TNO 4Q18 Market Review (Trial)
Full-year capex of $301B in 2018, up 1.3% YoY; it needs to grow more in 2019, but telco revenues are falling again
By Matt Walker and Subramanian Venkatraman

This market review provides a comprehensive assessment of the global telecommunications industry based on financial results through December 2018 (4Q18). The report tracks revenue, capex and employee for 130 individual telecommunications network operators (TNOs). For a sub-group of 40 large TNOs, the report also assesses labor cost, opex and operating profit trends. Our coverage timeframe spans 1Q11-4Q18 (32 quarters). The report’s format is Excel.

Table Of Contents

  1. Abstract
  2. Analysis
  3. Single-company drilldowns
  4. Key stats through 4Q18
  5. Operator rankings
  6. Rev, capex and headcount
  7. Deep dive cost analysis
  8. Subs & traffic
  9. Exchange rates
  10. About (including methodology)

Figure & Charts

1) TNOs: Annualized revenue ($M) and YoY growth (%), 1Q14-4Q18
2) TNOs: Annualized capex ($M) and capital intensity (%), 4Q14-4Q18
3) Labor cost/revenue (%), 2018
4) Labor cost and labor cost per employee, 2018 YoY change (%)
5) Change in annualized operating margins (YoY percentage point difference 4Q13-4Q18)
6) Local currency value vs. US$ (QoQ change)
7) Top 20 share of the market, 4Q18
8) Top 20 TNOs by total capex, 4Q18
9) Top 20 TNOs by total revenue, 4Q18
10) TNOs: YoY growth in single quarter revenues
11) TNOs: Annualized capital intensity, 4Q11-4Q18
12) TNOs: Revenue and RPE, annualized 1Q14-4Q18
13) TNOs: Capex and capital intensity (annualized), 1Q14-4Q18
14) TNOs: Total headcount trends, 1Q11-4Q18
15) TNOs: Revenue and RPE trends, 2011-18
16) TNOs: Capex and capital intensity, 2011-18 ($ Mn)
17) TNOs: Capex and capital intensity, 4Q14-4Q18 ($ Mn)
18) TNOs: Revenue and RPE trends, 4Q14-4Q18
19) Top 41 TNOs by total opex, 4Q18
20) Top 41 TNOs by labor costs, 4Q18


Argentina Finland Japan Norway Taiwan
Australia France Kenya Oman Thailand
Austria Germany Kuwait Philippines Turkey
Bahrain Hong Kong Luxembourg Poland UAE
Brazil India Malaysia Qatar UK
Canada Indonesia Mexico Russia USA
Chile Israel Morocco South Korea
China Italy Singapore Spain
Denmark Netherlands South Africa Sweden
Egypt New Zealand Saudi Arabia Switzerland


A1 Telekom Austria Cincinatti Bell Hathway Cable & Datacom Limited PLDT TDS
Advanced Info Service (AIS) CK Hutchison Idea Cellular Limited Quebecor Telecommunications Tele2 AB
Altice Europe Clearwire Iliad SA Reliance Communications Limited Telecom Argentina
Altice USA Cogeco KDDI Reliance Jio Telecom Egypt
America Movil Com Hem Holding AB KPN Rogers Telecom Italia
AT&T Comcast KT Corporation Rostelecom Telefonica
Axiata Consolidated Communications Leap Wireless Safaricom Limited Telekom Malaysia Berhad
Axtel Cyfrowy Polsat LG Uplus Sasktel Telenor
Batelco DEN Networks Limited Liberty Global Shaw Communications Telia
BCE Deutsche Telekom M1 Singtel Telkom Indonesia
Bezeq Israel DirecTV Manitoba Telecom Services SITI Networks Limited Telkom SA
Bharti Airtel Limited Dish Network Maroc Telecom SK Telecom Telstra
Bouygues Telecom Dish TV India Limited Maxis Berhad Sky plc Telus
BSNL DNA Ltd. Megafon SmarTone Thaicom
BT Du MetroPCS Communications SoftBank Time Warner
Cable ONE, Inc. EE Millicom Spark New Zealand Limited Time Warner Cable
Cablevision Elisa Mobile Telesystems Sprint TPG Telecom Limited
Cellcom Israel Entel MTN Group StarHub True Corp
CenturyLink Etisalat MTNL STC (Saudi Telecom) Turk Telekom
Cequel Communications Fairpoint Communications NTT SureWest Communications Turkcell
Charter Communications Far EasTone Telecommunications Co., Ltd. Oi Swisscom Veon
China Mobile Frontier Communications Omantel Taiwan Mobile Verizon
China Telecom Globe Telecom Ooredoo Tata Communications Limited Virgin Media
China Unicom Grupo Clarin Orange Tata Teleservices Vivendi
Chunghwa Telecom Grupo Televisa PCCW TDC Vodafone
Vodafone Idea Limited Wind Tre Windstream Zain Zain KSA


Source: MTN Consulting, LLC