The recently published 2025 Rural Broadband Benchmark Study from Forvis Mazars yielded rich data, with 141 rural telecommunications companies participating.
This article dives into the specifics of those companies’ broadband revenue growth in 2024. Overall, the average growth for participating companies was 7.2% year-over-year. There was also a slight increase in broadband revenues as a percentage of operating revenues, increasing from 26.3% in 2023 to 26.7% in 2024. This continued growth in broadband revenues can be attributed to a company’s ability to expand its coverage area, as well as updated equipment to provide customers with higher, more expensive speeds of broadband service.
Revenue Growth Key Findings
For the study, companies were categorized into five buckets based on their number of connections, ranging from less than 500 to over 10,000 connections. When looking at revenue growth for these different categories, all but those that had fewer than 500 connections saw growth at or above the average for the entire study. Diving into the four categories seeing growth, whether they were over 10,000 connections or were in the 1,500 to 3,999 connections range, each saw a similar growth percentage.
While the broadband revenue growth percentages were comparable across these connection ranges, the broadband revenue percentage of total operating revenues was slightly different. For larger companies with connections in the 4,000 to 9,999 and over 10,000 ranges, broadband revenues accounted for about 10% more of their total operating revenues than those in the other connection buckets.
The increase in broadband revenues is a contributing factor to the overall health and financial strength of the industry. These services continue to provide growth opportunities to the rural telecommunications industry. For more key takeaways from the 2025 study, watch our archived webinar, 2025 Rural Broadband Trends & Takeaways, on demand. In addition, download the full 2025 Rural Broadband Benchmark Study for more valuable insights on financial and operational performance trends impacting the industry. If you have any questions or need assistance, please reach out to our telecommunications team at Forvis Mazars.