Selected Financial Data
since 2013
Income Statement
T-Mobile US Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Revenues | Operating income | Net income |
|---|---|---|---|
| Dec 31, 2025 | 88,309) | 18,279) | 10,992) |
| Dec 31, 2024 | 81,400) | 18,010) | 11,339) |
| Dec 31, 2023 | 78,558) | 14,266) | 8,317) |
| Dec 31, 2022 | 79,571) | 6,543) | 2,590) |
| Dec 31, 2021 | 80,118) | 6,892) | 3,024) |
| Dec 31, 2020 | 68,397) | 6,636) | 3,064) |
| Dec 31, 2019 | 44,998) | 5,722) | 3,468) |
| Dec 31, 2018 | 43,310) | 5,309) | 2,888) |
| Dec 31, 2017 | 40,604) | 4,888) | 4,536) |
| Dec 31, 2016 | 37,242) | 3,802) | 1,460) |
| Dec 31, 2015 | 32,053) | 2,065) | 733) |
| Dec 31, 2014 | 29,564) | 1,416) | 247) |
| Dec 31, 2013 | 24,420) | 996) | 35) |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
The financial performance indicators demonstrate significant growth over the observed period. Revenues, operating income, and net income all exhibit generally positive trends, though with some fluctuations. Initial years show moderate increases, followed by more substantial growth, particularly in the latter half of the period.
- Revenue Trend
- Revenues increased from US$24,420 million in 2013 to US$88,309 million in 2025. The growth was relatively steady from 2013 to 2019, ranging from approximately US$24,000 million to US$45,000 million. A substantial increase occurred in 2020, reaching US$68,397 million, followed by further growth to US$80,118 million in 2021. A slight decrease was observed in 2022 to US$79,571 million, before recovering to US$81,400 million in 2024 and continuing to US$88,309 million in 2025.
- Operating Income Trend
- Operating income showed a consistent upward trend, albeit with varying rates of increase. Starting at US$996 million in 2013, it rose to US$5,722 million by 2019. A significant jump occurred in 2023, reaching US$14,266 million, and continued to US$18,010 million in 2024, before stabilizing at US$18,279 million in 2025. The growth in operating income outpaced revenue growth in several periods, indicating improved operational efficiency.
- Net Income Trend
- Net income experienced the most dramatic growth of the three indicators. Beginning at US$35 million in 2013, it increased substantially to US$4,536 million in 2017. While fluctuating between US$2,888 million and US$3,468 million from 2018 to 2020, net income surged to US$8,317 million in 2023, followed by US$11,339 million in 2024, and a slight decrease to US$10,992 million in 2025. This suggests a strong ability to translate revenue growth into profitability.
The period between 2020 and 2023 demonstrates a particularly strong performance across all three metrics. The slight dip in revenue in 2022 did not significantly impact profitability, as evidenced by the continued growth in operating and net income. The stabilization of operating and net income in 2025 suggests a potential plateauing of growth, warranting further investigation.
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Balance Sheet: Assets
T-Mobile US Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2025 | 24,461) | 219,237) |
| Dec 31, 2024 | 18,404) | 208,035) |
| Dec 31, 2023 | 19,015) | 207,682) |
| Dec 31, 2022 | 19,067) | 211,338) |
| Dec 31, 2021 | 20,891) | 206,563) |
| Dec 31, 2020 | 23,885) | 200,162) |
| Dec 31, 2019 | 9,305) | 86,921) |
| Dec 31, 2018 | 8,281) | 72,468) |
| Dec 31, 2017 | 8,915) | 70,563) |
| Dec 31, 2016 | 14,217) | 65,891) |
| Dec 31, 2015 | 14,890) | 62,436) |
| Dec 31, 2014 | 13,984) | 56,653) |
| Dec 31, 2013 | 12,228) | 49,953) |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
Over the period examined, total assets exhibited a generally increasing trend, though with notable fluctuations. Current assets demonstrated more volatility. Initial growth in both categories slowed significantly in the mid-2010s before accelerating again later in the period.
- Total Assets Trend
- Total assets increased from approximately $49.95 billion in 2013 to a peak of $211.34 billion in 2022. This represents substantial growth over the nine-year period. However, 2023 saw a slight decrease to $207.68 billion, followed by an increase to $219.24 billion in 2025. The most significant increase occurred between 2019 and 2020, jumping from $86.92 billion to $200.16 billion, suggesting a major event such as an acquisition or significant investment occurred during that time.
- Current Assets Trend
- Current assets showed a more erratic pattern. They increased from $12.23 billion in 2013 to $14.90 billion in 2015, then experienced a substantial decline to $8.92 billion in 2017. A period of relative stability followed, with values fluctuating between approximately $8.28 billion and $9.31 billion from 2018 to 2019. A significant surge occurred in 2020, reaching $23.89 billion, followed by a decrease to $20.89 billion in 2021. Values continued to decline to $19.02 billion in 2022 and $19.02 billion in 2023 before increasing to $24.46 billion in 2025. This volatility suggests potential shifts in short-term asset management strategies or significant changes in working capital requirements.
- Relationship Between Total and Current Assets
- The proportion of current assets to total assets varied considerably. In 2013, current assets represented approximately 24.5% of total assets. This percentage decreased to a low of around 12.7% in 2017. The large increase in total assets in 2020 and 2021, coupled with the increase in current assets, resulted in a higher proportion, peaking at approximately 11.9% in 2020. The proportion then decreased to around 9.1% in 2022 and 2023 before rising to 11.1% in 2025. This indicates a changing composition of the asset base, with a greater reliance on long-term assets in some periods and a more significant portion held in current assets in others.
The observed trends suggest a dynamic asset structure, potentially influenced by strategic investments, acquisitions, and evolving working capital management practices. The substantial growth in total assets, particularly between 2019 and 2020, warrants further investigation to understand the underlying drivers.
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Balance Sheet: Liabilities and Stockholders’ Equity
T-Mobile US Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Total debt and financing lease liabilities | Stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2025 | 24,500) | 160,034) | 88,552) | 59,203) |
| Dec 31, 2024 | 20,174) | 146,294) | 80,591) | 61,741) |
| Dec 31, 2023 | 20,928) | 142,967) | 77,514) | 64,715) |
| Dec 31, 2022 | 24,742) | 141,682) | 74,491) | 69,656) |
| Dec 31, 2021 | 23,499) | 137,461) | 76,768) | 69,102) |
| Dec 31, 2020 | 21,703) | 134,818) | 73,632) | 65,344) |
| Dec 31, 2019 | 12,506) | 58,132) | 27,272) | 28,789) |
| Dec 31, 2018 | 10,267) | 47,750) | 27,547) | 24,718) |
| Dec 31, 2017 | 11,515) | 48,004) | 28,319) | 22,559) |
| Dec 31, 2016 | 9,022) | 47,655) | 27,786) | 18,236) |
| Dec 31, 2015 | 9,528) | 45,879) | 26,266) | 16,557) |
| Dec 31, 2014 | 8,776) | 40,990) | 21,960) | 15,663) |
| Dec 31, 2013 | 5,808) | 35,708) | 20,189) | 14,245) |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
An examination of the liabilities and stockholders’ equity reveals significant shifts over the observed period. Current liabilities generally increased from 2013 to 2021, experienced a decrease in 2022 and 2023, and then increased again in 2024 and 2025. Total liabilities demonstrate a more dramatic increase, particularly from 2019 onward, with a substantial jump in 2020. Stockholders’ equity also increased through 2021, but has since shown a declining trend.
- Current Liabilities
- Current liabilities nearly doubled between 2013 and 2014, and continued to grow, albeit at a slower pace, through 2021. A noticeable decrease occurred in 2022 and 2023, potentially indicating improved short-term liquidity management or a change in operational financing. However, a subsequent increase in 2024 and 2025 suggests a return to higher short-term obligations.
- Total Liabilities
- Total liabilities exhibited a consistent upward trend from 2013 to 2019. The most substantial increase occurred between 2019 and 2020, more than doubling the figure from the prior year. While growth moderated in 2021, 2022, 2023 and 2024, the overall level remained significantly higher than in earlier years. The continued increase into 2025 suggests a reliance on debt financing or an accumulation of other long-term obligations.
- Total Debt and Financing Lease Liabilities
- The trend in total debt and financing lease liabilities mirrors that of total liabilities, with steady growth from 2013 to 2017. The period from 2019 to 2020 saw a particularly large increase, similar to the trend in total liabilities. The debt level remained relatively stable between 2021 and 2023, before increasing again in 2024 and 2025. This indicates a significant reliance on debt as a funding source, especially in recent years.
- Stockholders’ Equity
- Stockholders’ equity demonstrated consistent growth from 2013 to 2021, indicating increasing retained earnings and/or successful equity offerings. However, a clear downward trend is observed from 2021 through 2025. This decline could be attributed to share repurchases, dividend payments, or accumulated losses, and warrants further investigation. The decreasing equity, coupled with increasing liabilities, suggests a potential shift in the company’s capital structure.
In summary, the period under review shows a marked increase in liabilities, particularly debt, alongside a recent decline in stockholders’ equity. This shift in the balance sheet composition could indicate increased financial risk and a greater reliance on external financing.
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Cash Flow Statement
T-Mobile US Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash used in investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2025 | 27,950) | (17,607) | (10,081) |
| Dec 31, 2024 | 22,293) | (9,072) | (12,815) |
| Dec 31, 2023 | 18,559) | (5,829) | (12,097) |
| Dec 31, 2022 | 16,781) | (12,359) | (6,451) |
| Dec 31, 2021 | 13,917) | (19,386) | 1,709) |
| Dec 31, 2020 | 8,640) | (12,715) | 13,010) |
| Dec 31, 2019 | 6,824) | (4,125) | (2,374) |
| Dec 31, 2018 | 3,899) | (579) | (3,336) |
| Dec 31, 2017 | 7,962) | (11,064) | (1,179) |
| Dec 31, 2016 | 6,135) | (5,680) | 463) |
| Dec 31, 2015 | 5,414) | (9,560) | 3,413) |
| Dec 31, 2014 | 4,146) | (7,246) | 2,524) |
| Dec 31, 2013 | 3,545) | (2,092) | 4,044) |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
Over the period examined, the company demonstrates significant fluctuations in its cash flow activities. Operating activities consistently generate positive cash flow, while investing activities consistently require cash outflow. Financing activities exhibit the most volatility, shifting between providing and using cash.
- Operating Activities
- Net cash provided by operating activities generally increased from 2013 to 2021, rising from US$3,545 million to US$16,781 million. This indicates strengthening core business performance and cash generation capabilities. A further increase to US$27,950 million is observed in the latest period, suggesting continued operational success. The year 2018 shows a notable decrease to US$3,899 million, representing a temporary disruption in the upward trend.
- Investing Activities
- Net cash used in investing activities remains consistently negative throughout the period, indicating ongoing investments in assets. The magnitude of these outflows varies considerably. The largest outflow occurred in 2014 at US$7,246 million, followed by 2017 at US$11,064 million and 2025 at US$17,607 million. While consistently negative, the outflows decreased in 2018 to US$579 million, potentially reflecting a pause or shift in investment strategy. The most recent period shows a substantial increase in cash used for investing, suggesting significant capital expenditure or acquisitions.
- Financing Activities
- Net cash provided by (used in) financing activities displays the most pronounced variability. Positive cash flow from financing was observed in 2013, 2014, 2015, 2020, and 2021. However, significant cash outflows are evident in 2017, 2018, 2019, 2022, 2023, and 2025. The largest inflow occurred in 2020 at US$13,010 million, potentially linked to debt issuance or equity raises. Conversely, the largest outflow occurred in 2023 at US$12,097 million, likely due to debt repayment or share repurchases. The trend suggests a dynamic capital structure management strategy, responding to investment needs and market conditions.
Overall, the company’s cash flow profile indicates a business that consistently generates cash from operations, invests heavily in its future, and actively manages its financing activities to support its growth and capital structure. The increasing operating cash flow is a positive sign, but the substantial and fluctuating cash outflows from financing activities warrant continued monitoring.
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Per Share Data
T-Mobile US Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2025 | 9.75 | 9.72 | 3.80 |
| Dec 31, 2024 | 9.70 | 9.66 | 3.71 |
| Dec 31, 2023 | 7.02 | 6.93 | 0.65 |
| Dec 31, 2022 | 2.07 | 2.06 | 0.00 |
| Dec 31, 2021 | 2.42 | 2.41 | 0.00 |
| Dec 31, 2020 | 2.68 | 2.65 | 0.00 |
| Dec 31, 2019 | 4.06 | 4.02 | 0.00 |
| Dec 31, 2018 | 3.40 | 3.36 | 0.00 |
| Dec 31, 2017 | 5.39 | 5.20 | 0.00 |
| Dec 31, 2016 | 1.71 | 1.69 | 0.00 |
| Dec 31, 2015 | 0.83 | 0.82 | 0.00 |
| Dec 31, 2014 | 0.31 | 0.30 | 0.00 |
| Dec 31, 2013 | 0.05 | 0.05 | 0.00 |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The per share financial metrics demonstrate a significant evolution over the observed period. Basic and diluted earnings per share exhibited a period of substantial growth, followed by stabilization and then a renewed surge in recent years. Dividend per share, a more recent addition to the reported metrics, shows a rapid increase.
- Earnings Per Share (Basic & Diluted)
- From 2013 to 2015, both basic and diluted earnings per share increased from $0.05 to approximately $0.82-$0.83. This represents a period of accelerating profitability. A peak was reached in 2017, with basic earnings per share at $5.39 and diluted earnings per share at $5.20. Subsequent years, 2018 and 2019, saw a decrease to around $3.40 and $4.00 respectively, indicating a potential plateau or correction. A decline continued into 2020 and 2021, with earnings per share settling in the $2.40-$2.70 range. However, 2022 and 2023 witnessed a substantial resurgence, with basic earnings per share reaching $7.02 and then $9.70, and diluted earnings per share following a similar trajectory at $6.93 and $9.66. This trend continued into 2024 and 2025, with earnings per share reaching $9.75.
- Dividend Per Share
- Dividend per share was not reported for the period between 2013 and 2022. The first reported value appears in 2023 at $0.65. A significant increase is then observed in 2024, rising to $3.71, and continuing to $3.80 in 2025. This suggests a recent shift towards returning more capital to shareholders, or a change in dividend policy.
The convergence of basic and diluted earnings per share values throughout the period suggests minimal dilution from stock options or other convertible securities. The substantial growth in both earnings per share and dividend per share in the latter part of the period indicates improved financial performance and a commitment to shareholder returns.
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