Revenue of major telecom services companies in the United States 2008-2023

The United States (U.S.) telecoms giant AT&T generated around 122 billion U.S. dollars in revenue in 2023, up from 120 billion U.S. dollars the previous year. Since 2022 AT&T lost its long-held position as the largest U.S. telecommunications firm by revenue to rival operator Verizon, which made a reported 133 billion U.S. dollars in 2023. The U.S. telecoms market remains fiercely competitive, with AT&T, Verizon, and T-Mobile US the major network operators.

AT&T backs out of Warner Media to focus on its wireless business

For AT&T, 2022 proved a pivotal year, with the network operator spinning off its interests in the entertainment company Warner Media. AT&T acquired the company in 2018 after a lengthy legal process, with the deal representing a major move into the entertainment industry. AT&T’s ownership of Warner Media saw it take on Netflix and Amazon with the launch of streaming service HBO Max. The 2022 spin-off deal saw AT&T exit the entertainment space to refocus its attention on wireless and broadband communications, in particular its 5G and fiber services.

T-Mobile seeks to challenge AT&T and Verizon

While T-Mobile US has lagged behind its rivals in terms of subscribers, it has sought to challenge AT&T and Verizon on the quality of its 5G network. As of 2022, T-Mobile’s typical 5G download speed in the United States was 186 Mbps, far exceeding its rivals, while it also recorded the best 5G coverage. The Washington based operator, which is majority owned by German operator Deutsche Telekom, has invested in its mobile network via its 2020 merger with Sprint, and through the purchase of 5G spectrum licenses.