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T-Mobile US cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$5.1B in Q3 2026 · $18.7B over twelve months

Operating cash flow$7.3B
Capital spending−$2.3B
Free cash flow+$5.1B
Cash / net income2.1×

Analysis

In Q3 2026, T-Mobile US generated $7.3B of operating cash flow and spent $2.3B on capital projects, leaving free cash flow of $5.1B. That is $253M more than in Q3 2025 ($4.8B).

Over the twelve months to Sep 30, 2026, operating cash flow was $28.7B; the largest uses were buybacks ($12.0B), capital spending ($10.1B), dividends ($4.4B); besides operations, cash came from asset & business sales ($3.1B); the cash balance rose by $2.4B.

Operating cash flow was $7.3B against net income of $3.5B — 2.1× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$3.5B, inventory −$892M, deferred taxes +$637M.

Free cash flow

T-Mobile US: free cash flow by quarterT-Mobile US: free cash flow by quarter$3.3BQ4 2024$4.4BQ1 2025$4.6BQ2 2025$4.8BQ3 2025$4.2BQ4 2025$4.6BQ1 2026$4.8BQ2 2026$5.1BQ3 2026
Operating cash flow less capital spending.
T-Mobile US: operating cash flow against capital spendingT-Mobile US: operating cash flow against capital spendingOperating cash flowCapital spending$5.5B$2.2BQ4 2024$6.8B$2.5BQ1 2025$7.0B$2.4BQ2 2025$7.5B$2.6BQ3 2025$6.7B$2.5BQ4 2025$7.2B$2.6BQ1 2026$7.5B$2.7BQ2 2026$7.3B$2.3BQ3 2026
Latest (Q3 2026): Operating cash flow $7.3B, Capital spending $2.3B.

Capital allocation, year by year

T-Mobile US: where the cash came from (up) and went (down), by fiscal yearT-Mobile US: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $13.9BFY2021: Net borrowing $2.5BFY2021: Capital spending −$12.3BFY2021: Acquisitions −$1.9B$16.4BFY2021FY2022: Operating cash flow $16.8BFY2022: Net borrowing −$3.1BFY2022: Capital spending −$14.0BFY2022: Acquisitions −$52.0MFY2022: Buybacks −$3.0B$16.8BFY2022FY2023: Operating cash flow $18.6BFY2023: Net borrowing $2.2BFY2023: Asset sales $153MFY2023: Capital spending −$9.8BFY2023: Buybacks −$13.1BFY2023: Dividends −$747M$20.9BFY2023FY2024: Operating cash flow $22.3BFY2024: Net borrowing $2.1BFY2024: Asset sales $99.0MFY2024: Capital spending −$8.8BFY2024: Acquisitions −$373MFY2024: Buybacks −$11.2BFY2024: Dividends −$3.3B$24.5BFY2024FY2025: Operating cash flow $27.9BFY2025: Net borrowing $4.6BFY2025: Asset sales $2.2BFY2025: Capital spending −$10.0BFY2025: Acquisitions −$3.5BFY2025: Buybacks −$10.0BFY2025: Dividends −$4.1B$34.7BFY2025
Over these 5 years operating cash flow totalled $99.5B; the largest uses were capital spending ($54.9B) and buybacks ($37.3B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$5.6B
Debt$92.6B
Net debt$87.0B

T-Mobile US funds itself: free cash flow was $18.7B over the last twelve months, and $5.6B of cash and investments stands against $92.6B of debt.

Where the cash came from and went

T-Mobile US: sources (+) and uses (−) of cash, Q3 2026T-Mobile US: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$7.3BAsset & business sales$2.9BCash drawn (+) / kept (−)−$2.9BBuybacks−$2.4BCapital spending−$2.3BNet borrowing (+) / repaid (−)−$1.2BDividends−$1.1BOther investing−$299MTaxes on employees’ shares−$86.0MOther financing−$55.0M
T-Mobile US: sources (+) and uses (−) of cash, TTM to Q3 2026T-Mobile US: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$28.7BBuybacks−$12.0BCapital spending−$10.1BDividends−$4.4BAsset & business sales$3.1BCash drawn (+) / kept (−)−$2.4BNet borrowing (+) / repaid (−)−$1.4BOther investing−$1.1BTaxes on employees’ shares−$311MOther financing−$117MExchange rates−$12.0MAcquisitions−$1.0M

From profit to cash

T-Mobile US: net income to operating cash flow, Q3 2026T-Mobile US: net income to operating cash flow, Q3 2026Net income$3.5BDepreciation & amortization$3.5BStock-based pay$197MDeferred taxes$637MReceivables−$9.0MInventory−$892MPayables−$421MDeferred revenue−$54.0MContract assets−$166MPrepaid and other assets−$122MOther liabilities$334MOperating cash flow$7.3B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$7.3B−$2.3B—−$2.4B−$1.1B−$1.2B−$2.9B$5.1B
Q2 2026$7.5B−$2.7B—−$2.3B−$1.1B−$1.7B$734M$4.8B
Q1 2026$7.2B−$2.6B−$1.0M−$4.8B−$1.1B−$346M$2.1B$4.6B
Q4 2025$6.7B−$2.5B—−$2.4B−$1.1B$1.8B−$2.3B$4.2B
Q3 2025$7.5B−$2.6B−$2.8B−$2.5B−$987M−$648M$6.9B$4.8B
Q2 2025$7.0B−$2.4B$1.0M−$2.6B−$996M−$3.6B$1.8B$4.6B
Q1 2025$6.8B−$2.5B−$727M−$2.5B−$1.0B$7.0B−$6.6B$4.4B
Q4 2024$5.5B−$2.2B$17.0M−$4.7B−$1.0B−$1.7B$4.3B$3.3B

T-Mobile US: income statement and cash flow

T-Mobile US, Q3 2026: revenue $23.6B (+7% year over year), operating margin 24.0%. The chart follows the revenue to costs, profit and cash.

T-Mobile US: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.