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Verizon remained the largest mobile service provider in the United States by subscriber count as of the second quarter of 2025. The New York-based operator commanded a market share of around ** percent, down from over ** percent in 2022. Meanwhile, rival firm T-Mobile US continued to grow its presence, capturing roughly one-third of all subscribers for the first time. Mobile virtual network operator (MVNO) subscriptions were not considered for this statistic.

Seismic shift: T-Mobile and Sprint Merger

T-Mobile has pursued an aggressive business strategy aimed at putting pressure on long-established market leaders Verizon and AT&T. This has included major deals designed to expand its market presence, most notably its 2020 acquisition of the network operator Sprint, which bolstered T-Mobile’s efforts to compete with its rivals on the quality of its 5G network. As of 2025, T-Mobile offered the fastest 5G download speeds by far among the three major operators.

T-Mobile is the largest U.S. telco by market cap

As of 2025, T-Mobile had a market capitalization of almost *** billion U.S. dollars, the highest of any U.S. telecommunications company. Beijing-based China Mobile and U.S. giant AT&T trailed, with a market cap of ***and *** billion U.S. dollars, respectively.