T-Mobile US (TMUS)
Market Price (7/24/2026): $171.68 | Market Cap: $188.9 BilInvestor Relations Sector: Communication Services | Industry: Wireless Telecommunication Services
T-Mobile US (TMUS)
Market Price (7/24/2026): $171.68Market Cap: $188.9 BilSector: Communication ServicesIndustry: Wireless Telecommunication Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.9%, Dividend Yield is 2.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.6%, FCF Yield is 8.4% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%, CFO LTM is 28 Bil, FCF LTM is 16 Bil Stock buyback supportStock Buyback 3Y Total is 34 Bil Low stock price volatilityVol 12M is 28% Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity. Themes include Wireless Services, and Telecom Infrastructure. | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 63% Key risksTMUS key risks include [1] a documented history of major data breaches resulting in significant financial penalties and [2] heightened regulatory scrutiny and compliance mandates stemming directly from these cybersecurity failures. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.9%, Dividend Yield is 2.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.6%, FCF Yield is 8.4% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%, CFO LTM is 28 Bil, FCF LTM is 16 Bil |
| Stock buyback supportStock Buyback 3Y Total is 34 Bil |
| Low stock price volatilityVol 12M is 28% |
| Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity. Themes include Wireless Services, and Telecom Infrastructure. |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 63% |
| Key risksTMUS key risks include [1] a documented history of major data breaches resulting in significant financial penalties and [2] heightened regulatory scrutiny and compliance mandates stemming directly from these cybersecurity failures. |
Qualitative Assessment
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T-Mobile US (TMUS) stock has lost about 20% since 3/31/2026 because of the following key factors:
1. Slower postpaid account growth and higher churn in fiscal Q2 2026 raised investor concerns. T-Mobile US reported 277,000 postpaid net account additions for fiscal Q2 2026, which represented a 13% year-over-year decline. This figure, while slightly above analyst consensus of 272,300, indicated a significant slowdown in a key growth metric. Additionally, postpaid churn increased year-over-year. Management also guided for temporarily slower postpaid net additions of approximately 250,000 in fiscal Q3 2026 due to "rate plan modernization," further dampening investor sentiment regarding future subscriber growth.
2. Fiscal Q2 2026 revenue marginally missed analyst expectations. Despite T-Mobile US reporting an earnings per share (EPS) of $2.99, which beat consensus estimates of $2.59, the company's revenue of $22.79 billion for fiscal Q2 2026 slightly missed the analyst forecast of $22.8 billion. This minor revenue miss, coupled with the more significant concerns about subscriber growth, contributed to the stock's sharp decline, including an almost 11% drop on July 23, 2026.
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T-Mobile US (TMUS) stock has lost about 20% since 3/31/2026 because of the following key factors:
1. Slower postpaid account growth and higher churn in fiscal Q2 2026 raised investor concerns. T-Mobile US reported 277,000 postpaid net account additions for fiscal Q2 2026, which represented a 13% year-over-year decline. This figure, while slightly above analyst consensus of 272,300, indicated a significant slowdown in a key growth metric. Additionally, postpaid churn increased year-over-year. Management also guided for temporarily slower postpaid net additions of approximately 250,000 in fiscal Q3 2026 due to "rate plan modernization," further dampening investor sentiment regarding future subscriber growth.
2. Fiscal Q2 2026 revenue marginally missed analyst expectations. Despite T-Mobile US reporting an earnings per share (EPS) of $2.99, which beat consensus estimates of $2.59, the company's revenue of $22.79 billion for fiscal Q2 2026 slightly missed the analyst forecast of $22.8 billion. This minor revenue miss, coupled with the more significant concerns about subscriber growth, contributed to the stock's sharp decline, including an almost 11% drop on July 23, 2026.
3. Multiple analyst downgrades and price target reductions reflected a more cautious outlook. Between April and July 2026, several analyst firms lowered their price objectives and ratings for TMUS. For instance, Morgan Stanley reduced its price objective from $260.00 to $230.00 on July 7, 2026, and Scotiabank lowered its target from $263.00 to $243.00 on July 15, 2026. Wells Fargo also set a lower price target of $170.00 on July 8, 2026. These revisions from a generally "Moderate Buy" consensus indicate growing apprehension among financial analysts regarding the stock's short-to-medium-term prospects.
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Stock Movement Drivers
Fundamental Drivers
The -18.4% change in TMUS stock from 3/31/2026 to 7/23/2026 was primarily driven by a -15.8% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7232026 | Change |
|---|---|---|---|
| Stock Price ($) | 208.90 | 170.42 | -18.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 88,309 | 90,530 | 2.5% |
| Net Income Margin (%) | 12.4% | 11.6% | -6.4% |
| P/E Multiple | 21.1 | 17.8 | -15.8% |
| Shares Outstanding (Mil) | 1,111 | 1,100 | 1.0% |
| Cumulative Contribution | -18.4% |
Market Drivers
3/31/2026 to 7/23/2026| Return | Correlation | |
|---|---|---|
| TMUS | -18.4% | |
| Market (SPY) | 13.5% | -13.9% |
| Sector (XLC) | -4.9% | 29.4% |
Fundamental Drivers
The -15.2% change in TMUS stock from 12/31/2025 to 7/23/2026 was primarily driven by a -15.8% change in the company's Net Income Margin (%).| (LTM values as of) | 12312025 | 7232026 | Change |
|---|---|---|---|
| Stock Price ($) | 200.98 | 170.42 | -15.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 85,847 | 90,530 | 5.5% |
| Net Income Margin (%) | 13.8% | 11.6% | -15.8% |
| P/E Multiple | 19.0 | 17.8 | -6.5% |
| Shares Outstanding (Mil) | 1,124 | 1,100 | 2.1% |
| Cumulative Contribution | -15.2% |
Market Drivers
12/31/2025 to 7/23/2026| Return | Correlation | |
|---|---|---|
| TMUS | -15.2% | |
| Market (SPY) | 8.5% | -17.8% |
| Sector (XLC) | -10.2% | 20.7% |
Fundamental Drivers
The -27.1% change in TMUS stock from 6/30/2025 to 7/23/2026 was primarily driven by a -20.5% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7232026 | Change |
|---|---|---|---|
| Stock Price ($) | 233.85 | 170.42 | -27.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 82,692 | 90,530 | 9.5% |
| Net Income Margin (%) | 14.4% | 11.6% | -19.2% |
| P/E Multiple | 22.4 | 17.8 | -20.5% |
| Shares Outstanding (Mil) | 1,141 | 1,100 | 3.7% |
| Cumulative Contribution | -27.1% |
Market Drivers
6/30/2025 to 7/23/2026| Return | Correlation | |
|---|---|---|
| TMUS | -27.1% | |
| Market (SPY) | 20.5% | -15.6% |
| Sector (XLC) | -1.9% | 19.9% |
Fundamental Drivers
The 28.3% change in TMUS stock from 6/30/2023 to 7/23/2026 was primarily driven by a 141.3% change in the company's Net Income Margin (%).| (LTM values as of) | 6302023 | 7232026 | Change |
|---|---|---|---|
| Stock Price ($) | 132.83 | 170.42 | 28.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 79,083 | 90,530 | 14.5% |
| Net Income Margin (%) | 4.8% | 11.6% | 141.3% |
| P/E Multiple | 42.4 | 17.8 | -58.1% |
| Shares Outstanding (Mil) | 1,220 | 1,100 | 10.9% |
| Cumulative Contribution | 28.3% |
Market Drivers
6/30/2023 to 7/23/2026| Return | Correlation | |
|---|---|---|
| TMUS | 28.3% | |
| Market (SPY) | 72.4% | 11.7% |
| Sector (XLC) | 67.1% | 25.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TMUS Return | -14% | 21% | 15% | 40% | -7% | -5% | 48% |
| Peers Return | -1% | -27% | 26% | 25% | -3% | -12% | -3% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| TMUS Win Rate | 42% | 58% | 58% | 83% | 33% | 29% | |
| Peers Win Rate | 48% | 40% | 55% | 58% | 58% | 37% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| TMUS Max Drawdown | -29% | -12% | -16% | -12% | -28% | -24% | |
| Peers Max Drawdown | -25% | -42% | -29% | -21% | -27% | -31% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: T, VZ, CMCSA, CHTR, TDS. See TMUS Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/23/2026 (YTD)
How Low Can It Go
| Event | TMUS | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -13.7% | -6.7% |
| % Gain to Breakeven | 15.8% | 7.1% |
| Time to Breakeven | 149 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -11.2% | -24.5% |
| % Gain to Breakeven | 12.6% | 32.4% |
| Time to Breakeven | 13 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -26.0% | -33.7% |
| % Gain to Breakeven | 35.2% | 50.9% |
| Time to Breakeven | 61 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -11.9% | -19.2% |
| % Gain to Breakeven | 13.5% | 23.8% |
| Time to Breakeven | 18 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -19.3% | -12.2% |
| % Gain to Breakeven | 23.9% | 13.9% |
| Time to Breakeven | 106 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -18.3% | -6.8% |
| % Gain to Breakeven | 22.4% | 7.3% |
| Time to Breakeven | 36 days | 15 days |
In The Past
T-Mobile US's stock fell -3.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 3.1% gain to breakeven.
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| Event | TMUS | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -26.0% | -33.7% |
| % Gain to Breakeven | 35.2% | 50.9% |
| Time to Breakeven | 61 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -54.0% | -17.9% |
| % Gain to Breakeven | 117.3% | 21.8% |
| Time to Breakeven | 628 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -46.6% | -53.4% |
| % Gain to Breakeven | 87.1% | 114.4% |
| Time to Breakeven | 1792 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -35.0% | -8.6% |
| % Gain to Breakeven | 53.9% | 9.5% |
| Time to Breakeven | 3357 days | 47 days |
In The Past
T-Mobile US's stock fell -3.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 3.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About T-Mobile US (TMUS)
T-Mobile US, Inc. (TMUS) is a prominent mobile communications service provider operating primarily across the United States, Puerto Rico, and the US Virgin Islands. The company's core business revolves around offering essential voice, messaging, and data services, which form the backbone of connectivity for its broad customer base.
In addition to its communication services, T-Mobile provides a comprehensive range of wireless devices, including smartphones, wearables, tablets, and various mobile accessories. It serves over 108 million customers through its distinct brands, T-Mobile and Metro by T-Mobile, targeting diverse segments within the postpaid, prepaid, and wholesale markets.
T-Mobile reaches its customers through multiple channels, including its network of owned retail stores, the T-Mobile app, customer care, and company websites. It also leverages third-party dealers and distributors for device sales. The company maintains a robust infrastructure to support its operations, featuring approximately 102,000 macro cell sites and 41,000 small cell/distributed antenna system sites as of late 2021.
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T-Mobile US is like Verizon for mobile phone and data services.
T-Mobile US is like AT&T for wireless communications.
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- Mobile Communication Services: T-Mobile provides voice, messaging, and data services to postpaid, prepaid, and wholesale customers.
- Wireless Devices: The company sells various wireless devices including smartphones, wearables, and tablets.
- Wireless Accessories: T-Mobile offers a range of accessories for mobile communication devices.
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T-Mobile US primarily sells its services and devices to individuals. The company serves the following three categories of customers:
- Postpaid customers: These are individuals and businesses who subscribe to T-Mobile's services and receive a monthly bill based on their usage.
- Prepaid customers: These are individuals who pay for their mobile services in advance, often through brands like Metro by T-Mobile.
- Wholesale customers: This segment includes other companies, such as Mobile Virtual Network Operators (MVNOs) and partners, that utilize T-Mobile's network infrastructure to offer their own services or products to an end-user base.
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Srini Gopalan, Chief Executive Officer
Srini Gopalan was appointed Chief Executive Officer of T-Mobile US, Inc. in November 2025, succeeding Mike Sievert. Prior to this role, he served as the Chief Operating Officer of T-Mobile. Mr. Gopalan brings extensive global experience in technology, telecommunications, and business operations, driving results through operational excellence, digital innovation, and customer-first strategies. He has been instrumental in advancing T-Mobile's digital transformation and strengthening execution and customer experience across the Consumer and Business groups, evolving the company into a more data-driven, AI-enabled, digital-first organization.
Peter Osvaldik, Executive Vice President and Chief Financial Officer
Peter Osvaldik was appointed Executive Vice President and Chief Financial Officer of T-Mobile US, Inc. on July 1, 2020. He oversees finance, supply chain, and related operations for the company. Mr. Osvaldik joined T-Mobile in January 2016 as Vice President, External Reporting and Technical Accounting, and was later elevated to Senior Vice President, Finance and Chief Accounting Officer in June 2016. Before his tenure at T-Mobile, he held Chief Accounting Officer, Controller, and manager roles at Outerwall Inc. (formerly Coinstar). Earlier in his career, he worked at PricewaterhouseCoopers. Mr. Osvaldik earned dual bachelor's degrees in Accounting and Biochemistry from Western Washington University.
Mike Sievert, Vice Chairman
Mike Sievert is the Vice Chairman of T-Mobile US and of the company's board of directors. He previously served as Chief Executive Officer from April 2020 through October 2025. Mr. Sievert joined T-Mobile in 2012, holding various leadership positions including Chief Marketing Officer, Chief Operating Officer, and President. He is recognized as the architect of T-Mobile's "Un-carrier" strategy. Before T-Mobile, Mr. Sievert held leadership roles at Microsoft, AT&T, E*TRADE, IBM, and Procter & Gamble. He also co-founded Switchbox Labs, a startup that was acquired by Lenovo in 2009. Mr. Sievert currently serves on the Starbucks board of directors. He earned a bachelor's degree in economics from the Wharton School of the University of Pennsylvania.
Jon Freier, Chief Operating Officer
Jon Freier serves as the Chief Operating Officer at T-Mobile US. He is also listed as the President of the Consumer Group.
Mike Katz, Chief Business & Product Officer
Mike Katz is the Chief Business & Product Officer at T-Mobile US. He is also identified as the President, Marketing, Strategy and Products.
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The key risks to T-Mobile US (TMUS) include intense competition and pricing pressure, high debt levels, and cybersecurity threats.
1. Intense Competition and Pricing Pressure
T-Mobile US operates in a highly competitive wireless communications industry, primarily facing rivals such as AT&T and Verizon, as well as challenges from cable operators and mobile virtual network operators (MVNOs). This intense competition often leads to promotional activities, price wars, and pressure on service pricing and profit margins. The company's ability to attract and retain customers is significantly influenced by these competitive dynamics, which can negatively affect its business, financial condition, and operating results.
2. High Debt Levels
T-Mobile US carries a substantial amount of debt, which poses a significant financial risk. This high level of indebtedness can reduce the company's financial flexibility, increase its borrowing costs, and potentially place it at a competitive disadvantage compared to companies with lower debt burdens. Managing this debt requires consistent generation of significant free cash flow, and sustained pressure on profitability could impact its ability to service these obligations.
3. Cybersecurity Risks
Given T-Mobile US's reliance on digital platforms and its handling of sensitive customer information, the company is exposed to ongoing cybersecurity threats. Past cyberattacks have demonstrated the potential for operational disruptions, financial losses, and damage to the company's reputation. Continuous enhancement of cybersecurity measures is crucial to protect against these evolving threats and safeguard customer data and trust.
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The emergence of direct satellite-to-phone connectivity, being developed by companies such as AST SpaceMobile and Lynk Global, poses a potential threat. This technology aims to provide mobile communication services (including messaging, voice, and data) directly to unmodified smartphones from orbiting satellites, which could over time reduce reliance on traditional terrestrial cellular networks and infrastructure, particularly for basic connectivity in remote or underserved areas. While T-Mobile has strategic partnerships in this space, widespread independent adoption of satellite-to-phone services could fundamentally alter the competitive landscape and demand for traditional cellular network capabilities.
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T-Mobile US (TMUS) operates primarily in the United States, Puerto Rico, and the United States Virgin Islands, offering mobile communications services and wireless devices. The addressable markets for its main products and services in the U.S. are substantial and growing.
U.S. Telecom Services Market
The U.S. telecom services market, which encompasses mobile communications services such as voice, messaging, and data, was estimated at approximately USD 468.08 billion in 2023. It is projected to reach USD 493.50 billion in 2024 and is expected to grow at a compound annual growth rate (CAGR) of 6.6% from 2024 to 2030, reaching an estimated USD 725.68 billion by 2030. Another estimate places the U.S. telecom services market size at USD 451.7 billion in 2025, with a projection to reach USD 601.2 billion in 2030 at a 5.88% CAGR. The mobile data services segment holds a significant portion of this market, accounting for 33.5% in 2023 and 39.54% of revenue in 2024.
U.S. Mobile Data Market
Specifically, the United States mobile data market was valued at USD 140.8 billion in 2023 and is anticipated to reach USD 192.9 billion by 2033, growing at a CAGR of 3.20%. Another source indicates a valuation of USD 172 billion in 2024, with an expected rise to USD 233.90 billion by 2030 at a CAGR of 5.10%. The wireless segment accounts for the largest revenue share within the mobile data market.
U.S. Smartphone Market
For wireless devices, particularly smartphones, the United States smartphone market reached USD 142.83 billion in 2024 and is estimated to grow to USD 209.28 billion by 2033, with a CAGR of 4.33% from 2026 to 2033. Other reports suggest the U.S. smartphone market generated revenue of USD 81,864.1 million in 2024 and is expected to reach USD 96,451.3 million by 2030, at a CAGR of 2.9% from 2025 to 2030. In terms of units, the market reached 160.6 million units in 2025.
Fixed Wireless Access (FWA)
T-Mobile US is also a rapidly growing player in the Fixed Wireless Access (FWA) market, leveraging its 5G network for home internet services. The company added 1.7 million high-speed internet customers in 2024, reaching 6.4 million customers by year-end, and 6.9 million broadband connections by Q1 2025. T-Mobile aims to reach 12 million FWA customers by 2028.
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T-Mobile US (TMUS) anticipates several key drivers for future revenue growth over the next two to three years:
- Continued Postpaid Account Growth: T-Mobile projects between 900,000 and 1.0 million postpaid net account additions in 2026, emphasizing accretive, high lifetime value customer growth. The company has shifted its key performance indicator (KPI) focus to postpaid accounts, reflecting their importance in value creation and customer relationship depth.
- Expansion of Broadband Services: The company is aggressively expanding its fixed wireless access (FWA) and fiber offerings. T-Mobile aims to reach 15 million 5G broadband subscribers and 3 to 4 million T-Fiber customers by 2030, totaling 18-19 million broadband customers. This significant expansion beyond traditional mobile services is expected to diversify revenue streams.
- Growth in Postpaid Average Revenue Per Account (ARPA): T-Mobile forecasts postpaid ARPA growth of 2.5% to 3.0% in 2026. This growth is expected to be driven by deepening customer relationships, increased adoption of premium rate plans, and customers choosing more feature-rich options through T-Mobile's value proposition.
- Expansion into Enterprise and New Business Segments: T-Mobile targets a double-digit revenue compound annual growth rate (CAGR) in its business segment by 2027. The company views enterprise penetration as a significant untapped opportunity and is actively pursuing this market, supported by new wholesale MVNO arrangements and its "T-Priority" offering for first responders. Furthermore, T-Mobile is exploring new sectors such as advertising and financial services.
- Digitalization and AI-Driven Enhancements: While primarily focused on efficiency, T-Mobile anticipates nearly $3 billion in savings by the end of 2027 from digitalization and artificial intelligence (AI) initiatives. These efforts enhance customer experiences and contribute to maintaining T-Mobile's "best value" positioning, which in turn supports customer acquisition and retention, indirectly fueling revenue growth.
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Share Repurchases
- T-Mobile US authorized a new shareholder return program of up to $14.6 billion in December 2025, which is expected to consist of share repurchases and cash dividends and runs through December 31, 2026. This program builds upon a $14 billion shareholder return program announced in December 2024.
- In September 2023, the company announced a shareholder return program of up to $19 billion for the period from Q4 2023 to the end of 2024, following a prior $14 billion share buyback program that ran from October 2022 to September 2023.
- In Q3 2025, T-Mobile US spent approximately $2.48 billion on share repurchases.
Outbound Investments
- In August 2025, T-Mobile US completed the acquisition of UScellular's wireless operations and spectrum for $4.3 billion ($2.6 billion in cash and $1.7 billion in assumed debt), adding over 4 million customers and enhancing rural coverage.
- In April 2025, T-Mobile US and EQT closed a joint venture to acquire fiber-to-the-home provider Lumos, with T-Mobile investing $950 million into the joint venture.
- T-Mobile US acquired Ka'ena Corporation, the parent company of Mint Mobile and Ultra Mobile, for up to $1.35 billion in March 2023.
Capital Expenditures
- T-Mobile US's capital expenditures are expected to be approximately $10 billion for fiscal year 2025, a revision from an earlier forecast of $9.5 billion, driven by continued 5G expansion, fiber rollout, and integration costs from the UScellular acquisition.
- For full year 2024, capital expenditures were guided to be between $8.6 billion and $9.4 billion.
- Capital expenditures were $9.8 billion in 2023, slightly exceeding prior guidance, and peaked at $13.047 billion in 2022.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 38.72 |
| Mkt Cap | 118.7 |
| Rev LTM | 107,718 |
| Op Inc LTM | 18,284 |
| FCF LTM | 16,666 |
| FCF 3Y Avg | 13,796 |
| CFO LTM | 30,421 |
| CFO 3Y Avg | 27,058 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 1.6% |
| Rev Chg 3Y Avg | 1.0% |
| Rev Chg Q | 2.6% |
| QoQ Delta Rev Chg LTM | 0.6% |
| Op Inc Chg LTM | -0.6% |
| Op Inc Chg 3Y Avg | 2.4% |
| Op Mgn LTM | 20.4% |
| Op Mgn 3Y Avg | 20.4% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 28.2% |
| CFO/Rev 3Y Avg | 28.2% |
| FCF/Rev LTM | 14.1% |
| FCF/Rev 3Y Avg | 12.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Wireless | 88,309 | 81,400 | 78,558 | 79,571 | 80,118 |
| Total | 88,309 | 81,400 | 78,558 | 79,571 | 80,118 |
| $ Mil | 2008 |
|---|---|
| Core Markets | 557 |
| Other | -18 |
| Expansion Markets | -71 |
| Total | 468 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Wireless | 10,992 | 11,339 | 8,317 |
| Total | 10,992 | 11,339 | 8,317 |
| $ Mil | 2009 | 2008 | 2007 | 2006 | 2005 |
|---|---|---|---|---|---|
| Core Markets | 3,247 | 1,140 | 1,064 | 946 | 702 |
| Northeast Markets | 2,384 | ||||
| Other | 1,754 | 1,155 | |||
| Expansion Markets | 4,127 | 2,884 | 1,064 | 379 | |
| Total | 7,386 | 6,422 | 3,948 | 2,010 | 1,080 |
Price Behavior
| Market Price | $170.42 | |
| Market Cap ($ Bil) | 187.5 | |
| First Trading Date | 04/19/2007 | |
| Distance from 52W High | -33.0% | |
| 50 Days | 200 Days | |
| DMA Price | $184.81 | $198.95 |
| DMA Trend | down | down |
| Distance from DMA | -7.8% | -14.3% |
| 3M | 1YR | |
| Volatility | 38.4% | 28.3% |
| Downside Capture | -35.73 | -41.06 |
| Upside Capture | -85.26 | -68.15 |
| Correlation (SPY) | -26.2% | -21.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.62 | -0.55 | -0.67 | -0.57 | -0.44 | 0.17 |
| Up Beta | -1.10 | -0.98 | -0.72 | -0.75 | -0.69 | 0.15 |
| Down Beta | -1.44 | -0.47 | 0.07 | 0.25 | 0.12 | 0.32 |
| Up Capture | -86% | -79% | -77% | -59% | -34% | 3% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 11 | 18 | 26 | 64 | 122 | 407 |
| Down Capture | 37% | -1% | -70% | -90% | -68% | 15% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 10 | 23 | 37 | 61 | 130 | 343 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TMUS | |
|---|---|---|---|---|
| TMUS | -25.6% | 28.3% | -1.05 | - |
| Sector ETF (XLC) | -1.3% | 14.4% | -0.31 | 18.9% |
| Equity (SPY) | 18.5% | 12.7% | 1.06 | -16.2% |
| Gold (GLD) | 17.6% | 28.1% | 0.57 | -9.6% |
| Commodities (DBC) | 35.2% | 19.1% | 1.45 | -4.3% |
| Real Estate (VNQ) | 11.6% | 13.9% | 0.55 | 17.4% |
| Bitcoin (BTCUSD) | -45.1% | 42.9% | -1.28 | -8.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TMUS | |
|---|---|---|---|---|
| TMUS | 3.7% | 24.8% | 0.12 | - |
| Sector ETF (XLC) | 6.3% | 20.8% | 0.22 | 31.8% |
| Equity (SPY) | 12.6% | 17.1% | 0.57 | 28.8% |
| Gold (GLD) | 16.8% | 18.4% | 0.74 | 0.6% |
| Commodities (DBC) | 9.8% | 19.5% | 0.39 | 1.9% |
| Real Estate (VNQ) | 2.6% | 18.9% | 0.03 | 31.1% |
| Bitcoin (BTCUSD) | 15.8% | 53.4% | 0.47 | 12.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TMUS | |
|---|---|---|---|---|
| TMUS | 15.1% | 26.4% | 0.56 | - |
| Sector ETF (XLC) | 8.6% | 22.2% | 0.44 | 47.4% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 45.3% |
| Gold (GLD) | 11.2% | 16.1% | 0.57 | 2.0% |
| Commodities (DBC) | 7.4% | 17.9% | 0.33 | 11.9% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 38.2% |
| Bitcoin (BTCUSD) | 58.7% | 66.2% | 0.99 | 13.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 7/23/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/28/2026 | 6.1% | 4.1% | 1.2% |
| 2/11/2026 | 5.1% | 6.9% | 8.0% |
| 10/23/2025 | -3.3% | -5.4% | -7.4% |
| 7/23/2025 | 5.8% | 3.3% | 10.4% |
| 4/24/2025 | -11.2% | -5.8% | -7.4% |
| 1/29/2025 | 6.3% | 7.3% | 19.5% |
| 10/23/2024 | 5.7% | 0.8% | 7.1% |
| 7/31/2024 | 3.9% | 8.3% | 14.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 16 | 16 |
| # Negative | 8 | 8 | 8 |
| Median Positive | 5.3% | 5.8% | 7.5% |
| Median Negative | -1.8% | -4.5% | -5.1% |
| Max Positive | 10.2% | 16.9% | 19.5% |
| Max Negative | -11.2% | -5.8% | -9.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/28/2026 | 6.1% | 4.1% | 1.2% |
| 2/11/2026 | 5.1% | 6.9% | 8.0% |
| 10/23/2025 | -3.3% | -5.4% | -7.4% |
| 7/23/2025 | 5.8% | 3.3% | 10.4% |
| 4/24/2025 | -11.2% | -5.8% | -7.4% |
| 1/29/2025 | 6.3% | 7.3% | 19.5% |
| 10/23/2024 | 5.7% | 0.8% | 7.1% |
| 7/31/2024 | 3.9% | 8.3% | 14.9% |
| 4/25/2024 | -0.1% | 0.5% | 1.2% |
| 1/25/2024 | -0.2% | -0.0% | 0.8% |
| 10/25/2023 | -0.1% | 2.0% | 5.6% |
| 7/27/2023 | 0.7% | -3.2% | -4.7% |
| 4/27/2023 | -4.0% | -5.8% | -9.9% |
| 2/1/2023 | 1.1% | -4.2% | -5.5% |
| 10/27/2022 | 7.4% | 5.4% | 6.6% |
| 7/27/2022 | 5.2% | 6.3% | 8.5% |
| 4/27/2022 | 3.9% | 1.0% | 5.2% |
| 2/2/2022 | 10.2% | 16.9% | 12.5% |
| 11/2/2021 | 5.3% | 3.5% | -4.7% |
| 7/29/2021 | -0.4% | -1.9% | -4.3% |
| 5/4/2021 | 4.4% | 7.4% | 10.8% |
| 2/4/2021 | -4.1% | -4.7% | -2.7% |
| 11/5/2020 | 5.4% | 8.1% | 13.4% |
| 8/6/2020 | 6.5% | 6.7% | 5.7% |
| SUMMARY STATS | |||
| # Positive | 16 | 16 | 16 |
| # Negative | 8 | 8 | 8 |
| Median Positive | 5.3% | 5.8% | 7.5% |
| Median Negative | -1.8% | -4.5% | -5.1% |
| Max Positive | 10.2% | 16.9% | 19.5% |
| Max Negative | -11.2% | -5.8% | -9.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-K |
| 09/30/2025 | 10/23/2025 | 10-Q |
| 06/30/2025 | 07/23/2025 | 10-Q |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 01/31/2025 | 10-K |
| 09/30/2024 | 10/23/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/02/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-K |
| 09/30/2025 | 10/23/2025 | 10-Q |
| 06/30/2025 | 07/23/2025 | 10-Q |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 01/31/2025 | 10-K |
| 09/30/2024 | 10/23/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/02/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/11/2022 | 10-K |
| 09/30/2021 | 11/02/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 02/23/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 02/06/2020 | 10-K |
| 09/30/2019 | 10/28/2019 | 10-Q |
| 06/30/2019 | 07/26/2019 | 10-Q |
Recent Forward Guidance
Updated 7/8/2026Latest: Q1 2026 Earnings Reported 4/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Postpaid net account additions | 0.95 Mil | 1.00 Mil | 1.05 Mil | 5.3% | Raised | Guidance: 0.95 Mil for 2026 | |
| 2026 Core Adjusted EBITDA | 37.10 Bil | 37.30 Bil | 37.50 Bil | 0.1% | Raised | Guidance: 37.25 Bil for 2026 | |
| 2026 Net cash provided by operating activities | 28.10 Bil | 28.40 Bil | 28.70 Bil | 0.2% | Raised | Guidance: 28.35 Bil for 2026 | |
| 2026 Capital expenditures | 10.00 Bil | 0 | Affirmed | Guidance: 10.00 Bil for 2026 | |||
| 2026 Adjusted Free Cash Flow | 18.10 Bil | 18.40 Bil | 18.70 Bil | 0.3% | Raised | Guidance: 18.35 Bil for 2026 | |
Prior: Q4 2025 Earnings Reported 2/11/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Postpaid net account additions | 0.90 Mil | 0.95 Mil | 1.00 Mil | ||||
| 2026 Effective tax rate | 25.0% | 25.5% | 26.0% | ||||
| 2026 Core Adjusted EBITDA | 37.00 Bil | 37.25 Bil | 37.50 Bil | 10.2% | Higher New | Actual: 33.80 Bil for 2025 | |
| 2026 Net cash provided by operating activities | 28.00 Bil | 28.35 Bil | 28.70 Bil | 1.6% | Higher New | Actual: 27.90 Bil for 2025 | |
| 2026 Capital expenditures | 10.00 Bil | 0.0% | Same New | Actual: 10.00 Bil for 2025 | |||
| 2026 Adjusted Free Cash Flow | 18.00 Bil | 18.35 Bil | 18.70 Bil | 2.5% | Higher New | Actual: 17.90 Bil for 2025 | |
Q3 2025 Earnings Reported 10/23/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Postpaid net customer additions | 7.20 Mil | 7.30 Mil | 7.40 Mil | 16.8% | Raised | Guidance: 6.25 Mil for 2025 | |
| 2025 Core Adjusted EBITDA | 33.70 Bil | 33.80 Bil | 33.90 Bil | 0.9% | Raised | Guidance: 33.50 Bil for 2025 | |
| 2025 Net cash provided by operating activities | 27.80 Bil | 27.90 Bil | 28.00 Bil | 2.2% | Raised | Guidance: 27.30 Bil for 2025 | |
| 2025 Capital expenditures | 10.00 Bil | 5.3% | Raised | Guidance: 9.50 Bil for 2025 | |||
| 2025 Adjusted Free Cash Flow | 17.80 Bil | 17.90 Bil | 18.00 Bil | 0.6% | Raised | Guidance: 17.80 Bil for 2025 | |
Insider Activity
Updated 6/18/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Freier, Jon | Chief Operating Officer | Direct | Sell | 5262026 | 190.00 | 4,799 | 911,810 | 41,261,850 | Form |
| 2 | Almeida, Andre | Chief Broadband, Ent. & Emerg | Direct | Buy | 5042026 | 196.18 | 5,097 | 1,000,016 | 8,798,595 | Form |
| 3 | Katz, Michael J | Chief Bus. and Prod. Officer | Direct | Sell | 5042026 | 195.81 | 5,000 | 979,050 | 35,623,807 | Form |
| 4 | Datar, Srikant M | Legacycap LLC | Sell | 3122026 | 218.25 | 1,000 | 218,250 | 2,366,486 | Form | |
| 5 | Datar, Srikant M | Direct | Sell | 3052026 | 221.10 | 3,291 | 727,640 | 229,502 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Freier, Jon | Chief Operating Officer | Direct | Sell | 5262026 | 190.00 | 4,799 | 911,810 | 41,261,850 | Form |
| 2 | Almeida, Andre | Chief Broadband, Ent. & Emerg | Direct | Buy | 5042026 | 196.18 | 5,097 | 1,000,016 | 8,798,595 | Form |
| 3 | Katz, Michael J | Chief Bus. and Prod. Officer | Direct | Sell | 5042026 | 195.81 | 5,000 | 979,050 | 35,623,807 | Form |
| 4 | Datar, Srikant M | Legacycap LLC | Sell | 3122026 | 218.25 | 1,000 | 218,250 | 2,366,486 | Form | |
| 5 | Datar, Srikant M | Direct | Sell | 3052026 | 221.10 | 3,291 | 727,640 | 229,502 | Form | |
| 6 | Sievert, G Michael | Direct | Sell | 2252026 | 221.85 | 1,089 | 241,595 | 27,885,645 | Form | |
| 7 | Nelson, Mark Wolfe | Chief Legal Officer & GC | Direct | Sell | 2252026 | 222.38 | 2,329 | 517,968 | 14,605,213 | Form |
| 8 | Sievert, G Michael | Direct | Sell | 2252026 | 220.07 | 13,911 | 3,061,394 | 27,901,563 | Form | |
| 9 | Sievert, G Michael | Direct | Sell | 2232026 | 214.94 | 80,000 | 17,195,200 | 30,241,186 | Form | |
| 10 | Nelson, Mark Wolfe | Chief Legal Officer & GC | Direct | Sell | 2182026 | 219.69 | 6,274 | 1,378,335 | 14,940,245 | Form |
| 11 | Nelson, Mark Wolfe | Chief Legal Officer & GC | Direct | Sell | 2182026 | 220.80 | 10,240 | 2,260,992 | 16,401,031 | Form |
| 12 | Claure, Raul Marcelo | Claure Mobile LLC | Sell | 2172026 | 217.57 | 550,000 | 119,663,500 | 193,899,254 | Form | |
| 13 | Long, Letitia A | Direct | Sell | 12092025 | 210.32 | 1,457 | 306,436 | 1,143,720 | Form | |
| 14 | Sievert, G Michael | Direct | Sell | 11192025 | 214.25 | 22,500 | 4,820,625 | 61,317,481 | Form | |
| 15 | Sievert, G Michael | Direct | Sell | 11192025 | 216.97 | 22,500 | 4,881,825 | 66,977,759 | Form | |
| 16 | Katz, Michael J | Pres, Mkting Stgy & Prods | Direct | Sell | 11192025 | 215.91 | 2,500 | 539,775 | 33,725,686 | Form |
| 17 | Gopalan, Srini | President and CEO | Direct | Buy | 11102025 | 201.82 | 9,800 | 1,977,836 | 18,215,870 | Form |
| 18 | Deutsche, Telekom AG | Direct | Sell | 10312025 | 220.46 | 1,374 | 302,911 | 128,321,765,881 | Form | |
| 19 | Deutsche, Telekom AG | Direct | Sell | 10292025 | 220.77 | 53,507 | 11,812,546 | 128,500,868,811 | Form | |
| 20 | Deutsche, Telekom AG | Direct | Sell | 10292025 | 220.69 | 64,426 | 14,218,067 | 128,467,259,499 | Form | |
| 21 | Deutsche, Telekom AG | Direct | Sell | 10272025 | 220.03 | 856 | 188,342 | 128,095,527,544 | Form | |
| 22 | Deutsche, Telekom AG | Direct | Sell | 10272025 | 221.14 | 34,721 | 7,678,324 | 128,746,668,584 | Form | |
| 23 | Deutsche, Telekom AG | Direct | Sell | 10232025 | 226.17 | 64,426 | 14,571,546 | 131,683,735,186 | Form | |
| 24 | Deutsche, Telekom AG | Direct | Sell | 10232025 | 229.26 | 64,426 | 14,770,365 | 133,495,247,632 | Form | |
| 25 | Deutsche, Telekom AG | Direct | Sell | 10212025 | 228.85 | 64,426 | 14,743,759 | 143,607,670,070 | Form | |
| 26 | Deutsche, Telekom AG | Direct | Sell | 10212025 | 228.57 | 64,426 | 14,726,052 | 143,449,923,913 | Form | |
| 27 | Deutsche, Telekom AG | Direct | Sell | 10172025 | 227.02 | 64,426 | 14,626,149 | 142,491,367,579 | Form | |
| 28 | Deutsche, Telekom AG | Direct | Sell | 10172025 | 227.75 | 64,426 | 14,672,831 | 142,960,828,607 | Form | |
| 29 | Deutsche, Telekom AG | Direct | Sell | 10142025 | 229.05 | 64,426 | 14,756,662 | 143,792,371,427 | Form | |
| 30 | Deutsche, Telekom AG | Direct | Sell | 10142025 | 226.15 | 64,426 | 14,570,175 | 141,989,768,497 | Form | |
| 31 | Deutsche, Telekom AG | Direct | Sell | 10142025 | 228.42 | 64,426 | 14,716,104 | 143,426,598,886 | Form | |
| 32 | Deutsche, Telekom AG | Direct | Sell | 10102025 | 227.03 | 64,426 | 14,626,836 | 142,571,197,428 | Form | |
| 33 | Deutsche, Telekom AG | Direct | Sell | 10102025 | 226.17 | 64,426 | 14,571,096 | 142,042,461,845 | Form | |
| 34 | Deutsche, Telekom AG | Direct | Sell | 10082025 | 227.31 | 64,426 | 14,644,755 | 142,775,151,015 | Form | |
| 35 | Deutsche, Telekom AG | Direct | Sell | 10082025 | 224.60 | 64,426 | 14,469,866 | 141,084,586,002 | Form | |
| 36 | Deutsche, Telekom AG | Direct | Sell | 10062025 | 229.21 | 64,426 | 14,767,017 | 143,996,640,498 | Form | |
| 37 | Deutsche, Telekom AG | Direct | Sell | 10062025 | 230.41 | 64,426 | 14,844,462 | 144,766,671,157 | Form | |
| 38 | Deutsche, Telekom AG | Direct | Sell | 10022025 | 234.42 | 64,426 | 15,102,853 | 148,634,670,198 | Form | |
| 39 | Deutsche, Telekom AG | Direct | Sell | 10022025 | 239.54 | 64,426 | 15,432,577 | 151,895,074,750 | Form | |
| 40 | Deutsche, Telekom AG | Direct | Sell | 9302025 | 238.11 | 64,415 | 15,338,035 | 151,005,669,702 | Form | |
| 41 | Deutsche, Telekom AG | Direct | Sell | 9302025 | 238.12 | 64,426 | 15,341,079 | 151,025,189,453 | Form | |
| 42 | Deutsche, Telekom AG | Direct | Sell | 9262025 | 238.98 | 64,426 | 15,396,567 | 151,586,835,996 | Form | |
| 43 | Deutsche, Telekom AG | Direct | Sell | 9262025 | 238.38 | 64,426 | 15,357,820 | 151,220,715,109 | Form | |
| 44 | Deutsche, Telekom AG | Direct | Sell | 9242025 | 238.41 | 64,426 | 15,359,653 | 151,254,122,006 | Form | |
| 45 | Deutsche, Telekom AG | Direct | Sell | 9242025 | 237.75 | 64,426 | 15,317,438 | 150,853,722,243 | Form | |
| 46 | Deutsche, Telekom AG | Direct | Sell | 9222025 | 238.51 | 64,426 | 15,366,453 | 151,351,812,509 | Form | |
| 47 | Deutsche, Telekom AG | Direct | Sell | 9222025 | 239.18 | 64,426 | 15,409,111 | 151,787,381,206 | Form | |
| 48 | Deutsche, Telekom AG | Direct | Sell | 9222025 | 239.34 | 64,426 | 15,419,593 | 151,906,061,192 | Form | |
| 49 | Deutsche, Telekom AG | Direct | Sell | 9172025 | 237.65 | 64,426 | 15,311,037 | 150,851,931,964 | Form | |
| 50 | Deutsche, Telekom AG | Direct | Sell | 9172025 | 240.65 | 64,452 | 15,510,123 | 152,767,280,434 | Form | |
| 51 | Deutsche, Telekom AG | Direct | Sell | 9152025 | 241.65 | 64,426 | 15,568,670 | 153,421,394,424 | Form | |
| 52 | Deutsche, Telekom AG | Direct | Sell | 9152025 | 240.84 | 64,426 | 15,516,372 | 152,921,537,540 | Form | |
| 53 | Deutsche, Telekom AG | Direct | Sell | 9102025 | 240.08 | 69,840 | 16,767,251 | 152,454,889,143 | Form | |
| 54 | Deutsche, Telekom AG | Direct | Sell | 9102025 | 242.45 | 69,840 | 16,932,502 | 153,974,347,687 | Form | |
| 55 | Deutsche, Telekom AG | Direct | Sell | 9082025 | 243.47 | 69,840 | 17,003,859 | 154,640,230,897 | Form | |
| 56 | Deutsche, Telekom AG | Direct | Sell | 9082025 | 253.07 | 69,840 | 17,674,497 | 160,756,974,141 | Form | |
| 57 | Deutsche, Telekom AG | Direct | Sell | 9082025 | 252.94 | 69,840 | 17,665,051 | 160,688,721,338 | Form | |
| 58 | Deutsche, Telekom AG | Direct | Sell | 9042025 | 252.55 | 69,840 | 17,638,092 | 160,461,128,949 | Form | |
| 59 | Deutsche, Telekom AG | Direct | Sell | 9042025 | 256.44 | 69,840 | 17,909,905 | 162,951,835,227 | Form | |
| 60 | Deutsche, Telekom AG | Direct | Sell | 8292025 | 251.23 | 69,840 | 17,545,801 | 159,656,612,963 | Form | |
| 61 | Deutsche, Telekom AG | Direct | Sell | 8292025 | 250.52 | 69,840 | 17,496,629 | 159,226,667,138 | Form | |
| 62 | Deutsche, Telekom AG | Direct | Sell | 8282025 | 251.35 | 69,840 | 17,554,020 | 159,766,502,314 | Form | |
| 63 | Deutsche, Telekom AG | Direct | Sell | 8282025 | 250.68 | 69,840 | 17,507,241 | 159,358,255,570 | Form | |
| 64 | Deutsche, Telekom AG | Direct | Sell | 8252025 | 251.32 | 69,840 | 17,551,999 | 159,783,216,647 | Form | |
| 65 | Deutsche, Telekom AG | Direct | Sell | 8252025 | 254.79 | 69,840 | 17,794,637 | 162,009,843,377 | Form | |
| 66 | Deutsche, Telekom AG | Direct | Sell | 8252025 | 258.15 | 69,840 | 18,028,973 | 164,161,369,413 | Form | |
| 67 | Deutsche, Telekom AG | Direct | Sell | 8202025 | 259.87 | 69,840 | 18,149,405 | 165,276,101,673 | Form | |
| 68 | Deutsche, Telekom AG | Direct | Sell | 8202025 | 257.23 | 69,840 | 17,965,098 | 163,615,689,567 | Form | |
| 69 | Sievert, G Michael | President and CEO | Direct | Sell | 8202025 | 257.17 | 22,500 | 5,786,325 | 86,466,103 | Form |
| 70 | Deutsche, Telekom AG | Direct | Sell | 8202025 | 255.46 | 69,840 | 17,841,446 | 162,507,378,134 | Form | |
| 71 | Sievert, G Michael | President and CEO | Direct | Sell | 8202025 | 255.58 | 22,500 | 5,750,550 | 91,682,060 | Form |
| 72 | Katz, Michael J | Pres, Mkting Stgy & Prods | Direct | Sell | 8182025 | 251.12 | 2,500 | 627,800 | 39,853,377 | Form |
| 73 | Deutsche, Telekom AG | Direct | Sell | 8152025 | 254.24 | 69,840 | 17,756,077 | 161,747,563,877 | Form | |
| 74 | Deutsche, Telekom AG | Direct | Sell | 8152025 | 250.87 | 69,840 | 17,520,675 | 159,620,705,086 | Form | |
| 75 | Deutsche, Telekom AG | Direct | Sell | 8152025 | 251.52 | 69,840 | 17,566,131 | 160,052,399,181 | Form | |
| 76 | Deutsche, Telekom AG | Direct | Sell | 8122025 | 251.06 | 69,840 | 17,534,348 | 159,780,341,746 | Form | |
| 77 | Deutsche, Telekom AG | Direct | Sell | 8122025 | 247.58 | 69,840 | 17,291,169 | 157,581,679,268 | Form | |
| 78 | Deutsche, Telekom AG | Direct | Sell | 8122025 | 245.19 | 69,840 | 17,124,343 | 156,078,452,259 | Form | |
| 79 | Deutsche, Telekom AG | Direct | Sell | 8072025 | 241.23 | 69,840 | 16,847,847 | 155,850,912,959 | Form | |
| 80 | Deutsche, Telekom AG | Direct | Sell | 8072025 | 239.71 | 69,840 | 16,741,224 | 154,881,338,442 | Form | |
| 81 | Deutsche, Telekom AG | Direct | Sell | 8052025 | 239.05 | 69,840 | 16,695,055 | 154,470,904,411 | Form | |
| 82 | Deutsche, Telekom AG | Direct | Sell | 8052025 | 239.24 | 69,840 | 16,708,603 | 154,612,961,457 | Form | |
| 83 | Deutsche, Telekom AG | Direct | Sell | 8052025 | 237.29 | 69,840 | 16,572,498 | 153,370,091,934 | Form | |
| 84 | Deutsche, Telekom AG | Direct | Sell | 7312025 | 239.69 | 69,840 | 16,739,783 | 154,934,969,467 | Form | |
| 85 | Deutsche, Telekom AG | Direct | Sell | 7312025 | 241.08 | 69,840 | 16,837,353 | 155,854,866,494 | Form | |
| 86 | Field, Callie R | President, Business Group | Direct | Sell | 7312025 | 240.80 | 12,300 | 2,961,840 | 26,702,580 | Form |
| 87 | Deutsche, Telekom AG | Direct | Sell | 7292025 | 239.28 | 69,840 | 16,711,065 | 154,702,590,711 | Form | |
| 88 | Deutsche, Telekom AG | Direct | Sell | 7292025 | 238.61 | 69,840 | 16,664,471 | 154,287,910,460 | Form | |
| 89 | Deutsche, Telekom AG | Direct | Sell | 7292025 | 244.98 | 69,840 | 17,109,247 | 158,422,979,799 | Form | |
| 90 | Freier, Jon | President, Consumer Group | Direct | Sell | 7282025 | 250.00 | 7,000 | 1,750,000 | 49,910,688 | Form |
| 91 | Deutsche, Telekom AG | Direct | Sell | 7242025 | 248.34 | 69,840 | 17,344,073 | 160,614,690,141 | Form | |
| 92 | Deutsche, Telekom AG | Direct | Sell | 7242025 | 232.63 | 69,840 | 16,246,933 | 150,470,875,143 | Form | |
| 93 | Deutsche, Telekom AG | Direct | Sell | 7242025 | 233.63 | 69,840 | 16,316,722 | 151,133,546,636 | Form | |
| 94 | Deutsche, Telekom AG | Direct | Sell | 7212025 | 232.58 | 69,840 | 16,243,339 | 150,470,082,904 | Form | |
| 95 | Deutsche, Telekom AG | Direct | Sell | 7212025 | 227.13 | 69,840 | 15,862,909 | 146,961,834,551 | Form | |
| 96 | Deutsche, Telekom AG | Direct | Sell | 7212025 | 227.34 | 69,840 | 15,877,161 | 147,109,747,959 | Form | |
| 97 | Deutsche, Telekom AG | Direct | Sell | 7162025 | 228.28 | 69,840 | 15,943,261 | 147,738,142,101 | Form | |
| 98 | Deutsche, Telekom AG | Direct | Sell | 7162025 | 226.15 | 69,840 | 15,794,370 | 146,374,235,253 | Form | |
| 99 | Deutsche, Telekom AG | Direct | Sell | 7162025 | 228.34 | 69,840 | 15,947,382 | 147,808,218,348 | Form | |
| 100 | Deutsche, Telekom AG | Direct | Sell | 7112025 | 227.55 | 69,840 | 15,892,275 | 147,313,357,242 | Form | |
| 101 | Deutsche, Telekom AG | Direct | Sell | 7112025 | 228.54 | 69,390 | 15,858,144 | 147,966,228,231 | Form | |
| 102 | Deutsche, Telekom AG | Direct | Sell | 7112025 | 232.27 | 69,840 | 16,222,062 | 150,402,759,153 | Form | |
| 103 | Deutsche, Telekom AG | Direct | Sell | 7082025 | 235.53 | 69,840 | 16,449,280 | 152,525,854,112 | Form | |
| 104 | Deutsche, Telekom AG | Direct | Sell | 7082025 | 238.08 | 69,840 | 16,627,552 | 154,195,510,379 | Form | |
| 105 | Deutsche, Telekom AG | Direct | Sell | 7032025 | 239.61 | 69,840 | 16,734,463 | 155,203,684,729 | Form | |
| 106 | Deutsche, Telekom AG | Direct | Sell | 7032025 | 237.89 | 69,840 | 16,614,424 | 154,106,996,727 | Form | |
| 107 | Deutsche, Telekom AG | Direct | Sell | 7032025 | 241.50 | 69,840 | 16,866,123 | 156,458,494,185 | Form | |
| 108 | Deutsche, Telekom AG | Direct | Sell | 6302025 | 237.61 | 69,840 | 16,594,439 | 153,954,810,725 | Form | |
| 109 | Deutsche, Telekom AG | Direct | Sell | 6302025 | 234.34 | 69,840 | 16,366,190 | 151,853,600,931 | Form | |
| 110 | Deutsche, Telekom AG | Direct | Sell | 6302025 | 230.61 | 69,840 | 16,106,017 | 149,455,695,344 | Form | |
| 111 | Deutsche, Telekom AG | Direct | Sell | 6252025 | 230.56 | 69,840 | 16,102,095 | 149,435,400,746 | Form | |
| 112 | Deutsche, Telekom AG | Direct | Sell | 6252025 | 229.23 | 69,840 | 16,009,580 | 148,592,821,408 | Form | |
| 113 | Deutsche, Telekom AG | Direct | Sell | 6252025 | 225.60 | 69,840 | 15,755,915 | 146,254,188,709 | Form | |
| 114 | Deutsche, Telekom AG | Direct | Sell | 6202025 | 221.80 | 69,840 | 15,490,427 | 143,805,293,779 | Form | |
| 115 | Deutsche, Telekom AG | Direct | Sell | 6202025 | 221.67 | 69,840 | 15,481,435 | 143,737,297,709 | Form | |
| 116 | Deutsche, Telekom AG | Direct | Sell | 6202025 | 221.46 | 69,840 | 15,466,554 | 143,614,601,718 | Form | |
| 117 | Deutsche, Telekom AG | Direct | Sell | 6162025 | 230.16 | 69,840 | 16,074,510 | 135,398,310,137 | Form | |
| 118 | Deutsche, Telekom AG | Direct | Sell | 6162025 | 227.95 | 69,840 | 15,920,349 | 134,115,708,025 | Form | |
| 119 | Deutsche, Telekom AG | Direct | Sell | 6162025 | 228.75 | 69,840 | 15,975,878 | 134,599,470,134 | Form |
Investor Activity (13F)
Updated Jul 24, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Element Capital Management LLC | $56.9 Mil | 22.3% | 34 | New | 13F |
| Softbank Group Corp. | $2.1 Bil | 18.4% | 31 | TRIM -64.9% | 13F |
| 140 Summer Partners LP | $81.2 Mil | 7.2% | 20 | Hold | 13F |
| Act Two Investors LLC | $31.9 Mil | 7.0% | 36 | Hold | 13F |
| Benchstone Capital Management LP | $14.5 Mil | 1.7% | 38 | New | 13F |
| Brighton Jones LLC | $29.9 Mil | 1.3% | 24 | Hold | 13F |
| Stony Point Capital LLC | $14.0 Mil | 1.1% | 31 | Hold | 13F |
| Crake Asset Management LLP | $16.8 Mil | 0.6% | 20 | TRIM -90.8% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Fernbridge Capital Management LP | $42.9 Mil | 2.1% | 20 | Exited | Dec 31, 2025 | 13F |
| Agave Capital Management Ltd | $8.1 Mil | 1.4% | 23 | Exited | Dec 31, 2025 | 13F |
| Crake Asset Management LLP | $16.8 Mil | 0.6% | 20 | TRIM -90.8% | Mar 31, 2026 | 13F |
| Softbank Group Corp. | $2.1 Bil | 18.4% | 31 | TRIM -64.9% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Softbank Group Corp. | $2.1 Bil | 18.4% | 31 | TRIM -64.9% | 13F |
| 140 Summer Partners LP | $81.2 Mil | 7.2% | 20 | Hold | 13F |
| Element Capital Management LLC | $56.9 Mil | 22.3% | 34 | New | 13F |
| Act Two Investors LLC | $31.9 Mil | 7.0% | 36 | Hold | 13F |
| Brighton Jones LLC | $29.9 Mil | 1.3% | 24 | Hold | 13F |
| Crake Asset Management LLP | $16.8 Mil | 0.6% | 20 | TRIM -90.8% | 13F |
| Benchstone Capital Management LP | $14.5 Mil | 1.7% | 38 | New | 13F |
| Stony Point Capital LLC | $14.0 Mil | 1.1% | 31 | Hold | 13F |
TMUS Trade Sentinel
Constructive
CONVICTION RATIONALE
Conviction is constructive, anchored by accelerating per-account revenue growth of 4% and 217,000 new postpaid accounts in Q1, prompting raised full-year guidance. This top-line strength appears durable. The primary watch-item is near-term margin pressure from integration costs, where operating expenses grew 12.3% against 9.5% revenue growth, a trend management expects to normalize.
STOCK ARCHETYPE
Recurring Subscription & Transactional Sales(Number of Postpaid Accounts x ARPA) + Prepaid Revenue + Wholesale Revenue + Equipment Revenue Scaling high-margin service revenue from new and existing accounts over a largely fixed network cost base, driving operating leverage and free cash flow conversion.
INVESTMENT THESIS
Evidence suggests yes. T-Mobile is successfully converting its 5G network advantage into high-value customer growth, taking share from competitors who previously competed on network quality.
- Postpaid net account additions were 217,000 in Q1, up 6% year-over-year.
- Postpaid average revenue per account (ARPA) growth accelerated to 4% in Q1.
- Over 60% of new account lines are selecting higher-value premium plans.
- Raised 2026 guidance for postpaid net account additions to 950,000-1,050,000.
PRIMARY RISK
Operating expenses grew 12.3% year-over-year, outpacing revenue growth of 9.5% and causing the TTM operating margin to fall 2.5 percentage points. If this is from competition, not temporary integration costs, the profit story breaks.
- TTM operating margin is 20.2%, down from 22.7% a year ago.
- Operating expenses grew 12.3% year-over-year, faster than 9.5% revenue growth.
- Net debt increased to $117.7 billion from $108.9 billion a year earlier.
- Inventory grew 20.1% in the latest quarter, outpacing revenue growth of 10.6%.
| KPI | Status | Rationale |
|---|---|---|
| Postpaid Net Account Additions | 217,000 in Q1 2026 - Stable | The metric shows a sequential deceleration from a strong Q4 2025. However, the year-over-year growth of 6% indicates continued momentum against the prior year's comparable period, and management raised its full-year 2026 guidance for this metric following the Q1 report. |
| Postpaid Average Revenue Per Account (ARPA) Growth | 4% year-over-year growth in Q1 2026 - Accelerating | The year-over-year growth rate for ARPA has accelerated sequentially, from 2.7% in the prior quarter to 4% in the latest quarter, indicating strengthening pricing power and value extraction from the customer base. |
| Postpaid Accounts | 34,439 thousand (As of March 31, 2026) | The size of the core recurring revenue base, which management believes is the best reflection of value creation. |
| Postpaid Account Churn | 1.04% (Three Months Ended March 31, 2026) | Customer retention and loyalty within the core postpaid account base. |
Network-Led Growth vs. Integration-Led Margin Pressure
BULL VIEW
Bulls focus on accelerating ARPA growth and strong account additions as proof the strategy is working, viewing current margin pressure as temporary and already priced in.
CORE TENSION
Can accelerating 4% ARPA growth offset the 2.5 percentage point decline in operating margin, which the market has punished with -12% TTM stock underperformance?
PREVAILING SENTIMENT
The latest evidence favors the bulls. The acceleration in ARPA and the full-year guidance raise for account growth are forward-looking indicators that outweigh the lagging margin pressure.
BEAR VIEW
Bears see operating expenses growing faster than revenue as a leading indicator of intensifying competition, believing margin pressure will persist and undermine the free cash flow story.
| Timeline | Event & Metric To Watch |
|---|---|
September 10, 2026 | Quarterly Dividend Payment Watch: A cash dividend of $1.02 per share is payable to stockholders of record as of August 28, 2026. |
10/20/2026 | Peer Earnings Signal Competition Watch: Peer reports on postpaid net adds, churn, and ARPU trends to gauge competitive environment. |
10/21/2026 | Integration Costs Pressure Margins Watch: Cost of services and SG&A lines in the next earnings report for signs of accelerating integration costs. |
December 31, 2026 | Stockholder Return Program Ends Watch: The 2026 Stockholder Return Program of up to $14.6 billion will run through this date. |
No set date | Sustained Stock Underperformance Watch: Continued divergence from the S&P 500 and elevated implied volatility, indicating persistent negative market sentiment. |
| Date | Event | Stock Impact |
|---|---|---|
2026-06-15 | Quarterly Dividend Declared Details: The Board of Directors declared a cash dividend of $1.02 per share, payable on September 10, 2026. | -2.5% $189.10 -> $184.36 |
2026-04-28 | SuperBroadband Product Launched Details: The company unveiled SuperBroadband, a business internet solution combining its 5G Advanced network with Starlink Broadband for redundancy and coverage. | +8.4% $181.76 -> $197.10 |
2026-04-28 | Q1 Earnings Beat, Guidance Raised Details: T-Mobile reported Q1 postpaid net account additions of 217 thousand, up 6% YoY, and raised guidance for several 2026 metrics including Core Adjusted EBITDA and Adjusted Free Cash Flow. | +8.4% $181.76 -> $197.10 |
2026-02-11 | Company Raises Multi-Year Outlook Details: At its Capital Markets Day Update, T-Mobile raised its multi-year growth outlook. The stock reacted positively, with a two-day return of 8.0% versus -2.0% for the S&P 500. | +7.6% $197.40 -> $212.50 |
2026-01-22 | Company Redeems Senior Notes Details: T-Mobile announced the redemption of the full $1.5 billion outstanding principal amount of its 4.750% Senior Notes due 2028. | +1.3% $181.74 -> $184.14 |
Position Sizing
2% - 4%
REDUCED POSITION
Sizing is volatility-based: TMUS trades at roughly 31% annualized options-implied volatility versus about 15% for the S&P 500 (2.1x the market), around the 92nd percentile of its own trailing year. A 2% - 4% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
VZ - Verizon Communications, Inc.
Incumbent Scale PlayVerizon offers greater scale with revenue 1.5 times that of T-Mobile and a slightly higher TTM operating margin of 21.2%. This may appeal to investors seeking a more mature, established industry position.
T - AT&T Inc.
Converged Network StrategyAT&T is pursuing an investment-led strategy focused on both fiber and 5G, while explicitly shifting away from expensive device subsidies. This offers a different strategic approach to customer acquisition and retention.
The 'Un-carrier' has successfully weaponized its 5G network leadership to steal high-value 'network seeker' customers from incumbents, driving a durable, high-margin growth cycle.
After years of being a value-focused challenger, T-Mobile's post-Sprint merger 5G network buildout has flipped the script, establishing it as the network leader. This allows it to target and win higher-value customers who previously paid a premium for competitors' networks. This strategy is fueling industry-leading growth in both customer accounts and revenue per account (ARPA), creating a powerful free cash flow engine while expanding into new growth areas like business and broadband.
Sustained postpaid account growth above competitors, continued ARPA expansion from premium plan adoption, and third-party reports validating its network lead widens.
A slowdown in postpaid account net additions, ARPA compression due to competitive pressure, or evidence that competitors are closing the 5G network gap.
Short-term promotional battles or quarterly fluctuations in handset subsidies, as the core thesis rests on the structural advantage of the network and value proposition.
Repricing Catalyst
The market fully recognizing the durability of the company's widening differentiation and its ability to convert superior customer growth into industry-leading free cash flow and shareholder returns.
Wireless
$90.5B TTM (100% of Total)What It Is
Provides wireless communications, broadband services, devices, and accessories to consumers and businesses through Postpaid, Prepaid, and Wholesale channels.
Who Pays & How
Postpaid customers (consumers and businesses), Prepaid customers (under brands like T-Mobile, Metro by T-Mobile, and Mint Mobile), and Wholesale partners (MVNOs) pay for connectivity on what TMUS markets as America's 'largest, fastest, most awarded and most advanced 5G network.'
Competition
T-Mobile US — Investor Video Playlist
Industry Resources
| Communication Services Resources |
| Variety |
| The Hollywood Reporter |
| Adweek |
| Wireless Telecommunication Services Resources |
| Fierce Wireless |
| RCR Wireless News |
| Mobile World Live |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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