Common-Size Income Statement
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- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2013
- Price to Sales (P/S) since 2013
- Analysis of Debt
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T-Mobile US Inc., common-size consolidated income statement
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Revenue Composition
- The proportion of postpaid revenues has shown a consistent upward trend, increasing from 53.08% in 2020 to 64.3% by 2024, indicating a growing reliance on postpaid customer segments. Prepaid revenues have remained relatively stable, fluctuating slightly around the 12-13% range. Wholesale and other service revenues, however, have decreased notably from 6.82% in 2020 to 4.22% in 2024. Service revenues as a whole have increased their share of total revenues significantly from 73.68% to 81.3%, pointing to a shift towards service-driven income. Conversely, equipment revenues have declined from 25.31% to 17.52%, suggesting less dependence on hardware sales. Other revenues showed a mild increase initially but dipped to 1.18% in 2024.
- Cost Structure
- Cost of services (excluding depreciation and amortization) as a percentage of revenues first increased slightly in 2022 but then sharply declined, dropping from -17.37% in 2020 to -13.23% in 2024, reflecting improved service cost management. Cost of equipment sales remained high, peaking at -28.3% in 2021 and slightly reducing thereafter but still above -23%, signaling continued expenses related to hardware sales. Overall cost of revenues has decreased significantly from -41.33% in 2020 to -36.43% in 2024, contributing to enhanced gross profitability.
- Profitability
- Gross profit margin has demonstrated a strengthening trend, rising from 58.67% in 2020 to 63.57% in 2024. Operating income margin exhibited volatility but experienced a substantial rise from 9.7% in 2020 to 22.13% in 2024, indicating improved operational efficiency and profitability. Depreciation and amortization costs as a share of revenues have moderately decreased over the period, from -20.69% to -15.87%, which may suggest either reduced capital expenditure or more efficient asset management. Selling, general, and administrative expenses fluctuated but overall decreased from -27.67% to -25.57%, supporting stronger operating margins.
- Income and Expense Trends
- Interest expense has remained relatively steady around -4.1% to -4.25%, showing consistent financing costs. Other income and other expense items have been minor but show a slight improvement in net other income from negative figures towards a small positive in 2024. Income before income taxes improved significantly from 5.16% to 18.07%, reflecting overall profitability gains. Income tax expense, after an initial reduction, rose notably to -4.14% in 2024, which aligns with the substantial pretax income growth. Net income margin mirrored the rise in operating income, growing markedly from 4.48% in 2020 to 13.93% in 2024, illustrating enhanced bottom-line performance.
- Exceptional Items
- Impairment expenses were present in 2020 and 2022 but absent in other years, showing occasional asset write-downs. A one-time loss on disposal group held for sale occurred in 2022, with a minor gain recorded in 2023, suggesting some restructuring or asset disposal activities during this period.