olivLaw · US equity research
T-Mobile US, Inc. TMUS
Radiotelephone Communications · SIC 4812 · Vertical: Radiotelephone Communications (SIC 4812)
T-Mobile US, Inc. (TMUS) is one of the three largest wireless operators in the US and keeps its position through its 5G network and value offer. In the second quarter of 2026, service revenues grew 9% year-over-year to 19.0 billion USD, and Core Adjusted EBITDA reached 9.5 billion USD, up 12%. The 2026 guidance remains elevated, but execution depends on competition, the UScellular integration and network costs.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, T-Mobile US, Inc. (TMUS) stock was 159.17 USD (+3.08% on the day), with market capitalisation 168.6 bn USD, P/E 15.4 on diluted EPS of 10.37 USD over the last 12 months, dividend yield 2.66%, beta 0.06, 52-week range 146.54–221.98 USD. Latest reported quarter (Q3 2026): revenue of 23.6 bn USD (+7.4% YoY), net income of 3.5 bn USD (+27.3% YoY), diluted EPS 3.22 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 51.4
- neutral
- Bollinger (20, 2)
- 142.53 – 166.63
- in the upper half of the band · %B 0.69 · band width 15.6%
- SMA 50 / 200
- 165.66 / 186.53
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -2.83 / -4.19
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −3.3% | −1.1% | −2.2 pp | — |
| 3 months | −8.2% | −0.5% | −7.8 pp | — |
| 6 months | −17.6% | +4.4% | −22.0 pp | — |
| Year to date | −21.6% | +12.3% | −33.9 pp | — |
| 1 year | −22.8% | +13.5% | −36.4 pp | +18.3% |
| 3 years | +7.9% | +76.4% | −68.5 pp | +29.1% |
| 5 years | +29.8% | +63.7% | −33.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 21.9 bn | 20.9 bn | 21.1 bn | 22.0 bn | 24.3 bn | 23.1 bn | 22.8 bn | 23.6 bn |
| SG&A | 5.4 bn | 5.5 bn | 5.4 bn | 6.0 bn | 6.6 bn | 6.0 bn | 5.8 bn | 6.0 bn |
| Operating income | 4.6 bn | 4.8 bn | 5.2 bn | 4.5 bn | 3.7 bn | 4.5 bn | 5.5 bn | 5.7 bn |
| Depreciation & amortisation | 3.1 bn | 3.2 bn | 3.1 bn | 3.4 bn | 3.8 bn | 3.8 bn | 3.4 bn | 3.5 bn |
| Pre-tax income | 3.8 bn | 3.8 bn | 4.3 bn | 3.5 bn | 2.6 bn | 3.3 bn | 4.3 bn | 4.5 bn |
| Income tax | 858.0 m | 885.0 m | 1.1 bn | 814.0 m | 532.0 m | 830.0 m | 1.1 bn | 1.1 bn |
| Net income | 3.0 bn | 3.0 bn | 3.2 bn | 2.7 bn | 2.1 bn | 2.5 bn | 3.2 bn | 3.5 bn |
| Diluted EPS | 2.57 ≈ | 2.58 | 2.84 | 2.41 | 1.89 ≈ | 2.27 | 2.99 | 3.22 |
| Operating cash flow | 5.5 bn | 6.8 bn | 7.0 bn | 7.5 bn | 6.7 bn | 7.2 bn | 7.5 bn | 7.3 bn |
| Capex | 2.2 bn | 2.5 bn | 2.4 bn | 2.6 bn | 2.5 bn | 2.6 bn | 2.7 bn | 2.3 bn |
| Dividends paid | 1.0 bn | 1.0 bn | 996.0 m | 987.0 m | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn |
| Share repurchases | 4.7 bn | 2.5 bn | 2.6 bn | 2.5 bn | 2.4 bn | 4.8 bn | 2.3 bn | 2.4 bn |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 9 percentile of its own 44-quarter history (min 11.0, median 23.9, max 110.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 43.3 bn | 45.0 bn | 68.4 bn | 80.1 bn | 79.6 bn | 78.6 bn | 81.4 bn | 88.3 bn |
| Revenue YoY | +6.7% | +3.9% | +52.0% | +17.1% | −0.7% | −1.3% | +3.6% | +8.5% |
| Net income | 2.9 bn | 3.5 bn | 3.1 bn | 3.0 bn | 2.6 bn | 8.3 bn | 11.3 bn | 11.0 bn |
| Net income YoY | −36.3% | +20.1% | −11.6% | −1.3% | −14.4% | +221.1% | +36.3% | −3.1% |
| Diluted EPS | 3.36 | 4.02 | 2.65 | 2.41 | 2.06 | 6.93 | 9.66 | 9.72 |
| Diluted EPS YoY | −35.4% | +19.6% | −34.1% | −9.1% | −14.5% | +236.4% | +39.4% | +0.6% |
| net % | 6.7% | 7.7% | 4.5% | 3.8% | 3.3% | 10.6% | 13.9% | 12.4% |
| Free cash flow | -1.6 bn | 433.0 m | -2.4 bn | 1.6 bn | 2.8 bn | 8.8 bn | 13.5 bn | 18.0 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 5.6 bn USD
- Financial debt
- 86.3 bn USD
- Net debt
- 80.7 bn USD
- Equity
- 59.2 bn USD
- Total assets
- 219.2 bn USD
- Debt / equity
- 1.46x
- Current ratio
- 1.00x
- ROE
- 18.2%
- ROA
- 5.1%
- FCF margin
- 20.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 68.4 bn | 80.1 bn | 79.6 bn | 78.6 bn | 81.4 bn | 88.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| SG&A | 18.9 bn | 20.2 bn | 21.6 bn | 21.3 bn | 20.8 bn | 23.5 bn | SEC (XBRL)· 11 Feb 2026verified |
| Operating income | 6.6 bn | 6.9 bn | 6.5 bn | 14.3 bn | 18.0 bn | 18.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| Depreciation & amortisation | 14.2 bn | 16.4 bn | 13.7 bn | 12.8 bn | 12.9 bn | 13.5 bn | SEC (XBRL)· 11 Feb 2026verified |
| EBITDA | 20.8 bn ≈ | 23.3 bn ≈ | 20.2 bn ≈ | 27.1 bn ≈ | 30.9 bn ≈ | 31.8 bn ≈ | SEC (XBRL)· 11 Feb 2026derived |
| Interest expense | 2.5 bn | 3.2 bn | — | — | — | — | SEC (XBRL)· 11 Feb 2022verified |
| Pre-tax income | 3.5 bn | 3.4 bn | 3.1 bn | 11.0 bn | 14.7 bn | 14.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| Income tax | 786.0 m | 327.0 m | 556.0 m | 2.7 bn | 3.4 bn | 3.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| Net income | 3.1 bn | 3.0 bn | 2.6 bn | 8.3 bn | 11.3 bn | 11.0 bn | SEC (XBRL)· 11 Feb 2026verified |
| Diluted EPS | 2.65 | 2.41 | 2.06 | 6.93 | 9.66 | 9.72 | SEC (XBRL)· 11 Feb 2026verified |
| Weighted average diluted shares | 1.2 bn | 1.3 bn | 1.3 bn | 1.2 bn | 1.2 bn | 1.1 bn | SEC (XBRL)· 11 Feb 2026verified |
| Dividend per share | — | — | — | 0.65 | 3.71 | 3.80 | SEC (XBRL)· 11 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 10.4 bn | 6.6 bn | 4.5 bn | 5.1 bn | 5.4 bn | 5.6 bn | SEC (XBRL)· 11 Feb 2026verified |
| Receivables | 4.3 bn | 4.2 bn | 4.4 bn | 4.7 bn | 4.3 bn | 4.9 bn | SEC (XBRL)· 11 Feb 2026verified |
| Inventories | 2.5 bn | 2.6 bn | 1.9 bn | 1.7 bn | 1.6 bn | 2.4 bn | SEC (XBRL)· 11 Feb 2026verified |
| Current assets | 23.9 bn | 20.9 bn | 19.1 bn | 19.0 bn | 18.4 bn | 24.5 bn | SEC (XBRL)· 11 Feb 2026verified |
| Property, plant & equipment, net | 41.2 bn | 39.8 bn | 42.1 bn | 40.4 bn | 38.5 bn | 38.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| Goodwill | 11.1 bn | 12.2 bn | 12.2 bn | 12.2 bn | 13.0 bn | 13.7 bn | SEC (XBRL)· 11 Feb 2026verified |
| Intangibles (excl. goodwill) | 5.3 bn | 4.7 bn | 3.5 bn | 2.6 bn | 2.5 bn | 3.8 bn | SEC (XBRL)· 11 Feb 2026verified |
| Total assets | 200.2 bn | 206.6 bn | 211.3 bn | 207.7 bn | 208.0 bn | 219.2 bn | SEC (XBRL)· 11 Feb 2026verified |
| Accounts payable | 10.2 bn | 11.4 bn | 12.3 bn | 10.4 bn | 8.5 bn | 10.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| Short-term debt | 4.6 bn | 3.4 bn | 5.2 bn | 3.6 bn | 4.1 bn | 5.1 bn | SEC (XBRL)· 11 Feb 2026verified |
| Long-term debt | 61.8 bn | 67.1 bn | 66.8 bn | 71.4 bn | 74.2 bn | 81.1 bn | SEC (XBRL)· 11 Feb 2026verified |
| Current liabilities | 21.7 bn | 23.5 bn | 24.7 bn | 20.9 bn | 20.2 bn | 24.5 bn | SEC (XBRL)· 11 Feb 2026verified |
| Equity | 65.3 bn † | 69.1 bn † | 69.7 bn † | 64.7 bn † | 61.7 bn † | 59.2 bn † | SEC (XBRL)· 11 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 8.6 bn | 13.9 bn | 16.8 bn | 18.6 bn | 22.3 bn | 28.0 bn | SEC (XBRL)· 11 Feb 2026verified |
| Capex | 11.0 bn | 12.3 bn | 14.0 bn | 9.8 bn | 8.8 bn | 10.0 bn | SEC (XBRL)· 11 Feb 2026verified |
| Free cash flow | -2.4 bn ≈ | 1.6 bn ≈ | 2.8 bn ≈ | 8.8 bn ≈ | 13.5 bn ≈ | 18.0 bn ≈ | SEC (XBRL)· 11 Feb 2026derived |
| Investing cash flow | -12.7 bn | -19.4 bn | -12.4 bn | -5.8 bn | -9.1 bn | -17.6 bn | SEC (XBRL)· 11 Feb 2026verified |
| Financing cash flow | 13.0 bn | 1.7 bn | -6.5 bn | -12.1 bn | -12.8 bn | -10.1 bn | SEC (XBRL)· 11 Feb 2026verified |
| Dividends paid | — | 0 | 0 | 747.0 m | 3.3 bn | 4.1 bn | SEC (XBRL)· 11 Feb 2026verified |
| Share repurchases | 19.5 bn | 0 | 3.0 bn | 13.1 bn | 11.2 bn | 10.0 bn | SEC (XBRL)· 11 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 74 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 168.6 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet31
- Valuation81
- Quality89
- Growth65
- Returns100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 49.94 – 214.24 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDA135.55 – 214.24 (Mid 140.61)3 companies used · median multiple 4.4x · quartiles 4.3x – 6.7xAD, CHT, IHS
- Peers: P/E102.08 – 209.34 (Mid 140.85)5 companies used · median multiple 13.6x · quartiles 9.8x – 20.2xAD, IHS, KYIV, SPOK, TIGO
- Dividend discount (DDM)49.94 – 67.16 (Mid 57.28)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 74/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 24.5% | 100 (vs peers) | 11% |
| Net margin · Quality | 12.0% | 58 (vs peers) | 7% |
| FCF conversion · Quality | 165.0% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 3.5% | 29 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 67.7% | 100 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 0.0x | 40 (vs peers) | 11% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.9x | 9 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 15.4x | 57 (vs peers) | 11% |
| EV/EBITDA · Valuation | 5.0x | 91 (on a fixed band) | 11% |
| FCF yield · Valuation | 11.1% | 100 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 9.8% | 100 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 23.8% | 100 (on a fixed band) | 4% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet31/100 · 2/3 factors with a value
- Growth65/100 · 2/2 factors with a value
- Quality89/100 · 3/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation81/100 · 3/3 factors with a value
Memo
T-MOBILE US, INC. (TMUS). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 88.3 bn USD in 2025; YoY growth 8.5%; net margin 12.0%; ROE 19.4%; net debt/EBITDA 0.0x.
The estimated value range is 102.08–209.34 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 140.61 USD, the price of 159.17 USD leaves a potential of -11.7% (value / price − 1) and a margin of safety of -13.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 74/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 24.5%
- FCF conversion: 165.0%
- EPS CAGR 3Y: 67.7%
- EV/EBITDA: 5.0x
- FCF yield: 11.1%
- Shareholder yield (distributions): 9.8%
- Payout ratio (FCF): 23.8%
What contradicts it
- Revenue CAGR 3Y: 3.5%
- Current ratio: 0.9x
Not assessed (insufficient data or a ratio without meaning): Interest coverage.
Versus the vertical median
Radiotelephone Communications (SIC 4812) · same industry (4-digit SIC) · compared with 12 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CHTChunghwa Telecom Co., Ltd. | 380.0 bn | 326.5 | 9.4% | 16.2% | −3.8% | +17% / +29% |
| TMUST-Mobile Us, Inc. | 168.6 bn | 15.4 | 19.4% | 12.0% | +8.5% | −23% / +8% |
| VEONVEON Ltd. | 146.1 bn | 263.4 | 48.5% | 13.4% | +9.9% | +48% / +294% |
| TIGOMillicom International Cellular SA | 13.0 bn | 9.8 | 36.2% | 22.6% | +0.3% | +45% / +357% |
| KYIVKyivstar Group Ltd. | 3.1 bn | 23.9 | 10.4% | 10.7% | +25.9% | −4% / unavailable |
| ADArray Digital Infrastructure, Inc. | 2.9 bn | 5.4 | 18.3% | 250.8% | +58.3% | −32% / −27% |
| IHSIHS Holding Ltd | 2.8 bn | 20.2 | — | 9.1% | +3.6% | +19% / +82% |
| SPOKSpok Holdings, Inc. | 252.6 m | 13.6 | 12.8% | 13.9% | +1.5% | −9% / −28% |
| SIDUSidus Space, Inc. | 18.7 m | — | -27.0% | -970.3% | −27.6% | +49% / −82% |
| CHAICore Ai Holdings, Inc. | 3.6 m | — | -1,196.1% | -57.2% | +58.6% | −93% / −100% |
| VODVodafone Group Public Ltd Co | — | — | -7.4% | -11.1% | +2.0% | +31% / +80% |
| SKMSK Telecom Co., Ltd. | — | — | 10.8% | 7.0% | +1.9% | +55% / +39% |
| TUTelus Corp | — | — | 7.1% | 5.4% | +0.6% | −30% / −49% |
1- and 3-year price returns: for TMUS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 95.87 Total return -38% · Per year -38% | 169.57 Total return 9% · Per year 9% | 255.53 Total return 64% · Per year 64% |
| 3 years | 91.25 Total return -36% · Per year -14% | 181.77 Total return 23% · Per year 7% | 301.00 Total return 100% · Per year 26% |
| 5 years | 86.84 Total return -35% · Per year -8% | 194.84 Total return 38% · Per year 7% | 354.57 Total return 143% · Per year 19% |
- Exit P/E± 45.44
- Net margin± 31.81
- Annual revenue growth± 26.35
- Annual dilution± 2.67
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 23 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
In brief
T-Mobile US, Inc. (TMUS) is one of the three largest wireless operators in the US and keeps its position through its 5G network and value offer. In the second quarter of 2026, service revenues grew 9% year-over-year to 19.0 billion USD 2, and Core Adjusted EBITDA reached 9.5 billion USD, up 12% 3. The 2026 guidance remains elevated, but execution depends on competition, the UScellular integration and network costs.
SWOT
Strengths
- The company has a strong network position and 5G coverage recognized by independent awards, which supports customer loyalty 1.
- Operating cash flow is solid and grew in the first half of 2026, supporting buybacks and dividends 2.
- A multilayer spectrum portfolio gives flexibility for both broadband and mobile network needs 1.
Weaknesses
- Substantial indebtedness limits financial flexibility and can make debt service more sensitive to market conditions 2.
- Integrating acquisitions such as UScellular involves restructuring costs and execution risks that could delay expected benefits 1.
- Reliance on third-party providers for critical systems and services exposes the company to operational and security risks 1.
Opportunities
Threats
Risks
- Intense competitionhigh
If the company fails to attract and retain customers, growth and competitive position could be affected 1.
- Cybersecurityhigh
Past attacks and data incidents show that breaches can be costly and damage reputation, and threats keep evolving 1.
- Digital and technology executionmedium
If digital transformation or adoption of new network technologies is delayed, the network leadership position could erode 1.
- Indebtedness and access to capitalmedium
Substantial debt and credit market conditions could limit access to financing and raise refinancing costs 2.
- Regulation and licenseslow
Changes in FCC rules and the revocation or non-renewal of spectrum licenses could affect operations 1.
Investment thesis
What would need to be true (bull case)
- Growth in service revenues and EBITDA in the second quarter of 2026 suggests the value and network strategy is working 3.
- Raised adjusted free cash flow guidance could support buybacks and dividends if the trend holds 3.
- Fixed broadband and fiber offer a growth path beyond mobile telephony that competitors cannot easily replicate 1.
What would break the thesis
- Net new postpaid accounts declined year-over-year in the second quarter of 2026 as the market approaches saturation 3.
- The UScellular integration and other acquisitions carry costs and execution risks that could reduce expected benefits 1.
- High indebtedness and competitive pressure could limit financial flexibility and long-term margins 2.
What to watch
- Net postpaid account additions versus the 2026 guidanceQ3 2026
- Pace of UScellular integration synergies2027
- Capital expenditure level against the guidance of about 10 billion USDnext 10-K
- Changes to adjusted free cash flow guidanceQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 23 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
The business
Beyond telephony, TMUS offers fixed 5G broadband and fiber through joint ventures such as Lumos and Metronet. The UScellular acquisition, completed August 1, 2025 with 2.8 billion USD in cash 2, and the Vistar and Blis deals extend its advertising and data solutions. The company expects annual run-rate cost synergies of 1.2 billion USD from the integration 1.
Substantially all revenues are earned in the United States, including Puerto Rico and the U.S. Virgin Islands 1. The company employed about 75,000 people at the end of 2025 1. It is controlled by Deutsche Telekom AG, whose interests may differ from those of other stockholders 2.
Segments
Postpaid wireless services
The postpaid segment generates most service revenues and grew fastest in the second quarter of 2026, with revenues of 15.9 billion USD, up 13% year-over-year 3. Postpaid ARPA was 152.91 USD, up 2% 3.
Broadband and other services
Fixed 5G broadband and fiber complement the wireless offer. The Lumos and Metronet joint ventures added fiber customers, and Metronet's residential fiber operations and customers moved to the company 1.
Market context
The US mobile telecom market is mature, and growth increasingly comes from winning accounts and raising average revenue per account. The company reported 34.7 million postpaid accounts at June 30, 2026 3, and its 2026 guidance points to between 950 thousand and 1.05 million net postpaid account additions 3.
Fixed broadband and fiber are an increasingly contested area, where cable operators, AT&T, Verizon and satellite internet providers compete for the same customers 1. Demand in these segments depends on coverage and pricing, and competitive pressure could weigh on margins.
Trends
- Market saturationheadwind
As the market approaches saturation, competition in all segments intensifies, putting pressure on pricing and margins 1. If this intensifies, growth in new accounts could become harder to sustain.
- Artificial intelligence and digitalizationmixed
The company is transforming operations through AI and digital channels such as the T-Life app, which could lower costs and raise customer satisfaction 1. Execution and customer adoption risks remain significant 1.
- Fixed-mobile convergencetailwind
Fixed 5G broadband and fiber offer a complementary product for wireless customers and could raise revenue per household 1. This advantage depends on the build-out of fiber networks through joint ventures.
- Device procurement cost pressureheadwind
Higher procurement costs, including the effect of memory chip prices on smartphones, could erode device sales margins 2. Tariffs and trade restrictions further complicate the supply chain 2.
Competitive position
TMUS is the second largest provider of wireless services in the US by total postpaid and prepaid customers 1. Its main rivals are AT&T and Verizon, both of which have invested heavily in spectrum and networks 1.
Competition also comes from cable operators offering mobile services under MVNO agreements, from regional providers and from satellite internet providers 1. Some competitors use discounted pricing or bundled services as a source of differentiation 1.
- AT&T Inc.T
Major mobile and broadband operator with fixed wireless products that compete directly 1.
- Verizon Communications, Inc.VZ
Direct competitor in wireless and fixed wireless broadband, with large investments in spectrum 1.
- Charter Communications, Inc.CHTR
Cable operator competing in broadband and offering mobile services through MVNO agreements 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Renewed Industry Competition Sparks T-Mobile US’s (TMUS) Sell-OffYahoo Finance — News · 17 Sept 2026 · EN
- T-Mobile US CEO Maps 5G, Broadband and AI Growth Strategy at Goldman Sachs ConferenceYahoo Finance — News · 13 Sept 2026 · EN
- Why Gabelli’s Global Content & Connectivity Fund Likes T-Mobile US (TMUS)Yahoo Finance — News · 05 Sept 2026 · EN
The latest news item in our archive is from 17 Sept 2026; the newest SEC filing is from 28 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report28 Oct 2026
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Current report28 Oct 2026Departure or appointment of officers
- Current report03 Sept 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report23 Jul 2026
- Current report23 Jul 2026Results of operations · Financial statements and exhibits
- Current report07 Jul 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report18 Jun 2026Shareholder vote
- Quarterly report28 Apr 2026
- Current report28 Apr 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / T-Mobile US, Inc. · 11 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / T-Mobile US, Inc. · 23 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / T-Mobile US, Inc. · 23 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.