Verizon vs AT&T: Which NNN Investment Wins?

Verizon and AT&T are two wireless carriers that appear in net lease listings, and the comparison turns on a question the brand does not answer: who actually signed the lease. Both sell service through company-operated stores and through agents and other retailers, so a store with a carrier’s sign may be leased by the carrier or by an independent company. Verizon Communications Inc. is rated BBB+/Baa1 (S&P / Moody’s) in our ratings database, which classifies it as investment grade. For AT&T Inc., our ratings database holds a Fitch rating of BBB+ and no verified S&P or Moody’s rating. In the listings we track, Verizon asks a live median cap rate of 6.50%, versus 7.00% for AT&T.

This comparison applies the framework from our investment grade guide: credit first, then lease structure, then the real estate. The ratings tell you about the parent company; the lease tells you who owes the rent.

Verizon vs AT&T: Head-to-Head Comparison

Ratings per our tenant ratings database. Verizon: Ratings checked September 27, 2026. AT&T: Ratings checked October 8, 2026. Revenue and sales-channel descriptions are from the companies’ Form 10-K filings as labeled. Median asking cap rates, cap rate counts, average remaining terms, prices and last-observed dates are live values from the active listings InvestmentGrade.com tracks; a few cap rates are calculated from a listing’s stated price and income rather than stated in the listing. Asking cap rates are not closing cap rates.

Credit: Parent Ratings and What They Cover

Verizon Communications Inc. reported total operating revenues of $138.2 billion for 2025 and about 147 million wireless retail connections at December 31, 2025 (Form 10-K). Its ratings in our database are BBB+/Baa1 (S&P / Moody’s) and A- from Fitch. Verizon’s Form 10-K does not report a store count, describing company-operated stores plus agents selling at retail locations, so the number of Verizon-branded locations is not a published figure we can cite. The full profile is on the Verizon credit rating and cap rate page.

AT&T Inc. reported revenue of $125.6 billion in 2025 (Form 10-K). Our ratings database holds a Fitch rating of BBB+ (Fitch, as of July 24, 2026) and no verified S&P or Moody’s rating. AT&T drew $14.5 billion under its term loan agreement on July 28, 2026, the date it closed the purchase of spectrum licenses from EchoStar for about $23 billion in cash (Form 8-K and Form 10-Q). Details are on the AT&T credit rating and cap rate page, and both carriers can be benchmarked in our credit tenant ratings database.

The Retailer Question: Carrier Lease or Authorized Retailer Lease

For both carriers, the corporate rating applies to a store lease only where the carrier or a rated carrier entity is the tenant or guarantor. An authorized retailer is an independent company that sells the carrier’s service, and on this page the term means an agent that runs a carrier-branded store. An authorized retailer may sign its own lease, and that lease carries the retailer’s credit, not the carrier’s, unless a carrier entity guarantees it. Compare a lease signed by the carrier separately from a lease signed by an authorized retailer, even when both stores carry the same sign and are priced at similar cap rates.

Smaller spaces can suit a range of retail users, but re-leasing depends on the local market. Check the remaining term, renewal options and rent schedule, and for shopping center locations, co-tenancy and go-dark provisions. Wireless stores also compete with online sales, and Verizon’s Form 10-K describes its direct channel, including company-operated stores, as a core part of its distribution strategy alongside digital channels and agents.

Cap Rates: Live Medians for Telecom Peers

Live asking cap rates for Verizon, AT&T and comparable tenants:

Active listings InvestmentGrade.com tracks with an asking cap rate (stated in the listing, or computed from its stated income and price when no rate is stated), listings last observed October 12, 2026. Asking cap rates are not closed-sale cap rates. The middle half is the range from the 25th to the 75th percentile of listings. The 10-year Treasury yield is 5.24% as of October 1, 2026 (FRED series DGS10). Ratings are the agency ratings in our ratings database for the entity shown, which may be a parent company; the rating type (for example issuer, senior unsecured debt, long-term debt or revenue bond ratings) varies by company and is shown on each tenant page. A rating applies to a lease only if the rated entity signs or guarantees it, so confirm the tenant and any guarantor in the lease. n/a means no verified rating is on file.

Across the active listings we track, Verizon asks a live median cap rate of 6.50%, while AT&T asks 7.00%. The difference between the two medians may reflect the mix of corporate and authorized retailer leases, remaining terms and locations in each set of listings; the data do not isolate any one cause. Asking cap rates vary with remaining lease term, rent level, location and lease guarantor, and they are not closing cap rates.

The Bond-to-NNN Pivot

Income buyers can compare a store against a bond benchmark. A corporate bond index for the matching rating category is one such benchmark, but it is a category measure rather than a quote on a Verizon or AT&T bond. The cap rate table above shows median asking cap rates of 6.50% for Verizon and 7.00% for AT&T against the 10-year Treasury yield, and current index yields by rating category are on our corporate bond yields by rating page. A bondholder owns a claim on the issuer. A store buyer owns real estate leased to whichever entity signed the lease, so the pre-tax comparison depends on the tenant entity as much as on the rating. The case for the real estate rests on 1031 exchange eligibility, residual land value, scheduled rent increases where the lease has them, and building depreciation when the investor owns the building. The wider framework is in what the bond-to-NNN spread means, and the equivalent analysis for another carrier is in T-Mobile Bonds vs NNN Real Estate. Tax outcomes depend on your situation; this is general information, not tax advice.

Verdict: Which Carrier Wins?

On the ratings in our database, Verizon has the more complete record: BBB+/Baa1 from S&P and Moody’s, while AT&T shows no verified S&P or Moody’s record and a Fitch rating of BBB+. That difference describes the data on file, not a judgment on either company’s credit. The live medians in the table show where sellers are asking for each.

The decisive question for either carrier is the lease: carrier tenant or authorized retailer, the guarantor, the remaining term and the location. A store leased directly by the carrier or guaranteed by a rated carrier entity is a different investment from the same sign on an authorized retailer lease. If you are weighing a replacement property under a 1031 exchange deadline, confirm the tenant and any guaranty in the executed lease.