Compare · TMUS and VZ
T-Mobile vs. Verizon
Revenue, growth, margins, cash flow and cash returned, side by side from each company's latest annual report.
T-Mobile sells postpaid and prepaid plans, including Metro by T-Mobile, and is majority-owned by Deutsche Telekom. Verizon reports a Consumer segment and a Business segment that sells to companies and government agencies. Below are the figures each one reported in its latest annual report (Form 10-K), side by side, with links to the filing behind every number. Both fiscal years end in December, so the periods line up. Why fiscal years differ.
Comparing T-Mobile fiscal 2025 (ended Dec 31, 2025) with Verizon fiscal 2025 (ended Dec 31, 2025)
T-MobileVerizon
Each pair of bars shows both companies on one scale.
Revenue and growth
| Company | Prior year | Latest year | Change |
|---|---|---|---|
| T-Mobile (FY2024 to FY2025) | $81.4B | $88.3B | +8.5% |
| Verizon (FY2024 to FY2025) | $134.8B | $138.2B | +2.5% |
T-Mobile reports total revenues: wireless service plans (postpaid and prepaid), phone and device sales, and wholesale and other services. Verizon reports operating revenues: wireless service, phone and device sales, home internet (Fios and fixed wireless) and business network services.
Margins
| Company | Revenue | Operating income | Operating margin | Net income | Net margin |
|---|---|---|---|---|---|
| T-Mobile FY2025 | $88.3B | $18.3B | 20.7% | $11.0B | 12.4% |
| Verizon FY2025 | $138.2B | $29.3B | 21.2% | $17.2B | 12.4% |
Margin is the profit line divided by revenue, worked out by Ticker Sage from the linked figures. What profit margins measure.
Cash flow and cash returned
| Company | Cash from operations | Buybacks | Dividends paid |
|---|---|---|---|
| T-Mobile FY2025 | $27.9B | $10.0B | $4.1B |
| Verizon FY2025 | $37.1B | – | $11.5B |
Free cash flow needs a capital spending line for both companies, and one of them doesn't tag it in a form Ticker Sage reads, so the page leaves it out. A dash means the figure isn't in the filing data. How buybacks work · How dividends work.
How each one makes money
T-Mobile
Most revenue comes from monthly service plans. Postpaid customers pay after each month of service; prepaid customers (including Metro by T-Mobile) pay in advance. It also sells phones and other devices, often on installment plans, and wholesale network access to other brands.
It also sells fixed wireless and fiber home internet. Deutsche Telekom owns a majority of its shares. Its fiscal year is the calendar year.
Verizon
The Consumer segment sells wireless phone plans and devices to individuals, plus Fios fiber and fixed wireless home internet. The Business segment sells wireless, networking and communications services to companies and government agencies.
Most revenue comes from monthly service plans. Its fiscal year is the calendar year.
Main risks each one lists
T-Mobile
- US wireless is a crowded market with heavy promotions from rivals and cable companies.
- It must keep spending on spectrum and network upgrades to stay competitive.
- It holds data on millions of customers and has had breaches in the past.
- It carries a large amount of debt.
- Deutsche Telekom controls a majority of the vote and can steer major decisions.
Verizon
- Wireless and broadband are crowded markets, with heavy promotions and price competition.
- It must keep spending on spectrum and network upgrades to stay competitive.
- It carries a large debt load, so interest rates and credit conditions matter.
- Telecom rules, spectrum policy and privacy laws affect its business.
- Network outages or data breaches can hurt customers and its reputation.
How they differ
- Size. Verizon reported $138.2B of revenue for fiscal 2025, and T-Mobile $88.3B for fiscal 2025.
- Growth. T-Mobile's revenue grew 8.5% in its latest year and Verizon's 2.5%.
- Margins. Both kept 12.4% of revenue as net income.
- Ownership. Deutsche Telekom owns a majority of T-Mobile's shares.
- Home internet. Both sell fixed wireless and fiber home internet; Verizon's fiber service is Fios.
Differences in size, growth or margin describe the past year only. None of this says which business will do better.
Sources
- T-Mobile Form 10-K for fiscal 2025, filed Feb 11, 2026
- Verizon Form 10-K for fiscal 2025, filed Feb 17, 2026
T-Mobile company file → · Verizon company file →
Common questions
Which is bigger by revenue, Verizon or T-Mobile?
Verizon reported $138.2B of revenue for fiscal 2025 and T-Mobile $88.3B for fiscal 2025.
Who owns T-Mobile?
Deutsche Telekom owns a majority of its shares, according to T-Mobile's 10-K.
How do their profit margins compare?
In the latest fiscal year both had a net margin of 12.4%, worked out from the net income and revenue in each 10-K.
Where do these numbers come from?
From each company's latest Form 10-K filed with the SEC. Every figure on this page links to the filing it came from.
Disclosures
- Editor holdings
- The editor holds no position in any company named on this page. As of Oct 25, 2026.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- Each company's own SEC filings, linked next to each number.
- Last updated
- Oct 26, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold any security, and it doesn't consider your situation.
More in Learn · Methodology & Disclosures explains where every number comes from.