The 2025 Rural Broadband Benchmark Study from Forvis Mazars was completed with the participation of 141 rural telecommunications companies.
In 2008, broadband revenues, on average, overtook voice services as a percentage of operating revenues, as technological advances increased what was possible over an internet connection and reduced the need for dedicated voice and video services. A particularly large jump occurred in 2020, when the COVID-19 pandemic changed the culture of the American workforce: remote and hybrid work policies became commonplace across the U.S., increasing the need for internet access and connection quality. From 2019 to 2024, broadband revenues rose from 18.4% to 26.7% of total operating revenues, the largest change in a five-year period since the beginning of the study.
We are starting to see a dip in the returns of additional plant investment in recent years. The median return on depreciated plant investment, including plants under construction, was 5.24% in 2024, down from 8.73% in 2019.
Despite this decrease, companies can still generally expect to benefit from additional capital expenditures. Broadband has become a key feature in national infrastructure policy, with billions in grant funding being awarded to companies across the United States.
Since 2021, participants in this study alone have received approximately $860 million in grant awards, with many entities still receiving funding as of the date of the study. The reinstatement of 100% bonus depreciation in 2025, as a result of the One Big Beautiful Bill Act (OB3), further incentivizes capital expenditures.
For more on the 2025 study, view the recorded benchmark webinar, 2025 Rural Broadband Trends & Takeaways and read the overall study with downloadable content.