Reliance Jio vs T-Mobile: Revenue, Profit and Business Model
Reliance Jio had ~$17B of annual revenue in FY2026 and ~$3.5B of net income. T-Mobile had $88.3B of annual revenue in FY2025 and $11B of net income.
Latest financial snapshot
Reliance Jio
- Latest annual revenue
- ~$17B (FY2026)
- Net income
- ~$3.5B
- Net margin
- 20.5%
- Revenue growth
- +15.8% a year, FY2024–FY2026
T-Mobile
- Latest annual revenue
- $88.3B (FY2025)
- Net income
- $11B
- Net margin
- 12.4%
- Revenue growth
- +10.0% a year, FY2016–FY2025
Financial summary
Reliance Jio
Reliance funded Jio's network for years before launch, and Jio Platforms raised about $17.6 billion (₹1.52 lakh crore) in 2020 from investors including Meta and Google. Revenue has since compounded: Jio Platforms' revenue from operations rose from ~$12.7 billion (₹1,09,558 crore) in FY24 to ~$14.9 billion (₹1,28,218 crore) in FY25 and ~$17 billion (₹1,46,885 crore) in FY26. FY26 EBITDA was ~$8.85 billion (₹76,255 crore) and profit after tax ~$3.49 billion (₹30,053 crore). Q4 FY26 EBITDA margin reached 52.4%, and Q1 FY27 EBITDA rose to a record ~$2.42 billion (₹20,865 crore). Jio Platforms operates as the massive digital and telecom subsidiary of Reliance Industries, holding an estimated private market valuation exceeding $100 billion.
T-Mobile
Revenue climbed from $68.4 billion in 2020, the year Sprint was absorbed, to $88.3 billion in 2025, while net income rose from $3.1 billion to $11.0 billion as merger synergies and network decommissioning costs rolled off. In Q2 2026 T-Mobile reported revenue of $22.79 billion (up about 8%), service revenue of $19.0 billion (up 9%), postpaid service revenue of $15.9 billion (up 13%), net income of $3.2 billion and adjusted free cash flow of $4.8 billion. Management raised 2026 adjusted free cash flow guidance to $18.4-$18.8 billion and kept Core Adjusted EBITDA guidance of $37.1-$37.5 billion with about $10 billion of capital spending. Cumulative shareholder returns under its program reached $54.6 billion through June 2026, and in September 2026 the board raised the quarterly dividend 15% to $1.17 per share. T-Mobile US has grown into a dominant force in the wireless sector, holding a market valuation generally exceeding $180 billion.
Revenue and profit by year
Reliance Jio
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$17B | ~$3.5B | 20.5% | +14.6% | Source |
| FY2025 | ~$14.9B | — | — | +17.0% | Source |
| FY2024 | ~$12.7B | — | — | — | Source |
T-Mobile
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $88.3B | $11B | 12.4% | +8.5% | Source |
| FY2024 | $81.4B | $11.3B | 13.9% | +3.6% | Source |
| FY2023 | $78.6B | $8.3B | 10.6% | -1.3% | Source |
| FY2022 | $79.6B | $2.6B | 3.3% | -0.7% | Source |
| FY2021 | $80.1B | $3B | 3.8% | +17.1% | Source |
| FY2020 | $68.4B | $3.1B | 4.5% | +52.0% | Source |
| FY2019 | $45B | $3.5B | 7.7% | +3.9% | Source |
| FY2018 | $43.3B | $2.9B | 6.7% | +6.7% | Source |
| FY2017 | $40.6B | $4.5B | 11.2% | +8.3% | Source |
| FY2016 | $37.5B | $1.5B | 3.9% | — | Source |
Where the revenue comes from
Reliance Jio
- Mobile plans
Not formally reported
Prepaid and postpaid plans. Revenue depends on subscriber numbers and ARPU, which was ₹215.6 a month in Q1 FY27.
- Home broadband
28.6 million connections (June 2026)
JioFiber and the 5G fixed-wireless JioAirFiber service.
- Enterprise, devices and digital services
Not formally reported
Enterprise connectivity, cloud and IoT, JioBharat phones and digital services.
T-Mobile
- Postpaid wireless service
- Prepaid wireless service
- Device sales and financing
- Fixed wireless home internet
- Business and government wireless services
- Wholesale and MVNO access
- Fiber and broadband partnerships
Business model and strategy
Reliance Jio
How it makes money
Jio makes most of its money from recurring prepaid and postpaid mobile plans, where revenue is driven by subscriber count and average revenue per user (ARPU, ₹215.6 a month in Q1 FY27). The second engine is home broadband: JioFiber and the 5G fixed-wireless JioAirFiber service, which together reached 28.6 million connections by June 2026.
Growth strategy
Jio's growth plan has four parts: add home broadband connections through JioAirFiber (8.6 million broadband additions in the year to June 2026), lift ARPU through a better subscriber mix and tariff changes, sell connectivity, cloud and AI services to enterprises, and use the IPO to reduce debt and fund 5G and broadband expansion.
Competitive advantage
Jio's edge comes from scale and network design. It built an all-IP 4G network without legacy 2G or 3G layers, then rolled out standalone 5G using 700 MHz low-band and 3.5 GHz spectrum won in the 2022 auction. With more than 533 million customers, it spreads network and spectrum costs over the largest base in India, and Reliance's retail reach and media assets (JioHotstar) give it bundling options rivals lack.
T-Mobile
How it makes money
T-Mobile earns most of its money from recurring monthly wireless service: postpaid phone and multi-line plans, prepaid brands such as Metro by T-Mobile and Mint Mobile, and wholesale access sold to MVNOs. Service revenue was $71.3 billion of its $88.3 billion 2025 total; the rest comes mainly from device sales and installment financing.
Growth strategy
T-Mobile is growing by adding postpaid customers, expanding home internet, pushing deeper into rural and smaller markets, cross-selling prepaid brands, building business and government accounts, using Mint Mobile and Ultra Mobile for value segments, and monetizing 5G capacity through wholesale, fixed wireless, and enterprise connectivity.
Competitive advantage
T-Mobile's moat is its mid-band spectrum position, post-Sprint network scale, simpler value-focused brand, and execution culture developed during the Un-carrier period. The company can use the same 5G network to support mobile subscribers, fixed wireless home internet, enterprise connections, and wholesale traffic.
Questions about Reliance Jio vs T-Mobile
Which company has higher revenue — Reliance Jio Infocomm Limited or T-Mobile US, Inc.?
Reliance Jio Infocomm Limited had ~$17B (FY2026), while T-Mobile US, Inc. had $88.3B (FY2025). By latest annual revenue, T-Mobile US, Inc. is the larger business, with Reliance Jio Infocomm Limited showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Reliance Jio Infocomm Limited vs T-Mobile US, Inc.?
T-Mobile US, Inc. has a market capitalisation of $178.6B. A public market cap figure for Reliance Jio Infocomm Limited was not available (it may be privately held).
How does revenue per employee compare for Reliance Jio Infocomm Limited and T-Mobile US, Inc.?
Reliance Jio Infocomm Limited has $605k / employee in revenue per employee, while T-Mobile US, Inc. has $1.18M / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Reliance Jio Infocomm Limited and T-Mobile US, Inc. make money?
Reliance Jio Infocomm Limited and T-Mobile US, Inc. generate revenue in fundamentally different ways. Reliance Jio Infocomm Limited: Jio makes most of its money from recurring prepaid and postpaid mobile plans, where revenue is driven by subscriber count and average revenue per user (ARPU, ₹215.6 a month in Q1 FY27). T-Mobile US, Inc.: T-Mobile earns most of its money from recurring monthly wireless service: postpaid phone and multi-line plans, prepaid brands such as Metro by T-Mobile and Mint Mobile, and wholesale access sold to MVNOs.
Is Reliance Jio Infocomm Limited bigger than T-Mobile US, Inc.?
By last reported revenue, T-Mobile US, Inc. ($88.3B (FY2025)) is the larger company compared to Reliance Jio Infocomm Limited (~$17B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Reliance Jio vs T-Mobile overview