T-Mobile US (TMUS) Q1 FY2026 earnings: revenue $23.1 billion, up 10.6% on the year

T-Mobile US, Inc. (TMUS) reported revenue of $23.1 billion for Q1 FY2026, the quarter ended 31 March 2026, up 10.6% on the same quarter a year earlier. Net income was $2.5 billion, down 15.2% on the year, and diluted earnings per share $2.27. The figures are the company's own, from the 10-Q it filed with the SEC on 28 April 2026.

Revenue

$23.1 billion

+10.6% on the year · -5.0% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

19.5%

23.0% a year earlier

Q2 FY2024Q1 FY2026

Net income

$2.5 billion

-15.2% on the year · +19.1% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$2.27

-12.0% on the year · +20.7% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 3 narrowed, 2 kept.

Service revenue rose 11%: Total service revenues were $18.8 billion, up 11% year-over-year; postpaid service revenues were $15.6 billion, up 15% year-over-year.
Net income fell on merger costs: Net income was $2.5 billion, down 15% year-over-year. Results include UScellular merger-related costs, including accelerated depreciation, net of tax, of $476 million.
Postpaid net account adds 217 thousand: Postpaid net account additions were 217 thousand, up 12 thousand or 6% year-over-year. Postpaid account churn was 1.04%, against 0.94% a year earlier.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	23,107	24,334	20,886	-5.0%	+10.6%
Selling, general and administrative	5,966	6,570	5,488	-9.2%	+8.7%
Operating income	4,497	3,736	4,800	+20.4%	-6.3%
Operating margin	19.5%	15.4%	23.0%
Interest expense	1,031	1,012	916	+1.9%	+12.6%
Pre-tax income	3,334	2,635	3,838	+26.5%	-13.1%
Income tax	830	532	885	+56.0%	-6.2%
Effective tax rate	24.9%	20.2%	23.1%
Net income	2,504	2,103	2,953	+19.1%	-15.2%
Net margin	10.8%	8.6%	14.1%
Diluted EPS	$2.27	$1.88	$2.58	+20.7%	-12.0%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	7,222	6,654	6,847	+8.5%	+5.5%
Capital expenditure	2,623	2,469	2,451	+6.2%	+7.0%
Free cash flow	4,599	4,185	4,396	+9.9%	+4.6%
Free cash flow margin	19.9%	17.2%	21.0%
Cash from investing	-2,849	-2,500	-3,409
Cash from financing	-6,440	-1,831	3,193
Depreciation and amortisation	3,817	3,756	3,198	+1.6%	+19.4%
Share-based compensation	209	216	186	-3.2%	+12.4%
Buybacks	4,826	2,446	2,494	+97.3%	+93.5%
Dividends paid	1,120	1,135	1,003	-1.3%	+11.7%
Dividend per share	$1.02	n/a	$0.88		+15.9%
Diluted shares, weighted	1,102m	1,131m	1,145m	-2.6%	-3.7%
Shares outstanding at period end	1,086m	1,107m	1,137m	-1.9%	-4.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	55,879	59,203	61,105	-5.6%	-8.6%
Short-term borrowings	n/a	5,135	n/a
Debt	86,047	86,282	85,744	-0.3%	+0.4%
Operating lease liabilities	25,856	26,371	25,974	-2.0%	-0.5%
Finance lease liabilities	1,024	1,107	1,117	-7.5%	-8.3%
Other liabilities	45,861	41,139	40,693	+11.5%	+12.7%
Total liabilities and equity	214,667	219,237	214,633	-2.1%	+0.0%
Fixed assets	37,262	38,333	37,897	-2.8%	-1.7%
Goodwill	13,664	13,678	13,467	-0.1%	+1.5%
Intangible assets	3,573	3,843	2,618	-7.0%	+36.5%
Cash and equivalents	3,520	5,598	12,003	-37.1%	-70.7%
Receivables	4,866	4,874	4,392	-0.2%	+10.8%
Inventory	2,327	2,405	1,937	-3.2%	+20.1%
Other assets	149,455	150,506	142,319	-0.7%	+5.0%
Total assets	214,667	219,237	214,633	-2.1%	+0.0%

Questions

What was T-Mobile US's revenue in Q1 FY2026?

T-Mobile US (TMUS) reported revenue of $23.1 billion for Q1 FY2026, the quarter ended 31 March 2026, up 10.6% on the same quarter a year earlier.

How much did T-Mobile US earn in Q1 FY2026?

Net income for Q1 FY2026 was $2.5 billion, down 15.2% on the year, and diluted earnings per share $2.27.

When did T-Mobile US report Q1 FY2026 results?

T-Mobile US filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 28 April 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	20,785	20,120	19,701	19,477	20,273	19,632	19,196	19,252	20,478	19,594	19,772	20,162	21,872	20,886	21,132	21,957	24,334	23,107	22,791	23,584
SG&A	5,398	5,056	5,856	5,118	5,577	5,425	5,272	5,334	5,280	5,138	5,142	5,186	5,352	5,488	5,397	6,015	6,570	5,966	5,834	6,020
Operating income	1,063	1,806	709	1,281	2,747	3,397	3,793	3,596	3,480	3,998	4,630	4,796	4,586	4,800	5,213	4,530	3,736	4,497	5,490	5,661
Operating margin	5%	9%	4%	7%	14%	17%	20%	19%	17%	20%	23%	24%	21%	23%	25%	21%	15%	19%	24%	24%
Interest expense	797	864	851	827	822	835	861	790	849	880	854	836	841	916	922	924	1,012	1,031	1,055	1,031
Pre-tax income	229	931	-163	451	1,927	2,571	2,938	2,847	2,643	3,138	3,768	3,967	3,839	3,838	4,280	3,528	2,635	3,334	4,328	4,540
Tax rate	-84%	23%	n/a	-13%	23%	25%	24%	25%	24%	24%	22%	23%	22%	23%	25%	23%	20%	25%	25%	24%
Net income	422	713	-108	508	1,477	1,940	2,221	2,142	2,014	2,374	2,925	3,059	2,981	2,953	3,222	2,714	2,103	2,504	3,239	3,455
Net margin	2%	4%	-1%	3%	7%	10%	12%	11%	10%	12%	15%	15%	14%	14%	15%	12%	9%	11%	14%	15%
Diluted EPS	$0.34	$0.57	-$0.09	$0.40	$1.18	$1.58	$1.86	$1.82	$1.67	$2.00	$2.49	$2.61	$2.57	$2.58	$2.84	$2.41	$1.88	$2.27	$2.99	$3.22
Operating cash flow	3,000	3,845	4,209	4,391	4,336	4,051	4,355	5,294	4,859	5,084	5,521	6,139	5,549	6,847	6,992	7,457	6,654	7,222	7,500	7,341
Capital expenditure	2,929	3,381	3,572	3,634	3,383	3,001	2,789	2,424	1,587	2,627	2,040	1,961	2,212	2,451	2,396	2,639	2,469	2,623	2,703	2,270
Free cash flow	71.0	464	637	757	953	1,050	1,566	2,870	3,272	2,457	3,481	4,178	3,337	4,396	4,596	4,818	4,185	4,599	4,797	5,071
Buybacks	n/a	0.0	0.0	557	2,443	4,619	3,591	2,681	2,183	3,594	2,387	560	4,687	2,494	2,555	2,479	2,446	4,826	2,320	2,418
Dividends paid	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	747	769	759	758	1,014	1,003	996	987	1,135	1,120	1,101	1,089
Shares outstanding	1,249m	1,253m	1,254m	1,250m	1,234m	1,205m	1,180m	1,162m	1,196m	1,177m	1,167m	1,165m	1,145m	1,137m	1,127m	1,119m	1,107m	1,086m	1,075m	1,063m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 28 April 2026: the filing.