T-Mobile US, Inc. (TMUS)财务
NASDAQ · Communication Services · Telecommunications Services · 员工75,000人 · CEO Srinivasan Gopalan
- 股价
- $156.44 +6.21%
- 市值
- $1660亿
- 企业价值
- $2780亿
- 最近财报
- Q3 '26 2026-10-28提交
- 下次财报
- 2027-02-10 EPS预期 $2.64
营收(TTM)$938亿+9.3% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)21.0%-1.7 百分点 对比去年同期营业利润 $197亿
净利润(TTM)$113亿-4.8% 对比去年同期税后,含营业外收益
自由现金流(TTM)$161亿-1.4% 对比去年同期资本支出 $126亿
稀释EPS(TTM)$10.36-0.3% 对比去年同期最近4个季度之和
净现金-$1120亿+4.0% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $1660亿 EV $2780亿
- 营收
- $938亿 过去12个月
- 营收增速
- +7% FY2026年一致预期
- 净利润率
- 12.0% 净利润 / 营收,TTM
- P/E
- 15.1× 预期 14.0×(FY2026)
- P/S
- 1.8× 股价 / 营收,TTM
- EV / EBITDA
- 8.6× TTM
- 自由现金流
- $161亿 过去12个月
- 净利润
- $113亿 过去12个月
- 营收预期
- $948亿 FY2026年一致预期
- 盈利
- 2027-02-10 营收预期 $254亿
- 股息
- $4.08 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-28):营收超预期1.9%,EPS 超预期11.4%营收$236亿,预期$231亿(+1.9%);EPS $3.22,预期$2.89(+11.4%)。
- 营收增长放缓:同比7.4%Q3 '26营收$236亿,此前四个季度的平均值为9.7%。
- 营业利润率21.0%(TTM),较去年同期-1.7 百分点营收增长9.3%,营业利润增长1.0%。
- 税前利润的32.5%被营业外亏损吞噬税前利润$148亿,营业利润$197亿(TTM)。股权投资亏损等一次性项目压低了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的13.5%(去年为12.3%)最近4个季度投入$126亿(同比+19.9%)。自由现金流$161亿,相当于净利润的142.3%。
- 股东回报$165亿 = 自由现金流的102.3%回购$120亿(去年为$122亿),股息$44.5亿,股权激励$8.36亿(TTM)。 超过自由现金流:由现金储备或举债支付。
- 稀释股数一年内减少4.9%Q3 '26稀释股数10.7亿,一年前为11.3亿。
- 净债务 $1120亿现金 + 短期投资 $56.2亿,含租赁债务 $1180亿;一年前净债务 $1170亿。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $236亿 | $220亿 | +7.4% |
| 毛利率 | 49.5% | 49.3% | +0.2 百分点 |
| 营业利润 | $58.1亿 | $48.6亿 | +19.6% |
| 营业利润率 | 24.6% | 22.1% | +2.5 百分点 |
| 净利润 | $34.6亿 | $27.1亿 | +27.3% |
| 稀释EPS | $3.22 | $2.41 | +33.6% |
| 经营现金流 | $73.4亿 | $74.6亿 | -1.6% |
| 资本支出 | $22.7亿 | $26.4亿 | -14.0% |
| 自由现金流 | $50.7亿 | $48.2亿 | +5.3% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $1.97亿 | $2.27亿 | -13.2% |
实际 vs 一致预期
2026-10-28| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $236亿 | $231亿 | +1.9% |
| EPS(一致预期口径) | $3.22 | $2.89 | +11.4% |
来自2026-10-28发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Branded Postpaid Revenue | $163亿 | +9.3% | 69.0% | $631亿 | +12.6% | |
| Product, Equipment | $39.3亿 | +13.4% | 16.7% | $168亿 | +9.8% | |
| Branded Prepaid Revenue | $24.3亿 | -7.5% | 10.3% | $100亿 | -5.6% | |
| Wholesale Service Revenue | $6.79亿 | -7.5% | 2.9% | $27.6亿 | -4.1% | |
| Product and Service, Other | $2.8亿 | +11.6% | 1.2% | $11.1亿 | +10.3% |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $287亿
- 资本支出
- -$126亿
- 股票回购
- -$120亿
- 股息
- -$44.5亿
- 收购
- $7600万
- 债务净发行
- -$11.2亿
- 股权激励费用
- $8.36亿
- 自由现金流
- $161亿
- 股东回报 / FCF
- 102.3%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 15.1× | 36.4× | 20.8× – 67.6× |
| EV / EBITDA | 8.6× | 11.7× | 10.7× – 14.0× |
| EV / 营收 | 3.0× | 3.8× | 3.1× – 4.5× |
| 股价 / FCF | 10.3× | 21.7× 5年中的3年 | 14.8× – 25.9× |
| 股价 / 净资产 | 3.0× | 3.1× | 2.1× – 4.2× |
| FCF收益率 | 9.7% | 1.8% | -5.4% – 6.7% |
| 投入资本回报率 | 7.5% | 5.1% | 2.7% – 7.1% |
| 净资产收益率 | 19.9% | 11.6% | 3.7% – 18.6% |
分析师
一致目标价 $224.00 (+43.2%)
区间 $169.00 – $300.00 · 评级 Buy
强烈买入0
买入45
持有9
卖出1
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $948亿 | +7.4% | $11.17 | +15.0% | 14.0× | 16 |
| FY2027 | $990亿 | +4.4% | $14.09 | +26.1% | 11.1× | 17 |
| FY2028 | $1030亿 | +3.7% | $17.15 | +21.7% | 9.1× | 13 |
| FY2029 | $1050亿 | +2.0% | $18.31 | +6.7% | 8.5× | 10 |
| FY2030 | $1090亿 | +4.5% | $20.52 | +12.1% | 7.6× | 5 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
T-Mobile US, Inc.在近期10-Q / 10-K文件中标记的全部258项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable and Accrued Liabilities, Current | $86.2亿 | $91.9亿 | -6.2% | $103亿 | $84.6亿 | +21.5% |
| Accounts Payable, Trade, Current | $39.1亿 | $47.1亿 | -17.1% | $52.2亿 | $42.4亿 | +23.0% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $50.1亿 | $50.8亿 | -1.4% | $48.7亿 | $42.8亿 | +14.0% |
| Accounts Receivable, Allowance for Credit Loss, Current | $2.51亿 | $2.06亿 | +21.8% | $2.26亿 | $1.76亿 | +28.4% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $4.37亿 | $3.37亿 | +29.7% | $13.7亿 | $11.9亿 | +14.9% |
| Accrual for Taxes Other than Income Taxes, Current | $17.8亿 | $15.3亿 | +16.2% | $16亿 | $15.2亿 | +5.1% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $638亿2025-12-31 | $564亿 | +13.2% | $638亿 | $564亿 | +13.2% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$5.95亿 | -$8.81亿 | +32.5% | -$8.48亿 | -$8.57亿 | +1.1% |
| Additional Paid in Capital, Common Stock | $701亿 | $693亿 | +1.2% | $695亿 | $688亿 | +1.0% |
| Advertising Expense | – | – | – | $37亿 | $31亿 | +19.4% |
| Amortization of Intangible Assets | $2.87亿2025-12-31 | $2.2亿 | +30.5% | $9.75亿 | $8.57亿 | +13.8% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $2.17亿 | $2.16亿 | +0.5% | $8.29亿 | $6.19亿 | +33.9% |
| Asset Impairment Charges | $0 | $2.78亿 | -100.0% | $2.78亿 | $0 | – |
| Asset Retirement Obligation | $17.8亿2025-12-31 | $15.4亿 | +15.9% | $17.8亿 | $15.4亿 | +15.9% |
| Asset Retirement Obligation, Accretion Expense | $2100万2025-12-31 | – | – | $7300万 | $6900万 | +5.8% |
| Asset Retirement Obligation, Liabilities Incurred | $1700万2025-12-31 | – | – | $3500万 | $2100万 | +66.7% |
| Asset Retirement Obligation, Liabilities Settled | $600万2025-12-31 | – | – | $4600万 | $3.07亿 | -85.0% |
| Asset Retirement Obligation, Revision of Estimate | – | – | – | $0 | $3600万 | -100.0% |
| Assets | $2130亿 | $2170亿 | -1.9% | $2190亿 | $2080亿 | +5.4% |
| Assets, Current | $218亿 | $217亿 | +0.6% | $245亿 | $184亿 | +32.9% |
| Capitalized Contract Cost, Amortization | $4.87亿 | $4.74亿 | +2.7% | $19亿 | $20亿 | -5.0% |
| Capitalized Contract Cost, Impairment Loss | $0 | $0 | – | $0 | $0 | – |
| Capitalized Contract Cost, Net | $21亿 | $20亿 | +5.0% | $20亿 | $20亿 | 0.0% |
| Cash and Cash Equivalents, at Carrying Value | $56.2亿 | $33.1亿 | +69.8% | $56亿 | $54.1亿 | +3.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $60.3亿 | $36.7亿 | +64.4% | $59.8亿 | $57.1亿 | +4.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $60.3亿 | $36.7亿 | +64.4% | $59.8亿 | $57.1亿 | +4.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $28.5亿 | -$69.2亿 | +141.2% | $2.63亿 | $4.06亿 | -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 | 20亿 | 20亿 | 0.0% | 20亿 | 20亿 | 0.0% |
| Common Stock, Shares, Issued | 12.8亿 | 12.8亿 | +0.4% | 12.8亿 | 12.7亿 | +0.4% |
| Common Stock, Shares, Outstanding | 10.6亿 | 11.2亿 | -5.0% | 11.1亿 | 11.4亿 | -3.3% |
| Common Stock, Value, Issued | $0 | $0 | – | $0 | $0 | – |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $35亿 | $27.4亿 | +27.5% | $110亿 | $114亿 | -3.9% |
| Consideration Received for Beneficial Interest Obtained for Transferring Financial Asset | $02025-12-31 | $1.38亿 | -100.0% | $0 | $24.2亿 | -100.0% |
| Contract with Customer, Asset, after Allowance for Credit Loss | $14.5亿 | $10.3亿 | +40.7% | $13.1亿 | $7.2亿 | +81.5% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Current | $11亿 | $7.52亿 | +46.3% | $9.2亿 | $4.92亿 | +87.0% |
| Contract with Customer, Liability | $14.6亿 | $16.2亿 | -10.2% | $16.5亿 | $12.2亿 | +35.6% |
| Contract with Customer, Liability, Current | $14.1亿 | $14.9亿 | -5.4% | $15.3亿 | $12.2亿 | +25.5% |
| Contract with Customer, Liability, Revenue Recognized | $1.4亿 | $7700万 | +81.8% | $11.7亿 | $7.87亿 | +49.0% |
| Costs and Expenses | $179亿 | $174亿 | +2.8% | $700亿 | $634亿 | +10.5% |
| Current Federal Tax Expense (Benefit) | – | – | – | $5400万 | $5700万 | -5.3% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $7600万 | $1700万 | +347.1% |
| Current Income Tax Expense (Benefit) | – | – | – | $4.25亿 | $2.53亿 | +68.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $2.95亿 | $1.79亿 | +64.8% |
| Debt Instrument, Collateral Amount | $2亿 | – | – | – | – | – |
| Debt Instrument, Face Amount | $69.4亿 | $100亿 | -30.8% | $138亿 | – | – |
| Debt Instrument, Interest Rate During Period | 4.3% | 4.2% | +2.4% | 4.2% | 4.1% | +2.4% |
| Debt Instrument, Repurchased Face Amount | $2.71亿2026-06-30 | $7.36亿 | -63.2% | $12亿 | $10.7亿 | +11.7% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | -$4600万 | -$1.08亿 | +57.4% | -$1.61亿 | – | – |
| Debt Issuance Costs, Line of Credit Arrangements, Net | $3.52亿2025-12-31 | $2.78亿 | +26.6% | $3.52亿 | $2.78亿 | +26.6% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $26.1亿 | $27.4亿 | -4.9% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $4000万 | $2900万 | +37.9% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $28.6亿 | $31.2亿 | -8.2% |
| Deferred Income Tax Liabilities, Net | $217亿 | $192亿 | +13.0% | $196亿 | $167亿 | +17.3% |
| Deferred Income Taxes and Tax Credits | $6.37亿 | $7.97亿 | -20.1% | $28.6亿 | $31.2亿 | -8.2% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $2.16亿 | $3.48亿 | -37.9% |
| Deferred Tax Assets, Gross | $144亿2025-12-31 | $165亿 | -12.7% | $144亿 | $165亿 | -12.7% |
| Deferred Tax Assets, Net of Valuation Allowance | $142亿2025-12-31 | $163亿 | -12.8% | $142亿 | $163亿 | -12.8% |
| Deferred Tax Assets, Operating Loss Carryforwards | $25.4亿2025-12-31 | $38.4亿 | -34.0% | $25.4亿 | $38.4亿 | -34.0% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 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
数据截至 2026-11-01