Core Insights - T-Mobile US reported Q3 2025 revenue of $21.96 billion, an increase from $20.162 billion in the same period last year, exceeding market expectations of $21.903 billion [1] Financial Performance - Q3 2025 revenue: $21.96 billion - Q3 2024 revenue: $20.162 billion - Market expectation for Q3 2025: $21.903 billion [1]

Group 1 - The article does not provide any relevant content regarding the company or industry [1]

Acquisitions and Mergers - T-Mobile completed the acquisition of UScellular's wireless operations for approximately $4.4 billion, including the assumption of up to $2.0 billion in debt[234]. - The UScellular acquisition is expected to yield annual run rate cost synergies of $1.2 billion, comprising $950 million in operating expenses and $250 million in capital expenditures[246]. - T-Mobile launched exchange offers for UScellular's senior notes, with an aggregate outstanding principal balance of $1.7 billion, to be exchanged for T-Mobile notes[240]. - The company incurred UScellular merger-related costs totaling $73 million for the three months ended September 30, 2025, a 356% increase from $16 million in the same period of 2024[243]. - T-Mobile acquired Vistar Media Inc. for $621 million, enhancing its technology solutions for digital-out-of-home advertisements[248]. - The acquisition of Blis Holdco Limited was completed for $180 million, expanding T-Mobile's advertising solutions capabilities[250]. - T-Mobile's merger with Ka'ena Corporation involved a total payment fair value of $956 million, including $420 million in cash and stock[251]. - The company anticipates restructuring and integration costs from the UScellular acquisition to be completed by the end of fiscal year 2027[245]. Financial Performance - Total revenues increased by $1.8 billion, or 9%, for the three months ended September 30, 2025, and increased by $4.4 billion, or 7%, for the nine months ended September 30, 2025[263]. - Postpaid revenues rose by $1.6 billion, or 12%, for the three months ended September 30, 2025, and increased by $3.7 billion, or 10%, for the nine months ended[264]. - Prepaid revenues decreased by $91 million, or 3%, for the three months ended September 30, 2025, but increased by $200 million, or 3%, for the nine months ended[264]. - Total operating expenses increased by $2.1 billion, or 13%, for the three months ended September 30, 2025, and increased by $3.3 billion, or 7%, for the nine months ended[268]. - Selling, general and administrative expenses increased by $829 million, or 16%, for the three months ended September 30, 2025, and increased by $1.4 billion, or 9%, for the nine months ended[271]. - Adjusted EBITDA was $8.684 billion for the three months ended September 30, 2025, representing a 5% increase compared to the same period in 2024[262]. - Net cash provided by operating activities was $7.457 billion for the three months ended September 30, 2025, a 21% increase from the prior year[262]. - Operating income decreased by $266 million, or 6%, for the three months ended September 30, 2025, while it increased by $1.1 billion, or 8%, for the nine months ended[276]. - Net income for the three months ended September 30, 2025, was $2.7 billion, down from $3.1 billion in 2024, while net income for the nine months ended was $8.9 billion, up from $8.4 billion in 2024[284]. Customer Metrics - Postpaid accounts increased by 3,348,000, or 11%, from 30,631,000 in 2024 to 33,979,000 in 2025, including acquisitions from UScellular and others[296]. - Postpaid net account additions increased by 81,000, or 26%, for the three months ended September 30, 2025, and by 85,000, or 10%, for the nine months ended[298]. - Total net customer additions for the nine months ended September 30, 2025, increased by 1,255,000, or 29%, totaling 5,543 compared to 4,288 in 2024[304]. - Net customer additions for the three months ended September 30, 2025, increased by 791,000, or 49%, totaling 2,390, compared to 1,599 in 2024[303]. - Fiber customers included in postpaid other customers reached 934,000 as of September 30, 2025[302]. Capital Expenditures and Investments - The company invested $932 million to acquire a 50% equity interest in the Lumos joint venture, gaining 97,000 fiber customers[257]. - The company invested $4.6 billion to acquire a 50% equity interest in the Metronet joint venture, gaining 713,000 residential fiber customers[258]. - T-Mobile's capital expenditures are primarily driven by investments in spectrum licenses and network infrastructure, with expectations to maintain investment levels in 2025 compared to 2024[371]. - Cash purchases of property and equipment, including capitalized interest, increased by 35% to $2,639 million for the three months ended September 30, 2025, and by 13% to $7,486 million for the nine months[336]. Debt and Financing - Total debt and financing lease liabilities as of September 30, 2025, were $86.5 billion, with $77.9 billion classified as long-term debt[344]. - During the nine months ended September 30, 2025, the company issued long-term debt for net proceeds of $8.3 billion and redeemed short- and long-term debt totaling $4.6 billion[345]. - The company has a revolving credit facility with a commitment amount of $7.5 billion, with no outstanding balance as of September 30, 2025[340]. Stockholder Returns - T-Mobile's stockholder return programs may not fully utilize share repurchases and dividends, potentially impacting stockholder value[236]. - The 2025 Stockholder Return Program is authorized for up to $14.0 billion, including share repurchases and cash dividends, with $3.6 billion remaining for repurchases and dividends as of September 30, 2025[373][378]. - T-Mobile paid $987 million and $3.0 billion in cash dividends during the three and nine months ended September 30, 2025, respectively[377]. - The company repurchased 10,204,072 shares at an average price of $242.01 for a total of $2.5 billion during the three months ended September 30, 2025[378]. - T-Mobile has approximately $50.0 billion allocated for share repurchases and cash dividends, with an additional $19.0 billion for discretionary activities[383]. Impairment and Expenses - The company recognized an impairment expense of $278 million for the three months ended September 30, 2025, which was not present in the same period of 2024[271]. - Impairment expense was $278 million for the three and nine months ended September 30, 2025, related to capitalized software development costs[274]. - Interest expense increased by $88 million, or 11%, for the three months ended and by $192 million, or 7%, for the nine months ended September 30, 2025, primarily due to higher average debt outstanding[277]. Tax and Effective Tax Rate - The effective tax rate was 23.7% for the nine months ended September 30, 2025, compared to 23.1% for the same period in 2024[284].

Core Insights - The wireless carrier missed analysts' profit expectations, indicating potential challenges in cost management or pricing strategies [1] - Despite the profit miss, the subscription numbers for the carrier appeared strong, suggesting robust customer acquisition or retention [1] Financial Performance - Analysts had anticipated higher profit figures, but the carrier's actual results fell short of these expectations [1] - The strong subscription numbers may offset some concerns regarding profitability, highlighting a focus on growth in customer base [1]

EXHIBIT 99.2 | 3 | Highlights | | --- | --- | | 4 | Customer Metrics | | 7 | Financial Metrics | | 13 | Capital Structure | | 14 | Guidance | | 15 | Contacts | | 16 | Financial and Operational Tables | 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 acquisit ...

Group 1 - The White House announced a list of donors for the construction of a banquet hall being promoted by President Trump, with a planned area of 90,000 square feet (approximately 8,361 square meters) [1] - The total estimated cost of the project is approximately $300 million, which is an increase from the previous government estimate of $200 million [1] - Notable donors include major companies such as Apple, Amazon, Lockheed Martin, Microsoft, Google, and cryptocurrency platforms like Coinbase and Gemini [1][2] Group 2 - Additional donors listed include companies such as Altria Group, Booz Allen Hamilton, Caterpillar, Hard Rock International, HP, Micron Technology, NextEra Energy, Palantir Technologies, Ripple, Reynolds American, T-Mobile, and the cryptocurrency issuer Tether [2] - The list features over 30 institutions and individuals contributing to the project [2]

Core Insights - T-Mobile US, Inc. is recognized as a strong long-term investment with low volatility, supported by a Buy rating from Wells Fargo analyst Eric Luebchow and a price target of $260 [1][2] Group 1: New Product Launches - T-Mobile has introduced "Edge Control" and "T-Platform," which are advanced network solutions aimed at enhancing connectivity for businesses [2] - Edge Control utilizes T-Mobile's 5G Advanced network to reduce latency, costs, and security risks, while T-Platform serves as a unified management system for business solutions [3] Group 2: Market Applications - The new solutions are designed for mission-critical operations and are being explored by enterprises in various sectors, including sports, media, entertainment, and public services [4] - Notable organizations such as the PGA of America, Formula 1 Heineken Las Vegas Grand Prix, and military entities are already considering these technologies to improve their operations [4] Group 3: Company Overview - T-Mobile US, Inc. provides wireless communication services under the T-Mobile and MetroPCS brands, offering both prepaid and postpaid options for messaging, voice, and data services [5]

Group 1: NVIDIA - NVIDIA's CEO Jensen Huang sold nearly $100 million worth of shares in October, raising concerns among investors [3][4] - Huang's sales were executed under a 10b5-1 plan, indicating they were predetermined and not influenced by recent market events [5][6] - Sales under a 10b5-1 plan should not be interpreted as immediate bearish signals, although a long-term increase in such sales could be a negative indicator [6] Group 2: Dell Technologies - Private equity investor Silver Lake Technology Associates has sold over $600 million worth of Dell shares since September, which raises concerns [8][9] - The sales were not conducted under a predetermined plan, contrasting with NVIDIA's situation [8] - Silver Lake's sales align with a typical 10-12 year liquidation timeline for private equity funds, suggesting these sales may not indicate a lack of confidence in Dell's outlook [10][11] Group 3: T-Mobile US - Deutsche Telekom has sold more than $250 million worth of T-Mobile shares since September, but these sales are not concerning [13][14] - The sales were also executed under a 10b5-1 plan, and Deutsche Telekom aims to maintain a stake above 50% in T-Mobile [14] - The company is on track to sell significantly fewer shares in 2025 compared to 2024, indicating a stable outlook for T-Mobile [15] Group 4: Overall Insights - The analysis indicates that while there has been around $1 billion in insider sales across NVIDIA, Dell, and T-Mobile, none of these sales appear particularly bearish [16] - Each insider sale should be evaluated individually, as they may not all provide negative signals to investors [16]

Core Insights - T-Mobile has partnered with FOX Weather to provide SuperMobile, a unique business plan that combines intelligent connectivity, satellite-to-cell coverage, and enhanced security for FOX Weather reporters [1][3][4] Group 1: Partnership and Communication Enhancement - T-Mobile is now the preferred communications provider for FOX Weather, ensuring that reporters can deliver uninterrupted updates from virtually any location, regardless of weather conditions [1][2] - The collaboration aims to enhance communication capabilities for FOX Weather teams, allowing them to livestream, share radar imagery, and send critical updates even during high network demand [2][3] Group 2: Features of SuperMobile - SuperMobile offers three key capabilities: intelligent performance, built-in security, and off-grid coverage through T-Satellite, enabling reporters to stay connected in unpredictable conditions [3][4] - The network slice technology of SuperMobile dynamically allocates resources to support high-quality livestreams and real-time updates, preventing issues like buffering and dropped feeds [5] - Enhanced security features include encryption, advanced device authentication, and strong privacy protections, tailored specifically for journalists [5] Group 3: Satellite Connectivity - T-Satellite provides access to over 650 satellites, ensuring connectivity in more than 500,000 square miles of the U.S. that lack terrestrial cell tower coverage [5] - As of October 1, T-Satellite now includes data services, allowing reporters to use apps for navigation and share multimedia content in remote areas [5]

Group 1 - T-Mobile has been announced as the preferred communications provider for FOX Weather [1] - FOX Weather reporters will be equipped with T-Mobile's SuperMobile plan, which combines intelligent performance, built-in security, and seamless satellite coverage [1] - This partnership aims to enhance the delivery of weather reports by FOX Weather reporters [1]