T-mobile Us, Inc. · NASDAQ:TMUS
T-mobile Us — Q2 2025 Earnings Presentation
29 slides from T-mobile Us's earnings presentation, Jul 23, 2025
Slide 1: Investor Factbook
INVESTOR FACTBOOK
Slide 2: Table of contents
2 3 Highlights 4 Customer Metrics 7 Financial Metrics 13 Capital Structure 14 Guidance 15 Contacts 16 Financial and Operational Tables
Slide 3: Highlights footnotes
3 (1) AT&T Inc. does not disclose postpaid net account additions. Comcast and Charter do not disclose postpaid phone net customer additions. Industry-leading claims are based on consensus expectations if results are not yet reported. (2) Core Adjusted EBITDA, Adjusted Free Cash Flow and Adjusted Fre
Slide 4: Postpaid Accounts
4 Postpaid Accounts Year-Over-Year (in thousands) Continued growth in Postpaid accounts with an increase in net additions primarily due to: 31,099 31,502 ■ Higher gross account additions 30,631 30,894 30,316 ■ Partially offset by higher account deactivations, including the impact from a growing acco
Slide 5: Postpaid Customers
5 Postpaid Customers Year-Over-Year (in thousands) Postpaid phone net customer additions increased primarily due to: 102,185 104,118 105,455 107,284 ■ Higher gross additions 100,610 ■ Higher prepaid to postpaid migrations 1,933 ■ Partially offset by higher churn, primarily driven by the 1,732 tempor
Slide 6: Prepaid Customers
6 Prepaid Customers Year-Over-Year (in thousands) Prepaid net customer additions decreased primarily due to: 25,283 25,307 25,410 25,455 25,494 ■ Increased deactivations from a growing customer base, primarily due to the acquisition of Ka’ena Corporation, including its subsidiary brands Mint Mobile
Slide 7: Service Revenues
7 Service Revenues Year-Over-Year ($ in millions) Service revenues increased 6% primarily due to: ■ An increase in Postpaid service revenues $17,438 ■ Partially offset by a decrease in Wholesale and other $16,725 $16,928 $16,925 service revenues, primarily driven by lower MVNO $16,429 revenues, incl
Slide 8: Equipment Revenues
8 Equipment Revenues Year-Over-Year ($ in millions) Equipment revenues increased 11% primarily due to: $4,699 ■ A higher average revenue per device sold, net of promotions, primarily driven by an increase in the high- $4,688 end phone mix, including from higher postpaid device $3,704 $3,439 upgrades
Slide 9: Cost of Services, exclusive of D&A
9 Cost of Services, exclusive of D&A Year-Over-Year ($ in millions, % of Service revenues) Cost of services, exclusive of D&A, increased 2% primarily due to: ■ Higher site costs associated with the continued build-out $2,664 $2,722 $2,697 $2,602 $2,717 of our nationwide 5G network $2,655 $2,622 $2,6
Slide 10: Net Income
10 Net Income Year-Over-Year ($ in millions, % of Service revenues) Net income was $3.2 billion and Diluted earnings per share was $2.84 in Q2 2025, compared to $2.9 billion and $2.49 in Q2 2024, primarily due to the factors described $3,222 $3,059 $2,981 above. $2,925 $2,953 Sequential Net income w
Slide 11: Core Adjusted EBITDA
11 Core Adjusted EBITDA* Year-Over-Year ($ in millions, % of Service revenues) Core Adjusted EBITDA increased 6% primarily due to: ■ Higher Total service revenues $8,541 ■ Higher Equipment revenues, excluding Lease revenues $8,027 $8,222 $8,258 $7,905 ■ Partially offset by higher Cost of equipment s
Slide 12: Cash Purchases of Property and Equipment
12 Cash Purchases of Property and Year-Over-Year Equipment, incl. Capitalized Interest Cash purchases of property and equipment, including ($ in millions, % of Service revenues) capitalized interest, increased 17% primarily due to: ■ Planned timing of capital purchases $2,451 $2,396 Sequential $2,21
Slide 13: Net Debt and Net Debt Ratios
13 Total debt, excluding tower obligations, at the end of Q2 Net Debt (Excluding Tower 2025 was $85.3 billion. Obligations) & Net Debt to LTM Net Net debt, excluding tower obligations, at the end of Q2 Income and Core Adj. EBITDA 2025 was $75.0 billion. Ratios ($ in billions) ■ On December 13, 2024,
Slide 14: 2025 Outlook
14 2025 Outlook Metric Previous Revised Change at Midpoint Postpaid net customer additions 5.5 to 6.0 million 6.1 to 6.4 million 500 thousand Net income (1) N/A N/A N/A Effective tax rate 24% to 26% 24% to 26% No change Core Adjusted EBITDA (2) $33.2 to $33.7 billion $33.3 to $33.7 billion $50 milli
Slide 15: Investor Relations
15 Investor Relations Cathy Yao Matthew Hale Jon Lanterman Senior Vice President Senior Director Senior Director Investor Relations Investor Relations Investor Relations Chris Lo Rose Kopecky Charles Buffum Danna Tao Investor Relations Investor Relations Investor Relations Investor Relations Manager
Slide 16: Condensed Consolidated Balance Sheets
16 T-Mobile US, Inc. Condensed Consolidated Balance Sheets (Unaudited) June 30, December 31, (in millions, except share and per share amounts) 2025 2024 Assets Current assets Cash and cash equivalents $ 10,259 $ 5,409 Accounts receivable, net of allowance for credit losses of $172 and $176 4,598 4,2
Slide 17: Condensed Consolidated Statements of Comprehensive Income
17 T-Mobile US, Inc. Condensed Consolidated Statements of Comprehensive Income (Unaudited) Three Months Ended Six Months Ended June 30, June 30, March 31, June 30, (in millions, except share and per share amounts) 2025 2025 2024 2025 2024 Revenues Postpaid revenues $ 14,078 $ 13,594 $ 12,899 $ 27,67
Slide 18: Condensed Consolidated Statements of Cash Flows
18 T-Mobile US, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) Three Months Ended Six Months Ended June 30, June 30, March 31, June 30, (in millions) 2025 2025 2024 2025 2024 Operating activities Net income $ 3,222 $ 2,953 $ 2,925 $ 6,175 $ 5,299 Adjustments to reconcile net income
Slide 19: Condensed Consolidated Statements of Cash Flows (Continued)
19 T-Mobile US, Inc. Condensed Consolidated Statements of Cash Flows (Continued) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, March 31, June 30, (in millions) 2025 2025 2024 2025 2024 Supplemental disclosure of cash flow information Interest payments, net of amounts capitalized
Slide 20: Supplementary Operating and Financial Data
20 T-Mobile US, Inc. Supplementary Operating and Financial Data (Unaudited) Six Months Ended Quarter June 30, (in thousands) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 2024 2025 Customers, end of period Postpaid phone customers 76,468 77,245 78,110 79,013 79,508 80,338 77,245 80,338 Postpaid ot
Slide 21: Supplementary Operating and Financial Data
21 T-Mobile US, Inc. Supplementary Operating and Financial Data (Unaudited) Six Months Ended Quarter June 30, (in thousands) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 2024 2025 Accounts, end of period Total postpaid accounts (1) 30,015 30,316 30,631 30,894 31,099 31,502 30,316 31,502 (1) In th
Slide 22: Supplementary Operating and Financial Data (continued)
22 T-Mobile US, Inc. Supplementary Operating and Financial Data (continued) (Unaudited) Six Months Ended Quarter June 30, (in millions, except percentages) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 2024 2025 Financial measures Service revenues $16,096 $16,429 $16,725 $16,928 $16,925 $17,438 $3
Slide 23: Stockholder Returns
23 T-Mobile US, Inc. Supplementary Operating and Financial Data (Unaudited) Six Months Ended Quarter June 30, (in millions, except share and per share amounts) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 2024 2025 Stockholder returns Total repurchases $ 3,568 $ 2,277 $ 644 $ 4,619 $ 2,470 $ 2,46
Slide 24: Reconciliation of Non-GAAP Financial Measures to GAAP
24 T-Mobile US, Inc. Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures (Unaudited) This Investor Factbook includes non-GAAP financial measures. The non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accorda
Slide 25: Reconciliation of Non-GAAP Financial Measures (continued)
25 T-Mobile US, Inc. Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures (continued) (Unaudited) Net debt (excluding tower obligations) to the LTM Net income, LTM Adjusted EBITDA and LTM Core Adjusted EBITDA ratios are calculated as follows: Mar 31, Jun 30, Sep 30, Dec 31, Mar 3
Slide 26: Adjusted Free Cash Flow Guidance Range
26 T-Mobile US, Inc. Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures (continued) (Unaudited) The current guidance range for Adjusted Free Cash Flow is calculated as follows: FY 2025 (in millions) Guidance Range Net cash provided by operating activities $ 27,100 $ 27,500 Cash
Slide 27: Definitions of Terms
27 Definitions of Terms Operating and financial measures are utilized by T-Mobile’s management to evaluate its operating performance and, in certain cases, its ability to meet liquidity requirements. Although companies in the wireless industry may not define measures in precisely the same way, T-Mob
Slide 28: Net debt and Sprint Merger-related costs
28 13. Net debt - Short-term debt, short-term debt to affiliates, long-term debt (excluding tower obligations), and long-term debt to affiliates, short- term financing lease liabilities and financing lease liabilities, less cash and cash equivalents. 14. Sprint Merger-related costs include: • Integr
Slide 29: Cautionary Statement Regarding Forward-Looking Statements
29 Cautionary Statement Regarding Forward-Looking Statements This communication includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including information concerning T-Mobile US, Inc.’