T-Mobile US, Inc. (TMUS) financials
NASDAQ · Communication Services · Telecommunications Services · 75,000 employees · CEO Srinivasan Gopalan
- Price
- $156.44 +6.21%
- Market cap
- $166B
- Enterprise value
- $278B
- Last report
- Q3 '26 filed 2026-10-28
- Next report
- 2027-02-10 EPS est. $2.64
Revenue (TTM)$93.8B+9.3% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)21.0%-1.7 pp vs a year agoOperating income $19.7B
Net income (TTM)$11.3B-4.8% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$16.1B-1.4% vs a year agoCapex $12.6B
Diluted EPS (TTM)$10.36-0.3% vs a year agoSum of the last 4 quarters
Net cash-$112B+4.0% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $166B EV $278B
- Revenue
- $93.8B Trailing 12 months
- Revenue growth
- +7% FY2026 consensus
- Profit margin
- 12.0% Net income / revenue, TTM
- P/E
- 15.1× Forward 14.0× (FY2026)
- P/S
- 1.8× Price / sales, TTM
- EV / EBITDA
- 8.6× TTM
- Free cash flow
- $16.1B Trailing 12 months
- Net income
- $11.3B Trailing 12 months
- Revenue estimate
- $94.8B FY2026 consensus
- Earnings
- 2027-02-10 Revenue est. $25.4B
- Dividend
- $4.08 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-28): revenue beat by 1.9%, EPS beat by 11.4%Revenue $23.6B vs $23.1B expected (+1.9%); EPS $3.22 vs $2.89 (+11.4%).
- Revenue growth slowing: 7.4% year on yearQ3 '26 revenue $23.6B, against an average of 9.7% over the four quarters before.
- Operating margin 21.0% (TTM), -1.7 pp on a year agoOperating income grew 1.0% while revenue grew 9.3%.
- 32.5% of pre-tax profit is eaten by non-operating lossesPre-tax income $14.8B vs operating income $19.7B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 13.5% of revenue (a year ago 12.3%)$12.6B invested in the last 4 quarters (+19.9% on a year earlier). Free cash flow $16.1B = 142.3% of net income.
- Returned $16.5B to shareholders = 102.3% of free cash flowBuybacks $12B (a year earlier $12.2B), dividends $4.45B, stock-based pay $836M (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count down 4.9% in a year1.07B diluted shares in Q3 '26, 1.13B a year earlier.
- Net debt $112BCash + short-term investments $5.62B, debt incl. leases $118B; a year ago net debt $117B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $23.6B | $22B | +7.4% |
| Gross margin | 49.5% | 49.3% | +0.2 pp |
| Operating income | $5.81B | $4.86B | +19.6% |
| Operating margin | 24.6% | 22.1% | +2.5 pp |
| Net income | $3.46B | $2.71B | +27.3% |
| Diluted EPS | $3.22 | $2.41 | +33.6% |
| Operating cash flow | $7.34B | $7.46B | -1.6% |
| Capex | $2.27B | $2.64B | -14.0% |
| Free cash flow | $5.07B | $4.82B | +5.3% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $197M | $227M | -13.2% |
Reported vs consensus
2026-10-28| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $23.6B | $23.1B | +1.9% |
| EPS (as estimated) | $3.22 | $2.89 | +11.4% |
From the report of 2026-10-28 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Branded Postpaid Revenue | $16.3B | +9.3% | 69.0% | $63.1B | +12.6% | |
| Product, Equipment | $3.93B | +13.4% | 16.7% | $16.8B | +9.8% | |
| Branded Prepaid Revenue | $2.43B | -7.5% | 10.3% | $10B | -5.6% | |
| Wholesale Service Revenue | $679M | -7.5% | 2.9% | $2.76B | -4.1% | |
| Product and Service, Other | $280M | +11.6% | 1.2% | $1.11B | +10.3% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $28.7B
- Capex
- -$12.6B
- Buybacks
- -$12B
- Dividends
- -$4.45B
- Acquisitions
- $76M
- Net debt issued
- -$1.12B
- Stock-based compensation
- $836M
- Free cash flow
- $16.1B
- Returned to shareholders / FCF
- 102.3%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 15.1× | 36.4× | 20.8× – 67.6× |
| EV / EBITDA | 8.6× | 11.7× | 10.7× – 14.0× |
| EV / Sales | 3.0× | 3.8× | 3.1× – 4.5× |
| Price / FCF | 10.3× | 21.7× 3 of 5 years | 14.8× – 25.9× |
| Price / Book | 3.0× | 3.1× | 2.1× – 4.2× |
| FCF yield | 9.7% | 1.8% | -5.4% – 6.7% |
| Return on invested capital | 7.5% | 5.1% | 2.7% – 7.1% |
| Return on equity | 19.9% | 11.6% | 3.7% – 18.6% |
Analysts
Consensus target $224.00 (+43.2%)
range $169.00 – $300.00 · rating Buy
Strong buy0
Buy45
Hold9
Sell1
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $94.8B | +7.4% | $11.17 | +15.0% | 14.0× | 16 |
| FY2027 | $99B | +4.4% | $14.09 | +26.1% | 11.1× | 17 |
| FY2028 | $103B | +3.7% | $17.15 | +21.7% | 9.1× | 13 |
| FY2029 | $105B | +2.0% | $18.31 | +6.7% | 8.5× | 10 |
| FY2030 | $109B | +4.5% | $20.52 | +12.1% | 7.6× | 5 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 258 figures T-Mobile US, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable and Accrued Liabilities, Current | $8.62B | $9.19B | -6.2% | $10.3B | $8.46B | +21.5% |
| Accounts Payable, Trade, Current | $3.91B | $4.71B | -17.1% | $5.22B | $4.24B | +23.0% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $5.01B | $5.08B | -1.4% | $4.87B | $4.28B | +14.0% |
| Accounts Receivable, Allowance for Credit Loss, Current | $251M | $206M | +21.8% | $226M | $176M | +28.4% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $437M | $337M | +29.7% | $1.37B | $1.19B | +14.9% |
| Accrual for Taxes Other than Income Taxes, Current | $1.78B | $1.53B | +16.2% | $1.6B | $1.52B | +5.1% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $63.8B2025-12-31 | $56.4B | +13.2% | $63.8B | $56.4B | +13.2% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$595M | -$881M | +32.5% | -$848M | -$857M | +1.1% |
| Additional Paid in Capital, Common Stock | $70.1B | $69.3B | +1.2% | $69.5B | $68.8B | +1.0% |
| Advertising Expense | – | – | – | $3.7B | $3.1B | +19.4% |
| Amortization of Intangible Assets | $287M2025-12-31 | $220M | +30.5% | $975M | $857M | +13.8% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $217M | $216M | +0.5% | $829M | $619M | +33.9% |
| Asset Impairment Charges | $0 | $278M | -100.0% | $278M | $0 | – |
| Asset Retirement Obligation | $1.78B2025-12-31 | $1.54B | +15.9% | $1.78B | $1.54B | +15.9% |
| Asset Retirement Obligation, Accretion Expense | $21M2025-12-31 | – | – | $73M | $69M | +5.8% |
| Asset Retirement Obligation, Liabilities Incurred | $17M2025-12-31 | – | – | $35M | $21M | +66.7% |
| Asset Retirement Obligation, Liabilities Settled | $6M2025-12-31 | – | – | $46M | $307M | -85.0% |
| Asset Retirement Obligation, Revision of Estimate | – | – | – | $0 | $36M | -100.0% |
| Assets | $213B | $217B | -1.9% | $219B | $208B | +5.4% |
| Assets, Current | $21.8B | $21.7B | +0.6% | $24.5B | $18.4B | +32.9% |
| Capitalized Contract Cost, Amortization | $487M | $474M | +2.7% | $1.9B | $2B | -5.0% |
| Capitalized Contract Cost, Impairment Loss | $0 | $0 | – | $0 | $0 | – |
| Capitalized Contract Cost, Net | $2.1B | $2B | +5.0% | $2B | $2B | 0.0% |
| Cash and Cash Equivalents, at Carrying Value | $5.62B | $3.31B | +69.8% | $5.6B | $5.41B | +3.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $6.03B | $3.67B | +64.4% | $5.98B | $5.71B | +4.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $6.03B | $3.67B | +64.4% | $5.98B | $5.71B | +4.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $2.85B | -$6.92B | +141.2% | $263M | $406M | -35.2% |
| Common Stock, Dividends, Per Share, Declared | $1.17 | $1.02 | +14.7% | $3.80 | $3.71 | +2.4% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 2B | 2B | 0.0% | 2B | 2B | 0.0% |
| Common Stock, Shares, Issued | 1.28B | 1.28B | +0.4% | 1.28B | 1.27B | +0.4% |
| Common Stock, Shares, Outstanding | 1.06B | 1.12B | -5.0% | 1.11B | 1.14B | -3.3% |
| Common Stock, Value, Issued | $0 | $0 | – | $0 | $0 | – |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $3.5B | $2.74B | +27.5% | $11B | $11.4B | -3.9% |
| Consideration Received for Beneficial Interest Obtained for Transferring Financial Asset | $02025-12-31 | $138M | -100.0% | $0 | $2.42B | -100.0% |
| Contract with Customer, Asset, after Allowance for Credit Loss | $1.45B | $1.03B | +40.7% | $1.31B | $720M | +81.5% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Current | $1.1B | $752M | +46.3% | $920M | $492M | +87.0% |
| Contract with Customer, Liability | $1.46B | $1.62B | -10.2% | $1.65B | $1.22B | +35.6% |
| Contract with Customer, Liability, Current | $1.41B | $1.49B | -5.4% | $1.53B | $1.22B | +25.5% |
| Contract with Customer, Liability, Revenue Recognized | $140M | $77M | +81.8% | $1.17B | $787M | +49.0% |
| Costs and Expenses | $17.9B | $17.4B | +2.8% | $70B | $63.4B | +10.5% |
| Current Federal Tax Expense (Benefit) | – | – | – | $54M | $57M | -5.3% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $76M | $17M | +347.1% |
| Current Income Tax Expense (Benefit) | – | – | – | $425M | $253M | +68.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $295M | $179M | +64.8% |
| Debt Instrument, Collateral Amount | $200M | – | – | – | – | – |
| Debt Instrument, Face Amount | $6.94B | $10B | -30.8% | $13.8B | – | – |
| Debt Instrument, Interest Rate During Period | 4.3% | 4.2% | +2.4% | 4.2% | 4.1% | +2.4% |
| Debt Instrument, Repurchased Face Amount | $271M2026-06-30 | $736M | -63.2% | $1.2B | $1.07B | +11.7% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | -$46M | -$108M | +57.4% | -$161M | – | – |
| Debt Issuance Costs, Line of Credit Arrangements, Net | $352M2025-12-31 | $278M | +26.6% | $352M | $278M | +26.6% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $2.61B | $2.74B | -4.9% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $40M | $29M | +37.9% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $2.86B | $3.12B | -8.2% |
| Deferred Income Tax Liabilities, Net | $21.7B | $19.2B | +13.0% | $19.6B | $16.7B | +17.3% |
| Deferred Income Taxes and Tax Credits | $637M | $797M | -20.1% | $2.86B | $3.12B | -8.2% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $216M | $348M | -37.9% |
| Deferred Tax Assets, Gross | $14.4B2025-12-31 | $16.5B | -12.7% | $14.4B | $16.5B | -12.7% |
| Deferred Tax Assets, Net of Valuation Allowance | $14.2B2025-12-31 | $16.3B | -12.8% | $14.2B | $16.3B | -12.8% |
| Deferred Tax Assets, Operating Loss Carryforwards | $2.54B2025-12-31 | $3.84B | -34.0% | $2.54B | $3.84B | -34.0% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-01