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Arphra AIPlain-English read on T-Mobile US, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $80.12B | $79.57B | $78.56B | $81.4B | $88.31B | $94.65B | $98.9B | $102.98B | $106.42B |
| Cost of revenue | $36.61B | $36.21B | $30.19B | $29.65B | $46.24B | $40.77B | $41.72B | $42.49B | $44.52B |
| Gross profit | $43.51B | $43.37B | $48.37B | $51.75B | $42.07B | $53.8B | $56.06B | $59.1B | $60.9B |
| Gross margin | +54.31% | +54.50% | +61.57% | +63.57% | +47.64% | +56.84% | +56.68% | +57.39% | +57.23% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $278M | $100.71M | $105.56M | $106.11M | $114.62M |
| Selling, general & administrative | $20.24B | $21.61B | $21.31B | $20.82B | $22.96B | $24.99B | $26.3B | $27.17B | $28.69B |
| Total operating expenses | $36.62B | $36.82B | $34.1B | $33.74B | $23.32B | $36.1B | $35.73B | $39.06B | $40.15B |
| Operating income | $6.89B | $6.54B | $14.27B | $18.01B | $18.74B | $19.46B | $20.21B | $20.7B | $22.19B |
| Operating margin | +8.60% | +8.22% | +18.16% | +22.13% | +21.23% | +20.56% | +20.43% | +20.10% | +20.85% |
| EBITDA | $23.08B | $20.16B | $27.15B | $31.04B | $32.25B | $34.49B | $36.77B | $37.87B | $38.26B |
| EBIT | $6.69B | $6.51B | $14.33B | $18.12B | $18.74B | $19.36B | $20.57B | $21.46B | $21.69B |
| Below the line | |||||||||
| Interest expense | $3.34B | $3.36B | $3.34B | $3.41B | $3.52B | $3.92B | $4.09B | $4.16B | $4.29B |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$3.54B | -$3.4B | -$3.27B | -$3.3B | -$4.46B | — | — | — | — |
| Pre-tax income | $3.35B | $3.15B | $11B | $14.71B | $14.28B | $15.04B | $16.02B | $16.63B | $16.71B |
| Income tax expense | $327M | $556M | $2.68B | $3.37B | $3.29B | $3.51B | $3.78B | $3.8B | $4.11B |
| Earnings | |||||||||
| Net income | $3.02B | $2.59B | $8.32B | $11.34B | $10.99B | $11.88B | $12.01B | $12.71B | $12.86B |
| Net income · continuing ops | $3.02B | $2.59B | $8.32B | $11.34B | $10.99B | $11.35B | $12.15B | $12.53B | $12.93B |
| Net margin | +3.77% | +3.25% | +10.59% | +13.93% | +12.45% | +12.56% | +12.14% | +12.35% | +12.09% |
| EPS · basic | $2.42 | $2.07 | $7.02 | $9.70 | $9.75 | $10.42 | $13.65 | $16.96 | $17.89 |
| EPS · diluted | $2.41 | $2.06 | $6.93 | $9.66 | $9.72 | $10.44 | $13.57 | $16.76 | $17.77 |
| EPS · low estimate | — | — | — | — | — | $9.71 | $11.61 | $14.08 | $17.45 |
| EPS · high estimate | — | — | — | — | — | $12.40 | $16.21 | $21.29 | $17.92 |
| Shares · basic | 1.25B | 1.25B | 1.19B | 1.17B | 1.13B | 1.12B | 1.12B | 1.12B | 1.13B |
| Shares · diluted | 1.25B | 1.26B | 1.2B | 1.17B | 1.13B | 1.13B | 1.13B | 1.14B | 1.14B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 19 | 18 | 16 | 15 |
| Analysts (EPS) | — | — | — | — | — | 19 | 18 | 15 | 10 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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