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Side-by-side financial comparison of T-Mobile US (TMUS) and United Parcel Service (UPS). Click either name above to swap in a different company.
T-Mobile US is the larger business by last-quarter revenue ($23.1B vs $21.2B, roughly 1.1× United Parcel Service). T-Mobile US runs the higher net margin — 10.8% vs 4.1%, a 6.8% gap on every dollar of revenue. On growth, T-Mobile US posted the faster year-over-year revenue change (10.6% vs -1.6%). T-Mobile US produced more free cash flow last quarter ($4.6B vs $1.3B). Over the past eight quarters, T-Mobile US's revenue compounded faster (8.1% CAGR vs -1.4%).
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.
United Parcel Service, Inc. (UPS) is an American multinational shipping & receiving and supply chain management company founded in 1907. Originally known as the American Messenger Company specializing in telegraphs, UPS has expanded to become a Fortune 500 company and one of the world's largest shipping couriers. UPS today is primarily known for its ground shipping services as well as the UPS Store, a retail chain which assists UPS shipments and provides tools for small businesses.
TMUS vs UPS — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $23.1B | $21.2B |
| Net Profit | $2.5B | $864.0M |
| Gross Margin | — | — |
| Operating Margin | 20.8% | 6.0% |
| Net Margin | 10.8% | 4.1% |
| Revenue YoY | 10.6% | -1.6% |
| Net Profit YoY | -15.2% | — |
| EPS (diluted) | $2.27 | $1.02 |
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 | $23.1B | $21.2B | ||
| Q4 25 | $24.3B | $24.5B | ||
| Q3 25 | $22.0B | $21.4B | ||
| Q2 25 | $21.1B | $21.2B | ||
| Q1 25 | $20.9B | $21.5B | ||
| Q4 24 | $21.9B | $25.3B | ||
| Q3 24 | $20.2B | $22.2B | ||
| Q2 24 | $19.8B | $21.8B |
| Q1 26 | $2.5B | $864.0M | ||
| Q4 25 | $2.1B | $1.8B | ||
| Q3 25 | $2.7B | $1.3B | ||
| Q2 25 | $3.2B | $1.3B | ||
| Q1 25 | $3.0B | $1.2B | ||
| Q4 24 | $3.0B | $1.7B | ||
| Q3 24 | $3.1B | $1.5B | ||
| Q2 24 | $2.9B | $1.4B |
| Q1 26 | 20.8% | 6.0% | ||
| Q4 25 | 15.4% | 10.5% | ||
| Q3 25 | 20.6% | 8.4% | ||
| Q2 25 | 24.7% | 8.6% | ||
| Q1 25 | 23.0% | 7.7% | ||
| Q4 24 | 21.0% | 11.6% | ||
| Q3 24 | 23.8% | 8.9% | ||
| Q2 24 | 23.4% | 8.9% |
| Q1 26 | 10.8% | 4.1% | ||
| Q4 25 | 8.6% | 7.3% | ||
| Q3 25 | 12.4% | 6.1% | ||
| Q2 25 | 15.2% | 6.0% | ||
| Q1 25 | 14.1% | 5.5% | ||
| Q4 24 | 13.6% | 6.8% | ||
| Q3 24 | 15.2% | 6.9% | ||
| Q2 24 | 14.8% | 6.5% |
| Q1 26 | $2.27 | $1.02 | ||
| Q4 25 | $1.89 | $2.10 | ||
| Q3 25 | $2.41 | $1.55 | ||
| Q2 25 | $2.84 | $1.51 | ||
| Q1 25 | $2.58 | $1.40 | ||
| Q4 24 | $2.56 | $2.00 | ||
| Q3 24 | $2.61 | $1.80 | ||
| Q2 24 | $2.49 | $1.65 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $3.5B | $5.8B |
| Total DebtLower is stronger | $86.0B | $23.7B |
| Stockholders' EquityBook value | $55.9B | — |
| Total Assets | $214.7B | $71.8B |
| Debt / EquityLower = less leverage | 1.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.5B | $5.8B | ||
| Q4 25 | $5.6B | $5.9B | ||
| Q3 25 | $3.3B | $6.8B | ||
| Q2 25 | $10.3B | $6.3B | ||
| Q1 25 | $12.0B | $5.1B | ||
| Q4 24 | $5.4B | $6.3B | ||
| Q3 24 | $9.8B | $6.1B | ||
| Q2 24 | $6.4B | $6.5B |
| Q1 26 | $86.0B | $23.7B | ||
| Q4 25 | $86.3B | $23.5B | ||
| Q3 25 | — | $23.9B | ||
| Q2 25 | — | $23.8B | ||
| Q1 25 | — | $19.5B | ||
| Q4 24 | $78.3B | $19.4B | ||
| Q3 24 | — | $20.3B | ||
| Q2 24 | — | $20.2B |
| Q1 26 | $55.9B | — | ||
| Q4 25 | $59.2B | $16.2B | ||
| Q3 25 | $60.5B | $15.8B | ||
| Q2 25 | $61.1B | $15.8B | ||
| Q1 25 | $61.1B | $15.7B | ||
| Q4 24 | $61.7B | $16.7B | ||
| Q3 24 | $64.3B | $16.9B | ||
| Q2 24 | $62.6B | $17.0B |
| Q1 26 | $214.7B | $71.8B | ||
| Q4 25 | $219.2B | $73.1B | ||
| Q3 25 | $217.2B | $71.4B | ||
| Q2 25 | $212.6B | $70.9B | ||
| Q1 25 | $214.6B | $68.5B | ||
| Q4 24 | $208.0B | $70.1B | ||
| Q3 24 | $210.7B | $68.3B | ||
| Q2 24 | $208.6B | $69.4B |
| Q1 26 | 1.54× | — | ||
| Q4 25 | 1.46× | 1.45× | ||
| Q3 25 | — | 1.51× | ||
| Q2 25 | — | 1.51× | ||
| Q1 25 | — | 1.25× | ||
| Q4 24 | 1.27× | 1.16× | ||
| Q3 24 | — | 1.21× | ||
| Q2 24 | — | 1.19× |
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 | $7.2B | — |
| Free Cash FlowOCF − Capex | $4.6B | $1.3B |
| FCF MarginFCF / Revenue | 19.9% | 6.0% |
| Capex IntensityCapex / Revenue | 0.0% | 4.9% |
| Cash ConversionOCF / Net Profit | 2.88× | — |
| TTM Free Cash FlowTrailing 4 quarters | $18.2B | $4.6B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $7.2B | — | ||
| Q4 25 | $6.7B | $3.3B | ||
| Q3 25 | $7.5B | $2.5B | ||
| Q2 25 | $7.0B | $348.0M | ||
| Q1 25 | $6.8B | $2.3B | ||
| Q4 24 | $5.5B | $3.3B | ||
| Q3 24 | $6.1B | $1.5B | ||
| Q2 24 | $5.5B | $2.0B |
| Q1 26 | $4.6B | $1.3B | ||
| Q4 25 | $4.2B | $2.6B | ||
| Q3 25 | $4.8B | $1.5B | ||
| Q2 25 | $4.6B | $-775.0M | ||
| Q1 25 | $4.4B | $1.4B | ||
| Q4 24 | $3.3B | $2.2B | ||
| Q3 24 | $4.2B | $655.0M | ||
| Q2 24 | $3.5B | $1.1B |
| Q1 26 | 19.9% | 6.0% | ||
| Q4 25 | 17.2% | 10.6% | ||
| Q3 25 | 21.9% | 7.1% | ||
| Q2 25 | 21.7% | -3.7% | ||
| Q1 25 | 21.0% | 6.7% | ||
| Q4 24 | 15.3% | 8.8% | ||
| Q3 24 | 20.7% | 2.9% | ||
| Q2 24 | 17.6% | 4.9% |
| Q1 26 | 0.0% | 4.9% | ||
| Q4 25 | 10.1% | 2.9% | ||
| Q3 25 | 12.0% | 4.5% | ||
| Q2 25 | 11.3% | 5.3% | ||
| Q1 25 | 11.7% | 4.1% | ||
| Q4 24 | 10.1% | 4.3% | ||
| Q3 24 | 9.7% | 3.8% | ||
| Q2 24 | 10.3% | 4.3% |
| Q1 26 | 2.88× | — | ||
| Q4 25 | 3.16× | 1.84× | ||
| Q3 25 | 2.75× | 1.89× | ||
| Q2 25 | 2.17× | 0.27× | ||
| Q1 25 | 2.32× | 1.95× | ||
| Q4 24 | 1.86× | 1.93× | ||
| Q3 24 | 2.01× | 0.97× | ||
| Q2 24 | 1.89× | 1.41× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TMUS
| Postpaid service revenues | $15.6B | 68% |
| Other | $7.5B | 32% |
UPS
| U.S. Domestic Package | $14.1B | 67% |
| International Package | $4.5B | 21% |
| Supply Chain Solutions | $2.5B | 12% |
