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T-Mobile US Inc. (NASDAQ:TMUS)

Common-Size Income Statement
Quarterly Data

T-Mobile US Inc., common-size consolidated income statement (quarterly data)

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3 months ended: Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Postpaid revenues 69.56 67.64 63.20 67.78 66.62 65.09 61.73 66.01 65.24 64.46 60.90 63.83 62.88 60.42 57.84 59.29 58.09 55.67 52.74 55.06 52.59 52.14
Prepaid revenues 10.85 10.89 10.63 11.96 12.51 12.65 12.29 13.47 13.11 12.26 11.88 12.85 12.73 12.31 12.08 12.75 12.53 12.20 11.90 12.64 12.17 11.90
Wholesale and other service revenues 2.88 2.96 3.03 3.34 3.39 3.29 3.37 3.48 4.74 5.42 5.56 5.99 6.38 6.45 6.63 6.82 7.12 7.32 7.34 7.32 7.88 7.78
Service revenues 83.29% 81.49% 76.86% 83.08% 82.52% 81.04% 77.40% 82.95% 83.09% 82.15% 78.34% 82.66% 81.99% 79.19% 76.55% 78.87% 77.74% 75.19% 71.99% 75.02% 72.64% 71.83%
Equipment revenues 15.46 17.29 22.04 15.78 16.27 17.73 21.48 15.91 15.71 16.59 20.38 15.98 16.51 18.94 21.96 19.79 20.96 23.33 26.49 23.75 26.14 27.06
Other revenues 1.25 1.21 1.10 1.14 1.21 1.23 1.12 1.14 1.20 1.26 1.27 1.36 1.51 1.87 1.50 1.34 1.29 1.48 1.52 1.23 1.22 1.12
Revenues 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Cost of services, exclusive of depreciation and amortization -13.07 -14.45 -13.58 -13.08 -12.86 -12.46 -12.33 -13.50 -13.47 -13.72 -13.63 -14.99 -15.19 -15.59 -15.62 -19.06 -20.61 -18.52 -16.94 -18.03 -17.50 -17.13
Cost of equipment sales, exclusive of depreciation and amortization -22.18 -23.75 -28.63 -22.10 -22.05 -22.97 -27.83 -21.36 -20.68 -22.45 -27.39 -22.07 -21.30 -23.37 -27.15 -25.58 -25.93 -29.55 -33.35 -26.22 -27.33 -26.02
Cost of revenues -35.25% -38.20% -42.21% -35.19% -34.90% -35.43% -40.17% -34.86% -34.15% -36.17% -41.02% -37.06% -36.49% -38.96% -42.77% -44.64% -46.54% -48.08% -50.29% -44.25% -44.83% -43.15%
Gross profit 64.75% 61.80% 57.79% 64.81% 65.10% 64.57% 59.83% 65.14% 65.85% 63.83% 58.98% 62.94% 63.51% 61.04% 57.23% 55.36% 53.46% 51.92% 49.71% 55.75% 55.17% 56.85%
Selling, general and administrative -25.60 -25.82 -27.00 -27.39 -25.54 -26.28 -24.47 -25.72 -26.01 -26.22 -25.78 -27.71 -27.46 -27.63 -27.51 -26.28 -29.72 -25.13 -25.97 -26.56 -24.18 -24.32
Impairment expense 0.00 0.00 0.00 -1.27 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -2.42 0.00 0.00 0.00 0.00 0.00
Gain (loss) on disposal group held for sale 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.09 0.21 -0.08 -5.50 0.00 0.00 0.00 0.00 0.00 0.00
Depreciation and amortization -15.07 -16.52 -15.44 -15.52 -14.89 -15.31 -14.40 -15.63 -16.43 -17.20 -16.20 -16.55 -16.20 -16.32 -16.09 -17.01 -17.72 -17.82 -18.63 -21.12 -20.44 -21.71
Operating income 24.09% 19.46% 15.35% 20.63% 24.67% 22.98% 20.97% 23.79% 23.42% 20.40% 16.99% 18.68% 19.76% 17.30% 13.55% 6.58% 3.60% 8.98% 5.11% 8.07% 10.56% 10.83%
Interest expense, net -4.63 -4.46 -4.16 -4.21 -4.36 -4.39 -3.85 -4.15 -4.32 -4.49 -4.15 -4.10 -4.49 -4.25 -4.05 -4.25 -4.32 -4.29 -3.95 -4.26 -4.26 -4.23
Other income (expense), net -0.47 -0.57 -0.37 -0.36 -0.05 -0.22 0.43 0.03 -0.04 0.10 0.06 0.21 0.03 0.05 0.01 -0.02 -0.11 -0.05 -0.06 -0.31 -0.01 -0.63
Other expense, net -5.10% -5.03% -4.52% -4.56% -4.42% -4.61% -3.42% -4.11% -4.36% -4.39% -4.09% -3.89% -4.45% -4.21% -4.04% -4.26% -4.43% -4.35% -4.01% -4.57% -4.27% -4.86%
Income (loss) before income taxes 18.99% 14.43% 10.83% 16.07% 20.25% 18.38% 17.55% 19.68% 19.06% 16.02% 12.91% 14.79% 15.31% 13.10% 9.51% 2.32% -0.83% 4.63% 1.10% 3.51% 6.29% 5.97%
Income tax (expense) benefit -4.78 -3.59 -2.19 -3.71 -5.01 -4.24 -3.92 -4.50 -4.26 -3.90 -3.07 -3.66 -3.74 -3.21 -2.22 0.29 0.28 -1.08 0.93 0.02 -1.39 -1.25
Net income (loss) 14.21% 10.84% 8.64% 12.36% 15.25% 14.14% 13.63% 15.17% 14.79% 12.12% 9.83% 11.13% 11.57% 9.88% 7.29% 2.61% -0.55% 3.54% 2.03% 3.52% 4.90% 4.72%

Based on: 10-Q (reporting date: 2026-06-30), 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).

The financial trajectory over the analyzed period is characterized by a strategic transition toward high-margin service revenues and a significant reduction in the relative weight of equipment sales. This shift in revenue composition has driven a sustained expansion in gross and operating margins, leading to a substantial increase in overall net profitability.

Revenue Composition and Mix Shift
A consistent upward trend is observed in postpaid revenues, which grew from 52.14% of total revenues in March 2021 to 69.56% by June 2026. Simultaneously, equipment revenues experienced a marked decline, falling from 27.06% to 15.46% over the same period. This indicates a fundamental shift in the business model toward recurring service-based income. Wholesale and other service revenues also saw a steady contraction, decreasing from 7.78% to 2.88%, while prepaid revenues remained relatively stable, ending slightly lower at 10.85%.
Gross Profitability and Cost Management
Gross profit margins expanded from 56.85% in March 2021 to 64.75% by June 2026. This improvement was supported by a reduction in the cost of services as a percentage of revenue, which moved from 17.13% to 13.07%. While the cost of equipment sales exhibited volatility—particularly during December quarters, suggesting seasonal hardware cycles—the general trend shows an improvement in the cost structure relative to the total revenue base.
Operating Efficiency and Expense Trends
Operating income demonstrated significant growth, rising from 10.83% to 24.09% of revenues. A key contributor to this expansion was the gradual decline in depreciation and amortization, which decreased from 21.71% to 15.07%. Selling, general, and administrative expenses remained relatively stable, typically fluctuating between 24% and 27% of revenues, suggesting that the company successfully scaled its operations without a proportional increase in overhead costs.
Net Income and Bottom-Line Performance
The net income margin saw a substantial increase, moving from 4.72% in March 2021 to 14.21% in June 2026. Interest expenses remained consistent as a percentage of revenue, generally hovering around 4%. The overall growth in net profitability is primarily attributed to the expansion of the operating margin and the favorable shift toward service-oriented revenue streams, which carry higher margins than equipment sales.

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