T-Mobile US, Inc. (TMUS)

T-Mobile US reported third-quarter 2026 results on 28 October: total revenues rose 7.4 percent to $23.6 billion, and net income rose 27.3 percent to $3.5 billion 1. Postpaid service revenues, from customers billed after they use the service, grew 9.3 percent to $16.3 billion 1. It added 274,000 postpaid accounts to reach 35.0 million, and average revenue per account rose 4 percent to $155.73 a month 1.

The chief executive, Srini Gopalan, credited a "winning formula of the best network, best value, and best experiences" 1. The weak spot was prepaid, where customers pay in advance: its revenues fell 8 percent on fewer customers and on promotions and cheaper plans, the quarterly report says 2.

The company raised the midpoint of its 2026 goal for Core Adjusted EBITDA, a profit measure before interest, taxes, depreciation and amortization, to a range of $37.35 billion to $37.45 billion 1. On the same day it reported that G. Michael Sievert, the former chief executive, is resigning from the board and as vice chair, effective 1 November 2026 3.

The open question is SpaceX, which Bloomberg reported on 22 October 2026 aims to secure at least 80,000 US cell sites on its way to a fourth nationwide wireless carrier 13. T-Mobile and its rivals rent space on many of the same towers, Bloomberg noted 13.

T-Mobile began as VoiceStream Wireless, formed in 1994 inside Western Wireless 7. Deutsche Telekom, the German phone company, bought it on 31 May 2001 and renamed it T-Mobile USA in July 2002 7.

On 30 April 2013 T-Mobile USA combined with MetroPCS to gain the scale, airwaves and money to compete with larger carriers, and the combined company took the name T-Mobile US 7. A month earlier it had launched the Un-carrier strategy, attacking what it called the needless cost and complexity of wireless service 7. Revenue rose 24 percent in 2013 to $24.4 billion 7.

The plan dropped annual contracts, overage charges and surprise roaming fees, the company says, and it was then the fourth largest US provider of postpaid plans 67. Revenue grew from $37.5 billion in 2016 to $45.0 billion in 2019 8.

The turning point came on 1 April 2020, when T-Mobile completed its merger with Sprint, a wireless and wireline company, which became a wholly owned subsidiary 8. Revenue rose 52 percent that year to $68.4 billion, mostly from the postpaid customers Sprint brought 8. The company ended 2020 with about 102 million customers, against 68 million a year earlier 8.

Revenue reached $80.1 billion in 2021, then dipped 1 percent to $79.6 billion in 2022 9. Equipment revenues fell 17 percent, mainly because customers moved from leasing phones to buying them in instalments 9. In 2022 the company also switched off Sprint's old CDMA network in the second quarter and its LTE network in the third 9.

Revenue slipped to $78.6 billion in 2023, then rose 4 percent to $81.4 billion in 2024 and 8 percent to $88.3 billion in 2025 6. In 2025 postpaid revenues rose 11 percent, on more accounts, including those bought with UScellular, Metronet and Lumos, and on higher revenue per account 6. Wholesale revenues fell 16 percent, mostly because other carriers renting the network, such as EchoStar and TracFone, paid less 6.

The buying spree ran through 2024 and 2025: Ka'ena, the owner of Mint Mobile, joined on 1 May 2024, and Vistar Media, an advertising technology firm, on 3 February 2025 for $621 million 2. Blis, another advertising firm, followed on 3 March 2025 for $180 million 6. Most of UScellular's wireless business came on 1 August 2025 for $2.8 billion in cash 2.

Net income still fell 3 percent in 2025, to $11.0 billion from $11.3 billion, because operating expenses rose 10 percent, faster than revenue 6. They included $390 million of severance from a 2025 workforce overhaul 6.

On 1 November 2025 Srinivasan Gopalan, who had joined as chief operating officer on 1 March 2025, became president and chief executive 12. Sievert, his predecessor, stayed on as vice chairman 12.

Phone plans and postpaid accounts

The core business is monthly phone service for postpaid customers, who pay after using it, sold under the T-Mobile brand and, for companies, T-Mobile for Business 6. In 2025 postpaid phone revenues were $49.4 billion, up from $45.8 billion, and postpaid customers produced 81 percent of service revenues 6.

Since 2026 the company counts accounts rather than lines, to focus on high-value accounts 6. At the end of the third quarter of 2026 it had 35.0 million postpaid accounts, and 1.09 percent of them left each month on average 1.

When the Experience More and Experience Beyond plans launched on 23 April 2025, one line cost $85 and $100 a month with an autopay discount, Tom's Guide reported 17. The cheaper Essentials plan started at $60 a month for one line, with high-speed data capped at 50GB, the same report said 17.

Testers rate the network highly: PCMag named T-Mobile the best and fastest major-carrier mobile network in its 2026 survey 1. P3's US benchmark for the third quarter of 2026 gave it all 13 award categories 1.

Home internet: 5G broadband and fiber

5G broadband is home internet sent over the spare capacity of the 5G phone network, and fiber is internet over lines run to the home 6. At the end of 2025 the company counted 7.6 million postpaid and 848,000 prepaid 5G broadband customers, plus 997,000 fiber customers 6.

Fiber grows through 50 percent joint ventures in which the partner owns the lines and T-Mobile owns the customers: Lumos from 1 April 2025, Metronet from 24 July 2025 for $4.6 billion 2. A third, i3 Broadband, closed on 1 October 2026, for $671 million 2.

Home internet has a cost: accounts that buy only broadband leave more often, which the company names as one reason postpaid net account additions fell from a year earlier 18.

Prepaid: Metro, Mint and Ultra

Prepaid customers pay before they use the service, under the T-Mobile, Metro by T-Mobile, Mint Mobile and Ultra Mobile brands 6. Prepaid revenues were $10.5 billion in 2025, 15 percent of service revenues 6. Mint and Ultra came with Ka'ena, bought for at most $1.35 billion 2.

In the third quarter of 2026 prepaid revenues fell to $2.4 billion from $2.6 billion 2. Metro's April 2025 plans included Metro Starter Plus, unlimited data for $40 a month after an autopay discount, Tom's Guide reported 17.

Satellite texting and data

T-Satellite links ordinary phones to SpaceX's Starlink satellites over T-Mobile's airwaves, and it launched on 23 July 2025, with messaging first and data from October 16. It came free with Experience Beyond and cost $10 a month on other plans, AT&T and Verizon customers included, Broadband Breakfast reported 16.

On 14 September 2026 T-Mobile formed a joint venture with AT&T and Verizon that pools airwaves so satellite providers can reach phones in dead zones, including rural areas 2. Paul Roth, a former AT&T executive, is its interim chief executive, the partners said on 1 October 2026 15.

Phones and other devices

Equipment revenues, mostly phones sold outright or on instalment plans of generally 24 months, were $16.0 billion in 2025, about 18 percent of total revenues (computed) 6. In the third quarter of 2026 they rose 13 percent, as buyers chose more high-end phones and makers charged more 2.

Wholesale and advertising

Other companies rent the network to sell their own phone service, which brought $2.9 billion of wholesale and other service revenues in 2025 6. Vistar Media sells technology for digital advertising screens outside the home and Blis sells advertising tools, and both lifted advertising revenues in 2025 26.

The network and its sites

The network runs on licensed airwaves: an average of 394 MHz of low- and mid-band spectrum nationwide at the end of 2025, 185 MHz of it in the 2.5 GHz band 6. On 10 August 2026 it sold its 800 MHz licences to Grain Management for $2.9 billion in cash plus Grain's 600 MHz licences 2.

No single property is material, the annual report says, and wireless network equipment makes up 71 percent of property and equipment 6. In 2012 the company gave Crown Castle the right to run about 6,200 of its tower sites under a long prepaid lease 2.

The people

About 75,000 people worked for the company at the end of 2025, nearly all in the United States, and its headquarters are in Bellevue, Washington, and Overland Park, Kansas 6. In September 2026 it named Jessica Uhl, a former Shell finance chief, to succeed Peter Osvaldik as finance chief in February 2027 4.

In July 2026 it hired Chris Sambar as chief enterprise officer for business and government customers, as Michael Katz, the chief business and product officer, stepped away 5. John Saw, the technology chief, added product engineering and cybersecurity 5.

The rivals

The company says it is the second largest US wireless provider by customers, and it names AT&T and Verizon as rivals, with cable firms such as Charter and Comcast 6. Its home internet competes with cable, fiber and satellite providers 6.

SpaceX is the newest challenger: on 8 October 2026 Grain agreed to pass to SpaceX the 800 MHz licences T-Mobile once held, for Starlink Mobile service from the ground and space 14.

Current problems

The company still contests a 2024 FCC penalty over the privacy of customer information: an appeals court denied its petitions on 15 August 2025, and its petition to the Supreme Court is pending 2.

Cyberattacks in August 2021 and January 2023 brought mass arbitration claims, class actions and an FCC investigation, the annual report says 6. A 2022 antitrust class action says the Sprint merger made AT&T and Verizon customers pay inflated prices, and the company is defending it 2.

The umbrella, in words

The flagship brands are T-Mobile, Metro by T-Mobile and Mint Mobile, and Ultra Mobile and T-Mobile for Business serve prepaid and business customers 16. The annual report's list of subsidiaries, which leaves out minor ones, names T-Mobile USA, Sprint LLC and its spectrum companies, Mint Mobile, MetroPCS units, Vistar Media and the Blis companies 10.

The company owns 50 percent of the Lumos, Metronet and i3 Broadband fiber ventures 2. It has agreed to put about $2.0 billion into a fourth, with Oak Hill, for GoNetspeed and Greenlight Networks, expected to close in the first half of 2027 2. It also holds a stake in the satellite venture with AT&T and Verizon, counted as an investment it influences but does not control 2.

Deutsche Telekom owns 53.7 percent of the common stock, its Schedule 13D/A of 23 March 2026 says, counting 10 million shares SoftBank's Signal Bright holds under a proxy 11. With voting control over about 54.5 percent on 31 March 2026, it names 10 directors, and the company is a controlled company under Nasdaq rules 12. Timotheus Höttges, Deutsche Telekom's chief executive, chairs the board 12.

For 2026 the company expects about 1.0 million postpaid net account additions and Core Adjusted EBITDA of $37.35 billion to $37.45 billion 1. It expects Adjusted Free Cash Flow of $18.7 billion to $18.8 billion, capital spending of about $10.0 billion and an effective tax rate of 24 to 25 percent 1.

Its 2026 program allows up to $18.2 billion of buybacks and dividends through 31 December 2026, the release says, and $3.5 billion went out in the third quarter 1.

Sievert's resignation from the board takes effect on 1 November 2026, the company reported 3. Uhl is due to become finance chief in February 2027, and Osvaldik plans to stay as a strategic advisor until he retires on 1 July 2027, the company said 4.

The company expects the Oak Hill fiber venture to close in the first half of 2027, and it is targeting the first half of 2028 for the rest of its 600 MHz purchase from Comcast 2. It expects to pay $290 million in the first quarter of 2027 for 600 MHz licences bought from TStar 600 on 21 September 2026 2.

It expects to put about $500 million more into Lumos between 2027 and 2028 2. From UScellular it expects $1.2 billion a year of cost savings once integration is done, at a cost of about $2.6 billion, nearly all of it by the end of 2027 2.

It expects to pay about $850 million of cash income taxes on the 800 MHz sale, mostly by 31 December 2027 2. Its arrangement to sell phone instalment receivables, which provided $1.3 billion of funding, expires in November 2026, the quarterly report says 2.

Two outside decisions also hang over the company 214. The Supreme Court has yet to act on its petition over the FCC privacy penalty, the quarterly report says 2. Grain's sale of the former T-Mobile licences to SpaceX still needs the FCC's approval, Grain said 14.

Past

T-Mobile's revenue rose from $37 billion in fiscal 2016 to $88 billion in fiscal 2025, up 10% a year over the 10 filed years; it rose in 7 of 9 years and stayed profitable in all 10. The deepest fall was 2% from fiscal 2021 to fiscal 2023. Over the three fiscal years to 2025, the diluted share count shrank about 3.4% a year, and dividends and buybacks returned about 62% of operating cash flow. Officers and directors filed 110 sales and 2 purchases of their own stock on the open market in the year to 2026-09-30, with 99 of the sales under scheduled 10b5-1 plans. Two warning events appear in filings since 2017: auditor changes, the latest on 2022-05-06. 1

Present

In fiscal 2025, ended 2025-12-31, T-Mobile reported revenue of $88 billion and profit of $11 billion. Return on equity stands at 19 cents of profit per dollar of shareholders' money; leverage is 73 cents owed per dollar of assets; the share count shrank 3.6% over the year. Among 13 graded names in its industry family, T-Mobile's $88 billion revenue ranks in the top 6% by size; its net margin of 12.4% ranks in the top 35%; revenue growth of 3.5% a year over the last three filed years ranks in the top 35%. Gopalan, Srini, President and CEO, has filed under that title since 2025-11-04; the 20 officers and directors filing in the last fifteen months have been on the record a median of 5.4 years; 13 officer or director changes were reported on Form 8-K since 2023-10-21. 21

Future

A quarterly report (Form 10-Q) for the quarter ending 2026-09-30 is due by 2026-11-09 under the SEC's rules. An annual report (Form 10-K) for the fiscal year ending 2026-12-31 is due by 2027-03-01. Cash of $5.6 billion against debt of $81 billion leaves negative net cash of 34.5% of assets, bottom 13% of its family; cash from operations less capital spending is 20.4% of revenue, top 46%. Revenue grew 3.5% a year over the last three filed years against 10% over all 10, slowing; the newest year grew 8.5%; capital spending fell 10.7% a year. Revenue of $88 billion in fiscal 2025 came in 7.3% above the $82 billion its prior three years' pace pointed to; net income of $11 billion beat the prior three-year average of $7.4 billion; net margin of 12.4% beat the prior average of 9.3%. 31

How the company operates

T-Mobile is a subscription business classed under Radiotelephone Communications. In fiscal 2025, Branded Postpaid Revenue Phone made up 56% of revenue, Product Equipment 18%, Branded Prepaid Revenue 12%, Branded Postpaid Revenue Other 10%, Wholesale and Other Service Revenue 3%, and Product and Service Other 1%. Five of the six product lines grew against the year before, with Branded Postpaid Revenue Phone at $49 billion and Product Equipment at $16 billion. 21

New moves

On 2026-09-03, an officer or director change and a disclosure to investors under Regulation FD were reported on Form 8-K. On 2026-06-18, a shareholder vote result was reported on Form 8-K. On 2026-04-30, a shelf registration was filed, ready for securities sale. On 2026-10-10, SpaceX agreed to buy Grain Management's nationwide 800 MHz licences, airwaves that Grain had taken over from T-Mobile in August for $2.9 billion in cash and its own 600 MHz licences; T-Mobile is adjacent to this event as the seller to Grain. 34