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AT&T vs T-Mobile US: revenue, profit, margins and growth compared

AT&T brought in $125.6B of revenue in fiscal 2025, T-Mobile US $88.3B in fiscal 2025. Revenue changed by +2.7% at AT&T and +8.5% at T-Mobile US on the year before, so T-Mobile US grew faster. AT&T kept 17.5% of its revenue as net profit, T-Mobile US 12.4%. Free cash flow was $19.4B at AT&T and $18B at T-Mobile US.

Side by side, latest fiscal year

TTMUS
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$125.6B$88.3B
Revenue growth+2.7%+8.5%
Net income$22B$11B
Net margin17.5%12.4%
Free cash flow$19.4B$18B
Free cash flow margin15.5%20.4%
Earnings per share (diluted)$3.04$9.72
Cash$18.2B$5.6B
Debt$134.7B$86.3B
Price to earnings8.317.0
Market value$173.9B$177.5B
Dividend yield4.37%2.30%
Rank by revenue in sector#2 of 51 · Telecommunications#4 of 51 · Telecommunications

Over the years

Revenue
T FY2018: $170.8BT FY2019: $181.2BT FY2020: $143.1BT FY2021: $134BT FY2022: $120.7BT FY2023: $122.4BT FY2024: $122.3BT FY2025: $125.6BTMUS FY2018: $43.3BTMUS FY2019: $45BTMUS FY2020: $68.4BTMUS FY2021: $80.1BTMUS FY2022: $79.6BTMUS FY2023: $78.6BTMUS FY2024: $81.4BTMUS FY2025: $88.3BFY18FY19FY20FY21FY22FY23FY24FY25
T $125.6BTMUS $88.3B
Net income
T FY2018: $19.4BT FY2019: $13.9BT FY2020: -$5.2BT FY2021: $20.1BT FY2022: -$8.5BT FY2023: $14.4BT FY2024: $10.9BT FY2025: $22BTMUS FY2018: $2.9BTMUS FY2019: $3.5BTMUS FY2020: $3.1BTMUS FY2021: $3BTMUS FY2022: $2.6BTMUS FY2023: $8.3BTMUS FY2024: $11.3BTMUS FY2025: $11BFY18FY19FY20FY21FY22FY23FY24FY25
T $22BTMUS $11B
Net margin
T FY2018: 11.3%T FY2019: 7.7%T FY2020: -3.6%T FY2021: 15.0%T FY2022: -7.1%T FY2023: 11.8%T FY2024: 8.9%T FY2025: 17.5%TMUS FY2018: 6.7%TMUS FY2019: 7.7%TMUS FY2020: 4.5%TMUS FY2021: 3.8%TMUS FY2022: 3.3%TMUS FY2023: 10.6%TMUS FY2024: 13.9%TMUS FY2025: 12.4%FY18FY19FY20FY21FY22FY23FY24FY25
T 17.5%TMUS 12.4%
Revenue growth
T FY2019: +6.1%T FY2020: -21.1%T FY2021: -6.3%T FY2022: -9.9%T FY2023: +1.4%T FY2024: -0.1%T FY2025: +2.7%TMUS FY2019: +3.9%TMUS FY2020: +52.0%TMUS FY2021: +17.1%TMUS FY2022: -0.7%TMUS FY2023: -1.3%TMUS FY2024: +3.6%TMUS FY2025: +8.5%FY19FY20FY21FY22FY23FY24FY25
T +2.7%TMUS +8.5%
Free cash flow
T FY2018: $22.4BT FY2019: $29BT FY2020: $28.4BT FY2021: $26.4BT FY2022: $16.2BT FY2023: $20.5BT FY2024: $18.5BT FY2025: $19.4BTMUS FY2018: -$1.6BTMUS FY2019: $433MTMUS FY2020: -$2.4BTMUS FY2021: $1.6BTMUS FY2022: $2.8BTMUS FY2023: $8.8BTMUS FY2024: $13.5BTMUS FY2025: $18BFY18FY19FY20FY21FY22FY23FY24FY25
T $19.4BTMUS $18B

Fiscal years as each company reports them; the two may end in different months.

Questions about AT&T and T-Mobile US

Which is bigger by revenue, AT&T or T-Mobile US?

AT&T is bigger by revenue: $125.6B in fiscal 2025, against $88.3B for T-Mobile US in fiscal 2025.

Which keeps more of its revenue as profit, AT&T or T-Mobile US?

AT&T had a net margin of 17.5% in fiscal 2025; T-Mobile US had 12.4% in fiscal 2025.

Which grew revenue faster, AT&T or T-Mobile US?

In their latest fiscal years revenue changed by +2.7% at AT&T and +8.5% at T-Mobile US.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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