Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

T-Mobile US Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Accounts payable	5,219)	4,242)	5,573)	7,213)	6,499)
Payroll and related benefits	1,709)	1,072)	1,142)	1,236)	1,343)
Property and other taxes, including payroll	1,601)	1,524)	1,704)	1,657)	1,830)
Accrued interest	1,025)	905)	818)	731)	710)
Other accrued liabilities	726)	720)	1,136)	1,438)	1,023)
Accounts payable and accrued liabilities	10,280)	8,463)	10,373)	12,275)	11,405)
Short-term debt	5,135)	4,068)	3,619)	5,164)	3,378)
Short-term debt to affiliates	—)	—)	—)	—)	2,245)
Deferred revenue	1,533)	1,222)	825)	780)	856)
Short-term operating lease liabilities	3,814)	3,281)	3,555)	3,512)	3,425)
Short-term financing lease liabilities	1,163)	1,175)	1,260)	1,161)	1,120)
Other current liabilities	2,575)	1,965)	1,296)	1,850)	1,070)
Current liabilities	24,500)	20,174)	20,928)	24,742)	23,499)
Long-term debt	79,649)	72,700)	69,903)	65,301)	67,076)
Long-term debt to affiliates	1,498)	1,497)	1,496)	1,495)	1,494)
Tower obligations	3,532)	3,664)	3,777)	3,934)	2,806)
Deferred tax liabilities	19,583)	16,700)	13,458)	10,884)	10,216)
Long-term operating lease liabilities	26,371)	26,408)	28,240)	29,855)	25,818)
Long-term financing lease liabilities	1,107)	1,151)	1,236)	1,370)	1,455)
Other long-term liabilities	3,794)	4,000)	3,929)	4,101)	5,097)
Long-term liabilities	135,534)	126,120)	122,039)	116,940)	113,962)
Total liabilities	160,034)	146,294)	142,967)	141,682)	137,461)
Common stock, par value $0.00001 per share	—)	—)	—)	—)	—)
Additional paid-in capital	69,460)	68,798)	67,705)	73,941)	73,292)
Treasury stock, at cost	(30,545)	(20,584)	(9,373)	(3,016)	(13)
Accumulated other comprehensive loss	(848)	(857)	(964)	(1,046)	(1,365)
Retained earnings (accumulated deficit)	21,136)	14,384)	7,347)	(223)	(2,812)
Stockholders’ equity	59,203)	61,741)	64,715)	69,656)	69,102)
Total liabilities and stockholders’ equity	219,237)	208,035)	207,682)	211,338)	206,563)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Overall, the company’s liabilities increased from 2021 to 2025, while stockholders’ equity experienced fluctuations before declining. A significant increase in total liabilities is observed, driven by both short-term and long-term obligations. Stockholders’ equity, while initially stable, demonstrates a decreasing trend towards the end of the analyzed period.

Accounts Payable and Accrued Liabilities: Accounts payable and accrued liabilities generally decreased from 2021 to 2024, falling from US$11,405 million to US$8,463 million. However, a rise to US$10,280 million is noted in 2025. This suggests potential improvements in payment terms or operational efficiency initially, followed by a reversal in the most recent year.
Short-Term Debt: Short-term debt exhibited volatility. It increased substantially from 2021 to 2022 (US$3,378 million to US$5,164 million), then decreased in 2023 to US$3,619 million, before rising again to US$4,068 million in 2024 and US$5,135 million in 2025. This pattern could indicate active short-term financing strategies or fluctuating credit needs.
Deferred Revenue: Deferred revenue showed a generally increasing trend, rising from US$856 million in 2021 to US$1,533 million in 2025. This suggests growing pre-payment activity or subscription-based revenue recognition.
Long-Term Debt: Long-term debt consistently increased over the five-year period, moving from US$67,076 million in 2021 to US$79,649 million in 2025. This indicates a reliance on long-term financing, potentially for capital expenditures or acquisitions.
Deferred Tax Liabilities: Deferred tax liabilities demonstrated a substantial and consistent increase, from US$10,216 million in 2021 to US$19,583 million in 2025. This growth could be attributed to changes in tax laws, accounting practices, or the timing of taxable and deductible items.
Stockholders’ Equity Components: Additional paid-in capital remained relatively stable, with a slight increase from US$73,292 million in 2021 to US$69,460 million in 2025. Treasury stock increased significantly, moving from a negative US$13 million in 2021 to a negative US$30,545 million in 2025, indicating substantial share repurchase activity. Retained earnings shifted from a deficit of US$2,812 million in 2021 to a positive US$21,136 million in 2025, suggesting improved profitability over time. Despite the increase in retained earnings, overall stockholders’ equity decreased from US$69,102 million in 2021 to US$59,203 million in 2025, primarily driven by the substantial increase in treasury stock.
Total Liabilities: Total liabilities increased from US$137,461 million in 2021 to US$160,034 million in 2025. This growth outpaced the fluctuations in stockholders’ equity, resulting in a changing capital structure.
Total Liabilities and Stockholders’ Equity: Total liabilities and stockholders’ equity experienced a modest increase overall, from US$206,563 million in 2021 to US$219,237 million in 2025. However, the composition shifted, with liabilities becoming a larger proportion of the total.

AI Ask an analyst for more

Download chart

T-Mobile US Inc. (NASDAQ:TMUS)

Balance Sheet: Liabilities and Stockholders’ Equity