There are years when nothing happens, and there are weeks when years happen. Q3 was a pivotal quarter for the industry – two new CEOs at the top two operators, years of spectrum hold got released to Starlink and AT&T, speculation around Starlink’s ambition in the wireless space swerved furiously, M&A discussions picked up, official T-Satellite launch, Nokia and Nvidia partnership begins (announced in Q4), and much more.
The US wireless industry continues to produce record revenue quarters and remains the number one market for 5G revenues. Despite trade wars and economic uncertainties, the market generated over $60 billion in revenue for the second straight quarter. The industry saw robust revenue growth, historically low churn rates, and positive postpaid growth in the 5G era, marking the strongest three-year performance in 16 years. T-Mobile led the market, dominating net-adds and postpaid revenue with a remarkable 10% year-over-year increase, while also dominating competitors in the market cap, outvaluing most major European operators combined. AT&T and Verizon also continue to perform well on some of the financial metrics. T-Mobile surpassed AT&T in revenue metrics for the first time in history. Charlie again proved why he is the Keyser Söze of the wireless industry. Our prophecy from 2020 came true.
Fixed wireless access (FWA) continues to perform well with over 1M net-adds for the first time. 15% of the national broadband connections are now on FWA. This growth decimated cable companies, which lost 1.8 million subscribers over the last two years while mobile operators added 7.5 million FWA customers. Cable giants like Charter and Comcast, now key tier-2 players, are gaining mobile subscribers at a good pace but struggle against FWA dominance. Looking ahead, operators are expanding into adjacent areas like private networks, edge computing, AI, and enterprise services, with potential M&A activity on the cards as we prepare for an eventful 2026.
Dive right in for insights that will keep you ahead in 2025 and beyond.
Topics covered in the research update.
- Q3 2025 US Mobile Market Highlights
• Q3 2025: State of the industry and looking forward
• Earnings – Reading the Tea Leaves
• Elon Musk – Catalyst or Nuclear Bomb?
• Charlie Ergen – Keyser Söze of the Wireless Industry
• New CEOs, New Directions?
• Regulatory Blunder – Competitive Dynamics for 2026
• Nvidia + Nokia – Implications
• Fight for the 6G Narrative
• Impact of T-Satellite
• 5G Advance in the US
• Service Provider Market is consolidating – What’s Next?
• 5G’s Steady Advance
• FWA vs. Cable in 2025
• Tug of War: Broadband vs. Mobile
• Industrial 5G – Closing the Innovation and Diffusion gap
• Global 5G Race Update
• What to Expect in the Coming Months?
US Wireless Market Q3 2025 Analysis
o Service Revenues
o ARPU
o Subscribers
o Competition
o 5G Progress
o Fixed Wireless Progress
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