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T-Mobile US

TMUS Nasdaq Wireless Telecommunication Services Financials FY2016–FY2025

T-Mobile US's revenue rose 8.5% to $88.3 billion in fiscal 2025. Its operating margin was 20.7%, down from 22.1% a year earlier. Free cash flow was $18.0 billion, up 33.8%. It paid out $14.1 billion in dividends and buybacks, 78% of free cash flow. The diluted share count fell 3.6%.

Last close · Oct 23, 2026

$146.54

7.7%
Value it Compare
Revenue Total sales reported in the income statement.
$88.3B
8.5% vs prior year
Operating margin Operating income as a share of revenue.
20.7%
1.4 pts
Net income Profit after all expenses, interest and tax.
$11.0B
3.1%
Free cash flow Cash from operations minus capital spending.
$18.0B
33.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
9.8%
0.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$158.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
15.3x
On $9.57 EPS (TTM)

What T-Mobile US does

T-Mobile US is a mobile phone company. It sells wireless phone and data plans and home internet through a 5G fixed wireless service that runs over its cell network and, in some places, fiber lines. Its brands are T-Mobile, Metro by T-Mobile, Mint Mobile and Ultra Mobile. It also sells phones, tablets and other devices, often paid off in monthly installments, and rents network access to other companies that resell service under their own names. Nearly all of its revenue comes from the United States.

At the end of 2025 it served 142.4 million customers. Most of its service revenue comes from postpaid customers, who pay after using the service, at 81%; prepaid customers made up 15% and wholesale and other services 4%. Total revenues grew by $6.9 billion in 2025. T-Mobile says it is the second-largest US wireless carrier by customers; its main rivals are AT&T and Verizon, and in home internet, cable, satellite and fiber providers.

In August 2025 it bought the wireless business of UScellular. It sells through its own stores, websites and apps, and through national retailers and dealers. Deutsche Telekom owns about 52.8% of its shares and controls the T-Mobile trademarks it uses. It had about 75,000 full-time and part-time employees at the end of 2025.

Legal name
T-MOBILE US, INC.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 11, 2026
Accession · CIK
0001283699-26-000010
0001283699

Revenue and margins

T-Mobile US had $88.3B of revenue in fiscal 2025, up 8.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 21.5% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $18.0B in fiscal 2025, 20.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

T-Mobile US returned $14.1B to shareholders in fiscal 2025, 78% of free cash flow. The diluted share count fell 3.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value T-Mobile US yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$88.1B and divides by 1,131.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 15.3x · peers — · sector 17.3x.

Balance sheet

Cash, debt and the ratios that show how comfortably T-Mobile US can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $6.6B$4.5B$5.1B$5.4B$5.6B
Debt incl. finance leases $80.1B$79.7B$81.1B$84.7B$93.7B
Net debt / EBITDA 3.2x3.7x2.8x2.6x2.8x
Debt / equity 1.2x1.1x1.3x1.4x1.6x
Interest coverage 2.2x1.9x4.0x4.9x4.7x
Current ratio 0.9x0.8x0.9x0.9x1.0x
Quick ratio 0.8x0.7x0.8x0.8x0.9x
Total assets $206.6B$211.3B$207.7B$208.0B$219.2B
Total liabilities $137.5B$141.7B$143.0B$146.3B$160.0B
Shareholders' equity $69.1B$69.7B$64.7B$61.7B$59.2B
Net debt (− = net cash) $73.5B$75.1B$76.0B$79.3B$88.1B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$1.0M

1 insider

Sold, 12 months

$31.2M

7 insiders

Of sales under plans

8%

$2.4M

DateInsiderTradeSharesPriceValueFiling
Sep 10, 2026 Daniel James DrobacVP & Chief Accounting Officer Sold plan 772 $178.33 $0.1M Form 4
May 21, 2026 Jon FreierChief Operating Officer Sold plan 4,799 $190.00 $0.9M Form 4
May 1, 2026 Andre AlmeidaChief Broadband, Ent. & Emerg Bought 5,097 $196.18 $1.0M Form 4
May 1, 2026 Michael J. KatzChief Bus. and Prod. Officer Sold 5,000 $195.81 $1.0M Form 4
Mar 10, 2026 Srikant M. DatarDirector Sold 1,000 $218.25 $0.2M Form 4
Mar 4, 2026 Srikant M. DatarDirector Sold 3,291 $221.10 $0.7M Form 4
Feb 24, 2026 Mark Wolfe NelsonChief Legal Officer & GC Sold 2,329 $222.38 $0.5M Form 4
Feb 24, 2026 Sievert G MichaelDirector Sold 1,089 $221.85 $0.2M Form 4
Feb 23, 2026 Sievert G MichaelDirector Sold 13,911 $220.07 $3.1M Form 4
Feb 19, 2026 Sievert G MichaelDirector Sold 80,000 $214.94 $17.2M Form 4
Feb 18, 2026 Mark Wolfe NelsonChief Legal Officer & GC Sold plan 6,274 $219.69 $1.4M Form 4
Feb 18, 2026 Peter OsvaldikChief Financial Officer Sold 27,000 $214.86 $5.8M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✓ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✕ ✓ ✓
F-score 6 / 87 / 86 / 8
Accruals ratio −4.9%−5.3%−7.9%
Altman Z'' 0.991.191.26

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
T-Mobile US TMUS $158.6B 8.5% 20.7% 20.4% 9.8% 15.3x 6
EchoStar ECHO $31.3B −5.2% −118.1% −7.1% −39.9% — 1 Compare →
Shenandoah Telecommunications SHEN $575M 9.1% −6.5% −72.1% −1.3% — 3 Compare →
AST SpaceMobile ASTS $11.9B 1,511.8% — −1,602.2% — — 4 Compare →
Disney DIS $196.1B 3.4% 18.6% 10.7% 11.8% 23.2x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $37.5B $40.6B $43.3B $45.0B $68.4B $80.1B $79.6B $78.6B $81.4B $88.3B
Gross profit $26.7B $29.0B — — — — — — — —
Operating income $4.1B $4.9B $5.3B $5.7B $6.6B $6.9B $6.5B $14.3B $18.0B $18.3B
Interest expense $1.4B $1.1B $835M $727M $2.5B $3.2B $3.5B $3.5B $3.7B $3.9B
Pretax income $2.3B $3.2B $3.9B $4.6B $3.5B $3.4B $3.1B $11.0B $14.7B $14.3B
Income tax $867M −$1.4B $1.0B $1.1B $786M $327M $556M $2.7B $3.4B $3.3B
Net income $1.5B $4.5B $2.9B $3.5B $3.1B $3.0B $2.6B $8.3B $11.3B $11.0B
Diluted EPS $1.69 $5.20 $3.36 $4.02 $2.65 $2.41 $2.06 $6.93 $9.66 $9.72
Diluted shares 0.83B 0.87B 0.86B 0.86B 1.15B 1.25B 1.26B 1.20B 1.17B 1.13B
Cash flow
Cash from operations $2.8B $3.8B $3.9B $6.8B $8.6B $13.9B $16.8B $18.6B $22.3B $28.0B
Capital expenditure $4.7B $5.2B $5.5B $6.4B $11.0B $12.3B $14.0B $9.8B $8.8B $10.0B
Free cash flow −$1.9B −$1.4B −$1.6B $433M −$2.4B $1.6B $2.8B $8.8B $13.5B $18.0B
Depreciation and amortization $6.2B $6.0B $6.5B $6.6B $14.2B $16.4B $13.7B $12.8B $12.9B $13.5B
Stock-based compensation $235M $306M $424M $495M $694M $540M $595M $667M $649M $829M
Acquisitions $0.0M $0.0M $338M $31.0M $5.0B $1.9B $52.0M $0.0M $373M $3.5B
Share buybacks $0.0M $427M $1.1B $0.0M $19.5B $0.0M $3.0B $13.1B $11.2B $10.0B
Dividends paid $55.0M $55.0M $0.0M $0.0M $0.0M $0.0M $0.0M $747M $3.3B $4.1B
Dividends and buybacks $55.0M $482M $1.1B $0.0M $19.5B $0.0M $3.0B $13.8B $14.5B $14.1B
Balance sheet
Cash and short-term investments $5.5B $1.2B $1.2B $1.5B $10.4B $6.6B $4.5B $5.1B $5.4B $5.6B
Total debt $21.8B $12.1B $13.0B $25.0B $75.7B $77.6B $77.1B $78.6B $82.3B $91.4B
Finance lease liabilities $0.0M $0.0M $0.0M $2.3B $2.5B $2.6B $2.5B $2.5B $2.3B $2.3B
Current assets $14.2B $8.9B $8.3B $9.3B $23.9B $20.9B $19.1B $19.0B $18.4B $24.5B
Current liabilities $9.0B $11.5B $10.3B $12.5B $21.7B $23.5B $24.7B $20.9B $20.2B $24.5B
Inventory $1.1B $1.6B $1.1B $964M $2.5B $2.6B $1.9B $1.7B $1.6B $2.4B
Property and equipment, net $20.9B $22.2B $23.4B $22.0B $41.2B $39.8B $42.1B $40.4B $38.5B $38.3B
Total assets $65.9B $70.6B $72.5B $86.9B $200.2B $206.6B $211.3B $207.7B $208.0B $219.2B
Total liabilities $47.7B $48.0B $47.8B $58.1B $134.8B $137.5B $141.7B $143.0B $146.3B $160.0B
Shareholders' equity $18.2B $22.6B $24.7B $28.8B $65.3B $69.1B $69.7B $64.7B $61.7B $59.2B
Margins
Gross margin 71.1% 71.4% — — — — — — — —
Operating margin 10.8% 12.0% 12.3% 12.7% 9.7% 8.6% 8.2% 18.2% 22.1% 20.7%
EBITDA margin 27.5% 26.8% 27.2% 27.4% 30.4% 29.1% 25.4% 34.5% 38.0% 36.0%
Net margin 3.9% 11.2% 6.7% 7.7% 4.5% 3.8% 3.3% 10.6% 13.9% 12.5%
FCF margin −5.1% −3.5% −3.8% 1.0% −3.5% 2.0% 3.5% 11.2% 16.5% 20.4%
Returns
Return on capital 7.9% 14.4% 11.2% 9.5% 5.5% 4.5% 3.8% 7.6% 9.9% 9.8%
Return on capital employed 7.4% 8.4% 8.8% 8.4% 5.3% 3.8% 3.5% 7.6% 9.6% 9.6%
Return on equity 8.4% 22.2% 12.2% 13.0% 6.5% 4.5% 3.7% 12.4% 17.9% 18.2%
Return on assets 2.3% 6.7% 4.0% 4.4% 2.1% 1.5% 1.2% 4.0% 5.5% 5.2%
Growth
Revenue growth 15.5% 8.3% 6.7% 3.9% 52.0% 17.1% −0.7% −1.3% 3.6% 8.5%
Net income growth 99.2% 210.7% −36.3% 20.1% −11.7% −1.3% −14.4% 221.1% 36.3% −3.1%
EPS growth 106.1% 207.7% −35.4% 19.6% −34.1% −9.1% −14.5% 236.4% 39.4% 0.6%
FCF growth −378.7% — — — −652.9% — 76.7% 211.6% 53.6% 33.8%
Share count change 1.3% 4.7% −1.6% 0.6% 33.7% 8.7% 0.1% −4.4% −2.3% −3.6%
Financial health
Net debt / EBITDA 1.6x 1.0x 1.0x 2.1x 3.3x 3.2x 3.7x 2.8x 2.6x 2.8x
Debt / equity 1.2x 0.5x 0.5x 1.0x 1.2x 1.2x 1.1x 1.3x 1.4x 1.6x
Interest coverage 2.9x 4.4x 6.4x 7.9x 2.7x 2.2x 1.9x 4.0x 4.9x 4.7x
Current ratio 1.6x 0.8x 0.8x 0.7x 1.1x 0.9x 0.8x 0.9x 0.9x 1.0x
Quick ratio 1.5x 0.6x 0.7x 0.7x 1.0x 0.8x 0.7x 0.8x 0.8x 0.9x
Capital allocation
Capex / revenue 12.5% 12.9% 12.8% 14.2% 16.1% 15.4% 17.6% 12.5% 10.9% 11.3%
Stock comp / revenue 0.6% 0.8% 1.0% 1.1% 1.0% 0.7% 0.8% 0.9% 0.8% 0.9%
Payouts / FCF — — — 0.0% — 0.0% 106.7% 157.8% 108.0% 78.3%
Quality scores
Piotroski F-score 7.0 6.0 5.0 5.0 5.0 4.0 4.0 6.0 7.0 6.0
Altman Z'' 0.3 −0.0 0.3 0.4 0.7 0.6 0.5 1.0 1.2 1.3
Accruals ratio −2.1% 1.0% −1.4% −4.2% −3.9% −5.4% −6.8% −4.9% −5.3% −7.9%

Source: SEC EDGAR XBRL filings (CIK 0001283699). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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