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: 2026-03-31), 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).
An analysis of the liquidity position from March 2022 through March 2026 reveals a general trend toward improved short-term solvency, characterized by an increase in the current ratio and periodic fluctuations in immediate liquidity markers.
- Current Ratio
- The current ratio exhibited a gradual upward trajectory, transitioning from a period of deficit where current assets were insufficient to cover current liabilities. Between March 2022 and December 2023, the ratio fluctuated between 0.77 and 0.91. A significant improvement occurred throughout 2024 and early 2025, with the ratio exceeding the 1.0 threshold in September 2024 and peaking at 1.21 in June 2025. Despite a temporary decline to 0.89 in September 2025, the ratio recovered to 1.09 by March 2026, indicating a strengthened ability to meet short-term obligations.
- Quick Ratio
- The quick ratio remained consistently below 1.0 throughout the entire period, suggesting that the organization relies on the conversion of less liquid current assets to meet its short-term liabilities. The ratio climbed from 0.58 in March 2022 to a peak of 0.88 in March 2025. A sharp contraction was observed in September 2025, where the ratio dropped to 0.53, before recovering to 0.65 by the end of the analyzed period in March 2026.
- Cash Ratio
- The cash ratio demonstrated the highest level of volatility among the liquidity metrics. From an initial value of 0.15 in March 2022, the ratio saw a steady increase, reaching a maximum of 0.51 in March 2025. This peak was followed by a precipitous decline to 0.14 in September 2025, indicating a substantial utilization of cash reserves. The ratio ended the period at 0.17 in March 2026, returning to levels similar to those observed at the start of the analysis.
The divergence between the current ratio and the quick ratio suggests that a significant portion of current assets is tied up in inventory or other non-quick assets. Furthermore, the volatility observed in the cash ratio during 2025 suggests periodic large-scale cash outflows or strategic reallocations of liquid capital.
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Current Ratio
T-Mobile US Inc., current ratio calculation (quarterly data)
| 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 | 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 | 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 | 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. | 0.92 | 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. | 0.64 | 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: 2026-03-31), 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 Q1 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 22,118 ÷ 20,344 = 1.09
2 Click competitor name to see calculations.
The short-term liquidity position demonstrates a gradual strengthening trend from March 2022 through March 2026. For a significant portion of the initial period, the company operated with a current ratio below 1.0, indicating that current liabilities exceeded current assets. However, a shift in the asset-to-liability balance emerged toward the end of 2024, leading to a more robust liquidity profile where current assets more frequently covered short-term obligations.
- Liquidity Trend Evolution
- Between March 2022 and December 2023, the current ratio remained consistently below 1.0, ranging from a low of 0.77 to a high of 0.91. This period was characterized by a gradual recovery in liquidity following a minimum point reached in December 2022.
- Threshold Transition and Volatility
- The current ratio first exceeded the 1.0 threshold in September 2024, reaching 1.08. This transition period was marked by increased volatility, with the ratio fluctuating between 0.84 and 1.16 throughout 2024 and early 2025 as current assets and liabilities shifted.
- Peak Liquidity and Recent Stabilization
- The highest liquidity level was observed in June 2025, with a current ratio of 1.21, coinciding with a period of elevated current assets. Despite a temporary contraction to 0.89 in September 2025, the ratio recovered to 1.00 by December 2025 and further improved to 1.09 by March 2026, suggesting a stabilized capacity to meet short-term liabilities.
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Quick Ratio
T-Mobile US Inc., quick ratio calculation (quarterly data)
| 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 | 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 | 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 | 4,935) | 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 | 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 | 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 | 0.65 | 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. | 0.40 | 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. | 0.50 | 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: 2026-03-31), 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 Q1 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 13,321 ÷ 20,344 = 0.65
2 Click competitor name to see calculations.
The liquidity position demonstrates a general upward trajectory in the quick ratio from early 2022 through the first quarter of 2025, followed by a period of volatility and partial recovery. Throughout the analyzed period, the ratio consistently remains below 1.00, indicating that liquid assets are insufficient to cover all current liabilities immediately.
- Quick Asset Trends
- Total quick assets exhibited significant fluctuations, rising from 12,322 million USD in March 2022 to a peak of 20,689 million USD by March 2025. This growth was interrupted by a sharp decline in late 2025, where assets fell to 12,993 million USD in September 2025, before settling at 13,321 million USD by March 2026.
- Current Liabilities Analysis
- Current liabilities remained relatively stable, generally fluctuating between 20,174 million USD and 26,362 million USD. The highest liability levels were observed in late 2022, while the most recent period ending March 2026 showed a decrease to 20,344 million USD, contributing to a stabilized liquidity ratio.
- Quick Ratio Performance
- The quick ratio increased steadily from 0.58 in March 2022 to a maximum of 0.88 in March 2025, suggesting an improvement in the company's ability to meet short-term obligations. A significant contraction occurred in September 2025, with the ratio dropping to a period low of 0.53. A recovery trend followed in the subsequent two quarters, with the ratio climbing back to 0.65 by March 2026.
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Cash Ratio
T-Mobile US Inc., cash ratio calculation (quarterly data)
| 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 | 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 | 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 | 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 | 0.17 | 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. | 0.24 | 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. | 0.12 | 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: 2026-03-31), 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 Q1 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 3,520 ÷ 20,344 = 0.17
2 Click competitor name to see calculations.
The cash ratio exhibits significant volatility over the analyzed period, characterized by a general upward trend through early 2025 followed by a sharp contraction. The ratio fluctuated from a baseline of 0.15 in early 2022 to a peak of 0.51 by March 31, 2025, before retreating to 0.17 by March 31, 2026.
- Cash Asset Dynamics
- Total cash assets demonstrated substantial variance, ranging from a low of 3,151 million US$ in June 2022 to a peak of 12,003 million US$ in March 2025. Notable spikes in liquidity occurred in September 2024 and March 2025, indicating periods of aggressive cash accumulation or financing activities.
- Current Liability Stability
- Current liabilities remained relatively stable compared to cash assets, generally fluctuating between 20,174 million US$ and 26,362 million US$. The most significant increase in liabilities was observed in September 2022, while the lowest levels were maintained throughout late 2023 and early 2024.
- Liquidity Ratio Trends
- The cash ratio remained below 0.30 for the majority of the period, reflecting a conservative immediate liquidity position. A significant strengthening of the ratio occurred between March 2024 (0.33) and March 2025 (0.51), driven by the surge in cash assets. This trend reversed abruptly in the latter half of 2025, with the ratio dropping to 0.14 by September 30, 2025, coinciding with a reduction in cash holdings to 3,310 million US$.
The analysis indicates that fluctuations in the cash ratio are primarily driven by changes in total cash assets rather than movements in current liabilities. The sharp increase and subsequent decline in the ratio suggest a cyclical pattern of cash accumulation and deployment, with the company returning to its historical liquidity baseline by the end of the analyzed timeframe.
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