Form 8-K

8-K — T-Mobile US, Inc.

Accession: 0001283699-26-000062

Filed: 2026-04-28

Period: 2026-04-28

CIK: 0001283699

SIC: 4812 (RADIO TELEPHONE COMMUNICATIONS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — tmus-20260428.htm (Primary)

EX-99.1 — TMUS EXHIBIT 99.1 (tmus03312026ex991.htm)

EX-99.2 — TMUS EXHIBIT 99.2 (tmus03312026ex992.htm)

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8-K — TMUS FORM 8-K

8-K (Primary)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): April 28, 2026

T-MOBILE US, INC.

(Exact Name of Registrant as Specified in Charter)

Delaware 1-33409 20-0836269

(State or other jurisdiction (Commission File Number) (I.R.S. Employer

of incorporation)

Identification No.)

12920 SE 38th Street

Bellevue, Washington

(Address of principal executive offices)

98006-1350

(Zip Code)

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

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

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

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, par value $0.00001 per share TMUS The NASDAQ Stock Market LLC

3.550% Senior Notes due 2029 TMUS29 The NASDAQ Stock Market LLC

3.700% Senior Notes due 2032 TMUS32 The NASDAQ Stock Market LLC

3.150% Senior Notes due 2032 TMUS32A The NASDAQ Stock Market LLC

3.200% Senior Notes due 2032 TMUS32B The NASDAQ Stock Market LLC

3.625% Senior Notes due 2035 TMUS35 The NASDAQ Stock Market LLC

3.850% Senior Notes due 2036 TMUS36 The NASDAQ Stock Market LLC

3.500% Senior Notes due 2037 TMUS37 The NASDAQ Stock Market LLC

3.900% Senior Notes due 2038 TMUS38 The NASDAQ Stock Market LLC

3.800% Senior Notes due 2045 TMUS45 The NASDAQ Stock Market LLC

6.250% Senior Notes due 2069 TMUSL The NASDAQ Stock Market LLC

5.500% Senior Notes due March 2070 TMUSZ The NASDAQ Stock Market LLC

5.500% Senior Notes due June 2070 TMUSI The NASDAQ Stock Market LLC

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

Emerging growth company ☐

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

Item 2.02 — Results of Operations and Financial Condition

On April 28, 2026, T-Mobile US, Inc. (the “Company”) issued a press release announcing the financial and operating results of the Company for the quarter ended March 31, 2026. The text of the press release and accompanying Investor Factbook are furnished as Exhibits 99.1 and 99.2 and incorporated herein by reference.

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

Item 9.01 — Financial Statements and Exhibits

(d) Exhibits:

Exhibit Description

99.1

Press release, dated April 28, 2026, entitled "T-Mobile Delivers Continued Durable Postpaid Account and ARPA Growth, Translating to Best-in-Class Financial Growth, Raises Guidance"

99.2

Investor Factbook of T-Mobile US, Inc. First Quarter 2026 Results

104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

SIGNATURES

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

T-MOBILE US, INC.

April 28, 2026 /s/ Peter Osvaldik

Peter Osvaldik

Chief Financial Officer

EX-99.1 — TMUS EXHIBIT 99.1

EX-99.1

Filename: tmus03312026ex991.htm · Sequence: 2

Document

EXHIBIT 99.1

T-Mobile Delivers Continued Durable Postpaid Account and ARPA Growth, Translating to Best-in-Class Financial Growth, Raises Guidance

Q1 Is Yet Another Proof Point That the Un-carrier’s Winning Formula of Best Network, Best Value and Best Experiences Drives New and Deepening Customer Relationships, Translating to Outsized Financial Results

Accelerating Account Growth and Deepening Customer Relationships Fueled by Widening Differentiation

•Postpaid net account additions of 217 thousand, grew 6% year-over-year

•Postpaid Average Revenue Per Account (“ARPA”) of $151.93 grew 3.9% year-over-year

Translating Strong Account Growth into Durable and Profitable Financial Growth(1)

•Service revenues of $18.8 billion grew 11% year-over-year, industry-leading growth

•Postpaid service revenues of $15.6 billion grew 15% year-over-year, industry-leading growth

•Net income of $2.5 billion decreased 15% year-over-year and included the impact of UScellular merger-related costs, including accelerated depreciation, net of tax, of $476 million

•Diluted earnings per share (“EPS”) of $2.27 decreased 12% year-over-year and included the impact of UScellular merger-related costs, including accelerated depreciation, net of tax, of $0.43

•Core Adjusted EBITDA(2) of $9.2 billion grew 12% year-over-year, industry-leading growth

•Net cash provided by operating activities of $7.2 billion grew 5% year-over-year, industry-leading growth

•Adjusted Free Cash Flow(2) of $4.6 billion grew 5% year-over-year, industry-leading growth

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

•A record share of recent switchers to T-Mobile say they made their choice primarily due to network quality, proof that improving network perception is driving network seekers to the Un-carrier(3)

•Fastest provider in Fixed Wireless Home Internet with median download speeds over 50% faster than next closest peer, based on T-Mobile’s analysis of Ookla data(4)

•As an initial step for T-Mobile to support the broader evolution of physical AI, Figure AI’s F03 humanoid robots in production are designed to connect to T-Mobile’s 5G Advanced network

Bellevue, WA — April 28, 2026 — T-Mobile US, Inc. (NASDAQ: TMUS) reported first quarter 2026 results today, delivering accelerating postpaid net account growth and strong postpaid ARPA growth. The company’s strong customer relationship results contributed to industry-best service revenue growth, including postpaid service revenue growth, strong net income, industry-leading Core Adjusted EBITDA growth, and industry-leading cash flow growth, while fueling stockholder returns of $6.0 billion.

“Q1 marked a strong start to the year as we continue to execute against our ambitious 2026 and 2027 targets, representing yet another proof point of our winning formula and unique differentiation,” said Srini Gopalan, CEO of T-Mobile. “We reported accelerating postpaid net account growth and strong postpaid ARPA growth, reflecting this team’s differentiated ability to not only attract new customer relationships but also deepen the engagement with our existing base. This drove the outsized results you see, including industry-leading financial growth. We’re more confident than ever in our strategy and the opportunities ahead of us, supported by the industry’s best growth portfolio in core wireless, broadband, and smart adjacencies. The best truly lies ahead of us.”

___________________________________________________________

(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, Q1 2026.

(4)Based on T-Mobile's analysis of Ookla® Speedtest Intelligence® data of fixed wireless access providers median download speeds, United States, Q1 2026.

Accelerating Account Growth and Deepening Customer Relationships Fueled by Widening Differentiation

•Postpaid net account additions of 217 thousand increased 12 thousand, or 6%, year-over-year. Postpaid account churn of 1.04%.

•Postpaid ARPA of $151.93 grew 3.9% year-over-year.

Quarter

(in thousands, except churn and ARPA) Q1 2026 Q4 2025 Q1 2025

Postpaid net account additions 217 261 205

Total postpaid accounts, end of period (2)

34,439 34,240 31,099

Postpaid account churn 1.04 % 1.04 % 0.94 %

Postpaid ARPA $ 151.93 $ 150.17 $ 146.22

(1)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. The base adjustment had no impact on postpaid net account additions.

Translating Strong Account Growth into Durable and Profitable Financial Growth(1)

•Total service revenues increased 11% year-over-year to $18.8 billion, and Postpaid service revenues increased 15% year-over-year to $15.6 billion.

•Net income decreased 15% year-over-year to $2.5 billion and included the impact of UScellular merger-related costs, including accelerated depreciation, net of tax, of $476 million.

•Diluted EPS decreased 12% year-over-year to $2.27 per share and included the impact of UScellular merger-related costs, including accelerated depreciation, net of tax, of $0.43.

•Core Adjusted EBITDA increased 12% year-over-year to $9.2 billion.

•Net cash provided by operating activities increased 5% year-over-year to $7.2 billion.

•Cash purchases of property and equipment, including capitalized interest increased 7% year-over-year to $2.6 billion.

•Adjusted Free Cash Flow increased 5% year-over-year to $4.6 billion.

•Stockholder Returns of $6.0 billion in Q1 2026, including common stock repurchases of $4.9 billion and cash dividends of $1.1 billion as part of the then-current stockholder return authorization of up to $14.6 billion in 2026, for cumulative stockholder returns(2) of $51.4 billion since program inception, split across repurchases of $42.1 billion and cash dividends of $9.3 billion. On April 23, 2026, the company announced that the Board of Directors has 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.

Quarter

Q1 2026

vs.

Q4 2025

Q1 2026

vs.

Q1 2025

(in millions, except EPS) Q1 2026 Q4 2025 Q1 2025

Total service revenues $ 18,831 $ 18,702 $ 16,925 0.7 % 11.3 %

Postpaid service revenues 15,629 15,378 13,594 1.6 % 15.0 %

Total revenues 23,107 24,334 20,886 (5.0) % 10.6 %

Net income 2,504 2,103 2,953 19.1 % (15.2) %

Diluted EPS 2.27 1.88 2.58 20.7 % (12.0) %

Adjusted EBITDA 9,241 8,447 8,259 9.4 % 11.9 %

Core Adjusted EBITDA 9,240 8,445 8,258 9.4 % 11.9 %

Net cash provided by operating activities

7,222 6,654 6,847 8.5 % 5.5 %

Cash purchases of property and equipment, including capitalized interest 2,623 2,469 2,451 6.2 % 7.0 %

Adjusted Free Cash Flow

4,599 4,185 4,396 9.9 % 4.6 %

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

(2) Beginning in Q3 2022 through March 31, 2026.

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

•A record share of recent switchers to T-Mobile say they made their choice primarily due to network quality, proof that improving network perception is driving network seekers to the Un-carrier

•Fastest provider in Fixed Wireless Home Internet with median download speeds over 50% faster than next closest peer, based on T-Mobile’s analysis of Ookla data

•As an initial step for T-Mobile to support the broader evolution of physical AI, Figure AI’s F03 humanoid robots in production are designed to connect to T-Mobile’s 5G Advanced network

See 5G device, coverage, and access details at T-Mobile.com. Switcher choice: HarrisX Mobile Insights, Q1 2026. Fixed Wireless Internet speeds: Based on T-Mobile's analysis of Ookla® Speedtest Intelligence® data of fixed wireless access providers median download speeds, United States, Q1 2026.

Raising 2026 Account and Financial Guidance

•Postpaid net account additions are expected to be between 950 thousand and 1.05 million, an increase from prior guidance of 900 thousand to 1.0 million.

•Core Adjusted EBITDA, which is Adjusted EBITDA less lease revenues, is expected to be between $37.1 billion and $37.5 billion, an increase at the midpoint from prior guidance of $37.0 billion to $37.5 billion.

•Net cash provided by operating activities, including net payments for UScellular merger-related costs, is expected to be between $28.1 billion and $28.7 billion, an increase at the midpoint from prior guidance of $28.0 billion to $28.7 billion.

•Continues to expect cash purchases of property and equipment, including capitalized interest, to be approximately $10.0 billion.

•Adjusted Free Cash Flow, including net payments for UScellular merger-related costs, is expected to be between $18.1 billion and $18.7 billion, an increase at the midpoint from prior guidance of $18.0 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) 900 1,000 950 1,050 50

Net income (1)

N/A N/A N/A N/A N/A

Effective tax rate 25% 26% 25% 26% —

Core Adjusted EBITDA (2)

$37,000 $37,500 $37,100 $37,500 $50

Net cash provided by operating activities 28,000 28,700 28,100 28,700 50

Capital expenditures (3)

~10,000 ~10,000 —

Adjusted Free Cash Flow 18,000 18,700 18,100 18,700 50

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

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

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

Financial Results

For more details on T-Mobile’s Q1 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 Information

Date/Time

•Tuesday, April 28, 2026, at 4:30 p.m. (EDT)

Pre-registration link for dial-in access and personalized PIN

Participants 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: 1-412-652-1263

Access via Webcast

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

Submit Questions via X

Send a post to @TMobileIR or @SriniGopalan using $TMUS.

Contact Information

•Media Relations: mediarelations@t-mobile.com

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

T-Mobile Social Media

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

Forward-Looking Statements

Forward-looking statements are based on current expectations and assumptions, which are subject to risks and uncertainties and may cause actual results to differ materially from the forward-looking statements. Important factors that could affect future results and cause those results to differ materially from those expressed in the forward-looking statements include, among others, the following: competition, industry consolidation and changes in the market for wireless communications services and other forms of connectivity; cyberattacks, disruptions, data loss or other security breaches; our inability to adopt and deploy network technologies in a timely and effective manner; our inability to effectively execute our digital 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.

T-Mobile US, Inc.

Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures

(Unaudited)

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

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

Quarter

(in millions) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Net income $ 2,953 $ 3,222 $ 2,714 $ 2,103 $ 2,504

Adjustments:

Interest expense, net 916 922 924 1,012 1,031

Other expense, net 46 11 78 89 132

Income tax expense 885 1,058 814 532 830

Operating income 4,800 5,213 4,530 3,736 4,497

Depreciation and amortization 3,198 3,146 3,408 3,756 3,817

Stock-based compensation (1)

168 178 217 209 203

UScellular merger-related costs 14 33 73 143 406

Network restructuring initiative costs (2)

— — — 93 76

Legal-related expenses (recoveries), net (3)

6 (4) 8 6 54

Impairment expense — — 278 — —

Other, net (4)

73 (19) 170 504 188

Adjusted EBITDA 8,259 8,547 8,684 8,447 9,241

Lease revenues

(1) (6) (4) (2) (1)

Core Adjusted EBITDA $ 8,258 $ 8,541 $ 8,680 $ 8,445 $ 9,240

(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 of severance and related costs associated with the 2025-2026 workforce transformation, respectively.

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, non-cash depreciation and amortization from capital investments, non-cash stock-based compensation, and Special Items. Management believes analysts and investors use Core Adjusted EBITDA because it normalizes for the transition in the company’s device financing strategy, by excluding the impact of device lease revenues from Adjusted EBITDA, to align with the related depreciation expense on leased devices, which is excluded from the definition of Adjusted EBITDA. Core Adjusted EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be considered in isolation or as substitutes for Net income or any other measure of financial performance reported in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

T-Mobile US, Inc.

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

(Unaudited)

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

Quarter

(in millions, except percentages) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Net cash provided by operating activities $ 6,847 $ 6,992 $ 7,457 $ 6,654 $ 7,222

Cash purchases of property and equipment, including capitalized interest (2,451) (2,396) (2,639) (2,469) (2,623)

Adjusted Free Cash Flow

$ 4,396 $ 4,596 $ 4,818 $ 4,185 $ 4,599

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 %

Adjusted Free Cash Flow margin (Adjusted Free Cash Flow divided by Service revenues) 26.0 % 26.4 % 26.4 % 22.4 % 24.4 %

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 and provide further investment in the business.

T-Mobile US, Inc.

Operating Measures

(Unaudited)

The following table sets forth Postpaid ARPA:

Quarter

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Postpaid ARPA $ 146.22 $ 149.87 $ 149.44 $ 150.17 $ 151.93

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.

EX-99.2 — TMUS EXHIBIT 99.2

EX-99.2

Filename: tmus03312026ex992.htm · Sequence: 3

Document

EXHIBIT 99.2

Highlights

Account Metrics

Financial Metrics

Capital Structure

Guidance

Contacts

Financial and Operational Tables

(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.

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.

These base adjustments had no impact on postpaid net account additions.

Year-Over-Year

Continued growth in Postpaid accounts with an increase in net additions primarily due to:

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

■Partially offset by higher account deactivations driven by higher industry switching and the impact of a growing account base, including following the acquisition of UScellular

Sequential

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

■Seasonally lower gross account additions

Year-Over-Year

Postpaid ARPA increased 4% primarily due to:

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

■An increase in customers per account, including from the continued adoption of 5G broadband and continued growth of T-Mobile for Business 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:

■An increase in customers per account, including from the continued adoption of 5G broadband and continued growth of T-Mobile for Business accounts

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

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

Postpaid ARPA

Year-Over-Year

Postpaid account churn increased 10 basis points primarily due to:

■Higher industry switching

■Higher average broadband-only accounts, including following the acquisitions of Metronet and Lumos

Sequential

Postpaid account churn was flat

Postpaid Account Churn

Service Revenues

($ in millions)

Year-Over-Year

Service revenues increased 11% primarily due to:

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

■Partially offset by lower Prepaid service revenues

Sequential

Service revenues increased slightly primarily due to:

■An increase in Postpaid service revenues

■Partially offset by lower Prepaid service revenues and lower Wholesale and other service revenues

Year-Over-Year

Postpaid service revenues increased 15% primarily due to:

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

■Higher postpaid ARPA

Sequential

Postpaid service revenues increased 2% primarily due to:

■Higher postpaid ARPA

Postpaid Service Revenues

($ in millions)

Equipment Revenues

($ in millions)

Year-Over-Year

Equipment revenues increased 8% primarily due to:

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

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

Sequential

Equipment revenues decreased 26% primarily due to:

■A seasonal decrease in the total number of devices sold

■A lower average revenue per device sold, net of promotions, primarily due to a decrease in the high-end phone mix

Year-Over-Year

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

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

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

Sequential

Cost of equipment sales, exclusive of D&A, decreased 21% primarily due to:

■A seasonal decrease in the total number of devices sold

■A 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.

Cost of Services, exclusive of D&A

($ in millions, % of Service revenues)

Year-Over-Year

Cost of services, exclusive of D&A, increased 28% primarily due to:

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

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

Sequential

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

■Higher UScellular merger-related costs

■Mostly offset by lower severance and related costs associated with the 2025-2026 workforce transformation and numerous immaterial items, including seasonality

Year-Over-Year

SG&A expense increased 9% primarily due to:

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

■$132 million of severance and related costs associated with the 2025-2026 workforce transformation and reinvestment initiative

■Higher bad debt expense

■Higher advertising expense

Sequential

SG&A expense decreased 9% primarily due to:

■Seasonally lower advertising and other selling expenses

■Lower severance and related costs associated with the 2025-2026 workforce transformation and reinvestment initiative

■Lower payroll and benefit related expenses

Selling, General and Administrative (SG&A) Expense

($ in millions, % of Service revenues)

Net Income

($ in millions, % of Service revenues)

Diluted Earnings Per Share

(Diluted EPS)

Year-Over-Year

Net income was $2.5 billion and Diluted earnings per share was $2.27 in Q1 2026, compared to $3.0 billion and $2.58 in Q1 2025, primarily due to the factors described above and included the following:

■UScellular merger-related costs, including accelerated depreciation, net of tax, of $476 million, or $0.43 per share, in Q1 2026 and $10 million, or $0.01 per share, in Q1 2025

■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 $103 million, or $0.09 per share, in Q1 2026

Sequential

Net income was $2.5 billion and Diluted earnings per share was $2.27 in Q1 2026, compared to $2.1 billion and $1.88 in Q4 2025, primarily due to the factors described above and included the following:

■UScellular merger-related costs, including accelerated depreciation, net of tax, of $476 million, or $0.43 per share, in Q1 2026 and $107 million, or $0.10 per share, in Q4 2025

■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 and $293 million, or $0.26 per share, in Q4 2025

■Costs associated with the network restructuring initiative, including accelerated depreciation, net of tax, of $103 million, or $0.09 per share, in Q1 2026 and $142 million, or $0.13 per share, in Q4 2025

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

■Higher Equipment revenues, excluding Lease 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 9% primarily due to:

■Lower Cost of equipment sales, excluding Special Items

■Lower SG&A expenses, excluding Special Items

■Lower Cost of services, excluding Special Items

■Higher Total service revenues

■Partially offset by lower Equipment revenues, excluding Lease revenues

Year-Over-Year

Net cash provided by operating activities increased 5% primarily due to:

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

■Lower net cash outflows from changes in working capital

Sequential

Net cash provided by operating activities increased 9% 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

The impact of net payments for Merger-related costs on Net cash provided by operating activities was $153 million in Q1 2026 compared to $100 million in Q4 2025 and $70 million in Q1 2025.

Net Cash Provided by Operating Activities

($ in millions)

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 7% 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 6% primarily due to:

■Planned timing of capital purchases

Year-Over-Year

Adjusted Free Cash Flow increased 5% 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 10% primarily due to:

■Higher Net cash provided by operating activities

■Partially offset by higher Cash purchases of property and equipment

The impact of net payments for Merger-related costs on Adjusted Free Cash Flow was $153 million in Q1 2026 compared to $100 million in Q4 2025 and $70 million in Q1 2025.

Adjusted Free Cash Flow

($ in millions)

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 Q1 2026 was $88.2 billion.

Net debt, excluding tower obligations, at the end of Q1 2026 was $84.7 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 June 11, 2026.

■On April 23, 2026, the company announced that its Board of Directors has 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 $51.4 billion has been returned to stockholders as of March 31, 2026, with 239.4 million shares repurchased for $42.1 billion, and cumulative cash dividends of $9.3 billion.

■During Q1 2026, 23.3 million shares were repurchased for $4.9 billion.

■During Q1 2026, the company paid a cash dividend of $1.02 per share of common stock, or $1.1 billion, on March 12, 2026.

2026 Outlook

Metric Previous Revised Change at Midpoint

Postpaid net account additions

900 thousand to 1.0 million

950 thousand to

1.05 million

50 thousand

Net income (1)

N/A N/A N/A

Effective tax rate

25% to 26%

No change

Core Adjusted EBITDA (2)

$37.0 to $37.5 billion

$37.1 to $37.5 billion

$50 million

Net cash provided by operating activities

$28.0 to $28.7 billion

$28.1 to $28.7 billion

$50 million

Capital expenditures (3)

~$10.0 billion

No change

Adjusted Free Cash Flow

$18.0 to $18.7 billion

$18.1 to $18.7 billion

$50 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.

Investor Relations

Cathy Yao Matthew Hale Jon Lanterman

Senior Vice President Senior Director Senior Director

Charles Buffum Chris Lo Danna Tao

Senior Manager Manager Manager

investor.relations@t-mobile.com

https://investor.t-mobile.com

T-Mobile US, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions, except share and per share amounts) March 31,

2026 December 31,

2025

Assets

Current assets

Cash and cash equivalents $ 3,520 $ 5,598

Accounts receivable, net of allowance for credit losses of $217 and $226 4,866 4,874

Equipment installment plan receivables, net of allowance for credit losses and imputed discount of $748 and $733

4,935 4,997

Inventory 2,327 2,405

Prepaid expenses 1,067 1,215

Other current assets 5,403 5,372

Total current assets 22,118 24,461

Property and equipment, net 37,262 38,333

Operating lease right-of-use assets 25,021 25,692

Financing lease right-of-use assets 2,766 2,760

Goodwill 13,664 13,678

Spectrum licenses 97,564 98,032

Other intangible assets, net 3,573 3,843

Equipment installment plan receivables due after one year, net of allowance for credit losses and imputed discount of $217 and $213

2,553 2,683

Other assets 10,146 9,755

Total assets $ 214,667 $ 219,237

Liabilities and Stockholders' Equity

Current liabilities

Accounts payable and accrued liabilities $ 9,522 $ 10,280

Short-term debt 2,238 5,135

Deferred revenue 1,468 1,533

Short-term operating lease liabilities 3,639 3,814

Short-term financing lease liabilities 1,155 1,163

Other current liabilities 2,322 2,575

Total current liabilities 20,344 24,500

Long-term debt 83,809 79,649

Long-term debt to affiliates — 1,498

Tower obligations 3,496 3,532

Deferred tax liabilities 20,266 19,583

Operating lease liabilities 25,856 26,371

Financing lease liabilities 1,024 1,107

Other long-term liabilities 3,993 3,794

Total long-term liabilities 138,444 135,534

Commitments and contingencies

Stockholders' equity

Common stock, par value $0.00001 per share, 2,000,000,000 shares authorized; 1,278,047,828 and 1,275,774,235 shares issued, 1,085,872,037 and 1,106,930,661 shares outstanding — —

Additional paid-in capital 69,670 69,460

Treasury stock, at cost, 192,175,791 and 168,843,574 shares issued (35,497) (30,545)

Accumulated other comprehensive loss (835) (848)

Retained earnings 22,541 21,136

Total stockholders' equity 55,879 59,203

Total liabilities and stockholders' equity $ 214,667 $ 219,237

T-Mobile US, Inc.

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

Three Months Ended

(in millions, except share and per share amounts) March 31,

2026 December 31,

2025 March 31,

2025

Revenues

Postpaid revenues $ 15,629 $ 15,378 $ 13,594

Prepaid revenues 2,517 2,586 2,643

Wholesale and other service revenues 685 738 688

Total service revenues 18,831 18,702 16,925

Equipment revenues 3,996 5,364 3,704

Other revenues 280 268 257

Total revenues 23,107 24,334 20,886

Operating expenses

Cost of services, exclusive of depreciation and amortization shown separately below 3,339 3,305 2,602

Cost of equipment sales, exclusive of depreciation and amortization shown separately below 5,488 6,967 4,798

Selling, general and administrative 5,966 6,570 5,488

Depreciation and amortization 3,817 3,756 3,198

Total operating expenses 18,610 20,598 16,086

Operating income 4,497 3,736 4,800

Other expense, net

Interest expense, net (1,031) (1,012) (916)

Other expense, net (132) (89) (46)

Total other expense, net (1,163) (1,101) (962)

Income before income taxes 3,334 2,635 3,838

Income tax expense (830) (532) (885)

Net income $ 2,504 $ 2,103 $ 2,953

Other comprehensive income (loss), net of tax

Reclassification of loss from cash flow hedges, net of tax effect of $17, $17, and $16

50 49 46

Losses on fair value hedges, net of tax effect of $(12), $(9), and $(61)

(36) (27) (177)

Actuarial (loss) gain, net of amortization and reclassification, on pension and other postretirement benefits, net of tax effect of $0, $3, and $0

(1) 11 (1)

Other comprehensive income (loss) 13 33 (132)

Total comprehensive income $ 2,517 $ 2,136 $ 2,821

Earnings per share

Basic $ 2.28 $ 1.89 $ 2.59

Diluted $ 2.27 $ 1.88 $ 2.58

Weighted-average shares outstanding

Basic 1,100,174,423 1,115,209,714 1,140,537,935

Diluted 1,102,053,246 1,117,388,934 1,144,655,297

T-Mobile US, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Three Months Ended

(in millions) March 31,

2026 December 31,

2025 March 31,

2025

Operating activities

Net income $ 2,504 $ 2,103 $ 2,953

Adjustments to reconcile net income to net cash provided by operating activities

Depreciation and amortization 3,817 3,756 3,198

Stock-based compensation expense 209 216 186

Deferred income tax expense 682 359 771

Bad debt expense 426 445 323

Losses from sales of receivables 20 — 22

Changes in operating assets and liabilities

Accounts receivable (162) 42 (93)

Equipment installment plan receivables (55) (1,010) 24

Inventory 86 (24) (318)

Operating lease right-of-use assets 1,196 968 855

Other current and long-term assets 33 (505) 10

Accounts payable and accrued liabilities (408) 813 (268)

Short- and long-term operating lease liabilities (1,218) (737) (898)

Other current and long-term liabilities (109) 30 (88)

Other, net 201 198 170

Net cash provided by operating activities 7,222 6,654 6,847

Investing activities

Purchases of property and equipment, including capitalized interest of $(7), $(10), and $(10)

(2,623) (2,469) (2,451)

Purchases of spectrum licenses and other intangible assets, including deposits (26) (63) (73)

Proceeds from the sale of property, equipment and intangible assets 95 77 7

Acquisition of companies, net of cash acquired (1) — (727)

Investments in unconsolidated affiliates, net — (1) (75)

Other, net (294) (44) (90)

Net cash used in investing activities (2,849) (2,500) (3,409)

Financing activities

Proceeds from issuance of long-term debt, net 6,398 3,744 7,774

Repayments of financing lease obligations (304) (288) (315)

Repayments of long-term debt (6,435) (1,635) (479)

Repurchases of common stock (4,826) (2,446) (2,494)

Dividends on common stock (1,120) (1,135) (1,003)

Tax withholdings on share-based awards (154) (40) (272)

Other, net 1 (31) (18)

Net cash (used in) provided by financing activities (6,440) (1,831) 3,193

Effect of exchange rate changes on cash and cash equivalents, including restricted cash — (12) —

Change in cash and cash equivalents, including restricted cash (2,067) 2,311 6,631

Cash and cash equivalents, including restricted cash

Beginning of period 5,976 3,665 5,713

End of period $ 3,909 $ 5,976 $ 12,344

T-Mobile US, Inc.

Condensed Consolidated Statements of Cash Flows (Continued)

(Unaudited)

Three Months Ended

(in millions) March 31,

2026 December 31,

2025 March 31,

2025

Supplemental disclosure of cash flow information

Interest payments, net of amounts capitalized $ 1,054 $ 959 $ 934

Operating lease payments 1,537 1,079 1,214

Income tax payments, net of refunds received 10 36 10

Non-cash investing and financing activities

Change in accounts payable and accrued liabilities for purchases of property and equipment $ (357) $ 231 $ (463)

Operating lease right-of-use assets obtained in exchange for lease obligations 525 590 481

Financing lease right-of-use assets obtained in exchange for lease obligations 222 230 248

T-Mobile US, Inc.

Supplementary Operating and Financial Data

(Unaudited)

Quarter

(in thousands) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Accounts, end of period

Total postpaid accounts (1) (2) (3) (4)

31,099 31,502 33,979 34,240 34,439

(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.

These base adjustments had no impact on postpaid net account additions.

Quarter

(in thousands) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Net account additions

Postpaid net account additions 205 318 396 261 217

Quarter

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Churn

Postpaid account churn 0.94 % 0.92 % 0.97 % 1.04 % 1.04 %

Quarter

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Operating measure

Postpaid ARPA $ 146.22 $ 149.87 $ 149.44 $ 150.17 $ 151.93

Quarter

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Postpaid upgrade rate

Postpaid device upgrade rate 2.8 % 2.5 % 2.7 % 3.8 % 2.8 %

Quarter

(in millions) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Device financing - equipment installment plans

Gross EIP financed $ 3,565 $ 3,503 $ 3,871 $ 5,774 $ 4,322

EIP billings 3,551 3,553 3,766 4,066 4,167

EIP receivables, net 6,405 6,201 6,915 7,680 7,488

Device financing - leased devices

Lease revenues $ 1 $ 6 $ 4 $ 2 $ 1

Leased device depreciation 4 1 — — —

T-Mobile US, Inc.

Supplementary Operating and Financial Data (continued)

(Unaudited)

Quarter

(in millions, except percentages) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Financial measures

Service revenues $ 16,925 $ 17,438 $ 18,241 $ 18,702 $ 18,831

Equipment revenues $ 3,704 $ 3,439 $ 3,465 $ 5,364 $ 3,996

Lease revenues 1 6 4 2 1

Equipment sales $ 3,703 $ 3,433 $ 3,461 $ 5,362 $ 3,995

Total revenues $ 20,886 $ 21,132 $ 21,957 $ 24,334 $ 23,107

Net income $ 2,953 $ 3,222 $ 2,714 $ 2,103 $ 2,504

Net income margin 17.4 % 18.5 % 14.9 % 11.2 % 13.3 %

Adjusted EBITDA $ 8,259 $ 8,547 $ 8,684 $ 8,447 $ 9,241

Adjusted EBITDA margin 48.8 % 49.0 % 47.6 % 45.2 % 49.1 %

Core Adjusted EBITDA $ 8,258 $ 8,541 $ 8,680 $ 8,445 $ 9,240

Core Adjusted EBITDA margin 48.8 % 49.0 % 47.6 % 45.2 % 49.1 %

Cost of services, exclusive of depreciation and amortization $ 2,602 $ 2,717 $ 2,873 $ 3,305 $ 3,339

UScellular merger-related costs — — 7 24 344

Other Special Items 20 28 55 250 101

Cost of services, exclusive of depreciation and amortization and Special Items $ 2,582 $ 2,689 $ 2,811 $ 3,031 $ 2,894

Cost of equipment sales, exclusive of depreciation and amortization $ 4,798 $ 4,659 $ 4,853 $ 6,967 $ 5,488

UScellular merger-related costs — — 2 8 14

Other Special Items — — — — 8

Cost of equipment sales, exclusive of depreciation and amortization and Special Items $ 4,798 $ 4,659 $ 4,851 $ 6,959 $ 5,466

Selling, general and administrative $ 5,488 $ 5,397 $ 6,015 $ 6,570 $ 5,966

UScellular merger-related costs 14 33 64 111 48

Other Special Items 59 (51) 123 353 209

Selling, general and administrative, excluding Special Items $ 5,415 $ 5,415 $ 5,828 $ 6,106 $ 5,709

Total bad debt expense and losses from sales of receivables $ 345 $ 284 $ 354 $ 445 $ 446

Bad debt and losses from sales of receivables as a percentage of Total revenues 1.7 % 1.3 % 1.6 % 1.8 % 1.9 %

Cash purchases of property and equipment including capitalized interest $ 2,451 $ 2,396 $ 2,639 $ 2,469 $ 2,623

Capitalized interest 10 10 13 10 7

Net cash proceeds from securitization $ (26) $ (23) $ (25) $ (22) $ (20)

Net payments for Merger-related costs $ 70 $ 92 $ 96 $ 100 $ 153

T-Mobile US, Inc.

Supplementary Operating and Financial Data (Continued)

(Unaudited)

Quarter

(in millions, except share and per share amounts) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Stockholder returns

Total repurchases $ 2,470 $ 2,469 $ 2,470 $ 2,460 $ 4,901

Total shares repurchased 10,091,227 10,148,791 10,204,072 11,919,136 23,329,925

Average purchase price per share $ 244.77 $ 243.32 $ 242.01 $ 206.38 $ 210.07

Total dividends paid $ 1,003 $ 996 $ 987 $ 1,135 $ 1,120

Dividends per share $ 0.88 $ 0.88 $ 0.88 $ 1.02 $ 1.02

Total stockholder returns $ 3,473 $ 3,465 $ 3,457 $ 3,595 $ 6,021

Cumulative total repurchases $ 29,785 $ 32,254 $ 34,724 $ 37,184 $ 42,085

Cumulative shares repurchased 183,754,602 193,903,393 204,107,465 216,026,601 239,356,526

Cumulative stockholder returns $ 34,835 $ 38,300 $ 41,757 $ 45,352 $ 51,373

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

(in millions, except percentages) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Net income $ 2,953 $ 3,222 $ 2,714 $ 2,103 $ 2,504

Adjustments:

Interest expense, net 916 922 924 1,012 1,031

Other expense, net 46 11 78 89 132

Income tax expense 885 1,058 814 532 830

Operating income 4,800 5,213 4,530 3,736 4,497

Depreciation and amortization 3,198 3,146 3,408 3,756 3,817

Stock-based compensation (1)

168 178 217 209 203

UScellular merger-related costs 14 33 73 143 406

Network restructuring initiative costs (2)

— — — 93 76

Legal-related expenses (recoveries), net (3)

6 (4) 8 6 54

Impairment expense — — 278 — —

Other, net (4)

73 (19) 170 504 188

Adjusted EBITDA 8,259 8,547 8,684 8,447 9,241

Lease revenues (1) (6) (4) (2) (1)

Core Adjusted EBITDA $ 8,258 $ 8,541 $ 8,680 $ 8,445 $ 9,240

Net income margin (Net income divided by Service revenues) 17.4 % 18.5 % 14.9 % 11.2 % 13.3 %

Adjusted EBITDA margin (Adjusted EBITDA divided by Service revenues) 48.8 % 49.0 % 47.6 % 45.2 % 49.1 %

Core Adjusted EBITDA margin (Core Adjusted EBITDA divided by Service revenues) 48.8 % 49.0 % 47.6 % 45.2 % 49.1 %

(1)Stock-based compensation includes payroll tax impacts and may not agree to stock-based compensation expense on the Condensed Consolidated Financial Statements.

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

(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, of severance and related costs associated with the 2025-2026 workforce transformation.

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

Short-term debt $ 8,214 $ 6,408 $ 6,333 $ 5,135 $ 2,238

Short-term financing lease liabilities 1,136 1,157 1,157 1,163 1,155

Long-term debt 76,033 75,018 76,365 79,649 83,809

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

Total debt (excluding tower obligations) $ 87,997 $ 85,268 $ 86,539 $ 88,552 $ 88,226

Less: Cash and cash equivalents (12,003) (10,259) (3,310) (5,598) (3,520)

Net debt (excluding tower obligations) $ 75,994 $ 75,009 $ 83,229 $ 82,954 $ 84,706

Divided by: Last twelve months Net income $ 11,918 $ 12,215 $ 11,870 $ 10,992 $ 10,543

Net debt (excluding tower obligations) to LTM Net income Ratio 6.4 6.1 7.0 7.5 8.0

Divided by: Last twelve months Adjusted EBITDA $ 32,471 $ 32,965 $ 33,406 $ 33,937 $ 34,919

Net debt (excluding tower obligations) to LTM Adjusted EBITDA Ratio 2.3 2.3 2.5 2.4 2.4

Divided by: Last twelve months Core Adjusted EBITDA $ 32,412 $ 32,926 $ 33,384 $ 33,924 $ 34,906

Net debt (excluding tower obligations) to LTM Core Adjusted EBITDA Ratio 2.3 2.3 2.5 2.4 2.4

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

Quarter

(in millions, except percentages) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Net cash provided by operating activities $ 6,847 $ 6,992 $ 7,457 $ 6,654 $ 7,222

Cash purchases of property and equipment, including capitalized interest (2,451) (2,396) (2,639) (2,469) (2,623)

Adjusted Free Cash Flow $ 4,396 $ 4,596 $ 4,818 $ 4,185 $ 4,599

Net cash provided by operating activities margin

40.5 % 40.1 % 40.9 % 35.6 % 38.4 %

Adjusted Free Cash Flow margin

26.0 % 26.4 % 26.4 % 22.4 % 24.4 %

Definitions of Terms

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

1.Account - 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, non-cash depreciation and amortization from capital investments, non-cash stock-based compensation and Special Items. Management believes analysts and investors use Core Adjusted EBITDA because it normalizes for the transition in the company’s device financing strategy, by excluding the impact of device lease revenues from Adjusted EBITDA, to align with the related depreciation expense on leased devices, which is excluded from the definition of Adjusted EBITDA. Core Adjusted EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be considered in isolation or as a substitute for Income from operations, Net income or any other measure of financial performance reported in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

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.

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.

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.

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Cover page.

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For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

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The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

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Address Line 1 such as Attn, Building Name, Street Name

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A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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Indicate if registrant meets the emerging growth company criteria.

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Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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Two-character EDGAR code representing the state or country of incorporation.

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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Local phone number for entity.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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