T-Mobile US, Inc.
Explore T-Mobile US, Inc.
Core profile pages, annual revenue records, and related research hubs for this company.
CorpDigest
T-Mobile US, Inc.
Explore T-Mobile US, Inc.
Core profile pages, annual revenue records, and related research hubs for this company.
Financial Performance
Revenue
$88.3B
Market Cap
$265.0B
Net Income
$9.0B
Employees
71,000
T-Mobile generated $9 billion in net income on $88.3B in revenue in FY2025 — a 10.8% net margin that reflects the post-integration operating leverage as the Sprint cost base was eliminated and the combined network efficiency improved. Revenue grew from approximately $79.6 billion in both FY2021 and FY2022 through $78.6 billion in FY2023 and $88.3B in FY2025, with the FY2024 acceleration reflecting subscriber growth and the full contribution of the expanded service portfolio. The Sprint merger's financial rationale was straightforward in principle and complex in execution: two carriers each losing money competing for the same customers could achieve profitability together by eliminating redundant infrastructure, networks, and overhead. T-Mobile committed to approximately $43 billion in merger savings over three years in its merger presentation; the actual integration delivered those merger savings ahead of schedule, validating the merger's financial logic even as critics focused on the competitive implications. T-Mobile's median 5G download speed of approximately 220 Mbps in 2024 exceeded both AT&T and Verizon's 5G medians in independent Ookla benchmarks — a network performance leadership position that the company translates into marketing and that analysts translate into lower churn and higher-value subscriber additions. A carrier with demonstrably faster service can attract more valuable subscribers while holding prices relatively steady, improving revenue per user without the customer loss that pure price increases would generate. Market capitalization of approximately $265 billion at the time of last data implies roughly 3.2x revenue — a premium to the Verizon and AT&T multiples that reflects T-Mobile's growth rate differential, its spectrum position, and the market's recognition that the subscriber trajectory favors T-Mobile over its larger competitors for the first time in the carrier's history.
Revenue Trend Analysis
YoY Change
+6.1%
5-Year CAGR
+5.2%
Peak Year
2025
Trend
Consistent Growth
T-Mobile US, Inc. has reported revenue across 6 fiscal years, compounding at +5.2% annually over 5 years. The most recent year saw a 6.1% increase versus the prior year. Revenue peaked in 2025 at $88.3B. Out of 4 reported periods, 3 showed growth and 1 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $88.3B | — | +6.1% |
| FY2024 | $83.2B | $9.0B | +5.9% |
| FY2023 | $78.6B | — | -1.3% |
| FY2022 | $79.6B | — | +0.0% |
| FY2021 | $79.6B | — | +16.3% |
| FY2020 | $68.4B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
T-Mobile reported full-year 2023 total revenue of $78.6 billion, down from $79.6 billion in 2022 as equipment revenue declined while service revenue grew. Service revenue rose 3 percent to $63.2 billion, driven by postpaid revenue growth of 6 percent. Operating income increased to $14.0 billion from $6.5 billion in 2022, an increase of more than 100 percent as Sprint merger integration costs rolled off and the company captured the synergies management had promised at deal close. Net income was $8.3 billion versus $2.6 billion in the prior year, supported by lower depreciation and the absence of certain one-time charges. Adjusted EBITDA reached $29.4 billion. Free cash flow grew 77 percent to $13.6 billion, the highest in T-Mobile's history and well above the company's original synergy targets, reflecting both lower capital expenditures following the completion of the 5G mid-band buildout and improved working capital. Capital expenditures declined from $13.9 billion in 2022 to $9.8 billion in 2023, with management guiding to a sustained lower run rate as the merger-related network spend tapered. The financial profile shifted from heavy investment to cash generation in 2023, supporting the resumption of a $19 billion shareholder return program announced in September 2022.
T-Mobile assumed Sprint's approximately $36 billion of debt at closing in April 2020 and refinanced most of it through new senior secured notes backed by the combined spectrum and tower assets. Total long-term debt peaked at roughly $74 billion in 2020 and has since been managed down through a combination of free cash flow, refinancing, and modest net repayments, reaching approximately $69 billion by the end of 2023 with a weighted average interest rate around 4 percent. Net debt to adjusted EBITDA, the leverage metric management targets, fell from above 3.0x at merger close to roughly 2.5x by year-end 2023, within the company's stated target range of 2.5x. Liquidity at the end of 2023 included $5 billion of cash and a $7.5 billion undrawn revolving credit facility. Credit ratings improved from BB+ at S&P at the time of the Sprint deal to BBB- investment grade in 2022, lowering interest expense and broadening the investor base for new issuance. SoftBank, the former Sprint parent, retained a residual stake exercised through a series of forward share purchases and contingent agreements with Deutsche Telekom, and Deutsche Telekom continues to be the largest single shareholder at roughly 51 percent of outstanding shares as of 2023.
In September 2022, T-Mobile authorized its first ever shareholder return program, totaling up to $14 billion of share repurchases through the end of 2023. In December 2023 the board expanded and extended the program to a cumulative authorization of $19 billion through December 31, 2024, and in late 2023 the company also initiated its first ordinary quarterly cash dividend at $0.65 per share, equating to roughly $3 billion annualized at the share count at that time. The dividend marked a strategic shift for what had historically been a growth-only telecom story aligned with Deutsche Telekom's preference for capital return. By the end of 2023, T-Mobile had repurchased approximately $12.5 billion of stock at an average price around $145 per share, taking the diluted share count down roughly 5 percent. The buyback was structured partly through accelerated share repurchase agreements with major banks. Deutsche Telekom participated in select tranches to maintain its target ownership percentage above 50 percent, including through privately negotiated transactions with SoftBank as the Japanese conglomerate continued to monetize portions of its residual Sprint stake. The dual program of buybacks and a growing dividend is funded by free cash flow well in excess of capital expenditures and is the most visible signal of T-Mobile's transition from build-out to harvest mode.
Postpoint phone average revenue per user, the metric T-Mobile reports for monthly service revenue per postpaid phone line, sat at roughly $48.86 in 2023, up modestly year over year as customers migrated to higher-tier Go5G Plus and Go5G Next rate plans. Postpaid average revenue per account, which spreads bundle pricing across all lines on a single bill including home internet, smartwatches, and tablets, expanded to roughly $140 per month, growing in the mid-single digits. The expansion is intentional. Management's strategy is to grow average revenue per account through cross-sell of additional services rather than to push price increases on individual phone lines, which would risk subscriber losses. Equipment revenue, primarily from device sales via 24 or 36 month equipment installment plans, declined from $16.2 billion in 2022 to $14.1 billion in 2023 as the broader US wireless upgrade cycle lengthened and customers held devices longer. The shift toward longer device life reduces equipment revenue but is roughly margin neutral because equipment is typically sold near cost or below cost as a customer acquisition tool, with the underlying device economics flowing through service revenue and churn improvements over time. Prepaid average revenue per user held steady around $36 in 2023.
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CorpDigest. "T-Mobile US, Inc. Revenue & Financials." CorpDigest, https://corpdigest.com/company/t-mobile/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>T-Mobile US, Inc. reported $88B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/t-mobile/financials" target="_blank" rel="noopener">CorpDigest — T-Mobile US, Inc. financials</a></div>