Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
T-Mobile US Inc., solvency ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
The financial ratios demonstrate several notable trends over the reviewed periods.
- Debt to Equity and Related Measures
- The debt to equity ratio fluctuates around values slightly above 1.0, beginning at 0.94 in early 2020 and generally increasing to approximately 1.4 by mid-2025. When including operating lease liabilities, the ratio consistently registers higher values, starting at 1.37 and rising to about 1.87 toward the end of the dataset. This suggests a gradual increase in the company's reliance on debt financing, including lease obligations, over time.
- Debt to Capital Ratios
- The debt to capital ratio remains fairly stable around the 0.50 to 0.59 range, showing a moderate upward trend. Incorporating operating lease liabilities pushes this ratio higher, from approximately 0.58 up to around 0.65, indicating an increase in overall capital structure leverage but at a measured pace.
- Debt to Assets Ratios
- The standard debt to assets ratio hovers near 0.30 to 0.41 with incremental growth observed over the years, while the ratio including operating lease liabilities generally resides in the 0.46 to 0.54 range. Both measures indicate that debt, including lease obligations, represents a growing proportion of the company's total assets.
- Financial Leverage
- This ratio remains relatively consistent, mostly within the 3.0 to 3.5 range, evidencing stable leverage. There is a slight increasing pattern toward later years, which might reflect a modest increase in the company's use of debt relative to equity.
- Interest Coverage
- Interest coverage shows a significant improvement over the period, starting from a low of 1.43 at the end of 2021, accelerating to more comfortable levels above 5.0 by early to mid-2025. This positive trend indicates the company’s growing ability to meet interest expenses comfortably from operating earnings, which suggests improved profitability or lower interest expenses relative to earnings.
Overall, the financial data suggest a gradual but controlled increase in leverage measures, with stable to improving capacity to cover interest costs, reflecting a potentially prudent approach to managing debt financing and operational obligations over the observed periods.
Debt Ratios
Coverage Ratios
Debt to Equity
T-Mobile US Inc., debt to equity calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Short-term debt | 6,408) | 8,214) | 4,068) | 5,851) | 5,867) | 5,356) | 3,619) | 3,437) | 7,731) | 5,215) | 5,164) | 7,398) | 2,942) | 2,865) | 3,378) | 2,096) | 4,648) | 4,423) | 4,579) | 3,713) | 3,818) | —) | |||||||
| Short-term debt to affiliates | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 1,250) | 2,245) | 2,240) | 2,235) | —) | —) | —) | 1,235) | 2,000) | |||||||
| Short-term financing lease liabilities | 1,157) | 1,136) | 1,175) | 1,252) | 1,252) | 1,265) | 1,260) | 1,286) | 1,220) | 1,180) | 1,161) | 1,239) | 1,220) | 1,121) | 1,120) | 1,154) | 1,045) | 1,013) | 1,063) | 1,050) | 1,040) | 918) | |||||||
| Long-term debt | 75,018) | 76,033) | 72,700) | 72,522) | 70,203) | 71,361) | 69,903) | 70,365) | 68,646) | 68,035) | 65,301) | 64,834) | 66,552) | 66,861) | 67,076) | 66,645) | 65,897) | 66,395) | 61,830) | 58,345) | 62,783) | 10,959) | |||||||
| Long-term debt to affiliates | 1,497) | 1,497) | 1,497) | 1,497) | 1,496) | 1,496) | 1,496) | 1,496) | 1,495) | 1,495) | 1,495) | 1,495) | 1,495) | 1,494) | 1,494) | 1,494) | 2,490) | 4,721) | 4,716) | 4,711) | 4,706) | 11,987) | |||||||
| Long-term financing lease liabilities | 1,188) | 1,117) | 1,151) | 1,185) | 1,133) | 1,163) | 1,236) | 1,273) | 1,254) | 1,284) | 1,370) | 1,590) | 1,597) | 1,447) | 1,455) | 1,587) | 1,376) | 1,316) | 1,444) | 1,373) | 1,416) | 1,276) | |||||||
| Total debt | 85,268) | 87,997) | 80,591) | 82,307) | 79,951) | 80,641) | 77,514) | 77,857) | 80,346) | 77,209) | 74,491) | 76,556) | 73,806) | 75,038) | 76,768) | 75,216) | 77,691) | 77,868) | 73,632) | 69,192) | 74,998) | 27,140) | |||||||
| Stockholders’ equity | 61,107) | 61,105) | 61,741) | 64,250) | 62,636) | 62,074) | 64,715) | 64,698) | 65,750) | 66,925) | 69,656) | 70,150) | 70,034) | 69,976) | 69,102) | 68,427) | 67,470) | 66,377) | 65,344) | 64,487) | 62,996) | 28,977) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to equity1 | 1.40 | 1.44 | 1.31 | 1.28 | 1.28 | 1.30 | 1.20 | 1.20 | 1.22 | 1.15 | 1.07 | 1.09 | 1.05 | 1.07 | 1.11 | 1.10 | 1.15 | 1.17 | 1.13 | 1.07 | 1.19 | 0.94 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||||||||
| AT&T Inc. | 1.26 | 1.22 | 1.18 | 1.26 | 1.24 | 1.27 | 1.33 | 1.33 | 1.41 | 1.38 | 1.39 | 1.09 | 1.15 | 1.23 | 1.07 | 1.09 | 1.11 | 1.09 | 0.97 | 0.91 | 0.96 | 0.92 | |||||||
| Verizon Communications Inc. | 1.42 | 1.43 | 1.45 | 1.56 | 1.55 | 1.61 | 1.63 | 1.51 | 1.60 | 1.65 | 1.65 | 1.69 | 1.73 | 1.83 | 1.84 | 1.96 | 2.06 | 2.23 | 1.90 | 1.78 | 1.80 | 1.96 | |||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 85,268 ÷ 61,107 = 1.40
2 Click competitor name to see calculations.
The financial data reveals several key trends regarding the company’s capital structure over the analyzed periods. Total debt demonstrates significant fluctuations, with an initial sharp increase from US$27,140 million as of March 31, 2020, to US$74,998 million by June 30, 2020. Following this peak, the total debt exhibits moderate variability, moving generally within the US$73 billion to US$88 billion range through to mid-2025. There is a noticeable moderate upward trajectory toward the end of the period, with quarterly totals increasing from approximately US$80 billion to nearly US$88 billion.
Stockholders’ equity initially also shows an abrupt rise from US$28,977 million at the start of the timeframe to US$62,996 million by June 30, 2020, after which it maintains a relatively stable pattern, fluctuating in a narrow range between about US$61 billion and US$70 billion. Although stockholders’ equity decreases somewhat after its 2020 peak, it remains fairly consistent with a slight downward bias in the later periods, settling just above US$61 billion by mid-2025.
The debt to equity ratio provides insights into the company’s leverage and capital structure dynamics. From an initial value below 1 (0.94), the ratio spikes in the second quarter of 2020 to 1.19, reflecting the substantial rise in debt relative to equity. Subsequently, it exhibits moderate oscillations generally between 1.05 and 1.22 until late 2022. However, from early 2023 onward, the ratio trends upwards steadily, reaching a peak of 1.44 by the second quarter of 2025. This consistent increase indicates a progressive rise in leverage, with debt levels growing faster than equity during this period.
Overall, the data suggests an initial phase of rapid capital expansion followed by consolidation, with the company increasingly relying on debt financing relative to equity in recent years. The steady increase in the debt to equity ratio highlights a trend toward higher financial leverage, which may imply greater risk exposure but also potential for enhanced returns depending on operational performance and market conditions.
Debt to Equity (including Operating Lease Liability)
T-Mobile US Inc., debt to equity (including operating lease liability) calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Short-term debt | 6,408) | 8,214) | 4,068) | 5,851) | 5,867) | 5,356) | 3,619) | 3,437) | 7,731) | 5,215) | 5,164) | 7,398) | 2,942) | 2,865) | 3,378) | 2,096) | 4,648) | 4,423) | 4,579) | 3,713) | 3,818) | —) | |||||||
| Short-term debt to affiliates | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 1,250) | 2,245) | 2,240) | 2,235) | —) | —) | —) | 1,235) | 2,000) | |||||||
| Short-term financing lease liabilities | 1,157) | 1,136) | 1,175) | 1,252) | 1,252) | 1,265) | 1,260) | 1,286) | 1,220) | 1,180) | 1,161) | 1,239) | 1,220) | 1,121) | 1,120) | 1,154) | 1,045) | 1,013) | 1,063) | 1,050) | 1,040) | 918) | |||||||
| Long-term debt | 75,018) | 76,033) | 72,700) | 72,522) | 70,203) | 71,361) | 69,903) | 70,365) | 68,646) | 68,035) | 65,301) | 64,834) | 66,552) | 66,861) | 67,076) | 66,645) | 65,897) | 66,395) | 61,830) | 58,345) | 62,783) | 10,959) | |||||||
| Long-term debt to affiliates | 1,497) | 1,497) | 1,497) | 1,497) | 1,496) | 1,496) | 1,496) | 1,496) | 1,495) | 1,495) | 1,495) | 1,495) | 1,495) | 1,494) | 1,494) | 1,494) | 2,490) | 4,721) | 4,716) | 4,711) | 4,706) | 11,987) | |||||||
| Long-term financing lease liabilities | 1,188) | 1,117) | 1,151) | 1,185) | 1,133) | 1,163) | 1,236) | 1,273) | 1,254) | 1,284) | 1,370) | 1,590) | 1,597) | 1,447) | 1,455) | 1,587) | 1,376) | 1,316) | 1,444) | 1,373) | 1,416) | 1,276) | |||||||
| Total debt | 85,268) | 87,997) | 80,591) | 82,307) | 79,951) | 80,641) | 77,514) | 77,857) | 80,346) | 77,209) | 74,491) | 76,556) | 73,806) | 75,038) | 76,768) | 75,216) | 77,691) | 77,868) | 73,632) | 69,192) | 74,998) | 27,140) | |||||||
| Short-term operating lease liabilities | 3,343) | 3,305) | 3,281) | 3,328) | 3,202) | 3,443) | 3,555) | 3,545) | 3,289) | 3,441) | 3,512) | 3,367) | 3,348) | 3,252) | 3,425) | 3,077) | 3,577) | 3,498) | 3,868) | 3,658) | 4,164) | 2,187) | |||||||
| Long-term operating lease liabilities | 25,646) | 25,974) | 26,408) | 26,821) | 27,272) | 27,827) | 28,240) | 28,677) | 29,053) | 29,379) | 29,855) | 30,271) | 30,916) | 31,187) | 25,818) | 26,279) | 26,515) | 26,602) | 26,719) | 26,658) | 15,487) | 10,464) | |||||||
| Total debt (including operating lease liability) | 114,257) | 117,276) | 110,280) | 112,456) | 110,425) | 111,911) | 109,309) | 110,079) | 112,688) | 110,029) | 107,858) | 110,194) | 108,070) | 109,477) | 106,011) | 104,572) | 107,783) | 107,968) | 104,219) | 99,508) | 94,649) | 39,791) | |||||||
| Stockholders’ equity | 61,107) | 61,105) | 61,741) | 64,250) | 62,636) | 62,074) | 64,715) | 64,698) | 65,750) | 66,925) | 69,656) | 70,150) | 70,034) | 69,976) | 69,102) | 68,427) | 67,470) | 66,377) | 65,344) | 64,487) | 62,996) | 28,977) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | 1.87 | 1.92 | 1.79 | 1.75 | 1.76 | 1.80 | 1.69 | 1.70 | 1.71 | 1.64 | 1.55 | 1.57 | 1.54 | 1.56 | 1.53 | 1.53 | 1.60 | 1.63 | 1.59 | 1.54 | 1.50 | 1.37 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||||||
| AT&T Inc. | 1.43 | 1.38 | 1.35 | 1.43 | 1.40 | 1.44 | 1.50 | 1.50 | 1.59 | 1.57 | 1.59 | 1.24 | 1.31 | 1.35 | 1.19 | 1.23 | 1.24 | 1.22 | 1.11 | 1.03 | 1.09 | 1.05 | |||||||
| Verizon Communications Inc. | 1.65 | 1.67 | 1.70 | 1.81 | 1.80 | 1.86 | 1.89 | 1.76 | 1.87 | 1.92 | 1.93 | 1.99 | 2.04 | 2.15 | 2.18 | 2.31 | 2.43 | 2.52 | 2.22 | 2.11 | 2.14 | 2.31 | |||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 114,257 ÷ 61,107 = 1.87
2 Click competitor name to see calculations.
The financial data reveals a consistent pattern regarding the company's leverage and equity position over the observed quarters. Total debt, including operating lease liability, demonstrates a general upward trend with fluctuations. From a starting point of approximately 39.8 billion US dollars at the end of Q1 2020, total debt increased significantly by mid-2020, then continued to rise gradually, reaching a peak near 117.3 billion US dollars in Q1 2025 before experiencing a slight decrease.
Stockholders’ equity shows modest growth from Q1 2020 through Q4 2021, increasing from about 29 billion US dollars to approximately 69.1 billion US dollars. However, starting from early 2022, equity levels plateau and even decline slightly, with figures dipping below 62 billion US dollars by mid-2025. This suggests limited growth or potential dilution in stockholders’ equity during the latter part of the period.
The debt to equity ratio underscores the increasing leverage of the company. Beginning at 1.37 in Q1 2020, the ratio rises in alignment with total debt levels, peaking near 1.92 by mid-2025. Despite some interim declines, the ratio generally indicates a steady increase in debt relative to equity over time. This growing leverage ratio reflects a strategy or necessity of financing more through debt compared to equity, which may impact financial risk profiles.
- Total Debt (including operating lease liability)
- Shows a marked increase from Q1 2020 to Q2 2020, followed by a steady climb with minor variability, peaking around Q1 2025.
- Stockholders’ Equity
- Experiences initial growth until approximately Q4 2021, then stabilizes and declines gradually, ending near initial levels by mid-2025.
- Debt to Equity Ratio
- Displays an upward trend throughout the period, highlighting increased reliance on debt financing relative to equity.
Overall, the trends indicate an increasing financial leverage with rising debt levels outpacing equity growth after 2021, which could influence the company's financial stability and risk considerations going forward.
Debt to Capital
T-Mobile US Inc., debt to capital calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Short-term debt | 6,408) | 8,214) | 4,068) | 5,851) | 5,867) | 5,356) | 3,619) | 3,437) | 7,731) | 5,215) | 5,164) | 7,398) | 2,942) | 2,865) | 3,378) | 2,096) | 4,648) | 4,423) | 4,579) | 3,713) | 3,818) | —) | |||||||
| Short-term debt to affiliates | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 1,250) | 2,245) | 2,240) | 2,235) | —) | —) | —) | 1,235) | 2,000) | |||||||
| Short-term financing lease liabilities | 1,157) | 1,136) | 1,175) | 1,252) | 1,252) | 1,265) | 1,260) | 1,286) | 1,220) | 1,180) | 1,161) | 1,239) | 1,220) | 1,121) | 1,120) | 1,154) | 1,045) | 1,013) | 1,063) | 1,050) | 1,040) | 918) | |||||||
| Long-term debt | 75,018) | 76,033) | 72,700) | 72,522) | 70,203) | 71,361) | 69,903) | 70,365) | 68,646) | 68,035) | 65,301) | 64,834) | 66,552) | 66,861) | 67,076) | 66,645) | 65,897) | 66,395) | 61,830) | 58,345) | 62,783) | 10,959) | |||||||
| Long-term debt to affiliates | 1,497) | 1,497) | 1,497) | 1,497) | 1,496) | 1,496) | 1,496) | 1,496) | 1,495) | 1,495) | 1,495) | 1,495) | 1,495) | 1,494) | 1,494) | 1,494) | 2,490) | 4,721) | 4,716) | 4,711) | 4,706) | 11,987) | |||||||
| Long-term financing lease liabilities | 1,188) | 1,117) | 1,151) | 1,185) | 1,133) | 1,163) | 1,236) | 1,273) | 1,254) | 1,284) | 1,370) | 1,590) | 1,597) | 1,447) | 1,455) | 1,587) | 1,376) | 1,316) | 1,444) | 1,373) | 1,416) | 1,276) | |||||||
| Total debt | 85,268) | 87,997) | 80,591) | 82,307) | 79,951) | 80,641) | 77,514) | 77,857) | 80,346) | 77,209) | 74,491) | 76,556) | 73,806) | 75,038) | 76,768) | 75,216) | 77,691) | 77,868) | 73,632) | 69,192) | 74,998) | 27,140) | |||||||
| Stockholders’ equity | 61,107) | 61,105) | 61,741) | 64,250) | 62,636) | 62,074) | 64,715) | 64,698) | 65,750) | 66,925) | 69,656) | 70,150) | 70,034) | 69,976) | 69,102) | 68,427) | 67,470) | 66,377) | 65,344) | 64,487) | 62,996) | 28,977) | |||||||
| Total capital | 146,375) | 149,102) | 142,332) | 146,557) | 142,587) | 142,715) | 142,229) | 142,555) | 146,096) | 144,134) | 144,147) | 146,706) | 143,840) | 145,014) | 145,870) | 143,643) | 145,161) | 144,245) | 138,976) | 133,679) | 137,994) | 56,117) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to capital1 | 0.58 | 0.59 | 0.57 | 0.56 | 0.56 | 0.57 | 0.54 | 0.55 | 0.55 | 0.54 | 0.52 | 0.52 | 0.51 | 0.52 | 0.53 | 0.52 | 0.54 | 0.54 | 0.53 | 0.52 | 0.54 | 0.48 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||||||
| AT&T Inc. | 0.56 | 0.55 | 0.54 | 0.56 | 0.55 | 0.56 | 0.57 | 0.57 | 0.58 | 0.58 | 0.58 | 0.52 | 0.54 | 0.55 | 0.52 | 0.52 | 0.53 | 0.52 | 0.49 | 0.48 | 0.49 | 0.48 | |||||||
| Verizon Communications Inc. | 0.59 | 0.59 | 0.59 | 0.61 | 0.61 | 0.62 | 0.62 | 0.60 | 0.62 | 0.62 | 0.62 | 0.63 | 0.63 | 0.65 | 0.65 | 0.66 | 0.67 | 0.69 | 0.66 | 0.64 | 0.64 | 0.66 | |||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Debt to capital = Total debt ÷ Total capital
= 85,268 ÷ 146,375 = 0.58
2 Click competitor name to see calculations.
The financial data shows the evolution of total debt, total capital, and the debt to capital ratio over multiple quarterly periods. Several trends can be observed from the data.
- Total debt
- Total debt experienced a significant increase from US$27,140 million at the end of March 2020 to a peak of US$74,998 million in June 2020. Following this spike, the total debt fluctuated moderately, remaining within a range of approximately US$69,000 million to US$80,000 million through the subsequent quarters. Towards the latest periods, total debt rose again, reaching the highest values near US$87,997 million in March 2025 before slightly declining to US$85,268 million in June 2025.
- Total capital
- Total capital shows a similar increasing pattern in the initial periods, rising from US$56,117 million in March 2020 to US$137,994 million in June 2020. From mid-2020 onwards, total capital remained relatively stable, oscillating around the US$140,000 million to US$150,000 million range, with minor fluctuations in each quarter. There is no clear upward or downward trend in total capital after the initial increase.
- Debt to capital ratio
- The debt to capital ratio started at 0.48 in March 2020, increased to a range around 0.52 to 0.54 during the middle quarters of 2020 and throughout 2021, then showed a slight upward trend in recent years. From approximately 0.54 in early 2023, the ratio gradually climbed, peaking at 0.59 in March 2025 before a minor reduction to 0.58 in June 2025. This indicates a moderate increase in leverage relative to capital over the analyzed period.
Overall, the data points to an initial rapid rise in both total debt and total capital in early 2020, followed by more stable capital levels and fluctuating but generally increasing debt levels in subsequent years. The debt to capital ratio corroborates this pattern, evidencing a rising leverage position, especially pronounced in the most recent quarters. The company appears to have taken on higher debt levels relative to its capital base over time, reflecting a modest increase in financial leverage.
Debt to Capital (including Operating Lease Liability)
T-Mobile US Inc., debt to capital (including operating lease liability) calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Short-term debt | 6,408) | 8,214) | 4,068) | 5,851) | 5,867) | 5,356) | 3,619) | 3,437) | 7,731) | 5,215) | 5,164) | 7,398) | 2,942) | 2,865) | 3,378) | 2,096) | 4,648) | 4,423) | 4,579) | 3,713) | 3,818) | —) | |||||||
| Short-term debt to affiliates | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 1,250) | 2,245) | 2,240) | 2,235) | —) | —) | —) | 1,235) | 2,000) | |||||||
| Short-term financing lease liabilities | 1,157) | 1,136) | 1,175) | 1,252) | 1,252) | 1,265) | 1,260) | 1,286) | 1,220) | 1,180) | 1,161) | 1,239) | 1,220) | 1,121) | 1,120) | 1,154) | 1,045) | 1,013) | 1,063) | 1,050) | 1,040) | 918) | |||||||
| Long-term debt | 75,018) | 76,033) | 72,700) | 72,522) | 70,203) | 71,361) | 69,903) | 70,365) | 68,646) | 68,035) | 65,301) | 64,834) | 66,552) | 66,861) | 67,076) | 66,645) | 65,897) | 66,395) | 61,830) | 58,345) | 62,783) | 10,959) | |||||||
| Long-term debt to affiliates | 1,497) | 1,497) | 1,497) | 1,497) | 1,496) | 1,496) | 1,496) | 1,496) | 1,495) | 1,495) | 1,495) | 1,495) | 1,495) | 1,494) | 1,494) | 1,494) | 2,490) | 4,721) | 4,716) | 4,711) | 4,706) | 11,987) | |||||||
| Long-term financing lease liabilities | 1,188) | 1,117) | 1,151) | 1,185) | 1,133) | 1,163) | 1,236) | 1,273) | 1,254) | 1,284) | 1,370) | 1,590) | 1,597) | 1,447) | 1,455) | 1,587) | 1,376) | 1,316) | 1,444) | 1,373) | 1,416) | 1,276) | |||||||
| Total debt | 85,268) | 87,997) | 80,591) | 82,307) | 79,951) | 80,641) | 77,514) | 77,857) | 80,346) | 77,209) | 74,491) | 76,556) | 73,806) | 75,038) | 76,768) | 75,216) | 77,691) | 77,868) | 73,632) | 69,192) | 74,998) | 27,140) | |||||||
| Short-term operating lease liabilities | 3,343) | 3,305) | 3,281) | 3,328) | 3,202) | 3,443) | 3,555) | 3,545) | 3,289) | 3,441) | 3,512) | 3,367) | 3,348) | 3,252) | 3,425) | 3,077) | 3,577) | 3,498) | 3,868) | 3,658) | 4,164) | 2,187) | |||||||
| Long-term operating lease liabilities | 25,646) | 25,974) | 26,408) | 26,821) | 27,272) | 27,827) | 28,240) | 28,677) | 29,053) | 29,379) | 29,855) | 30,271) | 30,916) | 31,187) | 25,818) | 26,279) | 26,515) | 26,602) | 26,719) | 26,658) | 15,487) | 10,464) | |||||||
| Total debt (including operating lease liability) | 114,257) | 117,276) | 110,280) | 112,456) | 110,425) | 111,911) | 109,309) | 110,079) | 112,688) | 110,029) | 107,858) | 110,194) | 108,070) | 109,477) | 106,011) | 104,572) | 107,783) | 107,968) | 104,219) | 99,508) | 94,649) | 39,791) | |||||||
| Stockholders’ equity | 61,107) | 61,105) | 61,741) | 64,250) | 62,636) | 62,074) | 64,715) | 64,698) | 65,750) | 66,925) | 69,656) | 70,150) | 70,034) | 69,976) | 69,102) | 68,427) | 67,470) | 66,377) | 65,344) | 64,487) | 62,996) | 28,977) | |||||||
| Total capital (including operating lease liability) | 175,364) | 178,381) | 172,021) | 176,706) | 173,061) | 173,985) | 174,024) | 174,777) | 178,438) | 176,954) | 177,514) | 180,344) | 178,104) | 179,453) | 175,113) | 172,999) | 175,253) | 174,345) | 169,563) | 163,995) | 157,645) | 68,768) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 0.65 | 0.66 | 0.64 | 0.64 | 0.64 | 0.64 | 0.63 | 0.63 | 0.63 | 0.62 | 0.61 | 0.61 | 0.61 | 0.61 | 0.61 | 0.60 | 0.62 | 0.62 | 0.61 | 0.61 | 0.60 | 0.58 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||||||
| AT&T Inc. | 0.59 | 0.58 | 0.57 | 0.59 | 0.58 | 0.59 | 0.60 | 0.60 | 0.61 | 0.61 | 0.61 | 0.55 | 0.57 | 0.57 | 0.54 | 0.55 | 0.55 | 0.55 | 0.53 | 0.51 | 0.52 | 0.51 | |||||||
| Verizon Communications Inc. | 0.62 | 0.62 | 0.63 | 0.64 | 0.64 | 0.65 | 0.65 | 0.64 | 0.65 | 0.66 | 0.66 | 0.67 | 0.67 | 0.68 | 0.69 | 0.70 | 0.71 | 0.72 | 0.69 | 0.68 | 0.68 | 0.70 | |||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 114,257 ÷ 175,364 = 0.65
2 Click competitor name to see calculations.
The financial data reveals several trends regarding the company's leverage and capital structure over the examined periods.
- Total Debt (Including Operating Lease Liability)
-
The total debt shows significant fluctuations, with a sharp increase between March 31, 2020 (US$39,791 million), and June 30, 2020 (US$94,649 million). From there, the debt remains relatively stable throughout the subsequent quarters, fluctuating between approximately US$104 billion and US$112 billion up to December 31, 2023. In the subsequent quarters leading to June 30, 2025, the debt level varies moderately, moving between approximately US$109 billion and US$117 billion. There appears to be no consistent upward or downward trend after the initial spike in mid-2020, pointing to a stabilized debt position in the following years.
- Total Capital (Including Operating Lease Liability)
-
Total capital closely follows the trend seen in total debt, with a substantial increase from US$68,768 million as of March 31, 2020, to US$157,645 million by June 30, 2020. Thereafter, total capital remains fairly steady in a range roughly between US$172 billion and US$180 billion across subsequent periods until December 31, 2023. From March 31, 2024, through June 30, 2025, the total capital exhibits minor fluctuations but remains within the range of approximately US$172 billion to US$178 billion, suggesting stability in the overall capital base after the initial expansion.
- Debt to Capital Ratio (Including Operating Lease Liability)
-
The debt to capital ratio reflects the leverage position relative to the company's total capital. It initially shows an increase from 0.58 as of March 31, 2020, to around 0.60-0.62 in the following quarter and quarters. From mid-2020 onwards, the ratio stabilizes in a narrow range between 0.60 and 0.64, indicating a steady leverage level through most of the periods. Towards the final periods of the data, specifically from around March 31, 2025, the ratio edges higher reaching 0.66 before settling at 0.65 as of June 30, 2025. This slight increase in leverage towards the end may indicate a modest rebalancing of the financing mix or increased reliance on debt financing.
In summary, the company experienced a significant increase in both total debt and total capital in early 2020, which largely stabilized afterward. The debt to capital ratio remained relatively constant in the medium term, with a minor upward shift in the latest quarters, suggesting stable but slightly increasing leverage in recent periods. Overall, the financial leverage appears to be managed within a consistent range over the majority of the timeframe analyzed.
Debt to Assets
T-Mobile US Inc., debt to assets calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Short-term debt | 6,408) | 8,214) | 4,068) | 5,851) | 5,867) | 5,356) | 3,619) | 3,437) | 7,731) | 5,215) | 5,164) | 7,398) | 2,942) | 2,865) | 3,378) | 2,096) | 4,648) | 4,423) | 4,579) | 3,713) | 3,818) | —) | |||||||
| Short-term debt to affiliates | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 1,250) | 2,245) | 2,240) | 2,235) | —) | —) | —) | 1,235) | 2,000) | |||||||
| Short-term financing lease liabilities | 1,157) | 1,136) | 1,175) | 1,252) | 1,252) | 1,265) | 1,260) | 1,286) | 1,220) | 1,180) | 1,161) | 1,239) | 1,220) | 1,121) | 1,120) | 1,154) | 1,045) | 1,013) | 1,063) | 1,050) | 1,040) | 918) | |||||||
| Long-term debt | 75,018) | 76,033) | 72,700) | 72,522) | 70,203) | 71,361) | 69,903) | 70,365) | 68,646) | 68,035) | 65,301) | 64,834) | 66,552) | 66,861) | 67,076) | 66,645) | 65,897) | 66,395) | 61,830) | 58,345) | 62,783) | 10,959) | |||||||
| Long-term debt to affiliates | 1,497) | 1,497) | 1,497) | 1,497) | 1,496) | 1,496) | 1,496) | 1,496) | 1,495) | 1,495) | 1,495) | 1,495) | 1,495) | 1,494) | 1,494) | 1,494) | 2,490) | 4,721) | 4,716) | 4,711) | 4,706) | 11,987) | |||||||
| Long-term financing lease liabilities | 1,188) | 1,117) | 1,151) | 1,185) | 1,133) | 1,163) | 1,236) | 1,273) | 1,254) | 1,284) | 1,370) | 1,590) | 1,597) | 1,447) | 1,455) | 1,587) | 1,376) | 1,316) | 1,444) | 1,373) | 1,416) | 1,276) | |||||||
| Total debt | 85,268) | 87,997) | 80,591) | 82,307) | 79,951) | 80,641) | 77,514) | 77,857) | 80,346) | 77,209) | 74,491) | 76,556) | 73,806) | 75,038) | 76,768) | 75,216) | 77,691) | 77,868) | 73,632) | 69,192) | 74,998) | 27,140) | |||||||
| Total assets | 212,643) | 214,633) | 208,035) | 210,742) | 208,557) | 206,268) | 207,682) | 208,579) | 210,602) | 210,173) | 211,338) | 213,499) | 209,463) | 210,653) | 206,563) | 202,125) | 204,124) | 203,332) | 200,162) | 192,443) | 187,199) | 87,226) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to assets1 | 0.40 | 0.41 | 0.39 | 0.39 | 0.38 | 0.39 | 0.37 | 0.37 | 0.38 | 0.37 | 0.35 | 0.36 | 0.35 | 0.36 | 0.37 | 0.37 | 0.38 | 0.38 | 0.37 | 0.36 | 0.40 | 0.31 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||||||
| AT&T Inc. | 0.33 | 0.32 | 0.31 | 0.33 | 0.33 | 0.33 | 0.34 | 0.34 | 0.35 | 0.34 | 0.34 | 0.31 | 0.32 | 0.36 | 0.32 | 0.33 | 0.33 | 0.33 | 0.30 | 0.30 | 0.31 | 0.30 | |||||||
| Verizon Communications Inc. | 0.38 | 0.38 | 0.37 | 0.40 | 0.39 | 0.40 | 0.40 | 0.38 | 0.40 | 0.40 | 0.40 | 0.39 | 0.40 | 0.42 | 0.41 | 0.43 | 0.44 | 0.46 | 0.41 | 0.39 | 0.38 | 0.40 | |||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Debt to assets = Total debt ÷ Total assets
= 85,268 ÷ 212,643 = 0.40
2 Click competitor name to see calculations.
The analysis of the quarterly financial data for the period from March 31, 2020, through June 30, 2025, reveals several notable trends and patterns in the company's debt, assets, and related leverage ratios.
- Total Debt
- Total debt experienced a significant surge from March 31, 2020 (US$27,140 million) to June 30, 2020 (US$74,998 million), followed by a general fluctuation within a narrower range for subsequent quarters. From mid-2020 onwards, total debt remained relatively stable in the range of approximately US$73 billion to US$80 billion, with some quarterly variability. Notably, by June 30, 2025, total debt increased to US$85,268 million, marking an upward movement compared to the earlier stable period, with the highest quarterly figure observed at US$87,997 million in March 31, 2025.
- Total Assets
- Total assets displayed a marked increase from US$87,226 million on March 31, 2020, to over US$187 billion by June 30, 2020. After this initial rapid growth, asset levels continued to rise gradually and then stabilized between approximately US$200 billion and US$215 billion over the following quarters. There is a slight decline observed beginning in 2023, with assets decreasing from US$210,173 million in March 31, 2023, to approximately US$212,643 million by June 30, 2025, indicating relative stability with minor fluctuations during this phase.
- Debt to Assets Ratio
- The debt to assets ratio increased sharply from 0.31 in March 31, 2020, to 0.40 in June 30, 2020, coinciding with the substantial rise in debt and assets during the same period. After this jump, the ratio fluctuated modestly between 0.35 and 0.39 over the subsequent quarters, reflecting a relatively steady leverage position. Toward the latter quarters, particularly from March 31, 2024 onwards, the ratio increased to the 0.39–0.41 range, indicating a gradual rise in financial leverage, with the highest ratio recorded at 0.41 in March 31, 2025.
In summary, the data demonstrates an initial sharp increase in both debt and assets in mid-2020, likely reflecting a significant financing or acquisition event. Following this phase, both debt and assets maintained relatively stable levels with minor fluctuations. The debt to assets ratio suggests that while leverage increased initially, the company maintained a moderate and consistent level of debt relative to assets over the analyzed period. Recent trends indicate a slight increase in leverage toward 2025, which may warrant monitoring for potential impact on financial risk profile.
Debt to Assets (including Operating Lease Liability)
T-Mobile US Inc., debt to assets (including operating lease liability) calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Short-term debt | 6,408) | 8,214) | 4,068) | 5,851) | 5,867) | 5,356) | 3,619) | 3,437) | 7,731) | 5,215) | 5,164) | 7,398) | 2,942) | 2,865) | 3,378) | 2,096) | 4,648) | 4,423) | 4,579) | 3,713) | 3,818) | —) | |||||||
| Short-term debt to affiliates | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 1,250) | 2,245) | 2,240) | 2,235) | —) | —) | —) | 1,235) | 2,000) | |||||||
| Short-term financing lease liabilities | 1,157) | 1,136) | 1,175) | 1,252) | 1,252) | 1,265) | 1,260) | 1,286) | 1,220) | 1,180) | 1,161) | 1,239) | 1,220) | 1,121) | 1,120) | 1,154) | 1,045) | 1,013) | 1,063) | 1,050) | 1,040) | 918) | |||||||
| Long-term debt | 75,018) | 76,033) | 72,700) | 72,522) | 70,203) | 71,361) | 69,903) | 70,365) | 68,646) | 68,035) | 65,301) | 64,834) | 66,552) | 66,861) | 67,076) | 66,645) | 65,897) | 66,395) | 61,830) | 58,345) | 62,783) | 10,959) | |||||||
| Long-term debt to affiliates | 1,497) | 1,497) | 1,497) | 1,497) | 1,496) | 1,496) | 1,496) | 1,496) | 1,495) | 1,495) | 1,495) | 1,495) | 1,495) | 1,494) | 1,494) | 1,494) | 2,490) | 4,721) | 4,716) | 4,711) | 4,706) | 11,987) | |||||||
| Long-term financing lease liabilities | 1,188) | 1,117) | 1,151) | 1,185) | 1,133) | 1,163) | 1,236) | 1,273) | 1,254) | 1,284) | 1,370) | 1,590) | 1,597) | 1,447) | 1,455) | 1,587) | 1,376) | 1,316) | 1,444) | 1,373) | 1,416) | 1,276) | |||||||
| Total debt | 85,268) | 87,997) | 80,591) | 82,307) | 79,951) | 80,641) | 77,514) | 77,857) | 80,346) | 77,209) | 74,491) | 76,556) | 73,806) | 75,038) | 76,768) | 75,216) | 77,691) | 77,868) | 73,632) | 69,192) | 74,998) | 27,140) | |||||||
| Short-term operating lease liabilities | 3,343) | 3,305) | 3,281) | 3,328) | 3,202) | 3,443) | 3,555) | 3,545) | 3,289) | 3,441) | 3,512) | 3,367) | 3,348) | 3,252) | 3,425) | 3,077) | 3,577) | 3,498) | 3,868) | 3,658) | 4,164) | 2,187) | |||||||
| Long-term operating lease liabilities | 25,646) | 25,974) | 26,408) | 26,821) | 27,272) | 27,827) | 28,240) | 28,677) | 29,053) | 29,379) | 29,855) | 30,271) | 30,916) | 31,187) | 25,818) | 26,279) | 26,515) | 26,602) | 26,719) | 26,658) | 15,487) | 10,464) | |||||||
| Total debt (including operating lease liability) | 114,257) | 117,276) | 110,280) | 112,456) | 110,425) | 111,911) | 109,309) | 110,079) | 112,688) | 110,029) | 107,858) | 110,194) | 108,070) | 109,477) | 106,011) | 104,572) | 107,783) | 107,968) | 104,219) | 99,508) | 94,649) | 39,791) | |||||||
| Total assets | 212,643) | 214,633) | 208,035) | 210,742) | 208,557) | 206,268) | 207,682) | 208,579) | 210,602) | 210,173) | 211,338) | 213,499) | 209,463) | 210,653) | 206,563) | 202,125) | 204,124) | 203,332) | 200,162) | 192,443) | 187,199) | 87,226) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 0.54 | 0.55 | 0.53 | 0.53 | 0.53 | 0.54 | 0.53 | 0.53 | 0.54 | 0.52 | 0.51 | 0.52 | 0.52 | 0.52 | 0.51 | 0.52 | 0.53 | 0.53 | 0.52 | 0.52 | 0.51 | 0.46 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||||||
| AT&T Inc. | 0.37 | 0.36 | 0.36 | 0.37 | 0.37 | 0.38 | 0.38 | 0.38 | 0.40 | 0.39 | 0.38 | 0.36 | 0.36 | 0.40 | 0.36 | 0.37 | 0.37 | 0.37 | 0.34 | 0.34 | 0.35 | 0.34 | |||||||
| Verizon Communications Inc. | 0.44 | 0.44 | 0.44 | 0.46 | 0.46 | 0.46 | 0.46 | 0.45 | 0.47 | 0.47 | 0.46 | 0.46 | 0.47 | 0.49 | 0.49 | 0.50 | 0.51 | 0.52 | 0.48 | 0.46 | 0.46 | 0.47 | |||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 114,257 ÷ 212,643 = 0.54
2 Click competitor name to see calculations.
The financial data demonstrates several noteworthy trends over the observed periods. Total debt, inclusive of operating lease liabilities, shows a significant increase from March 31, 2020, to June 30, 2020, rising sharply from approximately $39.8 billion to $94.6 billion. This substantial increase is followed by a relatively stable yet fluctuating debt level through subsequent quarters, generally hovering around the $100 billion mark with minor variances. Notable peaks and troughs occur intermittently, but the overall trend reflects debt maintenance within a narrow range around this elevated level.
Total assets exhibit a similar pattern with a sharp rise from $87.2 billion as of March 31, 2020, to $187.2 billion by June 30, 2020. Following this, asset levels continue to experience moderate growth and slight variations, generally stabilizing between $200 billion and $215 billion across the subsequent quarters. This trend suggests a marked asset base expansion early in the period, followed by relative steadiness with incremental increases within the established range.
The ratio of debt to assets, calculated including operating lease liabilities, indicates a moderate increase from 0.46 in March 2020 to around 0.52 by June 2020, reflecting the rapid rise in debt compared to assets. This ratio fluctuates within a narrow band between approximately 0.51 and 0.55 throughout the remaining quarters. The ratio remains consistently above 0.50, underscoring a substantial leverage position that is maintained steadily without significant deterioration or improvement.
Overall, the data reveals an initial period of significant financial restructuring or major transactions involving large increases in both debt and assets. Thereafter, both metrics stabilize, suggesting consolidation of the financial position. The persistent debt-to-assets ratio slightly above 0.50 indicates the company continues to operate with a balanced but moderately leveraged capital structure, maintaining relatively consistent financial leverage over multiple years.
Financial Leverage
T-Mobile US Inc., financial leverage calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Total assets | 212,643) | 214,633) | 208,035) | 210,742) | 208,557) | 206,268) | 207,682) | 208,579) | 210,602) | 210,173) | 211,338) | 213,499) | 209,463) | 210,653) | 206,563) | 202,125) | 204,124) | 203,332) | 200,162) | 192,443) | 187,199) | 87,226) | |||||||
| Stockholders’ equity | 61,107) | 61,105) | 61,741) | 64,250) | 62,636) | 62,074) | 64,715) | 64,698) | 65,750) | 66,925) | 69,656) | 70,150) | 70,034) | 69,976) | 69,102) | 68,427) | 67,470) | 66,377) | 65,344) | 64,487) | 62,996) | 28,977) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Financial leverage1 | 3.48 | 3.51 | 3.37 | 3.28 | 3.33 | 3.32 | 3.21 | 3.22 | 3.20 | 3.14 | 3.03 | 3.04 | 2.99 | 3.01 | 2.99 | 2.95 | 3.03 | 3.06 | 3.06 | 2.98 | 2.97 | 3.01 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||||||||
| AT&T Inc. | 3.85 | 3.83 | 3.78 | 3.85 | 3.78 | 3.82 | 3.94 | 3.92 | 4.01 | 4.03 | 4.13 | 3.48 | 3.62 | 3.41 | 3.32 | 3.34 | 3.36 | 3.31 | 3.25 | 3.07 | 3.11 | 3.07 | |||||||
| Verizon Communications Inc. | 3.72 | 3.78 | 3.88 | 3.96 | 3.94 | 4.03 | 4.11 | 3.94 | 3.99 | 4.07 | 4.17 | 4.29 | 4.30 | 4.37 | 4.48 | 4.59 | 4.74 | 4.85 | 4.66 | 4.56 | 4.68 | 4.89 | |||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 212,643 ÷ 61,107 = 3.48
2 Click competitor name to see calculations.
- Total Assets
-
Total assets demonstrated a significant increase from March 31, 2020, to June 30, 2020, nearly doubling from approximately $87.2 billion to $187.2 billion. Following this sharp rise, total assets showed moderate fluctuations within a relatively stable range, generally oscillating around the $200 billion mark through the end of 2023.
From early 2024 onwards, total assets showed minor variations, maintaining levels slightly above $206 billion and reaching a peak near $214.6 billion by March 31, 2025. Overall, the asset base remained broadly stable after the initial increase, suggesting consolidation or steady asset management in subsequent quarters.
- Stockholders’ Equity
-
Stockholders’ equity increased significantly in the first half of 2020, climbing from about $29 billion in March 2020 to approximately $63 billion by June 2020. This rapid rise was followed by a steady but much slower growth trend until the end of 2021, with equity reaching approximately $69 billion.
In 2022 and 2023, stockholders’ equity exhibited a slight downward trend, declining gradually from around $70 billion in early 2022 to about $64.7 billion by December 2023. This trend continued into 2024 and early 2025, with equity decreasing further to roughly $61 billion. This shift indicates potential factors such as increased liabilities, share repurchases, or distribution of dividends affecting the equity base.
- Financial Leverage
-
Financial leverage, defined as the ratio of total assets to stockholders’ equity, remained relatively stable around 3.0 during 2020 and 2021, indicating a consistent balance between debt and equity financing.
Starting in 2022, the ratio showed a gradual upward trend, rising from just above 3.0 to approximately 3.5 by June 2025. This trend suggests an increasing reliance on debt or other liabilities relative to equity. The highest leverage ratios observed in the most recent quarters correspond to the period of declining equity and relatively stable asset levels, reinforcing the observation of increased financial obligations relative to the equity base.
Interest Coverage
T-Mobile US Inc., interest coverage calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net income (loss) | 3,222) | 2,953) | 2,981) | 3,059) | 2,925) | 2,374) | 2,014) | 2,142) | 2,221) | 1,940) | 1,477) | 508) | (108) | 713) | 422) | 691) | 978) | 933) | 750) | 1,253) | 110) | 951) | |||||||
| Less: Income from discontinued operations, net of tax | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 320) | —) | |||||||
| Add: Income tax expense | 1,058) | 885) | 858) | 908) | 843) | 764) | 629) | 705) | 717) | 631) | 450) | (57) | (55) | 218) | (193) | (3) | 277) | 246) | 71) | 407) | 2) | 306) | |||||||
| Add: Interest expense, net | 922) | 916) | 841) | 836) | 854) | 880) | 849) | 790) | 861) | 835) | 822) | 827) | 851) | 864) | 821) | 836) | 850) | 835) | 790) | 806) | 833) | 272) | |||||||
| Earnings before interest and tax (EBIT) | 5,202) | 4,754) | 4,680) | 4,803) | 4,622) | 4,018) | 3,492) | 3,637) | 3,799) | 3,406) | 2,749) | 1,278) | 688) | 1,795) | 1,050) | 1,524) | 2,105) | 2,014) | 1,611) | 2,466) | 625) | 1,529) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Interest coverage1 | 5.53 | 5.47 | 5.31 | 4.95 | 4.68 | 4.42 | 4.30 | 4.11 | 3.36 | 2.44 | 1.94 | 1.43 | 1.50 | 1.92 | 2.00 | 2.19 | 2.50 | 2.06 | 2.31 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Interest Coverage, Competitors2 | |||||||||||||||||||||||||||||
| AT&T Inc. | 3.83 | 3.66 | 3.47 | 3.10 | 3.62 | 3.82 | 3.96 | 0.04 | 0.36 | 0.37 | 0.49 | 5.27 | 5.20 | 4.53 | 4.91 | 1.70 | 1.14 | 1.12 | 0.64 | — | — | — | |||||||
| Verizon Communications Inc. | 4.64 | 4.52 | 4.46 | 3.21 | 3.59 | 3.78 | 4.08 | 6.49 | 7.16 | 8.11 | 8.82 | 8.89 | 9.83 | 9.97 | 9.44 | 8.72 | 7.64 | 6.88 | 6.64 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Interest coverage
= (EBITQ2 2025
+ EBITQ1 2025
+ EBITQ4 2024
+ EBITQ3 2024)
÷ (Interest expenseQ2 2025
+ Interest expenseQ1 2025
+ Interest expenseQ4 2024
+ Interest expenseQ3 2024)
= (5,202 + 4,754 + 4,680 + 4,803)
÷ (922 + 916 + 841 + 836)
= 5.53
2 Click competitor name to see calculations.
The Earnings before interest and tax (EBIT) demonstrated significant fluctuations over the observed periods. Initially, EBIT showed volatility with a low point in the June 2020 quarter (625 million USD) followed by a strong rebound to 2466 million USD in September 2020. This was succeeded by a series of ups and downs through 2021 and the first half of 2022, before a notable increase starting in the second half of 2022. From this point onward, EBIT exhibited a marked upward trend, reaching a peak in June 2025 with 5202 million USD. This trend indicates a strengthening of operational profitability over time, particularly in the most recent quarters.
Interest expense, net remained relatively stable throughout the periods, fluctuating moderately around the 800-900 million USD range. This consistency in interest expense amid increasing EBIT suggests that financing costs have not escalated significantly despite the growth in earnings. There was no clear trend of either increase or decrease in interest expense, implying controlled financial leverage or stable debt conditions.
The interest coverage ratio, which measures the ability to cover interest expenses with EBIT, showed a clear and sustained improvement. It started with lower values around 1.43 to 2.50 in the earlier periods, reflecting tighter coverage and potentially higher risk. From December 2021 onward, the ratio increased steadily, reaching above 5.50 by the latest reported quarter in June 2025. This indicates a much stronger capacity to meet interest obligations, reflecting improved financial stability and reduced risk associated with debt servicing.
- Earnings before interest and tax (EBIT)
- Volatile in early periods, with a strong recovery and robust upward trend from mid-2022 onward, culminating in the highest values by mid-2025.
- Interest expense, net
- Relatively stable across all periods, with minor fluctuations between 800 and 920 million USD, indicating steady interest costs despite EBIT growth.
- Interest coverage ratio
- Started low with considerable variability but improved consistently from late 2021 to 2025, indicating enhanced ability to cover interest expenses and stronger financial health.