €42.6B · dividend paid 10 of 10 yrs, cut at least once

VSAT ViaSat Inc.

We are an innovative, global provider of communications technologies and services, focused on making connectivity accessible, available and secure for current and future customers worldwide.

Owner earnings 2017–2023 $211M$148M$65M$157M$396M$98M($42M)

Retained capital Retained $962M of earnings over 2017–2023; annual owner earnings grew $10M, $0.01 per $1 retained.

Balance sheet Heavy net debt, $4.8B

VZ Verizon Communications

Verizon sells communications service — chiefly wireless phone, data, and voice plans, along with home internet and related video and streaming — to consumers, businesses, and government bodies, carried over its own networks under the Verizon family of brands. Customers pay a recurring bill to stay connected, and that subscription revenue is the business. To carry the traffic, Verizon must own and keep renewing a vast network and the spectrum rights beneath it.

Owner earnings 2016–2018 $4.6B$7.1B$17.7B

Retained capital not read

Balance sheet Heavy net debt, $138.8B