Top Communication Services Stocks by Net Margin
Top communication services companies ranked by net margin, latest annual filings.
What Net Margin Means for Communication Services Companies
Net margin in communication services sits on top of two very different economic models housed in the same sector. Internet platforms and digital advertising businesses tend toward high bottom-line profitability once scale arrives, thanks to minimal marginal cost on additional users. Telecom carriers, cable operators, and traditional media firms carry significant capital intensity, content amortization, and debt loads, all of which compress net margin materially.
Why It Matters in Communication Services
For platforms, durable net margin is a direct read on network effects and advertising economics compounding at scale. For telcos and media, net margin is moved by content amortization policy, interest on the heavy debt typical of the subsector, and subscriber trends. It is worth noting that content impairments, spectrum write-downs, and regulatory settlements can produce single-period swings in reported net margin that do not reflect the run-rate economics of the underlying business.
What to Read Alongside
Pair net margin with Gross Margin to compare top-of-stack economics across platforms and carriers, Operating Margin for the middle layer before interest and tax, and Free Cash Flow because capex intensity differs enormously across these subsectors.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | JOYY | JOYY Inc. | Communication Services | 98.78% | $3.96B |
| 2 | APP | AppLovin Corporation | Communication Services | 60.83% | $129.62B |
| 3 | TME | Tencent Music Entertainment Group | Communication Services | 33.60% | $15.58B |
| 4 | BZ | Kanzhun Limited | Communication Services | 33.09% | $7.73B |
| 5 | GOOG | Alphabet Inc. | Communication Services | 32.81% | $3.49T |
| 6 | RCI | Rogers Communications Inc. | Communication Services | 31.75% | $18.01B |
| 7 | META | Meta Platforms, Inc. | Communication Services | 30.08% | $1.56T |
| 8 | NTES | NetEase, Inc. | Communication Services | 29.98% | $82.89B |
| 9 | BCE | BCE Inc. | Communication Services | 26.62% | $20.16B |
| 10 | WB | Weibo Corporation | Communication Services | 25.55% | $1.60B |
| 11 | NFLX | Netflix, Inc. | Communication Services | 24.30% | $260.38B |
| 12 | RDDT | Reddit, Inc. | Communication Services | 24.05% | $18.36B |
| 13 | TIGO | Millicom International Cellular S.A. | Communication Services | 22.62% | $13.96B |
| 14 | MTCH | Match Group, Inc | Communication Services | 17.59% | $8.88B |
| 15 | T | AT&T Inc. | Communication Services | 17.47% | $145.71B |
| 16 | CHT | Chunghwa Telecom Co., Ltd. | Communication Services | 16.39% | $38.67B |
| 17 | TIMB | TIM S.A. | Communication Services | 16.20% | $8.62B |
| 18 | CMCSA | Comcast Corporation | Communication Services | 16.17% | $86.61B |
| 19 | TTD | The Trade Desk, Inc. | Communication Services | 15.31% | $6.11B |
| 20 | VSNT | Versant Media Group, Inc. | Communication Services | 13.91% | $4.61B |
| 21 | VEON | VEON Ltd. | Communication Services | 13.43% | $5.34B |
| 22 | WLY | John Wiley & Sons, Inc. | Communication Services | 13.22% | $2.55B |
| 23 | DIS | The Walt Disney Company | Communication Services | 13.14% | $201.59B |
| 24 | PHI | PLDT Inc. | Communication Services | 13.12% | $3.95B |
| 25 | SPOT | Spotify Technology S.A. | Communication Services | 12.87% | $123.97B |
| 26 | TMUS | T-Mobile US, Inc. | Communication Services | 12.45% | $171.61B |
| 27 | VZ | Verizon Communications Inc. | Communication Services | 12.43% | $189.37B |
| 28 | FWONA | Formula One Group | Communication Services | 12.38% | $25.32B |
| 29 | NYT | The New York Times Company | Communication Services | 12.18% | $10.93B |
| 30 | TLK | Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk | Communication Services | 11.92% | $10.95B |
| 31 | KYIV | Kyivstar Group Ltd. | Communication Services | 10.72% | $2.95B |
| 32 | VIV | Telefônica Brasil S.A. | Communication Services | 10.35% | $18.26B |
| 33 | YELP | Yelp Inc. | Communication Services | 9.94% | $1.06B |
| 34 | PINS | Pinterest, Inc. | Communication Services | 9.87% | $10.87B |
| 35 | FOX | Fox Corporation | Communication Services | 9.84% | $25.10B |
| 36 | SIRI | Sirius XM Holdings Inc. | Communication Services | 9.41% | $10.90B |
| 37 | PSO | Pearson plc | Communication Services | 9.37% | $10.38B |
| 38 | CHTR | Charter Communications, Inc. | Communication Services | 9.10% | $13.51B |
| 39 | AMX | América Móvil, S.A.B. de C.V. | Communication Services | 8.78% | $76.79B |
| 40 | MOMO | Hello Group Inc. | Communication Services | 7.76% | $660.72M |
| 41 | CRTO | Criteo S.A. | Communication Services | 7.43% | $758.89M |
| 42 | TKC | Turkcell Iletisim Hizmetleri A.S. | Communication Services | 7.29% | $3.98B |
| 43 | IDT | IDT Corporation | Communication Services | 6.67% | $2.04B |
| 44 | NWS | News Corporation | Communication Services | 6.35% | $15.55B |
| 45 | QNST | QuinStreet, Inc. | Communication Services | 6.28% | $1.18B |
| 46 | MSGE | Madison Square Garden Entertainment Corp. | Communication Services | 6.24% | $3.65B |
| 47 | KT | KT Corporation | Communication Services | 6.08% | $8.97B |
| 48 | WMG | Warner Music Group Corp. | Communication Services | 5.44% | $16.37B |
| 49 | TU | TELUS Corporation | Communication Services | 5.43% | $14.35B |
| 50 | CNK | Cinemark Holdings, Inc. | Communication Services | 4.44% | $4.51B |
| 51 | BIDU | Baidu, Inc. | Communication Services | 4.33% | $27.87B |
| 52 | ANGI | Angi Inc. | Communication Services | 4.25% | $283.45M |
| 53 | TKO | TKO Group Holdings, Inc. | Communication Services | 4.13% | $36.15B |
| 54 | BILI | Bilibili Inc. | Communication Services | 3.93% | $5.86B |
| 55 | AMCX | AMC Global Media Inc. | Communication Services | 3.87% | $346.09M |
| 56 | SCHL | Scholastic Corporation | Communication Services | 3.58% | $684.83M |
| 57 | ZD | Ziff Davis, Inc. | Communication Services | 3.26% | $1.70B |
| 58 | SPHR | Sphere Entertainment Co. | Communication Services | 2.74% | $4.35B |
| 59 | SKM | SK Telecom Co., Ltd. | Communication Services | 2.39% | $11.99B |
| 60 | MAX | MediaAlpha, Inc. | Communication Services | 2.30% | $840.69M |
| 61 | TBLA | Taboola.com Ltd. | Communication Services | 2.21% | $532.55M |
| 62 | NXST | Nexstar Media Group, Inc. | Communication Services | 2.20% | $5.86B |
| 63 | LYV | Live Nation Entertainment, Inc. | Communication Services | 1.97% | $41.31B |
| 64 | ROKU | Roku, Inc. | Communication Services | 1.87% | $23.93B |
| 65 | AENT | Alliance Entertainment Holding Corporation | Communication Services | 1.14% | $223.29M |
| 66 | STGW | Stagwell Inc. | Communication Services | 1.00% | $2.89B |
| 67 | Z | Zillow Group, Inc. | Communication Services | 0.89% | $6.66B |
| 68 | MSGK | MSG Knickerbockers Corp. | Communication Services | 0.67% | $7.51B |
| 69 | TDAY | USA TODAY Co., Inc. | Communication Services | 0.08% | $971.30M |
No companies match this search.
Net margin is GAAP net income divided by revenue, so one-time gains and tax benefits count in full: a company near the top can show a net margin well above its operating margin for that year.
How this ranking is built
Companies are ranked by net margin 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 $1 billion in annual revenue or above, so a small filer with a freak ratio cannot top the list.
- Value range: Only figures above 0% and up to 100% qualify.
- Market cap: stated at each company's latest close, which is newer than the annual figure ranked here.
- 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.
Frequently asked questions
Why do internet platforms and telcos sit so far apart on net margin?
Platforms generate revenue from users and advertisers against a cost base dominated by servers, engineers, and a relatively light operational footprint, which scales efficiently as traffic grows. Telecommunications carriers run physical networks with constant capital spending, high depreciation, significant debt-service costs, and regulated operating obligations. Those factors compress net margin structurally even when operations are well-run. Putting both subsectors inside the same sector label can make net margin comparisons across the boundary misleading, because they are fundamentally different businesses with different cost and capital structures.
How does debt load affect net margin for carriers and media firms?
Telecom and traditional media companies typically fund their networks, studios, and content libraries with significant debt. Interest expense on that debt is subtracted above the net income line, which means a higher-leverage peer will report a lower net margin than an identical-operations peer with less debt, purely from financing choices rather than operating performance. This is why analysts of the subsector often look at operating margin or EBITDA-based measures to isolate the underlying business economics before layering in the capital-structure effect that shapes the bottom line.