AT&T vs Vodafone: Revenue, Profit and Business Model
AT&T had $125.6B of annual revenue in FY2025 and $22B of net income. Vodafone had ~$45.7B of annual revenue in FY2026 and a net loss of ~$448.6M.
Latest financial snapshot
Financial summary
AT&T
AT&T's financial story is large revenue, large debt and a slow correction. The company funded the $48.5 billion DirecTV purchase in 2015 and the $85.4 billion Time Warner purchase in 2018 largely with borrowing, and net debt passed $180 billion after Time Warner closed. It then reversed course: WarnerMedia was separated in 2022, the dividend was cut, and the remaining 70% DIRECTV stake went to TPG in July 2025 for a $5.6 billion gain. FY2025 revenue was $125.6 billion, with $23.4 billion of total net income, $46.4 billion of adjusted EBITDA and $16.6 billion of free cash flow against $117.4 billion of net debt. Roughly $22 billion a year of capital investment goes mostly into fiber and 5G. AT&T Inc. is a telecommunications giant, maintaining a massive market valuation of over $120 billion as one of the largest wireless carriers in the US.
Vodafone
When Margherita Della Valle became CEO in 2023, Vodafone had high debt and a long run of weak returns. She sold Vodafone Spain and Vodafone Italy, used part of the proceeds for share buybacks and debt reduction, and merged the UK business with Three. In FY26 (year to 31 March 2026) total revenue rose 8.0% to ~$45.8 billion (€40.5 billion) from ~$42.3 billion (€37.4 billion), helped by consolidating VodafoneThree from 1 June 2025. Adjusted EBITDAaL was ~$12.9 billion (€11.4 billion) (4.5% organic growth) and adjusted free cash flow was about $2.94 billion (€2.6 billion). Operating profit was ~$3.16 billion (€2.8 billion), compared with a ~$452 million (€0.4 billion) operating loss in FY25, which had included large impairment charges.
Revenue and profit by year
AT&T
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $125.6B | $22B | 17.5% | +2.7% | Source |
| FY2024 | $122.3B | $10.9B | 8.9% | -0.1% | Source |
| FY2023 | $122.4B | $14.4B | 11.8% | +1.4% | Source |
| FY2022 | $120.7B | -$8.5B | -7.1% | -9.9% | Source |
| FY2021 | $134B | $20.1B | 15.0% | -6.3% | Source |
| FY2020 | $143.1B | -$5.2B | -3.6% | -21.1% | Source |
| FY2019 | $181.2B | $13.9B | 7.7% | +6.1% | Source |
| FY2018 | $170.8B | $19.4B | 11.3% | +6.4% | Source |
| FY2017 | $160.5B | $29.4B | 18.3% | -2.0% | Source |
| FY2016 | $163.8B | $13B | 7.9% | — | Source |
Vodafone
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$45.7B | ~-$448.6M | -1.0% | +8.0% | Source |
| FY2025 | ~$42.3B | ~-$4.7B | -11.1% | +2.0% | Source |
| FY2024 | ~$41.5B | ~$1.3B | 3.1% | -2.5% | Source |
| FY2023 | ~$42.6B | ~$13.4B | 31.4% | +1.8% | Source |
| FY2022 | ~$41.8B | ~$2.5B | 6.0% | -15.5% | Source |
| FY2021 | ~$49.5B | ~$66.7M | 0.1% | -2.6% | Source |
| FY2020 | ~$50.8B | ~-$1B | -2.0% | +3.0% | Source |
| FY2019 | ~$49.3B | ~-$9.1B | -18.4% | -6.2% | Source |
| FY2018 | ~$52.6B | ~$2.8B | 5.2% | -2.2% | Source |
| FY2017 | ~$53.8B | ~-$7.1B | -13.2% | -4.4% | Source |
| FY2016 | ~$56.3B | ~-$6.1B | -10.9% | — | Source |
Where the revenue comes from
AT&T
- Mobility~71%
Wireless service plans and device sales. Segment revenue was $89.5 billion in 2025, of which $67.4 billion was service revenue and $22.1 billion equipment.
- Business Wireline~14%
Connectivity for businesses, from fiber and dedicated internet to legacy voice and data. Revenue fell to $17.2 billion in 2025 from $18.8 billion in 2024.
- Consumer Wireline~11%
Home broadband, led by AT&T Fiber and AT&T Internet Air. Revenue was $14.2 billion in 2025, with fiber revenue up 17.0% to $8.6 billion.
- Latin America~3%
Wireless service in Mexico. Revenue was $4.4 billion in 2025, up from $4.2 billion, with $145 million of operating income.
Vodafone
- Mobile
Not formally reported
Monthly contracts and prepaid bundles in Europe and Africa. This is the base of Vodafone's revenue.
- Fixed broadband
Not formally reported
Cable and fiber broadband, often sold with mobile.
- Vodafone Business
Not formally reported
Enterprise connectivity, cloud networking, cybersecurity, private 5G and IoT.
- M-Pesa
Not formally reported
Fee income from mobile money services at Vodacom and Safaricom. Group revenue was ~$45.8 billion (€40.5 billion) in FY26.
Business model and strategy
AT&T
How it makes money
AT&T runs a capital-intensive network business. It buys licensed wireless spectrum, builds and upgrades cell sites, and trenches fiber, then charges consumers and businesses a monthly fee to use that network. Capital investment was $22.0 billion in 2025 against $125.6 billion of revenue.
Growth strategy
With the US smartphone market saturated, AT&T's growth depends on home internet and on keeping the wireless customers it has. It is building fiber, which passed 32.0 million consumer and business locations at the end of 2025 and carried 10.4 million subscribers, and it sells AT&T Internet Air fixed wireless where fiber is not available.
Competitive advantage
AT&T's advantage is the cost of replicating what it already owns. Its fiber network passed 32.0 million consumer and business locations at the end of 2025, and its mid-band 5G service covers more than 310 million people. Keeping that going took $22.0 billion of capital investment in 2025 alone, which is why the national market has three carriers rather than thirty.
Vodafone
How it makes money
Vodafone Group operates a capital-intensive recurring-subscription telecommunications and digital infrastructure business model. Its revenue foundation is built on monthly mobile contracts and prepaid bundles across European consumer markets and African territories.
Growth strategy
Vodafone's plan under Della Valle is built around customers, simplicity and growth. On customers, it is spending to improve service quality and cut churn in Germany and the UK. On simplicity, it has cut layers of management, announced around 11,000 job reductions in 2023, and reduced the number of countries it operates in.
Competitive advantage
Vodafone Group's sustainable competitive moat rests on four key pillars: First, pan-European gigabit network scale: owning extensive hybrid fiber-coaxial cable and fiber infrastructure in Germany and Western Europe gives Vodafone high-speed fixed broadband reach without relying wholly on incumbent wholesale access.
Questions about AT&T vs Vodafone
Which company has higher revenue — AT&T Inc. or Vodafone Group Plc?
AT&T Inc. had $125.6B (FY2025), while Vodafone Group Plc had ~$45.7B (FY2026). By latest annual revenue, AT&T Inc. is the larger business, with Vodafone Group Plc showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of AT&T Inc. vs Vodafone Group Plc?
AT&T Inc.'s market capitalisation stands at $174.4B, while Vodafone Group Plc's is $23.0B. AT&T Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Vodafone Group Plc.
How does revenue per employee compare for AT&T Inc. and Vodafone Group Plc?
AT&T Inc. has $945k / employee in revenue per employee, while Vodafone Group Plc has $538k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do AT&T Inc. and Vodafone Group Plc make money?
AT&T Inc. and Vodafone Group Plc generate revenue in fundamentally different ways. AT&T Inc.: AT&T runs a capital-intensive network business. Vodafone Group Plc: Vodafone Group operates a capital-intensive recurring-subscription telecommunications and digital infrastructure business model.
Which company is valued higher relative to revenue — AT&T Inc. or Vodafone Group Plc?
On a price-to-sales (P/S) basis, AT&T Inc. trades at 1.4x P/S and Vodafone Group Plc at 0.5x P/S. AT&T Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Vodafone Group Plc. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is AT&T Inc. bigger than Vodafone Group Plc?
By last reported revenue, AT&T Inc. ($125.6B (FY2025)) is the larger company compared to Vodafone Group Plc (~$45.7B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the AT&T vs Vodafone overview