T-Mobile vs Vodafone: Revenue, Profit and Business Model
T-Mobile reported $88.3B of revenue in FY2025 and $11B of net income. Vodafone reported ~$45.7B of revenue in FY2026 and a net loss of ~$448.6M.
Latest financial snapshot
Financial summary
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.
Vodafone
When Margherita Della Valle became CEO in 2023, Vodafone had high debt and a long run of weak returns. She sold Vodafone Spain and Vodafone Italy, used part of the proceeds for share buybacks and debt reduction, and merged the UK business with Three. In FY26 (year to 31 March 2026) total revenue rose 8.0% to ~$45.8 billion (€40.5 billion) from ~$42.3 billion (€37.4 billion), helped by consolidating VodafoneThree from 1 June 2025. Adjusted EBITDAaL was ~$12.9 billion (€11.4 billion) (4.5% organic growth) and adjusted free cash flow was about $2.94 billion (€2.6 billion). Operating profit was ~$3.16 billion (€2.8 billion), compared with a ~$452 million (€0.4 billion) operating loss in FY25, which had included large impairment charges.
Revenue and profit by year
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 |
Vodafone
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$45.7B | ~-$448.6M | -1.0% | +8.0% | Source |
| FY2025 | ~$42.3B | ~-$4.7B | -11.1% | +2.0% | Source |
| FY2024 | ~$41.5B | ~$1.3B | 3.1% | -2.5% | Source |
| FY2023 | ~$42.6B | ~$13.4B | 31.4% | +1.8% | Source |
| FY2022 | ~$41.8B | ~$2.5B | 6.0% | -15.5% | Source |
| FY2021 | ~$49.5B | ~$66.7M | 0.1% | -2.6% | Source |
| FY2020 | ~$50.8B | ~-$1B | -2.0% | +3.0% | Source |
| FY2019 | ~$49.3B | ~-$9.1B | -18.4% | -6.2% | Source |
| FY2018 | ~$52.6B | ~$2.8B | 5.2% | -2.2% | Source |
| FY2017 | ~$53.8B | ~-$7.1B | -13.2% | -4.4% | Source |
| FY2016 | ~$56.3B | ~-$6.1B | -10.9% | — | Source |
Where the revenue comes from
Business model and strategy
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.
Vodafone
How it makes money
Vodafone Group operates a capital-intensive recurring-subscription telecommunications and digital infrastructure business model. Its revenue foundation is built on monthly mobile contracts and prepaid bundles across European consumer markets and African territories.
Growth strategy
Vodafone's plan under Della Valle is built around customers, simplicity and growth. On customers, it is spending to improve service quality and cut churn in Germany and the UK. On simplicity, it has cut layers of management, announced around 11,000 job reductions in 2023, and reduced the number of countries it operates in.
Competitive advantage
Vodafone Group's sustainable competitive moat rests on four key pillars: First, pan-European gigabit network scale: owning extensive hybrid fiber-coaxial cable and fiber infrastructure in Germany and Western Europe gives Vodafone high-speed fixed broadband reach without relying wholly on incumbent wholesale access.
Questions about T-Mobile vs Vodafone
Which company has higher revenue — T-Mobile US, Inc. or Vodafone Group Plc?
T-Mobile US, Inc. reported $88.3B (FY2025), while Vodafone Group Plc reported ~$45.7B (FY2026). By last reported revenue, T-Mobile US, Inc. is the larger business, with Vodafone Group Plc reporting 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 T-Mobile US, Inc. vs Vodafone Group Plc?
T-Mobile US, Inc.'s market capitalisation stands at $178.6B, while Vodafone Group Plc's is $23.0B. T-Mobile US, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Vodafone Group Plc.
Which is more financially efficient — T-Mobile US, Inc. or Vodafone Group Plc?
T-Mobile US, Inc. generates $1.18M / employee in revenue per employee, while Vodafone Group Plc generates $538k / employee. T-Mobile US, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do T-Mobile US, Inc. and Vodafone Group Plc make money?
T-Mobile US, Inc. and Vodafone Group Plc generate revenue in fundamentally different ways. 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. Vodafone Group Plc: Vodafone Group operates a capital-intensive recurring-subscription telecommunications and digital infrastructure business model.
Which company is valued higher relative to revenue — T-Mobile US, Inc. or Vodafone Group Plc?
On a price-to-sales (P/S) basis, T-Mobile US, Inc. trades at 2.0x P/S and Vodafone Group Plc at 0.5x P/S. T-Mobile US, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Vodafone Group Plc. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is T-Mobile US, Inc. bigger than Vodafone Group Plc?
By last reported revenue, T-Mobile US, Inc. ($88.3B (FY2025)) is the larger company compared to Vodafone Group Plc (~$45.7B (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 T-Mobile vs Vodafone overview