T-Mobile US, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data T-Mobile US, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	37,490	40,604	43,310	44,998	68,397	80,118	79,571	78,558	81,400	88,309
Cost of revenue	10,819	11,608
Gross profit	26,671	28,996
Selling, general and administrative	11,378	12,259	13,161	14,139	18,926	20,238	21,607	21,311	20,818	23,470
Operating income	4,050	4,888	5,309	5,722	6,636	6,892	6,543	14,266	18,010	18,279
Interest expense	1,418	1,111	835	727	2,483	3,189
Interest income	13	17	19	24	29	20
Other non-operating income	-1,723	-1,727	-1,392	-1,119	-3,106	-3,541	-3,397	-3,267	-3,298	-3,998
Pre-tax income	2,327	3,161	3,917	4,603	3,530	3,351	3,146	10,999	14,712	14,281
Income tax	867	-1,375	1,029	1,135	786	327	556	2,682	3,373	3,289
Net income	1,460	4,536	2,888	3,468	3,064	3,024	2,590	8,317	11,339	10,992
EBITDA	10,293	10,872	11,795	12,338	20,787	23,275	20,194	27,084	30,929	31,787
EPS, basic	1.71	5.39	3.40	4.06	2.68	2.42	2.07	7.02	9.70	9.75
EPS, diluted	1.69	5.20	3.36	4.02	2.65	2.41	2.06	6.93	9.66	9.72
Shares, basic (weighted)	822	832	850	854	1,144	1,247	1,250	1,185	1,169	1,128
Shares, diluted (weighted)	833	872	858	863	1,155	1,255	1,255	1,200	1,173	1,131
Dividend per share								0.65	3.71	3.80

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	5,500	1,219	1,203	1,528	10,385	6,631	4,507	5,135	5,409	5,598
Short-term investments	0
Receivables	1,896	1,915	1,769	1,888	4,254	4,194	4,445	4,692	4,276	4,874
Inventory	1,111	1,566	1,084	964	2,527	2,567	1,884	1,678	1,607	2,405
Other current assets	1,537	1,903	1,676	1,972	2,496	2,005	2,435	2,352	1,853	5,372
Total current assets	14,217	8,915	8,281	9,305	23,885	20,891	19,067	19,015	18,404	24,461
Property, plant and equipment	20,943	22,196	23,359	21,984	41,175	39,803	42,086	40,432	38,533	38,333
Lease right-of-use assets			0	10,933	28,021	26,959	28,715	27,135	25,398	25,692
Goodwill	1,683	1,683	1,901	1,930	11,117	12,188	12,234	12,234	13,005	13,678
Intangible assets	376	217	198	115	5,298	4,733	3,508	2,618	2,512	3,843
Other non-current assets	674	912	1,623	1,891	2,779	3,232	4,127	4,229	4,325	9,755
Total assets	65,891	70,563	72,468	86,921	200,162	206,563	211,338	207,682	208,035	219,237
Accounts payable	5,163	6,182	5,487	4,322	5,564	6,499	7,213	5,573	4,242	5,219
Accrued liabilities	525	620	642	682	1,540	1,830	1,657	1,142	1,072	1,709
Deferred revenue	986	779	698	631	1,030	856	780	825	1,222	1,533
Short-term debt	354	1,612	841	25	4,579	3,378	5,164	3,619	4,068	5,135
Total current liabilities	9,022	11,515	10,267	12,506	21,703	23,499	24,742	20,928	20,174	24,500
Long-term debt	21,832	12,121	12,124	10,958	61,830	67,076	66,796	71,399	74,197	81,147
Lease liabilities			0	10,539	26,719	25,818	29,855	28,240	26,408	26,371
Other non-current liabilities	1,026	935	967	954	5,412	5,097	4,101	3,929	4,000	3,794
Total liabilities	47,655	48,004	47,750	58,132	134,818	137,461	141,682	142,967	146,294	160,034
Total debt	27,786	28,319	27,547	24,969	71,125	74,193	71,960	75,018	78,265	86,282
Paid-in capital	38,846	38,629	38,010	38,498	72,772	73,292	73,941	67,705	68,798	69,460
Retained earnings	-20,610	-16,074	-12,954	-8,833	-5,836	-2,812	-223	7,347	14,384	21,136
Treasury stock	-1	-4	-6	-8	-11	-13	-3,016	-9,373	-20,584	-30,545
Other comprehensive income	1	8	-332	-868	-1,581	-1,365	-1,046	-964	-857	-848
Shareholders' equity	18,236	22,559	24,718	28,789	65,344	69,102	69,656	64,715	61,741	59,203
Total equity	18,236	22,559	24,718	28,789	65,344	69,102	69,656	64,715	61,741	59,203
Total liabilities and equity	65,891	70,563	72,468	86,921	200,162	206,563	211,338	207,682	208,035	219,237
Shares outstanding	826	859	850	857	1,242	1,249	1,234	1,196	1,145	1,107

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,460	4,536	2,888	3,468	3,064	3,024	2,590	8,317	11,339	10,992
Depreciation and amortization	6,243	5,984	6,486	6,616	14,151	16,383	13,651	12,818	12,919	13,508
Stock-based compensation	235	306	424	495	694	540	595	667	649	829
Deferred income tax	914	-1,404	980	1,091	709	197	492	2,600	3,120	2,864
Change in receivables	-3,459	-3,931	-4,617	-3,709	-3,273	-3,225	-5,158	-5,038	-3,088	-755
Change in inventory	-802	-844	-201	-617	-2,222	201	744	197	131	-615
Change in payables	-1,201	1,079	-867	17	-2,123	549	558	-1,126	-2,041	1,542
Cash from operations	2,779	3,831	3,899	6,824	8,640	13,917	16,781	18,559	22,293	27,950
Capital expenditures	-4,702	-5,237	-5,541	-6,391	-11,034	-12,326	-13,970	-9,801	-8,840	-9,955
Acquisitions	0	0	-338	-31	-5,000	-1,916	-52	0	-373	-3,523
Purchases of investments	0	0
Cash from investing	-2,324	-6,745	-579	-4,125	-12,715	-19,386	-12,359	-5,829	-9,072	-17,607
Debt issued	997	10,480	2,494	0	35,337	14,727	3,714	8,446	8,587	12,013
Debt repaid	-20	-10,230	-3,349	-600	-20,416	-11,100	-5,556	-5,051	-5,073	-6,199
Stock issued	29	21	0	0	19,840	0	0
Share buybacks	0	-427	-1,071	0	-19,536	0	-3,000	-13,074	-11,228	-9,974
Dividends paid	-55	-55	0	0		0	0	-747	-3,300	-4,121
Cash from financing	463	-1,367	-3,336	-2,374	13,010	1,709	-6,451	-12,097	-12,815	-10,081
Exchange rate effect								0	0	1
Net change in cash	918	-4,281	-16	325	8,935	-3,760	-2,029	633	406	263
Free cash flow	-1,923	-1,406	-1,642	433	-2,394	1,591	2,811	8,758	13,453	17,995
Interest paid	1,681	2,028	1,525	1,128	2,733	3,723	3,485	3,546	3,683	3,882
Income taxes paid	25	31	51	88	218	167	76	108	179	451

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $165.43 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	19.8%	Operating income / revenue.
EBITDA margin	35.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	15.0%	Pre-tax income / revenue.
Net margin	11.5%	Net income / revenue.
FCF margin	20.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	31.3%	Cash from operations / revenue.
Effective tax rate	23.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	18.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.9%	Net income / average total assets.
Return on invested capital (ROIC)	26.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	26.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	11.3%	Capital expenditures / revenue.
D&A / revenue	15.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	1.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	40.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	22.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	2.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	16.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	8.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-3.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	61.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	29.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	0.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	67.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	29.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	25.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	18.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	26.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	33.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	85.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	2.4%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-4.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-5.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-2.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.92x	Current assets / current liabilities.
Quick ratio	0.34x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.12x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	73.7%	Total liabilities / total assets.
Working capital	-$1.79B	Current assets - current liabilities.
Goodwill and intangibles / assets	7.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$39.30B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.43x	Revenue / average total assets.
Fixed asset turnover	2.52x	Revenue / average property, plant and equipment.
Receivables turnover	17.6x	Revenue / average receivables.
Days sales outstanding	21 days	365 x average receivables / revenue.
FCF conversion	174.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	36.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$9.76	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$85.17	Revenue / diluted weighted shares.
FCF per share	$17.00	Free cash flow / diluted weighted shares.
Operating cash flow per share	$26.64	Cash from operations / diluted weighted shares.
Book value per share	$52.35	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$36.57	Tangible book value / shares outstanding.
Cash per share	$2.63	(Cash + short-term investments) / shares outstanding.
Payout ratio	41.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	23.6%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	65.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$177.45B	Share price x shares outstanding.
Enterprise value	$174.63B	Market cap + total debt - cash - short-term investments.
P/E	16.8x	Market cap / net income. Only when net income is positive.
P/S	1.92x	Market cap / revenue.
P/B	3.15x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.51x	Market cap / tangible book value, when positive.
P/FCF	9.64x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.15x	Market cap / cash from operations, when positive.
EV/Sales	1.89x	Enterprise value / revenue.
EV/EBIT	9.57x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.35x	Enterprise value / EBITDA, when both are positive.
EV/FCF	9.49x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.4%	Free cash flow / market cap.
Earnings yield	6.0%	Net income / market cap (the inverse of P/E).
Dividend yield	2.4%	Dividends paid over the period / market cap.
Shareholder yield	9.2%	(Dividends paid + share buybacks) / market cap.
PEG	0.25x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was T-Mobile US, Inc.'s revenue in fiscal 2025?

T-Mobile US, Inc. reported revenue of $88.31B for fiscal 2025, 8.5% higher than the year before.

Was T-Mobile US, Inc. profitable in fiscal 2025?

Yes. Net income was $10.99B, a net margin of 12.4%.

How much free cash flow did T-Mobile US, Inc. generate in fiscal 2025?

Cash from operations of $27.95B minus capital expenditures of $9.96B left free cash flow of $18.00B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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