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Verizon Communications vs AT&T: VZ and T compared
Verizon Communications is the larger company: $34.3B of revenue in its latest quarter (Q3 2026) against $32.3B for AT&T (Q3 2026). AT&T is growing faster (+5% against +2% a year earlier). Verizon Communications is more profitable, with an operating margin of 25.2% against 12.7%.
Where the money goes: VZ and T
Verizon Communications (VZ) · Q3 2026
Verizon Communications, Q3 2026: revenue $34.3B (+2% year over year), operating margin 25.2%, net earnings $5.2B, operating cash flow $11.5B. The chart follows the revenue to costs, profit and cash.
AT&T (T) · Q3 2026
AT&T, Q3 2026: revenue $32.3B (+5% year over year), operating margin 12.7%, net earnings $891M, operating cash flow $10.5B. The chart follows the revenue to costs, profit and cash.
| Verizon Communications (VZ) | AT&T (T) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $34.3B | $32.3B |
| Revenue growth, Y/Y | +2% | +5% |
| Operating margin | 25.2% | 12.7% |
| Net earnings | $5.2B | $891M |
| Net margin | 15.1% | 2.8% |
| Operating cash flow | $11.5B | $10.5B |
| Free cash flow | $7.8B | $5.5B |
| Market value | $190.1B | $148.0B |
| P/E | 11.6× | 11.8× |
| Analysts’ mean target | $50.65 | $27.59 |
Where the revenue comes from
Verizon Communications
- Service revenues and other: $29.2B (85%)
- Wireless equipment: $5.1B (15%)
AT&T
- Service: $26.3B (81%)
- Advanced home internet: $3.0B (9%)
- Business fiber and advanced connectivity: $2.0B (6%)
- Business transitional and other: $1.0B (3%)
Questions
Which is bigger, Verizon Communications or AT&T?
Verizon Communications is the larger company: $34.3B of revenue in its latest quarter (Q3 2026) against $32.3B for AT&T (Q3 2026).
Is Verizon Communications or AT&T growing faster?
AT&T is growing faster (+5% against +2% a year earlier).
Which is more profitable, Verizon Communications or AT&T?
Verizon Communications is more profitable, with an operating margin of 25.2% against 12.7%.
More: Verizon Communications earnings · how Verizon Communications makes money · AT&T earnings · how AT&T makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 29, 2026; 10-Q filed Oct 21, 2026). Fiscal quarters can end on different dates. Not investment advice.