T-Mobile US, Inc.TMUS
T-Mobile US, Inc. Financial Overview 2021–2025
Updated Jul 10, 2026Following years of post-merger integration costs, T-Mobile's network investments triggered a profitability pivot, culminating in a 221% net income surge in FY2023 that reset its underlying margin profile. The telecom provider has effectively transitioned from a disruptive challenger to a scaled market leader, leveraging strategic acquisitions to drive high-margin postpaid growth and consistent capital returns.
Total revenues grew from $80.1 billion in FY2021 to $88.3 billion in FY2025, fueled by steady subscriber additions and targeted asset purchases like the UScellular wireless business. By Q1 2026, the core postpaid segment accelerated further, with revenues surging 15% year-over-year to $15.6 billion. This growth was underpinned by a $151.93 Average Revenue Per Account, representing a 4% increase from the prior year. This top-line momentum consistently translates into operational efficiency, generating $33.94 billion in Adjusted EBITDA for FY2025.
To distribute this expanding cash flow, the board authorized an $18.2 billion shareholder return program for FY2026. As execution validated this growth and consolidation strategy, the market rewarded the equity. At the close of FY2025, the stock traded at $203.04 with a 20.9x price-to-earnings multiple, valuing the company at a $224.8 billion market capitalization.
Recent Developments (Q4 2025 and Q1 2026)
In Q1 2026, T-Mobile generated $23.1 billion in total revenue, reflecting an 11% increase year-over-year. Core Adjusted EBITDA concurrently climbed 12% to $9.2 billion. Management subsequently raised financial guidance for the full fiscal year 2026. The company also optimized its capital structure, issuing $2.0 billion and €2.5 billion in senior notes during the quarter while streamlining its guarantor group.
Bears caution that the 16% increase in operating expenses—driven by merger-related costs and network restructuring—presents near-term margin pressure, culminating in a 15% decline in net income to $2.5 billion. Conversely, bulls emphasize the expanding underlying profitability, noting the stock traded at 19.2x earnings as of April 28, 2026.
What to watch: stabilization of operating expenses post-acquisition; expansion of the fiber footprint through joint ventures with Wren House and Oak Hill.
Rev
$88.31B
FY2025
NI
$10.99B
FY2025
EPS$TMUS
$9.75
FY2025
OCF
$27.95B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All TMUS Financial Metrics(63)
Income Statement
Balance Sheet
- Cash & ST Investments
- Total Assets
- Current Assets
- Cash
- Short-Term Investments
- Receivables
- Inventory
- Prepaid & Other
- PP&E
- Goodwill
- Intangibles
- Other Non-current
- Total Liabilities
- Current Liabilities
- Accrued Liabilities
- Short-Term Debt
- Deferred Revenue
- Long-Term Debt
- Other Non-current Liab.
- Equity
- Retained Earnings
- Accumulated OCI
- APIC
- Treasury Stock
- Total L&E
- Shares Outstanding
Cash Flow
Recent SEC Filings
T-Mobile US, Inc. 8-K Report, Executive Changes (Jul 7, 2026)
T-Mobile US, Inc. has announced significant changes to its executive leadership team, aimed at bolstering its enterprise and broadband businesses, and enhancing its marketing and product development functions. The most notable appointment is Chris Sambar as the new Chief Enterprise Officer, effective by mid-October 2026. This strategic move signals a dedicated focus on expanding and optimizing T-Mobile's offerings to enterprise and government clients, a key growth area for the company. Mr. Sambar will report directly to the CEO, underscoring the importance of this division. These leadership adjustments also include a reshuffling of responsibilities for existing executives. André Almeida will shift his focus to marketing, brand, and broadband, while retaining some enterprise duties during the transition. Dr. John Saw's role as CTO will be expanded to encompass product engineering and cybersecurity. Concurrently, Michael J. Katz, after a long tenure, will depart his Chief Business and Product Officer role but will remain as a strategic advisor through year-end. These changes suggest a proactive approach to refining T-Mobile's operational structure and strategic direction.
T-Mobile US, Inc. 8-K Report, Shareholder Vote Results (Jun 18, 2026)
This 8-K filing reports on the outcomes of T-Mobile US, Inc.'s Annual Meeting of Stockholders held on June 16, 2026. All three proposals presented to shareholders passed with significant support. Key among these is the election of all 13 director nominees to the Board, indicating strong shareholder confidence in the current leadership. Additionally, the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026, was ratified with overwhelming approval. Shareholders also conducted an advisory vote to approve the compensation of the Company's named executive officers for 2025, which also passed. While the advisory vote on executive compensation received less overwhelming support compared to the director elections and auditor ratification, it still demonstrated majority approval. Overall, the meeting results suggest a stable and supportive shareholder base for T-Mobile's current governance and operational direction.
T-Mobile US, Inc. 8-K Report, Financial Results (Apr 28, 2026)
T-Mobile US, Inc. (TMUS) has filed an 8-K report on April 28, 2026, to announce its financial and operating results for the quarter ended March 31, 2026. The press release, incorporated by reference, highlights the company's continued durable growth in postpaid accounts and Average Revenue Per Account (ARPA). This strong operational performance is translating into best-in-class financial growth, prompting T-Mobile to raise its full-year guidance. Investors should pay close attention to the details within the press release and the accompanying Investor Factbook, as these documents provide the core financial and operational metrics. The company's ability to consistently grow its subscriber base and revenue per user, coupled with an optimistic outlook for the remainder of the year, suggests a positive trajectory for the business.
T-Mobile US, Inc. 8-K Report, Corporate Update (Apr 23, 2026)
T-Mobile US, Inc. announced on April 23, 2026, that its Board of Directors has authorized an increase to its 2026 Shareholder Return Program. This enhancement raises the total shareholder returns from up to $14.6 billion to a new aggregate of up to $18.2 billion, adding $3.6 billion to the program which concludes on December 31, 2026. This expanded program includes both share repurchases and cash dividends. Investors should note that the utilization of these funds is contingent upon market conditions, company performance, and other factors, and the actual amounts distributed may vary. The company intends to fund these returns through available cash and potential debt issuances, reflecting a strategic approach to capital allocation. The announcement provides flexibility for T-Mobile to adjust its capital return strategy based on evolving market dynamics.
T-Mobile US, Inc. 8-K Report, Corporate Update (Mar 31, 2026)
T-Mobile US, Inc. (TMUS) has announced a significant structural change related to its debt agreements through its subsidiary, T-Mobile USA, Inc. (TMUSA). Following prior repayments of legacy debt, TMUSA has elected to release certain subsidiaries from their guarantees under its $10 billion revolving credit agreement and related senior note indentures. This action effectively streamlines the guarantor group, consolidating it to the core entities of TMUSA as issuer/borrower, with TMUS, Sprint LLC, Sprint Capital Corporation, and Sprint Communications LLC remaining as guarantors.
View all 8-K filings →