Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Return on Sales
Return on Investment
T-Mobile US Inc., profitability 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).
The profitability profile exhibits a period of substantial expansion followed by a phase of stabilization. Between early 2022 and mid-2025, all key profitability metrics demonstrated a consistent upward trajectory, reflecting enhanced operational efficiency and significantly improved bottom-line performance.
- Margin Performance
- Gross profit margin increased from 53.09% in March 2022 to a peak of 63.76% in March 2025, before settling at 62.07% by September 2026. This growth is mirrored by a more aggressive expansion in the operating profit margin, which climbed from a low of 6.07% in September 2022 to a peak of 23.08% in June 2025. Net profit margins followed a similar trajectory, rising from a minimum of 1.92% in September 2022 to a maximum of 14.53% in June 2025, eventually moderating to 12.05% by the end of the observed period.
- Efficiency and Return Metrics
- Return on Equity (ROE) experienced significant growth, ascending from 4.01% in March 2022 to 20.07% by September 2026. Return on Assets (ROA) similarly improved from a trough of 0.72% in September 2022 to a high of 5.74% in June 2025, ending the period at 5.30%. The substantial increase in both metrics indicates a marked improvement in the company's ability to generate earnings from its asset base and shareholder equity.
- Trend Analysis
- A synchronized dip is observed across all ratios in the third quarter of 2022, marking the baseline for a prolonged period of recovery and growth. The acceleration of margins peaked in the first half of 2025, after which a slight decelerating trend emerged. Despite this recent moderation, the profitability levels maintained through 2026 remain significantly elevated compared to the 2022 starting points.
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Gross Profit Margin
T-Mobile US Inc., gross profit margin 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) | |||||||||||||||||||||||||
| Gross profit | 15,133) | 14,758) | 14,280) | 14,062) | 14,231) | 13,756) | 13,486) | 13,087) | 13,133) | 13,020) | 12,507) | 12,078) | 12,117) | 12,192) | 11,983) | 11,602) | 10,783) | 10,533) | 10,447) | ||||||
| Revenues | 23,584) | 22,791) | 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Gross profit margin1 | 62.07% | 62.19% | 62.22% | 62.89% | 63.55% | 63.61% | 63.76% | 63.57% | 63.42% | 62.86% | 62.27% | 61.57% | 61.13% | 59.25% | 56.78% | 54.50% | 52.57% | 52.67% | 53.09% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||
| AT&T Inc. | 59.74% | 59.72% | 59.41% | 59.55% | 59.67% | 59.67% | 59.90% | 59.77% | 59.91% | 59.61% | 59.33% | 59.06% | 59.11% | 58.89% | 58.37% | 57.89% | 56.22% | 55.29% | 53.79% | ||||||
| Verizon Communications Inc. | 59.59% | 59.26% | 58.76% | 58.92% | 59.41% | 59.35% | 59.88% | 59.87% | 59.95% | 59.80% | 59.52% | 59.03% | 58.64% | 58.05% | 57.20% | 56.79% | 56.97% | 57.35% | 57.46% | ||||||
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
Gross profit margin = 100
× (Gross profitQ3 2026
+ Gross profitQ2 2026
+ Gross profitQ1 2026
+ Gross profitQ4 2025)
÷ (RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025)
= 100 × (15,133 + 14,758 + 14,280 + 14,062)
÷ (23,584 + 22,791 + 23,107 + 24,334)
= 62.07%
2 Click competitor name to see calculations.
The profitability profile exhibits a significant expansion phase in gross profit margin followed by a period of stabilization and slight contraction. Over the analyzed timeframe, gross profit increased consistently from 10,447 million USD in March 2022 to 15,133 million USD by September 2026, demonstrating a sustained growth in absolute profitability.
- Margin Expansion Phase
- A period of substantial margin growth is observed between September 2022 and March 2025. After reaching a low of 52.57% in the third quarter of 2022, the gross profit margin ascended steadily, surpassing the 60% threshold by September 2023. This upward trajectory continued until March 2025, where the margin reached its peak of 63.76%.
- Peak and Stabilization
- Following the peak in early 2025, the gross profit margin entered a stabilization phase. Between March 2025 and September 2025, the margin remained relatively flat, fluctuating minimally between 63.76% and 63.55%, indicating a period of optimized cost management relative to revenue generation.
- Recent Margin Compression and Revenue Growth
- A gradual downward trend in the gross profit margin is evident from December 2025 through September 2026, with the ratio declining to 62.07%. Despite this slight compression in margin percentage, absolute gross profit continued to rise. This divergence is attributed to a significant increase in revenues, which grew from approximately 20,000 million USD in early 2024 to a peak of 24,334 million USD in December 2025, ensuring that total profitability increased even as the margin percentage softened.
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Operating Profit Margin
T-Mobile US Inc., operating profit margin 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) | |||||||||||||||||||||||||
| Operating income | 5,661) | 5,490) | 4,497) | 3,736) | 4,530) | 5,213) | 4,800) | 4,586) | 4,796) | 4,630) | 3,998) | 3,480) | 3,596) | 3,793) | 3,397) | 2,747) | 1,281) | 709) | 1,806) | ||||||
| Revenues | 23,584) | 22,791) | 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Operating profit margin1 | 20.66% | 19.80% | 19.86% | 20.70% | 22.28% | 23.08% | 22.75% | 22.13% | 21.13% | 19.85% | 18.93% | 18.16% | 17.27% | 14.28% | 10.29% | 8.22% | 6.07% | 6.43% | 8.15% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||
| AT&T Inc. | 18.30% | 20.12% | 19.81% | 19.23% | 19.04% | 15.89% | 15.42% | 15.57% | 15.56% | 18.54% | 19.05% | 19.16% | -2.38% | -2.20% | -3.40% | -3.80% | 16.73% | 16.34% | 13.72% | ||||||
| Verizon Communications Inc. | 20.86% | 20.54% | 21.22% | 21.17% | 23.04% | 21.53% | 21.54% | 21.28% | 16.29% | 17.44% | 17.02% | 17.08% | 22.00% | 22.17% | 22.21% | 22.27% | 22.74% | 23.72% | 24.18% | ||||||
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
Operating profit margin = 100
× (Operating incomeQ3 2026
+ Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025)
÷ (RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025)
= 100 × (5,661 + 5,490 + 4,497 + 3,736)
÷ (23,584 + 22,791 + 23,107 + 24,334)
= 20.66%
2 Click competitor name to see calculations.
A sustained expansion of the operating profit margin is evident from the first quarter of 2022 through the second quarter of 2025. During this period, the margin increased from 8.15% to a peak of 23.08%, indicating a significant enhancement in the conversion of revenue into operating profit. This growth trend suggests an improvement in operational efficiency and a successful scaling of the business model.
- Initial Margin Volatility and Recovery (2022)
- The first three quarters of 2022 were characterized by a downward trend, with the operating profit margin declining from 8.15% in March to a low of 6.07% in September. However, a recovery began in the final quarter of the year, with the margin rising to 8.22%, setting the stage for the subsequent expansion phase.
- Accelerated Profitability Expansion (2023–2024)
- A period of aggressive margin growth occurred between March 2023 and December 2024. The operating profit margin rose consistently from 10.29% to 22.13%. This trend was supported by a substantial increase in operating income, which climbed from 3.397 billion dollars in March 2023 to 4.586 billion dollars by September 2024, even while revenues remained relatively stable during the first half of this window.
- Peak Performance and Normalization (2025–2026)
- The operating profit margin reached its maximum value of 23.08% in June 2025. Following this peak, a moderate contraction is observed, with the margin declining to 19.80% by June 2026. This decline occurred despite revenues reaching their highest recorded level of 24.334 billion dollars in December 2025, suggesting that operating expenses grew at a faster rate than revenues during this specific period. A slight recovery to 20.66% is noted in the final quarter of 2026.
The overall financial trajectory indicates a transition from a lower-margin operational profile in 2022 to a significantly more profitable state by 2026. The substantial growth in operating income, moving from 1.806 billion dollars in early 2022 to 5.661 billion dollars by September 2026, outweighs the fluctuations in the margin percentage, reflecting a strong net increase in operational profitability over the analyzed timeframe.
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Net Profit Margin
T-Mobile US Inc., net profit margin 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) | ||||||
| Revenues | 23,584) | 22,791) | 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Net profit margin1 | 12.05% | 11.45% | 11.65% | 12.45% | 13.83% | 14.53% | 14.41% | 13.93% | 12.96% | 11.95% | 11.14% | 10.59% | 9.93% | 7.82% | 4.83% | 3.25% | 1.92% | 2.14% | 3.48% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||
| AT&T Inc. | 10.19% | 16.94% | 16.94% | 17.47% | 17.87% | 10.29% | 9.64% | 8.95% | 7.42% | 10.41% | 11.13% | 11.76% | -9.29% | -7.22% | -7.52% | -7.06% | 15.37% | 14.21% | 11.21% | ||||||
| Verizon Communications Inc. | 11.78% | 11.64% | 12.46% | 12.43% | 14.43% | 13.28% | 13.14% | 12.99% | 7.30% | 8.38% | 8.44% | 8.67% | 15.58% | 15.58% | 15.85% | 15.53% | 14.22% | 15.48% | 15.93% | ||||||
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
Net profit margin = 100
× (Net income (loss)Q3 2026
+ Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025)
÷ (RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025)
= 100 × (3,455 + 3,239 + 2,504 + 2,103)
÷ (23,584 + 22,791 + 23,107 + 24,334)
= 12.05%
2 Click competitor name to see calculations.
The financial performance from March 2022 through September 2026 is characterized by a significant expansion in profitability, transitioning from low single-digit margins to a sustained double-digit range, despite a period of late-term volatility.
- Net Profit Margin Trajectory
- A period of low and volatile profitability is observed during 2022, with margins fluctuating between 1.92% and 3.48%. Starting in March 2023, a consistent and aggressive upward trend emerged, with the net profit margin climbing from 4.83% to a peak of 14.53% by June 2025. This represents a substantial improvement in the conversion of revenue into actual profit over a 30-month period.
- Revenue and Net Income Correlation
- While revenues demonstrated steady, moderate growth—increasing from approximately 20 billion USD in early 2022 to over 23 billion USD by late 2026—net income experienced far more dramatic growth. Net income rose from 713 million USD in March 2022 to a peak of 3.455 billion USD in September 2026. The disparity between the modest revenue growth and the rapid increase in net income indicates a significant improvement in operational efficiency and cost management.
- Recent Margin Correction and Stabilization
- Following the peak in June 2025, a contraction in the net profit margin is evident, with values declining to 11.65% by March 2026. This downward movement coincided with a spike in revenues in December 2025, suggesting that higher sales volume during that period did not translate to proportional profit growth. However, the trend reversed in the final two quarters of the analysis, with the margin recovering to 12.05% by September 2026, signaling a period of stabilization at a higher baseline than the 2022 levels.
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Return on Equity (ROE)
T-Mobile US Inc., ROE 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) | ||||||
| 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROE1 | 20.07% | 18.77% | 18.87% | 18.57% | 19.63% | 19.99% | 19.50% | 18.37% | 16.14% | 15.10% | 14.10% | 12.85% | 12.03% | 9.35% | 5.70% | 3.72% | 2.19% | 2.45% | 4.01% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||
| AT&T Inc. | 12.30% | 19.52% | 19.54% | 19.86% | 20.09% | 12.12% | 11.43% | 10.49% | 8.85% | 12.08% | 13.03% | 13.94% | -10.90% | -8.61% | -9.16% | -8.74% | 16.37% | 16.92% | 10.26% | ||||||
| Verizon Communications Inc. | 15.49% | 15.56% | 16.78% | 16.44% | 18.88% | 17.65% | 17.66% | 17.64% | 10.17% | 11.70% | 11.99% | 12.57% | 21.38% | 22.10% | 23.24% | 23.32% | 22.06% | 24.18% | 25.55% | ||||||
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
ROE = 100
× (Net income (loss)Q3 2026
+ Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025)
÷ Stockholders’ equity
= 100 × (3,455 + 3,239 + 2,504 + 2,103)
÷ 56,307 = 20.07%
2 Click competitor name to see calculations.
The Return on Equity (ROE) exhibits a significant and consistent upward trajectory over the analyzed period, transitioning from a volatile and low range in 2022 to a sustained high of approximately 20% by late 2026. This progression indicates a substantial increase in the efficiency with which the company generates profit from its shareholders' equity.
- Net Income Trends
- Earnings demonstrate a strong growth pattern, beginning with significant volatility in 2022, including a quarterly loss of 108 million US$ in June. Following this period, net income entered a sustained growth phase, rising from 1,940 million US$ in March 2023 to a peak of 3,455 million US$ by September 2026. This upward trend in absolute profitability serves as the primary driver for the expansion of the ROE.
- Stockholders' Equity Dynamics
- A gradual and persistent decline in stockholders' equity is observed throughout the period. The equity base contracted from 69,976 million US$ in March 2022 to 56,307 million US$ by September 2026. The reduction of the equity denominator, combined with rising net income, mathematically accelerated the growth of the ROE.
- ROE Correlation and Analysis
- The ROE experienced its most rapid acceleration between March 2023 (5.70%) and December 2024 (18.37%). This period of steep growth transitioned into a stabilization phase throughout 2025 and 2026, where the ratio consistently fluctuated between 18.57% and 20.07%. This shift suggests that the company reached a new plateau of capital efficiency.
The overall financial pattern reveals a strategic shift toward higher profitability relative to the invested capital. The convergence of increasing quarterly net income and a decreasing equity base has resulted in a robust improvement in the company's return profile, moving from marginal returns in 2022 to a highly optimized return on equity by the end of the observed timeframe.
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Return on Assets (ROA)
T-Mobile US Inc., ROA 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) | ||||||
| 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROA1 | 5.30% | 4.94% | 4.91% | 5.01% | 5.47% | 5.74% | 5.55% | 5.45% | 4.92% | 4.53% | 4.24% | 4.00% | 3.73% | 2.92% | 1.82% | 1.23% | 0.72% | 0.82% | 1.33% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||
| AT&T Inc. | 2.95% | 5.03% | 5.09% | 5.22% | 5.26% | 3.15% | 2.98% | 2.77% | 2.30% | 3.20% | 3.41% | 3.54% | -2.78% | -2.15% | -2.27% | -2.12% | 4.70% | 4.67% | 3.00% | ||||||
| Verizon Communications Inc. | 3.95% | 3.94% | 4.15% | 4.25% | 5.11% | 4.75% | 4.68% | 4.55% | 2.57% | 2.97% | 2.97% | 3.05% | 5.43% | 5.54% | 5.71% | 5.60% | 5.14% | 5.62% | 5.85% | ||||||
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
ROA = 100
× (Net income (loss)Q3 2026
+ Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025)
÷ Total assets
= 100 × (3,455 + 3,239 + 2,504 + 2,103)
÷ 213,104 = 5.30%
2 Click competitor name to see calculations.
The financial performance from March 2022 through September 2026 is characterized by a significant expansion in asset productivity and net profitability. While the initial period exhibited volatility, a sustained upward trajectory in net income, coupled with a stable asset base, resulted in a substantial improvement in the Return on Assets (ROA).
- Net Income Trends
- Profitability experienced a volatile start in 2022, including a quarterly loss in June 2022, before entering a period of consistent growth. Net income rose from 713 million USD in March 2022 to a peak of 3,455 million USD by September 2026. A notable acceleration in earnings occurred throughout 2023 and 2024, with a brief contraction in late 2025 followed by a strong recovery in 2026.
- Asset Base Stability
- Total assets remained remarkably stable throughout the analyzed period, fluctuating within a narrow range between approximately 206 billion USD and 219 billion USD. The lack of aggressive asset expansion indicates that the growth in profitability was driven by operational efficiency and revenue enhancement rather than the acquisition of new capital assets.
- Return on Assets (ROA) Evolution
- ROA demonstrated a clear long-term growth pattern, ascending from a low of 0.72% in September 2022 to a peak of 5.74% in June 2025. This represents a significant increase in the company's ability to generate profit from its existing resources. Despite a moderate decline to 4.91% in March 2026, the ratio recovered to 5.30% by September 2026, suggesting a stabilization of efficiency at a level substantially higher than the 2022 baseline.
The correlation between increasing net income and a stagnant asset base confirms that the improvement in ROA was primarily a result of increased bottom-line margins. The transition from sub-1% ROA levels to consistently maintaining figures above 4% reflects a fundamental shift in asset utilization and overall financial efficiency.
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