Revenue growth has accelerated to 10.6% in 2026Q1, though gross margins remain volatile, contracting from a 65.9% peak in 2024Q2 to 42.5% in 2025Q4 due to device subsidy intensity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Sales/Revenue | 90.53B | 88.31B | 81.4B | 78.56B | 79.57B | 80.12B | 68.4B | 45B | 43.31B | 40.6B | 37.49B | 32.47B | 29.56B | 24.42B | 19.72B | 20.62B | 4.07B | 3.48B | 2.75B | 2.24B | 1.55B | 1.04B | 748.25M | 451.11M | 129.34M | 0 | 0 |
| Revenue Growth % | 9.48% | 8.49% | 3.62% | -1.27% | -0.68% | 17.14% | 52% | 3.9% | 6.66% | 8.31% | 15.47% | 9.82% | 21.06% | 23.84% | -4.36% | 406.67% | 16.92% | 26.49% | 23.07% | 44.53% | 48.96% | 38.78% | 65.87% | 248.77% | - | - | - |
| Cost of Goods Sold | 41.33B | 46.24B | 29.65B | 30.19B | 36.21B | 36.6B | 28.27B | 18.52B | 18.35B | 17.71B | 16.55B | 14.9B | 15.41B | 12.26B | 8.1B | 8.6B | 2.32B | 2B | 1.56B | 1.24B | 922.16M | 584.08M | 0 | 122.21M | 63.57M | 0 | 0 |
| COGS % of Revenue | - | 52.36% | 36.43% | 38.43% | 45.5% | 45.69% | 41.33% | 41.16% | 42.38% | 43.61% | 44.15% | 45.89% | 52.12% | 50.18% | 41.07% | 41.7% | 56.96% | 57.59% | 56.77% | 55.67% | 59.61% | 56.25% | - | 27.09% | 49.15% | - | - |
| Gross Profit | 49.2B | 42.07B | 51.75B | 48.37B | 43.37B | 43.51B | 40.13B | 26.48B | 24.96B | 22.9B | 20.94B | 17.57B | 14.15B | 12.16B | 11.62B | 12.02B | 1.75B | 1.48B | 1.19B | 990.99M | 624.71M | 454.35M | 0 | 328.9M | 65.77M | 0 | 0 |
| Gross Margin % | 54.34% | 47.64% | 63.57% | 61.57% | 54.5% | 54.31% | 58.67% | 58.84% | 57.62% | 56.39% | 55.85% | 54.11% | 47.88% | 49.82% | 58.93% | 58.3% | 43.04% | 42.41% | 43.23% | 44.33% | 40.39% | 43.75% | - | 72.91% | 50.85% | - | - |
| Gross Profit Growth % | - | -18.7% | 6.98% | 11.54% | -0.34% | 8.43% | 51.57% | 6.09% | 9% | 9.34% | 19.19% | 24.12% | 16.36% | 4.68% | -3.32% | 586.28% | 18.65% | 24.09% | 20.04% | 58.63% | 37.5% | - | -100% | 400.04% | - | - | - |
| Operating Expenses | 30.76B | 23.32B | 33.74B | 34.1B | 36.82B | 36.62B | 33.49B | 20.75B | 19.65B | 18.01B | 16.89B | 15.09B | 12.74B | 11.17B | 18.02B | 16.3B | 1.03B | 940.9M | 721.81M | 530.88M | 387.45M | 32.17M | 748.25M | 287.73M | -96.52M | 28.66M | 4.64M |
| OpEx % of Revenue | - | 26.41% | 41.45% | 43.41% | 46.28% | 45.71% | 48.97% | 46.12% | 45.36% | 44.35% | 45.05% | 46.48% | 43.09% | 45.74% | 91.37% | 79.05% | 25.37% | 27.03% | 26.23% | 23.75% | 25.05% | 3.1% | 100% | 63.78% | -74.62% | - | - |
| Selling, General & Admin | 23.55B | 22.96B | 20.82B | 21.31B | 21.61B | 20.24B | 18.93B | 14.14B | 13.16B | 12.26B | 11.38B | 10.19B | 8.86B | 7.38B | 6.8B | 6.73B | 621.66M | 567.73M | 447.58M | 352.02M | 243.62M | 162.48M | 0 | 94.07M | 55.16M | 28.45M | 4.63M |
| SG&A % of Revenue | - | 26% | 25.57% | 27.13% | 27.15% | 25.26% | 27.67% | 31.42% | 30.39% | 30.19% | 30.35% | 31.38% | 29.98% | 30.23% | 34.46% | 32.63% | 15.28% | 16.31% | 16.27% | 15.75% | 15.75% | 15.65% | - | 20.85% | 42.65% | - | - |
| Research & Development | 278M | 278M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 0.31% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 18.44B | 18.74B | 18.01B | 14.27B | 6.54B | 6.89B | 6.64B | 5.72B | 5.31B | 4.89B | 4.05B | 2.48B | 1.42B | 996M | 823.97M | 747.54M | 718.9M | 535.29M | 467.77M | 460.11M | 237.25M | 422.18M | 41.17M | 41.17M | 162.29M | -28.66M | -4.64M |
| Operating Margin % | 20.36% | 21.23% | 22.13% | 18.16% | 8.22% | 8.6% | 9.7% | 12.72% | 12.26% | 12.04% | 10.8% | 7.64% | 4.79% | 4.08% | 4.18% | 3.63% | 17.67% | 15.38% | 17% | 20.58% | 15.34% | 40.66% | 5.5% | 9.13% | 125.48% | - | - |
| Operating Income Growth % | - | 4.08% | 26.24% | 118.03% | -5.06% | 3.86% | 15.97% | 7.78% | 8.61% | 20.69% | 63.37% | 75.07% | 42.17% | 20.88% | 10.22% | 3.98% | 34.3% | 14.43% | 1.66% | 93.93% | -43.8% | 925.37% | 0% | -74.63% | 666.29% | -518.18% | - |
| EBITDA | 29.9B | 32.25B | 30.93B | 27.08B | 20.19B | 23.27B | 20.79B | 12.34B | 11.79B | 10.87B | 10.29B | 7.17B | 5.83B | 4.62B | 1.47B | 1.29B | 1.94B | 913.14M | 723.09M | 638.32M | 372.28M | 510.07M | 748.25M | 83.6M | -30.74M | -28.45M | -4.63M |
| EBITDA Margin % | 33.02% | 36.52% | 38% | 34.48% | 25.38% | 29.05% | 30.39% | 27.42% | 27.23% | 26.78% | 27.46% | 22.07% | 19.71% | 18.93% | 7.43% | 6.26% | 47.74% | 26.24% | 26.28% | 28.55% | 24.07% | 49.12% | 100% | 18.53% | -23.77% | - | - |
| EBITDA Growth % | -5.27% | 4.28% | 14.2% | 34.12% | -13.24% | 11.97% | 68.48% | 4.6% | 8.49% | 5.63% | 43.62% | 22.98% | 26.07% | 215.48% | 13.46% | -33.52% | 112.76% | 26.28% | 13.28% | 71.46% | -27.01% | -31.83% | 795.03% | 371.93% | -8.06% | -514.09% | - |
| D&A (Non-Cash Add-back) | 11.46B | 13.51B | 12.92B | 12.82B | 13.65B | 16.38B | 14.15B | 6.62B | 6.49B | 5.98B | 6.24B | 4.69B | 4.41B | 3.63B | 641.42M | 544.06M | 1.22B | 377.86M | 255.32M | 178.2M | 135.03M | 87.89M | 0 | 42.43M | -193.04M | 208K | 3K |
| EBIT | 16.67B | 18.74B | 18.12B | 14.33B | 6.51B | 6.69B | 6.23B | 5.74B | 5.27B | 4.83B | 4.06B | 2.47B | 1.76B | 1.27B | -6.33B | -4.26B | 575.42M | 533.96M | 458.82M | 460.11M | 237.25M | 422.18M | 748.25M | 41.17M | -30.74M | -28.66M | -4.64M |
| Net Interest Income | -3.76B | -3.52B | -3.41B | -3.33B | -3.36B | -3.34B | -2.7B | -1.11B | -1.34B | -1.65B | -1.72B | -1.49B | -992M | -1.03B | -584M | -645M | -261.17M | -267.42M | -156.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24M | 19M | 17M | 13M | 6M | 359M | 189M | 1.6M | 1.73M | 1.95M | 2.63M | 22.95M | 63.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 13.78B | 14.28B | 14.71B | 11B | 3.15B | 3.35B | 3.53B | 4.6B | 3.92B | 3.16B | 2.33B | 978M | 413M | 51M | 607.46M | 479.66M | 312.29M | 263.68M | 279.42M | 223.5M | 90.52M | 326.1M | 31.66M | 31.66M | 155.83M | -44.21M | -20.61M |
| Pretax Margin % | 15.22% | 16.17% | 18.07% | 14% | 3.95% | 4.18% | 5.16% | 10.23% | 9.04% | 7.78% | 6.21% | 3.01% | 1.4% | 0.21% | 3.08% | 2.33% | 7.67% | 7.58% | 10.16% | 10% | 5.85% | 31.4% | 4.23% | 7.02% | 120.48% | - | - |
| Income Tax | 3.23B | 3.29B | 3.37B | 2.68B | 556M | 327M | 786M | 1.14B | 1.03B | -1.38B | 867M | 245M | 166M | 16M | 213.29M | 178.35M | 118.88M | 86.83M | 129.99M | 123.1M | 36.72M | 127.42M | 47M | 16.18M | 25.53M | 0 | 0 |
| Effective Tax Rate % | 23.47% | 23.03% | 22.93% | 24.38% | 17.67% | 9.76% | 22.27% | 24.66% | 26.27% | -43.5% | 37.26% | 25.05% | 40.19% | 31.37% | 35.11% | 37.18% | 38.07% | 32.93% | 46.52% | 55.08% | 40.56% | 39.08% | 148.47% | 51.11% | 16.38% | 0% | 0% |
| Net Income | 10.54B | 10.99B | 11.34B | 8.32B | 2.59B | 3.02B | 3.06B | 3.47B | 2.89B | 4.54B | 1.46B | 733M | 247M | 35M | 394.17M | 301.31M | 193.41M | 176.84M | 149.44M | 100.4M | 53.81M | 198.68M | 64.89M | 15.36M | 130.31M | -44.21M | -20.61M |
| Net Margin % | 11.65% | 12.45% | 13.93% | 10.59% | 3.26% | 3.77% | 4.48% | 7.71% | 6.67% | 11.17% | 3.89% | 2.26% | 0.84% | 0.14% | 2% | 1.46% | 4.75% | 5.08% | 5.43% | 4.49% | 3.48% | 19.13% | 8.67% | 3.4% | 100.75% | - | - |
| Net Income Growth % | -11.54% | -3.06% | 36.34% | 221.12% | -14.35% | -1.31% | -11.65% | 20.08% | -36.33% | 210.68% | 99.18% | 196.76% | 605.71% | -91.12% | 30.82% | 55.78% | 9.37% | 18.34% | 48.84% | 86.6% | -72.92% | 206.18% | 322.52% | -88.21% | 394.72% | -114.53% | - |
| Net Income (Continuing) | 10.54B | 10.99B | 11.34B | 8.32B | 2.59B | 3.02B | 2.74B | 3.47B | 2.89B | 4.54B | 1.46B | 733M | 247M | 35M | 394.17M | 301.31M | 193.41M | 176.84M | 149.44M | 100.4M | 53.81M | 198.68M | 64.89M | 15.48M | 130.31M | -44.21M | -20.61M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 320M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.29M | 5.03M | 4.03M | 1.26M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 9.57 | 9.72 | 9.66 | 6.93 | 2.06 | 2.41 | 2.65 | 4.02 | 3.36 | 5.20 | 1.69 | 0.82 | 0.30 | 0.05 | 2.14 | 1.64 | 1.08 | 0.99 | 0.84 | 0.55 | 0.07 | 2.53 | 0.30 | -0.05 | 1.59 | -0.54 | -0.25 |
| EPS Growth % | -8.2% | 0.62% | 39.39% | 236.41% | -14.52% | -9.06% | -34.08% | 19.64% | -35.38% | 207.69% | 106.1% | 173.33% | 481.4% | -97.59% | 30.49% | 51.85% | 9.09% | 17.86% | 52.73% | 724.59% | -97.36% | 743.33% | 752.17% | -102.89% | 394.44% | -116% | - |
| EPS (Basic) | - | 9.75 | 9.70 | 7.02 | 2.07 | 2.42 | 2.68 | 4.06 | 3.40 | 5.39 | 1.71 | 0.83 | 0.31 | 0.05 | 2.17 | 1.66 | 1.08 | 1.00 | 0.85 | 0.57 | 0.07 | 2.80 | 0.36 | -0.05 | 1.66 | -0.56 | -0.26 |
| Diluted Shares Outstanding | 1.1B | 1.13B | 1.17B | 1.2B | 1.26B | 1.25B | 1.15B | 863.43M | 858.29M | 871.79M | 833.05M | 822.62M | 815.92M | 676.89M | 182.44M | 181.92M | 178.07M | 177.97M | 177.69M | 148.17M | 81.72M | 78.52M | 75.32M | 81.72M | 81.72M | 81.72M | 81.72M |
| Basic Shares Outstanding | 1.1B | 1.13B | 1.17B | 1.19B | 1.25B | 1.25B | 1.14B | 854.14M | 849.74M | 831.85M | 822.47M | 812.99M | 805.28M | 672.96M | 181.72M | 180.21M | 176.86M | 175.95M | 174.7M | 143.85M | 78.52M | 70.94M | 63.36M | 78.52M | 78.52M | 78.52M | 78.52M |
| Dividend Payout Ratio | - | 37.49% | 29.1% | 8.98% | - | - | - | - | - | - | - | - | - | 117.14% | 609.63% | - | - | - | - | - | - | - | - | - | - | - | - |
Competitive promotional intensity
As reported in recent financial filings, TMUS achieved a 10.6% year-over-year revenue increase in 2026Q1, signaling a sustained acceleration from the 1.0% growth observed in 2023Q4, driven primarily by the successful expansion of its high-value postpaid subscriber base and effective utilization of its mid-band spectrum assets.
The consistent climb in quarterly revenue suggests that the company is successfully capturing market share from legacy incumbents. Investors should monitor whether this growth trajectory remains durable as the domestic wireless market approaches saturation and promotional activity intensifies.
Based on the provided income statement data, gross margins have fluctuated significantly, reaching a peak of 65.9% in 2024Q2 before contracting to 42.5% in 2025Q4, a trend that appears to correlate with the timing of equipment sales and aggressive device subsidy programs used for customer acquisition.
The sharp variance in gross margin suggests that hardware-related costs remain a volatile component of the company's profitability profile. This volatility warrants further investigation into whether these subsidies are yielding the expected long-term service revenue growth or merely masking underlying competitive pressures.
According to historical income statement trends, TMUS has demonstrated improved operating leverage, with operating income rising from $3.5 billion in 2023Q4 to $4.5 billion in 2026Q1, even as SG&A expenses remained relatively contained within the $5.1 billion to $6.2 billion range over the same period.
This divergence between revenue growth and controlled overhead suggests that the company is successfully realizing operational synergies from its network integration efforts. The ability to scale operating income faster than operating expenses appears to be a key driver of the company's current margin expansion.
Analysis of the reported figures indicates that stock-based compensation has trended upward, reaching $209 million in 2026Q1 compared to $167 million in 2023Q4, which may suggest a growing reliance on equity-based incentives to retain talent during the company's transition to a mature capital-return phase.
While these amounts remain a fraction of total operating income, the consistent increase in SBC warrants monitoring as it directly impacts the quality of reported net income. Investors should consider the dilutive effect of these grants when evaluating the sustainability of EPS growth over the long term.
As evidenced by the sharp contraction in gross margin to 42.5% in 2025Q4, the company's reliance on equipment-heavy promotional strategies may expose it to significant margin compression if competitors respond with more aggressive pricing or if consumer demand for high-end hardware begins to wane.
The potential for a price war in the premium postpaid segment poses a material risk to the company's profitability. If the cost of acquiring new subscribers continues to rise, the current operating margin expansion may prove unsustainable in the face of intensifying industry competition.
Quick answers to the most common questions about buying TMUS stock.
For fiscal year 2025, T-Mobile US, Inc. (TMUS) reported total revenue of $88.31B.
T-Mobile US, Inc. (TMUS) is profitable, generating $10.99B in net income for the fiscal year ending 2025 with a net profit margin of 12.4%.
T-Mobile US, Inc. (TMUS) reported an operating income of $18.74B, resulting in an operating profit margin of 21.2%. This margin reflects the operational efficiency of the business before interest and taxes.
T-Mobile US, Inc. (TMUS) generated $42.07B in gross profit for the year, representing a gross profit margin of 47.6%. This demonstrates the company's core pricing power and production efficiency.