Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
T-Mobile US Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The analyzed period exhibits a general trend of increasing operational efficiency regarding asset utilization, characterized by a recovery and subsequent growth in turnover ratios following a period of slight contraction in early 2023.
- Net Fixed Asset Turnover
- A U-shaped trajectory is observed for the net fixed asset turnover ratio, which declined from 1.86 in March 2022 to a trough of 1.74 in March 2023, before entering a sustained growth phase to reach 2.26 by March 2026. A mirroring pattern is evident when right-of-use assets from operating leases are included, with the ratio rising from a low of 1.07 to 1.39. The consistent ascent in both metrics suggests an improved capacity to generate revenue from long-term physical infrastructure and leased assets.
- Total Asset Turnover
- The total asset turnover ratio demonstrates notable stability, remaining constant at 0.38 for the majority of the observed period. A marginal increase to 0.42 is recorded toward the end of the timeframe, indicating that while fixed asset efficiency improved significantly, the overall asset base utilization remained relatively steady.
- Equity Turnover
- A consistent upward trend is identified in equity turnover, which increased from 1.15 in March 2022 to 1.62 by March 2026. This progression indicates an increasing ability to generate revenue relative to shareholders' equity, reflecting an enhancement in capital efficiency over the period.
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Net Fixed Asset Turnover
T-Mobile US Inc., net fixed asset turnover calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Revenues | 23,107) | 24,334) | 21,957) | 21,132) | 20,886) | 21,872) | 20,162) | 19,772) | 19,594) | 20,478) | 19,252) | 19,196) | 19,632) | 20,273) | 19,477) | 19,701) | 20,120) | ||||||
| Property and equipment, net, including financing lease right-of-use assets | 40,028) | 41,093) | 41,673) | 40,586) | 40,874) | 41,624) | 40,955) | 41,493) | 42,466) | 43,702) | 44,470) | 45,169) | 45,335) | 45,343) | 44,653) | 43,833) | 43,293) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Net fixed asset turnover1 | 2.26 | 2.15 | 2.06 | 2.07 | 2.02 | 1.96 | 1.95 | 1.91 | 1.85 | 1.80 | 1.76 | 1.74 | 1.74 | 1.75 | 1.79 | 1.83 | 1.86 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||
| AT&T Inc. | 0.95 | 0.96 | 0.96 | 0.96 | 0.96 | 0.95 | 0.95 | 0.96 | 0.96 | 0.95 | 0.95 | 0.94 | 0.94 | 0.95 | 1.03 | 1.12 | 1.22 | ||||||
| Verizon Communications Inc. | 1.10 | 1.26 | 1.27 | 1.27 | 1.25 | 1.24 | 1.25 | 1.24 | 1.24 | 1.24 | 1.25 | 1.26 | 1.27 | 1.27 | 1.32 | 1.33 | 1.35 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Net fixed asset turnover
= (RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025
+ RevenuesQ2 2025)
÷ Property and equipment, net, including financing lease right-of-use assets
= (23,107 + 24,334 + 21,957 + 21,132)
÷ 40,028 = 2.26
2 Click competitor name to see calculations.
The analysis of the net fixed asset turnover indicates a distinct U-shaped trajectory over the observed period, characterized by an initial contraction in efficiency followed by a sustained and significant improvement in asset utilization.
- Trend Analysis of Asset Turnover
- From March 2022 to March 2023, the net fixed asset turnover ratio experienced a downward trend, declining from 1.86 to a low of 1.74. During this interval, net property and equipment increased from 43,293 million to a peak of 45,343 million in December 2022, while revenues remained relatively stagnant. This indicates a period where capital expenditure and asset growth outpaced revenue generation, leading to a temporary decrease in asset productivity.
- Starting in March 2023, a consistent recovery and growth phase is observed. The ratio climbed steadily from 1.74 to 2.26 by March 2026. This upward movement was driven by a dual effect: a steady increase in quarterly revenues, which peaked at 24,334 million in December 2025, and a simultaneous reduction in the net fixed asset base, which fell to 40,028 million by the end of the period.
- Efficiency and Investment Insights
- The transition from a ratio of 1.74 in early 2023 to 2.26 in early 2026 reflects a substantial increase in operational efficiency. The company's ability to generate higher revenue volumes while maintaining a leaner net fixed asset base suggests a successful optimization of infrastructure and a higher return on long-term investment activity.
- The divergence between increasing revenue and decreasing net fixed assets in the latter half of the period indicates that the company is successfully leveraging its existing capacity to drive growth without requiring proportional increases in capital investment.
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Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
T-Mobile US Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Revenues | 23,107) | 24,334) | 21,957) | 21,132) | 20,886) | 21,872) | 20,162) | 19,772) | 19,594) | 20,478) | 19,252) | 19,196) | 19,632) | 20,273) | 19,477) | 19,701) | 20,120) | ||||||
| Property and equipment, net, including financing lease right-of-use assets | 40,028) | 41,093) | 41,673) | 40,586) | 40,874) | 41,624) | 40,955) | 41,493) | 42,466) | 43,702) | 44,470) | 45,169) | 45,335) | 45,343) | 44,653) | 43,833) | 43,293) | ||||||
| Operating lease right-of-use assets | 25,021) | 25,692) | 26,070) | 24,735) | 25,025) | 25,398) | 25,833) | 26,240) | 26,766) | 27,135) | 27,568) | 27,891) | 28,146) | 28,715) | 29,264) | 30,110) | 31,449) | ||||||
| Property and equipment, net, including financing lease right-of-use assets (including operating lease, right-of-use asset) | 65,049) | 66,785) | 67,743) | 65,321) | 65,899) | 67,022) | 66,788) | 67,733) | 69,232) | 70,837) | 72,038) | 73,060) | 73,481) | 74,058) | 73,917) | 73,943) | 74,742) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 1.39 | 1.32 | 1.27 | 1.29 | 1.25 | 1.21 | 1.20 | 1.17 | 1.13 | 1.11 | 1.09 | 1.08 | 1.08 | 1.07 | 1.08 | 1.09 | 1.08 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||
| AT&T Inc. | 0.81 | 0.81 | 0.82 | 0.82 | 0.82 | 0.82 | 0.82 | 0.82 | 0.82 | 0.82 | 0.81 | 0.81 | 0.81 | 0.81 | 0.88 | 0.95 | 1.02 | ||||||
| Verizon Communications Inc. | 0.93 | 1.04 | 1.04 | 1.04 | 1.02 | 1.01 | 1.02 | 1.02 | 1.01 | 1.01 | 1.01 | 1.02 | 1.02 | 1.02 | 1.05 | 1.05 | 1.05 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025
+ RevenuesQ2 2025)
÷ Property and equipment, net, including financing lease right-of-use assets (including operating lease, right-of-use asset)
= (23,107 + 24,334 + 21,957 + 21,132)
÷ 65,049 = 1.39
2 Click competitor name to see calculations.
The analysis of the investment activity ratios reveals a consistent improvement in the efficiency with which net fixed assets are utilized to generate revenue. Between March 31, 2022, and March 31, 2026, the net fixed asset turnover ratio transitioned from a period of relative stability to a phase of sustained growth, indicating an enhanced capacity to derive higher sales volumes from the existing asset base.
- Revenue Trends
- Revenues remained relatively range-bound between approximately 19.2 billion and 20.5 billion US dollars throughout 2022 and 2023. A clear growth trajectory emerged beginning in 2024, with quarterly figures exceeding 21 billion US dollars and reaching a peak of 24.3 billion US dollars by December 31, 2025. This upward trend in top-line performance serves as a primary driver for the increasing turnover ratio.
- Net Fixed Asset Dynamics
- Property and equipment, including right-of-use assets, exhibited a general downward trend over the analyzed period. The asset base decreased from 74.7 billion US dollars in March 2022 to 65.0 billion US dollars by March 31, 2026. While a brief increase occurred in September 2025, the overall trajectory indicates a reduction in the net book value of fixed investments, likely due to depreciation outpacing new capital expenditures or a strategic optimization of the asset portfolio.
- Net Fixed Asset Turnover Analysis
- The net fixed asset turnover ratio remained stable between 1.07 and 1.11 from March 2022 through December 2023. Starting in the first quarter of 2024, the ratio began a steady ascent, climbing from 1.13 to a peak of 1.39 by March 31, 2026. This progression demonstrates a dual positive effect: the company is increasing its revenue streams while simultaneously reducing its net asset base. The result is a significant increase in operational efficiency and asset productivity.
In summary, the convergence of growing revenues and a contracting net fixed asset base has led to a marked improvement in the net fixed asset turnover ratio. This indicates that the company has become substantially more efficient in utilizing its long-term infrastructure and leased assets to drive financial performance.
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Total Asset Turnover
T-Mobile US Inc., total asset turnover calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Revenues | 23,107) | 24,334) | 21,957) | 21,132) | 20,886) | 21,872) | 20,162) | 19,772) | 19,594) | 20,478) | 19,252) | 19,196) | 19,632) | 20,273) | 19,477) | 19,701) | 20,120) | ||||||
| Total assets | 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) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Total asset turnover1 | 0.42 | 0.40 | 0.40 | 0.40 | 0.39 | 0.39 | 0.38 | 0.38 | 0.38 | 0.38 | 0.38 | 0.37 | 0.38 | 0.38 | 0.38 | 0.38 | 0.38 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||
| AT&T Inc. | 0.30 | 0.30 | 0.29 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.31 | 0.33 | 0.27 | ||||||
| Verizon Communications Inc. | 0.33 | 0.34 | 0.35 | 0.36 | 0.36 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.37 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Total asset turnover
= (RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025
+ RevenuesQ2 2025)
÷ Total assets
= (23,107 + 24,334 + 21,957 + 21,132)
÷ 214,667 = 0.42
2 Click competitor name to see calculations.
An analysis of the total asset turnover ratio reveals a period of prolonged stability followed by a gradual increase in asset utilization efficiency. For the majority of the period between March 2022 and March 2024, the ratio remained nearly constant at 0.38, indicating a static relationship between the company's asset base and its revenue generation capabilities.
- Revenue Trajectory
- Revenues exhibited moderate fluctuations between 2022 and 2023, generally ranging from 19.1 billion to 20.4 billion USD. However, a sustained upward trend emerged starting in late 2024, with quarterly revenues climbing to a peak of 24.3 billion USD by December 2025, before settling at 23.1 billion USD in March 2026.
- Asset Base Stability
- Total assets remained relatively stable throughout the analyzed timeframe, oscillating within a narrow band between approximately 206 billion and 219 billion USD. This stability suggests that the growth in revenue was not achieved through significant proportional expansions of the balance sheet.
- Asset Turnover Trend
- The total asset turnover ratio shifted from a stagnant phase (0.37 to 0.38) to a growth phase starting in December 2024. The ratio climbed steadily from 0.39 in late 2024 to 0.40 throughout much of 2025, eventually reaching a period high of 0.42 by March 2026. This progression signifies an improvement in operational efficiency, as the company generated increasingly higher volumes of revenue per dollar of assets held.
The convergence of rising revenues and a controlled asset base resulted in a positive trend in the investment activity ratio. The transition from a ratio of 0.38 to 0.42 represents an enhancement in the productivity of the company's total investment in assets.
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Equity Turnover
T-Mobile US Inc., equity turnover calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Revenues | 23,107) | 24,334) | 21,957) | 21,132) | 20,886) | 21,872) | 20,162) | 19,772) | 19,594) | 20,478) | 19,252) | 19,196) | 19,632) | 20,273) | 19,477) | 19,701) | 20,120) | ||||||
| Stockholders’ equity | 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) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Equity turnover1 | 1.62 | 1.49 | 1.42 | 1.38 | 1.35 | 1.32 | 1.25 | 1.26 | 1.26 | 1.21 | 1.21 | 1.20 | 1.18 | 1.14 | 1.14 | 1.15 | 1.15 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||
| AT&T Inc. | 1.15 | 1.14 | 1.12 | 1.18 | 1.18 | 1.17 | 1.19 | 1.16 | 1.17 | 1.19 | 1.17 | 1.19 | 1.22 | 1.24 | 1.06 | 1.19 | 0.91 | ||||||
| Verizon Communications Inc. | 1.35 | 1.32 | 1.31 | 1.33 | 1.34 | 1.36 | 1.39 | 1.40 | 1.42 | 1.45 | 1.37 | 1.42 | 1.47 | 1.50 | 1.55 | 1.56 | 1.60 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Equity turnover
= (RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025
+ RevenuesQ2 2025)
÷ Stockholders’ equity
= (23,107 + 24,334 + 21,957 + 21,132)
÷ 55,879 = 1.62
2 Click competitor name to see calculations.
The equity turnover ratio exhibits a consistent upward trajectory from March 31, 2022, through March 31, 2026, indicating a significant increase in the efficiency with which shareholder equity is utilized to generate revenue.
- Revenue Growth Patterns
- Revenues remained relatively stable between 2022 and 2023, fluctuating within a range of approximately US$ 19.2 billion to US$ 20.5 billion per quarter. A clear growth phase emerged starting in late 2024, with revenues climbing to a peak of US$ 24.3 billion in December 2025, before settling at US$ 23.1 billion by March 2026.
- Stockholders' Equity Trends
- A persistent downward trend in stockholders' equity is observed over the analyzed period. After maintaining levels near US$ 70 billion throughout 2022, equity entered a steady decline starting in 2023, falling to US$ 55.9 billion by March 31, 2026. This represents a sustained contraction of the company's equity base.
- Equity Turnover Dynamics
- The equity turnover ratio increased from 1.15 in early 2022 to 1.62 by March 2026. This acceleration is the result of a compounding effect: the simultaneous increase in quarterly revenues and the reduction of the equity denominator. The most pronounced improvement in the ratio occurred between December 2024 and March 2026, reflecting a heightened capacity to generate sales relative to the invested equity.
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