AT&T vs Verizon vs T-Mobile US: Market Cap, Revenue and Profit Compared
US wireless carriers. Size and profitability side by side, using the exact figures from SEC filings.
Data updated: Nov 6, 2026 · Based on each company's latest annual report, so fiscal year ends may differ.
Quick answers
Which has the larger market cap?
Verizon is worth about $191.1 billion, 1.1 times T-Mobile US (about $170.7 billion). Based on the Nov 5, 2026 close.
Which has more revenue?
Verizon brought in $138.191B in its latest fiscal year (FY2025), against $125.648B for AT&T (FY2025).
Which is more profitable?
AT&T has the higher net margin at 17.5%, against 12.4% for T-Mobile US. Out of every $100 of revenue, AT&T keeps more as net income.
Which is growing faster?
T-Mobile US had the faster revenue growth in its latest fiscal year: +8.5%, against +2.7% for AT&T.
AT&T
T · FY2025 annual report
Revenue $125.648B
Net income $21.953B
- Operating expenses80.8%
- Taxes, interest & other1.8%
- Net income17.5%
Verizon
VZ · FY2025 annual report
Revenue $138.191B
Net income $17.174B
- Operating expenses78.8%
- Taxes, interest & other8.7%
- Net income12.4%
T-Mobile US
TMUS · FY2025 annual report
Revenue $88.309B
Net income $10.992B
- Operating expenses79.3%
- Taxes, interest & other8.3%
- Net income12.4%
Size
| Item | AT&T | Verizon | T-Mobile US |
|---|---|---|---|
| Market cap | $151.4B#75 of 289 | $191.1B#57 of 289 | $170.7B#67 of 289 |
| Revenue | $125.648B#29 of 299 | $138.191B#24 of 299 | $88.309B#43 of 299 |
| Operating income | $24.162B#12 of 231 | $29.259B#9 of 231 | $18.279B#19 of 231 |
| Net income | $21.953B#15 of 298 | $17.174B#22 of 298 | $10.992B#38 of 298 |
| Free cash flow | $19.442B#15 of 261 | $33.337B#7 of 261 | $17.995B#16 of 261 |
| Total assets | $420.198B#20 of 299 | $404.258B#23 of 299 | $219.237B#35 of 299 |
| Dividends paid | $8.18B#15 of 214 | $11.481B#7 of 214 | $4.121B#39 of 214 |
| Dividend per share | $1.11#166 of 205 | $2.73#100 of 205 | $3.80#70 of 205 |
| Dividend yield | 5.1%#11 of 203 | 5.9%#3 of 203 | 2.4%#57 of 203 |
Profitability and stability
| Item | AT&T | Verizon | T-Mobile US |
|---|---|---|---|
| Net margin | 17.5%#121 of 298 | 12.4%#174 of 298 | 12.4%#173 of 298 |
| Revenue growth | +2.7%#234 of 299 | +2.5%#235 of 299 | +8.5%#141 of 299 |
| Operating margin | 19.2%#116 of 231 | 21.2%#100 of 231 | 20.7%#103 of 231 |
| FCF margin | 15.5%#135 of 261 | 24.1%#64 of 261 | 20.4%#86 of 261 |
| ROE | 17.9%#131 of 276 | 16.6%#141 of 276 | 18.2%#129 of 276 |
| Debt-to-equity | 232.2%#159 of 244 | 282.3%#180 of 244 | 270.3%#175 of 244 |