# T-Mobile US, Inc. (TMUS)

> Source: Nexqual · https://nexqual.com/TMUS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, T-Mobile US, Inc. (TMUS), nexqual.com/TMUS" · informational, not investment advice.

**Price:** USD 158.79 (+3.28% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 153.75 · day 155.58–159.41 · 52w 147.9–225.93 · market cap $170B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $92.2B, net income $10.6B (11.5% margin), free cash flow $18.4B (SEC filings).
- Valuation: P/E 16.1x (avg 22.3x at the last 3 fiscal year-ends).
- Earnings quality: non-operating income -$4.43B vs operating income $18.3B over the last four quarters; P/E excluding non-operating income ≈12.2x (estimate: non-operating income taxed at the company's 23.6% effective rate).
- 1 of 80 tracked superinvestors hold TMUS (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $2.0M; 1 not under a Rule 10b5-1 plan ($979K); 1 by opportunistic insiders (0 outside 10b5-1 plans), 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $1.0M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.82 on a 1–5 scale) (28 analysts), mean target USD 236.84 (range 169–296).
- Total return with dividends: 1Y -26.3% vs S&P 500 +14.9%; 5Y +42.9% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 2.91, revenue estimate $23.1B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $80.1B | $79.6B | $78.6B | $81.4B | $88.3B | $92.2B |
| Operating income | $6.89B | $6.54B | $14.3B | $18.0B | $18.3B | $18.3B |
| Net income | $3.02B | $2.59B | $8.32B | $11.3B | $11.0B | $10.6B |
| EPS (diluted) | $2.41 | $2.06 | $6.93 | $9.66 | $9.72 | — |
| Free cash flow | $1.59B | $2.81B | $8.76B | $13.5B | $18.0B | $18.4B |
| Operating margin | 8.6% | 8.2% | 18.2% | 22.1% | 20.7% | 19.8% |
| Net margin | 3.8% | 3.3% | 10.6% | 13.9% | 12.4% | 11.5% |
| Revenue growth | +17.1% | -0.7% | -1.3% | +3.6% | +8.5% | — |
| Cash + short-term investments | $6.63B | $4.51B | $5.13B | $5.41B | $5.60B | — |
| Total debt | $74.2B | $72.0B | $75.0B | $78.3B | $86.3B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 16.1x · P/E ex non-operating (est.) ≈12.2x · P/S 1.9x · P/FCF 9.3x · P/B 3.0x · FCF yield 10.80% · Earnings yield 6.20% · Dividend yield (paid, TTM) 2.55% · Buyback yield (TTM) 7.09%
P/E at fiscal year-ends: Dec 2025 20.9x, Dec 2024 22.8x, Dec 2023 23.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold TMUS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Dodge & Cox Funds | Dodge & Cox | 0.56% | $1.06B | Added +2.9% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-10 | Drobac Daniel James | VP & Chief Accounting Officer | 772 | $138K | 2.2% | Yes (adopted June 12, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-21 | Freier Jon | Chief Operating Officer | 4,799 | $912K | 2.2% | Yes (adopted February 19, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-01 | Katz Michael J. | Chief Bus. and Prod. Officer | 5,000 | $979K | 2.7% | No | Routine (sold in Feb each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $1.0M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-01 | Almeida Andre | Chief Broadband, Ent. & Emerg | 5,097 | $1.0M | 196.18 | Too little history (no open-market trades in 2023 or 2025) |

## Analysts
Consensus Buy (mean 1.82 on a 1–5 scale), 28 analysts; mean target USD 236.84 (low 169, high 296).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Raymond James | Upgrade | Market Perform → Outperform | $170 |
| 2026-10-09 | Scotiabank | Target lowered | Sector Outperform | $217 → $212 |
| 2026-10-02 | Scotiabank | Target lowered | Sector Outperform | $232 → $217 |
| 2026-09-29 | Barclays | Target lowered | Overweight | $215 → $200 |
| 2026-09-21 | JP Morgan | Target lowered | Overweight | $275 → $260 |
| 2026-08-14 | Wolfe Research | Downgrade | Outperform → Peer Perform |  |
| 2026-07-25 | UBS | Target lowered | Buy | $255 → $235 |
| 2026-07-24 | TD Cowen | Target lowered | Buy | $261 → $260 |
| 2026-07-24 | Wells Fargo | Target lowered | Equal-Weight | $170 → $169 |
| 2026-07-24 | Barclays | Target lowered | Overweight | $230 → $215 |
| 2026-07-24 | Benchmark | Target lowered | Buy | $295 → $280 |
| 2026-07-24 | Keybanc | Target lowered | Overweight | $260 → $250 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -26.3% | +42.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -26.4% | +7.4% |
| Volatility (annualized) | 33.9% | 24.9% |
| Max drawdown | -32.2% (Mar 2026→Oct 2026) | -43.4% (Feb 2025→Oct 2026) |

## Peers (Telecom Services)
T (AT&T Inc.) USD 22.74 +3.79% · VZ (Verizon Communications Inc.) USD 45.2 +3.76% · CMCSA (Comcast Corporation) USD 22.84 +3.44% · AMX (America Movil, S.A.B. de C.V.) USD 24.98 +2.84% · CHT (Chunghwa Telecom Co., Ltd.) USD 48.72 +2.57% · VOD (Vodafone Group Plc) USD 16.12 +1.70%

## More
Full page: https://nexqual.com/TMUS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in TMUS's own 10-K filed 2026-02-11 (https://www.sec.gov/Archives/edgar/data/1283699/000128369926000010/tmus-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | NASDAQ Stock Market | "Accordingly, our stockholders will not be afforded the same protections as stockholders of other NASDAQ-listed companies generally receive with respect to corporate governance for so long as we rely on these exemptions f…" |
| Customer | Mint Mobile | "We provide services, devices and accessories across our flagship brands, T-Mobile, Metro by T-Mobile and Mint Mobile, through our T-Mobile and Metro by T-Mobile owned and operated retail stores, as well as through our we…" |
| Partner | United States Cellular | "Our restructuring and integration activities associated with the UScellular Acquisition are expected to occur over the next two years and may involve risks related to network integration and customer migration, including…" |
| Partner | Comcast (CMCSA) | "•In September 2023, we entered into a License Purchase Agreement with Comcast Corporation and its affiliate, Comcast OTR1, LLC (together with Comcast Corporation, "Comcast") pursuant to which we will acquire spectrum in …" |
| Partner | DEUTSCHE TELEKOM AG (DTEGY) | "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." |
| Partner | Amazon (AMZN) | "On May 24, 2024, we entered into a securities purchase agreement with United States Cellular Corporation ("UScellular"), Telephone and Data Systems, Inc., and USCC Wireless Holdings, LLC for the acquisition of substantia…" |
| Partner | N77 License Co | "On September 10, 2024, we entered into a License Purchase Agreement with N77 License Co LLC ("Buyer"), pursuant to which Buyer has the option to purchase all or a portion of our remaining 3.45 GHz spectrum licenses in ex…" |
| Competitor | AT&T (T) | "Our wireless communications services competitors include other carriers, such as AT&T Inc. ("AT&T") and Verizon Communications, Inc. ("Verizon")." |
| Competitor | Verizon (VZ) | "Our wireless communications services competitors include other carriers, such as AT&T Inc. ("AT&T") and Verizon Communications, Inc. ("Verizon")." |

Other companies that name TMUS in their own reports (relationship from TMUS's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | IDT CORP (IDT) | 10-K 2026-09-29 | "Many of these companies, including AT&T, Verizon, and T-Mobile, are substantially larger and have greater financial, technical, engineering, personnel, and marketing resources, longer operating histor…" |
| supplier | LiveOne, Inc. (LVO) | 10-K 2026-06-29 | "Our music streaming customers include individual users and OEMs such as Tesla, Verizon, T-Mobile, and, to a lesser extent, advertisers and third-party licensees." |
| competitor | Anterix Inc. (ATEX) | 10-K 2026-06-25 | "•we may not be successful in competing against other spectrum holders who offer spectrum to our target customers, including the buyer of T-Mobile's 800 MHz spectrum." |
| partner | VinFast Auto Ltd. (VFS) | 20-F 2026-04-30 | "We have collaborated with cutting-edge technology companies to leverage our existing core competencies, including collaborations with NVIDIA, BlackBerry, Erae AMS, Quanta Computer Inc., and Vector Inf…" |
| partner | OOMA INC (OOMA) | 10-K 2026-04-03 | "We also have strategic partnerships with third parties, such as T-Mobile, which enable us to sell our services and products to certain of their customers." |
| competitor | BOSTON OMAHA Corp (BOC) | 10-K 2026-03-30 | "In the future, leading cable operators, such as Comcast, Charter Communications and Optimum, and other competitors, as well as other corporations providing competitive services, such as AT&T, T-Mobile…" |
| partner | HYPERION DEFI, INC. (HYPD) | 10-K 2026-03-30 | "Bringing to DRL her legacy of creating transformative partnerships with leading sports and technology brands, Ms. Jacobson forged groundbreaking partnerships with organizations including Algorand, Goo…" |
| competitor | Perion Network Ltd. (PERI) | 20-F 2026-03-16 | "For example, in digital out-of-home (DOOH), we compete with T-Mobile's Vistar platform and other DOOH-focused" |
| customer | KVH INDUSTRIES INC \DE\ (KVHI) | 10-K 2026-03-10 | "For our TracNet Coastal products launched in December 2024, we purchase 5G/LTE cellular data from T-Mobile for service in the U.S. and Vodafone for service globally." |
| supplier | NOKIA CORP (NOK) | 20-F 2026-03-05 | "benefits – our largest US customer, T-Mobile" |
| supplier | SMITH MICRO SOFTWARE, INC. (SMSI) | 10-K 2026-03-05 | "This decline in Family Safety revenues was primarily due to the migration of legacy Sprint customers onto the T-Mobile network, which has impacted our revenues associated with legacy Sprint subscriber…" |
| competitor | EchoStar CORP (ECHO) | 10-K 2026-03-02 | "We compete with a number of national wireless carriers, including Verizon, AT&T and T-Mobile, all of which are significantly larger than us, serve a significant percentage of all wireless subscribers …" |
| supplier | SBA COMMUNICATIONS CORP (SBAC) | 10-K 2026-02-27 | "In addition to the Big 3 wireless carriers (T-Mobile, AT&T Wireless, Verizon Wireless), we also provided services or leased space to a number of other customers during 2025 including:" |
| supplier | AMERICAN TOWER CORP /MA/ (AMT) | 10-K 2026-02-24 | "For the year ended December 31, 2025, our top four customers by total revenue were T-Mobile (18%), AT&T (17%), Verizon Wireless (14%) and Telefónica (10%)." |
| partner | TELEPHONE & DATA SYSTEMS INC /DE/ (TDS-PU) | 10-K 2026-02-24 | "•T-Mobile MLA integration: Continued partnership with T-Mobile to implement the provisions of the long-term MLA." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Service | $18.98B | 83.3% | +8.9% |
| — Postpaid revenues (part of Service) | $15.85B | 69.6% | +12.6% |
| — Prepaid revenues (part of Service) | $2.47B | 10.9% | -6.4% |
| — Wholesale and other service revenues (part of Service) | $657.0M | 2.9% | -8.4% |
| Equipment revenues | $3.52B | 15.5% | +2.5% |
| Other revenues | $284.0M | 1.2% | +11.4% |
| Total revenue | $22.79B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.91 | $2.91 | +0.1% | $23.14B | 17 |
| Next quarter (ends 2026-12-31) | $2.77 | $2.71 | +2.3% | $25.42B | 15 |
| Current fiscal year (ends 2026-12-31) | $10.95 | $10.49 | +4.4% | $94.33B | 20 |
| Next fiscal year (ends 2027-12-31) | $13.93 | $13.56 | +2.7% | $98.52B | 21 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-28): ±7.1%; last 8 reports averaged ±6.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 51.2% | ±7.1% |
| 2026-11-06 | 14 | 48.2% | ±8.7% |
| 2026-11-13 | 21 | 41.9% | ±9.7% |
| 2026-11-20 | 28 | 40.9% | ±10.1% |
| 2026-11-27 | 35 | 40.4% | ±11.5% |
| 2026-12-04 | 42 | 41.0% | ±12.4% |
| 2026-12-18 | 56 | 36.6% | ±12.6% |
| 2027-01-15 | 84 | 35.2% | ±14.5% |