Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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T-Mobile US Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2013
- Return on Assets (ROA) since 2013
- Total Asset Turnover since 2013
- Price to Sales (P/S) since 2013
- Analysis of Revenues
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T-Mobile US Inc., consolidated cash flow statement (quarterly data)
US$ in millions
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 substantial increase in operating cash generation and a strategic shift toward aggressive shareholder returns. Net income has demonstrated significant growth, evolving from approximately $933 million in March 2021 to consistently exceeding $2 billion per quarter by 2023, reaching a peak of $3.2 billion in June 2026. This growth is mirrored in the net cash provided by operating activities, which rose from $3.66 billion in early 2021 to $7.5 billion by mid-2026, indicating enhanced operational efficiency and cash flow conversion.
- Operational Cash Flow and Non-Cash Adjustments
- The expansion of operating cash flow is supported by consistent non-cash adjustments. Depreciation and amortization remained a primary add-back, generally fluctuating between $3.1 billion and $4.3 billion per quarter. While net income surged, the "Changes in operating assets and liabilities" consistently acted as a drag on cash flow, typically resulting in quarterly outflows ranging from $500 million to over $2 billion, largely driven by movements in accounts receivable and operating lease liabilities.
- Investment Strategy and Capital Expenditure
- Capital expenditures for property and equipment have remained relatively stable, generally oscillating between $2 billion and $3.5 billion per quarter. Investment in spectrum licenses and intangible assets exhibits high volatility, with massive periodic expenditures, most notably $8.9 billion in March 2021 and $2.4 billion in September 2024. A notable shift occurred in 2025, with significant cash outflows directed toward investments in unconsolidated affiliates, peaking at $3.07 billion in September 2025.
- Capital Allocation and Shareholder Distributions
- A marked transition toward returning capital to shareholders is evident starting in late 2022. Share repurchases became a primary use of cash, frequently exceeding $2 billion to $4 billion per quarter. Additionally, a regular dividend program was established in late 2023, with quarterly payments increasing from $747 million to over $1.1 billion by mid-2026. These distributions are funded by a combination of strong operating cash flows and strategic debt issuance, such as the $7.77 billion in long-term debt proceeds recorded in March 2025.
- Debt and Liquidity Management
- Debt management is characterized by a cyclical pattern of large-scale issuances followed by consistent repayments. Long-term debt repayments have remained frequent, with a significant peak of $6.4 billion in March 2026. The net effect on cash and cash equivalents fluctuates considerably due to the timing of these financing activities and the scale of investing outflows, leading to alternating quarters of net cash increases and decreases.