• The Netflix of phone plans (for its focus on simplified, value-driven subscription services).
• The Southwest Airlines of wireless carriers (for its history of disrupting the industry with customer-friendly policies and value).
• Like Verizon for mobile phone service in the US.

• Wireless Mobile Services: Provides cellular voice, text, and high-speed data connectivity for smartphones, tablets, and other mobile devices.
• 5G Home Internet: Offers fixed wireless broadband internet access for residential customers leveraging its 5G network infrastructure.
• Business Solutions: Delivers comprehensive wireless communication plans, IoT connectivity, and managed services tailored for businesses of all sizes.
• Mobile Devices & Accessories: Sells a diverse selection of smartphones, tablets, wearables, and related accessories from leading brands.
• Prepaid Mobile Services (Metro by T-Mobile): Provides affordable, no-contract mobile plans and devices through its dedicated prepaid brand.

T-Mobile US (TMUS) primarily sells its wireless communication services to individuals and small businesses. While it has a growing enterprise segment, its core customer base consists of subscribers to its mobile network.

Based on this, T-Mobile serves the following categories of customers:

• Postpaid Customers: This is T-Mobile's largest and most valuable customer segment. These customers typically subscribe to monthly plans under a contract or payment agreement, often financing devices directly through T-Mobile. This category includes individual consumers, families, and many small business customers who manage multiple lines under a single account.
• Prepaid Customers: T-Mobile also serves a significant base of prepaid customers, who pay for their services in advance without a long-term contract or credit check. This segment is often served through its Metro by T-Mobile brand, as well as T-Mobile-branded prepaid options.
• Business and Government Customers: T-Mobile has a dedicated division serving businesses of all sizes, from small and medium-sized businesses (SMBs) to large enterprises and government entities. These customers often require specialized plans, bulk device purchases, managed services, and Internet of Things (IoT) solutions tailored to their operational needs.

• Nokia Corporation (NOK)
• Telefonaktiebolaget LM Ericsson (ERIC)
• Samsung Electronics Co., Ltd. (005930.KS)
• Crown Castle International Corp. (CCI)
• American Tower Corporation (AMT)
• SBA Communications Corporation (SBAC)

Mike Sievert, Vice Chairman (Effective November 1, 2025)

Mike Sievert is the current Chief Executive Officer, President, and Board Director of T-Mobile US, a role he has held since 2020. On November 1, 2025, he will transition to the role of Vice Chairman of the company and its board of directors. Sievert joined T-Mobile in 2012 and was instrumental in shaping the "Un-carrier" strategy, having served as President, Chief Operating Officer, and Chief Marketing Officer. Prior to T-Mobile, he held leadership positions at Microsoft, AT&T, E*TRADE, IBM, and Procter & Gamble. He co-founded Switchbox Labs, a consumer technologies developer, which was acquired by Lenovo in 2009. Sievert also served as Chief Commercial Officer at Clearwire Corporation. He currently serves on the Starbucks board of directors.

Srini Gopalan, Chief Executive Officer (Effective November 1, 2025)

Srini Gopalan will become the Chief Executive Officer of T-Mobile US on November 1, 2025. He currently serves as the Chief Operating Officer, a position he assumed in 2023 after having served on T-Mobile's board for five years.

Peter Osvaldik, Executive Vice President & Chief Financial Officer

Peter Osvaldik is the Executive Vice President and Chief Financial Officer of T-Mobile US, a role he assumed on July 1, 2020. He oversees finance, supply chain, and related operations for the company. Osvaldik joined T-Mobile in 2016 as Vice President of External Reporting and Technical Accounting and later became Senior Vice President and Chief Accounting Officer. Before his time at T-Mobile, he held Chief Accounting Officer, Controller, and managerial roles at Outerwall Inc. (formerly Coinstar) and PricewaterhouseCoopers.

Jon Freier, President, Consumer Group

Jon Freier serves as the President of T-Mobile's Consumer Group, leading consumer marketing, digital excellence, retail sales and distribution, customer care, and various operational functions. His journey with T-Mobile began in 1994 with its predecessor company, Western Wireless, where he started on the frontlines. He has been instrumental in integrating multiple acquired companies for T-Mobile. Previously, Freier was the Executive Director of Sales & Marketing for the U.S. Department of Justice Divestiture Trust for Western Wireless, and held roles as Regional Vice President & General Manager for the North Texas/Oklahoma Region and Executive Vice President of Consumer Marketing for Deutsche Telekom.

Ulf Ewaldsson, President of Technology

Ulf Ewaldsson assumed the role of President of Technology at T-Mobile US after Neville Ray's retirement in Fall 2023. He joined T-Mobile in 2019 as Senior Vice-President for Technology Transformation and later became Chief Network Officer in 2021. Before joining T-Mobile, Ewaldsson had a distinguished 27-year career at Ericsson, where his positions included Group CTO, Head of Digital Services, and Advisor to the CEO. He is recognized for his contributions to developing and globalizing industry standards such as 3G, 4G, and 5G.

The emergence of satellite direct-to-device connectivity presents a clear threat to T-Mobile's traditional cellular network model. Companies like AST SpaceMobile and Lynk Global are actively developing and deploying technology that aims to connect standard smartphones directly to satellites, bypassing the need for terrestrial cell towers for basic communication services (text, voice, and low-bandwidth data). While T-Mobile has entered into a partnership with Starlink to explore similar capabilities, the independent development and potential widespread adoption of this technology by other players could fundamentally alter the landscape for universal coverage and reduce reliance on traditional cellular infrastructure, particularly in remote or underserved areas, thereby commoditizing a core aspect of T-Mobile's business.

T-Mobile US (TMUS) operates primarily in the United States, offering a range of wireless communication services and related products. The addressable markets for its main products and services are substantial within this region.

Main Products and Services:

• Wireless Communication Plans: T-Mobile offers postpaid, prepaid, and wholesale wireless communication plans, including voice, text messaging, and data services. These plans often include smartphones, wearables, and tablets.
• 5G Network Services: The company provides nationwide 5G network access, which is a core offering for both mobile and home internet services. T-Mobile's 5G network covers more than 330 million people across two million square miles in the U.S..
• Fixed Wireless Access (FWA) Home Internet: T-Mobile offers home internet service utilizing its 5G network.
• Business Solutions: This includes wireless plans, data solutions, collaboration tools, and IoT connectivity designed for businesses.

Addressable Market Sizes (U.S. Region):

1. U.S. Wireless Telecommunication Services Market:

The overall U.S. wireless telecommunication services market, which encompasses cellular/mobile telephone services and wireless internet services, was valued at approximately $340.3 billion in 2025. This market is projected to grow to approximately $416.26 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 3.86% from 2025 to 2030. Another estimate indicates a market value of around $450.2 billion in 2025, with a projected growth to approximately $960.8 billion by 2035, at a CAGR of 7.9% from 2025 to 2035.

2. U.S. 5G Market:

• U.S. 5G Enterprise Market: This segment, focusing on 5G solutions for businesses, was valued at $2.58 billion in 2024. It is anticipated to experience significant growth, reaching an estimated $255.73 billion by 2034, with a high CAGR of 59.7% from 2025 to 2034.
• U.S. 5G Infrastructure Market: The market for 5G infrastructure in the U.S. was valued at approximately $3.9 billion in 2025. It is projected to grow to about $20.14 billion by 2033 at a CAGR of 19.9%, or reach $24.9 billion by the end of 2035 at a CAGR of 20.2%.

3. U.S. Fixed Wireless Access (FWA) Market:

The U.S. 5G Fixed Wireless Access market is a rapidly expanding segment. In 2025, its size is projected to be between $8.94 billion and $16.35 billion. This market is expected to reach approximately $288.9 billion by 2030 and could be worth around $343.18 billion by 2034, growing at a CAGR of 40.22% from 2025 to 2034. North America held the largest share of the global 5G fixed wireless access market in 2024, at 36%.

• Continued Postpaid Customer Growth: T-Mobile consistently projects robust postpaid net additions, including both phone and account growth. The company has raised its full-year expectations for total postpaid net additions, with strong performance in this segment and the integration of UScellular customers contributing to an expanding customer base.
• Expansion of Fixed Wireless Access (FWA) and Fiber Broadband: T-Mobile is actively growing its home internet services, both through 5G Fixed Wireless Access (FWA) and strategic fiber deployments. The company has a significant waiting list for FWA and has increased its long-term target for FWA subscribers to 12 million by 2028. Acquisitions and joint ventures, such as Metronet and Lumos, are integral to its fiber strategy, aiming to expand fiber passings and provide complementary connectivity options.
• Growth in Business Services (T-Mobile for Business): T-Mobile for Business (TFB) is identified as a significant growth engine, with expectations of a double-digit service revenue compound annual growth rate from 2023 to 2027. This growth is anticipated from deploying enhanced digital tools and extending leadership across small to mid-market companies, as well as enterprise and government sectors.
• Increase in Postpaid Average Revenue Per Account (ARPA): T-Mobile anticipates sustained growth in postpaid ARPA. This is expected to be driven by deepening customer relationships and a broadening mix of premium ARPA, reflecting customers opting for higher-value plans and services.
• Enhanced Network Differentiation and 5G Leadership: T-Mobile plans to leverage its leading 5G network, including advanced network deployments and satellite capabilities with SpaceX, to attract and retain customers. The company views improving network perception as a substantial opportunity to capture market share from customers who previously prioritized other networks during the 4G era.

Share Repurchases

• T-Mobile authorized a stock repurchase program for up to $14.0 billion in September 2022.
• A shareholder return program of up to $19 billion was announced for the period from Q4 2023 to the end of 2024, encompassing both share repurchases and dividends.
• A new shareholder return program of up to an initial $14.0 billion was authorized in December 2024, running through December 31, 2025, which is part of a broader strategy to allocate up to $50 billion for share repurchases and cash dividends through 2027.

Share Issuance

• As part of the Sprint merger in 2020, Sprint shareholders received a fixed exchange ratio of 0.10256 T-Mobile shares for each Sprint share.
• In 2020, T-Mobile was required to issue 48,751,557 shares of common stock to SoftBank.
• T-Mobile's shares outstanding declined by 4.39% in 2023 and 2.26% in 2024.

Outbound Investments

• T-Mobile acquired UScellular's assets, with the transaction expected to close by August 1, 2025, aiming to expand its network footprint and competitive advantage.
• The company expanded into fiber broadband through joint ventures with KKR and EQT, including the completion of the Lumos JV in April 2025 and the imminent close of the MetroNet JV.
• T-Mobile acquired Ka'ena in Q2 2024, which added 3,504,000 prepaid customers.

Capital Expenditures

• Capital expenditures were $9.8 billion in 2023, and the company guided for approximately $9.0 billion at the midpoint for full-year 2024.
• Expected capital expenditures for 2025 were initially $9.5 billion, but were later raised to approximately $10 billion, primarily due to the inclusion of UScellular assets.
• Between 2020 and 2022, T-Mobile spent over $37 billion on integrating the Sprint network and expanding its 5G footprint, with ongoing investments focused on extending its 5G leadership and fiber deployment.