Financial sustainability: mobile operator scale

Ensuring the long-term financial sustainability of the mobile industry is not purely a concern for the sector; it is also a broader economic and societal priority. Financially strong operators are essential to improve network quality, expand coverage, support growth in capacity and deliver new network functionality linked to 5G standalone, AI and beyond. 

However, over the past decade, structural trends have placed increasing pressure on the industry’s financial foundations. In many markets, revenues have stagnated or declined in real terms. Meanwhile, operators face persistently high costs and the need to invest in more advanced and complex infrastructure. This divergence has constrained returns on capital and reduced the capacity and incentives for long-term investment.

This report is the first in a series that seeks to address a critical evidence gap in the understanding of the financial sustainability of the mobile sector and its main drivers. It does so by developing new datasets on the financial state of global operators and analysing the main drivers of those with robust econometric methods. Through this work, GSMA Intelligence aims to inform policymakers, regulators and industry stakeholders on how evolving financial dynamics may shape the future of mobile connectivity.