At a glance
T-Mobile US Inc is worth $169.64B, about 17 times its fiscal 2025 earnings. Revenue grew 8.5% to $88.31B in fiscal 2025, with 12.4% kept as profit; over 5 years it has grown 5.2% a year. It pays a 3.22% dividend yield, raised every year for at least 3 years, and returned $45.44B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −21.7% over the past year with dividends reinvested and +7.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 26.0% in the 2020 crash (S&P 500: 33.7%) and 12.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and within a month after the lows.
The business in plain English
T-Mobile US sells mobile phone service, home internet and devices, almost entirely in the United States. As of December 31, 2025, it served 142.4 million customers through its T-Mobile, Metro by T-Mobile and Mint Mobile brands. That makes it the second-largest US wireless carrier by customer count. Its main rivals are AT&T, Verizon and cable companies such as Comcast and Charter.
Most revenue comes from service plans. Postpaid phone service, where customers pay after each month of use, brought in $49.4 billion, or 56% of its $88.3 billion in 2025 revenue. Device sales added 18%, often paid in installments over 24 months. Prepaid service, paid in advance, contributed 12%. Postpaid service on other devices, such as home internet gateways, tablets and wearables, added about 10%. Wholesale and other services made up about 3%. These include companies that rent access to the network and resell it under their own brands.
The company calls its network the foundation of its success. T-Mobile runs a nationwide 5G network on spectrum, the radio frequencies carriers license to carry signals. Spare capacity on that network powers its 5G home internet. This is a "fixed wireless" service delivered over the cell network instead of a cable. It is also adding fiber through joint ventures. Its biggest costs are the network, devices, attracting and keeping customers, and pay for about 75,000 employees.
Price history
The interactive chart needs JavaScript.
TMUS -21.7% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Postpaid phone revenues | $49.44B | 56% |
| Equipment revenues | $15.97B | 18.1% |
| Prepaid revenues | $10.50B | 11.9% |
| Postpaid other revenues | $8.49B | 9.6% |
| Wholesale and other service revenues | $2.88B | 3.3% |
| Other revenues | $1.03B | 1.2% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $23.58B, up 7.4% from a year earlier, and net income was $3.46B (+27.3%).
- For fiscal 2025, revenue was $88.31B (+8.5% year over year; +5.2% a year from FY2020 to FY2025) with a 12.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.2% good |
|---|---|
| Operating margin | 20.7% good |
| Free cash flow margin | 20.4% good |
| Return on equity (FY2025) | 18.6% good |
| Return on assets (FY2025) | 5% watch |
| Net cash (cash minus debt) | $-80.66B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $68.40B | $3.06B | $-2.39B |
| FY2021 | $80.12B | $3.02B | $1.59B |
| FY2022 | $79.57B | $2.59B | $2.81B |
| FY2023 | $78.56B | $8.32B | $8.76B |
| FY2024 | $81.40B | $11.34B | $13.45B |
| FY2025 | $88.31B | $10.99B | $18.00B |
Valuation snapshot
| Market value | $169.64B |
|---|---|
| P/E ratio | 16.5 |
| Dividend yield | 3.22% |
Rank among 1514 US companies
Market value at each year end
T-Mobile US’s market value went from $47.39B at the end of 2016 to $169.64B on Nov 2, 2026, about 3.6 times as much; since the end of 2025 it is down 25%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $169.64B | -25.3% |
| 2025 | $227.10B | -11.3% |
| 2024 | $256.15B | +38.1% |
| 2023 | $185.42B | +6.5% |
| 2022 | $174.18B | +20.2% |
| 2021 | $144.87B | -13.4% |
| 2020 | $167.37B | +149.5% |
| 2019 | $67.09B | +24.3% |
| 2018 | $53.97B | +2.1% |
| 2017 | $52.84B | +11.5% |
| 2016 | $47.39B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| TMUS price data to Nov 2, 2026 | -19.4% | -21.7% | +4.9% | +7.9% | +13.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -19.4% |
| 2025 | -6.6% |
| 2024 | +39.7% |
| 2023 | +15.0% |
| 2022 | +20.7% |
| 2021 | -14.0% |
| 2020 | +72.0% |
| 2019 | +23.3% |
| 2018 | +0.2% |
| 2017 | +10.4% |
| 2016 | +47.0% |
| 2015 | +45.2% |
| 2014 | -19.9% |
| 2013 | +152.2% |
| 2012 | +14.5% |
| 2011 | -31.3% |
| 2010 | +65.5% |
| 2009 | -48.6% |
| 2008 | -23.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 42.2% over that stretch · deepest drop along the way 57.5%, back to its old high 66 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 24.7% over that stretch · deepest drop along the way 26%, back to its old high 2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 16.2% over that stretch · deepest drop along the way 12.1%, back to its old high 0.4 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 1 open-market purchases ($1.0M) and 5 sales ($3.0M), 2 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| May 1, 2026 | Andre Almeida Chief Broadband, Ent. & Emerg | buy | $1.0M |
| May 1, 2026 | Michael J. Katz Chief Bus. and Prod. Officer | sell | $979K |
| May 21, 2026 | Jon Freier Chief Operating Officer | sell (plan) | $912K |
| Mar 4, 2026 | Srikant M. Datar Director | sell | $728K |
| Mar 10, 2026 | Srikant M. Datar Director | sell | $218K |
Who owns it
Large shareholders (13G filings)
| Picton Mahoney Asset Management | 6.48% | Oct 16, 2025 |
ETFs with the most weight in TMUS
| QQQA ProShares Nasdaq-100 Dorsey Wright Momentum ETF | 6.36% |
| FDCF Fidelity Disruptive Communications ETF | 5.45% |
| EGGQ NestYield Visionary ETF | 5.23% |
| XPND First Trust Expanded Technology ETF | 4.66% |
| BWTG Brendan Wood TopGun ETF | 4.63% |
| IYZ iShares U.S. Telecommunications ETF | 4.61% |
| RSPC Invesco S&P 500 Equal Weight Communication Services ETF | 4.6% |
| DVAL BrandywineGLOBAL - Dynamic US Large Cap Value ETF | 4.57% |
What could go wrong
- A controlling shareholder with its own interests. Deutsche Telekom (DT) controls a majority of shareholder votes and the T-Mobile trademarks the company uses. Its interests may differ from other shareholders', and large DT share sales could pressure the stock price.
- Past cyberattacks and exposure to data breaches. T-Mobile has already experienced cyberattacks. It stores sensitive customer account and payment information and faces attackers that include nation state-sponsored groups. Its insurance may not cover all losses from a breach.
- A large debt load. Total debt was about $86.3 billion as of December 31, 2025. Heavy borrowing can limit flexibility, and tighter credit markets could raise the cost of refinancing debt.
- Scarce, costly spectrum and license rules. Carriers need spectrum, the radio frequencies the government licenses, to carry traffic. More spectrum is scarce and costly. T-Mobile's licenses must be renewed and can be revoked if it breaks the law.
- Fierce competition in a saturated market. The US wireless market is reaching saturation, meaning few new customers are left. So AT&T, Verizon and cable companies such as Comcast and Charter compete harder. Discounts and bundles could squeeze prices and margins.
- Network outages or falling behind technically. The network is the core of what T-Mobile sells. System failures could interrupt service and damage its reputation. Being slow to adopt new network technology could let rivals catch up.
Recent events
- Quarterly results released
- Executive or board change
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released
- Other company announcement
- Other company announcement
- Executive or board change
For income and retirement investors
T-Mobile paid no dividend in 2021 or 2022 and started one in 2023. Dividends per share rose from $0.65 in 2023 to $3.71 in 2024 and $3.80 in 2025, so its record of increases is short. The 2025 dividend used 37.5% of earnings and 22.9% of free cash flow (cash left after operating costs and network spending). The yield was 3.3% as of October 30, 2026. Buybacks were bigger: $37.3 billion over 2021–2025, against $8.2 billion in dividends. The share count fell 15.2% from October 2021 to October 2026.
In the 2008 financial crisis, under its former name MetroPCS Communications, the stock fell 57.5% and took 66 months to recover. In the 2020 COVID crash it dropped 26% but recovered in about two months. It rose 16.2% during the 2022 bear market. Over the three years to October 30, 2026, its deepest fall from a peak was 44.5%. A single stock carries more risk than a diversified fund.
Questions investors ask
How does T-Mobile make money?
T-Mobile earns most of its revenue from wireless service plans. In fiscal 2025, it reported $88.3 billion of revenue. Postpaid phone service, where customers pay after receiving service, brought in $49.4 billion, or 56%. Device and accessory revenue made up 18.1%, and prepaid plans 11.9%. As of December 31, 2025, it served 142.4 million customers through the T-Mobile, Metro by T-Mobile and Mint Mobile brands. It also offers home internet over its 5G network and fiber, and provides network access to wholesale partners.
Does T-Mobile pay a dividend?
Yes. T-Mobile paid no dividends in 2021 or 2022 and started paying them in 2023. Dividends per share were $0.65 in 2023, $3.71 in 2024 and $3.80 in 2025, and the yield was 3.51% as of October 27, 2026. In 2025, dividends took 37.5% of earnings and 22.9% of free cash flow (operating cash left after capital spending). The company spends more on share repurchases: $37.3 billion from fiscal 2021 through 2025, against $8.2 billion in dividends. Its 10-K says it cannot guarantee these programs will be fully used.
How has T-Mobile stock performed over the long term?
Strong over 10 years, weak over the past year. As of October 27, 2026, the share price had risen 214% over 10 years, or about 12.1% a year. Over five years it gained 5.9% a year, and over three years 3.5% a year. It fell 31.7% over one year and 26.1% year to date, and its largest drop within the past three years was 44.5%. In the 2008 financial crisis, it fell 57.5% and took 66 months to recover. These are share-price returns.
What is T-Mobile's P/E ratio?
About 15.1 times its fiscal 2025 earnings as of October 27, 2026, when its market value was about $157.5 billion. The price-to-earnings (P/E) ratio compares the share price with profit per share. Earnings per share were $9.72 in 2025, up from $9.66 in 2024. Revenue grew 8.5% to $88.3 billion in 2025, but net income slipped 3.1% to $10.99 billion. In the quarter ended June 30, 2026, revenue rose 7.9% and net income 0.5% from a year earlier.
What are the biggest risks of owning T-Mobile stock?
The company's 10-K flags competition, substantial debt, cyberattacks and a controlling shareholder, among other risks. T-Mobile competes with AT&T, Verizon and cable companies such as Comcast and Charter, and it warns that a saturated market could pressure prices and margins. It had $86.3 billion of debt as of December 31, 2025. It says it faces persistent cyberattacks. A shareholder the 10-K calls DT controls a majority of the voting power and the T-Mobile trademarks, and future share sales by DT could hurt the stock price.