Stock Analysis on Net

T-Mobile US Inc. (NASDAQ:TMUS)

$24.99

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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

US$ in millions

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3 months ended: 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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Postpaid revenues
Prepaid revenues
Wholesale and other service revenues
Service revenues
Equipment revenues
Other revenues
Revenues
Cost of services, exclusive of depreciation and amortization
Cost of equipment sales, exclusive of depreciation and amortization
Cost of revenues
Gross profit
Selling, general and administrative
Impairment expense
Gain (loss) on disposal group held for sale
Depreciation and amortization
Operating income
Interest expense, net
Other income (expense), net
Other expense, net
Income (loss) from continuing operations before income taxes
Income tax (expense) benefit
Income (loss) from continuing operations
Income from discontinued operations, net of tax
Net income (loss)

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

Revenue Trends

Postpaid revenues consistently increased across the periods, starting at 5,887 million USD in March 2020 and reaching 13,594 million USD by March 2025. This steady growth indicates a strengthening core subscriber base. Prepaid revenues, by contrast, showed relative stability with minor fluctuations, peaking at 2,716 million USD in September 2024 before slightly declining. Wholesale and other service revenues exhibited a declining trend, dropping from 960 million USD in June 2020 to 688 million USD in March 2025, which may suggest reduced reliance or demand in these segments.

Service revenues overall demonstrated a sustained upward trajectory, moving from 8,713 million USD in March 2020 to 16,925 million USD in December 2024, showing the company’s increasing focus on service-driven income. Equipment revenues showed more volatility, peaking in December 2020 at 5,973 million USD, then generally decreasing with intermittent spikes, indicating variability in device sales. Other revenues remained comparatively minor and largely stable, fluctuating between 172 and 367 million USD over the periods.

Total revenues mirrored the patterns described, with a peak near the end of 2024 at 21,872 million USD and a moderate decline thereafter ending with 20,886 million USD in March 2025, reflecting the mixed trends in different revenue streams.

Cost and Profitability Analysis

Cost of services, excluding depreciation and amortization, generally decreased after an initial rise, moving from -1,639 million USD in March 2020 to -2,602 million USD in March 2025, indicating improved operational efficiencies or changes in service delivery costs. Cost of equipment sales exhibited volatility, peaking at -6,931 million USD in December 2021, then declining but remaining relatively high, which aligns with the fluctuations noted in equipment revenues.

Total cost of revenues followed suit, with peaks around the end of 2021 and early 2022, then falling to -7,400 million USD by March 2025. Despite this, gross profit improved steadily from 6,945 million USD in March 2020 to 13,486 million USD in March 2025, evidencing effective management of costs relative to revenues.

Selling, general and administrative expenses showed moderate variability, fluctuating mostly between -3,688 million USD and -5,488 million USD without a clear trend in increase or decrease, suggesting stable administrative expenditure over time. Depreciation and amortization expenses saw a gradual decline from -4,150 million USD in September 2020 to approximately -3,198 million USD by December 2024, pointing to possible asset base adjustments or changes in amortization policies.

Operating and Net Income Performance

Operating income experienced considerable fluctuations, starting at 1,539 million USD in March 2020, dipping notably mid-period, but increasing later to 4,800 million USD by March 2025. This improvement implies enhanced operational efficiency or favorable business conditions towards the latter years.

Interest expense remained consistently negative, averaging around -800 million USD through most of the periods, with minor variability, indicating steady debt-related costs. Other income/expense items were relatively small and variable but did not substantially influence operating results.

Income from continuing operations before taxes showed progressive recovery and growth, overcoming initial swings and reaching 3,838 million USD in March 2025, signifying strengthening pre-tax profitability. Income tax expenses fluctuated without a consistent pattern, including occasional tax benefits, leading to net income volatility.

Net income largely mirrored income from continuing operations due to minimal discontinued operations presence, demonstrating an overall rising trend from 951 million USD in March 2020 to 2,953 million USD in March 2025, underpinning the company's profitability growth during the period assessed.

Additional Notes

Impairment expenses and gains or losses on disposal of groups held for sale occurred irregularly, impacting certain quarters but without a consistent effect on the overall financial trend. These one-time items suggest occasional asset revaluation or restructuring activities.