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)
Debt Ratios
Coverage Ratios
T-Mobile US Inc., solvency 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).
An analysis of the solvency metrics reveals a consistent trend of increasing financial leverage paired with a significant improvement in debt-servicing capacity over the observed period. While the reliance on debt relative to equity has grown, the operational ability to cover interest obligations has strengthened substantially, suggesting a strategic shift in capital structure that remains supported by earnings growth.
- Debt and Equity Leverage
- A sustained upward trajectory is observed in the debt to equity ratios. The standard debt to equity ratio rose from 1.07 in March 2022 to 1.53 by September 2026. When operating lease liabilities are included, the ratio increased from 1.56 to 2.04 over the same period. This trend is further mirrored in the financial leverage ratio, which climbed from 3.01 to 3.78, indicating an increased use of debt to finance assets and a corresponding increase in the financial risk profile relative to shareholder equity.
- Capital and Asset Composition
- The debt to capital ratios exhibit a gradual increase, moving from 0.52 to 0.60 for standard debt and from 0.61 to 0.67 when including lease liabilities. Debt to assets ratios remained relatively more stable, with the standard ratio shifting from 0.36 to 0.40 and the lease-inclusive ratio moving from 0.52 to 0.54. The relative stability of the debt to assets ratio suggests that the expansion of the balance sheet has largely kept pace with the accumulation of new debt.
- Interest Coverage and Debt Servicing
- Despite the rise in overall leverage, the interest coverage ratio demonstrates a marked improvement in solvency health. After an initial dip to 1.43 in September 2022, the ratio experienced a strong ascent, peaking at 5.53 in June 2025 before stabilizing at 4.59 by September 2026. This significant expansion in coverage indicates that operating income grew at a pace that far exceeded the increase in interest expenses, thereby reducing the risk of default despite the higher total debt load.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Debt to Equity
T-Mobile US Inc., debt to equity 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) | |||||||||||||||||||||||||
| Short-term debt | 6,343) | 6,117) | 2,238) | 5,135) | 6,333) | 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) | ||||||
| Short-term debt to affiliates | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 1,250) | ||||||
| Short-term financing lease liabilities | 1,158) | 1,178) | 1,155) | 1,163) | 1,157) | 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) | ||||||
| Long-term debt | 77,323) | 78,504) | 83,809) | 79,649) | 76,365) | 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) | ||||||
| Long-term debt to affiliates | —) | —) | —) | 1,498) | 1,498) | 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) | ||||||
| Long-term financing lease liabilities | 1,136) | 1,121) | 1,024) | 1,107) | 1,186) | 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) | ||||||
| Total debt | 85,960) | 86,920) | 88,226) | 88,552) | 86,539) | 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) | ||||||
| Stockholders’ equity | 56,307) | 56,265) | 55,879) | 59,203) | 60,477) | 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) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to equity1 | 1.53 | 1.54 | 1.58 | 1.50 | 1.43 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||||
| AT&T Inc. | 1.49 | 1.30 | 1.26 | 1.23 | 1.26 | 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 | ||||||
| Verizon Communications Inc. | 1.57 | 1.59 | 1.67 | 1.51 | 1.40 | 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 | ||||||
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
Debt to equity = Total debt ÷ Stockholders’ equity
= 85,960 ÷ 56,307 = 1.53
2 Click competitor name to see calculations.
An analysis of the solvency metrics reveals a sustained upward trajectory in leverage from March 2022 through September 2026. The capital structure has shifted significantly, characterized by a steady increase in the debt to equity ratio, which rose from 1.07 to 1.53 over the analyzed period.
- Total Debt Dynamics
- Total debt exhibited a general upward trend, beginning at 75,038 million USD in March 2022 and reaching a peak of 88,552 million USD by December 2025. While a slight reduction was observed in the final quarters of 2026, the overall debt load remained substantially higher than the initial baseline.
- Stockholders' Equity Erosion
- Stockholders' equity experienced a consistent decline, moving from 69,976 million USD in March 2022 to 56,307 million USD by September 2026. This contraction of the equity base occurred concurrently with the rise in debt, compounding the impact on the solvency ratio.
- Debt to Equity Ratio Progression
- The debt to equity ratio remained relatively stable between 1.05 and 1.09 throughout 2022 before entering a period of consistent growth. The ratio exceeded 1.30 in early 2024 and reached a peak of 1.58 in March 2026. This progression indicates an increasing reliance on borrowed capital relative to equity, signaling a transition toward a more highly leveraged financial position.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Debt to Equity (including Operating Lease Liability)
T-Mobile US Inc., debt to equity (including operating lease liability) 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) | |||||||||||||||||||||||||
| Short-term debt | 6,343) | 6,117) | 2,238) | 5,135) | 6,333) | 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) | ||||||
| Short-term debt to affiliates | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 1,250) | ||||||
| Short-term financing lease liabilities | 1,158) | 1,178) | 1,155) | 1,163) | 1,157) | 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) | ||||||
| Long-term debt | 77,323) | 78,504) | 83,809) | 79,649) | 76,365) | 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) | ||||||
| Long-term debt to affiliates | —) | —) | —) | 1,498) | 1,498) | 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) | ||||||
| Long-term financing lease liabilities | 1,136) | 1,121) | 1,024) | 1,107) | 1,186) | 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) | ||||||
| Total debt | 85,960) | 86,920) | 88,226) | 88,552) | 86,539) | 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) | ||||||
| Short-term operating lease liabilities | 3,644) | 3,620) | 3,639) | 3,814) | 3,550) | 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) | ||||||
| Long-term operating lease liabilities | 25,017) | 25,438) | 25,856) | 26,371) | 26,780) | 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) | ||||||
| Total debt (including operating lease liability) | 114,621) | 115,978) | 117,721) | 118,737) | 116,869) | 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) | ||||||
| Stockholders’ equity | 56,307) | 56,265) | 55,879) | 59,203) | 60,477) | 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) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | 2.04 | 2.06 | 2.11 | 2.01 | 1.93 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||
| AT&T Inc. | 1.67 | 1.47 | 1.43 | 1.40 | 1.43 | 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 | ||||||
| Verizon Communications Inc. | 1.78 | 1.81 | 1.90 | 1.74 | 1.62 | 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 | ||||||
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
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 114,621 ÷ 56,307 = 2.04
2 Click competitor name to see calculations.
The solvency profile of the organization exhibits a consistent increase in financial leverage over the analyzed period from March 2022 through September 2026. This upward trend is characterized by a moderate increase in total debt coupled with a sustained decline in stockholders' equity, resulting in a higher reliance on debt relative to equity financing.
- Total Debt Trends
- Total debt, including operating lease liabilities, remained relatively stable between March 2022 and December 2023, fluctuating within a range of approximately 107.8 billion to 112.7 billion. A gradual increase in liabilities began in 2024, with debt levels peaking at 118.7 billion in December 2025 before slightly receding to 114.6 billion by September 2026.
- Stockholders' Equity Erosion
- A persistent downward trend in stockholders' equity is observed throughout the duration of the data. Equity levels began at approximately 70 billion in early 2022 and experienced a steady contraction, reaching a low of 55.9 billion in March 2026 and ending the period at 56.3 billion. This consistent decrease in equity significantly contributes to the deterioration of the solvency ratio.
- Debt to Equity Ratio Analysis
- The debt-to-equity ratio demonstrates a clear and progressive increase. The ratio remained stable near 1.55 during 2022 but began to climb more aggressively starting in 2023. The ratio crossed the 1.80 threshold in March 2024 and surpassed the 2.00 mark in December 2025. By September 2026, the ratio reached 2.04, indicating that total liabilities are now more than double the total stockholders' equity, reflecting a substantial shift in the capital structure toward higher leverage.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Debt to Capital
T-Mobile US Inc., debt to capital 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) | |||||||||||||||||||||||||
| Short-term debt | 6,343) | 6,117) | 2,238) | 5,135) | 6,333) | 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) | ||||||
| Short-term debt to affiliates | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 1,250) | ||||||
| Short-term financing lease liabilities | 1,158) | 1,178) | 1,155) | 1,163) | 1,157) | 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) | ||||||
| Long-term debt | 77,323) | 78,504) | 83,809) | 79,649) | 76,365) | 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) | ||||||
| Long-term debt to affiliates | —) | —) | —) | 1,498) | 1,498) | 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) | ||||||
| Long-term financing lease liabilities | 1,136) | 1,121) | 1,024) | 1,107) | 1,186) | 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) | ||||||
| Total debt | 85,960) | 86,920) | 88,226) | 88,552) | 86,539) | 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) | ||||||
| Stockholders’ equity | 56,307) | 56,265) | 55,879) | 59,203) | 60,477) | 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) | ||||||
| Total capital | 142,267) | 143,185) | 144,105) | 147,755) | 147,016) | 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) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to capital1 | 0.60 | 0.61 | 0.61 | 0.60 | 0.59 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||
| AT&T Inc. | 0.60 | 0.57 | 0.56 | 0.55 | 0.56 | 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 | ||||||
| Verizon Communications Inc. | 0.61 | 0.61 | 0.63 | 0.60 | 0.58 | 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 | ||||||
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
Debt to capital = Total debt ÷ Total capital
= 85,960 ÷ 142,267 = 0.60
2 Click competitor name to see calculations.
The solvency profile over the period from March 2022 to September 2026 reflects a consistent increase in financial leverage. The debt-to-capital ratio demonstrates a steady upward trajectory, rising from 0.52 to 0.60, which indicates that debt constitutes a growing proportion of the total capital structure.
- Debt Accumulation Patterns
- Total debt exhibited a general upward trend, starting at 75,038 million US dollars in March 2022 and reaching a peak of 88,552 million US dollars by December 2025. While there were intermittent fluctuations, the overall movement indicates a sustained increase in total borrowing over the analyzed timeframe.
- Total Capital Stability
- Total capital remained relatively stagnant, oscillating within a narrow range between 142,229 million US dollars in December 2023 and 149,102 million US dollars in March 2025. Because the total capital base did not grow proportionally with the increase in debt, the solvency ratio was pushed higher.
- Debt to Capital Ratio Progression
- The ratio experienced a phased ascent. It remained stable between 0.51 and 0.52 throughout 2022, moved into a range of 0.54 to 0.55 during 2023, and climbed to 0.56 to 0.57 in 2024. The upward movement accelerated through 2025 and early 2026, where the ratio peaked at 0.61 before slightly moderating to 0.60 by September 2026.
The convergence of rising total debt and a comparatively flat capital base suggests an increased reliance on debt financing. The progression from a ratio of 0.52 to 0.60 represents a meaningful shift in the capital structure, signifying that debt's share of total capital increased by approximately 8 percentage points over the observed period.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Debt to Capital (including Operating Lease Liability)
T-Mobile US Inc., debt to capital (including operating lease liability) 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) | |||||||||||||||||||||||||
| Short-term debt | 6,343) | 6,117) | 2,238) | 5,135) | 6,333) | 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) | ||||||
| Short-term debt to affiliates | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 1,250) | ||||||
| Short-term financing lease liabilities | 1,158) | 1,178) | 1,155) | 1,163) | 1,157) | 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) | ||||||
| Long-term debt | 77,323) | 78,504) | 83,809) | 79,649) | 76,365) | 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) | ||||||
| Long-term debt to affiliates | —) | —) | —) | 1,498) | 1,498) | 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) | ||||||
| Long-term financing lease liabilities | 1,136) | 1,121) | 1,024) | 1,107) | 1,186) | 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) | ||||||
| Total debt | 85,960) | 86,920) | 88,226) | 88,552) | 86,539) | 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) | ||||||
| Short-term operating lease liabilities | 3,644) | 3,620) | 3,639) | 3,814) | 3,550) | 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) | ||||||
| Long-term operating lease liabilities | 25,017) | 25,438) | 25,856) | 26,371) | 26,780) | 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) | ||||||
| Total debt (including operating lease liability) | 114,621) | 115,978) | 117,721) | 118,737) | 116,869) | 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) | ||||||
| Stockholders’ equity | 56,307) | 56,265) | 55,879) | 59,203) | 60,477) | 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) | ||||||
| Total capital (including operating lease liability) | 170,928) | 172,243) | 173,600) | 177,940) | 177,346) | 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) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 0.67 | 0.67 | 0.68 | 0.67 | 0.66 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||
| AT&T Inc. | 0.63 | 0.60 | 0.59 | 0.58 | 0.59 | 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 | ||||||
| Verizon Communications Inc. | 0.64 | 0.64 | 0.65 | 0.63 | 0.62 | 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 | ||||||
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
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 114,621 ÷ 170,928 = 0.67
2 Click competitor name to see calculations.
The solvency profile exhibits a gradual and consistent increase in the proportion of debt relative to total capital over the period from March 2022 through September 2026. The Debt to Capital ratio, which incorporates operating lease liabilities, ascended from a baseline of 0.61 to a peak of 0.68, concluding the period at 0.67.
- Total Debt Trends
- Total debt remained relatively stable between 107.8 billion and 112.7 billion from March 2022 through December 2024. A more pronounced increase was observed throughout 2025, with debt reaching its highest point of 118.7 billion in December 2025. A subsequent moderate decline is noted in 2026, with debt levels receding to 114.6 billion by September 2026.
- Total Capital Trends
- Total capital demonstrated a general downward trajectory, declining from 179.5 billion in March 2022 to 170.9 billion by September 2026. This contraction of the capital base served as a primary driver for the increasing leverage ratio, as the denominator decreased while the numerator remained stable or increased.
- Debt to Capital Ratio Evolution
- The ratio remained unchanged at 0.61 throughout the 2022 fiscal year. Beginning in March 2023, a steady upward trend emerged, with the ratio moving to 0.63 by the second half of 2023 and holding at 0.64 through 2024. The most significant shift occurred between March 2025 and March 2026, during which the ratio climbed from 0.66 to its peak of 0.68, before stabilizing at 0.67 for the remainder of the period.
The combined effect of rising debt levels in 2025 and a shrinking total capital base over the entire four-year span indicates a strategic shift toward higher leverage. The stabilization of the ratio at 0.67 in late 2026 suggests a plateauing of this leverage trend.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Debt to Assets
T-Mobile US Inc., debt to assets 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) | |||||||||||||||||||||||||
| Short-term debt | 6,343) | 6,117) | 2,238) | 5,135) | 6,333) | 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) | ||||||
| Short-term debt to affiliates | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 1,250) | ||||||
| Short-term financing lease liabilities | 1,158) | 1,178) | 1,155) | 1,163) | 1,157) | 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) | ||||||
| Long-term debt | 77,323) | 78,504) | 83,809) | 79,649) | 76,365) | 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) | ||||||
| Long-term debt to affiliates | —) | —) | —) | 1,498) | 1,498) | 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) | ||||||
| Long-term financing lease liabilities | 1,136) | 1,121) | 1,024) | 1,107) | 1,186) | 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) | ||||||
| Total debt | 85,960) | 86,920) | 88,226) | 88,552) | 86,539) | 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) | ||||||
| Total assets | 213,104) | 213,553) | 214,667) | 219,237) | 217,180) | 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) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to assets1 | 0.40 | 0.41 | 0.41 | 0.40 | 0.40 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||
| AT&T Inc. | 0.36 | 0.34 | 0.33 | 0.32 | 0.33 | 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 | ||||||
| Verizon Communications Inc. | 0.40 | 0.40 | 0.41 | 0.39 | 0.38 | 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 | ||||||
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
Debt to assets = Total debt ÷ Total assets
= 85,960 ÷ 213,104 = 0.40
2 Click competitor name to see calculations.
An examination of the solvency metrics reveals a gradual increase in financial leverage over the period from March 2022 to September 2026. The overall trend indicates a rise in the proportion of assets financed through debt, reflecting a shift in the capital structure toward higher liability levels relative to the asset base.
- Total Debt Evolution
- Total debt exhibited a general upward trajectory, rising from 75,038 million USD in March 2022 to 85,960 million USD by September 2026. A period of notable acceleration occurred between March 2024 and March 2025, where debt increased from 80,641 million USD to 87,997 million USD. Although a slight contraction was observed in the final three quarters of the period, debt levels remained significantly elevated compared to the 2022 baseline.
- Total Asset Stability
- Total assets remained relatively stable, oscillating within a narrow range between a low of 206,268 million USD in March 2024 and a peak of 219,237 million USD in December 2025. The absence of substantial, sustained growth in the asset base, contrasted with the steady increase in total debt, served as the primary driver for the increasing solvency ratio.
- Debt to Assets Ratio Analysis
- The debt to assets ratio increased from 0.36 in March 2022 to 0.40 in September 2026. The ratio remained consistent between 0.35 and 0.37 throughout 2022 and 2023. A distinct upward trend emerged in 2024, moving into the 0.38 to 0.39 range, and eventually reaching a peak of 0.41 during the first half of 2026. This progression indicates that by the end of the analyzed period, approximately 40% of the total assets were funded by debt, signifying a moderate increase in the long-term financial risk profile.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Debt to Assets (including Operating Lease Liability)
T-Mobile US Inc., debt to assets (including operating lease liability) 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) | |||||||||||||||||||||||||
| Short-term debt | 6,343) | 6,117) | 2,238) | 5,135) | 6,333) | 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) | ||||||
| Short-term debt to affiliates | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 1,250) | ||||||
| Short-term financing lease liabilities | 1,158) | 1,178) | 1,155) | 1,163) | 1,157) | 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) | ||||||
| Long-term debt | 77,323) | 78,504) | 83,809) | 79,649) | 76,365) | 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) | ||||||
| Long-term debt to affiliates | —) | —) | —) | 1,498) | 1,498) | 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) | ||||||
| Long-term financing lease liabilities | 1,136) | 1,121) | 1,024) | 1,107) | 1,186) | 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) | ||||||
| Total debt | 85,960) | 86,920) | 88,226) | 88,552) | 86,539) | 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) | ||||||
| Short-term operating lease liabilities | 3,644) | 3,620) | 3,639) | 3,814) | 3,550) | 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) | ||||||
| Long-term operating lease liabilities | 25,017) | 25,438) | 25,856) | 26,371) | 26,780) | 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) | ||||||
| Total debt (including operating lease liability) | 114,621) | 115,978) | 117,721) | 118,737) | 116,869) | 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) | ||||||
| Total assets | 213,104) | 213,553) | 214,667) | 219,237) | 217,180) | 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) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 0.54 | 0.54 | 0.55 | 0.54 | 0.54 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||
| AT&T Inc. | 0.40 | 0.38 | 0.37 | 0.37 | 0.37 | 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 | ||||||
| Verizon Communications Inc. | 0.45 | 0.46 | 0.47 | 0.45 | 0.44 | 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 | ||||||
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
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 114,621 ÷ 213,104 = 0.54
2 Click competitor name to see calculations.
The solvency profile demonstrates significant stability over the analyzed period from March 2022 through September 2026. The leverage levels remain consistent, with the ratio of total debt to total assets fluctuating within a narrow margin, indicating a disciplined approach to capital structure and asset management.
- Total Debt Trends
- Total debt, including operating lease liabilities, remained largely range-bound between approximately $107.9 billion and $118.7 billion. While the debt levels were relatively flat between 2022 and 2024, a modest upward trend emerged in 2025, peaking at $118.7 billion in December 2025 before declining slightly toward $114.6 billion by the end of the period.
- Total Asset Fluctuations
- Total assets exhibited a pattern of stability mirroring the debt trajectory, with values ranging from $206.3 billion to $219.2 billion. The growth in assets observed during 2025 coincided with the increase in total debt, suggesting that the expansion of the balance sheet was financed proportionally by debt.
- Debt-to-Assets Ratio Analysis
- The debt-to-assets ratio remained remarkably steady, fluctuating only between 0.51 and 0.55. The ratio held at 0.51 to 0.52 through most of 2022, shifted slightly higher to the 0.53 to 0.54 range during 2023 and 2024, and reached a peak of 0.55 in March 2025. By September 2026, the ratio stabilized at 0.54, indicating that the company maintains a consistent leverage target where approximately 54% of assets are funded through debt and lease liabilities.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Financial Leverage
T-Mobile US Inc., financial leverage calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Total assets | 213,104) | 213,553) | 214,667) | 219,237) | 217,180) | 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) | ||||||
| Stockholders’ equity | 56,307) | 56,265) | 55,879) | 59,203) | 60,477) | 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) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Financial leverage1 | 3.78 | 3.80 | 3.84 | 3.70 | 3.59 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||||
| AT&T Inc. | 4.18 | 3.88 | 3.84 | 3.80 | 3.82 | 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 | ||||||
| Verizon Communications Inc. | 3.92 | 3.95 | 4.04 | 3.87 | 3.70 | 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 | ||||||
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
Financial leverage = Total assets ÷ Stockholders’ equity
= 213,104 ÷ 56,307 = 3.78
2 Click competitor name to see calculations.
Analysis of the solvency metrics indicates a period of increasing financial leverage characterized by a diminishing equity base relative to total assets. While the asset base has remained relatively stable, the consistent reduction in stockholders' equity has led to a progressive rise in the financial leverage ratio over the observed period.
- Total Asset Stability
- Total assets demonstrated limited volatility, fluctuating within a range between approximately 206 billion and 219 billion US dollars. A slight expansion in the asset base was observed, peaking in December 2025 at 219.24 billion US dollars, followed by a moderate correction toward the end of the period, closing at 213.10 billion US dollars in September 2026.
- Stockholders' Equity Erosion
- A sustained downward trajectory is evident in stockholders' equity. From a starting point of 69.98 billion US dollars in March 2022, the equity balance declined to 56.31 billion US dollars by September 2026. This persistent decrease represents a significant reduction in the equity cushion supporting the organization's total assets.
- Financial Leverage Trajectory
- The financial leverage ratio exhibits a consistent upward trend, increasing from 3.01 in March 2022 to 3.78 in September 2026. The progression shows an acceleration in leverage starting in March 2024, where the ratio moved from 3.32 toward its peak levels. This pattern indicates a structural shift in the capital composition, reflecting an increased reliance on debt or other liabilities relative to shareholder equity to finance the asset base.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Interest Coverage
T-Mobile US Inc., interest coverage 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) | |||||||||||||||||||||||||
| Net income (loss) | 3,455) | 3,239) | 2,504) | 2,103) | 2,714) | 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) | ||||||
| Add: Income tax expense | 1,085) | 1,089) | 830) | 532) | 814) | 1,058) | 885) | 858) | 908) | 843) | 764) | 629) | 705) | 717) | 631) | 450) | (57) | (55) | 218) | ||||||
| Add: Interest expense, net | 1,031) | 1,055) | 1,031) | 1,012) | 924) | 922) | 916) | 841) | 836) | 854) | 880) | 849) | 790) | 861) | 835) | 822) | 827) | 851) | 864) | ||||||
| Earnings before interest and tax (EBIT) | 5,571) | 5,383) | 4,365) | 3,647) | 4,452) | 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) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Interest coverage1 | 4.59 | 4.44 | 4.54 | 4.78 | 5.30 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Interest Coverage, Competitors2 | |||||||||||||||||||||||||
| AT&T Inc. | 3.44 | 4.64 | 4.80 | 4.97 | 5.20 | 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 | ||||||
| Verizon Communications Inc. | 3.87 | 3.95 | 4.28 | 4.39 | 4.98 | 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 | ||||||
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
Interest coverage
= (EBITQ3 2026
+ EBITQ2 2026
+ EBITQ1 2026
+ EBITQ4 2025)
÷ (Interest expenseQ3 2026
+ Interest expenseQ2 2026
+ Interest expenseQ1 2026
+ Interest expenseQ4 2025)
= (5,571 + 5,383 + 4,365 + 3,647)
÷ (1,031 + 1,055 + 1,031 + 1,012)
= 4.59
2 Click competitor name to see calculations.
The analysis of interest coverage reveals a significant strengthening of the solvency position over the observed period from March 2022 to September 2026. The company transitioned from a period of narrow margins to a robust capacity for servicing its debt obligations.
- Earnings Before Interest and Tax (EBIT)
- A sustained upward trajectory in EBIT is observed following initial volatility in early 2022. After reaching a low of 688 million USD in June 2022, operating earnings grew consistently, surpassing 4 billion USD by March 2024 and reaching a peak of 5,571 million USD by September 2026. This expansion in operating profit served as the primary driver for the improvement in the company's solvency metrics.
- Interest Expense, Net
- Net interest expenses remained relatively stable, fluctuating between 790 million and 880 million USD from March 2022 through December 2023. A gradual increase in costs is noted starting in 2024, with expenses crossing the 1 billion USD threshold in December 2025 and remaining elevated through September 2026. Despite this rise, the growth in interest obligations was significantly outweighed by the growth in operating income.
- Interest Coverage Ratio
- The interest coverage ratio shifted from a constrained range of 1.43 to 1.94 during 2022 to a much more secure profile. The ratio climbed steadily through 2023 and 2024, peaking at 5.53 in June 2025. Although a slight moderation occurred in late 2025 and early 2026, the ratio stabilized above 4.40. This progression indicates a substantial increase in the safety margin available to meet interest payments, reflecting a marked reduction in financial risk.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?