Stock Analysis on Net

T-Mobile US Inc. (NASDAQ:TMUS)

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Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

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T-Mobile US Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

Microsoft Excel
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
Accounts payable and accrued liabilities
Short-term debt
Short-term debt to affiliates
Deferred revenue
Short-term operating lease liabilities
Short-term financing lease liabilities
Other current liabilities
Current liabilities
Long-term debt
Long-term debt to affiliates
Tower obligations
Deferred tax liabilities
Long-term operating lease liabilities
Long-term financing lease liabilities
Other long-term liabilities
Long-term liabilities
Total liabilities
Common stock, par value $0.00001 per share
Additional paid-in capital
Treasury stock, at cost
Accumulated other comprehensive loss
Retained earnings (accumulated deficit)
Stockholders’ equity
Total liabilities and stockholders’ equity

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).


An analysis of the common-size balance sheet reveals a systemic shift in the capital structure, characterized by an increasing reliance on liabilities and a corresponding contraction in the proportion of stockholders' equity. Total liabilities have grown from 67.36% of the total balance sheet in March 2021 to 73.97% by March 2026.

Debt and Long-Term Obligations
Long-term debt represents the primary driver of increased leverage, rising from 32.65% in early 2021 to 39.04% by March 2026. While short-term debt has remained relatively low and volatile, fluctuating generally between 1% and 4%, the steady ascent of long-term debt indicates a strategic shift toward long-term borrowing. Additionally, deferred tax liabilities have nearly doubled as a percentage of the total balance sheet, moving from 4.99% to 9.44% over the analyzed period.
Current Liabilities and Operational Obligations
Current liabilities have remained relatively stable, typically oscillating between 9.5% and 12.4%. Accounts payable and accrued liabilities peaked in late 2022 at 5.81% before stabilizing in the 3.5% to 4.6% range. Long-term operating lease liabilities have exhibited a gradual downward trend, decreasing from 13.08% in March 2021 to 12.04% in March 2026, suggesting a relative reduction in the weight of lease-based obligations compared to other liabilities.
Equity Composition and Shareholder Returns
Total stockholders' equity has declined from 32.64% to 26.03% over the period. This decline is not a result of operational losses, as retained earnings have shown a significant and consistent upward trajectory, evolving from an accumulated deficit of -2.41% in March 2021 to a positive 10.50% by March 2026. The contraction in total equity is instead driven by aggressive share repurchase activity, evidenced by treasury stock increasing from -0.01% to -16.54% of total liabilities and stockholders' equity.

The overall financial trend indicates a strategy of utilizing increased long-term debt and accumulated earnings to fund substantial share buybacks, which has resulted in a higher debt-to-equity profile while simultaneously improving the retained earnings position.