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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- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Enterprise Value to EBITDA (EV/EBITDA)
- Selected Financial Data since 2013
- Net Profit Margin since 2013
- Operating Profit Margin since 2013
- Debt to Equity since 2013
- Total Asset Turnover since 2013
- Price to Earnings (P/E) since 2013
- Price to Operating Profit (P/OP) since 2013
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T-Mobile US Inc., consolidated cash flow statement (quarterly data)
US$ in millions
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).
Operating cash flow demonstrates a strong and consistent growth trajectory over the analyzed period. Net income shifted from a range of approximately 400 million to 900 million US dollars per quarter in 2021 to a sustained level exceeding 2 billion US dollars per quarter from 2023 through early 2026. This growth in profitability is mirrored by the net cash provided by operating activities, which rose from 3.66 billion US dollars in March 2021 to a peak of 7.46 billion US dollars in September 2025. The ability to generate cash from operations has significantly improved, providing a robust foundation for capital expenditures and shareholder returns.
- Operational Efficiency and Non-Cash Adjustments
- Depreciation and amortization remained a primary non-cash add-back, generally fluctuating between 3.1 billion and 4.3 billion US dollars per quarter. While there was a slight downward trend through 2023, these figures stabilized and increased toward the end of 2025, suggesting continued investment in infrastructure. Bad debt expense showed an upward trend, increasing from approximately 80 million US dollars in early 2021 to peaks above 400 million US dollars by 2025, reflecting a potential increase in credit risk or a larger customer base.
- Capital Investment and Strategic Spending
- Investing activities are characterized by heavy and consistent outflows for property and equipment, typically ranging between 2 billion and 3.6 billion US dollars per quarter. Spending on spectrum licenses and intangible assets exhibited high volatility, with a significant 8.92 billion US dollar outflow in March 2021 and another substantial 2.42 billion US dollar expenditure in September 2024. A notable spike in net cash used in investing activities occurred in September 2025, totaling 10.14 billion US dollars, driven largely by investments in unconsolidated affiliates and acquisitions.
- Shareholder Capital Returns
- A strategic shift toward aggressive shareholder returns is evident starting in late 2022. Repurchases of common stock became a recurring and substantial cash outflow, often exceeding 2 billion US dollars per quarter, reaching as high as 4.83 billion US dollars in March 2026. Additionally, the company initiated dividend payments in late 2023, which grew from 747 million US dollars per quarter to 1.12 billion US dollars by March 2026, indicating a mature phase of capital allocation.
- Debt Profile and Financing Strategy
- Financing activities reflect a dynamic balance between debt issuance and repayment. Large inflows from long-term debt issuance, such as the 7.77 billion US dollars in March 2025, were used to maintain liquidity and fund strategic goals. These were offset by periodic large-scale repayments, including a 6.44 billion US dollar outflow in March 2026. The net cash provided by financing activities shifted from positive in the early periods to predominantly negative in the later years, as the company transitioned from funding growth to reducing debt and returning capital.
The overall financial position indicates a transition from a high-growth, investment-heavy phase toward a period of operational maturity. The substantial increase in cash flow from operations has enabled the company to maintain high levels of capital expenditure for network modernization while simultaneously implementing a significant share buyback program and establishing a growing dividend. The volatility in cash and cash equivalents is primarily driven by the timing of spectrum auctions and the execution of large-scale debt repayments.