Core Insights - T-Mobile US, Inc. (TMUS) reported strong third-quarter 2025 results, exceeding both revenue and earnings estimates, driven by significant postpaid customer growth [1][10] Financial Performance - Net income for Q3 was $2.71 billion or $2.41 per share, a decrease from $3.05 billion or $2.61 per share in the same quarter last year, reflecting an 11.3% year-over-year decline due to increased operating and interest expenses [2] - Total revenues reached $21.95 billion, up from $20.16 billion year-over-year, surpassing the consensus estimate of $21.78 billion [3] - Total service revenues increased to $18.3 billion from $16.7 billion in the prior year, with a 9.1% year-over-year growth primarily driven by postpaid services [4] Customer Growth and Churn - T-Mobile added 2.3 million postpaid net customers and 396,000 postpaid net accounts during the quarter, with a postpaid phone churn rate of 0.89% [5] - Postpaid average revenues per account rose to $149.44 from $145.60 year-over-year [5] Segment Performance - Net sales from prepaid services were $2.62 billion, down from $2.71 billion in the previous year, with a prepaid net customer addition of 43,000 and a churn rate of 2.77% [6] - Equipment revenues increased to $3.46 billion from $3.2 billion year-over-year, attributed to a higher average revenue per device sold [7] Operating Expenses and EBITDA - Total operating expenses rose to $17.42 billion from $15.36 billion in the prior year, leading to a decline in operating income to $4.5 billion from $4.7 billion [8] - Core adjusted EBITDA was $8.68 billion, up from $8.24 billion a year ago, supported by strong service revenue growth [8] Cash Flow and Liquidity - T-Mobile generated $7.45 billion in cash from operating activities, compared to $6.13 billion in the prior year, while adjusted free cash flow was $4.81 billion, down from $5.16 billion [11] - As of September 30, 2025, the company had $3.31 billion in cash and cash equivalents and $76.36 billion in long-term debt [11] Future Outlook - T-Mobile has raised its 2025 guidance, now expecting postpaid net customer additions between 7.2 million and 7.4 million, and core adjusted EBITDA in the range of $33.7 billion to $33.9 billion [12]

Core Insights - AT&T Inc. and AST SpaceMobile, Inc. are significant players in the mobile and wireless connectivity sector, each with unique strengths in their respective fields [1][2] AT&T Overview - AT&T is one of the largest wireless service providers in North America, offering a wide range of communication and business solutions, including wireless, broadband, and cloud-based services [1] - The company is experiencing positive momentum in its postpaid wireless business, characterized by a lower churn rate and increased adoption of higher-tier unlimited plans [4] - AT&T is focused on enhancing its mobile 5G, fixed wireless, and edge computing services to drive growth, utilizing Ericsson technology for Open RAN deployment [4][5] - Collaborations with TransUnion and Microsoft aim to improve customer experiences and enhance productivity through cloud integration [5] - Despite these efforts, AT&T faces challenges such as a nationwide wireless service outage that impacted customer trust and intense competition from Verizon and T-Mobile [6] AST SpaceMobile Overview - AST SpaceMobile is developing the first global cellular broadband network in space, accessible via standard smartphones, utilizing a constellation of satellites in low Earth orbit [2][7] - The company has launched its first five commercial satellites, which feature the largest commercial communications arrays, and plans to deploy 45 to 60 satellites by Q1 2026 [7] - AST SpaceMobile's service aims to fill cellular coverage gaps, partnering with major carriers like AT&T and Verizon to enhance coverage in the U.S. [9] - The company holds a diverse portfolio of over 3,650 patents related to its satellite ecosystem [7] Competitive Dynamics - AT&T's growth is driven by 5G upgrades and improved wireless services, while AST SpaceMobile is advancing with its Bluebird satellites [8] - AT&T's valuation metrics are more attractive compared to AST SpaceMobile, which has a significantly higher price/sales ratio [15] - Despite AST SpaceMobile's sharper revenue growth, AT&T's solid subscriber momentum and extensive network modernizations position it favorably in the market [18] Financial Estimates - The Zacks Consensus Estimate for AT&T's 2025 sales indicates a year-over-year growth of 2.2%, while EPS is expected to decline by 8.8% [11] - In contrast, AST SpaceMobile's 2025 sales are projected to grow by 1,120%, but its EPS is expected to decline by 39.4% [12] Price Performance - Over the past year, AT&T's stock has increased by 15.1%, while AST SpaceMobile has seen a remarkable gain of 184.6% [14] - AT&T is considered a better investment option due to its more attractive valuation metrics and solid subscriber growth [18]

Core Insights - The company has reported an exceptional quarter, driven by significant customer growth and differentiation in the market, particularly through its uncarrier strategy [2][4] - T-Mobile has achieved record new customer additions, with a notable increase in post-paid subscribers, surpassing estimates [7] - The partnership with SpaceX is expected to enhance customer acquisition and service offerings, particularly in addressing mobile connectivity challenges [8][9] Customer Growth and Market Differentiation - T-Mobile's differentiation strategy is yielding strong financial results, with compelling reasons for customers to choose their services over competitors [2][4] - The company has seen a record quarter for iPhone sales, with T-Mobile's network providing superior speed compared to competitors, which has attracted new customers [6] Financial Performance - T-Mobile added 2.3 million post-paid subscribers, exceeding the estimated 1.5 million, and has raised its guidance for future subscriber growth [7] - The company has also reported a significant increase in phone subscribers, with an additional 275,000 expected [7] Technological Innovations - T-Mobile's collaboration with SpaceX aims to eliminate dead zones and improve mobile connectivity through innovative satellite technology [8] - Recent enhancements to the satellite service allow users to access data services in remote areas, marking a significant innovation in the industry [10] Industry Impact - The company has not observed a significant impact from changes in immigration policies on its subscriber base, indicating resilience in its business model [12]

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]

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 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, 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]

Core Insights - The company reported strong quarterly results, particularly in the broadband segment, adding over 550,000 new internet subscribers, the best performance in eight years [2] - There is some concern regarding churn and a competitive pricing environment, but the company remains confident in its position and strategy [1][4] - The company is focused on selling converged services, which are expected to reduce churn and increase customer lifetime value despite some pressure on average revenue per user (ARPU) [3][5] Industry Dynamics - The industry is experiencing uncertainty due to leadership changes at other companies, which may impact competitiveness and margins [3][4] - The company is not worried about its market position and believes it has a strong portfolio of assets, including recent acquisitions of fiber footprint and spectrum [5] - The competitive landscape is evolving, with expectations of more aggressive pricing strategies from competitors like Verizon and T-Mobile [1][6]