Sector analysis · US

Communication Services: which companies drove growth

The 20 largest Communication Services companies by market cap at the end of Q4 2023 (31 Dec 2023), compared with Q4 2022.

The top 20 at Q4 2023

Q4 2023 vs Q4 2022: combined net profit $43.4B (+63%), median EPS +36% (15 of 19 up), market-cap-weighted price +56%. 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	43.3%	1.05 → 1.64	+56%	+11.8 pp	+58%
2	Meta Platforms, Inc.META	22.3%	1.76 → 5.33	+203%	+15.7 pp	+187%
3	Netflix, Inc.NFLX	5.3%	0.01 → 0.21	+1,658%	+1.5 pp	+65%
4	T-Mobile US, Inc.TMUS	4.6%	1.18 → 1.67	+42%	+0.9 pp	+11%
5	Comcast CorporationCMCSA	4.3%	0.70 → 0.81	+16%	+0.4 pp	+26%
6	The Walt Disney CompanyDIS	4.1%	0.70 → 1.04	+49%	+1.1 pp	+4%
7	Verizon Communications Inc.VZ	3.9%	1.56 → −0.64	to loss	−15.5 pp	−4%
8	AT&T Inc.T	3.0%	−3.12 → 0.30	turned profitable	+43.0 pp	−4%
9	Charter Communications, Inc.CHTR	1.4%	7.69 → 7.07	−8%	−0.2 pp	+14%
10	Direct Digital Holdings, Inc.DRCT	1.2%	— → −0.08	sources disagree	—	+485%
11	fuboTV Inc.FUBO	1.0%	−0.76 → −0.24	loss, smaller	+0.1 pp	+83%
12	DoorDash, Inc.DASH	1.0%	−1.65 → −0.39	loss, smaller	+0.8 pp	+103%
13	The Trade Desk, Inc.TTD	0.9%	0.14 → 0.19	+36%	0.0 pp	+61%
14	Snap Inc.SNAP	0.7%	−0.18 → −0.15	loss, smaller	+0.1 pp	+89%
15	Warner Bros. Discovery, Inc.WBD	0.7%	−0.86 → −0.16	loss, smaller	+2.8 pp	+20%
16	Pinterest, Inc.PINS	0.6%	0.03 → 0.29	+1,020%	+0.3 pp	+48%
17	Live Nation Entertainment, Inc.LYV	0.5%	−1.14 → −1.26	loss, bigger	0.0 pp	+34%
18	Sirius XM Holdings Inc.SIRI	0.5%	0.93 → 0.45	−52%	0.0 pp	−5%
19	Warner Music Group Corp.WMG	0.5%	0.24 → 0.30	+25%	+0.1 pp	+2%
20	Omnicom Group Inc.OMC	0.4%	2.09 → 2.13	+2%	−0.1 pp	+6%
	Sector earnings growth	100%			+62.7 pp

Who joined and who left

2 joined and 2 left the top 20 since Q3 2023, as market caps moved.

Joined the top 20 since Q3 2023 2

now #10 Direct Digital Holdings, Inc. DRCT
now #11 fuboTV Inc. FUBO

Left the top 20 since Q3 2023 2

was #17 Fox Corporation FOXA
was #19 Liberty Media Corporation FWONK

EPS growth by company, Q3 2023 to Q2 2026

Each company's EPS growth year on year, 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	+46%	+56%	+62%	+31%	+37%	+31%	+49%	+22%	+35%	+31%	+82%	+294%
META	+168%	+203%	+114%	+73%	+37%	+50%	+37%	+38%	−83%	+11%	+62%	−13%
NFLX	+20%	+1,658%	+84%	+49%	+45%	+104%	+25%	+47%	+9%	+30%	+86%	+11%
TMUS	+355%	+42%	+27%	+34%	+43%	+53%	+29%	+14%	−8%	−27%	−12%	+5%
CMCSA	turned profitable	+16%	+7%	−2%	−4%	+53%	−8%	+197%	−4%	−52%	−33%	−67%
DIS	+58%	+49%	to loss	turned profitable	+79%	+35%	turned profitable	+104%	+192%	−4%	−30%	−48%
VZ	−3%	to loss	−7%	−1%	−31%	turned profitable	+6%	+8%	+50%	−53%	+4%	−22%
T	−40%	turned profitable	−18%	−20%	to loss	+87%	+30%	+27%	turned profitable	−7%	−11%	+6%
CHTR	+12%	−8%	+13%	+5%	+7%	+43%	+12%	+8%	−5%	+2%	+9%	+16%
DRCT	outside	sources disagree	outside	outside	outside	outside	outside	outside	outside	outside	outside	outside
FUBO	outside	loss, smaller	outside	outside	outside	outside	outside	outside	outside	outside	outside	outside
DASH	loss, smaller	loss, smaller	loss, smaller	loss, smaller	turned profitable	turned profitable	turned profitable	turned profitable	+45%	+47%	−5%	−29%
TTD	+147%	+36%	+240%	+158%	+142%	+89%	+57%	+6%	+21%	+11%	outside	outside
SNAP	loss, bigger	loss, smaller	loss, smaller	loss, smaller	loss, smaller	turned profitable	outside	outside	outside	outside	outside	outside
WBD	loss, smaller	loss, smaller	loss, smaller	loss, bigger	turned profitable	loss, bigger	loss, smaller	turned profitable	to loss	loss, smaller	loss, bigger	−90%
PINS	turned profitable	+1,020%	loss, smaller	turned profitable	+348%	+824%	turned profitable	+350%	+196%	−85%	outside	outside
LYV	+39%	loss, bigger	loss, bigger	+1%	−14%	turned profitable	loss, smaller	−60%	−56%	to loss	loss, bigger	+156%
SIRI	+57%	−52%	−14%	outside	outside	outside	outside	outside	outside	outside	outside	outside
WMG	+7%	+25%	+173%	+8%	−74%	outside	−62%	outside	outside	outside	outside	outside
OMC	+5%	+2%	+43%	−9%	+5%	+6%	−9%	outside	outside	to loss	+41%	+59%