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How T-Mobile US (TMUS) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 07/23/2026
T-Mobile US, Inc. is an American wireless network operator headquartered in Bellevue, Washington. · Wikipedia
More about the company
Its majority shareholder and namesake is the German telecommunications company Deutsche Telekom. T-Mobile is the second largest wireless carrier in the United States, with 140 million subscribers as of September 30, 2025.
Key growth driver: Service Revenue — the fastest-growing revenue line: $18,983, +9% y/y. · by the Q2 2026 report
How does T-Mobile US make money?
T-Mobile US brought in $22.8 billion of revenue in Q2 2026, up 7.9% year over year. The largest source was Service Revenue: $19.0 billion, or 83% of the total, followed by Equipment & Other Revenue ($3.81B, 17%). Net income for the quarter was $3.24 billion, up 0.5% year over year.
Revenue by source, Q2 2026
- Service Revenue$19.0B · 83% · +9%
- Equipment & Other Revenue$3.81B · 17% · +5%
Shares of $22.8B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is TMUS’s next earnings date?
Wednesday, October 28, 2026confirmed · after market close
T-Mobile US (TMUS) is scheduled to report results for the quarter ending Sep 2026 on Oct 28, 2026. Consensus EPS forecast: $2.85 (8 analysts), vs $2.59 in the same quarter last year.
What time does TMUS report? Usually before market open: the last 4 results releases reached the SEC at 6:29 am, 4:03 pm, 7:37 am, 7:00 am ET.
Last report: Jul 23, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$22,791
+7.9%
Operating income
$5,490
+5.3%
24.1% margin
Net income
$3,239
+0.5%
EPS $2.99 · +5%
Verdict: a solid quarter with industry-leading 9% service revenue growth and 12% Core Adjusted EBITDA growth driving operating income up 5.3%, but net income growth was capped at just 0.5% by higher interest expense, taxes, and UScellular merger-related costs including accelerated depreciation.
OCF $7,500M (+7%); capex $2,703M; Adjusted FCF $4,797M (+4%); stockholder returns $3.3B (buybacks $2.2B + dividends $1.1B); FY26 guidance raised for OCF ($28.4-28.8B) and Adjusted FCF ($18.4-18.8B).
Source and notation
* marks non-cash / ≈ estimated. Source: company press release / 10-Q (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
TMUS earnings history: past report dates
| Jul 23, 2026 Thu | 6:29 ambefore market open | Jun 30, 2026 | $22.8B+8% y/y | $2.99+5% y/y |
| Apr 28, 2026 Tue | 4:03 pmafter market close | Mar 31, 2026 | $23.1B+11% y/y | $2.27−12% y/y |
| Feb 11, 2026 Wed | 7:37 ambefore market open | Dec 31, 2025 | ≈$24.3B+11% y/y | ≈$1.89−26% y/y |
| Oct 23, 2025 Thu | 7:00 ambefore market open | Sep 30, 2025 | $22.0B+9% y/y | $2.41−8% y/y |
| Jul 23, 2025 Wed | 4:03 pmafter market close | Jun 30, 2025 | $21.1B+7% y/y | $2.84+14% y/y |
| Apr 24, 2025 Thu | 4:04 pmafter market close | Mar 31, 2025 | $20.9B+7% y/y | $2.58+29% y/y |
| Jan 29, 2025 Wed | 7:07 ambefore market open | Dec 31, 2024 | ≈$21.9B+7% y/y | ≈$2.56+53% y/y |
| Oct 23, 2024 Wed | 4:05 pmafter market close | Sep 30, 2024 | $20.2B+5% y/y | $2.61+43% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
T-Mobile US: 5-year financials
| 2025 | 88,309 | 18,279 | 10,992 | 17,995 | 4,121 |
| 2024 | 81,400 | 18,010 | 11,339 | 13,453 | 3,300 |
| 2023 | 78,558 | 14,266 | 8,317 | 8,758 | 747 |
| 2022 | 79,571 | 6,543 | 2,590 | 2,811 | — |
| 2021 | 80,118 | 6,892 | 3,024 | 1,591 | — |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
2/2good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Apr 20262026 proxy: Deutsche Telekom controls ~54.5% of the vote; the audit committee approves all DT transactions and assesses whether they are at arm's length; DT's trademark royalty was $80M for 2025 (0.25% of revenue, capped at $80M a year through 2028). sec.gov ↗
- Feb 2026The 2025 10-K lists minority shareholder suits Dinkevich (2021) and Palkon (2025) against Deutsche Telekom in Delaware court as unresolved; the company is a nominal defendant. sec.gov ↗
- Dec 2023Under a letter dated February 20, 2020 (Sprint deal), SoftBank received 48.75M shares as contingent consideration after a 45-day average price of $149.35 was reached; this was accounted for as part of the Sprint consideration. sec.gov ↗
- Feb 2026Shares outstanding of 1,101.9M vs. 1,242.8M in February 2021 (−11%); 2025 dividend of $0.88 a quarter. data.sec.gov ↗
Scoring: 2.0, no deductions: single share class (Deutsche Telekom's ~54.5% voting control is not a deduction in itself), DT transactions approved by the audit committee on arm's-length terms, share count −11% over 5 years, dividends rising since 2023, minority suits against DT still pending = 2.0
- Share classes
- Single class of common stock (Nasdaq: TMUS). Deutsche Telekom controls ~54.5% of the vote (a controlled company under NASDAQ rules) — no unequal share classes, no deduction under criterion 7.
- Dilution
- Shares 1,242.8M (February 2021) → 1,101.9M (February 2026), −11%. The 48.75M "SoftBank Specified Shares" were issued in December 2023 as contingent consideration for the Sprint deal (letter dated February 20, 2020, $150 price threshold) — part of the 2020 M&A; SBC 0.9% of revenue. No deduction.
- Disclosure
- Full 10-K/10-Q reporting.
- Dividends
- Dividends introduced in 2023; $0.88 per share a quarter in 2025; buybacks of $10–13B a year in 2023–2025; no policy breaches.
- Lawsuits & regulators
- Minority suits Dinkevich v. Deutsche Telekom (2021, repricing of the Sprint deal and monetization of the SoftBank stake) and Palkon v. Deutsche Telekom (2025, 2022–2024 buybacks) are unresolved in Delaware — no deduction under the methodology. No SEC cases. Settlements after the 2021 cyberattack are consumer, not shareholder, settlements.
- Related parties
- DT transactions (trademark license — 0.25% of revenue, capped at $80M a year; roaming ~$18M of revenue; DTBS services $0.3M) are approved by the audit committee under policy on terms comparable to market; DT cannot vote on transactions with itself without committee approval; if DT buys a stake above a threshold, it must offer the same price to all holders. No off-market terms established — no deduction.
How the score works · checked as of Sep 2026
T-Mobile US (TMUS) earnings: FAQ
How does T-Mobile US make money?
T-Mobile US brought in $22.8 billion of revenue in Q2 2026, up 7.9% year over year. The largest source was Service Revenue: $19.0 billion, or 83% of the total, followed by Equipment & Other Revenue ($3.81B, 17%). Net income for the quarter was $3.24 billion, up 0.5% year over year.
When is TMUS's next earnings date?
T-Mobile US (TMUS) is scheduled to report on Oct 28, 2026, after market close.
What time does TMUS report earnings?
T-Mobile US is scheduled to report after market close on Oct 28, 2026. Its last results releases were filed before market open, most recently at 6:29 am ET on Jul 23, 2026.
When did TMUS last report earnings?
T-Mobile US reported Q2 2026 results on Jul 23, 2026.
What is the EPS estimate for TMUS's next earnings?
The consensus EPS forecast is $2.85 (8 analysts), vs $2.59 in the same quarter last year.
Where can I find T-Mobile US's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to TMUS's filings; this page breaks the latest report down in a Sankey chart.
What was TMUS's net income in Q2 2026?
T-Mobile US reported net income of $3,239M for Q2 2026 (+0.5% year over year), under US GAAP.
Does T-Mobile US pay dividends?
Yes. In 2025, T-Mobile US paid $4,121M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 08/25/2026. How we make the breakdowns · Report an error
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