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T-Mobile US, Inc.

TMUS Communication Services Telecom Services

T-Mobile US, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $88.3 billion, up 8.49% from fiscal 2024.

Revenue
+7.41%
EPS
+33.4%
Free cash flow
+136.4%
Total debt
−0.89%

Quarter to September 2026, against a year earlier

160.11 0.94 +0.59%
Market cap
$170.1B
P/E
15.4×
Fwd P/E
14.0×
Dividend yield
2.55%
F-score
6/9
Altman Z
1.67
Beneish M
−2.75
Dividend safety
68/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Wireless

Every year since 2017 →

Insider Decisions last twelve months

Bought, $m 1.00
Sold, $m 153.42
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 1 — — — — — —
Sell 1 — 6 2 — 2 — — — 1 — 1
Insider Ownership 56.06%

Capital & Financial Ratios $m

Size
Market Cap 170,110.00
Revenue ttm 93,816.00
Net income ttm 11,301.00
Free cash flow ttm 20,870.00
Net debt Q 76,258.00
Valuation
P/E 15.41
Forward P/E 14.00
Price / sales 1.83
Forward P/S Powerpack
Price / FCF 8.21
Price / book 3.04
Financial health
Current ratio Q 0.91 (below 1: weak)
Debt / equity Q 1.45
Interest coverage Q 5.49
Growth
Revenue growth Q +7.41% (above 0%: growing)
Operating income growth Q +24.97% (above 0%: growing)
EPS, this year +15.00% (at or above 15%: strong)
EPS, next year A +26.31% (at or above 15%: strong)
Revenue, next year A +7.18%
EPS, past 5 yrs +29.68% (at or above 15%: strong)
EPS, next 5 yrs A +20.97% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.6×, against a ten-year median of 2.9×; over the ten years it ranged from 1.6× in 2016 to 4.8× in 2025.
P/E against its own 10 years 9.86%
10-year low 10-year high
P/S against its own 10 years 42.57%
10-year low 10-year high
P/B against its own 10 years 76.20%
10-year low 10-year high
EV/Sales against its own 10 years 43.16%
10-year low 10-year high
EV/FCF against its own 10 years 1.96%
10-year low 10-year high

Dividends raised every year since 2023

Yield
2.55%
Annual rate
4.08
Payout ratio
39.4%
Growth, 2023–25
+137.3%/yr
  1. 0.65 ’23
  2. 2.83 ’24 +335
  3. 3.66 ’25 +29
  4. 4.17 ’26e +14
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 5,135 5,409 5,598 5,620
Receivables 9,148 8,655 9,871 9,542
Inventory 1,678 1,607 2,405 3,085
Other 2,352 1,853 5,372 2,686
19,015 18,404 24,461 21,842
2023 2024 2025 Q'26
Payables 10,373 8,463 10,280 8,624
ST’ Debt — — — —
Other 1,296 1,965 2,575 2,815
20,928 20,174 24,500 23,991

Compound Annual Growth %

10y 5y 3y
Sales 10.52% 5.24% 3.53%
Cash Flow 17.84% 26.47% 18.54%
Earnings 32.12% 29.11% 61.90%
Book Value 13.59% (1.95%) (5.28%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.86 Actual 3.22

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.03 2.14 Beat by 0.11
Q1 FY26 2.06 2.70 Beat by 0.64
Q2 FY26 2.49 3.13 Beat by 0.64
Q3 FY26 2.86 3.22 Beat by 0.36
Q4 FY26 2.64 — Reports 10 February 2027

EPS $

Mar Jun Sep Dec Year
’26 2.27 2.99 3.22 — —
’25 2.58 2.84 2.41 1.88 9.72
’24 2.00 2.49 2.61 2.57 9.66
’23 1.58 1.86 1.82 1.67 6.93
’22 0.57 (0.09) 0.40 1.18 2.06
’21 0.74 0.78 0.55 0.34 2.41
’20 1.10 0.09 1.00 0.60 2.65
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 23,107 22,791 23,584 — —
’25 20,886 21,132 21,957 24,334 88,309
’24 19,594 19,772 20,162 21,872 81,400
’23 19,632 19,196 19,252 20,478 78,558
’22 20,120 19,701 19,477 20,273 79,571
’21 19,759 19,950 19,624 20,785 80,118
’20 11,113 17,671 19,272 20,341 68,397
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 7,222 7,500 7,341 — —
’25 6,847 6,992 7,457 6,654 27,950
’24 5,084 5,521 6,139 5,549 22,293
’23 4,051 4,355 5,294 4,859 18,559
’22 3,845 4,209 4,391 4,336 16,781
’21 3,661 3,779 3,477 3,000 13,917
’20 1,617 777 2,772 3,474 8,640
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 4,668 4,329 7,674 — —
’25 4,330 5,820 3,246 4,199 17,595
’24 2,396 3,348 1,774 2,563 10,081
’23 977 1,533 2,751 2,640 7,901
’22 (2,379) 521 397 941 (520)
’21 (8,444) 501 126 42 (7,775)
’20 (235) (2,225) (428) (839) (3,727)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing −0.5% a year for ten years.

Implied
−0.5%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 37,490 40,604 43,310 44,998 68,397 80,118 79,571 78,558 81,400 88,309 93,816 +10.0% 94,653 98,831 102,934 +5.2%
Gross margin, % 55.85 56.39 57.62 58.84 58.67 54.31 54.50 61.57 63.57 62.89 62.07 +7.0 pt
EBT 2,327 3,161 3,917 4,603 3,530 3,351 3,146 10,999 14,712 14,281 14,837 +22.3%
EBT margin, % 6.21 7.78 9.04 10.23 5.16 4.18 3.95 14.00 18.07 16.17 15.81 +10.0 pt
Net income 1,460 4,536 2,888 3,468 3,064 3,024 2,590 8,317 11,339 10,992 11,301 +25.1%
Per share, $
Per share, $ Revenue 45.58 48.81 50.97 52.68 59.78 64.24 63.67 66.29 69.62 78.29 87.63 +6.2%
Earnings 1.71 5.39 3.36 4.02 2.68 2.42 2.07 7.02 9.70 9.75 10.39 +21.3%
Cash flow 3.38 4.61 4.59 7.99 7.55 11.16 13.43 15.66 19.07 24.78 26.82 +24.8%
Capex (10.54) (13.30) (6.67) (8.61) (10.81) (17.39) (13.84) (8.99) (10.44) (9.18) (7.33) (1.5%)
Free cash flow (7.16) (8.70) (2.08) (0.63) (3.26) (6.23) (0.42) 6.67 8.62 15.60 19.49 n/m
Book value 22.17 27.12 29.09 33.71 57.11 55.41 55.74 54.61 52.81 52.49 52.59 +10.0%
Shares, m 822 832 850 854 1,144 1,247 1,250 1,185 1,169 1,128 1,095 +3.6%
Valuation, ×
Valuation, × P/E 33.91 11.90 18.76 19.32 47.99 47.93 67.17 23.06 22.76 20.85 15.41 31.4
P/S 1.28 1.31 1.25 1.49 2.26 1.81 2.18 2.44 3.17 2.59 1.83 2.0
P/B 2.63 2.36 2.19 2.33 2.36 2.09 2.49 2.97 4.18 3.87 3.04 2.7
EV/Sales 1.93 2.00 1.90 2.09 3.14 2.63 3.03 3.35 4.07 3.50 2.64 2.8
EV/FCF (12.31) (11.25) (46.42) (175.99) (57.67) (27.12) (464.15) 33.31 32.90 17.57 11.87 (71.1)
Cash, $m
Cash, $m Operating cash flow 2,779 3,831 3,899 6,824 8,640 13,917 16,781 18,559 22,293 27,950 28,717 +29.2%
Capex (8,670) (11,065) (5,668) (7,358) (12,367) (21,692) (17,301) (10,658) (12,212) (10,355) (7,847) +2.0%
Free cash flow (5,891) (7,234) (1,769) (534) (3,727) (7,775) (520) 7,901 10,081 17,595 20,870 n/m
Balance, $m
Balance, $m Working capital 5,195 (2,600) (1,986) (3,201) 2,182 (2,608) (5,675) (1,913) (1,770) (39) (2,149) n/m
Net debt 24,553 28,078 28,060 26,998 60,633 66,200 67,593 71,277 73,603 80,188 76,258 +14.1%
Shareholders’ equity 18,236 22,559 24,718 28,789 65,344 69,102 69,656 64,715 61,741 59,203 56,307 +14.0%
Returns, %
Returns, % ROA 2.19 6.57 4.04 4.35 2.13 1.49 1.24 3.97 5.46 5.15 5.25 +3.0 pt
ROIC 5.92 6.03 6.29 6.41 3.29 3.18 2.98 6.56 8.32 8.20 9.14 +2.3 pt
ROE 8.08 21.97 12.22 12.96 6.51 4.50 3.73 12.38 17.93 18.18 19.35 +10.1 pt
People
People Employees 50,000 51,000 52,000 53,000 75,000 75,000 71,000 67,000 70,000 75,000 — +4.6%
Revenue/emp, $m 0.75 0.80 0.83 0.85 0.91 1.07 1.12 1.17 1.16 1.18 — +5.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

T-Mobile US sells wireless phone and internet services to consumers, businesses and wholesale partners. Founded in 2001, it has headquarters in Bellevue, Washington, and Overland Park, Kansas. Srinivasan Gopalan is its chief executive officer.

The company operates a nationwide wireless network using licensed radio spectrum. Customers connect through phones and other devices, while households and businesses can also use its network for fixed wireless broadband: an internet connection delivered over the mobile network to a gateway at a home or business. T-Mobile also offers fiber internet in some areas.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Wireless 88,309 100.00%
Gross margin 62.89%
Operating margin 20.70%
Pre-tax margin 16.17%

Revenue by segment since 2017

T-Mobile US, Inc. vs peers in Telecom Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
VZ Verizon Communications Inc. $191.2B 11.8× 9.9× +1.45% (above 0%: growing) +6.84% (above 0%: growing) −33.26% (below 0%: shrinking) 61.86% 25.21% Compare
TMUS T-Mobile US, Inc. $170.1B 15.4× 14.0× +7.41% (above 0%: growing) +33.35% (above 0%: growing) +136.41% (above 0%: growing) 64.17% 24.00%
T AT&T Inc. $147.0B 11.8× 10.7× +5.25% (above 0%: growing) −90.70% (below 0%: shrinking) +3.67% (above 0%: growing) 61.51% 12.67% Compare
CMCSA Comcast Corporation $88.6B 7.9× 7.9× −6.09% (below 0%: shrinking) +7.78% (above 0%: growing) −14.82% (below 0%: shrinking) 38.02% 18.16% Compare
AMX America Movil, S.A.B. de C.V. Unsponsored ADR $76.9B 14.4× 13.7× +15.58% (above 0%: growing) +23.68% (above 0%: growing) −25.28% (below 0%: shrinking) 63.33% 21.49% Compare
CHT Chunghwa Telecom Co., Ltd. $37.9B 29.6× — +5.50% (above 0%: growing) +2.33% (above 0%: growing) +39.64% (above 0%: growing) 37.54% 21.61% Compare
VOD Vodafone Group PLC $37.0B 32.5× 13.4× −11.38% (below 0%: shrinking) −130.12% (below 0%: shrinking) −16.70% (below 0%: shrinking) 30.36% 0.00% Compare
ORANY Orange $29.8B 7.1× — −5.73% (below 0%: shrinking) +128.97% (above 0%: growing) +104.16% (above 0%: growing) 16.49% 0.00% Compare
ECHO EchoStar Corporation $26.2B 2.7× 3.9× −68.80% (below 0%: shrinking) n/m +133.30% (above 0%: growing) 42.28% 13.10% Compare
Median of peers $57.4B 11.8× 10.3× −2.14% +6.84% −5.57% 40.15% 15.63%

All 55 Telecom Services stocks →

From the latest earnings call

Updated

  • CEO Srinivasan Gopalan said postpaid average revenue per account grew over 4% year over year as T-Mobile added 274,000 net postpaid accounts in Q3.
  • CFO Peter Osvaldik said T-Mobile raised its full-year expectations for postpaid revenue per account, core adjusted EBITDA and adjusted free cash flow.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Scotiabank Oct 19, 2026 Target cut Outperform 217.00 → 212.00
Raymond James Oct 19, 2026 Upgrade Outperform 170.00
Bernstein Oct 19, 2026 Target cut Hold 220.00 → 180.00
Barclays Oct 14, 2026 Target cut — —
Wolfe Research Oct 14, 2026 Downgrade Hold —

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 43.31%
Held by the ten largest 20.93%
Holder Shares Stake Change
Vanguard 44.67m 4.16% +127.52k
BlackRock 39.50m 3.68% +383.78k
Invesco 31.88m 2.97% +645.99k
T. Rowe Price 25.48m 2.37% −3.01m
State Street 25.02m 2.33% +1.30m
Morgan Stanley 14.52m 1.35% +135.11k
Geode Capital Management 12.76m 1.19% +326.57k
Goldman Sachs 11.83m 1.10% +5.55m
SOFTBANK GROUP CORP. 10.00m 0.93% 0.00
Franklin Templeton 9.34m 0.87% −877.36k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 27 April 2026

Ownership

Directors and executive officers, together less than 1%
Deutsche Telekom AG6 Friedrich-Ebert-Alle 54.50%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

T-Mobile US, Inc. (TMUS) Latest News

5 Nov

Impact 3 · · Investing.com

3 Nov

Impact 3 · · Bloomberg

2 Nov

Impact 3 · · Zacks

30 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Trefis

29 Oct

Impact 4 · · The Motley Fool
Impact 4 · · The Motley Fool earnings
Impact 4 · · customerexperiencedive.com
Impact 4 · · InvestorsHub
Impact 4 · · Proactive Investors earnings
Impact 4 · · Zacks
Impact 4 · · 24/7 Wall St.
Impact 4 · · Zacks earnings
Impact 4 · · The Motley Fool transcript
Impact 3 · · Simply Wall St.
Impact 3 · · ACCESS Newswire
Impact 3 · · Business Wire
Impact 3 · · Moby
Impact 3 · · Trefis
Impact 3 · · Investing.com

28 Oct

Impact 4 · · MarketBeat
Impact 4 · · Bloomberg
Impact 4 · · Business Wire earnings
Impact 4 · · TheStreet
Impact 3 · · Stocktwits
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Associated Press
Impact 3 · · 24/7 Wall St.

TMUS metrics, ten years each

stockrow.com/TMUS · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com