T-Mobile US, Inc. (TMUS) · Material Event (8-K) SEC Filing

EX-99.1 2 tmus06302026ex991.htm TMUS EXHIBIT 99.1 Document EXHIBIT 99.1T-Mobile Delivers Continued Strong Account Growth, Translating into Industry-Leading Service Revenue Growth Driven by Widening DifferentiationQ2 Results, Alongside Record-High Wireless NPS Score, Another Proof Point that the Un-carrier s Winning Formula of Best Network, Best Value and Best Experiences Drives Durable and Profitable Growth Continued Strong Account Growth and Deepening Customer Relationships Fueled by Widening Differentiation Postpaid Average Revenue Per Account ( ARPA ) of $152.91 grew 2% year-over-year Postpaid net account additions of 277 thousand decreased 13% year-over-yearTranslating Strong Account Growth into Durable and Profitable Financial Growth Service revenues of $19.0 billion grew 9% year-over-year, industry-leading growth(1) Postpaid service revenues of $15.9 billion grew 13% year-over-year, industry-leading growth Strong Net income of $3.2 billion grew 1% year-over-year and included the impact of UScellular merger-related costs, including accelerated depreciation, net of tax, of $146 million Diluted earnings per share ( EPS ) of $2.99 grew 5% year-over-year and included the impact of UScellular merger-related costs, including accelerated depreciation, net of tax, of $0.14 Core Adjusted EBITDA(2) of $9.5 billion grew 12% year-over-year, industry-leading growth Net cash provided by operating activities of $7.5 billion grew 7% year-over-year Adjusted Free Cash Flow(2) of $4.8 billion grew 4% year-over-yearExtending Overall Network Lead with Best Assets, Customer Centricity and Technology Leadership T-Mobile achieved a record wireless NPS score of 46, the highest-ever NPS for a big three carrier, according to HarrisX survey data(3) Ookla awarded T-Mobile with the Best Mobile Network in its Speedtest Connectivity report for the third consecutive time(4) T-Mobile yet again recognized as the most awarded network by Opensignal, sweeping all Quality of Experience and Network Performance categories, while also leading in 5G Coverage and Application Experience categories(5) T-Mobile awarded Test Champion by P3 in their Q2 2026 US Mobile Benchmark, sweeping all 13 award categories, including AI Services Champion(6)Bellevue, WA July 23, 2026 T-Mobile US, Inc. (NASDAQ TMUS) reported second quarter 2026 results today, delivering strong postpaid net account and postpaid ARPA growth. The company s robust account and ARPA growth contributed to industry-leading service revenue growth, including Postpaid service revenue growth, strong Net income, industry-leading Core Adjusted EBITDA growth, strong Net cash provided by operating activities margin and industry-leading Adjusted Free Cash Flow margin. Q2 marked another strong quarter of execution as we continued making meaningful progress toward our ambitious 2026 and 2027 objectives, including achieving our highest-ever wireless NPS score of 46, said Srini Gopalan, CEO of T-Mobile. Our strategy is simple give customers the best network, the best value, and the best experience, all in one place. That s how we eliminate trade-offs for our customers, and that s what sets us apart, and our results represent another proof point that our strategy is working. Our differentiated approach is all about creating durable growth opportunities that no one else in the industry can match. As our unmatched value proposition continues to resonate with customers, and as we continue to invest in our network and our technology, we see a tremendous runway for growth across both wireless and broadband, as well as new businesses. We re just getting started. ___________________________________________________________(1)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.(3)HarrisX Mobile Insights, Q2 2026. Net Promoter Score (NPS ) is a registered trademark of Bain Company.(4)Ookla U.S. Speedtest Connectivity Report H1 2026.(5)Mobile Network Experience Report July 2026 Opensignal Limited.(6)P3 US Mobile Benchmark Q2 2026.1Continued Strong Account Growth and Deepening Customer Relationships Fueled by Widening Differentiation Postpaid ARPA of $152.91 grew 2% year-over-year. Postpaid net account additions of 277 thousand decreased 41 thousand, or 13%, year-over-year. Postpaid account churn of 0.99%. Quarter Six Months Ended June 30, (in thousands, except churn and ARPA) Q2 2026 Q1 2026 Q2 2025 2026 2025 Postpaid net account additions 277 217 318 494 523 Total postpaid accounts, end of period (1)(2)(3) 34,700 34,439 31,502 34,700 31,502 Postpaid account churn 0.99 % 1.04 % 0.92 % 1.02 % 0.93 % Postpaid ARPA $ 152.91 $ 151.93 $ 149.87 $ 152.42 $ 148.06 (1)In the second quarter of 2026, Metronet agreed to repurchase certain customer accounts, resulting in a base adjustment to decrease postpaid accounts by 16,000. This base adjustment had no impact on postpaid net account additions.(2)In the first quarter of 2026, we recognized a base adjustment to decrease postpaid accounts by 18,000, primarily due to combining certain business accounts that have multiple billing account numbers. This base adjustment had no impact on postpaid net account additions.(3)In the second quarter of 2025, we acquired 85,000 postpaid accounts from Lumos. This base adjustment had no impact on postpaid net account additions.Translating Strong Account Growth into Durable and Profitable Financial Growth Total service revenues increased 9% year-over-year to $19.0 billion, and Postpaid service revenues increased 13% year-over-year to $15.9 billion. Net income increased 1% year-over-year to $3.2 billion and included the impact of UScellular merger-related costs, including accelerated depreciation, net of tax, of $146 million. Diluted EPS increased 5% year-over-year to $2.99 per share and included the impact of UScellular merger-related costs, including accelerated depreciation, net of tax, of $0.14. Core Adjusted EBITDA increased 12% year-over-year to $9.5 billion. Net cash provided by operating activities increased 7% year-over-year to $7.5 billion. Cash purchases of property and equipment, including capitalized interest, increased 13% year-over-year to $2.7 billion. Adjusted Free Cash Flow increased 4% year-over-year to $4.8 billion. Stockholder Returns of $3.3 billion in Q2 2026, including common stock repurchases of $2.2 billion and cash dividends of $1.1 billion as part of the current stockholder return authorization of up to $18.2 billion through December 31, 2026, for cumulative stockholder returns(1) of $54.6 billion since program inception, split across repurchases of $44.2 billion and cash dividends of $10.4 billion. In Q3 2026 through July 17, 2026, the company repurchased an additional $392 million in common stock, totaling $2.5 billion in total shares repurchased since the beginning of Q2 2026. Quarter Six Months Ended June 30, Q2 2026vs.Q1 2026 Q2 2026vs.Q2 2025 YTD 2026vs.YTD 2025 (in millions, except EPS) Q2 2026 Q1 2026 Q2 2025 2026 2025 Total service revenues $ 18,983 $ 18,831 $ 17,438 $ 37,814 $ 34,363 0.8 % 8.9 % 10.0 % Postpaid service revenues 15,853 15,629 14,078 31,482 27,672 1.4 % 12.6 % 13.8 % Total revenues 22,791 23,107 21,132 45,898 42,018 (1.4) % 7.9 % 9.2 % Net income 3,239 2,504 3,222 5,743 6,175 29.4 % 0.5 % (7.0) % Diluted EPS 2.99 2.27 2.84 5.26 5.42 31.7 % 5.3 % (3.0) % Adjusted EBITDA 9,537 9,241 8,547 18,778 16,806 3.2 % 11.6 % 11.7 % Core Adjusted EBITDA 9,537 9,240 8,541 18,777 16,799 3.2 % 11.7 % 11.8 % Net cash provided by operating activities 7,500 7,222 6,992 14,722 13,839 3.8 % 7.3 % 6.4 % Cash purchases of property and equipment, including capitalized interest 2,703 2,623 2,396 5,326 4,847 3.0 % 12.8 % 9.9 % Adjusted Free Cash Flow 4,797 4,599 4,596 9,396 8,992 4.3 % 4.4 % 4.5 % (1) Beginning in Q3 2022 through June 30, 2026. 2Extending Overall Network Lead with Best Assets, Customer Centricity and Technology Leadership T-Mobile achieved a record wireless NPS score of 46, the highest-ever NPS for a big three carrier, according to HarrisX survey data Ookla awarded T-Mobile with the Best Mobile Network in its Speedtest Connectivity report for the third consecutive time T-Mobile yet again recognized as the most awarded network by Opensignal, sweeping all Quality of Experience and Network Performance categories, while also leading in 5G Coverage and Application Experience categories T-Mobile was awarded Test Champion by P3 in their Q2 2026 US Mobile Benchmark, sweeping all 13 award categories, including AI Services ChampionSee 5G device, coverage, and access details at T-Mobile.com. NPS HarrisX Mobile Insights, Q2 2026. Net Promoter Score (NPS ) is a registered trademark of Bain Company. Ookla Award Ookla U.S. Speedtest Connectivity Report H1 2026. Opensignal Awards Mobile Network Experience Report July 2026 Opensignal Limited. P3 Awards P3 US Mobile Benchmark Q2 2026.Raising Cash Flow Guidance, Reiterating Strong 2026 Account and Profitability Guidance Postpaid net account additions are expected to be between 950 thousand and 1.05 million. Core Adjusted EBITDA, which is Adjusted EBITDA less lease revenues, is expected to be between $37.1 billion and $37.5 billion. Net cash provided by operating activities, including net payments for UScellular merger-related costs, is now expected to be between $28.4 billion and $28.8 billion, an increase from prior guidance of $28.1 billion to $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 net payments for UScellular merger-related costs, is now expected to be between $18.4 billion and $18.8 billion, an increase from prior guidance of $18.1 billion to $18.7 billion. Adjusted Free Cash Flow guidance does not assume any material net cash inflows from securitization. (in millions, except Postpaid net account additions and Effective tax rate) Previous Current Change (Mid-point) Postpaid net account additions (thousands) 950 1,050 950 1,050 Net income (1) N A N A N A N A N A Effective tax rate 25% 26% 25% 26% Core Adjusted EBITDA (2) $37,100 $37,500 $37,100 $37,500 $ Net cash provided by operating activities 28,100 28,700 28,400 28,800 200 Capital expenditures (3) 10,000 10,000 Adjusted Free Cash Flow 18,100 18,700 18,400 18,800 200 (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.3Financial ResultsFor more details on T-Mobile s Q2 2026 financial 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 InformationDate Time Thursday, July 23, 2026, at 7 30 a.m. (EDT)Pre-registration link for dial-in access and personalized PINParticipants can pre-register for the conference call here in order to receive dial-in information and a personalized PIN. This option is recommended to avoid wait times when joining the call. Access via Phone (audio only)Please plan on accessing the call 10 minutes prior to the scheduled start time. Toll Free 1-844-539-1320 International 1-412-652-1263Access via WebcastThe earnings call will be broadcasted live and can be replayed via the Investor Relations website at https investor.t-mobile.com.Submit Questions via XSend a post to TMobileIR or SriniGopalan using $TMUS.Contact Information Media Relations mediarelations t-mobile.com Investor Relations investor.relations t-mobile.comT-Mobile Social MediaInvestors 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 communications 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.4Forward-Looking StatementsThis 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 initiatives 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 oil prices, inflation or interest rates, tariffs and trade restrictions, supply chain disruptions, fluctuations in global currencies, immigration policies, and impacts of geopolitical instability, such as global conflict, wars and further escalations thereof operational delays, higher procurement costs, such as memory chip cost impacts on smartphones, and operational costs, and increased regulatory and compliance complexities, for example, as a 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 failure or inability 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 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.5T-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 Six Months Ended June 30, (in millions) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 2025 2026 Net income $ 2,953 $ 3,222 $ 2,714 $ 2,103 $ 2,504 $ 3,239 $ 6,175 $ 5,743 Adjustments Interest expense, net 916 922 924 1,012 1,031 1,055 1,838 2,086 Other expense, net 46 11 78 89 132 107 57 239 Income tax expense 885 1,058 814 532 830 1,089 1,943 1,919 Operating income 4,800 5,213 4,530 3,736 4,497 5,490 10,013 9,987 Depreciation and amortization 3,198 3,146 3,408 3,756 3,817 3,434 6,344 7,251 Stock-based compensation (1) 168 178 217 209 203 212 346 415 UScellular merger-related costs 14 33 73 143 406 182 47 588 Network restructuring initiative costs (2) 93 76 52 128 Legal-related expenses (recoveries), net (3) 6 (4) 8 6 54 16 2 70 Impairment expense 278 Other, net (4) 73 (19) 170 504 188 151 54 339 Adjusted EBITDA 8,259 8,547 8,684 8,447 9,241 9,537 16,806 18,778 Lease revenues (1) (6) (4) (2) (1) (7) (1) Core Adjusted EBITDA $ 8,258 $ 8,541 $ 8,680 $ 8,445 $ 9,240 $ 9,537 $ 16,799 $ 18,777 (1)Stock-based compensation includes payroll tax impacts and may not agree to stock-based compensation expense in the Condensed Consolidated Financial Statements.(2)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.(3)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.(4)Other, net, primarily consists of certain severance, restructuring and other expenses, gains and losses, not directly attributable to the 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 March 31, 2026 and December 31, 2025, includes $141 million and $390 million, respectively, and $141 million for the six months ended June 30, 2026, of severance and related costs associated with the 2025-2026 workforce transformation and reinvestment initiative. Additionally, Other, net, for both the three and six months ended June 30, 2026, includes $108 million of costs associated with retail initiatives to close certain dealer and corporate owned stores in connection with our ongoing digital initiatives to simplify routine transactions, as well as enhance customer experiences by transitioning in part to large-format experience stores.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 UScellular merger-related costs, 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 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, depreciation and amortization from capital investments, 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 ).6T-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 Six Months Ended June 30, (in millions, except percentages) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 2025 2026 Net cash provided by operating activities $ 6,847 $ 6,992 $ 7,457 $ 6,654 $ 7,222 $ 7,500 $ 13,839 $ 14,722 Cash purchases of property and equipment, including capitalized interest (2,451) (2,396) (2,639) (2,469) (2,623) (2,703) (4,847) (5,326) Adjusted Free Cash Flow $ 4,396 $ 4,596 $ 4,818 $ 4,185 $ 4,599 $ 4,797 $ 8,992 $ 9,396 Net cash provided by operating activities margin (Net cash provided by operating activities divided by Service revenues) 40.5 % 40.1 % 40.9 % 35.6 % 38.4 % 39.5 % 40.3 % 38.9 % Adjusted Free Cash Flow margin (Adjusted Free Cash Flow divided by Service revenues) 26.0 % 26.4 % 26.4 % 22.4 % 24.4 % 25.3 % 26.2 % 24.8 % Adjusted Free Cash Flow - Net cash provided by operating activities less Cash purchases of property and equipment, including capitalized interest. 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, pay dividends and provide further investment in the business.7T-Mobile US, Inc.Operating Measures(Unaudited)The following table sets forth Postpaid ARPA Quarter Six Months Ended June 30, Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 2025 2026 Postpaid ARPA $ 146.22 $ 149.87 $ 149.44 $ 150.17 $ 151.93 $ 152.91 $ 148.06 $ 152.42 Postpaid 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.8

EX-99.2 3 tmus06302026ex992.htm TMUS EXHIBIT 99.2 DocumentEXHIBIT 99.2 2 3 Highlights 4 Account Metrics 6 Financial Metrics 12 Capital Structure 13 Guidance 14 Contacts 15 Financial and Operational Tables 3 (1)Industry-leading claims are based on consensus expectations if results are not yet reported.(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.During Q1 2026, we recognized a base adjustment to decrease postpaid accounts by 18,000, primarily due to combining certain business accounts that have multiple billing account numbers.During Q2 2026, Metronet agreed to repurchase certain customer accounts, resulting in a base adjustment to decrease postpaid accounts by 16,000.These base adjustments had no impact on postpaid net account additions. Year-Over-Year Continued growth in Postpaid accounts with a decrease in net additions primarily due to Higher account deactivations driven by the impact of a growing account base, including following the acquisition of UScellular, and higher average broadband-only accounts Partially offset by higher gross account additions, including fiber account additions following the acquisition of Metronet Sequential Continued growth in Postpaid accounts with an increase in net additions primarily due to Lower account deactivations driven by seasonally lower switching activity Year-Over-Year Postpaid ARPA increased 2% primarily due to 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 accounts, partially offset by fiber and UScellular accounts with fewer customers per account Partially offset by increased promotional activity, including the success of bundled offerings Sequential Postpaid ARPA increased 1% primarily due to 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 accounts Higher device insurance revenue Partially offset by increased promotional activity, including the success of bundled offerings Postpaid ARPA 5 Year-Over-Year Postpaid account churn increased 7 basis points primarily due to Higher average broadband-only accounts, including following the acquisition of Metronet Sequential Postpaid account churn decreased 5 basis points primarily due to Seasonally lower switching activity Postpaid Account Churn 6 Service Revenues($ in millions) Year-Over-Year Service revenues increased 9% primarily due to An increase in Postpaid service revenues, including following the acquisitions of UScellular and Metronet Partially offset by lower Prepaid service revenues Sequential Service revenues increased slightly primarily due to An increase in Postpaid service revenues Year-Over-Year Postpaid service revenues increased 13% primarily due to Higher average postpaid accounts, including following the acquisitions of UScellular and Metronet Higher postpaid ARPA Sequential Postpaid service revenues increased 1% primarily due to Higher average postpaid accounts Higher postpaid ARPA Postpaid Service Revenues($ in millions) 7 Equipment Revenues($ in millions) Year-Over-Year Equipment revenues increased 2% primarily due to Higher average revenue per device sold, net of promotions, primarily driven by an increase in the high-end phone mix Partially offset by a decrease in the total number of devices sold, primarily driven by lower prepaid devices Sequential Equipment revenues decreased 12% primarily due to A decrease in the total number of devices sold Lower average revenue per device sold, net of promotions, primarily due to a decrease in the high-end phone mix Lower liquidation revenue, primarily due to a lower number of liquidated devices Year-Over-Year Cost of equipment sales, exclusive of Depreciation and Amortization (D A), increased 8% primarily due to Higher average cost per device sold, primarily driven by an increase in the high-end phone mix Partially offset by a decrease in the total number of devices sold, primarily driven by lower prepaid devices Sequential Cost of equipment sales, exclusive of D A, decreased 8% primarily due to A decrease in the total number of devices sold Lower liquidation costs, primarily due to a lower number of liquidated devices Lower average cost per device sold, primarily due to a decrease in the high-end phone mix Cost of Equipment Sales, exclusive of D A($ in millions, % of Equipment sales*) *Equipment sales is defined as Equipment revenues less Lease revenues. 8 Cost of Services, exclusive of D A($ in millions, % of Service revenues) Year-Over-Year Cost of services, exclusive of D A, increased 10% primarily due to Wholesale network access costs and amortization of customer installation fees paid to Metronet and Lumos Higher costs following the UScellular acquisition, including merger-related costs Sequential Cost of services, exclusive of D A, decreased 11% primarily due to Lower UScellular merger-related costs Year-Over-Year SG A expense increased 8% primarily due to Higher costs following the UScellular acquisition, including merger-related costs A $151 million gain in Q2 2025 related to the completed sale of a portion of our 3.45 GHz spectrum licenses Higher bad debt expense Contract termination and other costs associated with retail transformation initiatives Partially offset by an increase in vendor credits related to software services Sequential SG A expense decreased 2% primarily due to An increase in vendor credits related to software services $132 million in Q1 2026 of severance and related costs associated with the 2025-2026 workforce transformation and reinvestment initiative Partially offset by contract termination and other costs associated with retail transformation initiatives Selling, General and Administrative (SG A) Expense($ in millions, % of Service revenues) 9 Net Income ($ in millions, % of Service revenues) Diluted Earnings Per Share (Diluted EPS) Year-Over-Year Net income was $3.2 billion and Diluted earnings per share was $2.99 in Q2 2026, compared to $3.2 billion and $2.84 in Q2 2025, primarily due to the factors described above and included the following UScellular merger-related costs, including accelerated depreciation, net of tax, of $146 million, or $0.14 per share, in Q2 2026 and $25 million, or $0.02 per share, in Q2 2025 A $113 million gain, net of tax, or $0.10 per share, in Q2 2025 related to the completed sale of a portion of our 3.45 GHz spectrum licenses Costs associated with the network restructuring initiative, including accelerated depreciation, net of tax, of $46 million, or $0.04 per share, in Q2 2026 Sequential Net income was $3.2 billion and Diluted earnings per share was $2.99 in Q2 2026, compared to $2.5 billion and $2.27 in Q1 2026, primarily due to the factors described above and included the following UScellular merger-related costs, including accelerated depreciation, net of tax, of $146 million, or $0.14 per share, in Q2 2026 and $476 million, or $0.43 per share, in Q1 2026 Severance and related costs associated with the 2025-2026 workforce transformation and reinvestment initiative, net of tax, of $105 million, or $0.10 per share, in Q1 2026 Costs associated with the network restructuring initiative, including accelerated depreciation, net of tax, of $46 million, or $0.04 per share, in Q2 2026 and $103 million, or $0.09 per share, in Q1 2026 10 Core Adjusted EBITDA*($ in millions, % of Service revenues) *Excludes Special Items (see detail on page 22) Year-Over-Year Core Adjusted EBITDA increased 12% primarily due to Higher Total service revenues Partially offset by higher Cost of equipment sales, excluding Special Items, higher Cost of services, excluding Special Items, and higher SG A expenses, excluding Special Items Sequential Core Adjusted EBITDA increased 3% primarily due to Lower Cost of equipment sales, excluding Special Items Higher Total service revenues Lower SG A expenses, excluding Special Items Partially offset by lower Equipment revenues, excluding Lease revenues Year-Over-Year Net cash provided by operating activities increased 7% primarily due to Higher Net income, adjusted for non-cash income and expenses Partially offset by higher net cash outflows from changes in working capital Sequential Net cash provided by operating activities increased 4% primarily due to Higher Net income, adjusted for non-cash income and expenses Partially offset by higher net cash outflows from changes in working capitalThe impact of net payments for Merger-related costs on Net cash provided by operating activities was $181 million in Q2 2026 compared to $153 million in Q1 2026 and $92 million in Q2 2025. Net Cash Provided by Operating Activities($ in millions) 11 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 13% primarily due to Planned timing of capital purchases, including for incremental capital expenditures following the UScellular acquisition Sequential Cash purchases of property and equipment, including capitalized interest, increased 3% primarily due to Planned timing of capital purchases Year-Over-Year Adjusted Free Cash Flow increased 4% primarily due to Higher Net cash provided by operating activities Partially offset by higher Cash purchases of property and equipment Sequential Adjusted Free Cash Flow increased 4% primarily due to Higher Net cash provided by operating activities The impact of net payments for Merger-related costs on Adjusted Free Cash Flow was $181 million in Q2 2026 compared to $153 million in Q1 2026 and $92 million in Q2 2025. Adjusted Free Cash Flow($ in millions) 12 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 Q2 2026 was $86.9 billion. Net debt, excluding tower obligations, at the end of Q2 2026 was $84.1 billion. On December 11, 2025, the company announced that its Board of Directors authorized 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 September 10, 2026. On April 23, 2026, the company announced that its Board of Directors increased the company s 2026 stockholder return authorization to up to $18.2 billion, representing an increase of up to $3.6 billion from its prior 2026 authorization. On a cumulative basis, since the company initiated its stockholder return program in Q3 2022, a total of $54.6 billion has been returned to stockholders as of June 30, 2026, with 250.8 million shares repurchased for $44.2 billion, and cumulative cash dividends of $10.4 billion. During Q2 2026, 11.4 million shares were repurchased for $2.2 billion. During Q2 2026, the company paid a cash dividend of $1.02 per share of common stock, or $1.1 billion, on June 11, 2026. In Q3 2026, through July 17, 2026, the company repurchased an additional $392 million in common stock, totaling $2.5 billion in total shares repurchased since the beginning of Q2 2026. 13 2026 Outlook Metric Previous Revised Change at Midpoint Postpaid net account additions 950 thousand to 1.05 million 950 thousand to 1.05 million No change Net income (1) N A N A N A Effective tax rate 25% to 26% 25% to 26% No change Core Adjusted EBITDA (2) $37.1 to $37.5 billion $37.1 to $37.5 billion No change Net cash provided by operating activities $28.1 to $28.7 billion $28.4 to $28.8 billion $200 million Capital expenditures (3) $10.0 billion $10.0 billion No change Adjusted Free Cash Flow $18.1 to $18.7 billion $18.4 to $18.8 billion $200 million (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. 14 Investor Relations Cathy Yao Matthew Hale Jon Lanterman Senior Vice President Senior Director Senior Director Charles Buffum Chris Lo Danna Tao Aner Hezroni Senior Manager Manager Manager Senior Analyst investor.relations t-mobile.com https investor.t-mobile.com 15 T-Mobile US, Inc.Condensed Consolidated Balance Sheets (Unaudited) (in millions, except share and per share amounts) June 30,2026 December 31,2025 Assets Current assets Cash and cash equivalents $ 2,825 $ 5,598 Accounts receivable, net of allowance for credit losses of $216 and $226 5,247 4,874 Equipment installment plan receivables, net of allowance for credit losses and imputed discount of $759 and $733 4,715 4,997 Inventory 2,191 2,405 Prepaid expenses 1,027 1,215 Other current assets 5,764 5,372 Total current assets 21,769 24,461 Property and equipment, net 36,623 38,333 Operating lease right-of-use assets 24,596 25,692 Financing lease right-of-use assets 2,994 2,760 Goodwill 13,667 13,678 Spectrum licenses 98,178 98,032 Other intangible assets, net 3,295 3,843 Equipment installment plan receivables due after one year, net of allowance for credit losses and imputed discount of $198 and $213 2,458 2,683 Other assets 9,973 9,755 Total assets $ 213,553 $ 219,237 Liabilities and Stockholders' Equity Current liabilities Accounts payable and accrued liabilities $ 8,774 $ 10,280 Short-term debt 6,117 5,135 Deferred revenue 1,439 1,533 Short-term operating lease liabilities 3,620 3,814 Short-term financing lease liabilities 1,178 1,163 Other current liabilities 2,426 2,575 Total current liabilities 23,554 24,500 Long-term debt 78,504 79,649 Long-term debt to affiliates 1,498 Tower obligations 3,461 3,532 Deferred tax liabilities 21,225 19,583 Operating lease liabilities 25,438 26,371 Financing lease liabilities 1,121 1,107 Other long-term liabilities 3,985 3,794 Total long-term liabilities 133,734 135,534 Commitments and contingencies Stockholders' equity Common stock, par value $0.00001 per share, 2,000,000,000 shares authorized 1,278,405,439 and 1,275,774,235 shares issued, 1,074,817,571 and 1,106,930,661 shares outstanding Additional paid-in capital 69,879 69,460 Treasury stock, at cost, 203,587,868 and 168,843,574 shares issued (37,667) (30,545) Accumulated other comprehensive loss (635) (848) Retained earnings 24,688 21,136 Total stockholders' equity 56,265 59,203 Total liabilities and stockholders' equity $ 213,553 $ 219,237 16 T-Mobile US, Inc.Condensed Consolidated Statements of Comprehensive Income(Unaudited) Three Months Ended Six Months Ended June 30, (in millions, except share and per share amounts) June 30,2026 March 31,2026 June 30,2025 2026 2025 Revenues Postpaid revenues $ 15,853 $ 15,629 $ 14,078 $ 31,482 $ 27,672 Prepaid revenues 2,473 2,517 2,643 4,990 5,286 Wholesale and other service revenues 657 685 717 1,342 1,405 Total service revenues 18,983 18,831 17,438 37,814 34,363 Equipment revenues 3,524 3,996 3,439 7,520 7,143 Other revenues 284 280 255 564 512 Total revenues 22,791 23,107 21,132 45,898 42,018 Operating expenses Cost of services, exclusive of depreciation and amortization shown separately below 2,978 3,339 2,717 6,317 5,319 Cost of equipment sales, exclusive of depreciation and amortization shown separately below 5,055 5,488 4,659 10,543 9,457 Selling, general and administrative 5,834 5,966 5,397 11,800 10,885 Depreciation and amortization 3,434 3,817 3,146 7,251 6,344 Total operating expenses 17,301 18,610 15,919 35,911 32,005 Operating income 5,490 4,497 5,213 9,987 10,013 Other expense, net Interest expense, net (1,055) (1,031) (922) (2,086) (1,838) Other expense, net (107) (132) (11) (239) (57) Total other expense, net (1,162) (1,163) (933) (2,325) (1,895) Income before income taxes 4,328 3,334 4,280 7,662 8,118 Income tax expense (1,089) (830) (1,058) (1,919) (1,943) Net income $ 3,239 $ 2,504 $ 3,222 $ 5,743 $ 6,175 Net income $ 3,239 $ 2,504 $ 3,222 $ 5,743 $ 6,175 Other comprehensive income (loss), net of tax Reclassification of loss from cash flow hedges, net of tax effect of $17, $17, $16, $34 and $32 50 50 47 100 93 Gains (losses) on fair value hedges, net of tax effect of $48, $(12), $13, $36 and $(48) 142 (36) 37 106 (140) Unrealized gain (loss) on foreign currency translation adjustment, net of tax effect of $0, $0, $0, $0 and $0 9 (1) 9 (1) Amortization of actuarial gain, net of tax effect $(1), $0, $(1), $(1) and $(1) (1) (1) (2) (2) (3) Other comprehensive income (loss) 200 13 81 213 (51) Total comprehensive income $ 3,439 $ 2,517 $ 3,303 $ 5,956 $ 6,124 Earnings per share Basic $ 2.99 $ 2.28 $ 2.84 $ 5.26 $ 5.43 Diluted $ 2.99 $ 2.27 $ 2.84 $ 5.26 $ 5.42 Weighted-average shares outstanding Basic 1,081,771,279 1,100,174,423 1,132,760,465 1,090,922,014 1,136,627,715 Diluted 1,082,409,636 1,102,053,246 1,134,846,966 1,092,356,249 1,139,770,739 17 T-Mobile US, Inc.Condensed Consolidated Statements of Cash Flows (Unaudited) Three Months Ended Six Months Ended June 30, (in millions) June 30,2026 March 31,2026 June 30,2025 2026 2025 Operating activities Net income $ 3,239 $ 2,504 $ 3,222 $ 5,743 $ 6,175 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 3,434 3,817 3,146 7,251 6,344 Stock-based compensation expense 214 209 200 423 386 Deferred income tax expense 893 682 937 1,575 1,708 Bad debt expense 398 426 265 824 588 Losses from sales of receivables 17 20 19 37 41 Changes in operating assets and liabilities Accounts receivable (498) (162) (338) (660) (431) Equipment installment plan receivables 103 (55) 65 48 89 Inventory 142 86 264 228 (54) Operating lease right-of-use assets 965 1,196 883 2,161 1,738 Other current and long-term assets (354) 33 (671) (321) (661) Accounts payable and accrued liabilities (265) (408) 107 (673) (161) Short- and long-term operating lease liabilities (976) (1,218) (886) (2,194) (1,784) Other current and long-term liabilities (3) (109) (82) (112) (170) Other, net 191 201 (139) 392 31 Net cash provided by operating activities 7,500 7,222 6,992 14,722 13,839 Investing activities Purchases of property and equipment, including capitalized interest of $(6), $(7), $(10), $(13) and $(20) (2,703) (2,623) (2,396) (5,326) (4,847) Purchases of spectrum licenses and other intangible assets, including deposits (484) (26) (842) (510) (915) Proceeds from the sale of property, equipment and intangible assets 16 95 2,066 111 2,073 Acquisition of companies, net of cash acquired (1) 1 (1) (726) Investments in unconsolidated affiliates, net (3) (908) (3) (983) Other, net 122 (294) 520 (172) 430 Net cash used in investing activities (3,052) (2,849) (1,559) (5,901) (4,968) Financing activities Proceeds from issuance of long-term debt, net (5) 6,398 (6) 6,393 7,768 Repayments of financing lease obligations (360) (304) (331) (664) (646) Repayments of long-term debt (1,336) (6,435) (3,257) (7,771) (3,736) Repurchases of common stock (2,320) (4,826) (2,555) (7,146) (5,049) Dividends on common stock (1,101) (1,120) (996) (2,221) (1,999) Tax withholdings on share-based awards (31) (154) (30) (185) (302) Other, net (29) 1 (30) (28) (48) Net cash used in financing activities (5,182) (6,440) (7,205) (11,622) (4,012) Effect of exchange rate changes on cash and cash equivalents, including restricted cash 13 13 Change in cash and cash equivalents, including restricted cash (734) (2,067) (1,759) (2,801) 4,872 Cash and cash equivalents, including restricted cash Beginning of period 3,909 5,976 12,344 5,976 5,713 End of period $ 3,175 $ 3,909 $ 10,585 $ 3,175 $ 10,585 18 T-Mobile US, Inc.Condensed Consolidated Statements of Cash Flows (Continued)(Unaudited) Three Months Ended Six Months Ended June 30, (in millions) June 30,2026 March 31,2026 June 30,2025 2026 2025 Supplemental disclosure of cash flow information Interest payments, net of amounts capitalized $ 1,119 $ 1,054 $ 992 $ 2,173 $ 1,926 Operating lease payments 1,303 1,537 1,202 2,840 2,416 Income tax payments, net of refunds received 757 10 342 767 352 Non-cash investing and financing activities Change in accounts payable and accrued liabilities for purchases of property and equipment $ (404) $ (357) $ (131) $ (761) $ (594) Operating lease right-of-use assets obtained in exchange for lease obligations 540 525 593 1,065 1,074 Financing lease right-of-use assets obtained in exchange for lease obligations 488 222 430 710 678 19 T-Mobile US, Inc.Supplementary Operating and Financial Data(Unaudited) Quarter Six Months Ended June 30, (in thousands) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 2025 2026 Accounts, end of period Total postpaid accounts (1) (2) (3) (4) (5) 31,099 31,502 33,979 34,240 34,439 34,700 31,502 34,700 (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.(4)In the first quarter of 2026, we recognized a base adjustment to decrease postpaid accounts by 18,000, primarily due to combining certain business accounts that have multiple billing account numbers.(5)In the second quarter of 2026, Metronet agreed to repurchase certain customer accounts, resulting in a base adjustment to decrease postpaid accounts by 16,000.These base adjustments had no impact on postpaid net account additions. Quarter Six Months Ended June 30, (in thousands) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 2025 2026 Net account additions Postpaid net account additions 205 318 396 261 217 277 523 494 Quarter Six Months Ended June 30, Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 2025 2026 Churn Postpaid account churn 0.94 % 0.92 % 0.97 % 1.04 % 1.04 % 0.99 % 0.93 % 1.02 % Quarter Six Months Ended June 30, Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 2025 2026 Operating measure Postpaid ARPA $ 146.22 $ 149.87 $ 149.44 $ 150.17 $ 151.93 $ 152.91 $ 148.06 $ 152.42 Quarter Six Months Ended June 30, Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 2025 2026 Postpaid upgrade rate Postpaid device upgrade rate 2.8 % 2.5 % 2.7 % 3.8 % 2.8 % 2.6 % 5.3 % 5.5 % Quarter Six Months Ended June 30, (in millions) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 2025 2026 Device financing - equipment installment plans Gross EIP financed $ 3,565 $ 3,503 $ 3,871 $ 5,774 $ 4,322 $ 3,958 $ 7,068 $ 8,280 EIP billings 3,551 3,553 3,766 4,066 4,167 4,132 7,104 8,299 EIP receivables, net 6,405 6,201 6,915 7,680 7,488 7,173 6,201 7,173 Device financing - leased devices Lease revenues $ 1 $ 6 $ 4 $ 2 $ 1 $ $ 7 $ 1 Leased device depreciation 4 1 5 20 T-Mobile US, Inc. Supplementary Operating and Financial Data (continued)(Unaudited) Quarter Six Months Ended June 30, (in millions, except percentages) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 2025 2026 Financial measures Service revenues $ 16,925 $ 17,438 $ 18,241 $ 18,702 $ 18,831 $ 18,983 $ 34,363 $ 37,814 Equipment revenues $ 3,704 $ 3,439 $ 3,465 $ 5,364 $ 3,996 $ 3,524 $ 7,143 $ 7,520 Lease revenues 1 6 4 2 1 7 1 Equipment sales $ 3,703 $ 3,433 $ 3,461 $ 5,362 $ 3,995 $ 3,524 $ 7,136 $ 7,519 Total revenues $ 20,886 $ 21,132 $ 21,957 $ 24,334 $ 23,107 $ 22,791 $ 42,018 $ 45,898 Net income $ 2,953 $ 3,222 $ 2,714 $ 2,103 $ 2,504 $ 3,239 $ 6,175 $ 5,743 Net income margin 17.4 % 18.5 % 14.9 % 11.2 % 13.3 % 17.1 % 18.0 % 15.2 % Adjusted EBITDA $ 8,259 $ 8,547 $ 8,684 $ 8,447 $ 9,241 $ 9,537 $ 16,806 $ 18,778 Adjusted EBITDA margin 48.8 % 49.0 % 47.6 % 45.2 % 49.1 % 50.2 % 48.9 % 49.7 % Core Adjusted EBITDA $ 8,258 $ 8,541 $ 8,680 $ 8,445 $ 9,240 $ 9,537 $ 16,799 $ 18,777 Core Adjusted EBITDA margin 48.8 % 49.0 % 47.6 % 45.2 % 49.1 % 50.2 % 48.9 % 49.7 % Cost of services, exclusive of depreciation and amortization $ 2,602 $ 2,717 $ 2,873 $ 3,305 $ 3,339 $ 2,978 $ 5,319 $ 6,317 UScellular merger-related costs 7 24 344 44 388 Other Special Items 20 28 55 250 101 69 48 170 Cost of services, exclusive of depreciation and amortization and Special Items $ 2,582 $ 2,689 $ 2,811 $ 3,031 $ 2,894 $ 2,865 $ 5,271 $ 5,759 Cost of equipment sales, exclusive of depreciation and amortization $ 4,798 $ 4,659 $ 4,853 $ 6,967 $ 5,488 $ 5,055 $ 9,457 $ 10,543 UScellular merger-related costs 2 8 14 23 37 Other Special Items 8 8 Cost of equipment sales, exclusive of depreciation and amortization and Special Items $ 4,798 $ 4,659 $ 4,851 $ 6,959 $ 5,466 $ 5,032 $ 9,457 $ 10,498 Selling, general and administrative $ 5,488 $ 5,397 $ 6,015 $ 6,570 $ 5,966 $ 5,834 $ 10,885 $ 11,800 UScellular merger-related costs 14 33 64 111 48 115 47 163 Other Special Items 59 (51) 123 353 209 150 8 359 Selling, general and administrative, excluding Special Items $ 5,415 $ 5,415 $ 5,828 $ 6,106 $ 5,709 $ 5,569 $ 10,830 $ 11,278 Total bad debt expense and losses from sales of receivables $ 345 $ 284 $ 354 $ 445 $ 446 $ 415 $ 629 $ 861 Bad debt and losses from sales of receivables as a percentage of Total revenues 1.7 % 1.3 % 1.6 % 1.8 % 1.9 % 1.8 % 1.5 % 1.9 % Cash purchases of property and equipment including capitalized interest $ 2,451 $ 2,396 $ 2,639 $ 2,469 $ 2,623 $ 2,703 $ 4,847 $ 5,326 Capitalized interest 10 10 13 10 7 6 20 13 Net cash proceeds from securitization $ (26) $ (23) $ (25) $ (22) $ (20) $ (22) $ (49) $ (42) Net payments for Merger-related costs $ 70 $ 92 $ 96 $ 100 $ 153 $ 181 $ 162 $ 334 21 T-Mobile US, Inc.Supplementary Operating and Financial Data (Continued)(Unaudited) Quarter Six Months Ended June 30, (in millions, except share and per share amounts) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 2025 2026 Stockholder returns Total repurchases $ 2,470 $ 2,469 $ 2,470 $ 2,460 $ 4,901 $ 2,156 $ 4,939 $ 7,057 Total shares repurchased 10,091,227 10,148,791 10,204,072 11,919,136 23,329,925 11,420,845 20,240,018 34,750,770 Average purchase price per share $ 244.77 $ 243.32 $ 242.01 $ 206.38 $ 210.07 $ 188.76 $ 244.04 $ 203.07 Total dividends paid $ 1,003 $ 996 $ 987 $ 1,135 $ 1,120 $ 1,101 $ 1,999 $ 2,221 Dividends per share $ 0.88 $ 0.88 $ 0.88 $ 1.02 $ 1.02 $ 1.02 $ 1.76 $ 2.04 Total stockholder returns $ 3,473 $ 3,465 $ 3,457 $ 3,595 $ 6,021 $ 3,257 $ 6,938 $ 9,278 Cumulative total repurchases $ 29,785 $ 32,254 $ 34,724 $ 37,184 $ 42,085 $ 44,241 $ 32,254 $ 44,241 Cumulative shares repurchased 183,754,602 193,903,393 204,107,465 216,026,601 239,356,526 250,777,371 193,903,393 250,777,371 Cumulative stockholder returns $ 34,835 $ 38,300 $ 41,757 $ 45,352 $ 51,373 $ 54,630 $ 38,300 $ 54,630 22 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 Six Months Ended June 30, (in millions, except percentages) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 2025 2026 Net income $ 2,953 $ 3,222 $ 2,714 $ 2,103 $ 2,504 $ 3,239 $ 6,175 $ 5,743 Adjustments Interest expense, net 916 922 924 1,012 1,031 1,055 1,838 2,086 Other expense, net 46 11 78 89 132 107 57 239 Income tax expense 885 1,058 814 532 830 1,089 1,943 1,919 Operating income 4,800 5,213 4,530 3,736 4,497 5,490 10,013 9,987 Depreciation and amortization 3,198 3,146 3,408 3,756 3,817 3,434 6,344 7,251 Stock-based compensation (1) 168 178 217 209 203 212 346 415 UScellular merger-related costs 14 33 73 143 406 182 47 588 Network restructuring initiative costs (2) 93 76 52 128 Legal-related expenses (recoveries), net (3) 6 (4) 8 6 54 16 2 70 Impairment expense 278 Other, net (4) 73 (19) 170 504 188 151 54 339 Adjusted EBITDA 8,259 8,547 8,684 8,447 9,241 9,537 16,806 18,778 Lease revenues (1) (6) (4) (2) (1) (7) (1) Core Adjusted EBITDA $ 8,258 $ 8,541 $ 8,680 $ 8,445 $ 9,240 $ 9,537 $ 16,799 $ 18,777 Net income margin (Net income divided by Service revenues) 17.4 % 18.5 % 14.9 % 11.2 % 13.3 % 17.1 % 18.0 % 15.2 % Adjusted EBITDA margin (Adjusted EBITDA divided by Service revenues) 48.8 % 49.0 % 47.6 % 45.2 % 49.1 % 50.2 % 48.9 % 49.7 % Core Adjusted EBITDA margin (Core Adjusted EBITDA divided by Service revenues) 48.8 % 49.0 % 47.6 % 45.2 % 49.1 % 50.2 % 48.9 % 49.7 % (1)Stock-based compensation includes payroll tax impacts and may not agree to stock-based compensation expense on the Condensed Consolidated Financial Statements.(2)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.(3)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.(4)Other, net, primarily consists of certain severance, restructuring and other expenses, gains and losses, not directly attributable to the 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 March 31, 2026 and December 31, 2025, includes $141 million and $390 million, respectively, and $141 million for the six months ended June 30, 2026, of severance and related costs associated with the 2025-2026 workforce transformation and reinvestment initiative. Additionally, Other, net, for both the three and six months ended June 30, 2026, includes $108 million of costs associated with retail initiatives to close certain dealer and corporate owned stores in connection with our ongoing digital initiatives to simplify routine transactions, as well as enhance customer experiences by transitioning in part to large-format experience stores. 23 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, 2025 Jun 30, 2025 Sep 30, 2025 Dec 31, 2025 Mar 31, 2026 Jun 30,2026 Short-term debt $ 8,214 $ 6,408 $ 6,333 $ 5,135 $ 2,238 $ 6,117 Short-term financing lease liabilities 1,136 1,157 1,157 1,163 1,155 1,178 Long-term debt 76,033 75,018 76,365 79,649 83,809 78,504 Long-term debt to affiliates 1,497 1,497 1,498 1,498 Financing lease liabilities 1,117 1,188 1,186 1,107 1,024 1,121 Total debt (excluding tower obligations) $ 87,997 $ 85,268 $ 86,539 $ 88,552 $ 88,226 $ 86,920 Less Cash and cash equivalents (12,003) (10,259) (3,310) (5,598) (3,520) (2,825) Net debt (excluding tower obligations) $ 75,994 $ 75,009 $ 83,229 $ 82,954 $ 84,706 $ 84,095 Divided by Last twelve months Net income $ 11,918 $ 12,215 $ 11,870 $ 10,992 $ 10,543 $ 10,560 Net debt (excluding tower obligations) to LTM Net income Ratio 6.4 6.1 7.0 7.5 8.0 8.0 Divided by Last twelve months Adjusted EBITDA $ 32,471 $ 32,965 $ 33,406 $ 33,937 $ 34,919 $ 35,909 Net debt (excluding tower obligations) to LTM Adjusted EBITDA Ratio 2.3 2.3 2.5 2.4 2.4 2.3 Divided by Last twelve months Core Adjusted EBITDA $ 32,412 $ 32,926 $ 33,384 $ 33,924 $ 34,906 $ 35,902 Net debt (excluding tower obligations) to LTM Core Adjusted EBITDA Ratio 2.3 2.3 2.5 2.4 2.4 2.3 Adjusted Free Cash Flow and Adjusted Free Cash Flow margin are calculated as follows Quarter Six Months Ended June 30, (in millions, except percentages) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 2025 2026 Net cash provided by operating activities $ 6,847 $ 6,992 $ 7,457 $ 6,654 $ 7,222 $ 7,500 $ 13,839 $ 14,722 Cash purchases of property and equipment, including capitalized interest (2,451) (2,396) (2,639) (2,469) (2,623) (2,703) (4,847) (5,326) Adjusted Free Cash Flow $ 4,396 $ 4,596 $ 4,818 $ 4,185 $ 4,599 $ 4,797 $ 8,992 $ 9,396 Net cash provided by operating activities margin 40.5 % 40.1 % 40.9 % 35.6 % 38.4 % 39.5 % 40.3 % 38.9 % Adjusted Free Cash Flow margin 26.0 % 26.4 % 26.4 % 22.4 % 24.4 % 25.3 % 26.2 % 24.8 % 24 Definitions of TermsOperating 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 - Generally, a billing account 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.Account Churn - The number of accounts whose service was deactivated as a percentage of the average number of accounts during the specified period further divided by the number of months in the period. The number of accounts whose service was deactivated is calculated net of accounts that subsequently had their service restored within a certain period of time and excludes accounts who received service for less than a certain minimum period of time, account mergers and account migrations.3.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.Service revenues - Postpaid, including handset insurance, prepaid, wholesale and other service revenues. 4.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.5.Net income margin - Net income divided by Service revenues.6.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, depreciation and amortization from capital investments, 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 ). 7.Special Items - Certain expenses, gains, and losses which are not reflective of our ongoing performance. Special Items include UScellular merger-related costs, network restructuring initiative costs (as discussed above), certain legal-related recoveries and expenses, Impairment expense, restructuring costs not directly attributable to the UScellular acquisition (including severance), and other non-core gains and losses.8.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.9.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.10.Adjusted Free Cash Flow - Net cash provided by operating activities less cash payments for purchases of property and equipment. 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.11.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.12.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.13.Net payments for merger-related costs include net cash payments for Sprint merger-related costs and UScellular merger-related costs. 25 14.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. 26 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 initiatives 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 oil prices, inflation or interest rates, tariffs and trade restrictions, supply chain disruptions, fluctuations in global currencies, immigration policies, and impacts of geopolitical instability, such as global conflict, wars and further escalations thereof operational delays, higher procurement costs, such as memory chip cost impacts on smartphones, and operational costs, and increased regulatory and compliance complexities, for example, as a 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 failure or inability 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 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. 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.