T-Mobile US (TMUS) financial statements
T-Mobile US reported revenue of $88.3B in fiscal 2025, up 10.0% a year over 9 years.
Net income was $11.0B and the operating margin 20.7%, against 10.8% in 2016.
Free cash flow was $18.0B, and the company returned $4.1B in dividends and $10.0B in net buybacks.
The diluted share count rose 36% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from T-Mobile US's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $37.5B | $40.6B | $43.3B | $45.0B | $68.4B | $80.1B | $79.6B | $78.6B | $81.4B | $88.3B |
| Cost of revenue | $10.8B | $11.6B | — | — | — | — | — | — | — | — |
| Gross profit | $26.7B | $29.0B | — | — | — | — | — | — | — | — |
| Selling, general and admin | $11.4B | $12.3B | $13.2B | $14.1B | $18.9B | $20.2B | $21.6B | $21.3B | $20.8B | $23.5B |
| Operating income | $4.0B | $4.9B | $5.3B | $5.7B | $6.6B | $6.9B | $6.5B | $14.3B | $18.0B | $18.3B |
| Interest expense | $1.4B | $1.1B | $835M | $727M | $2.5B | $3.2B | — | — | — | — |
| Pre-tax income | $2.3B | $3.2B | $3.9B | $4.6B | $3.5B | $3.4B | $3.1B | $11.0B | $14.7B | $14.3B |
| Income tax | $867M | -$1.4B | $1.0B | $1.1B | $786M | $327M | $556M | $2.7B | $3.4B | $3.3B |
| Net income | $1.5B | $4.5B | $2.9B | $3.5B | $3.1B | $3.0B | $2.6B | $8.3B | $11.3B | $11.0B |
| EPS (diluted) | $1.69 | $5.20 | $3.36 | $4.02 | $2.65 | $2.41 | $2.06 | $6.93 | $9.66 | $9.72 |
| Diluted shares | 833M | 872M | 858M | 863M | 1.15B | 1.25B | 1.26B | 1.20B | 1.17B | 1.13B |
| Gross margin | 71.1% | 71.4% | — | — | — | — | — | — | — | — |
| Operating margin | 10.8% | 12.0% | 12.3% | 12.7% | 9.7% | 8.6% | 8.2% | 18.2% | 22.1% | 20.7% |
| Net margin | 3.9% | 11.2% | 6.7% | 7.7% | 4.5% | 3.8% | 3.3% | 10.6% | 13.9% | 12.4% |
Balance sheet
Fiscal years, from T-Mobile US's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $5.5B | $1.2B | $1.2B | $1.5B | $10.4B | $6.6B | $4.5B | $5.1B | $5.4B | $5.6B |
| Receivables | $1.9B | $1.9B | $1.8B | $1.9B | $4.3B | $4.2B | $4.4B | $4.7B | $4.3B | $4.9B |
| Inventory | $1.1B | $1.6B | $1.1B | $964M | $2.5B | $2.6B | $1.9B | $1.7B | $1.6B | $2.4B |
| Total current assets | $14.2B | $8.9B | $8.3B | $9.3B | $23.9B | $20.9B | $19.1B | $19.0B | $18.4B | $24.5B |
| Property, plant and equipment | $20.9B | $22.2B | $23.4B | $22.0B | $41.2B | $39.8B | $42.1B | $40.4B | $38.5B | $38.3B |
| Goodwill | $1.7B | $1.7B | $1.9B | $1.9B | $11.1B | $12.2B | $12.2B | $12.2B | $13.0B | $13.7B |
| Total assets | $65.9B | $70.6B | $72.5B | $86.9B | $200.2B | $206.6B | $211.3B | $207.7B | $208.0B | $219.2B |
| Total current liabilities | $9.0B | $11.5B | $10.3B | $12.5B | $21.7B | $23.5B | $24.7B | $20.9B | $20.2B | $24.5B |
| Long-term debt | $21.8B | $12.1B | $12.1B | $11.0B | $61.8B | $67.1B | $66.8B | $71.4B | $74.2B | $81.1B |
| Total liabilities | $47.7B | $48.0B | $47.8B | $58.1B | $134.8B | $137.5B | $141.7B | $143.0B | $146.3B | $160.0B |
| Shareholders' equity | $18.2B | $22.6B | $24.7B | $28.8B | $65.3B | $69.1B | $69.7B | $64.7B | $61.7B | $59.2B |
| Net debt | $16.7B | $12.5B | $11.8B | $9.5B | $56.0B | $63.8B | $67.5B | $66.3B | $68.8B | $75.5B |
Cash flow
Fiscal years, from T-Mobile US's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.8B | $3.8B | $3.9B | $6.8B | $8.6B | $13.9B | $16.8B | $18.6B | $22.3B | $27.9B |
| Capital spending | $4.7B | $5.2B | $5.5B | $6.4B | $11.0B | $12.3B | $14.0B | $9.8B | $8.8B | $10.0B |
| Free cash flow | -$1.9B | -$1.4B | -$1.6B | $433M | -$2.4B | $1.6B | $2.8B | $8.8B | $13.5B | $18.0B |
| Stock-based compensation | $235M | $306M | $424M | $495M | $694M | $540M | $595M | $667M | $649M | $829M |
| Dividends paid | $55M | $55M | $0 | $0 | — | $0 | $0 | $747M | $3.3B | $4.1B |
| Share buybacks (net) | $0 | -$427M | -$1.1B | $0 | -$19.5B | $0 | -$3.0B | -$13.1B | -$11.2B | -$10.0B |
| Net borrowing | $977M | $250M | -$855M | -$600M | $14.9B | $3.6B | -$1.8B | $3.4B | $3.5B | -$6.2B |
| Free cash flow margin | -5.1% | -3.5% | -3.8% | 1.0% | -3.5% | 2.0% | 3.5% | 11.1% | 16.5% | 20.4% |
| Dividends per share | $0.07 | $0.06 | — | — | — | — | — | $0.62 | $2.81 | $3.64 |
Questions
What was T-Mobile US's revenue in 2025?
$88.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does T-Mobile US generate?
$18.0B in fiscal 2025 (operating cash flow minus capital spending).
From T-Mobile US's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.