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]

Core Viewpoint - AT&T reported third-quarter earnings that met Wall Street expectations, with earnings of 54 cents per share and revenue of $30.7 billion, slightly below analyst projections [1][2]. Financial Performance - AT&T's adjusted earnings were 54 cents per share, unchanged from the previous year, while revenue increased by 1.6% to $30.7 billion [1][2]. - Analysts had anticipated earnings of 54 cents per share on revenue of $30.87 billion [2]. - The company reported free cash flow of $4.9 billion, exceeding estimates of $4.8 billion, which supports its dividend [4]. Subscriber Growth - AT&T added 405,000 postpaid wireless phone customers during the quarter, surpassing estimates of 334,000 [2]. - The company also gained 270,000 fiber internet customers, slightly above the estimate of 267,000 [4]. - A year earlier, AT&T added 403,000 postpaid phone subscribers [2]. Stock Market Reaction - Following the earnings report, AT&T stock rose by 1% to $26.30 in early trading, with shares up 14% in 2025 prior to the report [3]. - Despite the increase, the stock remains below its 50-day and 200-day moving averages [3]. Strategic Focus - AT&T is refocusing on "convergence," which involves selling landline broadband and wireless services in bundled products [4]. - Competition with cable TV firms is expected to intensify in 2026 [4].

Core Viewpoint - Verizon raised its annual profit guidance due to strong demand for its additional services, resulting in better-than-expected earnings for the second quarter [1] Group 1: Financial Performance - Verizon reported second-quarter revenue of $34.5 billion, exceeding market expectations of $33.74 billion [1] - Adjusted earnings per share were $1.22, also above market forecasts [1] - The company increased its annual free cash flow forecast to between $19.5 billion and $20.5 billion, up from a previous estimate of $17.5 billion to $18.5 billion [2] Group 2: Service Demand and User Growth - Wireless service revenue grew by 2.2%, driven by increased adoption of additional services like streaming access [1] - The company added 293,000 broadband users in the second quarter due to increased investment in internet services [2] Group 3: Competitive Landscape - Verizon faced intensified competition from AT&T and T-Mobile US, prompting the launch of price-lock promotions and bundled wireless broadband services to retain customers [1] - Despite these efforts, Verizon experienced an unexpected decline of 9,000 monthly paying wireless users from April to June, attributed to customer loss following a rate increase in January [1] Group 4: Strategic Moves - To foster growth in the mature U.S. telecom market, Verizon and its wireless competitors are expanding fiber assets to meet rising data usage demands [1] - In May, Verizon agreed to terminate its diversification plan and received regulatory approval for a $20 billion acquisition of fiber internet provider Frontier [1]