Sector analysis · US

Communication Services: which companies drove growth

The 20 largest Communication Services companies by market cap at the end of Q1 2026 (31 Mar 2026), compared with Q4 2025.

The top 20 at Q1 2026

Q1 2026 vs Q4 2025: combined net profit $109.1B (+48%), median EPS +4% (10 of 19 up), market-cap-weighted price −8%. 20 of 20 reported.

Quarter

Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026

Compared with

YoY QoQ

Weight is each company's share of the 20 companies' combined market cap. Contribution is the change in its owners' profit divided by their combined base profit, in percentage points, so the column adds up to the sector's earnings growth. EPS cannot be added across companies, which is why contributions use profit.

#	Company	Weight	EPS $, base → now	EPS growth	Contribution	Price
1	Alphabet Inc.GOOGL	52.4%	2.82 → 5.11	+81%	+36.4 pp	−9%
2	Meta Platforms, Inc.META	21.9%	8.87 → 10.44	+18%	+5.2 pp	−13%
3	Netflix, Inc.NFLX	6.1%	0.56 → 1.23	+120%	+3.7 pp	+2%
4	T-Mobile US, Inc.TMUS	3.5%	1.88 → 2.27	+21%	+0.5 pp	+5%
5	Verizon Communications Inc.VZ	3.2%	0.55 → 1.20	+118%	+3.5 pp	+24%
6	AT&T Inc.T	3.1%	0.52 → 0.54	+4%	+0.1 pp	+19%
7	The Walt Disney CompanyDIS	2.6%	1.34 → 1.27	−5%	−0.2 pp	−14%
8	Comcast CorporationCMCSA	1.6%	0.60 → 0.60	0%	0.0 pp	+3%
9	Warner Bros. Discovery, Inc.WBD	1.0%	−0.10 → −1.17	loss, bigger	−3.5 pp	−3%
10	DoorDash, Inc.DASH	1.0%	0.48 → 0.42	−13%	0.0 pp	−34%
11	Live Nation Entertainment, Inc.LYV	0.5%	−1.05 → −1.85	loss, bigger	−0.2 pp	+8%
12	EchoStar CorporationECHO · since delisted	0.5%	−4.18 → −0.51	loss, smaller one source	+1.4 pp	+8%
13	AST SpaceMobile, Inc.ASTS	0.5%	−0.28 → −0.66	loss, bigger	−0.2 pp	0%
14	Charter Communications, Inc.CHTR	0.4%	10.34 → 9.17	−11%	−0.2 pp	+1%
15	Reddit, Inc.RDDT	0.4%	1.24 → 1.01	−19%	−0.1 pp	−41%
16	Fox CorporationFOXA	0.4%	0.52 → 0.38	−27%	−0.1 pp	−18%
17	Liberty Media CorporationFWONK	0.3%	— → 0.23	sources disagree	—	−14%
18	TKO Group Holdings, Inc.TKO	0.2%	−0.03 → 1.12	turned profitable	+0.1 pp	−4%
19	Omnicom Group Inc.OMC	0.2%	−4.02 → 2.04	turned profitable	+1.7 pp	−7%
20	Roku, Inc.ROKU	0.2%	0.53 → 0.57	+8%	0.0 pp	−12%
	Sector earnings growth	100%			+48.3 pp

Who joined and who left

2 joined and 2 left the top 20 since Q4 2025, as market caps moved.

Joined the top 20 since Q4 2025 2

now #18 TKO Group Holdings, Inc. TKO
now #20 Roku, Inc. ROKU

Left the top 20 since Q4 2025 2

was #18 The Trade Desk, Inc. TTD
was #20 Pinterest, Inc. PINS

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.

≤ −40%−20%0+20%≥ +40% Blue is growth, red is decline, grey is about zero; the colour stops deepening at ±40%.

turned profitableto loss crossed zero, so there is no growth rate to print
loss, smallerloss, bigger a loss in both quarters
sources disagree our two sources disagree, so the figure is left out of the sector totals
outside not in the sector's top 20 that quarter

EPS growth of each company in the sector's top 20, by quarter
Company	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%
VZ	+3%	to loss	turned profitable	0%	−28%	+51%	−3%	+3%	−1%	−53%	+118%	−23%
T	−21%	−38%	+57%	+4%	to loss	turned profitable	+9%	+2%	+108%	−60%	+4%	+22%
DIS	turned profitable	+643%	to loss	turned profitable	−83%	+460%	+29%	+61%	−75%	+84%	−5%	+19%
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
DASH	loss, smaller	loss, bigger	loss, smaller	loss, bigger	turned profitable	−14%	+35%	+48%	−15%	−13%	−13%	+10%
LYV	+89%	to loss	loss, smaller	turned profitable	+61%	−67%	to loss	turned profitable	+78%	to loss	loss, bigger	turned profitable
ECHO	outside	outside	outside	outside	outside	outside	outside	outside	loss, bigger	loss, smaller	loss, smaller	turned profitable
ASTS	outside	outside	outside	outside	outside	outside	outside	outside	outside	loss, smaller	loss, bigger	loss, bigger
CHTR	+3%	−14%	+7%	+13%	+4%	+14%	−17%	+9%	−9%	+24%	−11%	+16%
RDDT	outside	outside	outside	outside	outside	+125%	−64%	+246%	+78%	+55%	−19%	+24%
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%
TKO	outside	outside	outside	outside	outside	outside	outside	+70%	outside	outside	turned profitable	+20%
OMC	+2%	+15%	−25%	+4%	+18%	+16%	−36%	outside	outside	to loss	turned profitable	+2%
ROKU	outside	outside	outside	outside	outside	outside	outside	outside	outside	outside	+8%	+89%