Common-Size Income Statement
Quarterly Data
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T-Mobile US Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2013
- Price to Book Value (P/BV) since 2013
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T-Mobile US Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 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).
A significant shift in the revenue composition is observed over the analyzed period, characterized by a strategic transition toward higher-margin service revenues. Service revenues as a percentage of total revenues increased from 71.83% in March 2021 to 81.49% by March 2026. This growth was primarily driven by a substantial expansion in postpaid revenues, which rose from 52.14% to 67.64%. Conversely, equipment revenues experienced a steady decline, falling from 27.06% to 17.29%, and wholesale and other service revenues contracted sharply from 7.78% to 2.96%.
- Revenue Dynamics and Seasonality
- A recurring seasonal pattern is evident in the fourth quarter of each year. December values typically show a spike in equipment revenues and a corresponding dip in the percentage of service revenues. This suggests a concentration of device sales during the year-end holiday period, which temporarily alters the common-size distribution of income.
- Cost Structure and Gross Margin Expansion
- Gross profit margins demonstrate a general upward trajectory, improving from 56.85% in March 2021 to 61.80% in March 2026. This expansion is supported by a reduction in the cost of revenues as a percentage of total revenue, which decreased from 43.15% to 38.20%. While cost of services remained relatively stable, showing a gradual improvement, the cost of equipment sales exhibited volatility aligned with the seasonal spikes in device revenue.
- Operational Efficiency and Operating Income
- Operating income margins have expanded considerably, moving from 10.83% in early 2021 to 19.46% by March 2026. This improvement is attributed to the combined effect of higher gross margins and a reduction in depreciation and amortization as a percentage of revenue, which fell from 21.71% to 16.52%. Selling, general, and administrative expenses remained relatively constant, fluctuating between 24% and 29% of revenues, thereby allowing a greater portion of gross profit to flow to operating income.
- Net Profitability and Bottom-Line Trends
- Net income as a percentage of revenue has more than doubled over the period, rising from 4.72% in March 2021 to 10.84% in March 2026. Despite consistent interest expenses averaging approximately 4% of revenue, the increase in operating efficiency and the scaling of the service-based revenue model have led to a marked improvement in overall net profit margins. Periodic volatility is noted in the income tax expense, which has fluctuated between a benefit and an expense relative to total revenues.