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]

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 ...

Customer Metrics - Total postpaid customers reached 107284 thousand in Q2 2025[23] - Postpaid net customer additions were 1732 thousand in Q2 2025[23] - Postpaid phone net customer additions were 830 thousand in Q2 2025[23] - Postpaid other net customer additions were 902 thousand in Q2 2025[23] - Prepaid customers reached 25494 thousand in Q2 2025[34] - Prepaid net customer additions were 39 thousand in Q2 2025[34] - Postpaid phone churn decreased slightly to 090% in Q2 2025[29] - Total 5G broadband customers reached 7308 thousand in Q2 2025[37] Financial Metrics - Service revenues increased 6% year-over-year to $17438 million in Q2 2025[41,42] - Postpaid service revenues increased 9% year-over-year to $14078 million in Q2 2025[43,44] - Equipment revenues increased 11% year-over-year to $3439 million in Q2 2025[47,49] - Net income was $3222 million in Q2 2025[68] - Diluted earnings per share was $284 in Q2 2025[70] - Core Adjusted EBITDA increased 6% year-over-year to $8541 million in Q2 2025[74,76] - Net cash provided by operating activities increased 27% year-over-year to $6992 million in Q2 2025[77,78] - Adjusted Free Cash Flow increased 4% year-over-year to $4596 million in Q2 2025[87,89] Capital Allocation - During Q2 2025, 101 million shares were repurchased for approximately $25 billion[97] - During Q2 2025, the company paid a cash dividend of $088 per share of common stock, or approximately $996 million[97] Guidance - The company revised its 2025 guidance for postpaid net customer additions to 61 to 64 million, an increase of 500 thousand at the midpoint[99] - The company revised its 2025 guidance for Core Adjusted EBITDA to $333 to $337 billion, an increase of $50 million at the midpoint[99] - The company revised its 2025 guidance for Net cash provided by operating activities to $271 to $275 billion, an increase of $50 million at the midpoint[99] - The company revised its 2025 guidance for Adjusted Free Cash Flow to $176 to $180 billion, an increase of $50 million at the midpoint[99]

Core Insights - T-Mobile, US, Inc. reported strong first-quarter 2025 results, with both net income and revenues exceeding Zacks Consensus Estimates, driven by significant postpaid customer growth [1][2]. Financial Performance - Net income for Q1 2025 was $2.95 billion, or $2.58 per share, reflecting a 24.4% year-over-year increase from $2.37 billion or $2 per share [2]. - Total revenues reached $20.88 billion, up from $19.59 billion in the same quarter last year, surpassing the consensus estimate of $20.57 billion [2]. Segment Results - Total service revenues were $16.92 billion, a 5.2% increase from $16.09 billion year-over-year, primarily driven by demand for postpaid services [3]. - Postpaid services generated $13.59 billion in revenues, marking a 7.6% year-over-year growth [3]. - Prepaid services revenues increased to $2.64 billion from $2.4 billion in the previous year [5]. - Equipment revenues rose to $3.7 billion, up from $3.25 billion, attributed to a higher average revenue per device sold [6]. Customer Growth - T-Mobile added 1.3 million postpaid net customers and 205,000 postpaid net accounts, both leading the industry [4]. - The postpaid phone churn rate was recorded at 0.91%, with postpaid average revenues per account increasing to $146.22 from $140.88 year-over-year [4]. Operating Metrics - Total operating expenses increased to $16.08 billion from $15.59 billion, while operating income rose to $4.8 billion from $3.99 billion [7]. - Core adjusted EBITDA was $8.3 billion, up from $7.65 billion year-over-year [7]. Cash Flow and Liquidity - Cash generated from operating activities was $6.84 billion, compared to $5.08 billion in the prior year [8]. - Adjusted free cash flow increased to $4.39 billion from $3.34 billion year-over-year [8]. - As of March 31, 2025, T-Mobile had $12 billion in cash and cash equivalents and $76 billion in long-term debt [8]. Outlook - For 2025, T-Mobile anticipates postpaid net customer additions between 5.5 million and 6 million, with core adjusted EBITDA estimated at $33.2-$33.7 billion [9]. - Expected cash from operating activities is projected to be within $27-$27.5 billion, with adjusted free cash flow anticipated in the range of $17.5-$18 billion [9].

Core Viewpoint - T-Mobile has reported strong fourth-quarter 2024 earnings, exceeding estimates with significant customer growth and revenue increases, leading to a positive outlook for the company moving forward [2][3][4]. Financial Performance - T-Mobile's net income for Q4 2024 was $2.98 billion, or $2.57 per share, marking a 48% increase year-over-year from $2.01 billion or $1.67 per share [3]. - Total revenues for Q4 2024 reached $21.87 billion, up from $20.47 billion in the same quarter last year, surpassing the consensus estimate of $21.17 billion [4]. - For the full year 2024, T-Mobile reported total revenues of $81.4 billion, an increase from $78.55 billion in 2023 [4]. Customer Growth - T-Mobile added 1.9 million postpaid net customers in the quarter, the highest in the industry, with a postpaid phone churn rate of 0.92% [6]. - The company reported postpaid average revenues per account increased to $146.28 from $140.23 year-over-year [6]. Revenue Segments - Service revenues totaled $16.92 billion, up from $16.04 billion year-over-year, driven by strong demand for postpaid services [5]. - Equipment revenues were $4.69 billion, an increase from $4.17 billion in the previous year, attributed to a higher average revenue per device sold [8]. Cash Flow and Liquidity - T-Mobile generated $5.54 billion in cash from operating activities in Q4 2024, compared to $4.85 billion in the prior-year quarter [11]. - As of December 31, 2024, the company had $5.4 billion in cash and cash equivalents, with long-term debt of $72.7 billion [12]. Future Outlook - For 2025, T-Mobile anticipates postpaid net customer additions between 5.5 million and 6 million, with core adjusted EBITDA estimated at $33.1-$33.6 billion [13]. - The company expects adjusted free cash flow in the range of $17.3-$18 billion and capital expenditures around $9.5 billion [13]. Industry Comparison - T-Mobile's performance is compared favorably against Verizon, which reported a revenue increase of 1.6% year-over-year, indicating T-Mobile's stronger growth trajectory in the wireless industry [17].