Stock Analysis on Net
Stock Analysis on Net

T-Mobile US Inc. (NASDAQ:TMUS)

Common-Size Balance Sheet: Assets 

T-Mobile US Inc., common-size consolidated balance sheet: assets

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Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Cash and cash equivalents 2.55 2.60 2.47 2.13 3.21
Accounts receivable, net of allowance for credit losses 2.22 2.06 2.26 2.10 2.03
Equipment installment plan receivables, net of allowance for credit losses and imputed discount 2.28 2.10 2.15 2.42 2.30
Inventory 1.10 0.77 0.81 0.89 1.24
Prepaid expenses 0.55 0.42 0.34 0.32 0.36
Other current assets 2.45 0.89 1.13 1.15 0.97
Current assets 11.16% 8.85% 9.16% 9.02% 10.11%
Property and equipment, net 17.48 18.52 19.47 19.91 19.27
Financing lease right-of-use assets 1.26 1.49 1.57 1.54 1.61
Property and equipment, net, including financing lease right-of-use assets 18.74% 20.01% 21.04% 21.46% 20.88%
Operating lease right-of-use assets 11.72 12.21 13.07 13.59 13.05
Goodwill 6.24 6.25 5.89 5.79 5.90
Spectrum licenses 44.72 48.34 46.56 45.33 44.83
Other intangible assets, net 1.75 1.21 1.26 1.66 2.29
Intangible assets, net 46.47% 49.54% 47.83% 46.99% 47.12%
Equipment installment plan receivables due after one year, net of allowance for credit losses and imputed discount 1.22 1.06 0.98 1.20 1.37
Other assets 4.45 2.08 2.04 1.95 1.56
Long-term assets 88.84% 91.15% 90.84% 90.98% 89.89%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

The composition of assets at this company exhibits several notable trends between 2021 and 2025. A significant portion of the asset base consistently resides in long-term assets, averaging approximately 90.3% over the period. Within this long-term category, spectrum licenses represent the largest component, consistently accounting for between 44.7% and 48.3% of total assets. Intangible assets, including goodwill and other intangible assets, also constitute a substantial portion, averaging around 47.4% of total assets throughout the five-year period.

Liquidity and Current Assets
Current assets, as a percentage of total assets, demonstrate some volatility, decreasing from 10.11% in 2021 to a low of 8.85% in 2024 before increasing to 11.16% in 2025. Within current assets, cash and cash equivalents experienced a decline from 3.21% to 2.13% between 2021 and 2022, followed by a slight recovery to 2.60% in 2024, and a slight decrease to 2.55% in 2025. Accounts receivable remained relatively stable, fluctuating between 2.03% and 2.26% of total assets. Inventory decreased consistently from 1.24% in 2021 to 0.77% in 2024, before increasing to 1.10% in 2025. A notable increase is observed in ‘Other current assets’, rising from 0.97% to 2.45% of total assets between 2021 and 2025.
Property, Plant, and Equipment
Property and equipment, net, decreased as a percentage of total assets from 19.27% in 2021 to 17.48% in 2025. This decline is consistent when including financing lease right-of-use assets, decreasing from 20.88% to 18.74% over the same period. Operating lease right-of-use assets also show a decreasing trend, falling from 13.05% in 2021 to 11.72% in 2025.
Receivables
Equipment installment plan receivables, both current and long-term, show a slight decrease overall. The current portion decreased from 2.30% to 2.10% between 2021 and 2024, then increased to 2.28% in 2025. The long-term portion decreased from 1.37% in 2021 to 0.98% in 2023, then increased to 1.22% in 2025.
Intangible Assets and Goodwill
Goodwill remained relatively stable, fluctuating between 5.79% and 6.25% of total assets. Other intangible assets, net, experienced a decrease from 2.29% in 2021 to 1.21% in 2024, before increasing to 1.75% in 2025. The combined impact of these trends results in a slight increase in intangible assets as a percentage of total assets from 46.99% in 2022 to 49.54% in 2024, followed by a decrease to 46.47% in 2025.
Other Assets
‘Other assets’ experienced a significant increase from 1.56% in 2021 to 4.45% in 2025, contributing to the overall shift in asset composition.

In summary, the asset base is heavily weighted towards long-term assets, particularly spectrum licenses and intangible assets. While current assets represent a smaller proportion, fluctuations within this category, especially the increase in ‘Other current assets’ in 2025, warrant further investigation. The gradual decline in property and equipment suggests potential shifts in capital expenditure strategies or asset depreciation patterns.

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