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Company file · TMUS

T-Mobile

T-Mobile's revenue grew in 2025 on postpaid plans, while net income dipped

Revenue rose 8.5% to $88.3B, led by postpaid service. Net income fell 3.1% to $11.0B.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 11, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Jul 23, 2026) · Data pulled Oct 25, 2026

Key facts

T-Mobile (Nasdaq: TMUS) closed fiscal 2025 on Dec 31, 2025 with total revenues of $88.3B, up 8.5% from a year before; net income came to $11.0B, down 3.1%. Its newest quarterly report covers the three months to Jun 30, 2026: revenue of $22.8B, up 7.9% on the same stretch of the prior year, and net income of $3.2B. Broken down by type, Postpaid service led with 66% of fiscal 2025 total revenues. Sources: 10-K for fiscal 2025 (filed Feb 11, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Jul 23, 2026).

Revenue$88.3BFY2025 · +8.5% vs FY2024
Net income$11.0BFY2025 · −3.1% vs FY2024
Operating cash flow$27.9BFY2025 · +25.4% vs FY2024
Cash & equivalents$2.8Bat Jun 30, 2026 · −49.5% vs FY2025 end
Total debt$86.3BFY2025 end · +10.2% vs FY2024
Diluted shares1.13BFY2025 avg · −3.6% vs FY2024
Total revenues and net income, three fiscal yearsBy fiscal year, $bn
Total revenuesNet income
Total revenues and net income by fiscal yearTotal revenues FY2023: $78.6B78.6Net income FY2023: $8.3B8.3FY2023Total revenues FY2024: $81.4B81.4Net income FY2024: $11.3B11.3FY2024Total revenues FY2025: $88.3B88.3Net income FY2025: $11.0B11.0FY2025

Source: 10-K FY2025, filed Feb 11, 2026

Quarterly total revenues: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly total revenues, fiscal 2026 vs 2025FY2025 Q1: $20.9B20.9FY2026 Q1: $23.1B23.1Q1FY2025 Q2: $21.1B21.1FY2026 Q2: $22.8B22.8Q2

Source: 10-Q filed Apr 28, 2026 · 10-Q filed Jul 23, 2026

How it makes money

FY2025 total by categoryPostpaid service: $57.9B (66%)Prepaid service: $10.5B (12%)Wholesale and other service: $2.9B (3%)Equipment: $16.0B (18%)Other: $1.0B (1%)$88.3BFY2025 total

By type, FY2025

  • LineAmountSharevs FY2024
  • Postpaid service$57.9B66%+10.7%
  • Prepaid service$10.5B12%+0.9%
  • Wholesale and other service$2.9B3%−16.3%
  • Equipment$16.0B18%+12.0%
  • Other$1.0B1%+7.5%

Source: 10-K FY2025, XBRL breakdown

Postpaid service was 66% of 2025 revenue, equipment 18% and prepaid service 12%.

By type: three-year mixShare of the total each fiscal year
Postpaid servicePrepaid serviceWholesale and other serviceEquipmentOther

Source: 10-K FY2025

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Revenue
$22.8B Q2 2026
$21.1B Q2 2025
7.9% increase
Net income
$3.2B Q2 2026
$3.2B Q2 2025
0.5% increase

Source: T-Mobile 10-Q for the quarter ended Jun 30, 2026, filed Jul 23, 2026

By type

Postpaid service
$15.9B Q2 2026
$14.1B Q2 2025
12.6% increase
Equipment
$3.5B Q2 2026
$3.4B Q2 2025
2.5% increase
Prepaid service
$2.5B Q2 2026
$2.6B Q2 2025
6.4% decrease
Wholesale and other service
$657M Q2 2026
$717M Q2 2025
8.4% decrease

Source: T-Mobile 10-Q for the quarter ended Jun 30, 2026, filed Jul 23, 2026

  • Cash & equivalents $2.8B at Jun 30, 2026, vs $5.6B at FY2025 end.
  • Operating cash flow, first 6 months of fiscal 2026: $14.7B vs $13.8B a year earlier.

The bull case and the bear case

The bull case

The bear case

  • Net income fell 3.1% in 2025 to $11.0B even as revenue grew. 10-K, FY2025
  • Wholesale and other service revenue fell 16.3% in 2025. 10-K, FY2025
  • Total debt was $86.3B at the end of 2025, up 10.2%. 10-K, FY2025
  • The 10-K lists competition, network and spectrum costs, cyberattacks and its debt among its risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

T-Mobile is one of the three big US wireless carriers. It sells phone plans, devices and home internet over its 5G network.

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.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in T-Mobile's latest 10-K. Read the original for the full list.

  1. CompetitionUS wireless is a crowded market with heavy promotions from rivals and cable companies.
  2. Network and spectrumIt must keep spending on spectrum and network upgrades to stay competitive.
  3. CybersecurityIt holds data on millions of customers and has had breaches in the past.
  4. DebtIt carries a large amount of debt.
  5. Controlling ownerDeutsche Telekom controls a majority of the vote and can steer major decisions.
  6. RegulationSpectrum, privacy and telecom rules can raise costs or limit what it does.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Total revenues$78.6B$81.4B$88.3B
Net income$8.3B$11.3B$11.0B
Operating cash flow$18.6B$22.3B$27.9B
Cash & equivalents (year end)$5.1B$5.4B$5.6B
Total debt (year end)$75.0B$78.3B$86.3B
Diluted shares1.20B1.17B1.13B
  • Total revenues: Wireless service plans (postpaid and prepaid), phone and device sales, and wholesale and other services.
  • Net income: Profit after all costs and taxes.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Short-term debt plus long-term debt, at carrying value. Excludes finance lease liabilities and tower obligations.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • Revenue by type is as reported in the 10-K and adds up to total revenue.
  • Total debt excludes finance lease liabilities and tower obligations, which the balance sheet shows separately.

Recent filings

FormFiledPeriod
10-QJul 23, 2026Jun 30, 2026
10-QApr 28, 2026Mar 31, 2026
DEF 14AApr 27, 2026Jun 16, 2026
10-KFeb 11, 2026Dec 31, 2025

Latest filings

  1. Sep 284:52 PM ET

    Form 4

    T-Mobile VP & Chief Accounting Officer Daniel James Drobac reports an award of 2,768 shares

    The filing reports 2,768 shares in a grant or award (code A).

All T-Mobile filings notes →

Common questions about T-Mobile

How does T-Mobile make money?

Fiscal 2025 total revenues: $88.3B. Postpaid service was 66% of 2025 revenue, equipment 18% and prepaid service 12%. Source: 10-K for fiscal 2025, filed Feb 11, 2026.

What was T-Mobile's revenue in fiscal 2025?

$88.3B, up 8.5% from fiscal 2024 ($81.4B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $78.6B. Source: 10-K for fiscal 2025, filed Feb 11, 2026.

Is T-Mobile profitable?

Net income was $11.0B in fiscal 2025 (down 3.1%; fiscal 2024 was $11.3B). That counts as a GAAP profit. The latest quarter, ended Jun 30, 2026: net income was $3.2B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 11, 2026.

What did T-Mobile report in its latest quarterly filing?

For the three months to Jun 30, 2026: revenue $22.8B (up 7.9% from $21.1B) and net income $3.2B (up 0.5% from $3.2B). Source: 10-Q for the quarter ended Jun 30, 2026, filed Jul 23, 2026.

What are the main risks T-Mobile lists?

The risk factors are in Item 1A of the 10-K filed Feb 11, 2026. This page sorts them into 6 groups (Competition; network and spectrum; cybersecurity; debt; controlling owner; regulation). The first group in plain English: US wireless is a crowded market with heavy promotions from rivals and cable companies. Source: 10-K, Item 1A Risk Factors.

Where do these T-Mobile numbers come from?

The 10-K filed Feb 11, 2026 (fiscal 2025) and the 10-Q filed Jul 23, 2026 (quarter ended Jun 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in TMUS
The editor holds no position in T-Mobile (TMUS). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell TMUS from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold TMUS, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
T-MobileTMUSFY2025$88.3B+8.5%$11.0B
VerizonVZFY2025$138.2B+2.5%$17.2B
AT&TTFY2025$125.6B+2.7%$22.0B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.