Summary Bullets:
- After a COVID-related decline in CapEx in 2020, US operators returned almost exactly to 2019 levels in 2021, in line with guidance provided at the beginning of the year.
- Operators are planning to increase CapEx by double digits in 2022, with the increase being driven by midband 5G deployments and increasing appetite for fiber from both large and small operators.
An analysis of US operator financial results based on Q4 2021 earnings releases shows that CapEx in 2021 came in nearly identically to 2019 levels after a COVID-driven dip in 2020. The nine network operators shown below – all of which spent more than $1 billion in CapEx – spent $70.6 billion in 2021 CapEx, up 5.2% from 2020 and nearly flat from 2019. GlobalData estimates that the big three that account for nearly 70% of total CapEx – AT&T, Verizon, and T-Mobile USA – spent roughly $49 billion, up 7% from 2020. Continue reading “Midband 5G and Fiber Drive Increased 2022 CapEx Guidance from US Operators”