Sector analysis · US
Communication Services: which companies drove growth
The 20 largest Communication Services companies by market cap at the end of Q3 2025 (30 Sep 2025), compared with Q2 2025.
The top 20 at Q3 2025
Q3 2025 vs Q2 2025: combined net profit $51.8B (−38%), median EPS −12% (7 of 19 up), market-cap-weighted price +12%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Alphabet Inc. | 43.8% | 2.31 → 2.87 | +24% | +8.1 pp | +37% |
| 2 | Meta Platforms, Inc. | 27.6% | 7.14 → 1.05 | −85% | −18.6 pp | 0% |
| 3 | Netflix, Inc. | 7.6% | 0.72 → 0.59 | −18% | −0.7 pp | −11% |
| 4 | T-Mobile US, Inc. | 4.0% | 2.84 → 2.41 | −15% | −0.6 pp | 0% |
| 5 | The Walt Disney Company | 3.0% | 2.92 → 0.73 | −75% | −4.7 pp | −9% |
| 6 | AT&T Inc. | 3.0% | 0.62 → 1.29 | +108% | +5.7 pp | −2% |
| 7 | Verizon Communications Inc. | 2.8% | 1.18 → 1.17 | −1% | −0.1 pp | +1% |
| 8 | DoorDash, Inc. | 1.8% | 0.65 → 0.55 | −15% | 0.0 pp | +10% |
| 9 | Comcast Corporation | 1.7% | 2.97 → 0.90 | −70% | −9.3 pp | −14% |
| 10 | Warner Bros. Discovery, Inc. | 0.7% | 0.63 → −0.06 | to loss | −2.1 pp | +72% |
| 11 | Reddit, Inc. | 0.7% | 0.45 → 0.80 | +78% | +0.1 pp | +52% |
| 12 | Live Nation Entertainment, Inc. | 0.6% | 0.41 → 0.73 | +78% | +0.2 pp | +9% |
| 13 | Charter Communications, Inc. | 0.5% | 9.18 → 8.34 | −9% | −0.2 pp | −34% |
| 14 | Fox Corporation | 0.4% | 1.57 → 1.32 | −16% | −0.1 pp | +9% |
| 15 | Liberty Media Corporation | 0.4% | — → 0.26 | sources disagree | — | +1% |
| 16 | The Trade Desk, Inc. | 0.4% | 0.18 → 0.23 | +28% | 0.0 pp | −35% |
| 17 | EchoStar Corporation | 0.3% | −1.06 → −44.37 | loss, bigger | −14.8 pp | — |
| 18 | Pinterest, Inc. | 0.3% | 0.06 → 0.13 | +131% | +0.1 pp | −12% |
| 19 | Zillow Group, Inc. Class C | 0.3% | 0.01 → 0.04 | +370% | 0.0 pp | +3% |
| 20 | News Corporation | 0.3% | 1.30 → 0.20 | −85% | −0.7 pp | +5% |
| Sector earnings growth | 100% | −37.7 pp |
Who joined and who left
1 joined and 1 left the top 20 since Q2 2025, as market caps moved.
Joined the top 20 since Q2 2025
- EchoStar Corporation
Left the top 20 since Q2 2025
- TKO Group Holdings, Inc.
EPS growth by company, Q3 2023 to Q2 2026
Each company's EPS growth quarter on quarter, every quarter it was in the top 20.
| Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GOOGL | +8% | +6% | +15% | 0% | +12% | +1% | +31% | −18% | +24% | −2% | +81% | +78% |
| META | +47% | +21% | −12% | +10% | +17% | +33% | −20% | +11% | −85% | +745% | +18% | −41% |
| NFLX | +13% | −43% | +151% | −8% | +10% | −20% | +53% | +9% | −18% | −5% | +120% | −35% |
| TMUS | −2% | −8% | +20% | +25% | +5% | −2% | +1% | +10% | −15% | −22% | +21% | +32% |
| DIS | turned profitable | +643% | to loss | turned profitable | −83% | +460% | +29% | +61% | −75% | +84% | −5% | +19% |
| T | −21% | −38% | +57% | +4% | to loss | turned profitable | +9% | +2% | +108% | −60% | +4% | +22% |
| VZ | +3% | to loss | turned profitable | 0% | −28% | +51% | −3% | +3% | −1% | −53% | +118% | −23% |
| DASH | loss, smaller | loss, bigger | loss, smaller | loss, bigger | turned profitable | −14% | +35% | +48% | −15% | −13% | −13% | +10% |
| CMCSA | −4% | −17% | +20% | +3% | −6% | +32% | −28% | +234% | −70% | −33% | 0% | +65% |
| WBD | loss, smaller | loss, smaller | loss, bigger | loss, bigger | turned profitable | to loss | loss, smaller | turned profitable | to loss | loss, bigger | loss, bigger | turned profitable |
| RDDT | outside | outside | outside | outside | outside | +125% | −64% | +246% | +78% | +55% | −19% | +24% |
| LYV | +89% | to loss | loss, smaller | turned profitable | +61% | −67% | to loss | turned profitable | +78% | to loss | loss, bigger | turned profitable |
| CHTR | +3% | −14% | +7% | +13% | +4% | +14% | −17% | +9% | −9% | +24% | −11% | +16% |
| FOXA | +11% | outside | outside | −51% | +162% | −54% | −7% | +109% | −16% | −61% | −27% | +326% |
| FWONK | sources disagree | outside | sources disagree | sources disagree | sources disagree | sources disagree | sources disagree | sources disagree | sources disagree | sources disagree | sources disagree | −91% |
| TTD | +19% | +142% | −67% | +168% | +12% | +89% | −72% | +80% | +28% | +74% | outside | outside |
| ECHO | outside | outside | outside | outside | outside | outside | outside | outside | loss, bigger | loss, smaller | loss, smaller | turned profitable |
| PINS | turned profitable | +2,859% | to loss | turned profitable | +251% | +6,005% | −100% | +336% | +131% | +215% | outside | outside |
| Z | outside | outside | outside | outside | outside | loss, bigger | turned profitable | −73% | +370% | outside | outside | outside |
| NWSA | outside | outside | −81% | +67% | +141% | outside | outside | +622% | −85% | outside | outside | outside |