Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
T-Mobile US Inc., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 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).
Liquidity trends exhibit a period of volatility characterized by a notable peak in the first half of 2025, followed by a regression toward historical averages by September 2026.
- Current Ratio
- The ratio remained predominantly below 1.00 between March 2022 and March 2024, fluctuating within a range of 0.77 to 0.94. A positive shift occurred in early 2024, with the ratio exceeding the 1.00 threshold and reaching a peak of 1.21 in June 2025. However, a subsequent downward trend is observed, returning the ratio to 0.91 by September 2026, indicating a return to a position where current liabilities exceed current assets.
- Quick Ratio
- The quick ratio followed a trajectory similar to the current ratio but at lower absolute values. Between March 2022 and March 2024, values fluctuated between 0.57 and 0.73. A peak of 0.88 was reached in March 2025, followed by a sharp contraction to 0.53 in September 2025. The ratio ended the period at 0.63, suggesting consistent reliance on assets other than the most liquid categories to cover short-term obligations.
- Cash Ratio
- Significant volatility is evident in the cash ratio, which represents the most conservative liquidity measure. From an initial value of 0.15 in March 2022, the ratio climbed to a peak of 0.51 by March 2025. This peak was followed by a rapid decline to 0.14 in September 2025, which suggests a substantial deployment of cash reserves during that quarter. The ratio recovered slightly to end at 0.23 in September 2026.
The synchronized peak across all three liquidity metrics during the first half of 2025 indicates a period of strengthened short-term solvency. The subsequent decline across all ratios suggests a transition toward a more aggressive working capital management strategy or a period of significant capital expenditure in the latter half of 2025 and 2026.
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Current Ratio
T-Mobile US Inc., current ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Current assets | 21,842) | 21,769) | 22,118) | 24,461) | 21,703) | 26,772) | 27,441) | 18,404) | 22,531) | 19,297) | 19,295) | 19,015) | 18,669) | 20,237) | 18,876) | 19,067) | 21,427) | 17,476) | 17,455) | ||||||
| Current liabilities | 23,991) | 23,554) | 20,344) | 24,500) | 24,301) | 22,102) | 23,629) | 20,174) | 20,955) | 23,038) | 20,563) | 20,928) | 21,711) | 24,569) | 23,846) | 24,742) | 26,362) | 20,622) | 21,423) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Current ratio1 | 0.91 | 0.92 | 1.09 | 1.00 | 0.89 | 1.21 | 1.16 | 0.91 | 1.08 | 0.84 | 0.94 | 0.91 | 0.86 | 0.82 | 0.79 | 0.77 | 0.81 | 0.85 | 0.81 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||
| AT&T Inc. | 0.87 | 0.97 | 0.92 | 0.91 | 1.01 | 0.81 | 0.70 | 0.66 | 0.73 | 0.70 | 0.68 | 0.71 | 0.69 | 0.68 | 0.51 | 0.59 | 0.62 | 0.70 | 0.93 | ||||||
| Verizon Communications Inc. | 0.63 | 0.60 | 0.64 | 0.91 | 0.74 | 0.64 | 0.61 | 0.63 | 0.66 | 0.63 | 0.71 | 0.69 | 0.68 | 0.73 | 0.75 | 0.75 | 0.75 | 0.76 | 0.76 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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).
1 Q3 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 21,842 ÷ 23,991 = 0.91
2 Click competitor name to see calculations.
The liquidity profile exhibits a transition from a position of current liability overhang to a period of strengthened short-term solvency, followed by a phase of stabilization around the parity mark. For a significant portion of the initial analysis period, the current ratio remained below 1.00, indicating that short-term obligations exceeded liquid assets.
- Liquidity Trend and Volatility
- An initial downward movement is observed in late 2022, with the current ratio reaching a minimum of 0.77 by December 31, 2022. This was followed by a consistent recovery phase through early 2024, where the ratio climbed from 0.79 in March 2023 to 0.94 by March 2024. A peak in liquidity occurs on June 30, 2025, reaching a high of 1.21, marking the strongest short-term financial position in the series.
- Asset and Liability Dynamics
- The improvement in the current ratio between September 2024 and June 2025 is primarily driven by a substantial increase in current assets, which peaked at 27,441 million USD on March 31, 2025. During this same window, current liabilities remained relatively stable or decreased, facilitating the breach of the 1.00 threshold. Conversely, the dip observed in September 2025 to a ratio of 0.89 coincided with a sharp decline in current assets to 21,703 million USD while liabilities increased to 24,301 million USD.
- Long-term Stability Projection
- In the final periods leading to September 30, 2026, the current ratio exhibits a pattern of fluctuation between 0.91 and 1.09. While the ratio remains higher than the 2022 baseline, it suggests a return to a management strategy where current assets and current liabilities are maintained at roughly equivalent levels, concluding at 0.91.
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Quick Ratio
T-Mobile US Inc., quick ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 5,620) | 2,825) | 3,520) | 5,598) | 3,310) | 10,259) | 12,003) | 5,409) | 9,754) | 6,417) | 6,708) | 5,135) | 5,030) | 6,647) | 4,540) | 4,507) | 6,888) | 3,151) | 3,245) | ||||||
| Accounts receivable, net of allowance for credit losses | 5,012) | 5,247) | 4,866) | 4,874) | 5,084) | 4,598) | 4,392) | 4,276) | 4,286) | 4,563) | 4,253) | 4,692) | 4,500) | 4,592) | 4,366) | 4,445) | 4,324) | 4,466) | 4,016) | ||||||
| Equipment installment plan receivables, net of allowance for credit losses and imputed discount | 4,530) | 4,715) | 4,935) | 4,997) | 4,599) | 4,226) | 4,294) | 4,379) | 3,595) | 3,776) | 4,059) | 4,456) | 4,470) | 4,779) | 5,012) | 5,123) | 5,048) | 5,129) | 5,061) | ||||||
| Total quick assets | 15,162) | 12,787) | 13,321) | 15,469) | 12,993) | 19,083) | 20,689) | 14,064) | 17,635) | 14,756) | 15,020) | 14,283) | 14,000) | 16,018) | 13,918) | 14,075) | 16,260) | 12,746) | 12,322) | ||||||
| Current liabilities | 23,991) | 23,554) | 20,344) | 24,500) | 24,301) | 22,102) | 23,629) | 20,174) | 20,955) | 23,038) | 20,563) | 20,928) | 21,711) | 24,569) | 23,846) | 24,742) | 26,362) | 20,622) | 21,423) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Quick ratio1 | 0.63 | 0.54 | 0.65 | 0.63 | 0.53 | 0.86 | 0.88 | 0.70 | 0.84 | 0.64 | 0.73 | 0.68 | 0.64 | 0.65 | 0.58 | 0.57 | 0.62 | 0.62 | 0.58 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||
| AT&T Inc. | 0.31 | 0.49 | 0.40 | 0.50 | 0.54 | 0.40 | 0.34 | 0.28 | 0.29 | 0.30 | 0.29 | 0.33 | 0.32 | 0.35 | 0.22 | 0.27 | 0.26 | 0.31 | 0.68 | ||||||
| Verizon Communications Inc. | 0.47 | 0.45 | 0.50 | 0.74 | 0.56 | 0.49 | 0.46 | 0.47 | 0.50 | 0.46 | 0.52 | 0.51 | 0.50 | 0.54 | 0.53 | 0.54 | 0.48 | 0.52 | 0.54 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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).
1 Q3 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 15,162 ÷ 23,991 = 0.63
2 Click competitor name to see calculations.
The liquidity profile exhibits a period of gradual improvement and peak strength followed by a significant contraction and subsequent volatility. Throughout the observed period, the ability to cover short-term obligations using only the most liquid assets remained below the 1.00 threshold, suggesting a consistent reliance on other current assets or operational cash flow to meet immediate liabilities.
- Quick Ratio Trend Analysis
- A progressive upward trend is observed from March 2022 (0.58) through the first quarter of 2025, where the ratio reached a peak of 0.88. This represents the strongest liquidity position in the analyzed timeframe. However, a sharp decline occurred in September 2025, with the ratio dropping to 0.53, the lowest point in the series. The ratio subsequently recovered and fluctuated between 0.54 and 0.65 through September 2026.
- Quick Asset Fluctuations
- Total quick assets demonstrated significant volatility, peaking at 20.689 billion USD in March 2025. This peak was a primary driver of the improved liquidity ratio during that period. A substantial reduction in these assets is evident by September 2025, when values fell to 12.993 billion USD, directly contributing to the precipitous drop in the quick ratio.
- Current Liabilities Behavior
- Current liabilities remained relatively stable compared to assets, generally oscillating between 20 billion USD and 26 billion USD. The highest liability level was recorded in September 2022 at 26.362 billion USD, while the lowest occurred in March 2026 at 20.344 billion USD. Because liabilities did not experience extreme spikes, the volatility in the quick ratio is primarily attributable to the fluctuation of quick assets.
- Liquidity Synthesis
- The data indicates a cycle of liquidity buildup that culminated in early 2025, followed by a rapid deleveraging or reallocation of liquid assets. The return to a ratio range of 0.54 to 0.63 in 2026 suggests a return to a baseline liquidity level similar to that observed in 2022 and 2023.
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Cash Ratio
T-Mobile US Inc., cash ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 5,620) | 2,825) | 3,520) | 5,598) | 3,310) | 10,259) | 12,003) | 5,409) | 9,754) | 6,417) | 6,708) | 5,135) | 5,030) | 6,647) | 4,540) | 4,507) | 6,888) | 3,151) | 3,245) | ||||||
| Total cash assets | 5,620) | 2,825) | 3,520) | 5,598) | 3,310) | 10,259) | 12,003) | 5,409) | 9,754) | 6,417) | 6,708) | 5,135) | 5,030) | 6,647) | 4,540) | 4,507) | 6,888) | 3,151) | 3,245) | ||||||
| Current liabilities | 23,991) | 23,554) | 20,344) | 24,500) | 24,301) | 22,102) | 23,629) | 20,174) | 20,955) | 23,038) | 20,563) | 20,928) | 21,711) | 24,569) | 23,846) | 24,742) | 26,362) | 20,622) | 21,423) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Cash ratio1 | 0.23 | 0.12 | 0.17 | 0.23 | 0.14 | 0.46 | 0.51 | 0.27 | 0.47 | 0.28 | 0.33 | 0.25 | 0.23 | 0.27 | 0.19 | 0.18 | 0.26 | 0.15 | 0.15 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||
| AT&T Inc. | 0.18 | 0.33 | 0.24 | 0.34 | 0.38 | 0.22 | 0.14 | 0.07 | 0.06 | 0.07 | 0.08 | 0.13 | 0.15 | 0.18 | 0.05 | 0.07 | 0.05 | 0.08 | 0.47 | ||||||
| Verizon Communications Inc. | 0.07 | 0.03 | 0.12 | 0.31 | 0.13 | 0.06 | 0.04 | 0.06 | 0.08 | 0.04 | 0.04 | 0.04 | 0.08 | 0.09 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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).
1 Q3 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 5,620 ÷ 23,991 = 0.23
2 Click competitor name to see calculations.
The analysis of liquidity trends from March 2022 through September 2026 reveals a period of significant volatility in cash reserves, leading to fluctuating capacity to cover immediate obligations. While current liabilities remained relatively stable, the cash ratio experienced substantial growth followed by a notable contraction in the later periods.
- Cash Asset Volatility
- Total cash assets exhibited a general upward trajectory from early 2022, peaking at 12,003 million US dollars in March 2025. However, this peak was followed by a sharp decline to 3,310 million US dollars by September 2025. Subsequent quarters show a pattern of inconsistency, with assets fluctuating between 2,825 million and 5,620 million US dollars through September 2026.
- Current Liability Trends
- Current liabilities remained within a consistent range, primarily fluctuating between 20,174 million and 26,362 million US dollars. The most significant peak occurred in September 2022, while the lowest level of short-term obligations was recorded in March 2024. The stability of these liabilities indicates that changes in the cash ratio are primarily driven by cash asset management rather than shifts in the debt structure.
- Cash Ratio Performance
- The cash ratio began at a low of 0.15 in the first half of 2022 and entered a period of expansion, reaching a maximum of 0.51 in March 2025. This represents a period of increased short-term liquidity. This trend reversed sharply in the second half of 2025, with the ratio dropping to 0.14 in September 2025 and reaching a period low of 0.12 in June 2026. The period concludes with a recovery to 0.23 in September 2026.
The data suggests a cyclical approach to cash management or periodic large-scale capital expenditures, as evidenced by the abrupt drops in cash assets and the corresponding declines in the cash ratio. Despite these fluctuations, the company maintained a cash ratio above 0.10 throughout the analyzed timeframe.
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