Stock Analysis on Net
Stock Analysis on Net

T-Mobile US Inc. (NASDAQ:TMUS)

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

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

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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 4.44 4.69 4.23 3.67 3.68 4.07 3.56 3.64 3.74 4.99 4.63 4.69 5.28 5.81 5.61 5.34 5.29 5.52 4.32 4.12 4.28
Short-term debt 1.04 2.34 2.92 3.01 3.83 1.96 2.78 2.81 2.60 1.74 1.65 3.67 2.48 2.44 3.47 1.40 1.36 1.64 1.04 2.28 2.18
Short-term debt to affiliates 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.59 1.09 1.11 1.09 0.00
Deferred revenue 0.68 0.70 0.68 0.57 0.56 0.59 0.53 0.53 0.41 0.40 0.40 0.38 0.38 0.37 0.36 0.39 0.40 0.41 0.45 0.46 0.48
Short-term operating lease liabilities 1.70 1.74 1.63 1.57 1.54 1.58 1.58 1.54 1.67 1.71 1.70 1.56 1.64 1.66 1.58 1.60 1.54 1.66 1.52 1.75 1.72
Short-term financing lease liabilities 0.54 0.53 0.53 0.54 0.53 0.56 0.59 0.60 0.61 0.61 0.62 0.58 0.56 0.55 0.58 0.58 0.53 0.54 0.57 0.51 0.50
Other current liabilities 1.08 1.17 1.19 1.02 0.88 0.94 0.90 1.93 0.94 0.62 1.41 0.78 1.01 0.88 0.75 0.53 0.46 0.52 0.51 0.48 0.43
Current liabilities 9.48% 11.18% 11.19% 10.39% 11.01% 9.70% 9.94% 11.05% 9.97% 10.08% 10.41% 11.67% 11.35% 11.71% 12.35% 9.85% 10.17% 11.38% 9.52% 10.70% 9.59%
Long-term debt 39.04 36.33 35.16 35.28 35.42 34.95 34.41 33.66 34.60 33.66 33.74 32.60 32.37 30.90 30.37 31.77 31.74 32.47 32.97 32.28 32.65
Long-term debt to affiliates 0.00 0.68 0.69 0.70 0.70 0.72 0.71 0.72 0.73 0.72 0.72 0.71 0.71 0.71 0.70 0.71 0.71 0.72 0.74 1.22 2.32
Tower obligations 1.63 1.61 1.64 1.69 1.69 1.76 1.75 1.79 1.82 1.82 1.83 1.83 1.85 1.86 1.86 1.91 1.92 1.36 1.42 1.43 1.46
Deferred tax liabilities 9.44 8.93 8.85 8.68 8.16 8.03 7.52 7.20 6.88 6.48 6.18 5.81 5.48 5.15 4.87 4.98 4.94 4.95 5.13 5.09 4.99
Long-term operating lease liabilities 12.04 12.03 12.33 12.06 12.10 12.69 12.73 13.08 13.49 13.60 13.75 13.80 13.98 14.13 14.18 14.76 14.80 12.50 13.00 12.99 13.08
Long-term financing lease liabilities 0.48 0.50 0.55 0.56 0.52 0.55 0.56 0.54 0.56 0.60 0.61 0.60 0.61 0.65 0.74 0.76 0.69 0.70 0.79 0.67 0.65
Other long-term liabilities 1.86 1.73 1.74 1.89 1.93 1.92 1.88 1.93 1.86 1.89 1.75 1.78 1.81 1.94 2.07 1.82 1.81 2.47 2.58 2.56 2.61
Long-term liabilities 64.49% 61.82% 60.96% 60.87% 60.52% 60.62% 59.57% 58.92% 59.94% 58.76% 58.57% 57.11% 56.81% 55.33% 54.80% 56.72% 56.61% 55.17% 56.62% 56.25% 57.77%
Total liabilities 73.97% 73.00% 72.15% 71.26% 71.53% 70.32% 69.51% 69.97% 69.91% 68.84% 68.98% 68.78% 68.16% 67.04% 67.14% 66.56% 66.78% 66.55% 66.15% 66.95% 67.36%
Common stock, par value $0.00001 per share 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 32.45 31.68 31.89 32.45 32.07 33.07 32.58 32.83 32.86 32.60 35.67 35.21 35.23 34.99 34.57 35.11 34.85 35.48 36.19 35.72 35.82
Treasury stock, at cost -16.54 -13.93 -12.92 -12.02 -10.76 -9.89 -7.55 -7.32 -6.29 -4.51 -6.76 -5.41 -3.73 -1.43 -0.32 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01
Accumulated other comprehensive loss -0.39 -0.39 -0.41 -0.43 -0.46 -0.41 -0.42 -0.44 -0.45 -0.46 -0.45 -0.45 -0.48 -0.49 -0.59 -0.62 -0.63 -0.66 -0.73 -0.74 -0.76
Retained earnings (accumulated deficit) 10.50 9.64 9.28 8.74 7.61 6.91 5.88 4.97 3.97 3.54 2.56 1.87 0.82 -0.11 -0.80 -1.05 -1.00 -1.36 -1.60 -1.92 -2.41
Stockholders’ equity 26.03% 27.00% 27.85% 28.74% 28.47% 29.68% 30.49% 30.03% 30.09% 31.16% 31.02% 31.22% 31.84% 32.96% 32.86% 33.44% 33.22% 33.45% 33.85% 33.05% 32.64%
Total liabilities and stockholders’ equity 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%

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.

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