T-Mobile US, Inc. (טי-מובייל)

T-Mobile US is the second-largest wireless carrier in the United States by number of customers. It sells postpaid and prepaid wireless service under the T-Mobile, Metro and Mint brands, and offers fixed-wireless home internet over its 5G network. In 2025–2026 it also entered fiber broadband through joint ventures in which it owns 50%. At the end of 2025 it had about 75,000 employees; it is headquartered in Bellevue, Washington.

Revenues for the 12 months ended June 2026 were $92.2 billion, of which $74.8 billion were service revenues. In 2026 the company moved to reporting accounts rather than customers: at the end of June it had 34.7 million postpaid accounts, with average revenue per account of $152.91 per month.

The controlling shareholder is Deutsche Telekom, with 54.3% of the shares and 55.2% of the voting power. Srini Gopalan has been CEO since November 2025. In September 2026 the company announced that Jessica Uhl, former CFO of Shell, will succeed Peter Osvaldik as CFO in February 2027.

The quarter: revenue and EBITDA up, net income almost flat

In the April–June 2026 quarter, service revenues rose 8.9% to $18,983 million. Postpaid revenues rose 12.6%, while prepaid revenues fell 6.4% and wholesale revenues fell 8.4%. Core Adjusted EBITDA, the measure management uses, rose 11.7% to $9,537 million. Net income rose only 0.5% to $3,239 million, and EPS rose 5.3% thanks to a lower share count.

What explains the gap between EBITDA and net income: depreciation and amortization rose 14% in the first half, net interest expense rose 13%, the fiber joint ventures recorded losses, and a large share of expenses is classified as "special items" and excluded from EBITDA. Over the last 12 months, $2.4 billion was excluded this way before tax: UScellular merger costs ($804 million), network restructuring ($221 million), impairment ($278 million), legal expenses ($84 million), and $1,013 million under "Other, net", which includes severance and store closures. "Other, net" has been excluded in every quarter since the start of 2024.

Over the last 12 months, Core Adjusted EBITDA rose 9.0% while net income fell 13.5% ($10,560 million, versus $12,215 million a year earlier). The prior-year quarter included a one-time after-tax gain of $113 million from a spectrum sale.

The multi-year context

In 2021–2023 revenues were roughly flat, and net income was depressed by the costs of the Sprint merger. From 2023 profit rose sharply; according to the Capital Markets Day Update, from 2023 to 2025 service revenues grew 6% a year, Core Adjusted EBITDA 8% a year and adjusted free cash flow 15% a year. Revenue growth accelerated in 2025 and early 2026, but part of it comes from acquisitions (see section 4).

On June 30, 2026, financial debt including finance leases and excluding tower obligations was $86.9 billion, and cash was only $2.8 billion. Net debt: $84.1 billion, 2.3x trailing Core Adjusted EBITDA. According to the Capital Markets Day Update, management's target is 2.5x. The effective interest rate in the quarter was 4.3%. The company has an undrawn $10 billion revolving credit facility running to 2031. Beyond financial debt, there are $29.1 billion of operating lease liabilities, mostly cell sites, and a $3.5 billion obligation for towers conveyed to Crown Castle.

Capital return: over the last 12 months the company bought back $12.1 billion of stock and paid $4.3 billion of dividends — together 89% of adjusted free cash flow, and 96% of it after finance-lease repayments. In the first half of 2026 it bought 34.75 million shares at an average price of $203.07, and cash fell from $5.6 billion to $2.8 billion. In July 2026, $8.5 billion remained under the 2026 return program. Shares outstanding fell 4.7% over the year. The quarterly dividend was $1.02; according to stockanalysis, the next dividend, with an ex-date of November 25, 2026, is $1.17.

Three further obligations:

• Fiber joint ventures: the company has committed about $700 million to the i3 Broadband venture (second half of 2026), about $2.0 billion to the GoNetspeed and Greenlight venture (first half of 2027), and about $500 million more to Lumos in 2027–2028.
• Cash taxes: in the first half the company paid $767 million of tax, versus $352 million a year earlier. In 2025 it paid $451 million, against book tax expense of $3.3 billion. The sale of 800MHz spectrum, approved in July, will according to the filing raise the cash tax liability by about $850 million.
• Customer credit: bad debt expense rose 50% in the quarter to $398 million. The allowance on equipment installment plan receivables rose from 4.7% to 5.4% of the balance.

T-Mobile reports a single segment. The meaningful split is between revenue types, and between acquired and internal growth.

Acquisitions vs. internal growth. In Q3 2025 the company added 1,448 thousand accounts from the acquisition of UScellular's wireless business and 633 thousand fiber accounts from Metronet and other acquisitions — 2,081 thousand in total, 6.6% of the June 2025 account base. Internal net additions over the 12 months were 1,151 thousand, or 3.65%. The sum reconciles exactly to the 34,700 thousand accounts at June 2026. The company does not disclose average revenue of the acquired accounts, so internal service-revenue growth can only be estimated as a range: about 3.4% to 5.6%, versus 8.9% reported.

Operating metrics. Monthly postpaid account churn rose from 0.92% in Q2 2025 to 1.04% in Q4 and Q1, and eased to 0.99% in Q2 2026. Net additions fell 13% to 277 thousand. Growth in average revenue per account slowed from 3.9% in Q1 to 2.0% in Q2. Since the start of 2026 the company no longer reports postpaid phone churn; the last figure, for Q4 2025, was 1.02%, versus 0.92% a year earlier.

The advantage the company presents rests on three assets: spectrum (licenses carried at $98.2 billion), a network that won awards from Ookla, Opensignal and P3 in the quarter, and a Net Promoter Score of 46, which the release describes as the highest recorded by any of the three large carriers. The company also uses the network for home internet; according to the Capital Markets Day Update, its 2030 target is 15 million fixed-wireless customers and 3 to 4 million fiber customers.

Where the filings show pressure: in the 10-K the company attributed the rise in postpaid phone churn in 2025 primarily to "higher industry switching" and a temporary impact of rate-plan changes. In Q1 2026, industry switching was again listed first. In Q2 the churn increase was attributed to broadband-only accounts, which carry structurally higher churn. At the same time, management cites "increased promotional activity", and the gap between device cost and device revenue widened 25% in the quarter. The competitors named in the filing: AT&T, Verizon, the cable companies Charter and Comcast, EchoStar and others. According to the filing, some "have shown a willingness to use discounted pricing or offer bundled services".

This review does not include competitor data from primary sources.

Risks that emerge from the filings

• Competition: industry switching, promotions and bundles; churn and device subsidies have risen.
• Internal growth: prepaid and wholesale revenues, about 16.5% of service revenues, are falling 6% to 8%.
• Consumer credit: bad debt +50% in the quarter; 18% of equipment installment plan balances are classified as higher-credit-risk customers.
• Leverage and taxes: $84 billion of net debt, $2.8 billion of cash, and rising cash taxes.
• Component costs: the risk factors explicitly cite the impact of memory chip costs on smartphone prices.
• Cybersecurity: breaches in 2021 and 2023, open government inquiries, and a risk factor updated this quarter on AI-enabled attacks.
• Governance: a foreign controlling shareholder, and Delaware suits concerning the buyback programs.

Items to monitor in the Q3 report (October 28, 2026)