Stock Analysis on Net
Stock Analysis on Net

T-Mobile US Inc. (NASDAQ:TMUS)

Common-Size Balance Sheet: Assets 
Quarterly Data

T-Mobile US Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Cash and cash equivalents 2.55 1.52 4.82 5.59 2.60 4.63 3.08 3.25 2.47 2.41 3.16 2.16 2.13 3.23 1.50 1.54 3.21 2.01 3.82 3.28
Accounts receivable, net of allowance for credit losses 2.22 2.34 2.16 2.05 2.06 2.03 2.19 2.06 2.26 2.16 2.18 2.08 2.10 2.03 2.13 1.91 2.03 2.04 2.23 1.78
Equipment installment plan receivables, net of allowance for credit losses and imputed discount 2.28 2.12 1.99 2.00 2.10 1.71 1.81 1.97 2.15 2.14 2.27 2.38 2.42 2.36 2.45 2.40 2.30 2.13 1.99 1.89
Inventory 1.10 1.09 0.79 0.90 0.77 0.85 0.63 0.74 0.81 0.81 0.65 0.83 0.89 1.05 1.07 1.29 1.24 0.87 0.84 1.09
Prepaid expenses 0.55 0.52 0.53 0.46 0.42 0.45 0.51 0.35 0.34 0.34 0.39 0.32 0.32 0.33 0.37 0.35 0.36 0.47 0.40 0.33
Other current assets 2.45 2.40 2.29 1.79 0.89 1.02 1.04 0.99 1.13 1.09 0.96 1.21 1.15 1.03 0.82 0.80 0.97 0.78 0.80 0.87
Current assets 11.16% 9.99% 12.59% 12.79% 8.85% 10.69% 9.25% 9.35% 9.16% 8.95% 9.61% 8.98% 9.02% 10.04% 8.34% 8.29% 10.11% 8.30% 10.08% 9.24%
Property and equipment, net 17.48 17.83 17.63 17.66 18.52 17.84 18.33 19.05 19.47 19.70 19.85 20.01 19.91 19.22 19.21 18.99 19.27 19.47 19.47 19.94
Financing lease right-of-use assets 1.26 1.36 1.46 1.39 1.49 1.59 1.57 1.54 1.57 1.63 1.60 1.56 1.54 1.70 1.71 1.56 1.61 1.68 1.50 1.43
Property and equipment, net, including financing lease right-of-use assets 18.74% 19.19% 19.09% 19.04% 20.01% 19.43% 19.90% 20.59% 21.04% 21.32% 21.45% 21.57% 21.46% 20.91% 20.93% 20.55% 20.88% 21.15% 20.98% 21.37%
Operating lease right-of-use assets 11.72 12.00 11.63 11.66 12.21 12.26 12.58 12.98 13.07 13.22 13.24 13.39 13.59 13.71 14.37 14.93 13.05 13.58 13.48 13.67
Goodwill 6.24 6.30 6.33 6.27 6.25 6.18 6.24 5.93 5.89 5.87 5.81 5.82 5.79 5.73 5.84 5.81 5.90 6.03 5.46 5.49
Spectrum licenses 44.72 45.01 45.11 46.00 48.34 46.85 47.31 47.10 46.56 46.36 45.53 45.62 45.33 44.86 45.66 43.99 44.83 45.81 40.62 40.77
Other intangible assets, net 1.75 1.90 1.15 1.22 1.21 1.31 1.43 1.19 1.26 1.35 1.44 1.54 1.66 1.76 1.98 2.11 2.29 2.50 2.25 2.41
Intangible assets, net 46.47% 46.90% 46.26% 47.22% 49.54% 48.16% 48.73% 48.29% 47.83% 47.71% 46.97% 47.16% 46.99% 46.62% 47.63% 46.10% 47.12% 48.30% 42.87% 43.18%
Equipment installment plan receivables due after one year, net of allowance for credit losses and imputed discount 1.22 1.07 0.93 0.98 1.06 0.83 0.85 0.93 0.98 0.90 0.93 1.07 1.20 1.18 1.24 1.35 1.37 1.13 1.12 1.09
Other assets 4.45 4.54 3.17 2.03 2.08 2.45 2.44 1.94 2.04 2.04 1.99 2.00 1.95 1.82 1.64 2.98 1.56 1.51 6.01 5.97
Long-term assets 88.84% 90.01% 87.41% 87.21% 91.15% 89.31% 90.75% 90.65% 90.84% 91.05% 90.39% 91.02% 90.98% 89.96% 91.66% 91.71% 89.89% 91.70% 89.92% 90.76%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

The composition of assets for the analyzed entity exhibits several notable trends over the observed period from March 2021 to December 2025. A significant portion of assets consistently resides in intangible assets, particularly spectrum licenses, and long-term assets overall. Current assets represent a smaller, though fluctuating, proportion of the total asset base.

Cash and Cash Equivalents
Cash and cash equivalents as a percentage of total assets demonstrate volatility. Initially around 3.3% in March 2021, it decreased to a low of 1.54% by March 2022, before increasing to 5.59% in March 2025. This suggests periods of both liquidity build-up and deployment. A notable increase is observed in the latter half of the period, peaking in March 2025, followed by a decrease in June 2025.
Receivables
Accounts receivable, net, and equipment installment plan receivables, net, remain relatively stable as percentages of total assets, generally fluctuating between 1.7% and 2.4% and 1.7% and 2.6% respectively. A slight downward trend is visible in equipment installment plan receivables towards the end of the period. The combined receivables represent a consistent, though modest, portion of the asset base.
Inventory and Prepaid Expenses
Inventory and prepaid expenses represent smaller portions of total assets, with inventory fluctuating between approximately 0.65% and 1.29%. Prepaid expenses show a more pronounced increase in the latter part of the period, rising from around 0.32% to 0.55%. These items do not appear to significantly influence the overall asset composition.
Property, Plant, and Equipment
Property and equipment, net, including financing lease right-of-use assets, consistently represents a substantial portion of total assets, generally ranging between 17.8% and 21.6%. A gradual decline is observed over the period, particularly after 2023, suggesting potential asset depreciation or a shift in investment strategy. The financing lease component remains relatively stable, around 1.3% to 1.7% of total assets.
Intangible Assets
Intangible assets, dominated by spectrum licenses, constitute the largest portion of total assets, consistently exceeding 42% and peaking at approximately 49.5% in December 2024. Spectrum licenses themselves represent between 40.6% and 46.6% of total assets throughout the period. While generally stable, a slight decrease in the proportion of spectrum licenses is observed towards the end of the analyzed timeframe. Other intangible assets remain a smaller, but noticeable, component.
Other Assets & Long-Term Assets
Other assets show a significant increase towards the end of the period, rising from around 1.95% to 4.54% between December 2024 and September 2025. This contributes to an overall increase in long-term assets, which consistently represent over 88% of the total asset base. The increase in 'other assets' warrants further investigation.

In summary, the asset structure is heavily weighted towards intangible assets, specifically spectrum licenses, and long-term assets. While current assets fluctuate, they represent a smaller proportion of the total. The observed trends suggest a potential shift in investment strategy, with a gradual decline in property, plant, and equipment and a notable increase in other assets towards the end of the period.