About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Financial Data and Key Metrics Changes - T-Mobile US Inc. reported a strong Q3 2025, achieving all-time best postpaid account growth and total postpaid net additions, with over a million postpaid phone net additions, marking the best Q3 in over a decade [10][14] - Postpaid service revenue grew by 12% year-over-year, while overall service revenue increased by 9% [15] - Core adjusted EBITDA rose by 6%, with a free cash flow conversion rate of 26% [15][28] Business Line Data and Key Metrics Changes - The wireless segment saw significant growth, with postpaid ARPA increasing by 3.8% on an organic basis, excluding the dilutive impact of UScellular, Metronet, and Lumos [14] - In broadband, T-Mobile led the industry with over 500,000 customer additions in 5G broadband and over 50,000 in fiber [15] - The integration of UScellular customers has begun, enhancing network experience and customer benefits [14] Market Data and Key Metrics Changes - T-Mobile's postpaid share of households increased, with strong performance in both top 100 markets and smaller rural areas [14] - The company reported a significant increase in customer lifetime values and strong customer momentum across all segments [15][62] Company Strategy and Development Direction - The company aims to widen its differentiation through network leadership and digital transformation, focusing on customer experience and operational efficiency [17][21] - T-Mobile is committed to maintaining its position as a network leader while investing in future technologies, including AI and satellite communications [76][78] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, highlighting the successful execution of strategies that have led to record customer results [24][41] - The outlook for 2026 and 2027 is optimistic, with expectations for increased guidance reflecting core business strength and M&A contributions [22][28] Other Important Information - The company is accelerating synergy realization from the UScellular merger, with an expected total of $1.2 billion in OPEX and CAPEX run-rate synergies [26] - T-Mobile's digital transformation initiatives are aimed at simplifying customer acquisition processes and enhancing overall customer experience [65][66] Q&A Session Summary Question: Network perception gap and strategy to close it - Management discussed strategies to improve network perception, emphasizing local engagement and digital transformation initiatives to make switching easier for customers [31][35] Question: UScellular synergies and timeline - Management provided insights on the timeline for achieving full run-rate synergies from the UScellular merger, expecting most to be realized by the end of 2027 [43][44] Question: Broadband business opportunities - Management highlighted the potential of both fiber and 5G fixed wireless access, emphasizing the importance of competitive pricing and capital-light structures [48][50] Question: Customer acquisition costs and competitive environment - Management noted that customer acquisition costs remain stable, with strong customer lifetime values and promotional strategies driving customer switching [58][62] Question: Satellite partnership with SpaceX - Management discussed the ongoing collaboration with SpaceX on satellite technology, aiming to eliminate dead zones and enhance service offerings [72][76]

Core Insights - T-Mobile US reported better-than-expected Q3 2025 results and raised its full-year guidance [1][2] - The company added 1 million mobile phone users in Q3, the best performance in over a decade, aided by the acquisition of US Cellular [1] - T-Mobile US expects to add between 7.2 million and 7.4 million new users for the full year, up from a previous estimate of 6.1 million to 6.4 million [2] Financial Performance - Q3 total revenue reached $21.957 billion, an 8.9% year-over-year increase, surpassing market expectations of $21.903 billion [1] - Service revenue grew by 9.1% to $18.241 billion, in line with market expectations [1] - Net profit decreased by 11.3% to $2.714 billion, with earnings per share at $2.41, exceeding market expectations of $2.38 [1] User Growth and Market Position - The acquisition of US Cellular added 4.5 million customers and expanded T-Mobile's user base and spectrum resources across 21 states [1] - T-Mobile's churn rate was reported at 0.89%, slightly better than AT&T's 0.92% [2] - The launch of the iPhone 17 in September contributed to new user growth, as customers reassess their plans during the annual iPhone release season [1] Competitive Landscape - T-Mobile is in fierce competition with AT&T and Verizon, both of which are implementing promotions to attract new users, leading to rising costs [2] - AT&T reported growth in mobile accounts and home broadband users due to promotional measures, but its revenue fell short of analyst expectations [2] Leadership Transition - The Q3 report marks the last for CEO Mike Sievert, who will be succeeded by COO Srini Gopalan on November 1 [2] - Gopalan is expected to lead T-Mobile into a new phase, focusing on expanding its fiber network and overseeing the integration of fiber internet service provider Metronet [2]

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]

T-Mobile US logged higher revenue in its latest quarter as it continued to add postpaid wireless phone subscribers at a fast clip. ...

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]

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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].