T-Mobile US, Inc. provides wireless communications, broadband, devices and related services principally in the United States through T-Mobile, Metro by T-Mobile and Mint Mobile. It reports one operating segment, Wireless, and is controlled by Deutsche Telekom.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001283699-24-000008 | Feb 2, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001283699-25-000012 | Jan 31, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001283699-26-000010 | Feb 11, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
T-Mobile’s recurring service business has expanded, but revenue growth is not translating uniformly into GAAP profit. In 2025, acquisitions and stronger postpaid account economics helped lift revenue to $88.309 billion, while integration, transformation, financing costs and fiber-venture losses contributed to lower net income. The first half of 2026 continued that divergence: service revenue and adjusted operating earnings increased, but net income declined and net account additions slowed. Cash generation remains substantial, although the historical operating-cash-flow comparison contains a receivables classification change, and shareholder distributions leave less cash for other commitments. Fiber expansion and spectrum transactions offer additional operating capacity but carry funding, partner and closing dependencies. This view uses annual results through December 2025, financial results through June 2026 and subsequent announcements through September 3, 2026; expected later events are not treated as completed.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-23 · 8-K · 2026-09-01
T-Mobile earns most of its revenue from recurring connectivity, supplemented by devices, financing and services such as insurance. Postpaid represented 81% of 2025 service revenue. Fixed-wireless broadband uses excess mobile-network capacity, while fiber expansion relies on joint ventures that own and operate wholesale networks. T-Mobile owns the retail relationships and records service revenue and network-access costs; venture profits or losses enter through equity-method accounting. These activities remain within one reported Wireless segment, so separate fiber or advertising profitability is not established.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
Revenue reached $88.309 billion in 2025, compared with $81.400 billion in 2024 and $78.558 billion in 2023. Postpaid growth reflected additional accounts, acquisitions and higher revenue per account, not solely organic demand or price increases. GAAP net income fell to $10.992 billion from $11.339 billion in 2024 as expenses grew faster than revenue and interest costs and fiber-venture losses increased. The comparison also includes transformation charges and favorable prior-year gains. Diluted EPS nevertheless increased to $9.72 from $9.66 because the weighted-average share count declined. Core Adjusted EBITDA rose to $33.924 billion, but excludes depreciation, financing, taxes, stock-compensation adjustments and designated special items; it is not GAAP profit.
Sources: 10-K · 2025-12-31
The July 23, 2026 quarterly filing reported first-half revenue of $45.898 billion and net income of $5.743 billion, down 7% despite revenue growth. Higher depreciation, interest and equity-method losses weighed on earnings. Second-quarter net income was nearly unchanged at $3.239 billion; its stronger EPS comparison again benefited from fewer shares. First-half net account additions declined to 494,000 from 523,000, while monthly account churn rose to 1.02% from 0.93%. Management cites switching, a larger base and more broadband-only accounts. Higher fees and account-level spending supported revenue, but promotions and acquired-account mix offset some benefits.
Sources: 10-Q · 2026-06-30
Reported operating cash flow increased to $27.950 billion in 2025, but amendments effective November 1, 2024 moved some receivables-sale collections from investing to operating cash flow. That classification change did not increase Adjusted Free Cash Flow, which reached $17.995 billion after $9.955 billion of cash property-and-equipment purchases. In the first half of 2026, operating cash flow was $14.722 billion and Adjusted Free Cash Flow $9.396 billion. Neither is profit or cash remaining after spectrum purchases, acquisitions, venture investments and financing-lease principal. Cash repurchases of $7.146 billion and dividends of $2.221 billion consumed almost all first-half adjusted free cash flow before those additional uses.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
At June 30, 2026, cash and equivalents were $2.825 billion, down from $5.598 billion at year-end. Debt carrying value excluding leases and tower obligations declined to $84.621 billion from $86.282 billion, but company-defined net debt including financing leases increased as cash fell. The $10 billion revolver was undrawn and is borrowing capacity, not cash; T-Mobile reported covenant compliance without disclosing calculated headroom. The April 23 increase in the combined repurchase-and-dividend authorization to $18.2 billion permits, rather than requires, spending. Pending fiber investments and spectrum purchases compete with distributions and debt repayment for funding. The June 30, 2025 Ka’ena amendment removed performance conditions and established an additional $420 million cash-and-share earnout obligation beyond the adjusted upfront payment: $251 million for the acquired business and $169 million for post-acquisition services and compensation, including replacement equity awards. The latest supplied primary describes the earnout as payable in second-half 2026; actual payment and share issuance completion remain unconfirmed. The $420 million is neither entirely cash nor entirely additional purchase consideration and must not be added again to previously reported purchase totals. UScellular’s separate long-term and temporary tower leases also impose funding obligations; their acquisition-date recognition is not a current outstanding balance or an additional acquisition-price payment.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.2 · 2026-07-23 · 8-K · 2026-04-23
The principal execution challenge is converting acquired customers, network investments and digital initiatives into durable earnings while retaining customers and controlling integration costs. First-half bad-debt expense increased to $824 million from $588 million. Receivable sales retain servicing and credit obligations, and secured funding restricts collateral. Cyberattack settlements have resolved specified claims, not all regulatory or litigation exposure; additional losses remain unquantified. Spectrum rights and merger commitments impose enforceable operating conditions. Deutsche Telekom’s majority ownership and consent rights also constrain minority shareholders’ influence. Management’s projected synergies and future capital allocations remain conditional, not demonstrated savings or fully funded commitments.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
USD 88.309 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 88.309 bn | 8.5% |
| 2024 | USD 81.4 bn | 3.6% |
| 2023 | USD 78.558 bn | — |
Consolidated revenue from services, equipment and other activities.
Sources: 10-K · 2025-12-31
USD 10.992 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 10.992 bn | -3.1% |
| 2024 | USD 11.339 bn | 36.3% |
| 2023 | USD 8.317 bn | — |
Consolidated net income after income taxes.
Sources: 10-K · 2025-12-31
USD 18.559 bn
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency · receivable sale classification: pre-amendment throughout year
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 18.559 bn | — |
GAAP operating cash flow as reported; certain beneficial-interest proceeds were classified as investing cash flow before November 1, 2024.
Sources: 10-K · 2025-12-31
USD 22.293 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency · receivable sale classification: changed during year
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 22.293 bn | — |
GAAP operating cash flow as reported; receivable-sale proceeds classification changed effective November 1, 2024.
Sources: 10-K · 2025-12-31
USD 27.95 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · receivable sale classification: post-amendment throughout year
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 27.95 bn | — |
GAAP operating cash flow as reported; receivable-sale proceeds classification changed effective November 1, 2024.
Sources: 10-K · 2025-12-31
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