Reliance Jio vs Verizon: Revenue, Profit and Business Model
Reliance Jio reported ~$17B of revenue in FY2026 and ~$3.5B of net income. Verizon reported $138.2B of revenue in FY2025 and $17.2B of net income.
Latest financial snapshot
Reliance Jio
- Latest revenue
- ~$17B (FY2026)
- Net income
- ~$3.5B
- Net margin
- 20.5%
- Revenue growth
- +15.8% a year, FY2024–FY2026
Verizon
- Latest revenue
- $138.2B (FY2025)
- Net income
- $17.2B
- Net margin
- 12.4%
- Revenue growth
- +1.0% a year, FY2016–FY2025
Financial summary
Reliance Jio
Reliance funded Jio's network for years before launch, and Jio Platforms raised about $17.6 billion (₹1.52 lakh crore) in 2020 from investors including Meta and Google. Revenue has since compounded: Jio Platforms' revenue from operations rose from ~$12.7 billion (₹1,09,558 crore) in FY24 to ~$14.9 billion (₹1,28,218 crore) in FY25 and ~$17 billion (₹1,46,885 crore) in FY26. FY26 EBITDA was ~$8.85 billion (₹76,255 crore) and profit after tax ~$3.49 billion (₹30,053 crore). Q4 FY26 EBITDA margin reached 52.4%, and Q1 FY27 EBITDA rose to a record ~$2.42 billion (₹20,865 crore).
Verizon
Verizon reported $138.2 billion of operating revenue in 2025, up about 2.5% from $134.8 billion, and $17.2 billion of net income attributable to the company. Cash from operations was $37.1 billion and free cash flow $20.1 billion, which covers the dividend with room for debt reduction. In Q2 2026 revenue slipped 0.7% to $34.3 billion because equipment sales fell nearly 20%, but mobility and broadband service revenue grew 2.8%. That mix is what Schulman is aiming for: fewer subsidized phone upgrades, more recurring service revenue, and a larger broadband base after the Frontier deal.
Revenue and profit by year
Reliance Jio
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$17B | ~$3.5B | 20.5% | +14.6% | Source |
| FY2025 | ~$14.9B | ~$3.5B | 23.4% | +17.0% | Source |
| FY2024 | ~$12.7B | — | 0.0% | — | Source |
Verizon
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $138.2B | $17.2B | 12.4% | +2.5% | Source |
| FY2024 | $134.8B | $17.5B | 13.0% | +0.6% | Source |
| FY2023 | $134B | $11.6B | 8.7% | -2.1% | Source |
| FY2022 | $136.8B | $21.3B | 15.5% | +2.4% | Source |
| FY2021 | $133.6B | $22.1B | 16.5% | +4.1% | Source |
| FY2020 | $128.3B | $17.8B | 13.9% | -2.7% | Source |
| FY2019 | $131.9B | $19.3B | 14.6% | +0.8% | Source |
| FY2018 | $130.9B | $15.5B | 11.9% | +3.8% | Source |
| FY2017 | $126B | $30.1B | 23.9% | +0.0% | Source |
| FY2016 | $126B | $13.1B | 10.4% | — | Source |
Where the revenue comes from
Reliance Jio
No segment breakdown is published.
Verizon
- Wireless service~55%
Wireless service
- Equipment~25%
Equipment
- Broadband~15%
Broadband
- Business services~10%
Business services
Business model and strategy
Reliance Jio
How it makes money
Jio makes most of its money from recurring prepaid and postpaid mobile plans, where revenue is driven by subscriber count and average revenue per user (ARPU, ₹215.6 a month in Q1 FY27). The second engine is home broadband: JioFiber and the 5G fixed-wireless JioAirFiber service, which together reached 28.6 million connections by June 2026.
Growth strategy
Jio's growth plan has four parts: add home broadband connections through JioAirFiber (8.6 million broadband additions in the year to June 2026), lift ARPU through a better subscriber mix and tariff changes, sell connectivity, cloud and AI services to enterprises, and use the IPO to reduce debt and fund 5G and broadband expansion.
Competitive advantage
Jio's edge comes from scale and network design. It built an all-IP 4G network without legacy 2G or 3G layers, then rolled out standalone 5G using 700 MHz low-band and 3.5 GHz spectrum won in the 2022 auction. With more than 533 million customers, it spreads network and spectrum costs over the largest base in India, and Reliance's retail reach and media assets (JioHotstar) give it bundling options rivals lack.
Verizon
How it makes money
Verizon Communications operates a telecommunications and connectivity infrastructure model, monetizing nationwide wireless and wireline networks across consumer and enterprise segments. The core revenue engine is Wireless Service, generating recurring monthly subscription fees from postpaid and prepaid phone, tablet, and smartwatch plans across tens of millions of retail subscribers.
Growth strategy
Schulman's plan has three parts. First, win and keep wireless customers on value rather than handset subsidies: simpler plans, a loyalty program and Verizon One bundles, with equipment revenue allowed to fall as upgrade volumes slow. Second, grow broadband by combining fixed wireless access with Fios and the Frontier fiber footprint acquired in January 2026;
Competitive advantage
Verizon advantage comes from network quality, spectrum assets, wireless scale, enterprise relationships, Fios fiber, fixed wireless growth, distribution, and brand strength in reliability-sensitive customer segments.
Questions about Reliance Jio vs Verizon
Which company has higher revenue — Reliance Jio Infocomm Limited or Verizon?
Reliance Jio Infocomm Limited reported ~$17B (FY2026), while Verizon reported $138.2B (FY2025). By last reported revenue, Verizon is the larger business, with Reliance Jio Infocomm Limited reporting 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 Reliance Jio Infocomm Limited vs Verizon?
Verizon has a market capitalisation of $206.7B. A public market cap figure for Reliance Jio Infocomm Limited was not available (it may be privately held).
Which is more financially efficient — Reliance Jio Infocomm Limited or Verizon?
Reliance Jio Infocomm Limited generates $605k / employee in revenue per employee, while Verizon generates $1.54M / employee. Verizon shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Reliance Jio Infocomm Limited and Verizon make money?
Reliance Jio Infocomm Limited and Verizon generate revenue in fundamentally different ways. Reliance Jio Infocomm Limited: Jio makes most of its money from recurring prepaid and postpaid mobile plans, where revenue is driven by subscriber count and average revenue per user (ARPU, ₹215. Verizon: Verizon Communications operates a telecommunications and connectivity infrastructure model, monetizing nationwide wireless and wireline networks across consumer and enterprise segments.
Is Reliance Jio Infocomm Limited bigger than Verizon?
By last reported revenue, Verizon ($138.2B (FY2025)) is the larger company compared to Reliance Jio Infocomm Limited (~$17B (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 Reliance Jio vs Verizon overview