T-Mobile US
TMUS · NasdaqRadiotelephone Communications · Fiscal year ends Dec 31
T-Mobile US reported revenue of $88.3B in the fiscal year ended Dec 2025, up 8.5% from the year before. Operating income was $18.3B, an operating margin of 20.7%, and net income was $11B. Operating cash flow of $28B less capital expenditure of $10B left free cash flow of $18B. Net debt was $80.7B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $80.1B | $79.6B | $78.6B | $81.4B | $88.3B |
| Selling, general & admin | $20.2B | $21.6B | $21.3B | $20.8B | $23.5B |
| Operating income | $6.9B | $6.5B | $14.3B | $18B | $18.3B |
| Interest expense | $3.2B | – | – | – | – |
| Pre-tax income | $3.4B | $3.1B | $11B | $14.7B | $14.3B |
| Income tax | $327M | $556M | $2.7B | $3.4B | $3.3B |
| Net income | $3B | $2.6B | $8.3B | $11.3B | $11B |
| Diluted EPS | 2.41 | 2.06 | 6.93 | 9.66 | 9.72 |
| Diluted shares | 1,255M | 1,255M | 1,200M | 1,173M | 1,131M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $6.6B | $4.5B | $5.1B | $5.4B | $5.6B |
| Receivables | $4.2B | $4.4B | $4.7B | $4.3B | $4.9B |
| Inventory | $2.6B | $1.9B | $1.7B | $1.6B | $2.4B |
| Current assets | $20.9B | $19.1B | $19B | $18.4B | $24.5B |
| Net PP&E | $39.8B | $42.1B | $40.4B | $38.5B | $38.3B |
| Goodwill | $12.2B | $12.2B | $12.2B | $13B | $13.7B |
| Total assets | $207B | $211B | $208B | $208B | $219B |
| Deferred revenue | $856M | $780M | $825M | $1.2B | $1.5B |
| Current liabilities | $23.5B | $24.7B | $20.9B | $20.2B | $24.5B |
| Short-term debt | $3.4B | $5.2B | $3.6B | $4.1B | $5.1B |
| Long-term debt | $67.1B | $66.8B | $71.4B | $74.2B | $81.1B |
| Shareholders' equity | $69.1B | $69.7B | $64.7B | $61.7B | $59.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $13.9B | $16.8B | $18.6B | $22.3B | $28B |
| Capital expenditure | $12.3B | $14B | $9.8B | $8.8B | $10B |
| Free cash flow | $1.6B | $2.8B | $8.8B | $13.5B | $18B |
| Depreciation & amortisation | $16.4B | $13.7B | $12.8B | $12.9B | $13.5B |
| Stock-based compensation | $540M | $595M | $667M | $649M | $829M |
| Acquisitions | $1.9B | $52M | $0 | $373M | $3.5B |
| Share buybacks | $0 | $3B | $13.1B | $11.2B | $10B |
| Dividends paid | $0 | $0 | $747M | $3.3B | $4.1B |
| Dividend per share | – | – | 0.65 | 3.71 | 3.80 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −0.7% | −1.3% | 3.6% | 8.5% |
| Operating income growth (YoY) | – | −5.1% | 118.0% | 26.2% | 1.5% |
| EPS growth (YoY) | – | −14.5% | 236.4% | 39.4% | 0.6% |
| Operating margin | 8.6% | 8.2% | 18.2% | 22.1% | 20.7% |
| Net margin | 3.8% | 3.3% | 10.6% | 13.9% | 12.4% |
| Return on equityBlank when equity is negative | 4.4% | 3.7% | 12.9% | 18.4% | 18.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.8% | 3.5% | 7.6% | 9.6% | 9.4% |
| Free cash flow margin | 2.0% | 3.5% | 11.1% | 16.5% | 20.4% |
| Cash conversion (CFO ÷ net income) | 4.60x | 6.48x | 2.23x | 1.97x | 2.54x |
| Receivable days | 19 | 20 | 22 | 19 | 20 |
| Interest cover | 2.16x | – | – | – | – |
| Debt ÷ equity | 1.02x | 1.03x | 1.16x | 1.27x | 1.46x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $63.8B | $67.5B | $69.9B | $72.9B | $80.7B |
| Current ratio | 0.89x | 0.77x | 0.91x | 0.91x | 1.00x |
Recent filings
More in Radiotelephone Communications
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.