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 10.6% revenue growth in Q1 FY2026 to $23.1B, but net income fell 15.2% to $2.5B as higher SG&A costs, increased D&A from network investments, and a surge in share buybacks weighed on profitability and cash balances.
营收
231.07亿美元
同比 +10.63%
每股收益（稀释）
2.27美元
同比 -12.02%
营业利润
44.97亿美元
同比 -6.31%
SEC XBRL 原值
T-Mobile US (TMUS) Q1 FY2026 营收 231.07亿美元，同比增长 10.6%。 营业利润率 19.5%，较去年同期的 23.0% 收窄 3.5 个百分点。 经营活动现金流 72.22亿美元，同比增长 5.5%。 TMUS 的财年 Q1 FY2026 对应日历 Q1 2026。
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月本次财报 | 2.27 | 2.03 | 超预期 +11.9% |
| 2025年12月 | 1.88 | 2.10 | 不及预期 -10.4% |
| 2025年9月 | 2.59 | 2.46 | 超预期 +5.4% |
2026年3月 实际 EPS 2.27美元，分析师一致预期 2.03美元，超预期 +11.9%。
由 AI 基于本次 SEC 报告整理
Total revenue grew 10.6% year-over-year to $23.1B in Q1 FY2026, up from $20.9B in Q1 FY2025, reflecting continued subscriber momentum and expanded service offerings driving meaningful top-line expansion.
来源: 10-Q Income Statement
Despite strong revenue growth, operating income declined 6.3% to $4.5B and net income fell 15.2% to $2.5B, indicating that cost growth is outpacing revenue gains. SG&A expenses rose 8.7% to $6.0B, and D&A surged 19.4% to $3.8B, reflecting ongoing network investment amortization.
来源: 10-Q Income Statement & Cash Flow Statement
Operating margin contracted approximately 350 basis points year-over-year, falling from 23.0% to 19.5%, as elevated operating expenses — particularly SG&A and depreciation — absorbed the benefits of revenue growth.
来源: 10-Q Key Ratios
Operating cash flow increased 5.5% to $7.2B, well above net income of $2.5B, driven by significant non-cash D&A of $3.8B. This highlights the capital-intensive but cash-generative nature of T-Mobile's business model.
来源: 10-Q Cash Flow Statement
Share buybacks nearly doubled year-over-year, rising 93.5% to $4.8B in Q1 FY2026, contributing to a $8.6B decline in stockholders' equity and a 70.7% drop in cash and equivalents to $3.5B, signaling management's strong commitment to returning capital to shareholders.
来源: 10-Q Cash Flow Statement & Balance Sheet
由 AI 基于本次 SEC 报告整理 · 高 2 中 3 低 0
Cash and equivalents plunged 70.7% year-over-year to $3.5B, driven by $4.8B in share buybacks and net financing outflows of $6.4B. This sharp reduction in liquidity could limit T-Mobile's financial flexibility if unexpected capital needs or market disruptions arise.
来源: 10-Q Balance Sheet & Cash Flow Statement
SG&A expenses grew 8.7% to $6.0B and D&A jumped 19.4% to $3.8B, causing operating margin to compress from 23.0% to 19.5%. If cost growth continues to outpace revenue expansion, profitability could deteriorate further in subsequent quarters.
来源: 10-Q Income Statement & Key Ratios
Net income fell 15.2% to $2.5B even as revenue grew 10.6%, reflecting a significant disconnect between top-line and bottom-line performance. EPS (diluted) declined 12.0% to $2.27, which may disappoint investors focused on earnings quality.
来源: 10-Q Income Statement
Stockholders' equity declined 8.6% to $55.9B, while total assets remained essentially flat at $214.7B, implying the balance sheet is increasingly debt-financed. ROE of 4.5% and ROA of 1.2% suggest modest returns on the capital base, which could be pressured further if interest costs rise.
来源: 10-Q Balance Sheet & Key Ratios
Investing cash outflows of $2.8B and D&A of $3.8B underscore the capital-intensive nature of maintaining and expanding T-Mobile's 5G network. Sustained high capex requirements may constrain future free cash flow and limit financial flexibility over time.
来源: 10-Q Cash Flow Statement
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 231.07 亿美元 | 208.86 亿美元 | +10.63% |
营业利润 亿美元 | 44.97 亿美元 | 48.00 亿美元 | -6.31% |
净利润 亿美元 | 25.04 亿美元 | 29.53 亿美元 | -15.20% |
每股收益（基本） 美元 | 2.28 美元 | 2.59 美元 | -11.97% |
每股收益（稀释） 美元 | 2.27 美元 | 2.58 美元 | -12.02% |
销售及管理费用 亿美元 | 59.66 亿美元 | 54.88 亿美元 | +8.71% |
答案基于本次 SEC 报告与本页数据
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