EXHIBIT 99.2 | 3 | Highlights | | --- | --- | | 4 | Customer Metrics | | 7 | Financial Metrics | | 13 | Capital Structure | | 14 | Guidance | | 15 | Contacts | | 16 | Financial and Operational Tables | 2 (1) AT&T Inc. does not disclose postpaid net account additions. Comcast and Charter do not disclose postpaid phone net customer additions. 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 Flo ...

Core Insights - T-Mobile added 1 million wireless subscribers in Q3, exceeding estimates and raising its annual forecast, driven by iPhone upgrades and premium plans [1][3] - The company’s shares fell 1.5% premarket after increasing its annual capital expense forecast by $500 million to approximately $10 billion [1] Subscriber Growth - The addition of 1 million monthly bill-paying subscribers marks T-Mobile's highest growth in Q3 in over a decade, surpassing analyst expectations of 844,900 additions [3] - T-Mobile's premium plans have attracted a larger share of customers switching from competitors in a highly competitive market [2][3] Device Upgrade Impact - Device upgrade cycles typically increase costs for telecom operators due to the need to purchase handsets and offer discounts to retain customers [2] - The third quarter is crucial for U.S. wireless carriers as new iPhone models usually lead to a surge in upgrades and new subscriptions [2] T-Satellite Plan - T-Mobile's T-Satellite plan, launched in July, allows users in remote areas to connect, with most users opting for it through the "Experience Beyond" plan at no extra cost [4] - The T-Satellite service has expanded to support popular apps like WhatsApp and Google Maps, enhancing its appeal [5] Financial Performance - T-Mobile reported total revenue of $21.96 billion for Q3, slightly above the expected $21.92 billion [6] - The company now anticipates adding between 7.2 million and 7.4 million total postpaid net customers in 2025, an increase from the previous projection of 6.1 million to 6.4 million [5]

Core Insights - T-Mobile US reported Q3 earnings that fell short of consensus estimates, with adjusted earnings at $2.41 per share, a 7% decline year-over-year, while revenue increased by 4% to $21.95 billion [2][3] Financial Performance - Adjusted earnings per share decreased to $2.41, missing the expected $2.47, while revenue rose to $21.95 billion, slightly above the forecast of $21.91 billion [2] - An impairment expense impacted earnings by 18 cents per share [2] Subscriber Growth - T-Mobile added over one million postpaid phone subscribers, exceeding estimates of 841,000, and outpacing AT&T's addition of 405,000 subscribers [3] - The company also gained 506,000 wireless high-speed internet subscribers, bringing its total 5G broadband customers to 7.955 million as of September 30 [3] Stock Market Reaction - T-Mobile's stock fell 0.3% to $226.82 in early trading following the earnings report, despite a 3% increase in shares leading up to the report [4] - The stock holds an Accumulation/Distribution Rating of D, indicating institutional selling over the past 13 weeks [4] Technical Ratings - T-Mobile has an IBD Composite Rating of 57 out of a possible 99, reflecting a mix of fundamental and technical metrics [5]

Core Insights - T-Mobile US reported increased revenue in its latest quarter, driven by a strong growth in postpaid wireless phone subscribers [1] Group 1: Financial Performance - The company logged higher revenue in its latest quarter [1] - The growth in revenue is attributed to the rapid addition of postpaid wireless phone subscribers [1]

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]