Common-Size Income Statement
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- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2013
- Price to Operating Profit (P/OP) since 2013
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Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The financial performance, as indicated by common-size income statement metrics, reveals several noteworthy trends between March 2021 and December 2025. Revenue composition shifted over the period, while profitability experienced fluctuations. Cost structures also demonstrated changes, impacting overall operating and net income.
- Revenue Composition
- Postpaid revenues consistently represented the largest portion of total revenues, increasing from 52.14% in March 2021 to 67.78% in September 2025, before decreasing to 63.20% in December 2025. Prepaid revenues remained relatively stable, fluctuating between approximately 11.90% and 13.47% before declining to 10.63% in December 2025. Wholesale and other service revenues exhibited a consistent downward trend, decreasing from 7.78% to 3.03% over the observed period. Consequently, equipment revenues decreased from 27.06% to 22.04% before increasing to 28.63% in December 2025. Other revenues remained a small, relatively stable percentage of total revenues.
- Cost of Revenues and Gross Profit
- The cost of revenues, as a percentage of revenues, generally decreased from 43.15% in March 2021 to 40.17% in December 2022, then increased to 42.21% in December 2025. This movement corresponded with fluctuations in gross profit, which rose from 56.85% in March 2021 to a peak of 63.51% in June 2023, before decreasing to 57.79% in December 2025. The largest decrease in gross profit occurred between December 2021 and March 2022.
- Operating Expenses
- Selling, general, and administrative expenses remained relatively consistent, fluctuating between approximately 24.18% and 27.71% of revenues. Depreciation and amortization decreased steadily from 21.71% to 14.40% over the period. Impairment expense and gains/losses on disposal groups were infrequent and had a minimal impact on overall results. Other expense, net, remained relatively stable, fluctuating between 3.42% and 4.86%.
- Operating and Net Income
- Operating income demonstrated significant variability, increasing from 10.83% in March 2021 to a peak of 24.67% in June 2025, before decreasing to 15.35% in December 2025. Interest expense, net, remained relatively stable, fluctuating between 3.85% and 4.49%. Income from continuing operations before income taxes followed a similar trend to operating income, peaking at 20.25% in June 2025 and decreasing to 10.83% in December 2025. The effective tax rate fluctuated, resulting in net income ranging from 4.72% to 15.25% of revenues. Net income peaked in June 2025 at 15.25% before decreasing to 8.64% in December 2025.
In summary, the period witnessed a shift in revenue mix towards postpaid services, coupled with fluctuating profitability influenced by cost of revenues and operating expenses. While operating income showed an overall upward trend until mid-2025, it experienced a decline in the latter part of the observed period, impacting net income.