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T-Mobile US vs Verizon Communications: revenue, profit, margins and growth compared

T-Mobile US brought in $88.3B of revenue in fiscal 2025, Verizon Communications $138.2B in fiscal 2025. Revenue changed by +8.5% at T-Mobile US and +2.5% at Verizon Communications on the year before, so T-Mobile US grew faster. T-Mobile US kept 12.4% of its revenue as net profit, Verizon Communications 12.4%.

Side by side, latest fiscal year

TMUSVZ
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$88.3B$138.2B
Revenue growth+8.5%+2.5%
Net income$11B$17.2B
Net margin12.4%12.4%
Free cash flow$18Bn/a
Free cash flow margin20.4%n/a
Earnings per share (diluted)$9.72$4.06
Cash$5.6B$19B
Debt$86.3B$18.6B
Price to earnings17.011.6
Market value$177.5B$195.6B
Dividend yield2.30%5.81%
Rank by revenue in sector#4 of 51 · Telecommunications#1 of 51 · Telecommunications

Over the years

Revenue
TMUS FY2018: $43.3BTMUS FY2019: $45BTMUS FY2020: $68.4BTMUS FY2021: $80.1BTMUS FY2022: $79.6BTMUS FY2023: $78.6BTMUS FY2024: $81.4BTMUS FY2025: $88.3BVZ FY2018: $130.9BVZ FY2019: $131.9BVZ FY2020: $128.3BVZ FY2021: $133.6BVZ FY2022: $136.8BVZ FY2023: $134BVZ FY2024: $134.8BVZ FY2025: $138.2BFY18FY19FY20FY21FY22FY23FY24FY25
TMUS $88.3BVZ $138.2B
Net income
TMUS FY2018: $2.9BTMUS FY2019: $3.5BTMUS FY2020: $3.1BTMUS FY2021: $3BTMUS FY2022: $2.6BTMUS FY2023: $8.3BTMUS FY2024: $11.3BTMUS FY2025: $11BVZ FY2018: $15.5BVZ FY2019: $19.3BVZ FY2020: $17.8BVZ FY2021: $22.1BVZ FY2022: $21.3BVZ FY2023: $11.6BVZ FY2024: $17.5BVZ FY2025: $17.2BFY18FY19FY20FY21FY22FY23FY24FY25
TMUS $11BVZ $17.2B
Net margin
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%VZ FY2018: 11.9%VZ FY2019: 14.6%VZ FY2020: 13.9%VZ FY2021: 16.5%VZ FY2022: 15.5%VZ FY2023: 8.7%VZ FY2024: 13.0%VZ FY2025: 12.4%FY18FY19FY20FY21FY22FY23FY24FY25
TMUS 12.4%VZ 12.4%
Revenue growth
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%VZ FY2019: +0.8%VZ FY2020: -2.7%VZ FY2021: +4.1%VZ FY2022: +2.4%VZ FY2023: -2.1%VZ FY2024: +0.6%VZ FY2025: +2.5%FY19FY20FY21FY22FY23FY24FY25
TMUS +8.5%VZ +2.5%
Free cash flow
TMUS FY2018: -$1.6BTMUS FY2019: $433MTMUS FY2020: -$2.4BTMUS FY2021: $1.6BTMUS FY2022: $2.8BTMUS FY2023: $8.8BTMUS FY2024: $13.5BTMUS FY2025: $18BVZ FY2018: $17.7BFY18FY19FY20FY21FY22FY23FY24FY25
TMUS $18BVZ $17.7B

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

Questions about T-Mobile US and Verizon Communications

Which is bigger by revenue, T-Mobile US or Verizon Communications?

Verizon Communications is bigger by revenue: $138.2B in fiscal 2025, against $88.3B for T-Mobile US in fiscal 2025.

Which keeps more of its revenue as profit, T-Mobile US or Verizon Communications?

T-Mobile US had a net margin of 12.4% in fiscal 2025; Verizon Communications had 12.4% in fiscal 2025.

Which grew revenue faster, T-Mobile US or Verizon Communications?

In their latest fiscal years revenue changed by +8.5% at T-Mobile US and +2.5% at Verizon Communications.

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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