- T-Mobile overtook Verizon for the first time in the survey, which was conducted at the end of 2025
- Survey respondents ranked AT&T as the most expensive, despite actual rate card readings
- Analysts say multi-year 5G gains and value pricing are shifting consumer choice
After 13 years of TD Cowen surveys, T-Mobile finally took the No. 1 position on brand/image.
Specifically, the TD securities analysts asked respondents to rank the carriers on brand/image, with 1 being the best and 3 being the worst.
“T-Mobile finally overtook Verizon with an average rank 1.96 vs. Verizon at 2.01 and AT&T at 2.03,” the analysts wrote in a report for investors. “T-Mobile’s #1 network, better pricing and customer experience are finally making their mark as perception lags reality.”
No doubt, T-Mobile’s rivals will take issue with all of those statements, but T-Mobile has long been a darling on Wall Street and will happily lap up the compliments.
The survey was conducted on December 31, 2025, with 1,033 respondents.
T-Mobile’s gains over Verizon
The analysts said Verizon isn’t capitulating as it works to close the gap with its rural C-band rollout and aggressive promotions to win back customers.
“However, momentum is on T-Mobile’s side after 6+ years of gaining on Verizon with its superior 5G network and better pricing,” they said. “It’s worth noting that AT&T moved up a meaningful 6 bps and is now just 2 bps away from Verizon in the batter for #2.”
Although Verizon historically has been identified as the highest priced carrier, that’s not what the TD Cowen survey showed.
When they asked respondents to rank the carriers on overall pricing – with 1 being the highest and 3 being the lowest – AT&T came out as the one perceived to be the highest priced carrier, with an average score of 1.86, followed by Verizon at 2.04 and T-Mobile at 2.10.
The survey was taken during an aggressive promotional period for Verizon, which may explain why it ranked as it did.
“T-Mobile’s lowest price perception comes as no surprise as this has been well established over the years and reflects reality,” they wrote. “However, we were a bit surprised by the top result as the actual rate cards show Verizon is typically the highest priced by ~$5 over AT&T, who is then on average ~$5 higher than T-Mobile.”
AT&T recently raised its prices by an average $5 and is pushing an aggressive $90 convergence package while Verizon pulled back on its aggressive four lines/$100 free phone offer.
When asked “why did you choose your current provider,” those who chose T-Mobile marked their top answer as better price (35%). Those who chose Verizon said network (~51%), while those who chose AT&T gave a mix of reasons.
“Interestingly, AT&T’s wireline/wireless convergence play isn’t having much of an impact yet, with just 9.9% choosing AT&T for the bundled discount, similar levels over our past three surveys,” they wrote. “However, we’d note its still early in the convergence game. AT&T will lead the way (by far), and Ma Bell just announced an aggressive $90 convergence plan last week as a potential sign of things to come.”
A lot of wireless industry analysts started identifying T-Mobile as the one with the most 5G coverage or “best network” a long time ago. But consumer perception didn’t start changing until more recently. Last year, T-Mobile said it was going to make network leadership a bigger part of the story it takes to consumers.
Big 3 in court
All three carriers are fighting in courtrooms across the country to defend their pricing and marketing strategies.
Last week, a federal judge in New York granted Verizon a preliminary injunction blocking T-Mobile from running ads that promise more than $1,000 in annual savings. U.S. District Judge Lewis A. Kaplan determined that Verizon would probably succeed on the merits of its claim that T-Mobile’s “Save Over $1,000” campaign constitutes false advertising.
AT&T has made similar claims against T-Mobile, alleging false advertising and doing an “apples-to-oranges” comparison in its ads.
T-Mobile has vowed to vigorously defend its ads.