# U.S. telecom carriers peer review

Descriptive comparison assembled from public SEC filings and verified companyfacts.

**Descriptive comparison -- not investment advice.** This feature-specific review is assembled from a frozen evidence pack of public SEC filing quotes and verified SEC companyfacts numbers. It is descriptive only and makes no judgment about which company is better.

## Companies

[T](/company/T/), [VZ](/company/VZ/), [TMUS](/company/TMUS/)

## Methodology

The cluster is intentionally small: T and VZ are selected from public SEC SIC 4813 Telephone Communications companies already present in grepcent's processed universe, and TMUS is retained as a disclosed requested wireless carrier peer with cached SEC SIC 4812 rather than being relabeled. The review publishes no proprietary index-membership labels.

Pack hash: `03845b6b645e97fb58bcff3e0ecc75fd70505091d237c9a1398477787a3b04a5`. Generated: 2026-06-27.

## Verified Quantitative Matrix

| Metric | T | VZ | TMUS | Comparability |
| --- | --- | --- | --- | --- |
| Revenue | 125,648,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_T_REVENUE_FY2025; concept us-gaap:Revenues | 138,191,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VZ_REVENUE_FY2025; concept us-gaap:Revenues | 88,309,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_TMUS_REVENUE_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | period aligned; reference 2025-12-31; offsets T 0d aligned, TMUS 0d aligned, VZ 0d aligned; tags mixed; concepts us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues; concept mapping T -> us-gaap:Revenues; TMUS -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; VZ -> us-gaap:Revenues |
| Operating margin | 19.23%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_T_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:Revenues | 21.17%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VZ_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:Revenues | 20.70%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_TMUS_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | period aligned; reference 2025-12-31; offsets T 0d aligned, TMUS 0d aligned, VZ 0d aligned; tags mixed; concepts us-gaap:OperatingIncomeLoss, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues; concept mapping T -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues; TMUS -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; VZ -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues |
| Net margin | 17.47%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_T_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | 12.43%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VZ_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | 12.45%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_TMUS_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | period aligned; reference 2025-12-31; offsets T 0d aligned, TMUS 0d aligned, VZ 0d aligned; tags mixed; concepts us-gaap:NetIncomeLoss, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues; concept mapping T -> us-gaap:NetIncomeLoss + us-gaap:Revenues; TMUS -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; VZ -> us-gaap:NetIncomeLoss + us-gaap:Revenues |
| Capital expenditures | 20,842,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_T_CAPEX_FY2025; concept us-gaap:PaymentsToAcquireProductiveAssets | 17,011,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VZ_CAPEX_FY2025; concept us-gaap:PaymentsToAcquireOtherProductiveAssets | 9,955,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_TMUS_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | period aligned; reference 2025-12-31; offsets T 0d aligned, TMUS 0d aligned, VZ 0d aligned; tags mixed; concepts us-gaap:PaymentsToAcquireOtherProductiveAssets, us-gaap:PaymentsToAcquireProductiveAssets, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; concept mapping T -> us-gaap:PaymentsToAcquireProductiveAssets; TMUS -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; VZ -> us-gaap:PaymentsToAcquireOtherProductiveAssets |
| Capex / revenue | 16.59%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_T_CAPEX_INTENSITY_FY2025; concept us-gaap:PaymentsToAcquireProductiveAssets; us-gaap:Revenues | 12.31%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VZ_CAPEX_INTENSITY_FY2025; concept us-gaap:PaymentsToAcquireOtherProductiveAssets; us-gaap:Revenues | 11.27%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_TMUS_CAPEX_INTENSITY_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | period aligned; reference 2025-12-31; offsets T 0d aligned, TMUS 0d aligned, VZ 0d aligned; tags mixed; concepts us-gaap:PaymentsToAcquireOtherProductiveAssets, us-gaap:PaymentsToAcquireProductiveAssets, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues; concept mapping T -> us-gaap:PaymentsToAcquireProductiveAssets + us-gaap:Revenues; TMUS -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; VZ -> us-gaap:PaymentsToAcquireOtherProductiveAssets + us-gaap:Revenues |
| Free cash flow | 19,442,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_T_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquireProductiveAssets | 20,126,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VZ_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquireOtherProductiveAssets | 17,995,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_TMUS_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | period aligned; reference 2025-12-31; offsets T 0d aligned, TMUS 0d aligned, VZ 0d aligned; tags mixed; concepts us-gaap:NetCashProvidedByUsedInOperatingActivities, us-gaap:PaymentsToAcquireOtherProductiveAssets, us-gaap:PaymentsToAcquireProductiveAssets, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; concept mapping T -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquireProductiveAssets; TMUS -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; VZ -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquireOtherProductiveAssets |
| Total debt | 134,718,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_T_TOTAL_DEBT_FY2025; concept us-gaap:LongTermDebt | Not available | 86,282,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_TMUS_TOTAL_DEBT_FY2025; concept us-gaap:LongTermDebt | period aligned; reference 2025-12-31; offsets T 0d aligned, TMUS 0d aligned; tags clean |
| Liabilities / equity leverage | 2.32; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_T_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Assets; us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 2.82; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VZ_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Assets; us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 2.70; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_TMUS_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Assets; us-gaap:StockholdersEquity | period aligned; reference 2025-12-31; offsets T 0d aligned, TMUS 0d aligned, VZ 0d aligned; tags mixed; concepts us-gaap:Assets, us-gaap:StockholdersEquity, us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest; concept mapping T -> us-gaap:Assets + us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest; TMUS -> us-gaap:Assets + us-gaap:StockholdersEquity; VZ -> us-gaap:Assets + us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest |
| Dividends paid | 8,180,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_T_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock | 11,481,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VZ_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividends | 4,121,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_TMUS_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock | period aligned; reference 2025-12-31; offsets T 0d aligned, TMUS 0d aligned, VZ 0d aligned; tags mixed; concepts us-gaap:PaymentsOfDividends, us-gaap:PaymentsOfDividendsCommonStock; concept mapping T -> us-gaap:PaymentsOfDividendsCommonStock; TMUS -> us-gaap:PaymentsOfDividendsCommonStock; VZ -> us-gaap:PaymentsOfDividends |
| Dividends / net income | 37.26%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_T_PAYOUT_RATIO_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock; us-gaap:NetIncomeLoss | 66.85%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VZ_PAYOUT_RATIO_FY2025; concept us-gaap:PaymentsOfDividends; us-gaap:NetIncomeLoss | 37.49%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_TMUS_PAYOUT_RATIO_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock; us-gaap:NetIncomeLoss | period aligned; reference 2025-12-31; offsets T 0d aligned, TMUS 0d aligned, VZ 0d aligned; tags mixed; concepts us-gaap:NetIncomeLoss, us-gaap:PaymentsOfDividends, us-gaap:PaymentsOfDividendsCommonStock; concept mapping T -> us-gaap:NetIncomeLoss + us-gaap:PaymentsOfDividendsCommonStock; TMUS -> us-gaap:NetIncomeLoss + us-gaap:PaymentsOfDividendsCommonStock; VZ -> us-gaap:NetIncomeLoss + us-gaap:PaymentsOfDividends |
| Cash and equivalents | 18,234,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_T_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | 19,048,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VZ_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | 5,598,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_TMUS_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | period aligned; reference 2025-12-31; offsets T 0d aligned, TMUS 0d aligned, VZ 0d aligned; tags clean |
| Subscribers | Quarantined | Quarantined | Quarantined | Only 0 of 3 companies have a verified fact; threshold is 1. |
| ARPU | Quarantined | Quarantined | Quarantined | Only 0 of 3 companies have a verified fact; threshold is 1. |
| Churn | Quarantined | Quarantined | Quarantined | Only 0 of 3 companies have a verified fact; threshold is 1. |

## Code-computed comparisons

- grepcent-computed capex intensity range: range endpoints are [TMUS](/company/TMUS/) (11.27%) and [T](/company/T/) (16.59%). Computed from facts NUM_TMUS_CAPEX_INTENSITY_FY2025 and NUM_T_CAPEX_INTENSITY_FY2025; comparability: period aligned; reference 2025-12-31; offsets T 0d aligned, TMUS 0d aligned, VZ 0d aligned; tags mixed; concepts us-gaap:PaymentsToAcquireOtherProductiveAssets, us-gaap:PaymentsToAcquireProductiveAssets, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues; concept mapping T -> us-gaap:PaymentsToAcquireProductiveAssets + us-gaap:Revenues; TMUS -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; VZ -> us-gaap:PaymentsToAcquireOtherProductiveAssets + us-gaap:Revenues.
- grepcent-computed dividend payout range: range endpoints are [T](/company/T/) (37.26%) and [VZ](/company/VZ/) (66.85%). Computed from facts NUM_T_PAYOUT_RATIO_FY2025 and NUM_VZ_PAYOUT_RATIO_FY2025; comparability: period aligned; reference 2025-12-31; offsets T 0d aligned, TMUS 0d aligned, VZ 0d aligned; tags mixed; concepts us-gaap:NetIncomeLoss, us-gaap:PaymentsOfDividends, us-gaap:PaymentsOfDividendsCommonStock; concept mapping T -> us-gaap:NetIncomeLoss + us-gaap:PaymentsOfDividendsCommonStock; TMUS -> us-gaap:NetIncomeLoss + us-gaap:PaymentsOfDividendsCommonStock; VZ -> us-gaap:NetIncomeLoss + us-gaap:PaymentsOfDividends.

Market-risk companion: [/compare/telecom/risk/](/compare/telecom/risk/).

## Gate summary

Facts: 49. Claims survived: 7. Claims dropped: 0. Cells quarantined: 11.