T-Mobile US (NASDAQ: TMUS) delivers 2025 growth and sets cash-rich 2026 outlook

Q: What were T-Mobile US (TMUS) fourth-quarter 2025 earnings and cash flow?

In Q4 2025, T-Mobile reported net income of $2.1 billion and diluted EPS of $1.88 . Core Adjusted EBITDA was $8.4 billion , net cash provided by operating activities totaled $6.7 billion , and Adjusted Free Cash Flow reached $4.2 billion , supporting ongoing shareholder returns.

Q: How many customers did T-Mobile US (TMUS) add in 2025 and what is the total base?

T-Mobile added 8.0 million total net customers in 2025, including 7.8 million postpaid net additions. The company ended 2025 with 142.4 million total customers and 9.4 million total broadband customers, reflecting strong growth in both wireless and broadband offerings.

Q: What 2026 guidance did T-Mobile US (TMUS) provide for EBITDA and free cash flow?

For 2026, T-Mobile expects Core Adjusted EBITDA between $37.0 billion and $37.5 billion . It also projects Adjusted Free Cash Flow in a range of $18.0 billion to $18.7 billion , supported by forecast net cash from operating activities of $28.0–$28.7 billion and about $10.0 billion of capital expenditures.

Q: What are T-Mobile US (TMUS) customer growth expectations for 2026?

T-Mobile projects postpaid net account additions between 900 thousand and 1.0 million in 2026. This metric reflects growth in higher-value postpaid billing relationships and underpins the company’s guidance for increasing Core Adjusted EBITDA and sustaining strong cash generation during the year.

Q: How much did T-Mobile US (TMUS) return to shareholders through 2025?

Cumulatively through December 31, 2025, T-Mobile returned $45.4 billion to shareholders. This included 216.0 million shares repurchased for $37.2 billion and cash dividends totaling $8.2 billion , with $9.9 billion of repurchases and $4.1 billion of dividends during 2025 alone.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

T-Mobile US, Inc. reported strong fourth-quarter and full-year 2025 results, highlighting rapid customer growth and higher recurring revenues. Total service revenues reached $18.7 billion in Q4 2025 and $71.3 billion for 2025, up 10% and 8% year-over-year, driven mainly by postpaid performance.

Net income was $2.1 billion in Q4 and $11.0 billion for 2025, with diluted EPS of $1.88 and $9.72. Core Adjusted EBITDA rose to $8.4 billion in Q4 and $33.9 billion for the year, while Adjusted Free Cash Flow reached $4.2 billion in Q4 and $18.0 billion in 2025.

The company added 2.4 million total net customers in Q4 and 8.0 million in 2025, ending the year with 142.4 million customers and 9.4 million broadband customers. For 2026, T-Mobile targets postpaid net account additions of 900 thousand to 1.0 million, Core Adjusted EBITDA of $37.0–$37.5 billion, and Adjusted Free Cash Flow of $18.0–$18.7 billion.

Insights

T-Mobile pairs strong 2025 growth with confident 2026 cash-flow outlook.

T-Mobile delivered robust 2025 operating momentum. Service revenues climbed to $71.3 billion, up 8% year-over-year, powered by postpaid service revenues of $57.9 billion and 7.8 million postpaid net customer additions. Core Adjusted EBITDA rose to $33.9 billion, reflecting scale and cost discipline.

Cash generation remained a key strength. Net cash provided by operating activities reached $28.0 billion in 2025, up 25%, while Adjusted Free Cash Flow increased to $18.0 billion. This supported cumulative stockholder returns of $45.4 billion since program inception, including $9.9 billion of repurchases and $4.1 billion of dividends in 2025.

Guidance for 2026 signals continued confidence: Core Adjusted EBITDA is projected between $37.0 and $37.5 billion and Adjusted Free Cash Flow between $18.0 and $18.7 billion, alongside 900 thousand to 1.0 million postpaid net account additions. Actual outcomes will depend on integration of recent acquisitions, competitive dynamics, and execution on network and digital initiatives disclosed in the outlook.

02/11/2026 - 07:37 AM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): February 11, 2026

T-MOBILE US, INC.

(Exact Name of Registrant as Specified in Charter)

Delaware

1-33409

20-0836269

(State or other jurisdiction

(Commission File Number)

(I.R.S. Employer

of incorporation)

Identification No.)

12920 SE 38th Street

Bellevue, Washington

(Address of principal executive offices)

98006-1350

(Zip Code)

Registrant’s telephone number, including area code: (425) 378-4000

(Former Name or Former Address, if Changed Since Last Report):

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.00001 per share

TMUS

The NASDAQ Stock Market LLC

3.550% Senior Notes due 2029

TMUS29

The NASDAQ Stock Market LLC

3.700% Senior Notes due 2032

TMUS32

The NASDAQ Stock Market LLC

3.150% Senior Notes due 2032

TMUS32A

The NASDAQ Stock Market LLC

3.850% Senior Notes due 2036

TMUS36

The NASDAQ Stock Market LLC

3.500% Senior Notes due 2037

TMUS37

The NASDAQ Stock Market LLC

3.800% Senior Notes due 2045

TMUS45

The NASDAQ Stock Market LLC

6.250% Senior Notes due 2069

TMUSL

The NASDAQ Stock Market LLC

5.500% Senior Notes due March 2070

TMUSZ

The NASDAQ Stock Market LLC

5.500% Senior Notes due June 2070

TMUSI

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 — Results of Operations and Financial Condition

On February 11, 2026, T-Mobile US, Inc. (the “Company”) issued a press release announcing the financial and operating results of the Company for the quarter and year ended December 31, 2025. The text of the press release and accompanying Investor Factbook are furnished as Exhibits 99.1 and 99.2 and incorporated herein by reference.

The information in Item 2.02 to this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

Item 9.01 — Financial Statements and Exhibits

(d) Exhibits:


Exhibit						Description
99.1						Press release, dated February 11, 2026, entitled "T-Mobile Delivers Best-in-Class Customer Results in Q4, Translating into Durable and Profitable Financial Growth Driven By Widening Differentiation"
99.2						Investor Factbook of T-Mobile US, Inc. Fourth Quarter and Full Year 2025 Results
104						Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)


						SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


						T-MOBILE US, INC.

February 11, 2026						/s/ Peter Osvaldik
						Peter Osvaldik Chief Financial Officer

EXHIBIT 99.1

T-Mobile Delivers Best-in-Class Customer Results in Q4, Translating into Durable and Profitable Financial Growth Driven By Widening Differentiation

Q4 Yet Another Proof Point of the Un-carrier’s Widening Pillars of Differentiation Leading to Sustained Outperformance, Including First-Ever J.D. Power Award for Highest Network Quality, Positioning T-Mobile for Continued Profitable Growth in 2026 and Beyond

Industry-Leading Customer Growth Fueled by Widening Differentiation in Best Network, Best Value and Best Experiences Combination(1)

•Total postpaid net customer additions of 2.4 million in Q4 2025 and 7.8 million in 2025, both industry best

•Postpaid phone net customer additions of 962 thousand in Q4 2025 and 3.3 million in 2025, both industry best

•Postpaid net account additions of 261 thousand in Q4 2025 and 1.2 million in 2025, both industry best

•Total broadband net customer additions of 558 thousand in Q4 2025 and 2.0 million in 2025, both industry best

Translating Industry-Leading Customer Growth into Durable and Profitable Financial Growth

•Service revenues of $18.7 billion in Q4 2025 and $71.3 billion in 2025, both industry-leading growth

•Postpaid service revenues of $15.4 billion in Q4 2025 and $57.9 billion in 2025, both industry-leading growth

•Strong net income of $2.1 billion in Q4 2025 and $11.0 billion in 2025

•Diluted earnings per share (“EPS”) of $1.88 in Q4 2025 and $9.72 in 2025

•Core Adjusted EBITDA(2) of $8.4 billion in Q4 2025 and $33.9 billion in 2025, both industry-leading growth

•Net cash provided by operating activities of $6.7 billion in Q4 2025 and $28.0 billion in 2025, both industry-leading growth

•Adjusted Free Cash Flow(2) of $4.2 billion in Q4 2025 and $18.0 billion in 2025, both representing industry-leading margins

Extending Overall Network Lead with Best Assets, Customer Centricity and Technology Leadership

•For the first time ever, customers have rated T-Mobile highest for network quality in five of six regions in the J.D. Power 2026 U.S. Wireless Network Quality Study. This milestone reflects the impact of T-Mobile’s long-term network strategy, as customers rated the company highest for network quality across more U.S. regions than at any point in its history—well above its previous high of two regions and notably ending a run of 35 consecutive reports with a competitor leading the category.

•T-Mobile won all five overall network experience categories from Opensignal, along with 5G Coverage Experience and 5G Availability. Network consistency remains a key differentiator as T-Mobile was awarded back-to-back outright wins in both Reliability Experience and Consistent Quality.

•T-Mobile once again recognized as the Best Mobile Network in the U.S. according to Ookla’s latest Speedtest Connectivity report after an initial win in July 2025 in the largest, most-comprehensive tests of their kind, each leveraging half a billion real world data points on millions of devices measuring speed and experience. In addition, T-Mobile was awarded the best and fastest 5G network, alongside other awards for best mobile gaming and video streaming experience.

Bellevue, WA — February 11, 2026 — T-Mobile US, Inc. (NASDAQ: TMUS) reported fourth quarter and full year 2025 results today, delivering industry-leading customer results across the board, in postpaid net account additions, total postpaid net customer additions, postpaid phone net customer additions, and total broadband net customer additions. The company’s industry-leading customer and customer account growth contributed to industry-best service revenue growth, which grew at a rate multiple times that of its closest wireless competitors, strong net income, industry-leading Core Adjusted EBITDA growth, strong net cash provided by operating activities and industry-leading Adjusted Free Cash Flow margin in 2025, while fueling stockholder returns of $14.0 billion. The Company will also provide an update to its multi-year guidance through 2027, originally presented at its September 2024 Capital Markets Day, during its upcoming Capital Markets Day Update event which will be available via webcast and in a separate press release concurrent with the event on the Investor Relations website, in addition to the company’s release earlier this morning announcing a first-of-its-kind network-integrated service that enables real-time translation during phone calls, here.

“Q4 was a great proof point of our winning formula – and we see significant runway ahead to widen our margin of differentiation, including through maintaining our tremendous momentum in network perception gains and in our digital transformation and simplification,” said Srini Gopalan, CEO of T-Mobile. “In 2025, more new postpaid customers chose the Un-carrier than ever before, driven by outstanding momentum across all categories. As we look to 2026, we’re even more confident that the future is brighter than ever before. We see continued opportunity to eliminate customer pain points, introduce even more consumers to the Un-carrier ethos, and further extend our network leadership while accelerating our digital transformation to drive durable and outsized profitable growth. I’m tremendously excited to share more during our expanded format earnings call and 2024 Capital Markets Day halftime check-in - stay tuned.”

___________________________________________________________

(1)AT&T Inc. does not disclose postpaid net account additions. Comcast and Charter do not disclose postpaid phone net customer additions. Industry-leading claims are based on consensus expectations if results are not yet reported.

(2)Core Adjusted EBITDA and Adjusted Free Cash Flow are non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with GAAP. Reconciliations for these non-GAAP financial measures to the most directly comparable GAAP financial measures are provided in the Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures tables. We are not able to forecast Net income on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect Net income, including, but not limited to, Special Items, Income tax expense and Interest expense. Core Adjusted EBITDA should not be used to predict Net income as the difference between this measure and Net income is variable.

Industry-Leading Customer Growth Fueled by Widening Differentiation in Best Network, Best Value and Best Experiences Combination(1)

•Total postpaid net customer additions of 2.4 million in Q4 2025 and 7.8 million in 2025.

•Postpaid phone net customer additions of 962 thousand in Q4 2025 and 3.3 million in 2025. Postpaid phone churn of 1.02% in Q4 2025 and 0.93% in 2025.

•Postpaid net account additions of 261 thousand in Q4 2025 and 1.2 million in 2025.

•Prepaid net customer additions of 57 thousand in Q4 2025 and 184 thousand in 2025. Prepaid churn of 2.76% in Q4 2025 and 2.72% in 2025.

•Total broadband net customer additions of 558 thousand in Q4 2025 and 2.0 million in 2025, including 63 thousand and 136 thousand fiber net customer additions.

•5G broadband net customer additions of 495 thousand in Q4 2025 and 1.9 million in 2025. T-Mobile ended the quarter with 8.5 million 5G broadband customers.

•Total net customer additions were 2.4 million in Q4 2025 and 8.0 million in 2025. Total customers increased to 142.4 million.


	Quarter						Year Ended December 31,
(in thousands, except churn)	Q4 2025		Q3 2025		Q4 2024		2025		2024
Postpaid net account additions	261		396		263		1,180		1,097
Total net customer additions	2,439		2,390		2,036		7,982		6,324
Postpaid net customer additions (2)	2,382		2,347		1,933		7,798		6,066
Postpaid phone net customer additions (3)	962		1,007		903		3,294		3,077
Postpaid other net customer additions (2) (3) (4) (5)	1,420		1,340		1,030		4,504		2,989
Prepaid net customer additions (2) (3) (6)	57		43		103		184		258
Total customers, end of period (2)	142,388		139,949		129,528		142,388		129,528
Postpaid phone churn	1.02	%	0.89	%	0.92	%	0.93	%	0.86	%
Prepaid churn	2.76	%	2.77	%	2.85	%	2.72	%	2.73	%
Total broadband net customer additions (3) (4) (5)	558		560		432		2,015		1,662
5G broadband net customer additions (3)	495		506		428		1,879		1,654
Total broadband customers, end of period	9,447		8,889		6,439		9,447		6,439
Total 5G broadband customers, end of period	8,450		7,955		6,430		8,450		6,430

(2)Includes broadband customers.

(3)In the third quarter of 2025, we acquired 3,287,000 postpaid phone customers, 390,000 postpaid other customers, including 141,000 5G broadband customers, and 349,000 prepaid customers through the UScellular acquisition, which includes the impact of certain base adjustments to align the policies of UScellular and T-Mobile.

(4)In the third quarter of 2025, we acquired 755,000 fiber customers from Metronet and other acquisitions.

(5)In the second quarter of 2025, we acquired 97,000 fiber customers from Lumos.

(6)In the second quarter of 2024, we acquired 3,504,000 prepaid customers through our acquisition of Ka’ena, which includes the impact of certain base adjustments to align the policies of Ka’ena and T-Mobile.

Translating Industry-Leading Customer Growth into Durable and Profitable Financial Growth(1)

•Total service revenues increased 10% year-over-year to $18.7 billion in Q4 2025 and 8% year-over-year to $71.3 billion in 2025, which included Postpaid service revenues growth of 14% year-over-year to $15.4 billion in Q4 2025 and 11% growth year-over-year to $57.9 billion in 2025.

•Net income of $2.1 billion in Q4 2025 included the impact of severance and related costs associated with the 2025 workforce transformation and reinvestment initiative, net of tax, of $293 million. Net income of $11.0 billion in 2025 included the impact of severance and related costs associated with the 2025 workforce transformation and reinvestment initiative, net of tax, of $293 million and impairment expense, net of tax, of $208 million.

•Diluted EPS of $1.88 per share in Q4 2025 included the impact of severance and related costs associated with the 2025 workforce transformation and reinvestment initiative, net of tax, of $0.26 per share. Diluted EPS of $9.72 per share in 2025 included the impact of severance and related costs associated with the 2025 workforce transformation and reinvestment initiative, net of tax, of $0.26 per share and impairment expense, net of tax, of $0.18 per share.

•Core Adjusted EBITDA increased 7% year-over-year to $8.4 billion in Q4 2025 and increased 7% year-over-year to $33.9 billion in 2025.

•Net cash provided by operating activities(2) increased 20% year-over-year to $6.7 billion in Q4 2025 and increased 25% year-over-year to $28.0 billion in 2025.

•Cash purchases of property and equipment, including capitalized interest increased 12% year-over-year to $2.5 billion in Q4 2025 and increased 13% year-over-year to $10.0 billion in 2025, which included the impact from planned higher capital purchases, including for increased greenfield site builds and incremental capital expenditures following the acquisition of UScellular.

•Adjusted Free Cash Flow increased 2% year-over-year to $4.2 billion in Q4 2025 and increased 6% year-over-year to $18.0 billion in 2025.

•Stockholder Returns through December 31, 2025, of $45.4 billion on a cumulative basis since the initiation of the stockholder return program included 216.0 million shares repurchased for $37.2 billion and cash dividends of $8.2 billion. This includes 11.9 million shares of common stock repurchased for $2.5 billion in Q4 2025 and 42.4 million shares repurchased for $9.9 billion in 2025, and cash dividends of $1.1 billion in Q4 2025 and $4.1 billion in 2025. The current authorization allows for stock repurchases and dividends through December 2026 of up to $14.6 billion.


	Quarter						Year Ended December 31,				Q4 2025 vs. Q3 2025		Q4 2025 vs. Q4 2024		2025 vs. 2024
(in millions, except EPS)	Q4 2025		Q3 2025		Q4 2024		2025		2024
Total service revenues	$	18,702	$	18,241	$	16,928	$	71,306	$	66,178	2.5	%	10.5	%	7.7	%
Postpaid service revenues	15,378		14,882		13,502		57,932		52,340		3.3	%	13.9	%	10.7	%
Total revenues	24,334		21,957		21,872		88,309		81,400		10.8	%	11.3	%	8.5	%
Net income	2,103		2,714		2,981		10,992		11,339		(22.5)	%	(29.5)	%	(3.1)	%
Diluted EPS	1.88		2.41		2.57		9.72		9.66		(22.0)	%	(26.8)	%	0.6	%
Adjusted EBITDA	8,447		8,684		7,916		33,937		31,864		(2.7)	%	6.7	%	6.5	%
Core Adjusted EBITDA	8,445		8,680		7,905		33,924		31,771		(2.7)	%	6.8	%	6.8	%
Net cash provided by operating activities (2)	6,654		7,457		5,549		27,950		22,293		(10.8)	%	19.9	%	25.4	%
Cash purchases of property and equipment, including capitalized interest	2,469		2,639		2,212		9,955		8,840		(6.4)	%	11.6	%	12.6	%
Adjusted Free Cash Flow	4,185		4,818		4,084		17,995		17,032		(13.1)	%	2.5	%	5.7	%

(1) Industry-leading claims are based on consensus expectations if results are not yet reported.

(2) Effective November 1, 2024, following amendments to the company’s Equipment Installment Plan Sale and Service Receivable Sale arrangements, all cash proceeds associated with the sale of such receivables, a portion of which was previously recognized as Proceeds related to beneficial interests in securitization transactions within investing cash flows, were recognized as operating cash flows. These amendments did not have a net impact on Adjusted Free Cash Flow.

Extending Overall Network Lead with Best Assets, Customer Centricity and Technology Leadership

•For the first time ever, customers have rated T-Mobile highest for network quality in five of six regions in the J.D. Power 2026 U.S. Wireless Network Quality Study. This milestone reflects the impact of T-Mobile’s long-term network strategy, as customers rated the company highest for network quality across more U.S. regions than at any point in its history—well above its previous high of two regions and ending a run of 35 consecutive reports with a single carrier leading the category.

See 5G device, coverage, and access details at T-Mobile.com. J.D. Power Award: The 2026 U.S. Wireless Network Quality Performance Study—Volume 1 is based on responses from 20,050 wireless customers. Carrier performance is examined in six regions: Mid-Atlantic, North Central, Northeast, Southeast, Southwest and West. In addition to evaluating the network quality experienced by customers with wireless phones, the study also measures the network performance of tablets and mobile broadband devices. The study was fielded from June through November 2025. Opensignal Award: Mobile Network Experience Report - January 2026. Data Collection Period: Sep 01 - Nov 29, 2025. Ookla Award: United States Speedtest Connectivity Report H2 2025. Based on millions of daily consumer-initiated tests taken on Speedtest, along with quality of experience (QoE) metrics. Data Collection Period: July – December 2025. Ookla® trademarks used under license and reprinted with permission.

Strong Outlook for 2026 with Continued Industry-Leading Growth

•Postpaid net account additions are expected to be between 900 thousand and 1.0 million.

•Core Adjusted EBITDA, which is Adjusted EBITDA less lease revenues, is expected to be between $37.0 billion and $37.5 billion, up 10% year-over-year at the midpoint.

•Net cash provided by operating activities, including payments for UScellular merger-related costs, is expected to be between $28.0 billion and $28.7 billion.

•Cash purchases of property and equipment, including capitalized interest, are expected to be approximately $10.0 billion.

•Adjusted Free Cash Flow, including payments for UScellular merger-related costs, is expected to be between $18.0 billion and $18.7 billion. Adjusted Free Cash Flow guidance does not assume any material net cash inflows from securitization.

The company will also provide an update to its multi-year guidance through 2027, originally presented at its September 2024 Capital Markets Day, during its upcoming Capital Markets Day Update event which will be available via webcast and in a separate press release concurrent with the event on the Investor Relations website, in addition to the company’s release earlier this morning announcing a first-of-its-kind network-integrated service that enables real-time translation during phone calls, here.


(in millions, except Postpaid net account additions and Effective tax rate)	FY 2026 Guidance
Postpaid net account additions (thousands)		900	1,000
Net income (1)		N/A	N/A
Effective tax rate		25%	26%
Core Adjusted EBITDA (2)		$37,000	$37,500


Net cash provided by operating activities		28,000	28,700
Capital expenditures (3)	~10,000
Adjusted Free Cash Flow		18,000	18,700

(1)T-Mobile is not able to forecast Net income on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect GAAP Net income, including, but not limited to, Special Items, Income tax expense and Interest expense. Core Adjusted EBITDA should not be used to predict Net income as the difference between this measure and Net income is variable.

(2)Management uses Core Adjusted EBITDA as a measure to monitor the financial performance of company operations, excluding the impact of lease revenues from related device financing programs.

(3)Capital expenditures means cash purchases of property and equipment, including capitalized interest.

Financial Results

For more details on T-Mobile’s Q4 2025 and full year 2025 results, including the Investor Factbook with detailed financial tables, please visit T-Mobile US, Inc.’s Investor Relations website at https://investor.t-mobile.com.

Earnings Call Information

Date/Time

•Wednesday, February 11, 2026, at 8:30 a.m. (EDT)

Access via Webcast

The earnings call will be broadcasted live and can be replayed via the Investor Relations website at https://investor.t-mobile.com.

Contact Information

•Media Relations: mediarelations@t-mobile.com

•Investor Relations: investor.relations@t-mobile.com

T-Mobile Social Media

Investors and others should note that we announce material financial and operational information to our investors using our investor relations website (https://investor.t-mobile.com), newsroom website (https://t-mobile.com/news), press releases, SEC filings and public conference calls and webcasts. We also intend to use certain social media accounts as a means of disclosing information about us and our services and for complying with our disclosure obligations under Regulation FD (the @TMobileIR X account (https://x.com/TMobileIR), the @SriniGopalan X account (https://x.com/SriniGopalan) and our CEO’s LinkedIn account (https://www.linkedin.com/in/srini-gopalan/), both of which Mr. Gopalan also uses as a means for personal communications and observations, and the @TMobileCFO X account (https://x.com/tmobilecfo), and our CFO’s LinkedIn account (https://www.linkedin.com/in/peter-osvaldik-3887394), both of which Mr. Osvaldik also uses as a means for personal communication and observations). The information we post through these social media channels may be deemed material. Accordingly, investors should monitor these social media channels in addition to following our press releases, SEC filings and public conference calls and webcasts. The social media channels that we intend to use as a means of disclosing the information described above may be updated from time to time as listed on our investor relations website.

About T-Mobile US, Inc.

As the supercharged Un-carrier, T-Mobile US, Inc. (NASDAQ: TMUS) is powered by an award-winning 5G network that connects more people, in more places, than ever before. With T-Mobile’s unique value proposition of best network, best value and best experiences, the Un-carrier is redefining connectivity and fueling competition while continuing to drive the next wave of innovation in wireless and beyond. Headquartered in Bellevue, Wash., T-Mobile provides services through its subsidiaries and operates its flagship brands, T-Mobile, Metro by T-Mobile and Mint Mobile. For more information, visit https://www.t-mobile.com.

Forward-Looking Statements

Forward-looking statements are based on current expectations and assumptions, which are subject to risks and uncertainties and may cause actual results to differ materially from the forward-looking statements. Important factors that could affect future results and cause those results to differ materially from those expressed in the forward-looking statements include, among others, the following: competition, industry consolidation and changes in the market for wireless communications services and other forms of connectivity; cyberattacks, disruptions, data loss or other security breaches; our inability to adopt and deploy network technologies in a timely and effective manner; our inability to effectively execute our digital transformation and drive customer and employee adoption of emerging technologies; our inability to retain or motivate key personnel, hire qualified personnel or maintain our corporate culture; system failures and business disruptions, allowing for unauthorized use of or interference with our network and other systems; the scarcity and cost of additional wireless spectrum, and regulations relating to spectrum use; the timing and effects of any pending and future acquisition, investment, joint venture, merger or divestiture involving us, including our inability to obtain any required regulatory approval necessary to consummate any such transactions or to achieve the expected benefits of such transactions; adverse economic, political or market conditions in the U.S. and international markets, including changes resulting from increases in inflation or interest rates, tariffs and trade restrictions, supply chain disruptions, fluctuations in global currencies, immigration policies, and impacts of geopolitical instability, such as the Ukraine-Russia and Israel-Hamas wars and further escalations thereof; potential operational delays, higher procurement and operational costs, and increased regulatory and compliance complexities as result of changes to trade policies, including higher tariffs, restrictions and other economic disincentives to trade; our inability to successfully deliver new products and services; any disruption or failure of our third parties (including key suppliers) to provide products or services for the operation of our business; sociopolitical volatility and polarization and risks related to environmental, social and governance matters; our substantial level of indebtedness and our inability to service our debt obligations in accordance with their terms; changes in the credit market conditions, credit rating downgrades or an inability to access debt markets; our inability to maintain effective internal control over financial reporting; compliance with the current regulatory framework, including our national security obligations, and any changes in regulations or in the regulatory framework under which we operate; laws and regulations relating to the handling of privacy, data protection and artificial intelligence; unfavorable outcomes of and increased costs from existing or future regulatory or legal proceedings; difficulties in protecting our intellectual property rights or if we infringe on the intellectual property rights of others; our offering of regulated financial services products and exposure to a wide variety of state and federal regulations; new or amended tax laws or regulations or administrative interpretations and judicial decisions affecting the scope or application of tax laws or regulations; our wireless licenses, including those controlled through leasing agreements, are subject to renewal and may be revoked; our exclusive forum provision as provided in our Certificate of Incorporation; interests of Deutsche Telecom AG (“DT”), our controlling stockholder, which may differ from the interests of other stockholders; our current and future stockholder return programs may not be fully utilized, and our share repurchases and dividend payments pursuant thereto may fail to have the desired impact on stockholder value; future sales of our common stock by DT and SoftBank Group Corp. and our inability to attract additional equity financing outside the United States due to foreign ownership limitations by the Federal Communications Commission; and other risks as disclosed in our most recent annual report on Form 10-K, and subsequent Forms 10-Q and other filings with the Securities and Exchange Commission. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. We undertake no obligation to revise or publicly release the results of any revision to these forward- looking statements, except as required by law.

T-Mobile US, Inc.

Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures

(Unaudited)

This Press Release includes non-GAAP financial measures, including Adjusted EBITDA, Core Adjusted EBITDA, Adjusted Free Cash Flow and Adjusted Free Cash Flow margin. The non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with GAAP. Reconciliations for the non-GAAP financial measures to the most directly comparable GAAP financial measures are provided below. T-Mobile is not able to forecast Net income on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect GAAP net income, including, but not limited to, Special Items, Income tax expense and Interest expense. Adjusted EBITDA and Core Adjusted EBITDA should not be used to predict Net income as the difference between either of these measures and Net income is variable.

Adjusted EBITDA and Core Adjusted EBITDA are reconciled to Net income as follows:


	Quarter																Year Ended December 31,
(in millions)	Q1 2024		Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025		2024		2025

Net income	$	2,374	$	2,925	$	3,059	$	2,981	$	2,953	$	3,222	$	2,714	$	2,103	$	11,339	$	10,992
Adjustments:


Interest expense, net	880		854		836		841		916		922		924		1,012		3,411		3,774


Other (income) expense, net	(20)		8		(7)		(94)		46		11		78		89		(113)		224
Income tax expense	764		843		908		858		885		1,058		814		532		3,373		3,289
Operating income	3,998		4,630		4,796		4,586		4,800		5,213		4,530		3,736		18,010		18,279
Depreciation and amortization	3,371		3,248		3,151		3,149		3,198		3,146		3,408		3,756		12,919		13,508

Stock-based compensation (1)	140		147		143		156		168		178		217		209		586		772
Merger-related costs (gain), net (2) (3)	130		(9)		16		10		14		33		73		143		147		263



Network restructuring initiative costs (4)	—		—		—		—		—		—		—		93		—		93
Legal-related expenses (recoveries), net (5)	—		15		1		(105)		6		(4)		8		6		(89)		16
Impairment expense	—		—		—		—		—		—		278		—		—		278
Other, net (6)	13		22		136		120		73		(19)		170		504		291		728
Adjusted EBITDA	7,652		8,053		8,243		7,916		8,259		8,547		8,684		8,447		31,864		33,937
Lease revenues	(35)		(26)		(21)		(11)		(1)		(6)		(4)		(2)		(93)		(13)
Core Adjusted EBITDA	$	7,617	$	8,027	$	8,222	$	7,905	$	8,258	$	8,541	$	8,680	$	8,445	$	31,771	$	33,924

(1)Stock-based compensation includes payroll tax impacts and may not agree to stock-based compensation expense in the Condensed Consolidated Financial Statements. Additionally, certain stock-based compensation expenses associated with the Sprint merger have been included in Merger-related costs (gain), net.

(2)Merger-related costs (gain), net includes Sprint merger-related costs and UScellular merger-related costs.

(3)Merger-related costs (gain), net, for the three months ended June 30, 2024 and the year ended December 31, 2024, includes the $100 million gain recognized for the extension fee previously paid by DISH associated with the DISH License Purchase Agreement.

(4)In Q4 2025, we began implementing network restructuring initiatives as a result of recent technological advancements that enhanced our Customer-Driven Coverage insights. Network restructuring initiative costs consist of network decommissioning and contract termination costs related to the rationalization of our network and backhaul services and the elimination of duplicative costs.

(5)Legal-related expenses (recoveries), net consists of the settlement of certain litigation and compliance costs associated with the August 2021 cyberattack, net of insurance recoveries.

(6)Other, net, primarily consists of certain severance, restructuring and other expenses, gains and losses, not directly attributable to the Sprint merger or UScellular acquisition, which are not reflective of T-Mobile’s ongoing core business activities and are, therefore, excluded from Adjusted EBITDA and Core Adjusted EBITDA. Other, net for the three months and year ended December 31, 2025, includes $390 million of severance and related costs associated with the 2025 workforce reduction.

Adjusted EBITDA represents earnings before Interest expense, net of Interest income, Income tax expense, Depreciation and amortization, stock-based compensation and certain expenses, gains and losses, which are not reflective of our ongoing operating performance (“Special Items”). Special Items include Merger-related costs (gain), net, costs associated with the network restructuring initiative (as discussed above), certain legal-related expenses and recoveries, Impairment expense, restructuring costs not directly attributable to the Sprint merger or UScellular acquisition (including severance), and other non-core gains and losses. Core Adjusted EBITDA represents Adjusted EBITDA less device lease revenues. Core Adjusted EBITDA and Adjusted EBITDA are non-GAAP financial measures utilized by T-Mobile’s management, including our chief operating decision maker, to monitor the financial performance of our operations and allocate resources of the company as a whole. T-Mobile uses Core Adjusted EBITDA and Adjusted EBITDA as benchmarks to evaluate T-Mobile’s operating performance in comparison to its competitors. T-Mobile also uses Core Adjusted EBITDA internally as a measure to evaluate and compensate its personnel and management for their performance. Management believes analysts and investors use Core Adjusted EBITDA and Adjusted EBITDA as supplemental measures to evaluate overall operating performance and to facilitate comparisons with other wireless communications and broadband services companies because they are indicative of T-Mobile’s ongoing operating performance and trends by excluding the impact of Interest expense from financing, non-cash depreciation and amortization from capital investments, non-cash stock-based compensation, and Special Items. Management believes analysts and investors use Core Adjusted EBITDA because it normalizes for the transition in the company’s device financing strategy, by excluding the impact of device lease revenues from Adjusted EBITDA, to align with the related depreciation expense on leased devices, which is excluded from the definition of Adjusted EBITDA. Core Adjusted EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be considered in isolation or as substitutes for Net income or any other measure of financial performance reported in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

T-Mobile US, Inc.

Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures (continued)

(Unaudited)

Adjusted Free Cash Flow and Adjusted Free Cash Flow margin are calculated as follows:


	Quarter																								Year Ended December 31,
(in millions, except percentages)	Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025			2024			2025

Net cash provided by operating activities	$	5,084		$	5,521		$	6,139		$	5,549		$	6,847		$	6,992		$	7,457		$	6,654		$	22,293		$	27,950
Cash purchases of property and equipment, including capitalized interest	(2,627)			(2,040)			(1,961)			(2,212)			(2,451)			(2,396)			(2,639)			(2,469)			(8,840)			(9,955)

Proceeds related to beneficial interests in securitization transactions	890			958			984			747			—			—			—			—			3,579			—

Adjusted Free Cash Flow	$	3,347		$	4,439		$	5,162		$	4,084		$	4,396		$	4,596		$	4,818		$	4,185		$	17,032		$	17,995
Net cash provided by operating activities margin (Net cash provided by operating activities divided by Service revenues)	31.6		%	33.6		%	36.7		%	32.8		%	40.5		%	40.1		%	40.9		%	35.6		%	33.7		%	39.2		%
Adjusted Free Cash Flow margin (Adjusted Free Cash Flow divided by Service revenues)	20.8		%	27.0		%	30.9		%	24.1		%	26.0		%	26.4		%	26.4		%	22.4		%	25.7		%	25.2		%

Effective November 1, 2024, following amendments to the company’s Equipment Installment Plan Sale and Service Receivable Sale arrangements, all cash proceeds associated with the sale of such receivables, a portion of which was previously recognized as Proceeds related to beneficial interests in securitization transactions within investing cash flows, were recognized as operating cash flows. These amendments did not have a net impact on Adjusted Free Cash Flow.

Adjusted Free Cash Flow - Net cash provided by operating activities less Cash purchases of property and equipment, plus Proceeds related to beneficial interests in securitization transactions. Adjusted Free Cash Flow is utilized by T-Mobile’s management, investors and analysts to evaluate cash available to pay debt, repurchase shares, pay dividends and provide further investment in the business.

Adjusted Free Cash Flow margin - Adjusted Free Cash Flow divided by Service revenues. Adjusted Free Cash Flow margin is utilized by T-Mobile’s management, investors, and analysts to evaluate the company’s ability to convert service revenue efficiently into cash available to pay debt, repurchase shares and provide further investment in the business.

The guidance range for Adjusted Free Cash Flow is calculated as follows:


	FY 2026
(in millions)	Guidance Range

Net cash provided by operating activities	$	28,000	$	28,700
Cash purchases of property and equipment, including capitalized interest	(10,000)		(10,000)
Adjusted Free Cash Flow	$	18,000	$	18,700

T-Mobile US, Inc.

Operating Measures

(Unaudited)

The following table sets forth company operating measures ARPA and ARPU:


	Quarter																Year Ended December 31,
(in dollars)	Q1 2024		Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025		2024		2025





Postpaid ARPA	$	140.88	$	142.54	$	145.60	$	146.28	$	146.22	$	149.87	$	149.44	$	150.17	$	143.85	$	148.97







Postpaid phone ARPU	48.79		49.07		49.79		49.73		49.38		50.62		50.71		50.71		49.35		50.37















Prepaid ARPU	37.18		35.94		35.81		35.49		34.67		34.63		33.93		33.33		36.06		34.14

Postpaid Average Revenue Per Account (“ARPA”) - Average monthly postpaid service revenue earned per account. Postpaid service revenues for the specified period divided by the average number of postpaid accounts during the period, further divided by the number of months in the period.

Average Revenue Per User (“ARPU”) - Average monthly service revenue earned per customer. Service revenues for the specified period divided by the average number of customers during the period, further divided by the number of months in the period.

Postpaid phone ARPU excludes postpaid other customers and related revenues.

EXHIBIT 99.2


			2


3						Highlights
4						Customer Metrics
7						Financial Metrics
13						Capital Structure

14						Guidance
15						Contacts
16						Financial and Operational Tables


			3

(2)Core Adjusted EBITDA, Adjusted Free Cash Flow and Adjusted Free Cash Flow margin are non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with GAAP. Reconciliations for these non-GAAP financial measures to the most directly comparable GAAP financial measures are provided in the Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures tables. We are not able to forecast Net income on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect Net income, including, but not limited to, Special Items, Income tax expense and Interest expense. Core Adjusted EBITDA should not be used to predict Net income as the difference between this measure and Net income is variable.


			4


			Postpaid Accounts (in thousands)

During Q2 2025, we acquired 85,000 postpaid accounts from Lumos.

During Q3 2025, we acquired 1,448,000 postpaid accounts, net of certain base adjustments, through the UScellular acquisition.

During Q3 2025, we acquired 633,000 postpaid accounts from Metronet and other acquisitions.


Year-Over-Year

Continued growth in Postpaid accounts with net additions relatively flat primarily due to:

■Higher account deactivations driven by the impact from a growing account base, including following the UScellular acquisition, and higher industry switching

■Mostly offset by higher gross account additions, including fiber account additions following the acquisitions of Metronet and Lumos


Sequential

Continued growth in Postpaid accounts with a decrease in net additions primarily due to:

■Higher account deactivations, including seasonal trends, higher industry switching and the impact from a growing account base


Year-Over-Year

Postpaid ARPA increased 3% primarily due to:

■The positive impact from rate plan optimizations and higher fee revenue, including from the adoption of new tax and fee exclusive plans

■An increase in customers per account, including from the continued adoption of 5G broadband and continued growth of T-Mobile for Business customers, partially offset by fiber and UScellular accounts with fewer customers per account

■Partially offset by increased promotional activity, including the success of bundled offerings

Postpaid phone ARPU increased 2% primarily due to:

■The positive impact from rate plan optimizations and higher fee revenue, including from the adoption of new tax and fee exclusive plans

■The acquisition of higher-ARPU UScellular customers

■Partially offset by increased promotional activity, including the success of bundled offerings


Sequential

Postpaid ARPA increased slightly primarily due to:

■Higher fee revenue, including from the adoption of new tax and fee exclusive plans

■Mostly offset by increased promotional activity, including the success of bundled offerings


Sequential

Postpaid phone ARPU was flat primarily due to:

■Higher fee revenue, including from the adoption of new tax and fee exclusive plans

■The acquisition of higher-ARPU UScellular customers

■Offset by increased promotional activity, including the success of bundled offerings


			Postpaid ARPA & Postpaid Phone ARPU


			5


			Postpaid Customers (in thousands)

During Q2 2025, we acquired 97,000 postpaid fiber customers from Lumos.

During Q3 2025, we acquired 3,677,000 postpaid customers, net of certain base adjustments, through the UScellular acquisition.

During Q3 2025, we acquired 755,000 postpaid fiber customers from Metronet and other acquisitions.


Year-Over-Year

Postpaid phone net customer additions increased primarily due to:

■Higher gross additions

■Partially offset by increased deactivations from higher churn and a growing customer base

Postpaid other net customer additions increased primarily due to:

■Higher net additions from mobile internet devices, including from success in business customers

■Higher broadband net additions

■Higher net additions from other connected devices


Sequential

Postpaid phone net customer additions decreased primarily due to:

■Increased deactivations from higher churn and a growing customer base

■Partially offset by higher gross additions, including seasonal trends

Postpaid other net customer additions increased primarily due to:

■Higher net additions from mobile internet devices

■Higher net additions from other connected devices


Year-Over-Year

Postpaid phone churn increased 10 basis points primarily due to:

■Higher industry switching


Sequential

Postpaid phone churn increased 13 basis points primarily due to:

■Seasonal trends

■Higher industry switching


			Postpaid Phone Churn


			6


			Prepaid Customers (in thousands)

During Q3 2025, we acquired 349,000 prepaid customers, net of certain base adjustments, through the UScellular acquisition.


Year-Over-Year

Prepaid net customer additions decreased primarily due to:

■Increased deactivations from a growing customer base

■Lower gross additions

■Partially offset by lower churn


Sequential

Prepaid net customer additions increased primarily due to:

■Fewer prepaid to postpaid migrations


Year-Over-Year

Total broadband net customer additions increased primarily due to:

■Higher gross additions, including fiber gross additions following the acquisitions of Metronet and Lumos

■Lower 5G broadband churn

■Partially offset by increased deactivations from a growing customer base


Sequential

Total broadband net customer additions were relatively flat primarily due to:

■Increased deactivations from a growing customer base

■Mostly offset by lower 5G broadband churn


			Broadband Customers (in thousands)

During Q2 2025, we acquired 97,000 fiber customers from Lumos.

During Q3 2025, we acquired 141,000 postpaid 5G broadband customers, net of certain base adjustments, through the UScellular acquisition.

During Q3 2025, we acquired 755,000 fiber customers from Metronet and other acquisitions.


			7


			Service Revenues ($ in millions)


Year-Over-Year

Service revenues increased 10% primarily due to:

■An increase in Postpaid service revenues, including following the acquisitions of UScellular, Metronet and Lumos

■Partially offset by lower Prepaid service revenues


Sequential

Service revenues increased 3% primarily due to:

■An increase in Postpaid service revenues, including following the acquisitions of Metronet and UScellular which closed during Q3


Year-Over-Year

Postpaid service revenues increased 14% primarily due to:

■Higher average postpaid accounts, including following the acquisitions of UScellular, Metronet and Lumos

■Higher postpaid ARPA


Sequential

Postpaid service revenues increased 3% primarily due to:

■Higher average postpaid accounts, including following the acquisitions of UScellular and Metronet which closed during Q3


			Postpaid Service Revenues ($ in millions)


			8


			Equipment Revenues ($ in millions)


Year-Over-Year

Equipment revenues increased 14% primarily due to:

■A higher average revenue per device sold, net of promotions, primarily driven by an increase in the high-end phone mix

■Higher liquidation revenue primarily due to a higher number of liquidated devices

■A higher number of devices sold, including following the UScellular acquisition


Sequential

Equipment revenues increased 55% primarily due to:

■A higher average revenue per device sold, net of promotions, primarily due to an increase in the high-end phone mix, including seasonal trends

■A higher number of devices sold, including seasonal trends and following the UScellular acquisition which closed during Q3

■Higher liquidation revenue primarily due to a higher number of liquidated devices and an increase in the high-end phone mix


Year-Over-Year

Cost of equipment sales, exclusive of Depreciation and Amortization (D&A), increased 14% primarily due to:

■A higher average cost per device sold primarily driven by an increase in the high-end phone mix

■A higher number of devices sold, including following the UScellular acquisition

■Higher liquidation costs primarily due to a higher number of liquidated devices


Sequential

Cost of equipment sales, exclusive of D&A, increased 44% primarily due to:

■A higher average cost per device sold primarily due to an increase in the high-end phone mix, including seasonal trends

■A higher number of devices sold, including seasonal trends and following the UScellular acquisition which closed during Q3

■Higher liquidation costs primarily due to a higher number of liquidated devices and an increase in the high-end phone mix


			Cost of Equipment Sales, exclusive of D&A ($ in millions, % of Equipment sales)


			9


			Cost of Services, exclusive of D&A ($ in millions, % of Service revenues)


Year-Over-Year

Cost of services, exclusive of D&A, increased 23% primarily due to:

■Higher costs following the UScellular acquisition, including merger-related costs

■Wholesale network access costs and customer installation fees paid to Metronet and Lumos

■$111 million of severance and related costs associated with the 2025 workforce transformation and reinvestment initiative

■Higher restructuring costs associated with network optimization


Sequential

Cost of services, exclusive of D&A, increased 15% primarily due to:

■$111 million of severance and related costs associated with the 2025 workforce transformation and reinvestment initiative

■Higher repair and maintenance expenses

■Higher restructuring costs associated with network optimization


Year-Over-Year

SG&A expense increased 23% primarily due to:

■Higher costs following the UScellular acquisition, including merger-related costs

■$279 million of severance and related costs associated with the 2025 workforce transformation and reinvestment initiative

■Prior year gains related to the closing of certain spectrum exchange transactions and legal-related insurance recoveries

■Higher personnel-related costs, including payroll and benefits

■Higher advertising expenses


Sequential

SG&A expense increased 9% primarily due to:

■$279 million of severance and related costs associated with the 2025 workforce transformation and reinvestment initiative

■Higher advertising expenses


			Selling, General and Administrative (SG&A) Expense ($ in millions, % of Service revenues)


			10


			Net Income ($ in millions, % of Service revenues)


			Diluted Earnings Per Share (Diluted EPS)


Year-Over-Year

Net income was $2.1 billion and Diluted earnings per share was $1.88 in Q4 2025, compared to $3.0 billion and $2.57 in Q4 2024, primarily due to the factors described above and included the following:

■Severance and related costs associated with the 2025 workforce transformation and reinvestment initiative, net of tax, of $293 million, or $0.26 per share, in Q4 2025


Sequential

Net income was $2.1 billion and Diluted earnings per share was $1.88 in Q4 2025, compared to $2.7 billion and $2.41 in Q3 2025, primarily due to the factors described above and included the following:

■Severance and related costs associated with the 2025 workforce transformation and reinvestment initiative, net of tax, of $293 million, or $0.26 per share, in Q4 2025

■Impairment expense related to certain capitalized software development costs, net of tax, of $208 million, or $0.18 per share, in Q3 2025


			11


			Core Adjusted EBITDA* ($ in millions, % of Service revenues)

*Excludes Special Items (see detail on page 25)


Year-Over-Year

Core Adjusted EBITDA increased 7% primarily due to:

■Higher Total service revenues

■Higher Equipment revenues, excluding Lease revenues

■Partially offset by higher Cost of equipment sales, excluding Special Items, higher SG&A expenses, excluding Special Items, and higher Cost of services, excluding Special Items


Sequential

Core Adjusted EBITDA decreased 3% primarily due to:

■Higher Cost of equipment sales, excluding Special Items

■Higher SG&A expenses, excluding Special Items

■Higher Cost of services, excluding Special Items

■Partially offset by higher Equipment revenues, excluding Lease revenues, and higher Total service revenues


Year-Over-Year

Net cash provided by operating activities increased 20% primarily due to:

■Lower net cash outflows from changes in working capital, including the impact of certain cash proceeds associated with the sale of receivables, which were recognized within investing cash flows before November 1, 2024

■Partially offset by lower Net income, adjusted for non-cash income and expenses


Sequential

Net cash provided by operating activities decreased 11% primarily due to:

■Lower Net income, adjusted for non-cash income and expenses

■Partially offset by lower net cash outflows from changes in working capital

The impact of net payments for Merger-related costs on Net cash provided by operating activities was $100 million in Q4 2025 compared to $96 million in Q3 2025 and $123 million in Q4 2024.


			Net Cash Provided by Operating Activities ($ in millions)


			12


			Cash Purchases of Property and Equipment, incl. Capitalized Interest ($ in millions, % of Service revenues)


Year-Over-Year

Cash purchases of property and equipment, including capitalized interest, increased 12% primarily due to:

■Planned timing of capital purchases, including for increased greenfield site builds and incremental capital expenditures following the UScellular acquisition


Sequential

Cash purchases of property and equipment, including capitalized interest, decreased 6% primarily due to:

■Planned timing of capital purchases


Year-Over-Year

Adjusted Free Cash Flow increased 2% primarily due to:

■Higher Net cash provided by operating activities

■Partially offset by the impact of certain cash proceeds associated with the sale of receivables, which were recognized within investing cash flows before November 1, 2024, and are now recognized as operating cash flows, and higher Cash purchases of property and equipment. The change to the recognition of cash proceeds from the sale of receivables had no net impact to Adjusted Free Cash Flow.

All cash proceeds from the sale of receivables are now recognized within Net cash provided by operating activities. There were no significant net cash impacts during the quarter from securitization.


Sequential

Adjusted Free Cash Flow decreased 13% primarily due to:

■Lower Net cash provided by operating activities

■Partially offset by lower Cash purchases of property and equipment

The impact of net payments for Merger-related costs on Adjusted Free Cash Flow was $100 million in Q4 2025 compared to $96 million in Q3 2025 and $123 million in Q4 2024


			Adjusted Free Cash Flow ($ in millions)


			13


			Total Debt (Excluding Tower Obligations), Net Debt (Excluding Tower Obligations), and Net Debt to LTM Net Income and Core Adj. EBITDA Ratios ($ in billions)


			Stockholder Returns ($ in millions)

Total debt, excluding tower obligations, at the end of Q4 2025 was $88.6 billion.

Net debt, excluding tower obligations, at the end of Q4 2025 was $83.0 billion.

■On a cumulative basis, since the company initiated its stockholder return program in Q3 2022, a total of $45.4 billion has been returned to stockholders as of December 31, 2025, with 216.0 million shares repurchased for $37.2 billion, and cumulative cash dividends of $8.2 billion.

■During Q4 2025, 11.9 million shares were repurchased for $2.5 billion.

■During Q4 2025, the company paid a cash dividend of $1.02 per share of common stock, or $1.1 billion, on December 11, 2025.

■On December 11, 2025 the Board of Directors announced a stockholder return program for up to $14.6 billion that will run through December 31, 2026, consisting of additional repurchases of shares and payment of cash dividends, with the next dividend payable on March 12, 2026.


			14

2026 Outlook



Postpaid net account additions						900 thousand to 1.0 million
Net income (1)						N/A
Effective tax rate						25% to 26%
Core Adjusted EBITDA (2)						$37.0 to $37.5 billion
Net cash provided by operating activities						$28.0 to $28.7 billion
Capital expenditures (3)						~$10.0 billion
Adjusted Free Cash Flow						$18.0 to $18.7 billion

(1)We are not able to forecast Net income on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect GAAP Net income, including, but not limited to, Special Items, Income tax expense and Interest expense. Core Adjusted EBITDA should not be used to predict Net income as the difference between this measure and Net income is variable.

(2)Management uses Core Adjusted EBITDA as a measure to monitor the financial performance of our operations, excluding the impact of lease revenues from our related device financing programs.

(3)Capital expenditures means cash purchases of property and equipment, including capitalized interest.


			15

Investor Relations

Cathy Yao

Matthew Hale

Jon Lanterman

Senior Vice President

Senior Director

Investor Relations

Chris Lo

Rose Kopecky

Charles Buffum

Danna Tao

Investor Relations

Manager

investor.relations@t-mobile.com

https://investor.t-mobile.com


			16

T-Mobile US, Inc.

Consolidated Balance Sheets

(Unaudited)


(in millions, except share and per share amounts)	December 31, 2025		December 31, 2024
Assets
Current assets

Cash and cash equivalents	$	5,598	$	5,409
Accounts receivable, net of allowance for credit losses of $226 and $176	4,874		4,276
Equipment installment plan receivables, net of allowance for credit losses and imputed discount of $733 and $656	4,997		4,379

Inventory	2,405		1,607

Prepaid expenses	1,215		880

Other current assets	5,372		1,853

Total current assets	24,461		18,404

Property and equipment, net	38,333		38,533
Operating lease right-of-use assets	25,692		25,398
Financing lease right-of-use assets	2,760		3,091
Goodwill	13,678		13,005
Spectrum licenses	98,032		100,558
Other intangible assets, net	3,843		2,512
Equipment installment plan receivables due after one year, net of allowance for credit losses and imputed discount of $213 and $158	2,683		2,209

Other assets	9,755		4,325

Total assets	$	219,237	$	208,035
Liabilities and Stockholders' Equity
Current liabilities

Accounts payable and accrued liabilities	$	10,280	$	8,463

Short-term debt	5,135		4,068

Deferred revenue	1,533		1,222
Short-term operating lease liabilities	3,814		3,281
Short-term financing lease liabilities	1,163		1,175

Other current liabilities	2,575		1,965

Total current liabilities	24,500		20,174

Long-term debt	79,649		72,700
Long-term debt to affiliates	1,498		1,497
Tower obligations	3,532		3,664
Deferred tax liabilities	19,583		16,700
Operating lease liabilities	26,371		26,408
Financing lease liabilities	1,107		1,151


Other long-term liabilities	3,794		4,000

Total long-term liabilities	135,534		126,120
Commitments and contingencies
Stockholders' equity


Common stock, par value $0.00001 per share, 2,000,000,000 shares authorized; 1,275,774,235 and 1,271,074,364 shares issued, 1,106,930,661 and 1,144,579,681 shares outstanding	—		—
Additional paid-in capital	69,460		68,798
Treasury stock, at cost, 168,843,574 and 126,494,683 shares issued	(30,545)		(20,584)
Accumulated other comprehensive loss	(848)		(857)
Retained earnings	21,136		14,384

Total stockholders' equity	59,203		61,741
Total liabilities and stockholders' equity	$	219,237	$	208,035


			17

T-Mobile US, Inc.

Consolidated Statements of Comprehensive Income

(Unaudited)


	Three Months Ended						Year Ended December 31,
(in millions, except share and per share amounts)	December 31, 2025		September 30, 2025		December 31, 2024		2025		2024
Revenues

Postpaid revenues	$	15,378	$	14,882	$	13,502	$	57,932	$	52,340
Prepaid revenues	2,586		2,625		2,688		10,497		10,399
Wholesale and other service revenues	738		734		738		2,877		3,439


Total service revenues	18,702		18,241		16,928		71,306		66,178

Equipment revenues	5,364		3,465		4,699		15,972		14,263
Other revenues	268		251		245		1,031		959

Total revenues	24,334		21,957		21,872		88,309		81,400

Operating expenses

Cost of services, exclusive of depreciation and amortization shown separately below	3,305		2,873		2,697		11,497		10,771
Cost of equipment sales, exclusive of depreciation and amortization shown separately below	6,967		4,853		6,088		21,277		18,882
Selling, general and administrative	6,570		6,015		5,352		23,470		20,818

Impairment expense	—		278		—		278		—

Depreciation and amortization	3,756		3,408		3,149		13,508		12,919


Total operating expenses	20,598		17,427		17,286		70,030		63,390

Operating income	3,736		4,530		4,586		18,279		18,010

Other expense, net

Interest expense, net	(1,012)		(924)		(841)		(3,774)		(3,411)


Other (expense) income, net	(89)		(78)		94		(224)		113
Total other expense, net	(1,101)		(1,002)		(747)		(3,998)		(3,298)
Income before income taxes	2,635		3,528		3,839		14,281		14,712
Income tax expense	(532)		(814)		(858)		(3,289)		(3,373)



Net income	$	2,103	$	2,714	$	2,981	$	10,992	$	11,339



Net income	$	2,103	$	2,714	$	2,981	$	10,992	$	11,339
Other comprehensive income, net of tax


Reclassification of loss from cash flow hedges, net of tax effect of $17, $16, $15, $65 and $60	49		48		46		190		176
(Losses) gains on fair value hedges, net of tax effect of $(9), $(7), $20, $(64) and $5	(27)		(20)		58		(187)		16
Unrealized loss on foreign currency translation adjustment, net of tax effect of $0, $0, $0, $0 and $0	—		—		—		(1)		—

Actuarial gain (loss), net of amortization and reclassification, on pension and other postretirement benefits, net of tax effect of $3, $0, $(24), $2 and $(29)	11		(1)		(72)		7		(85)


Other comprehensive income	33		27		32		9		107

Total comprehensive income	$	2,136	$	2,741	$	3,013	$	11,001	$	11,446
Earnings per share



Basic	$	1.89	$	2.42	$	2.58	$	9.75	$	9.70



Diluted	$	1.88	$	2.41	$	2.57	$	9.72	$	9.66
Weighted-average shares outstanding
Basic	1,115,209,714		1,123,754,096		1,154,679,440		1,127,984,348		1,169,195,373
Diluted	1,117,388,934		1,126,627,708		1,159,095,696		1,131,076,251		1,173,213,898


			18

T-Mobile US, Inc.

Consolidated Statements of Cash Flows

(Unaudited)


	Three Months Ended						Year Ended December 31,
(in millions)	December 31, 2025		September 30, 2025		December 31, 2024		2025		2024
Operating activities
Net income	$	2,103	$	2,714	$	2,981	$	10,992	$	11,339
Adjustments to reconcile net income to net cash provided by operating activities

Depreciation and amortization	3,756		3,408		3,149		13,508		12,919
Stock-based compensation expense	216		227		175		829		649
Deferred income tax expense	359		797		841		2,864		3,120
Bad debt expense	445		337		356		1,370		1,192
Losses (gains) from sales of receivables	—		17		(7)		58		62





Impairment expense	—		278		—		278		—

Changes in operating assets and liabilities
Accounts receivable	42		(366)		(652)		(755)		(3,088)
Equipment installment plan receivables	(1,010)		44		(883)		(877)		(523)
Inventory	(24)		(537)		188		(615)		131
Operating lease right-of-use assets	968		929		875		3,635		3,480
Other current and long-term assets	(505)		(322)		(136)		(1,488)		(411)
Accounts payable and accrued liabilities	813		890		(180)		1,542		(2,041)
Short- and long-term operating lease liabilities	(737)		(936)		(909)		(3,457)		(3,879)
Other current and long-term liabilities	30		(239)		(21)		(379)		(678)
Other, net	198		216		(228)		445		21

Net cash provided by operating activities	6,654		7,457		5,549		27,950		22,293
Investing activities

Purchases of property and equipment, including capitalized interest of $(10), $(13), $(8), $(43) and $(34)	(2,469)		(2,639)		(2,212)		(9,955)		(8,840)
Purchases of spectrum licenses and other intangible assets, including deposits	(63)		(1,590)		(835)		(2,568)		(3,471)

Proceeds from the sale of property, equipment and intangible assets	77		18		61		2,168		99
Proceeds related to beneficial interests in securitization transactions	—		—		747		—		3,579

Acquisition of companies, net of cash acquired	—		(2,797)		17		(3,523)		(373)

Investments in unconsolidated affiliates, net	(1)		(3,072)		(18)		(4,056)		(18)
Other, net	(44)		(59)		(60)		327		(48)

Net cash used in investing activities	(2,500)		(10,139)		(2,300)		(17,607)		(9,072)
Financing activities

Proceeds from issuance of long-term debt, net	3,744		498		498		12,010		8,587



Repayments of financing lease obligations	(288)		(318)		(342)		(1,252)		(1,367)

Repayments of long-term debt	(1,635)		(828)		(1,904)		(6,199)		(5,073)


Repurchases of common stock	(2,446)		(2,479)		(4,687)		(9,974)		(11,228)
Dividends on common stock	(1,135)		(987)		(1,014)		(4,121)		(3,300)


Tax withholdings on share-based awards	(40)		(92)		(25)		(434)		(269)


Other, net	(31)		(32)		(48)		(111)		(165)

Net cash used in financing activities	(1,831)		(4,238)		(7,522)		(10,081)		(12,815)
Effect of exchange rate changes on cash and cash equivalents, including restricted cash	(12)		—		—		1		—
Change in cash and cash equivalents, including restricted cash	2,311		(6,920)		(4,273)		263		406
Cash and cash equivalents, including restricted cash
Beginning of period	3,665		10,585		9,986		5,713		5,307
End of period	$	5,976	$	3,665	$	5,713	$	5,976	$	5,713


			19

T-Mobile US, Inc.

Consolidated Statements of Cash Flows (Continued)

(Unaudited)


	Three Months Ended						Year Ended December 31,
(in millions)	December 31, 2025		September 30, 2025		December 31, 2024		2025		2024
Supplemental disclosure of cash flow information
Interest payments, net of amounts capitalized	$	959	$	997	$	905	$	3,882	$	3,683
Operating lease payments	1,079		1,269		1,234		4,764		5,162
Income tax payments, net of refunds received	36		63		44		451		179
Non-cash investing and financing activities
Non-cash beneficial interest obtained in exchange for securitized receivables	$	—	$	—	$	138	$	—	$	2,421

Change in accounts payable and accrued liabilities for purchases of property and equipment	231		136		1,190		(227)		105




Operating lease right-of-use assets obtained in exchange for lease obligations	590		1,064		441		2,728		1,741
Financing lease right-of-use assets obtained in exchange for lease obligations	230		324		239		1,232		1,222
Deferred consideration related to the Ka’ena Acquisition	—		—		8		—		218
Debt assumed in the UScellular Acquisition	—		1,653		—		1,653		—


			20

T-Mobile US, Inc.

Supplementary Operating and Financial Data

(Unaudited)


	Quarter								Year Ended December 31,
(in thousands)	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	2024	2025
Customers, end of period

Postpaid phone customers (1)	76,468	77,245	78,110	79,013	79,508	80,338	84,632	85,594	79,013	85,594
Postpaid other customers (1) (2) (3)	22,804	23,365	24,075	25,105	25,947	26,946	29,431	30,851	25,105	30,851

Total postpaid customers	99,272	100,610	102,185	104,118	105,455	107,284	114,063	116,445	104,118	116,445

Prepaid customers (1) (4)	21,600	25,283	25,307	25,410	25,455	25,494	25,886	25,943	25,410	25,943

Total customers	120,872	125,893	127,492	129,528	130,910	132,778	139,949	142,388	129,528	142,388





Adjustments to customers (1) (2) (3) (4)	—	3,504	—	—	—	97	4,781	—	3,504	4,878

(1)In the third quarter of 2025, we acquired 3,287,000 postpaid phone customers, 390,000 postpaid other customers and 349,000 prepaid customers through the UScellular acquisition, which includes the impact of certain base adjustments to align the policies of UScellular and T-Mobile.

(2)In the third quarter of 2025, we acquired 755,000 fiber customers from Metronet and other acquisitions.

(3)In the second quarter of 2025, we acquired 97,000 fiber customers from Lumos.

(4)In the second quarter of 2024, we acquired 3,504,000 prepaid customers through the Ka’ena acquisition, which includes the impact of certain base adjustments to align the policies of Ka’ena and T-Mobile.


	Quarter								Year Ended December 31,
(in thousands)	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	2024	2025
Net customer additions (losses)

Postpaid phone customers	532	777	865	903	495	830	1,007	962	3,077	3,294
Postpaid other customers	688	561	710	1,030	842	902	1,340	1,420	2,989	4,504

Total postpaid customers	1,220	1,338	1,575	1,933	1,337	1,732	2,347	2,382	6,066	7,798

Prepaid customers	(48)	179	24	103	45	39	43	57	258	184

Total net customer additions	1,172	1,517	1,599	2,036	1,382	1,771	2,390	2,439	6,324	7,982

Migrations from prepaid to postpaid plans	145	140	175	160	115	205	215	185	620	720


	Quarter																Year Ended December 31,
	Q1 2024		Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025		2024		2025
Churn
Postpaid phone churn	0.86	%	0.80	%	0.86	%	0.92	%	0.91	%	0.90	%	0.89	%	1.02	%	0.86	%	0.93	%
Prepaid churn	2.75	%	2.54	%	2.78	%	2.85	%	2.68	%	2.65	%	2.77	%	2.76	%	2.73	%	2.72	%


	Quarter																Year Ended December 31,
	Q1 2024		Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025		2024		2025
Postpaid upgrade rate
Postpaid device upgrade rate	2.4	%	2.3	%	2.6	%	3.6	%	2.8	%	2.5	%	2.7	%	3.8	%	11.1	%	11.8	%


			21

T-Mobile US, Inc.

Supplementary Operating and Financial Data (Continued)

(Unaudited)


	Quarter								Year Ended December 31,
(in thousands)	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	2024	2025
Accounts, end of period
Total postpaid accounts (1) (2) (3)	30,015	30,316	30,631	30,894	31,099	31,502	33,979	34,240	30,894	34,240

(1)In the second quarter of 2025, we acquired 85,000 postpaid accounts from Lumos.

(2)In the third quarter of 2025, we acquired 633,000 postpaid accounts from Metronet and other acquisitions.

(3)In the third quarter of 2025, we acquired 1,448,000 postpaid accounts through the UScellular acquisition, which includes the impact of certain base adjustments to align the policies of UScellular and T-Mobile.


	Quarter								Year Ended December 31,
(in thousands)	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	2024	2025
Net account additions
Postpaid net account additions	218	301	315	263	205	318	396	261	1,097	1,180


	Quarter								Year Ended December 31,
(in thousands)	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	2024	2025
Broadband customers, end of period
Postpaid 5G broadband customers (1)	4,634	4,992	5,377	5,742	6,129	6,556	7,163	7,602	5,742	7,602
Prepaid 5G broadband customers	547	595	625	688	725	752	792	848	688	848
Total 5G broadband customers, end of period	5,181	5,587	6,002	6,430	6,854	7,308	7,955	8,450	6,430	8,450
Fiber customers (2) (3)	1	2	5	9	12	125	934	997	9	997
Total broadband customers, end of period	5,182	5,589	6,007	6,439	6,866	7,433	8,889	9,447	6,439	9,447
Adjustments to customers (1) (2) (3)	—	—	—	—	—	97	896	—	—	993

(1)In the third quarter of 2025, we acquired 141,000 postpaid 5G broadband customers through the UScellular acquisition, which includes the impact of certain base adjustments to align the policies of UScellular and T-Mobile.

(2)In the third quarter of 2025, we acquired 755,000 fiber customers from Metronet and other acquisitions.

(3)In the second quarter of 2025, we acquired 97,000 fiber customers from Lumos.


	Quarter								Year Ended December 31,
(in thousands)	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	2024	2025
Broadband - net customer additions
Postpaid 5G broadband customers	346	358	385	365	387	427	466	439	1,454	1,719
Prepaid 5G broadband customers	59	48	30	63	37	27	40	56	200	160
Total 5G broadband net customer additions	405	406	415	428	424	454	506	495	1,654	1,879
Fiber customers	—	1	3	4	3	16	54	63	8	136
Total broadband net customer additions	405	407	418	432	427	470	560	558	1,662	2,015


			22

T-Mobile US, Inc.

Supplementary Operating and Financial Data (Continued)

(Unaudited)


	Quarter																Year Ended December 31,
(in millions)	Q1 2024		Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025		2024		2025
Device financing - equipment installment plans
Gross EIP financed	$	3,218	$	3,037	$	3,304	$	4,689	$	3,565	$	3,503	$	3,871	$	5,774	$	14,248	$	16,713
EIP billings	3,880		3,604		3,423		3,509		3,551		3,553		3,766		4,066		14,416		14,936
EIP receivables, net	5,967		5,556		5,347		6,588		6,405		6,201		6,915		7,680		6,588		7,680



Device financing - leased devices
Lease revenues	$	35	$	26	$	21	$	11	$	1	$	6	$	4	$	2	$	93	$	13
Leased device depreciation	22		15		11		6		4		1		—		—		54		5


	Quarter																Year Ended December 31,
(in dollars)	Q1 2024		Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025		2024		2025
Operating measures
Postpaid ARPA	$	140.88	$	142.54	$	145.60	$	146.28	$	146.22	$	149.87	$	149.44	$	150.17	$	143.85	$	148.97
Postpaid phone ARPU	48.79		49.07		49.79		49.73		49.38		50.62		50.71		50.71		49.35		50.37
Prepaid ARPU	37.18		35.94		35.81		35.49		34.67		34.63		33.93		33.33		36.06		34.14


			23

T-Mobile US, Inc.

Supplementary Operating and Financial Data (continued)

(Unaudited)


	Quarter																								Year Ended December 31,
(in millions, except percentages)	Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025			2024			2025
Financial measures

Service revenues	$	16,096		$	16,429		$	16,725		$	16,928		$	16,925		$	17,438		$	18,241		$	18,702		$	66,178		$	71,306

Equipment revenues	$	3,251		$	3,106		$	3,207		$	4,699		$	3,704		$	3,439		$	3,465		$	5,364		$	14,263		$	15,972
Lease revenues	35			26			21			11			1			6			4			2			93			13
Equipment sales	$	3,216		$	3,080		$	3,186		$	4,688		$	3,703		$	3,433		$	3,461		$	5,362		$	14,170		$	15,959

Total revenues	$	19,594		$	19,772		$	20,162		$	21,872		$	20,886		$	21,132		$	21,957		$	24,334		$	81,400		$	88,309

Net income	$	2,374		$	2,925		$	3,059		$	2,981		$	2,953		$	3,222		$	2,714		$	2,103		$	11,339		$	10,992
Net income margin	14.7		%	17.8		%	18.3		%	17.6		%	17.4		%	18.5		%	14.9		%	11.2		%	17.1		%	15.4		%

Adjusted EBITDA	$	7,652		$	8,053		$	8,243		$	7,916		$	8,259		$	8,547		$	8,684		$	8,447		$	31,864		$	33,937
Adjusted EBITDA margin	47.5		%	49.0		%	49.3		%	46.8		%	48.8		%	49.0		%	47.6		%	45.2		%	48.1		%	47.6		%
Core Adjusted EBITDA	$	7,617		$	8,027		$	8,222		$	7,905		$	8,258		$	8,541		$	8,680		$	8,445		$	31,771		$	33,924
Core Adjusted EBITDA margin	47.3		%	48.9		%	49.2		%	46.7		%	48.8		%	49.0		%	47.6		%	45.2		%	48.0		%	47.6		%

Cost of services, exclusive of depreciation and amortization	$	2,688		$	2,664		$	2,722		$	2,697		$	2,602		$	2,717		$	2,873		$	3,305		$	10,771		$	11,497


Merger-related costs	107			73			—			—			—			—			7			24			180			31
Other Special Items	1			—			67			75			20			28			55			250			143			353

Cost of services, excluding depreciation and amortization and Special Items	$	2,580		$	2,591		$	2,655		$	2,622		$	2,582		$	2,689		$	2,811		$	3,031		$	10,448		$	11,113

Cost of equipment sales, exclusive of depreciation and amortization	$	4,399		$	4,088		$	4,307		$	6,088		$	4,798		$	4,659		$	4,853		$	6,967		$	18,882		$	21,277



Merger-related costs	$	—		—			—			—			—			—			2			8			—			10
Cost of equipment sales, exclusive of depreciation and amortization and Special Items	$	4,399		$	4,088		$	4,307		$	6,088		$	4,798		$	4,659		$	4,851		$	6,959		$	18,882		$	21,267

Selling, general and administrative	$	5,138		$	5,142		$	5,186		$	5,352		$	5,488		$	5,397		$	6,015		$	6,570		$	20,818		$	23,470


Merger-related costs (gain), net	23			(82)			16			10			14			33			64			111			(33)			222
Other Special Items	12			37			70			(60)			59			(51)			123			353			59			484

Selling, general and administrative, excluding Special Items	$	5,103		$	5,187		$	5,100		$	5,402		$	5,415		$	5,415		$	5,828		$	6,106		$	20,792		$	22,764

Total bad debt expense and losses from sales of receivables	$	303		$	280		$	322		$	349		$	345		$	284		$	354		$	445		$	1,254		$	1,428
Bad debt and losses from sales of receivables as a percentage of Total revenues	1.5		%	1.4		%	1.6		%	1.6		%	1.7		%	1.3		%	1.6		%	1.8		%	1.5		%	1.6		%

Cash purchases of property and equipment including capitalized interest	$	2,627		$	2,040		$	1,961		$	2,212		$	2,451		$	2,396		$	2,639		$	2,469		$	8,840		$	9,955
Capitalized interest	9			8			9			8			10			10			13			10			34			43

Net cash proceeds from securitization	$	(29)		$	(30)		$	(29)		$	(27)		$	(26)		$	(23)		$	(25)		$	(22)		$	(115)		$	(96)

Net cash payments for Merger-related costs	$	293		$	241		$	132		$	123		$	70		$	92		$	96		$	100		$	789		$	358


			24

T-Mobile US, Inc.

Supplementary Operating and Financial Data (Continued)

(Unaudited)


	Quarter																Year Ended December 31,
(in millions, except share and per share amounts)	Q1 2024		Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025		2024		2025
Stockholder returns
Total repurchases	$	3,568	$	2,277	$	644	$	4,619	$	2,470	$	2,469	$	2,470	$	2,460	$	11,108	$	9,869
Total shares repurchased	21,933,790		13,979,843		3,179,707		20,283,582		10,091,227		10,148,791		10,204,072		11,919,136		59,376,922		42,363,226
Average purchase price per share	$	162.69	$	162.85	$	202.45	$	227.72	$	244.77	$	243.32	$	242.01	$	206.38	$	187.07	$	232.96
Total dividends paid	$	769	$	759	$	758	$	1,014	$	1,003	$	996	$	987	$	1,135	$	3,300	$	4,121
Dividends per share	$	0.65	$	0.65	$	0.65	$	0.88	$	0.88	$	0.88	$	0.88	$	1.02	$	2.83	$	3.66
Total stockholder returns	$	4,337	$	3,036	$	1,402	$	5,633	$	3,473	$	3,465	$	3,457	$	3,595	$	14,408	$	13,990
Cumulative total repurchases	$	19,775	$	22,052	$	22,696	$	27,315	$	29,785	$	32,254	$	34,724	$	37,184	$	27,315	$	37,184
Cumulative shares repurchased	136,220,243		150,200,086		153,379,793		173,663,375		183,754,602		193,903,393		204,107,465		216,026,601		173,663,375		216,026,601
Cumulative stockholder returns	$	21,291	$	24,327	$	25,729	$	31,362	$	34,835	$	38,300	$	41,757	$	45,352	$	31,362	$	45,352


			25

T-Mobile US, Inc.

Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures

(Unaudited)

This Investor Factbook includes non-GAAP financial measures, including Adjusted EBITDA, Core Adjusted EBITDA, Net Debt, Adjusted Free Cash Flow and Adjusted Free Cash Flow margin. The non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with GAAP. Reconciliations for the non-GAAP financial measures to the most directly comparable GAAP financial measures are provided below. T-Mobile is not able to forecast Net income on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect GAAP net income, including, but not limited to, Special Items, Income tax expense and Interest expense. Adjusted EBITDA and Core Adjusted EBITDA should not be used to predict Net income, as the difference between either of these measures and Net income is variable.

Adjusted EBITDA and Core Adjusted EBITDA are reconciled to Net income as follows:


	Quarter																								Year Ended December 31,
(in millions, except percentages)	Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025			2024			2025
Net income	$	2,374		$	2,925		$	3,059		$	2,981		$	2,953		$	3,222		$	2,714		$	2,103		$	11,339		$	10,992
Adjustments:


Interest expense, net	880			854			836			841			916			922			924			1,012			3,411			3,774


Other (income) expense, net	(20)			8			(7)			(94)			46			11			78			89			(113)			224
Income tax expense	764			843			908			858			885			1,058			814			532			3,373			3,289

Operating income	3,998			4,630			4,796			4,586			4,800			5,213			4,530			3,736			18,010			18,279
Depreciation and amortization	3,371			3,248			3,151			3,149			3,198			3,146			3,408			3,756			12,919			13,508

Stock-based compensation (1)	140			147			143			156			168			178			217			209			586			772



Merger-related costs (gain), net (2)	130			(9)			16			10			14			33			73			143			147			263
Network restructuring initiative costs (3)	—			—			—			—			—			—			—			93			—			93
Legal-related expenses (recoveries), net (4)	—			15			1			(105)			6			(4)			8			6			(89)			16
Impairment expense	—			—			—			—			—			—			278			—			—			278

Other, net (5)	13			22			136			120			73			(19)			170			504			291			728


Adjusted EBITDA	7,652			8,053			8,243			7,916			8,259			8,547			8,684			8,447			31,864			33,937
Lease revenues	(35)			(26)			(21)			(11)			(1)			(6)			(4)			(2)			(93)			(13)
Core Adjusted EBITDA	$	7,617		$	8,027		$	8,222		$	7,905		$	8,258		$	8,541		$	8,680		$	8,445		$	31,771		$	33,924
Net income margin (Net income divided by Service revenues)	14.7		%	17.8		%	18.3		%	17.6		%	17.4		%	18.5		%	14.9		%	11.2		%	17.1		%	15.4		%
Adjusted EBITDA margin (Adjusted EBITDA divided by Service revenues)	47.5		%	49.0		%	49.3		%	46.8		%	48.8		%	49.0		%	47.6		%	45.2		%	48.1		%	47.6		%
Core Adjusted EBITDA margin (Core Adjusted EBITDA divided by Service revenues)	47.3		%	48.9		%	49.2		%	46.7		%	48.8		%	49.0		%	47.6		%	45.2		%	48.0		%	47.6		%

(1)Stock-based compensation includes payroll tax impacts and may not agree to stock-based compensation expense on the Consolidated Financial Statements. Additionally, certain stock-based compensation expenses associated with the Sprint merger have been included in Merger-related costs (gain), net.

(2)Merger-related costs (gain), net, for the three months ended June 30, 2024 and the year ended December 31, 2024, includes the $100 million gain recognized for the extension fee previously paid by DISH associated with the license purchase agreement for 800 MHz spectrum licenses, which was not purchased.

(3)In Q4 2025, we began implementing network restructuring initiatives as a result of recent technological advancements that enhanced our Customer-Driven Coverage insights. Network restructuring initiative costs consist of network decommissioning and contract termination costs related to the rationalization of our network and backhaul services and the elimination of duplicative costs.

(4)Legal-related expenses (recoveries), net, consists of the settlement of certain litigation and compliance costs associated with the August 2021 cyberattack and is presented net of insurance recoveries.

(5)Other, net, primarily consists of certain severance, restructuring and other expenses, gains and losses, not directly attributable to the Sprint merger or UScellular acquisition, which are not reflective of T-Mobile’s ongoing core business activities and are, therefore, excluded from Adjusted EBITDA and Core Adjusted EBITDA. Other, net, for the three months ended and year ended December 31, 2025, includes $390 million of severance and related costs associated with the 2025 workforce transformation.


			26

T-Mobile US, Inc.

Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures (continued)

(Unaudited)

Net debt (excluding tower obligations) to the LTM Net income, LTM Adjusted EBITDA and LTM Core Adjusted EBITDA ratios are calculated as follows:


(in millions, except net debt ratios)	Mar 31, 2024		Jun 30, 2024		Sep 30, 2024		Dec 31, 2024		Mar 31, 2025		Jun 30, 2025		Sep 30, 2025		Dec 31, 2025

Short-term debt	$	5,356	$	5,867	$	5,851	$	4,068	$	8,214	$	6,408	$	6,333	$	5,135

Short-term financing lease liabilities	1,265		1,252		1,252		1,175		1,136		1,157		1,157		1,163
Long-term debt	71,361		70,203		72,522		72,700		76,033		75,018		76,365		79,649
Long-term debt to affiliates	1,496		1,496		1,497		1,497		1,497		1,497		1,498		1,498
Financing lease liabilities	1,163		1,133		1,185		1,151		1,117		1,188		1,186		1,107
Total debt (excluding tower obligations)	$	80,641	$	79,951	$	82,307	$	80,591	$	87,997	$	85,268	$	86,539	$	88,552
Less: Cash and cash equivalents	(6,708)		(6,417)		(9,754)		(5,409)		(12,003)		(10,259)		(3,310)		(5,598)

Net debt (excluding tower obligations)	$	73,933	$	73,534	$	72,553	$	75,182	$	75,994	$	75,009	$	83,229	$	82,954
Divided by: Last twelve months Net income	$	8,751	$	9,455	$	10,372	$	11,339	$	11,918	$	12,215	$	11,870	$	10,992
Net debt (excluding tower obligations) to LTM Net income Ratio	8.4		7.8		7.0		6.6		6.4		6.1		7.0		7.5




Divided by: Last twelve months Adjusted EBITDA	$	29,881	$	30,529	$	31,172	$	31,864	$	32,471	$	32,965	$	33,406	$	33,937
Net debt (excluding tower obligations) to LTM Adjusted EBITDA Ratio	2.5		2.4		2.3		2.4		2.3		2.3		2.5		2.4
Divided by: Last twelve months Core Adjusted EBITDA	$	29,681	$	30,372	$	31,047	$	31,771	$	32,412	$	32,926	$	33,384	$	33,924
Net debt (excluding tower obligations) to LTM Core Adjusted EBITDA Ratio	2.5		2.4		2.3		2.4		2.3		2.3		2.5		2.4

Adjusted Free Cash Flow and Adjusted Free Cash Flow margin are calculated as follows:


	Quarter																								Year Ended December 31,
(in millions, except percentages)	Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025			2024			2025

Net cash provided by operating activities (1)	$	5,084		$	5,521		$	6,139		$	5,549		$	6,847		$	6,992		$	7,457		$	6,654		$	22,293		$	27,950
Cash purchases of property and equipment, including capitalized interest	(2,627)			(2,040)			(1,961)			(2,212)			(2,451)			(2,396)			(2,639)			(2,469)			(8,840)			(9,955)

Proceeds related to beneficial interests in securitization transactions (1)	890			958			984			747			—			—			—			—			3,579			—



Adjusted Free Cash Flow	$	3,347		$	4,439		$	5,162		$	4,084		$	4,396		$	4,596		$	4,818		$	4,185		$	17,032		$	17,995
Net cash provided by operating activities margin	31.6		%	33.6		%	36.7		%	32.8		%	40.5		%	40.1		%	40.9		%	35.6		%	33.7		%	39.2		%
Adjusted Free Cash Flow margin	20.8		%	27.0		%	30.9		%	24.1		%	26.0		%	26.4		%	26.4		%	22.4		%	25.7		%	25.2		%

(1)Effective November 1, 2024, following amendments to the company’s Equipment Installment Plan Sale and Service Receivable Sale arrangements, all cash proceeds associated with the sale of such receivables, a portion of which was previously recognized as Proceeds related to beneficial interests in securitization transactions within investing cash flows, were recognized as operating cash flows. These amendments did not have a net impact on Adjusted Free Cash Flow.


			27

T-Mobile US, Inc.

Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures (continued)

(Unaudited)

The guidance range for Adjusted Free Cash Flow is calculated as follows:


	FY 2026
(in millions)	Guidance Range

Net cash provided by operating activities	$	28,000	$	28,700

Cash purchases of property and equipment, including capitalized interest	(10,000)		(10,000)



Adjusted Free Cash Flow	$	18,000	$	18,700


			28

Definitions of Terms

Operating and financial measures are utilized by T-Mobile’s management to evaluate its operating performance and, in certain cases, its ability to meet liquidity requirements. Although companies in the telecommunications industry may not define measures in precisely the same way, T-Mobile believes the measures facilitate key operating performance comparisons with other companies in the telecommunications industry to provide management, investors and analysts with useful information to assess and evaluate past performance and assist in forecasting future performance.

1.Account - A billing account number that generates revenue. Postpaid accounts generally consist of customers that are qualified for postpaid service utilizing phones, 5G broadband gateways, fiber connections, mobile internet devices, including tablets and hotspots, wearables, DIGITS or other connected devices, including SyncUP and IoT, where they generally pay after receiving service.

2.Customer - A SIM number with a unique T-Mobile identifier which is associated with an account that generates revenue. Customers are qualified either for postpaid service utilizing phones, 5G broadband gateways, fiber connections, mobile internet devices, including tablets and hotspots, wearables, DIGITS or other connected devices, including SyncUP and IoT, where they generally pay after receiving service, or prepaid service, where they generally pay in advance of receiving service.

3.Churn - The number of customers whose service was deactivated as a percentage of the average number of customers during the specified period further divided by the number of months in the period. The number of customers whose service was deactivated is presented net of customers that subsequently have their service restored within a certain period of time and excludes customers who received service for less than a certain minimum period of time.

4.Postpaid Average Revenue Per Account (“ARPA”) - Average monthly postpaid service revenue earned per account. Postpaid service revenues for the specified period divided by the average number of postpaid accounts during the period, further divided by the number of months in the period.

Postpaid phone ARPU excludes postpaid other customers and related revenues.

Service revenues - Postpaid, including handset insurance, prepaid, wholesale and other service revenues.

5.Cost of services - Costs directly attributable to providing wireless communications and broadband services, including direct switch and cell site costs, such as rent, network access and transport costs, utilities, maintenance, associated labor costs, long distance costs, regulatory program costs, roaming fees paid to other carriers and data content costs.

Cost of equipment sales - Costs of devices and accessories sold to customers and dealers, device costs to fulfill insurance and warranty claims, write-downs of inventory related to shrinkage and obsolescence, and shipping and handling costs.

Selling, general and administrative expenses - Costs not directly attributable to providing wireless communications and broadband services for the operation of sales, customer care and corporate activities. These include all commissions paid to dealers and retail employees for activations and upgrades, labor and facilities costs associated with retail sales force and administrative space, marketing and promotional costs, customer support and billing, bad debt expense and administrative support activities.

6.Net income margin - Net income divided by Service revenues.

7.Adjusted EBITDA and Core Adjusted EBITDA - Adjusted EBITDA represents earnings before Interest expense, net of Interest income, Income tax expense, Depreciation and amortization, stock-based compensation and Special Items. Core Adjusted EBITDA represents Adjusted EBITDA less device lease revenues. Core Adjusted EBITDA and Adjusted EBITDA are non-GAAP financial measures utilized by T-Mobile’s management, including our chief operating decision maker, to monitor the financial performance of our operations and allocate resources of the Company as a whole. T-Mobile historically used Adjusted EBITDA and T-Mobile currently uses Core Adjusted EBITDA internally as a measure to evaluate and compensate its personnel and management for their performance. T-Mobile uses Adjusted EBITDA and Core Adjusted EBITDA as benchmarks to evaluate its operating performance in comparison to competitors. Management believes analysts and investors use Core Adjusted EBITDA and Adjusted EBITDA as supplemental measures to evaluate overall operating performance and to facilitate comparisons with other wireless communications and broadband services companies because they are indicative of T-Mobile’s ongoing operating performance and trends by excluding the impact of Interest expense from financing, non-cash depreciation and amortization from capital investments, non-cash stock-based compensation and Special Items. Management believes analysts and investors use Core Adjusted EBITDA because it normalizes for the transition in the company’s device financing strategy, by excluding the impact of device lease revenues from Adjusted EBITDA, to align with the related depreciation expense on leased devices, which is excluded from the definition of Adjusted EBITDA. Core Adjusted EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be considered in isolation or as a substitute for Income from operations, Net income or any other measure of financial performance reported in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

8.Special Items - Certain expenses, gains, and losses which are not reflective of our ongoing performance. Special Items include Merger-related costs (gain), net, network restructuring initiative costs (as discussed above), certain legal-related recoveries and expenses, Impairment expense, restructuring costs not directly attributable to the Sprint merger or UScellular acquisition (including severance), and other non-core gains and losses.

9.Adjusted EBITDA margin and Core Adjusted EBITDA margin - Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Service revenues. Core Adjusted EBITDA margin is calculated as Core Adjusted EBITDA divided by Service revenues. Adjusted EBITDA margin and Core Adjusted EBITDA margin are non-GAAP financial measures utilized by T-Mobile’s management, including our chief operating decision maker, to monitor the financial performance of our operations and allocate resources of the Company as a whole.

10.Net cash provided by operating activities margin - Net cash provided by operating activities margin is calculated as Net cash provided by operating activities divided by Service revenues.

11.Adjusted Free Cash Flow - Net cash provided by operating activities less cash payments for purchases of property and equipment, plus proceeds related to beneficial interests in securitization transactions. Adjusted Free Cash Flow is utilized by T-Mobile’s management, investors, and analysts of our financial information to evaluate cash available to pay debt, repurchase shares, pay dividends and provide further investment in the business.


			29

12.Adjusted Free Cash Flow margin - Adjusted Free Cash Flow margin is calculated as Adjusted Free Cash Flow divided by Service revenues. Adjusted Free Cash Flow margin is utilized by T-Mobile’s management, investors, and analysts to evaluate the company’s ability to convert service revenue efficiently into cash available to pay debt, repurchase shares, pay dividends and provide further investment in the business.

13.Net debt - Short-term debt, short-term debt to affiliates, long-term debt (excluding tower obligations), and long-term debt to affiliates, short-term financing lease liabilities and financing lease liabilities, less cash and cash equivalents.

14.Merger-related costs include Sprint merger-related costs and UScellular merger-related costs.

15.Sprint merger-related costs include:

•Integration costs to achieve efficiencies in network, retail, information technology and back office operations, migrate customers to the T-Mobile network and billing systems and the impact of legal matters assumed as part of the Sprint merger;

•Restructuring costs, including severance, store rationalization and network decommissioning; and

•Transaction costs, including legal and professional services related to the completion of the Sprint merger and the acquisitions of affiliates.

16.UScellular merger-related costs to date include:

•Integration costs to achieve efficiencies in network, retail, information technology and back office operations and migrate customers to the T-Mobile network and billing systems;

•Restructuring costs, including contract terminations, severance and network decommissioning; and

•Transaction costs, including legal and professional services related to the completion of the UScellular acquisition.


			30

Cautionary Statement Regarding Forward-Looking Statements

This communication includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including information concerning T-Mobile US, Inc.’s future results of operations, are forward-looking statements. These forward-looking statements are generally identified by the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “could” or similar expressions. Forward-looking statements are based on current expectations and assumptions, which are subject to risks and uncertainties and may cause actual results to differ materially from the forward-looking statements. Important factors that could affect future results and cause those results to differ materially from those expressed in the forward-looking statements include, among others, the following: competition, industry consolidation and changes in the market for wireless communications services and other forms of connectivity; cyberattacks, disruptions, data loss or other security breaches; our inability to adopt and deploy network technologies in a timely and effective manner; our inability to effectively execute our digital transformation and drive customer and employee adoption of emerging technologies; our inability to retain or motivate key personnel, hire qualified personnel or maintain our corporate culture; system failures and business disruptions, allowing for unauthorized use of or interference with our network and other systems; the scarcity and cost of additional wireless spectrum, and regulations relating to spectrum use; the timing and effects of any pending and future acquisition, investment, joint venture, merger or divestiture involving us, including our inability to obtain any required regulatory approval necessary to consummate any such transactions or to achieve the expected benefits of such transactions; adverse economic, political or market conditions in the U.S. and international markets, including changes resulting from increases in inflation or interest rates, tariffs and trade restrictions, supply chain disruptions, fluctuations in global currencies, immigration policies, and impacts of geopolitical instability, such as the Ukraine-Russia and Israel-Hamas wars and further escalations thereof; potential operational delays, higher procurement and operational costs, and increased regulatory and compliance complexities as result of changes to trade policies, including higher tariffs, restrictions and other economic disincentives to trade; our inability to successfully deliver new products and services; any disruption or failure of our third parties (including key suppliers) to provide products or services for the operation of our business; sociopolitical volatility and polarization and risks related to environmental, social and governance matters; our substantial level of indebtedness and our inability to service our debt obligations in accordance with their terms; changes in the credit market conditions, credit rating downgrades or an inability to access debt markets; our inability to maintain effective internal control over financial reporting; compliance with the current regulatory framework, including our national security obligations, and any changes in regulations or in the regulatory framework under which we operate; laws and regulations relating to the handling of privacy, data protection and artificial intelligence; unfavorable outcomes of and increased costs from existing or future regulatory or legal proceedings; difficulties in protecting our intellectual property rights or if we infringe on the intellectual property rights of others; our offering of regulated financial services products and exposure to a wide variety of state and federal regulations; new or amended tax laws or regulations or administrative interpretations and judicial decisions affecting the scope or application of tax laws or regulations; our wireless licenses, including those controlled through leasing agreements, are subject to renewal and may be revoked; our exclusive forum provision as provided in our Certificate of Incorporation; interests of Deutsche Telekom AG (“DT”), our controlling stockholder, which may differ from the interests of other stockholders; our current and future stockholder return programs may not be fully utilized, and our share repurchases and dividend payments pursuant thereto may fail to have the desired impact on stockholder value; future sales of our common stock by DT and SoftBank Group Corp. and our inability to attract additional equity financing outside the United States due to foreign ownership limitations by the Federal Communications Commission; and other risks as disclosed in our most recent annual report on Form 10-K, and subsequent Forms 10-Q and other filings with the Securities and Exchange Commission. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law.

About T-Mobile US, Inc.

Source: View Original Filing on SEC EDGAR

FAQ

How did T-Mobile US (TMUS) perform financially in full-year 2025?

T-Mobile generated strong 2025 results, with total service revenues of $71.3 billion, up 8% year-over-year. Net income reached $11.0 billion and diluted EPS was $9.72, while Core Adjusted EBITDA rose to $33.9 billion, showing solid operating leverage and profitability.

What were T-Mobile US (TMUS) fourth-quarter 2025 earnings and cash flow?

In Q4 2025, T-Mobile reported net income of $2.1 billion and diluted EPS of $1.88. Core Adjusted EBITDA was $8.4 billion, net cash provided by operating activities totaled $6.7 billion, and Adjusted Free Cash Flow reached $4.2 billion, supporting ongoing shareholder returns.

How many customers did T-Mobile US (TMUS) add in 2025 and what is the total base?

T-Mobile added 8.0 million total net customers in 2025, including 7.8 million postpaid net additions. The company ended 2025 with 142.4 million total customers and 9.4 million total broadband customers, reflecting strong growth in both wireless and broadband offerings.

What 2026 guidance did T-Mobile US (TMUS) provide for EBITDA and free cash flow?

For 2026, T-Mobile expects Core Adjusted EBITDA between $37.0 billion and $37.5 billion. It also projects Adjusted Free Cash Flow in a range of $18.0 billion to $18.7 billion, supported by forecast net cash from operating activities of $28.0–$28.7 billion and about $10.0 billion of capital expenditures.

What are T-Mobile US (TMUS) customer growth expectations for 2026?

T-Mobile projects postpaid net account additions between 900 thousand and 1.0 million in 2026. This metric reflects growth in higher-value postpaid billing relationships and underpins the company’s guidance for increasing Core Adjusted EBITDA and sustaining strong cash generation during the year.

How much did T-Mobile US (TMUS) return to shareholders through 2025?

Cumulatively through December 31, 2025, T-Mobile returned $45.4 billion to shareholders. This included 216.0 million shares repurchased for $37.2 billion and cash dividends totaling $8.2 billion, with $9.9 billion of repurchases and $4.1 billion of dividends during 2025 alone.

What is T-Mobile US (TMUS) authorized to spend on shareholder returns through 2026?

T-Mobile’s current authorization allows for stock repurchases and dividends of up to $14.6 billion through December 2026. This framework supports continued capital returns alongside the company’s planned ~$10.0 billion of 2026 capital expenditures for network and related investments.

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T-Mobile US (NASDAQ: TMUS) delivers 2025 growth and sets cash-rich 2026 outlook

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How did T-Mobile US (TMUS) perform financially in full-year 2025?

What were T-Mobile US (TMUS) fourth-quarter 2025 earnings and cash flow?

How many customers did T-Mobile US (TMUS) add in 2025 and what is the total base?

What 2026 guidance did T-Mobile US (TMUS) provide for EBITDA and free cash flow?

What are T-Mobile US (TMUS) customer growth expectations for 2026?

How much did T-Mobile US (TMUS) return to shareholders through 2025?

What is T-Mobile US (TMUS) authorized to spend on shareholder returns through 2026?

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T-Mobile US (NASDAQ: TMUS) delivers 2025 growth and sets cash-rich 2026 outlook

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FAQ

How did T-Mobile US (TMUS) perform financially in full-year 2025?

What were T-Mobile US (TMUS) fourth-quarter 2025 earnings and cash flow?

How many customers did T-Mobile US (TMUS) add in 2025 and what is the total base?

What 2026 guidance did T-Mobile US (TMUS) provide for EBITDA and free cash flow?

What are T-Mobile US (TMUS) customer growth expectations for 2026?

How much did T-Mobile US (TMUS) return to shareholders through 2025?

What is T-Mobile US (TMUS) authorized to spend on shareholder returns through 2026?

Filing Exhibits & Attachments

Press Releases

Other Documents

NASDAQ:TMUS

TMUS Rankings

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