该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
T-Mobile US delivered strong FY2025 revenue growth of 8.5% to $88.3B, driven by robust operating cash flow of $28.0B, though net income dipped 3.1% to $11.0B amid a 12.7% surge in SG&A expenses and rising long-term debt.
营收
883.09亿美元
同比 +8.49%
每股收益（稀释）
9.72美元
同比 +0.62%
营业利润
182.79亿美元
同比 +1.49%
SEC XBRL 原值
T-Mobile US (TMUS) FY2025 营收 883.09亿美元，同比增长 8.5%。 营业利润率 20.7%，较去年同期的 22.1% 收窄 1.4 个百分点。 经营活动现金流 279.5亿美元，同比增长 25.4%。
近 4 个季度：3 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | 2.99 | 2.65 | 超预期 +13.0% |
| 2026年3月 | 2.27 | 2.03 | 超预期 +11.9% |
| 2025年12月本次财报 | 1.88 | 2.10 | 不及预期 -10.4% |
| 2025年9月 | 2.59 | 2.46 | 超预期 +5.4% |
2025年12月 实际 EPS 1.88美元，分析师一致预期 2.10美元，不及预期 -10.4%。
由 AI 基于本次 SEC 报告整理
Total revenue grew 8.5% year-over-year to $88.3B in FY2025 (from $81.4B in FY2024), reflecting continued subscriber expansion and service revenue gains across T-Mobile's wireless network.
来源: 10-K Income Statement, Financial Data
SG&A expenses surged 12.7% to $23.5B (from $20.8B), outpacing revenue growth and contributing to a contraction in operating margin from 22.1% to 20.7%, signaling increased spending on sales, marketing, and administrative functions.
来源: 10-K Income Statement, Financial Data
Operating cash flow jumped 25.4% to $28.0B (from $22.3B), demonstrating the company's strong underlying cash generation capability and supporting capital return programs including $10.0B in share buybacks.
来源: 10-K Cash Flow Statement, Financial Data
Investing cash outflows nearly doubled to -$17.6B (from -$9.1B), likely reflecting network infrastructure and spectrum investments, while long-term debt rose 10.2% to $86.3B, increasing leverage on the balance sheet.
来源: 10-K Balance Sheet & Cash Flow Statement, Financial Data
Net income fell 3.1% to $11.0B (from $11.3B) despite top-line growth, as higher operating costs and increased interest expense from a larger debt load compressed profitability; net margin stood at 12.4%.
来源: 10-K Income Statement, Financial Data
由 AI 基于本次 SEC 报告整理 · 高 2 中 3 低 0
Long-term debt increased 10.2% to $86.3B in FY2025, significantly elevating T-Mobile's financial leverage. With a current ratio of just 0.998, the company's short-term liquidity is tight, and higher interest obligations could further compress net income if rates remain elevated.
来源: 10-K Balance Sheet, Financial Data
SG&A expenses grew 12.7% to $23.5B, well above the 8.5% revenue growth rate, causing operating margin to compress by approximately 140 basis points to 20.7%. Sustained cost inflation in sales and marketing could structurally impair profitability if not controlled.
来源: 10-K Income Statement, Financial Data
Investing cash outflows surged 94.1% to -$17.6B, reflecting heavy network and spectrum investment needs. Continued large-scale capex commitments could strain free cash flow and limit financial flexibility, particularly given the already elevated debt levels.
来源: 10-K Cash Flow Statement, Financial Data
Stockholders' equity fell 4.1% to $59.2B, partly driven by $10.0B in share buybacks. While buybacks signal management confidence, the combination of rising debt and shrinking equity increases financial risk and reduces the company's book-value buffer.
来源: 10-K Balance Sheet, Financial Data
The significant jump in SG&A suggests elevated subscriber acquisition and retention costs in a fiercely competitive U.S. wireless market. If competition from AT&T and Verizon intensifies further, T-Mobile may need to sustain or increase promotional spending, pressuring margins.
来源: 10-K Income Statement, Financial Data
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 883.09 亿美元 | 814.00 亿美元 | +8.49% |
营业利润 亿美元 | 182.79 亿美元 | 180.10 亿美元 | +1.49% |
净利润 亿美元 | 109.92 亿美元 | 113.39 亿美元 | -3.06% |
每股收益（基本） 美元 | 9.75 美元 | 9.70 美元 | +0.52% |
每股收益（稀释） 美元 | 9.72 美元 | 9.66 美元 | +0.62% |
销售及管理费用 亿美元 | 234.70 亿美元 | 208.18 亿美元 | +12.74% |
答案基于本次 SEC 报告与本页数据
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