T-Mobile US, Inc.
- What it sells
- Postpaid revenues is 66% of revenue (fiscal year to Dec 2025), up from 62% two years earlier.
- Growing?
- Yes: revenue up 7% on a year earlier (quarter ended Sep 2026); earnings per share about the same over the last four quarters.
- Expensive?
- Cheaper than usual: 16.5× trailing earnings; its five-year median is 25.4×. Priced 39% above the peer median of 11.9x.
- Analysts?
- 86% of 28 say buy; average 12-month target $226, 32% above today's price.
- Risky?
- Swingier than most large companies: its price swung 35% over the past year (the S&P 500's 14%), and it fell as much as 46% since Nov 2021.
T-Mobile US, Inc. provides wireless voice, messaging, and data services plus fixed wireless broadband (notably T‑Mobile 5G Home Internet) and sells handsets/accessories; the majority of revenue is generated from recurring monthly service plans, with additional revenue from equipment sales and related programs.
More about T-Mobile US
Market Position
T‑Mobile is one of the three national facilities-based U.S. wireless carriers and positions itself around nationwide 5G and value-oriented, multi-brand offerings spanning postpaid and prepaid (including Metro by T‑Mobile and Mint Mobile).
Key Segments
T‑Mobile primarily operates as an integrated wireless business, with revenue often discussed across service revenues (postpaid, prepaid, wholesale/other) and equipment revenues (device sales/leases).
How has the stock done?
Over the past month TMUS rose 12.6%; the communication services ETF (XLC) fell 3.5% and the S&P 500 fell 2.7%.
Over the past six months TMUS fell 11.5%; the communication services ETF (XLC) fell 7.2% and the S&P 500 rose 2.6%.
Over the past year TMUS fell 19.6%; the communication services ETF (XLC) fell 5.3% and the S&P 500 rose 10.8%.
Over five years TMUS rose 44.6%; the communication services ETF (XLC) rose 32.4% and the S&P 500 rose 62.0%.
From Mar 3, 2025 to Oct 23, 2026, the deepest drop from a high since Nov 2021
How much the price swings in a year; the S&P 500's was 14%
When the S&P 500 moves 1%, the stock has moved about 0.3% the other way
Show the earnings releases
| Released | Quarter | Revenue | EPS vs estimate | Stock, day after | 5 days after |
|---|---|---|---|---|---|
| Oct 28, 2026 | ended Sep 2026 | $23.6B (+7% vs a year earlier) | $3.22 vs $2.91 (beat) | +0.3% | +8.4% |
| Jul 23, 2026 | ended Jun 2026 | $22.8B (+8% vs a year earlier) | $2.99 vs $2.60 (beat) | −5.7% | −9.2% |
| Apr 28, 2026 | ended Mar 2026 | $23.1B (+11% vs a year earlier) | $2.27 vs $1.97 (beat) | +8.4% | +6.3% |
| Feb 11, 2026 | ended Dec 2025 | $24.3B (+11% vs a year earlier) | $1.88 vs $2.06 (missed) | +7.6% | +8.0% |
| Oct 23, 2025 | ended Sep 2025 | $22.0B (+9% vs a year earlier) | — | −4.2% | −7.4% |
| Jul 23, 2025 | ended Jun 2025 | $21.1B (+7% vs a year earlier) | — | +6.1% | +3.6% |
| Apr 24, 2025 | ended Mar 2025 | $20.9B (+7% vs a year earlier) | — | −10.2% | −4.8% |
| Jan 29, 2025 | ended Dec 2024 | $21.9B (+7% vs a year earlier) | — | +6.0% | +9.6% |
| Oct 23, 2024 | ended Sep 2024 | $20.2B (+5% vs a year earlier) | — | +6.6% | +1.7% |
| Jul 31, 2024 | ended Jun 2024 | $19.8B (+3% vs a year earlier) | — | +6.7% | +8.7% |
| Apr 25, 2024 | ended Mar 2024 | $19.6B (0% vs a year earlier) | — | −0.1% | +0.4% |
| Jan 25, 2024 | ended Dec 2023 | $20.5B (+1% vs a year earlier) | — | +0.1% | +0.3% |
| Oct 25, 2023 | ended Sep 2023 | $19.3B (−1% vs a year earlier) | — | +1.3% | +2.8% |
| Jul 27, 2023 | ended Jun 2023 | $19.2B (−3% vs a year earlier) | — | −0.2% | −4.1% |
| Apr 27, 2023 | ended Mar 2023 | $19.6B (−2% vs a year earlier) | — | −3.0% | −4.7% |
| Feb 1, 2023 | ended Dec 2022 | $20.3B (−2% vs a year earlier) | — | −1.6% | −3.7% |
| Oct 27, 2022 | ended Sep 2022 | $19.5B (−1% vs a year earlier) | — | +7.2% | +5.2% |
| Jul 27, 2022 | ended Jun 2022 | $19.7B (−1% vs a year earlier) | — | +5.8% | +7.3% |
| Apr 27, 2022 | ended Mar 2022 | $20.1B (+2% vs a year earlier) | — | +5.9% | +5.9% |
| Feb 2, 2022 | ended Dec 2021 | $20.8B (+2% vs a year earlier) | — | +10.3% | +16.9% |
Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.
Is the business growing?
Revenue was $23.6B in the quarter ended Sep 2026, up 7% from a year earlier.
Show the data
| Quarter ended | Revenue | vs a year earlier |
|---|---|---|
| Dec 2022 | $20.3B | −2% |
| Mar 2023 | $19.6B | −2% |
| Jun 2023 | $19.2B | −3% |
| Sep 2023 | $19.3B | −1% |
| Dec 2023 | $20.5B | +1% |
| Mar 2024 | $19.6B | 0% |
| Jun 2024 | $19.8B | +3% |
| Sep 2024 | $20.2B | +5% |
| Dec 2024 | $21.9B | +7% |
| Mar 2025 | $20.9B | +7% |
| Jun 2025 | $21.1B | +7% |
| Sep 2025 | $22.0B | +9% |
| Dec 2025 | $24.3B | +11% |
| Mar 2026 | $23.1B | +11% |
| Jun 2026 | $22.8B | +8% |
| Sep 2026 | $23.6B | +7% |
Revenue went from $79.6B in FY22 to $88.3B in FY25; net income from $2.6B to $11.0B.
Show the data
| Fiscal year | Revenue | Net income |
|---|---|---|
| FY22 | $79.6B | $2.6B |
| FY23 | $78.6B | $8.3B |
| FY24 | $81.4B | $11.3B |
| FY25 | $88.3B | $11.0B |
In the fiscal year to Dec 2025, Postpaid phone revenues was 56% and Equipment revenues was 18% of revenue; Postpaid other revenues rose from 7% in the fiscal year to Dec 2023.
Show the data
| Fiscal year | Part | Revenue | Share |
|---|---|---|---|
| FY2023 | Postpaid phone revenues | $43.4B | 55% |
| FY2023 | Equipment revenues | $14.1B | 18% |
| FY2023 | Prepaid revenues | $9.8B | 12% |
| FY2023 | Postpaid other revenues | $5.2B | 7% |
| FY2023 | Wholesale and other service revenues | $4.8B | 6% |
| FY2023 | Other revenues | $1.2B | 2% |
| FY2024 | Postpaid phone revenues | $45.8B | 56% |
| FY2024 | Equipment revenues | $14.3B | 18% |
| FY2024 | Prepaid revenues | $10.4B | 13% |
| FY2024 | Postpaid other revenues | $6.6B | 8% |
| FY2024 | Wholesale and other service revenues | $3.4B | 4% |
| FY2024 | Other revenues | $959M | 1% |
| FY2025 | Postpaid phone revenues | $49.4B | 56% |
| FY2025 | Equipment revenues | $16.0B | 18% |
| FY2025 | Prepaid revenues | $10.5B | 12% |
| FY2025 | Postpaid other revenues | $8.5B | 10% |
| FY2025 | Wholesale and other service revenues | $2.9B | 3% |
| FY2025 | Other revenues | $1.0B | 1% |
A year earlier $2.41
Diluted, from SEC filings
Quarters: T-Mobile US, Inc.'s SEC filings, named by the month they end. Fiscal years: T-Mobile US, Inc.'s annual reports to the SEC.
How it makes money
Of every $100 in revenue, $12.4 ends up as net income. Net margin rose from 3.3% to 12.4% over the past 3 years.
+8.4 pts over 3 years
+12.5 pts over 3 years
+9.2 pts over 3 years
Each margin is that line of the income statement divided by revenue. Fiscal year: T-Mobile US, Inc.'s annual reports to the SEC.
How much does it spend on building?
T-Mobile US spent $10.1B on property and equipment in the four quarters to Sep 2026, 10.7% of its revenue, against 11.3% a year earlier. That is 35% of the cash its operations brought in.
Up 3.8% on the four quarters before
11.3% a year earlier
$28.7B over the same four quarters
Show the data
| Quarter ended | Capital spending | Revenue | Cash from operations | Share of revenue, four quarters |
|---|---|---|---|---|
| Dec 2023 | $1.6B | $20.5B | $4.9B | 12.5% |
| Mar 2024 | $2.6B | $19.6B | $5.1B | 12.0% |
| Jun 2024 | $2.0B | $19.8B | $5.5B | 11.0% |
| Sep 2024 | $2.0B | $20.2B | $6.1B | 10.3% |
| Dec 2024 | $2.2B | $21.9B | $5.5B | 10.9% |
| Mar 2025 | $2.5B | $20.9B | $6.8B | 10.5% |
| Jun 2025 | $2.4B | $21.1B | $7.0B | 10.7% |
| Sep 2025 | $2.6B | $22.0B | $7.5B | 11.3% |
| Dec 2025 | $2.5B | $24.3B | $6.7B | 11.3% |
| Mar 2026 | $2.6B | $23.1B | $7.2B | 11.2% |
| Jun 2026 | $2.7B | $22.8B | $7.5B | 11.3% |
| Sep 2026 | $2.3B | $23.6B | $7.3B | 10.7% |
From T-Mobile US, Inc.'s SEC filings: payments for property and equipment by quarter (networks, data centers, buildings; software built for its own use where the company counts it in), the fourth quarter being the year minus nine months; the share is the four quarters' spending over their revenue.
Customers and suppliers
Its 1 largest tenants named in the 10-K.
Their suppliers
Suppliers
TMUST-Mobile USCustomers
Partners
MetronetBuilds and operates fiber broadband network50% equity interest; $4.6 billion investment including fiber customers, third quarter 2025
LumosBuilds and operates fiber broadband network50% equity interest; $932 million investment including fiber customers, second quarter 2025
DT DTEGYinvested in T-Mobile US · Controlling stockholder with trademark licensing agreement
KKR KKRCo-owns Metronet fiber joint ventureChanges since the previous annual report (10-K filed Jan 31, 2025)
GrainNamed for the first time, as a supplier and a customerNamed in other companies’ filings
Space Exploration Technologies SPCXdistribution deal with it · Offer Starlink satellite-to-mobile connectivityShow the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| DT | partner · invested in T-Mobile US | “DT controls a majority of the voting power of our common stock and therefore we are a “controlled company,” as defined in the NASDAQ Stock Market LLC (“NASDAQ”) listing rules, and we are not subject to NASDAQ requirements that would otherwise require us to have a majority of independent directors, a nominating committee composed solely of independent directors or a compensation committee composed solely of independent directors.” |
| DT | supplier | “In addition, we license certain trademarks from DT, including the right to use the trademark “T-Mobile” as a name for the Company and our flagship brand under a trademark license agreement, as amended, with DT. As described in more detail in our Proxy Statement on Schedule 14A filed with the SEC on April 18, 2025 under the heading “Transactions with Related Persons and Approval,” we are obligated to pay DT a royalty in an amount equal to 0.25% (the “royalty rate”) of the net revenue (as defined in the trademark license) generated by products and services sold by the Company under the licensed trademarks subject to a cap of $80 million per calendar year through December 31, 2028.” |
| Comcast | supplier | “On January 13, 2025, we and Comcast entered into an amendment to the Comcast License Purchase Agreement, pursuant to which we will acquire additional spectrum. Subsequent to the amendment, the total cash consideration for the transaction is between $1.2 billion and $3.4 billion.” |
| Grain | supplier | “On May 30, 2025, we entered into a License and Unit Purchase Agreement with NEWLEVEL IV, L.P. and NEWLEVEL, LLC, both of which are affiliates of Grain Management, LLC (“Grain”), pursuant to which we will sell our 800 MHz spectrum licenses in exchange for cash consideration of $2.9 billion and the receipt of Grain’s 600 MHz spectrum licenses, which we are currently utilizing under lease agreements with Grain.” |
| Grain | customer | “On May 30, 2025, we entered into a License and Unit Purchase Agreement with NEWLEVEL IV, L.P. and NEWLEVEL, LLC, both of which are affiliates of Grain Management, LLC (“Grain”), pursuant to which we will sell our 800 MHz spectrum licenses in exchange for cash consideration of $2.9 billion and the receipt of Grain’s 600 MHz spectrum licenses, which we are currently utilizing under lease agreements with Grain.” |
| Fund VI | partner · joint venture with it | “On April 24, 2024, we entered into a definitive agreement with a fund operated by EQT, EQT Infrastructure VI (“Fund VI”), to establish a joint venture between us and Fund VI to acquire Lumos (“Lumos”), a fiber-to-the-home platform, from EQT’s predecessor fund, EQT Infrastructure III.” |
| Lumos | partner · joint venture with it | “On April 1, 2025, we completed the joint acquisition of Lumos upon the completion of certain customary closing conditions, including the receipt of certain regulatory approvals. During the three months ended June 30, 2025, we invested $932 million to acquire a 50% equity interest in the joint venture and 97,000 fiber customers.” |
| Lumos | supplier | “We account for the Lumos and Metronet joint ventures under the equity method of accounting. We recognize revenues for fiber customers and the related wholesale costs paid to the joint ventures for network access within Postpaid revenues and Cost of services, respectively, on our Consolidated Statements of Comprehensive Income.” |
| KKR | partner · joint venture with it | “On July 18, 2024, we entered into a definitive agreement with KKR & Co. Inc. to establish a joint venture to acquire Metronet Holdings, LLC and certain of its affiliates (collectively, “Metronet”), a fiber-to-the-home platform.” |
| Metronet | partner · joint venture with it | “On July 24, 2025, we completed the joint acquisition of Metronet upon the completion of certain customary closing conditions, including the receipt of certain regulatory approvals. During the three months ended September 30, 2025, we invested $4.6 billion to acquire a 50% equity interest in the joint venture and 713,000 fiber customers.” |
| Metronet | supplier | “We account for the Lumos and Metronet joint ventures under the equity method of accounting. We recognize revenues for fiber customers and the related wholesale costs paid to the joint ventures for network access within Postpaid revenues and Cost of services, respectively, on our Consolidated Statements of Comprehensive Income.” |
| UScellular | supplier | “On the UScellular Acquisition Date, we entered into a master license agreement to lease space on at least 2,100 towers being retained by UScellular and extended our tenancy term on approximately 600 additional towers where we are already leasing space from UScellular for 15 years post-closing. In addition, through the master license agreement, we leased space on approximately 1,800 additional UScellular towers on an interim basis for up to 30 months after the UScellular Acquisition Date.” |
| Cogent Infrastructure | supplier | “On May 1, 2023, we completed the sale of the wireline business to Cogent Infrastructure, Inc. Under the terms of the wireline sale agreement, the Company agreed to make payments pursuant to an IP transit services agreement totaling $700 million, consisting of (i) $350 million in equal monthly installments during the first year after the closing and (ii) $350 million in equal monthly installments over the subsequent 42 months.” |
| Crown Castle | tenant | “In 2012, we conveyed to Crown Castle International Corp. (“CCI”) the exclusive right to manage and operate approximately 6,200 tower sites (“CCI Lease Sites”) via a master prepaid lease with site lease terms ranging from 23 to 37 years.” |
| Crown Castle | supplier | “In 2012, we conveyed to Crown Castle International Corp. (“CCI”) the exclusive right to manage and operate approximately 6,200 tower sites (“CCI Lease Sites”) via a master prepaid lease with site lease terms ranging from 23 to 37 years....We lease back a portion of the space at certain tower sites.” |
| Comcast (10-K filed Feb 3, 2026) | calls it a supplier | “In 2026, our domestic wireless services offered to business customers will also begin using T-Mobile’s wireless network under an MVNO agreement.” |
| EchoStar (10-K filed Mar 2, 2026) | calls it a supplier | “As a Hybrid MNO, we currently depend on T-Mobile and AT&T to provide us with network services pursuant to the MNSA and the NSA, respectively.” |
| Space Exploration Technologies (424B4 filed Jun 12, 2026) | distribution deal with it | “We partner with MNOs including major wireless carriers like T-Mobile in the United States, and other international operators including One NZ, Optus, Telstra, Rogers, KDDI, Salt, Entel, Kyivstar, and VMO2. Through these partnerships, we enable consumers, businesses, and public-sector customers to use their existing phones in more places, support critical connectivity during disasters and power outages, and open new applications for low-bandwidth mobile and IoT devices.” |
Only the companies T-Mobile US names in its 10-K filed Feb 11, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names T-Mobile US. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.
Is it expensive?
P/E of 16.5x, above the peer median of 11.9x, so it needs earnings to keep growing to hold up.
Priced 39% above the peer median of 11.9x.
Show the data
| Company | P/E (trailing) |
|---|---|
| TMUS · T-Mobile US, Inc. | 16.5× |
| CHTR · Charter Communications, Inc. | 12.5× |
| T · AT&T Inc. | 12× |
| VZ · Verizon Communications Inc. | 11.9× |
| CMCSA · Comcast Corporation | 7.9× |
| SATS · EchoStar Corporation | 3.6× |
At 16.5× trailing earnings TMUS is below most of its five-year range; the five-year median is 25.4×.
Show the data
| Date | Trailing P/E |
|---|---|
| Nov 8, 2021 | 45.3× |
| Feb 8, 2022 | 52.0× |
| May 10, 2022 | 54.9× |
| Aug 10, 2022 | 106× |
| Nov 8, 2022 | 123× |
| Feb 9, 2023 | 69.0× |
| May 11, 2023 | 46.3× |
| Aug 11, 2023 | 27.5× |
| Nov 9, 2023 | 22.8× |
| Feb 12, 2024 | 23.3× |
| May 13, 2024 | 22.2× |
| Aug 13, 2024 | 24.5× |
| Nov 11, 2024 | 27.2× |
| Feb 13, 2025 | 27.4× |
| May 15, 2025 | 23.5× |
| Aug 15, 2025 | 24.0× |
| Nov 13, 2025 | 20.7× |
| Feb 17, 2026 | 22.6× |
| May 18, 2026 | 20.3× |
| Aug 18, 2026 | 19.1× |
| Nov 12, 2026 | 16.5× |
Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.
What analysts expect
The average analyst price target is $226, 32% above the current price; 86% of 28 analysts rate it a buy; earnings beat estimates in 3 of the last 4 quarters.
Buy or Strong Buy: 24 analysts (86%). Sell or Strong Sell: 0.
Over the past year the average of the analysts' latest price targets went from $265.82 to $223.29 (−16%), while TMUS went from $214.57 to $171.03 (−20%). In the past three months targets were raised once and cut 8 times. 7 upgrades and 2 downgrades over the year; the latest: Raymond James moved it to Outperform from Market Perform on Oct 12, 2026.
Show every change
| Date | Firm | Change | Rating | Target |
|---|---|---|---|---|
| Oct 29, 2026 | JP Morgan | Target cut | Overweight | $235.00, was $260.00 |
| Oct 29, 2026 | Citigroup | Target cut | Neutral | $165.00, was $225.00 |
| Oct 29, 2026 | TD Cowen | Target cut | Buy | $258.00, was $260.00 |
| Oct 29, 2026 | Scotiabank | Target raised | Sector Outperform | $214.00, was $212.00 |
| Oct 29, 2026 | StoneX | Target kept | Buy | $280.00 |
| Oct 29, 2026 | Keybanc | Target cut | Overweight | $240.00, was $250.00 |
| Oct 12, 2026 | Raymond James | Upgrade | Outperform, was Market Perform | $170.00 |
| Oct 9, 2026 | Scotiabank | Target cut | Sector Outperform | $212.00, was $217.00 |
| Oct 2, 2026 | Scotiabank | Target cut | Sector Outperform | $217.00, was $232.00 |
| Sep 29, 2026 | Barclays | Target cut | Overweight | $200.00, was $215.00 |
| Sep 21, 2026 | JP Morgan | Target cut | Overweight | $260.00, was $275.00 |
| Aug 14, 2026 | Wolfe Research | Downgrade | Peer Perform, was Outperform | — |
| Jul 25, 2026 | UBS | Target cut | Buy | $235.00, was $255.00 |
| Jul 24, 2026 | TD Cowen | Target cut | Buy | $260.00, was $261.00 |
| Jul 24, 2026 | Wells Fargo | Target cut | Equal-Weight | $169.00, was $170.00 |
| Jul 24, 2026 | Barclays | Target cut | Overweight | $215.00, was $230.00 |
| Jul 24, 2026 | Benchmark | Target cut | Buy | $280.00, was $295.00 |
| Jul 24, 2026 | Keybanc | Target cut | Overweight | $250.00, was $260.00 |
| Jul 20, 2026 | RBC Capital | Target cut | Outperform | $230.00, was $240.00 |
| Jul 15, 2026 | Scotiabank | Target cut | Sector Outperform | $243.00, was $263.00 |
| Jul 8, 2026 | Barclays | Target cut | Overweight | $230.00, was $245.00 |
| Jul 8, 2026 | Wells Fargo | Began coverage | Equal-Weight | $170.00 |
| Jul 7, 2026 | Morgan Stanley | Target cut | Overweight | $230.00, was $260.00 |
| Jul 6, 2026 | B of A Securities | Upgrade | Buy, was Neutral | $220.00 |
| Jun 22, 2026 | UBS | Target cut | Buy | $255.00, was $300.00 |
| Apr 29, 2026 | JP Morgan | Target cut | Overweight | $275.00, was $300.00 |
| Apr 29, 2026 | TD Cowen | Target raised | Buy | $261.00, was $252.00 |
| Apr 29, 2026 | RBC Capital | Target cut | Outperform | $240.00, was $255.00 |
| Apr 29, 2026 | Scotiabank | Target cut | Sector Outperform | $263.00, was $266.00 |
| Apr 29, 2026 | Oppenheimer | Upgrade | Outperform, was Perform | $260.00 |
| Apr 17, 2026 | Freedom Broker | Upgrade | Buy, was Hold | $270.00 |
| Apr 13, 2026 | Keybanc | Upgrade | Overweight, was Sector Weight | $260.00 |
| Mar 17, 2026 | Citigroup | Target raised | Neutral | $225.00, was $220.00 |
| Feb 19, 2026 | Daiwa Capital | Upgrade | Outperform, was Neutral | $240.00, was $230.00 |
| Feb 13, 2026 | Wells Fargo | Target raised | Overweight | $235.00, was $225.00 |
| Feb 12, 2026 | Scotiabank | Target cut | Sector Outperform | $266.00, was $270.50 |
| Feb 12, 2026 | Barclays | Target raised | Overweight | $245.00, was $240.00 |
| Jan 26, 2026 | Wells Fargo | Target cut | Overweight | $225.00, was $260.00 |
| Jan 16, 2026 | Bernstein | Target cut | Market Perform | $245.00, was $265.00 |
| Dec 19, 2025 | Citigroup | Target cut | Neutral | $220.00, was $268.00 |
| Dec 12, 2025 | Goldman Sachs | Target cut | Buy | $251.00, was $287.00 |
| Dec 10, 2025 | Morgan Stanley | Target cut | Overweight | $260.00, was $280.00 |
| Dec 9, 2025 | Argus Research | Target cut | Buy | $245.00, was $275.00 |
| Dec 2, 2025 | Keybanc | Upgrade | Sector Weight, was Underweight | — |
| Nov 21, 2025 | Oppenheimer | Downgrade | Perform, was Outperform | — |
Show the data
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| Dec ’25 | $2.06 | $1.88 | −8.7% |
| Mar ’26 | $1.97 | $2.27 | +15.2% |
| Jun ’26 | $2.60 | $2.99 | +15.0% |
| Sep ’26 | $2.91 | $3.22 | +10.7% |
The day after each of these reports the stock moved +7.6% (Dec 2025, missed); +8.4% (Mar 2026, beat); −5.7% (Jun 2026, beat); +0.3% (Sep 2026, beat).
For the quarter ending Dec 2026, analysts expect adjusted earnings of $2.76 a share, 47% more than the $1.88 of a year earlier, and revenue of $25.5B, up 5% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $14.01 a share, 25% more than the year before's estimate of $11.20, and revenue of $98.9B, up 4% on the year before's estimate.
Adjusted. Dec 2025: $1.88; range $2.45 to $2.90; 16 analysts
Dec 2025: $24.3B; range $25.1B to $26.0B; 17 analysts
Adjusted. The year to Dec 2026: $11.20 expected; range $11.80 to $16.69; 21 analysts
The year to Dec 2026: $94.8B expected; range $96.2B to $100.2B; 23 analysts
Show the data
| Period | Figure | Expected | Low to high | Analysts | A year earlier | Change |
|---|---|---|---|---|---|---|
| Quarter ending Dec 2026 | EPS (adjusted) | $2.76 | $2.45 to $2.90 | 16 | $1.88 (Dec 2025) | +47% |
| Quarter ending Dec 2026 | Revenue | $25.5B | $25.1B to $26.0B | 17 | $24.3B (Dec 2025) | +5% |
| Quarter ending Mar 2027 | EPS (adjusted) | $3.38 | $3.02 to $3.94 | 10 | $2.27 (Mar 2026) | +49% |
| Quarter ending Mar 2027 | Revenue | $24.2B | $24.0B to $24.3B | 7 | $23.1B (Mar 2026) | +5% |
| Year ending Dec 2026 | EPS (adjusted) | $11.20 | $10.76 to $11.39 | 21 | — | — |
| Year ending Dec 2026 | Revenue | $94.8B | $93.1B to $95.5B | 24 | $88.3B (year to Dec 2025) | +7% |
| Year ending Dec 2027 | EPS (adjusted) | $14.01 | $11.80 to $16.69 | 21 | $11.20 (expected, year to Dec 2026) | +25% |
| Year ending Dec 2027 | Revenue | $98.9B | $96.2B to $100.2B | 23 | $94.8B (expected, year to Dec 2026) | +4% |
Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.
Where the cash goes
Generated $18.7B in free cash flow over the year, of which $16.5B went back to shareholders (dividends plus buybacks), leaving $2.2B in the company.
Show the data
| Line | Amount |
|---|---|
| Op. cash flow | $28.7B |
| Capex | −$10.0B |
| Free cash flow | $18.7B |
| Dividends | −$4.4B |
| Buybacks | −$12.1B |
| Cash retained | $2.2B |
For every $100 of market cap, the company generates about $10.3 in free cash flow a year.
For every $100 of market cap, you receive about $2.5 in dividends a year.
Dividends plus buybacks over the last four quarters: for every $100 of market cap, about $9.1 went back to shareholders.
Show the data
| Quarter ended | Free cash flow | Dividends | Buybacks |
|---|---|---|---|
| Dec 2023 | $3.3B | $747M | $2.2B |
| Mar 2024 | $2.5B | $769M | $3.6B |
| Jun 2024 | $3.5B | $759M | $2.4B |
| Sep 2024 | $4.2B | $758M | $560M |
| Dec 2024 | $3.3B | $1.0B | $4.7B |
| Mar 2025 | $4.4B | $1.0B | $2.5B |
| Jun 2025 | $4.6B | $996M | $2.6B |
| Sep 2025 | $4.8B | $987M | $2.5B |
| Dec 2025 | $4.2B | $1.1B | $2.4B |
| Mar 2026 | $4.6B | $1.1B | $4.8B |
| Jun 2026 | $4.8B | $1.1B | $2.3B |
| Sep 2026 | $5.1B | $1.1B | $2.4B |
T-Mobile US had 1.07B diluted shares in the quarter ended Sep 2026, 4.9% fewer than a year earlier, and 2.5% fewer each year on average since Sep 2020. It spent $12.0B on buybacks over the last four quarters. Over the last four quarters its earnings per share fell 0.2% and its net income fell 4.8%: fewer shares added about 5 points.
Show the data
| Quarter ended | Diluted shares |
|---|---|
| Sep 2020 | 1.25B |
| Dec 2020 | 1.25B |
| Mar 2021 | 1.25B |
| Jun 2021 | 1.25B |
| Sep 2021 | 1.25B |
| Mar 2022 | 1.26B |
| Jun 2022 | 1.25B |
| Sep 2022 | 1.26B |
| Mar 2023 | 1.22B |
| Jun 2023 | 1.20B |
| Sep 2023 | 1.17B |
| Mar 2024 | 1.19B |
| Jun 2024 | 1.17B |
| Sep 2024 | 1.17B |
| Mar 2025 | 1.14B |
| Jun 2025 | 1.13B |
| Sep 2025 | 1.13B |
| Mar 2026 | 1.10B |
| Jun 2026 | 1.08B |
| Sep 2026 | 1.07B |
Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.
Financial health
Current ratio 1.0, short-term debt coverage is tight; debt-to-equity 1.5, debt is moderate.
Assets that can be turned into cash soon are 1.0x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.
For every $1 of shareholder funds, there is $1.5 of debt (leases not counted). The higher the number, the more pressure when the economy weakens.
Cash and short-term investments of $5.6B against debt of $86.3B. Lease obligations of $36.0B are not counted: they are rent owed, not money borrowed.
Latest fiscal year balance sheet. Source: Yahoo Finance.
Who holds it
In the filings of 2 members of Congress and 7 funds whose copy leaves TMUS out (not traded on the exchange): Jared Moskowitz, Stony Point Capital, Rob Bresnahan, Mirae Asset Global Investments, Canada Pension Plan Investment Board, Norges Bank and 3 more.
What did the funds Hunch tracks do?
Of the 83 funds whose 13F filings Hunch reads, 13 held TMUS at the end of their latest quarter (for most, Q2 2026). Over that quarter 7 added shares, 5 cut, 3 sold all and 1 held the same. The largest of them is Softbank Group, 10.00M shares worth $1.7B at Jun 30, 2026.
Over their latest quarter
3 of them sold all
Show every fund
| Fund | Quarter | Shares | Value | Change in shares | Change | Filed |
|---|---|---|---|---|---|---|
| Softbank Group | Q2 2026 | 10.00M | $1.7B | 0 | 0.0% | Aug 14, 2026 |
| Norges Bank | Q2 2026 vs Q4 2025 | 7.91M | $1.3B | +1.33M | +20% | Aug 12, 2026 |
| Dodge & Cox | Q2 2026 | 6.34M | $1.1B | +177,984 | +2.9% | Aug 13, 2026 |
| Viking Global Investors | Q2 2026 | 0 | — | −2.97M | Sold all | Aug 14, 2026 |
| Canada Pension Plan Investment Board | Q2 2026 | 1.57M | $263M | −4.49M | −74% | Aug 14, 2026 |
| Swiss National Bank | Q3 2026 | 1.33M | $217M | −66,500 | −4.8% | Nov 12, 2026 |
| National Pension Service | Q3 2026 | 1.29M | $210M | +16,786 | +1.3% | Nov 12, 2026 |
| Mirae Asset Global Investments | Q3 2026 | 622,067 | $101M | +71,865 | +13% | Nov 3, 2026 |
| Korea Investment | Q2 2026 | 394,661 | $66.2M | −57,705 | −13% | Aug 12, 2026 |
| Renaissance Technologies | Q3 2026 | 256,400 | $41.8M | −348,207 | −58% | Nov 12, 2026 |
| Bridgewater Associates | Q2 2026 | 172,592 | $28.9M | +74,114 | +75% | Aug 14, 2026 |
| Tudor Investment Corp Et Al | Q2 2026 | 0 | — | −83,703 | Sold all | Aug 14, 2026 |
| Nomura Holdings | Q2 2026 | 96,398 | $16.2M | −10,429 | −9.8% | Aug 14, 2026 |
| Stony Point Capital | Q2 2026 | 68,642 | $11.5M | +2,201 | +3.3% | Aug 13, 2026 |
| Fisher Asset Management | Q3 2026 | 5,434 | $886K | +3,996 | +278% | Nov 6, 2026 |
| Maverick Capital | Q2 2026 | 0 | — | −2,152 | Sold all | Aug 14, 2026 |
From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of TMUS at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.