Biggest CapEx Communication Services Stocks
Top communication services companies ranked by capital expenditures, latest annual filings.
What Capital Expenditures Mean for Communication Services Companies
Capital expenditures in communication services divide sharply by business model. Telecom carriers and cable operators sit among the most capex-intensive firms in the market, pouring cash into wireless spectrum, fiber networks, and tower infrastructure. Content-led media and interactive platforms spend far less on physical assets; their equivalent investment flows through content production and user acquisition, which are expensed or amortized rather than capitalized as traditional capex.
Why Capital Expenditures Matter
For network operators, sustained capex defends and extends the infrastructure moat that makes competitive entry prohibitive. Fiber and next-generation wireless investments earn back over decades if deployed where subscriber density supports them. Still, the sector carries a history of capex programs that did not earn their cost of capital, from failed network technologies to overbuilt regions. Capex quality, not quantity, determines whether these investments compound value or trap it.
What to Read Alongside
Read capex alongside Free Cash Flow for the cash remaining after network investment, Net Income for the profit the asset base ultimately produces, and Long-term Debt because network buildouts are frequently debt-financed over multi-year cycles.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | GOOG | Alphabet Inc. | Communication Services | $91.45B | $4248.80B |
| 2 | META | Meta Platforms, Inc. | Communication Services | $69.69B | $1876.48B |
| 3 | T | AT&T Inc. | Communication Services | $20.84B | $171.99B |
| 4 | CMCSA | Comcast Corporation | Communication Services | $11.75B | $79.56B |
| 5 | CHTR | Charter Communications, Inc. | Communication Services | $11.66B | $13.42B |
| 6 | TMUS | T-Mobile US, Inc. | Communication Services | $9.96B | $174.21B |
| 7 | DIS | The Walt Disney Company | Communication Services | $8.02B | $179.26B |
| 8 | AMX | América Móvil, S.A.B. de C.V. | Communication Services | $6.37B | $66.67B |
| 9 | LUMN | Lumen Technologies, Inc. | Communication Services | $4.37B | $6.58B |
| 10 | NBIS | Nebius Group N.V. | Communication Services | $4.07B | $64.19B |
| 11 | FYBR | Frontier Communications Parent, Inc. | Communication Services | $2.78B | $9.64B |
| 12 | BIDU | Baidu, Inc. | Communication Services | $1.73B | $31.51B |
| 13 | TLK | Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk | Communication Services | $1.37B | $13.48B |
| 14 | ATUS | Altice USA, Inc. | Communication Services | $1.35B | $0.84B |
| 15 | LBTYA | Liberty Global Ltd. | Communication Services | $1.34B | $3.40B |
| 16 | WBD | Warner Bros. Discovery, Inc. | Communication Services | $1.23B | $77.30B |
| 17 | LYV | Live Nation Entertainment, Inc. | Communication Services | $1.06B | $39.57B |
| 18 | ECHO | EchoStar Corporation | Communication Services | $0.97B | $27.76B |
| 19 | CHT | Chunghwa Telecom Co., Ltd. | Communication Services | $0.88B | $35.77B |
| 20 | VEON | VEON Ltd. | Communication Services | $0.73B | $4.78B |
| 21 | NFLX | Netflix, Inc. | Communication Services | $0.69B | $300.47B |
| 22 | SIRI | Sirius XM Holdings Inc. | Communication Services | $0.65B | $8.94B |
| 23 | TIGO | Millicom International Cellular S.A. | Communication Services | $0.65B | $15.83B |
| 24 | FOX | Fox Corporation | Communication Services | $0.50B | $24.17B |
| 25 | LILA | Liberty Latin America Ltd. | Communication Services | $0.50B | $1.72B |
| 26 | RBLX | Roblox Corporation | Communication Services | $0.44B | $35.63B |
| 27 | NWS | News Corporation | Communication Services | $0.43B | $17.35B |
| 28 | TDS | Telephone and Data Systems, Inc. | Communication Services | $0.39B | $4.22B |
| 29 | SHEN | Shenandoah Telecommunications Company | Communication Services | $0.36B | $0.68B |
| 30 | PSKY | Paramount Skydance Corporation | Communication Services | $0.26B | $11.34B |
| 31 | GLIBA | Liberty Capital Corporation | Communication Services | $0.25B | $0.97B |
| 32 | KYIV | Kyivstar Group Ltd. | Communication Services | $0.25B | $3.01B |
| 33 | AMC | AMC Entertainment Holdings, Inc. | Communication Services | $0.25B | $2.65B |
| 34 | SNAP | Snap Inc. | Communication Services | $0.22B | $9.50B |
| 35 | TTD | The Trade Desk, Inc. | Communication Services | $0.20B | $6.23B |
| 36 | VSNT | Versant Media Group, Inc. | Communication Services | $0.17B | $4.66B |
| 37 | TTWO | Take-Two Interactive Software, Inc. | Communication Services | $0.16B | $38.43B |
| 38 | NTES | NetEase, Inc. | Communication Services | $0.15B | $76.04B |
| 39 | OMC | Omnicom Group Inc. | Communication Services | $0.15B | $20.67B |
| 40 | NXST | Nexstar Media Group, Inc. | Communication Services | $0.15B | $5.16B |
| 41 | JOYY | JOYY Inc. | Communication Services | $0.14B | $3.97B |
| 42 | IPG | The Interpublic Group of Companies, Inc. | Communication Services | $0.14B | $8.93B |
| 43 | WMG | Warner Music Group Corp. | Communication Services | $0.14B | $14.33B |
| 44 | Z | Zillow Group, Inc. | Communication Services | $0.13B | $6.96B |
| 45 | SIFY | Sify Technologies Limited | Communication Services | $0.13B | $1.01B |
| 46 | ZD | Ziff Davis, Inc. | Communication Services | $0.12B | $2.00B |
| 47 | FWONA | Formula One Group | Communication Services | $0.12B | $21.73B |
| 48 | CRTO | Criteo S.A. | Communication Services | $0.10B | $0.83B |
| 49 | IRDM | Iridium Communications Inc. | Communication Services | $0.10B | $5.16B |
| 50 | BATRA | Atlanta Braves Holdings, Inc. | Communication Services | $0.09B | $3.71B |
| 51 | MCS | The Marcus Corporation | Communication Services | $0.08B | $0.86B |
| 52 | CCO | Clear Channel Outdoor Holdings, Inc. | Communication Services | $0.08B | $1.21B |
| 53 | SBGI | Sinclair, Inc. | Communication Services | $0.07B | $0.95B |
| 54 | BILI | Bilibili Inc. | Communication Services | $0.07B | $6.30B |
| 55 | MGNI | Magnite, Inc. | Communication Services | $0.07B | $3.56B |
| 56 | MOMO | Hello Group Inc. | Communication Services | $0.07B | $0.72B |
| 57 | MTCH | Match Group, Inc | Communication Services | $0.06B | $9.57B |
| 58 | GCI | Gannett Co., Inc. | Communication Services | $0.05B | $0.67B |
| 59 | TDAY | USA TODAY Co., Inc. | Communication Services | $0.05B | $0.96B |
| 60 | WLY | John Wiley & Sons, Inc. | Communication Services | $0.05B | $2.38B |
| 61 | YELP | Yelp Inc. | Communication Services | $0.05B | $1.03B |
| 62 | TBLA | Taboola.com Ltd. | Communication Services | $0.04B | $0.97B |
| 63 | STGW | Stagwell Inc. | Communication Services | $0.04B | $2.08B |
| 64 | TGNA | Tegna Inc | Communication Services | $0.04B | $3.24B |
| 65 | WB | Weibo Corporation | Communication Services | $0.04B | $1.64B |
| 66 | DV | DoubleVerify Holdings, Inc. | Communication Services | $0.04B | $2.08B |
| 67 | PLTK | Playtika Holding Corp. | Communication Services | $0.04B | $0.88B |
| 68 | NYT | The New York Times Company | Communication Services | $0.03B | $10.56B |
| 69 | PINS | Pinterest, Inc. | Communication Services | $0.03B | $10.41B |
| 70 | AD | Array Digital Infrastructure, Inc. | Communication Services | $0.03B | $3.06B |
| 71 | HUYA | HUYA Inc. | Communication Services | $0.02B | $0.54B |
| 72 | GENI | Genius Sports Limited | Communication Services | $0.02B | $1.63B |
| 73 | IDT | IDT Corporation | Communication Services | $0.02B | $1.71B |
| 74 | IAC | People Inc | Communication Services | $0.02B | $3.14B |
| 75 | BZ | Kanzhun Limited | Communication Services | $0.02B | $6.76B |
| 76 | ATHM | Autohome Inc. | Communication Services | $0.02B | $2.45B |
| 77 | GRPN | Groupon, Inc. | Communication Services | $0.01B | $0.87B |
| 78 | IQ | iQIYI, Inc. | Communication Services | $0.01B | $0.99B |
| 79 | NEXN | Nexxen International Ltd. | Communication Services | $0.01B | $0.51B |
| 80 | IMAX | IMAX Corporation | Communication Services | $0.01B | $2.94B |
| 81 | WBTN | WEBTOON Entertainment Inc. | Communication Services | $0.01B | $1.52B |
| 82 | EVC | Entravision Communications Corporation | Communication Services | $0.01B | $0.75B |
| 83 | RDDT | Reddit, Inc. | Communication Services | $0.01B | $29.95B |
| 84 | CARG | CarGurus, Inc. | Communication Services | $0.01B | $2.85B |
| 85 | UPWK | Upwork Inc. | Communication Services | $0.01B | $1.04B |
| 86 | OPRA | Opera Limited | Communication Services | $0.01B | $1.60B |
| 87 | ROKU | Roku, Inc. | Communication Services | $0.01B | $22.91B |
| 88 | EVER | EverQuote, Inc. | Communication Services | $0.01B | $0.69B |
| 89 | CARS | Cars.com Inc. | Communication Services | $0.00B | $0.58B |
| 90 | RUM | RUM Group Inc. | Communication Services | $0.00B | $4.44B |
| 91 | QNST | QuinStreet, Inc. | Communication Services | $0.00B | $0.87B |
| 92 | NMAX | Newsmax, Inc. | Communication Services | $0.00B | $1.45B |
| 93 | IAS | Integral Ad Science Holding Corp. | Communication Services | $0.00B | $1.74B |
| 94 | MSGS | Madison Square Garden Sports Corp. | Communication Services | $0.00B | $9.55B |
| 95 | STUB | StubHub Holdings, Inc. | Communication Services | $0.00B | $2.19B |
| 96 | NRDS | NerdWallet, Inc. | Communication Services | $0.00B | $0.55B |
| 97 | EEX | Emerald Holding Inc | Communication Services | $0.00B | $1.00B |
| 98 | NXDR | Nextdoor Holdings, Inc. | Communication Services | $0.00B | $0.97B |
| 99 | DJT | Trump Media & Technology Group Corp. | Communication Services | $0.00B | $2.61B |
| 100 | RSVR | Reservoir Media, Inc. | Communication Services | $0.00B | $0.63B |
No companies match this search.
How this ranking is built
Companies are ranked by capital expenditures as reported in their most recent annual filing with the SEC. Figures shown are in US dollars (or percent, as noted), rounded to two decimals.
- Source: annual 10-K / 20-F filings from companies trading on US exchanges (NYSE, Nasdaq, AMEX).
- Fiscal year: whichever annual period the company has most recently filed. Fiscal years don't always align with the calendar year, so the "as of FY" stamp above reflects the most common year across the table.
- Filtered out: warrants, preferred shares, and duplicate listings that share a parent company's financials.
- Size floor: A company qualifies at $500 million in market cap or above. Below that, one mis-stated figure outranks the companies the list is about.
- Currency check: A company whose annual revenue runs above 15 times its market cap is left out, because at that gap the two figures are not in the same currency.
- Currency check: A company whose balance sheet runs above 150 times its market cap is left out for the same reason.
- Update cadence: refreshed as companies file new annual reports (typically within 60–90 days of fiscal year end).
Not financial advice. This is a research tool, not a recommendation.