What it does
The company states that it provides wireless communications and broadband services, alongside wireless devices and accessories. Its service plans cover unlimited and basic wireless offerings, while qualified customers can generally finance devices through equipment installment plans. The filing also describes complementary 5G fixed-wireless broadband and fiber offerings, plus device protection, financial services and advertising. It sells under the T-Mobile, Metro by T-Mobile and Mint Mobile brands, through company stores, websites and apps, customer-care channels, national retailers, dealers and other third-party distributors.
Source: T-Mobile US, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
The filing states that T-Mobile generates revenue from affordable wireless communications and broadband services, devices and accessories, and wholesale wireless services provided through partners. Wireless was its only reported segment, with FY2025 revenue of $88.3 billion; the segment table below provides the related detail. Postpaid phone revenues were $49.4 billion, or 56.0% of revenue, and equipment revenues were $16.0 billion, or 18.1%. The company says that attracting and retaining postpaid and prepaid customers matters for service, equipment and other revenues.
| Product or service | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Postpaid phone revenues | $49.4 billion | 56.0% | 8.04% |
| Equipment revenues | $16.0 billion | 18.1% | 12.0% |
| Prepaid revenues | $10.5 billion | 11.9% | 0.94% |
| Postpaid other revenues | $8.5 billion | 9.61% | 29.1% |
| Wholesale and other service revenues | $2.9 billion | 3.26% | −16.3% |
| Other revenues | $1.0 billion | 1.17% | 7.51% |
Source: T-Mobile US, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Customers and geography
As of December 31, 2025, the company states that it served 142.4 million postpaid and prepaid customers. Postpaid customers generally pay after receiving service and include consumers and business customers served under T-Mobile for Business; prepaid customers generally pay in advance. The company also gives M2M and MVNO customers network access through wholesale partners. The filing says 81% of 2025 service revenue came from postpaid customers, 15% from prepaid customers and 4% from wholesale and other services. Substantially all revenue in 2025, 2024 and 2023 was earned in the United States, including Puerto Rico and the U.S. Virgin Islands.
| Segment | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Wireless | $88.3 billion | 100.0% | 8.49% |
Source: T-Mobile US, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The company states that the telecommunications industry remains competitive and identifies AT&T and Verizon as wireless competitors. It also names Charter Communications, Comcast, EchoStar, Cox Communications and Altice USA among smaller and regional providers. The filing says broadband competes with cable, DSL, fiber, other fixed-wireless offerings—including AT&T and Verizon products—and satellite internet providers. It lists competitive factors including promotions, pricing, market saturation, service and product offerings, customer experience, network investment and quality, technology deployment, and regulatory changes. The filing adds that some competitors have used discounted pricing or bundled services.
Source: T-Mobile US, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Key risks
The filing highlights the following risks:
- It operates in a highly competitive industry.
- It faces persistent cyberattacks and threats seeking unauthorized access to Confidential Information or compromise of Systems.
- External and internal workforce factors may affect its ability to manage its workforce effectively.
- Hardware or software failures or outages of business systems or the communications network may occur.
- Supplier failures or delays may occur.
- Its substantial indebtedness could affect business flexibility, debt-service ability and borrowing costs.
Source: T-Mobile US, Inc. Form 10-K for fiscal 2025, Item 1A — sec.gov
People and operations
As of December 31, 2025, the company employed approximately 75,000 full-time and part-time employees across network, retail, administrative and customer-support functions. The filing states that substantially all employees are located throughout the United States, including Puerto Rico, to support nationwide network and retail operations. Headquarters are in Bellevue, Washington, and Overland Park, Kansas. The company describes benefits that include medical, dental and vision coverage, stock grants, a 401(k) plan, paid time off, family leave and tuition assistance. It also describes training through mentoring, structured learning programs, videos and books.
Source: T-Mobile US, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov