T-mobile Us, Inc. · NASDAQ:TMUS
T-mobile Us — Q4 2025 Earnings Presentation
42 slides from T-mobile Us's earnings presentation, Feb 11, 2026
Slide 1: Q4 2025 Earnings & Update
Tr Q4 2025 Earnings & update
Slide 2: Welcome
Slide 3: Cautionary Statement
Cautionary Statement This presentation 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.’s future results of operations, are forwa
Slide 4: Agenda
Agenda 01 02 03 04 05 Halftime Check-In Widening and Durable Unparalleled Growth Outsized Financial Q&A Srini Gopalan, CEO Differentiation Opportunities Results and All Financial Update Peter Osvaldik, CFO
Slide 5: Halftime Check-in
Slide 6: 2024 CMD Halftime Check-in
2024 CMD Halftime Check-in Differentiation driving industry-leading growth Consolidated Service Revenue CAGR Consolidated Core Adjusted EBITDA CAGR Consolidated Adjusted Free Cash Flow CAGR (2023-2025) (2023-2025) (2023-2025) 15.1% 7.9% 6.2% 9.5% 3.4% 2.3% 3.7% 1.4% 0.8% T-Mobile Competitor 1 Compet
Slide 7: T-Mobile Clear Industry Leader in Postpaid Net Account Additions
T-Mobile Clear Industry Leader in Postpaid Net Account Additions The only carrier to consistently grow postpaid accounts in the entire industry Accounts and ARPA the best indicators of customer relationship movements, and industry value creation 1.4M 1.3M 1.2M 1.2M 1.1M 88K -44K -109K -330K -353K 20
Slide 8: Widening Our Differentiation
Widening Our Differentiation A digital-first, AI-enabled Un-carrier with customer choice at the heart of it all Best Best Best Network Value Experience Continued industry-leading financial growth
Slide 9: Best Network
Best Network Most advanced and highest capacity Most & Best Spectrum Densest Grid Low- and Mid-band spectrum 393 85K+ ~57K 337 Macro Sites Small Cells 293 As of 12/31/2025 T-Mobile Competitor 1 Competitor 2 Nationwide average MHz As of 12/31/2025 Continued Technology Leadership 2.5 GHz vs. C-Band Co
Slide 10: Outpacing Competitors
Outpacing Competitors In first-ever milestone, T-Mobile tops speed charts with 300+ Mbps Q4 2025 Overall Median Download Speed (Mbps) 302 +95% +92% 155 157 T-Mobile Competitor 1 Competitor 2 Translating to durable, industry-leading growth in wireless, broadband, and beyond! Based on our analysis of
Slide 11: Network Accolades and Perception
Network Accolades and Perception Growing customer validation underscores network leadership #1 in Network Quality Best Mobile Network #1 in Mobile Experience Closing the gap between network performance leadership and customer perception 40 % Best Network Perception Among Switchers 38% 35 % Among rec
Slide 12: 6G Will Extend Our Network Leadership
6G Will Extend Our Network Leadership Building upon 5G, T-Mobile to remain at the forefront of technology Leader and First to the 5G ERA Future Leader and First to the 6G ERA 15M Postpaid phone net customer additions since 2020 AI RAN at the forefront AI-native network will process both bits & token
Slide 13: Best Value
Best Most durable, with lowest front and backbook in the industry T-Mobile Competitor 1 Competitor 2 Experience Beyond Unlimited Ultimate Unlimited Premium® PL Postpaid ARPA Postpaid Phone ARPU $56.57 3 line(s) w/ AutoPay* $ 170/mo. 3 line(s) w/ $ 195/mo. 3 line(s) w/ AutoPay $ 182.97/mo. AutoPay $1
Slide 14: Best Experience
Best The best and most personalized experience Plans packed with benefits 50 + % Call Reduction (Contacts per account) 16 % Better NPS High-speed data abroad 79 7.0 And so much more! 3.3 68 Giving customers a sense of belonging Q4 '2 1 Q4 '2 5 Th ird Party Re tailer Experie nce Stores Call reduction
Slide 15: T-Life at the Center of it All
T-Life at the Center of it All 100M+ Installs ~24M Monthly Active Users 4.8 App Store Rating Tap into your Upgrade your phone Shop from the Manage your account Access all your devices benefits in minutes comfort of wherever in just a few taps at your fingertips Powered by IntentCX
Slide 16: Unlocking Self-Serve Through Digital
Unlocking Self-Serve Through Digital Unassisted digital upgrades continue to accelerate and showcase the path for Add-a-Lines and Activations 73% Digital Upgrades 39% Add-a-Lines 22% Easy Switch Q4 2024 Q4 2025 Unassisted Total Refers to postpaid phones.
Slide 17: Net Promoter Score and Customer Pain Points
Best Track record of identifying and smashing customer pain points driving growing, industry-leading customer satisfaction unlocking growth opportunities Net Promoter Score* 45 41 39 20 23 20 24 20 25 *HarrisX Mobile Insights 2023 – 2025
Slide 18: Unparalleled Growth Opportunities
Slide 19: Best Growth Portfolio
Best Account opportunity for the Smaller markets and Advantage in Un-carrier and room to run in rural areas share backbook pricing underpenetrated market segments TFB revenue Broadband customers Across T-Ads, growth opportunity by 2030 financial services & 6G No declining legacy business
Slide 20: Enormous Runway Ahead in Wireless
Enormous Runway Ahead in Wireless Continue to lead the industry in delivering durable & profitable growth Cumulative Postpaid Phone Net Adds (2021-2025) TFB SMRA Top 100 15.5M Double-digit revenue ~24% share of Consistent share of growth households and households growth growing quickly driven by net
Slide 21: Win-Win Growth in Wireless
Win-Win Growth in Wireless Low backbook, plus more for more, leading to accretive growth Q4 2025 Premium loading mix Competitive offers without nearly double Premium base diluting the backbook Over 60% Deepening relationships with customers ~35% Lowest backbook in the industry One step ahead of the
Slide 22: Broadband Growth
Broadband Growth
Slide 23: Industry Leader in Broadband Growth
Industry Leader in Broadband Growth T-Mobile the clear industry leader in broadband growth Total Broadband Net Additions Since 2021 2.1M 2.0M 2.0M 1.7M 1.7M 1.6M 1.3M 1.3M 0.7M 0.5M 0.4M 0.1M 0.2M -0.1M -0.1M 2021 2022 2023 2024 2025 T-Mobile Total Broadband Competitor 1 Total Broadband Competitor 2
Slide 24: Best NPS in Broadband
Best NPS in Broadband T-Mobile 5G broadband leads the industry in customer satisfaction Broadband NPS Scores 51.8 45.0 43.8 22.2 15.9 14.8 T-Mobile Fiber Optic Industry FWA Satellite DSL/U ver se Ca ble Source: HarrisX TCS Q32024 – Q32025
Slide 25: Tremendous track record of success driven by our network and customer centricity
Tremendous track record of success driven by our network and customer centricity Since 2023… Customers up Usage up …and now targeting 15M customers by 2030 driven by: GB/ to to month Average Download and Latest Gen 5 Router 354 Greater eligibility 265 Broadened product offering 174 Better CPE Q4 202
Slide 26: Targeted market expansion with no legacy constraints
Targeted market expansion with no legacy constraints 3-4M 12-15M Initial penetration Customers by 2030 Homes passed after 12 months by 2030
Slide 27: New Growth Opportunities
New Growth Opportunities
Slide 28: New Growth Opportunities
New Growth Opportunities Right to win, leveraging differentiation Advertising (T-Ads) Financial Services Physical and Edge AI § Built by marketers, for marketers § T-Mobile Visa with great momentum § Intelligence embedded into the in less than two months, just one network fabric, enabling real-time
Slide 29: Co-developing the 6G Ecosystem
Co-developing the 6G Ecosystem
Slide 30: Best Growth Portfolio
Best Account opportunity for the Smaller markets and Advantage in Un-carrier and room to run in rural areas share backbook pricing underpenetrated market segments TFB revenue Broadband customers growth opportunity by 2030 Across T-Ads, financial services & 6G Net Promoter Score* 45 41 39 20 23 20 24
Slide 31: Outsized Financial Results and Financial Update
Slide 32: Q4 and Full Year 2025 Recap
Q4 and Full Year 2025 Recap Our differentiation continues to drive industry-leading performance Q4 postpaid net account Q4 Postpaid ARPA Q4 service revenue additions growth YOY growth YOY Totaling 1.2M in 2025 +3.6% in full year 2025 +8% in full year 2025 Q4 postpaid phone Q4 core adjusted EBITDA Q4
Slide 33: Industry-Leading Service Revenue Growth
Industry-Leading Service Revenue Growth Industry-leading CAGR of 6% from ’23-’27 5% ( ex M&A), both at midpoint, fueled by: M&A Industry-leading Postpaid Account growth including Organic** service revenue continued success in underpenetrated segments CMD 2024 guidance $80.5B – $81.5B Strong ARPA exp
Slide 34: Expanding Core Adjusted EBITDA growth
Expanding Core Adjusted EBITDA growth Fueling industry-leading EBITDA CAGR of 9% from M&A 23-’27 ( 7% ex M&A), both at the midpoint Organic Core Adjusted EBITDA** Continued profitable service revenue growth CMD 2024 guidance Transformation driven operating efficiencies $40B–$41B Synergy delivery $37
Slide 35: CapEx Outlook
CapEx Outlook Consistent investment to widen margin of network leadership $10B ~$10B $9B–$10B Expect ~$10B in CapEx in 2026, driven by continued investment in the business including UScellular integration Expect $9B–$10B range in 2027, while maintaining investments to widen margin of network leaders
Slide 36: Adjusted Free Cash Flow Growth
Adjusted Free Cash Flow Growth Delivering industry-leading adjusted free cash flow margins $19.5B–$20.5B CMD 2024 guidance $18B $18B–$18.7B Adjusted Free Cash Flow Guidance incorporates $18B-$19B $17B +9% * prudent assumptions including: +2% * Merger, Network $13.6B Optimization & 2026 Outlook 2027
Slide 37: Value Creation Focused Capital Allocation
Value Creation Focused Capital Allocation Disciplined and consistent capital allocation philosophy Prudent Maintain ~2.5x Net Debt to Core Adjusted EBITDA Leverage: leverage, with flexibility Capital Core business investment: Network leadership expansion, core business growth, merger integration and
Slide 38: Compelling Strategic Investment & Return Envelope
Compelling Strategic Investment & Return Envelope $ 80B capital plan more than intact with over $ 50B remaining Since 2024 CMD Through Year End 2025 Remaining 2026 Through 2027 Funded Stockholder Stockholder Flexible Strategic Returns Returns Envelope Investments Funded $12B in investments Returned
Slide 39: Widening Our Differentiation
Widening Our Differentiation Best Best Best Best Network Value Experience Growth Portfolio Continued industry-leading financial growth
Slide 40: Appendix: Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures (Unaudited)
Appendix: Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures (Unaudited) This presentation includes non-GAAP financial measures, including Adjusted EBITDA, Core Adjusted EBITDA, Organic Core Adjusted EBITDA, Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin. The non-GA
Slide 41: Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures (continued)
Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures (continued) (Unaudited) Adjusted Free Cash Flow is calculated as follows: (1) Effective November 1, 2024, following amendments to the company’s Equipment Installment Plan Sale and Service Receivable Sale arrangements (the “Pled
Slide 42: Definition of Terms
Definition of Terms (1) Service revenues - Postpaid, including handset insurance, prepaid, wholesale and other service revenues. (2) Adjusted EBITDA and Core Adjusted EBITDA - Adjusted EBITDA represents earnings before Interest expense, net of Interest income, Income tax expense, Depreciation and am