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Side-by-side financial comparison of AT&T (T) and T-Mobile US (TMUS). Click either name above to swap in a different company.
AT&T is the larger business by last-quarter revenue ($31.5B vs $23.1B, roughly 1.4× T-Mobile US). AT&T runs the higher net margin — 13.3% vs 10.8%, a 2.4% gap on every dollar of revenue. On growth, T-Mobile US posted the faster year-over-year revenue change (10.6% vs 2.9%). T-Mobile US produced more free cash flow last quarter ($4.6B vs $2.5B). Over the past eight quarters, T-Mobile US's revenue compounded faster (8.1% CAGR vs 2.8%).
AT&T Inc., an abbreviation of its predecessor's original name, the American Telephone and Telegraph Company, is an American multinational telecommunications conglomerate headquartered at the Whitacre Tower in Downtown Dallas, Texas. AT&T is the world’s third-largest telecommunications company by revenue, the third largest wireless carrier in the United States behind T-Mobile and Verizon, and the nation's biggest fiber internet provider.
T-Mobile US, Inc. is an American wireless network operator headquartered in Bellevue, Washington. Its majority shareholder and namesake is the German telecommunications company Deutsche Telekom. T-Mobile is the second largest wireless carrier in the United States, with 140 million subscribers as of September 30, 2025.
T vs TMUS — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $31.5B | $23.1B |
| Net Profit | $4.2B | $2.5B |
| Gross Margin | — | — |
| Operating Margin | 21.1% | 20.8% |
| Net Margin | 13.3% | 10.8% |
| Revenue YoY | 2.9% | 10.6% |
| Net Profit YoY | -10.9% | -15.2% |
| EPS (diluted) | $0.54 | $2.27 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $31.5B | $23.1B | ||
| Q4 25 | $33.5B | $24.3B | ||
| Q3 25 | $30.7B | $22.0B | ||
| Q2 25 | $30.8B | $21.1B | ||
| Q1 25 | $30.6B | $20.9B | ||
| Q4 24 | $32.3B | $21.9B | ||
| Q3 24 | $30.2B | $20.2B | ||
| Q2 24 | $29.8B | $19.8B |
| Q1 26 | $4.2B | $2.5B | ||
| Q4 25 | $3.8B | $2.1B | ||
| Q3 25 | $9.3B | $2.7B | ||
| Q2 25 | $4.5B | $3.2B | ||
| Q1 25 | $4.4B | $3.0B | ||
| Q4 24 | $4.1B | $3.0B | ||
| Q3 24 | $-174.0M | $3.1B | ||
| Q2 24 | $3.6B | $2.9B |
| Q1 26 | 21.1% | 20.8% | ||
| Q4 25 | 17.3% | 15.4% | ||
| Q3 25 | 19.9% | 20.6% | ||
| Q2 25 | 21.1% | 24.7% | ||
| Q1 25 | 18.8% | 23.0% | ||
| Q4 24 | 16.5% | 21.0% | ||
| Q3 24 | 7.0% | 23.8% | ||
| Q2 24 | 19.3% | 23.4% |
| Q1 26 | 13.3% | 10.8% | ||
| Q4 25 | 11.3% | 8.6% | ||
| Q3 25 | 30.3% | 12.4% | ||
| Q2 25 | 14.6% | 15.2% | ||
| Q1 25 | 14.2% | 14.1% | ||
| Q4 24 | 12.6% | 13.6% | ||
| Q3 24 | -0.6% | 15.2% | ||
| Q2 24 | 12.1% | 14.8% |
| Q1 26 | $0.54 | $2.27 | ||
| Q4 25 | $0.52 | $1.89 | ||
| Q3 25 | $1.29 | $2.41 | ||
| Q2 25 | $0.62 | $2.84 | ||
| Q1 25 | $0.61 | $2.58 | ||
| Q4 24 | $0.56 | $2.56 | ||
| Q3 24 | $-0.03 | $2.61 | ||
| Q2 24 | $0.49 | $2.49 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $12.0B | $3.5B |
| Total DebtLower is stronger | $131.6B | $86.0B |
| Stockholders' EquityBook value | $125.6B | $55.9B |
| Total Assets | $421.2B | $214.7B |
| Debt / EquityLower = less leverage | 1.05× | 1.54× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $12.0B | $3.5B | ||
| Q4 25 | $18.2B | $5.6B | ||
| Q3 25 | $20.3B | $3.3B | ||
| Q2 25 | $10.5B | $10.3B | ||
| Q1 25 | $6.9B | $12.0B | ||
| Q4 24 | $3.3B | $5.4B | ||
| Q3 24 | $2.6B | $9.8B | ||
| Q2 24 | $3.1B | $6.4B |
| Q1 26 | $131.6B | $86.0B | ||
| Q4 25 | $127.1B | $86.3B | ||
| Q3 25 | $128.1B | — | ||
| Q2 25 | $123.1B | — | ||
| Q1 25 | $117.3B | — | ||
| Q4 24 | $118.4B | $78.3B | ||
| Q3 24 | $126.4B | — | ||
| Q2 24 | $125.4B | — |
| Q1 26 | $125.6B | $55.9B | ||
| Q4 25 | $126.5B | $59.2B | ||
| Q3 25 | $126.8B | $60.5B | ||
| Q2 25 | $121.4B | $61.1B | ||
| Q1 25 | $119.9B | $61.1B | ||
| Q4 24 | $118.2B | $61.7B | ||
| Q3 24 | $116.3B | $64.3B | ||
| Q2 24 | $119.3B | $62.6B |
| Q1 26 | $421.2B | $214.7B | ||
| Q4 25 | $420.2B | $219.2B | ||
| Q3 25 | $423.2B | $217.2B | ||
| Q2 25 | $405.5B | $212.6B | ||
| Q1 25 | $397.5B | $214.6B | ||
| Q4 24 | $394.8B | $208.0B | ||
| Q3 24 | $393.7B | $210.7B | ||
| Q2 24 | $398.0B | $208.6B |
| Q1 26 | 1.05× | 1.54× | ||
| Q4 25 | 1.00× | 1.46× | ||
| Q3 25 | 1.01× | — | ||
| Q2 25 | 1.01× | — | ||
| Q1 25 | 0.98× | — | ||
| Q4 24 | 1.00× | 1.27× | ||
| Q3 24 | 1.09× | — | ||
| Q2 24 | 1.05× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $7.6B | $7.2B |
| Free Cash FlowOCF − Capex | $2.5B | $4.6B |
| FCF MarginFCF / Revenue | 8.0% | 19.9% |
| Capex IntensityCapex / Revenue | 15.5% | 0.0% |
| Cash ConversionOCF / Net Profit | 1.82× | 2.88× |
| TTM Free Cash FlowTrailing 4 quarters | $17.2B | $18.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $7.6B | $7.2B | ||
| Q4 25 | $11.3B | $6.7B | ||
| Q3 25 | $10.2B | $7.5B | ||
| Q2 25 | $9.8B | $7.0B | ||
| Q1 25 | $9.0B | $6.8B | ||
| Q4 24 | $11.9B | $5.5B | ||
| Q3 24 | $10.2B | $6.1B | ||
| Q2 24 | $9.1B | $5.5B |
| Q1 26 | $2.5B | $4.6B | ||
| Q4 25 | $4.5B | $4.2B | ||
| Q3 25 | $5.3B | $4.8B | ||
| Q2 25 | $4.9B | $4.6B | ||
| Q1 25 | $4.8B | $4.4B | ||
| Q4 24 | $5.1B | $3.3B | ||
| Q3 24 | $4.9B | $4.2B | ||
| Q2 24 | $4.7B | $3.5B |
| Q1 26 | 8.0% | 19.9% | ||
| Q4 25 | 13.6% | 17.2% | ||
| Q3 25 | 17.1% | 21.9% | ||
| Q2 25 | 15.8% | 21.7% | ||
| Q1 25 | 15.6% | 21.0% | ||
| Q4 24 | 15.6% | 15.3% | ||
| Q3 24 | 16.3% | 20.7% | ||
| Q2 24 | 15.9% | 17.6% |
| Q1 26 | 15.5% | 0.0% | ||
| Q4 25 | 20.3% | 10.1% | ||
| Q3 25 | 15.9% | 12.0% | ||
| Q2 25 | 15.9% | 11.3% | ||
| Q1 25 | 14.0% | 11.7% | ||
| Q4 24 | 21.2% | 10.1% | ||
| Q3 24 | 17.5% | 9.7% | ||
| Q2 24 | 14.6% | 10.3% |
| Q1 26 | 1.82× | 2.88× | ||
| Q4 25 | 2.99× | 3.16× | ||
| Q3 25 | 1.09× | 2.75× | ||
| Q2 25 | 2.17× | 2.17× | ||
| Q1 25 | 2.08× | 2.32× | ||
| Q4 24 | 2.92× | 1.86× | ||
| Q3 24 | — | 2.01× | ||
| Q2 24 | 2.53× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
T
| Service | $25.5B | 81% |
| Equipment | $6.0B | 19% |
TMUS
| Postpaid service revenues | $15.6B | 68% |
| Other | $7.5B | 32% |
