Direct Answer
4 SEC filers are classified under the Standard Industrial Classification code that describes the wireless telecommunication services industry, and their latest annual reports show $88.6 billion of combined revenue and a median operating margin of -21.3%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Wireless telecommunication service companies provide mobile voice and data and related services over cellular networks. Revenue is subscription-based, and spectrum, scale and device ecosystem determine competitiveness. The first numbers to compare across companies here are subscribers and net additions, average revenue per user and churn.
Key Industry Metrics
- Subscribers and net additions: Mobile lines and the change after disconnections. Net additions show competitive strength, but they may be bought with promotions that reduce profit.
- Average revenue per user: Monthly revenue divided by subscribers. Price increases and data use lift it, while promotions and low-cost plans pull it down.
- Churn: The share of subscribers leaving in a period. Lower churn indicates network quality and value, and reduces the spending needed to replace customers.
- EBITDA margin: Earnings before interest, taxes, depreciation and amortization as a share of revenue. It shows operating efficiency before network depreciation, but it ignores the cost of spectrum and equipment.
- Capital spending: Investment in network and spectrum. It rises in build phases such as 5G, so it must be compared with revenue growth to see whether the network earns a return.
Primary Macro Drivers
- Data usage growth: Streaming, social and cloud use raises data consumption per user, supporting upgrades to larger plans and revenue per user.
- Competition: Competitors' prices and offers decide who gains subscribers, shown in net additions, churn and average revenue per user.
- 5G investment: Faster networks need new equipment and sites, so rollout phases drive capital spending and EBITDA margin.
- Spectrum policy: Rules on spectrum rights and use set capacity and cost, shown in capital spending and coverage.
Major Risks
- Price war: Aggressive pricing from rivals can cut revenue per user and raise churn; watch net additions, promotions and revenue per user.
- High capital intensity: Networks need heavy investment to stay competitive; watch capital spending against revenue and EBITDA margin.
- Regulatory change: Changes to rules on pricing, spectrum or equipment can alter costs and strategy; look for rulemakings and their effect on capital plans.
- Technology shifts: New radio and satellite technologies could change what is valuable about a network; watch product launches and capital plans.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Defensive |
| Capital Intensity | High |
| Regulatory Intensity | High |
| Industry Maturity | Mature |
| Geographic Importance | U.S. / Global |
Wireless Telecommunication Services Filers in the SEC Record
4 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 4812. Their latest fiscal years end in 2025, and together they reported $88.6 billion of revenue. Median revenue growth over the prior year was 5.0%. Median operating margin was -21.3% and median net margin 11.9%. Median total liabilities were 26% of total assets, and 3 of 4 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| T-Mobile Us, Inc. | $88.3 billion | 8.5% | 20.7% | 12.4% | FY 2025 |
| Array Digital Infrastructure, Inc. | $163 million | 58.3% | -56.8% | 42.5% | FY 2025 |
| Spok Holdings, Inc | $140 million | 1.5% | 14.1% | 11.4% | FY 2025 |
| Sidus Space Inc. | $3 million | -27.6% | -827.7% | -871.0% | FY 2025 |
Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The Wireless Telecommunication Services guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
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Frequently Asked Questions
What are the main KPIs for the Wireless Telecommunication Services industry?
Key performance indicators for the Wireless Telecommunication Services industry include: Subscribers and net additions, Average revenue per user, Churn, EBITDA margin, Capital spending. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Wireless Telecommunication Services industry?
The Wireless Telecommunication Services industry is generally defensive, meaning demand tends to remain relatively stable regardless of the economic cycle. Companies in this space can provide portfolio stability during recessions, though growth may lag in strong expansions.
What are the biggest risks in the Wireless Telecommunication Services industry?
The primary risks for Wireless Telecommunication Services companies include: Price war, High capital intensity, Regulatory change, Technology shifts. Investors should assess each company's exposure to these factors and its track record of navigating them.