Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

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T-Mobile US Inc., consolidated balance sheet: assets

US$ in millions

		Dec 31, 2025		Dec 31, 2024		Dec 31, 2023		Dec 31, 2022		Dec 31, 2021
	Cash and cash equivalents
	Accounts receivable, net of allowance for credit losses
	Equipment installment plan receivables, net of allowance for credit losses and imputed discount
	Inventory
	Prepaid expenses
	Other current assets
	Current assets
	Property and equipment, net
	Financing lease right-of-use assets
	Property and equipment, net, including financing lease right-of-use assets
	Operating lease right-of-use assets
	Goodwill
	Spectrum licenses
	Other intangible assets, net
	Intangible assets, net
	Equipment installment plan receivables due after one year, net of allowance for credit losses and imputed discount
	Other assets
	Long-term assets
	Total assets

Based on: 10-K (reporting date: 2025-12-31), 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).

The asset composition of the company demonstrates notable shifts over the five-year period. Current assets experienced initial decline followed by a substantial increase, while long-term assets remained relatively stable with a slight upward trend overall. A detailed examination of individual asset categories reveals specific patterns contributing to these broader trends.

Liquidity & Current Assets: Current assets decreased from US$20,891 million in 2021 to US$18,404 million in 2024, before increasing significantly to US$24,461 million in 2025. This fluctuation was driven by changes in several components. Cash and cash equivalents decreased initially, then stabilized, showing a modest increase in later years. Accounts receivable remained relatively consistent, with a slight increase in 2025. Inventory levels decreased from 2021 to 2023, then increased in 2025. A significant driver of the 2025 increase in current assets was ‘Other current assets’, which more than doubled from US$1,853 million to US$5,372 million. Prepaid expenses also showed an increasing trend, particularly in 2024 and 2025.
Property, Plant & Equipment: Property and equipment, net, experienced a peak in 2022 at US$42,086 million, followed by a gradual decline to US$38,333 million in 2025. Financing lease right-of-use assets also decreased consistently over the period. These declines suggest potential asset depreciation or disposals.
Intangible Assets: Intangible assets represent a substantial portion of the company’s assets. Spectrum licenses consistently represent the largest component, increasing from US$92,606 million in 2021 to US$100,558 million in 2024, before decreasing slightly to US$98,032 million in 2025. Goodwill also increased over the period, from US$12,188 million to US$13,678 million. Other intangible assets showed volatility, decreasing from 2021 to 2023, then increasing in 2025.
Long-Term Receivables & Other Assets: Equipment installment plan receivables due after one year decreased from US$2,829 million in 2021 to US$2,042 million in 2023, then showed a slight increase to US$2,683 million in 2025. ‘Other assets’ experienced a significant increase in 2025, rising to US$9,755 million from US$4,325 million in 2024, contributing to the overall increase in long-term assets.
Total Assets: Total assets initially increased from US$206,563 million in 2021 to US$211,338 million in 2022, then decreased to US$207,682 million in 2023. A moderate increase was observed in 2024, followed by a more substantial increase to US$219,237 million in 2025. The 2025 increase is largely attributable to the growth in current assets, particularly ‘Other current assets’, and ‘Other assets’ within the long-term asset category.

In summary, the company’s asset base demonstrates a dynamic composition. While property and equipment experienced a decline, intangible assets, particularly spectrum licenses, remained a significant and growing component. The substantial increase in ‘Other current assets’ and ‘Other assets’ in 2025 warrants further investigation to understand the underlying drivers of this change.

Assets: Selected Items

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Current Assets: Selected Items