Slide 1: Investor Factbook
INVESTOR FACTBOOK
Slide 2: Contents
2 3 Highlights 4 Customer Metrics 7 Financial Metrics 13 Capital Structure 14 Guidance 15 Contacts 16 Financial and Operational Tables
Slide 3: Footnotes and non-GAAP notes
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 33,979 additions primarily due to: ■ Higher gross account additions, including fiber account 30,631 30,894 31,099 31,502 additions following the acquisitions of Metronet and Lumos ■ Partia
Slide 5: Postpaid Customers
5 Postpaid Customers Year-Over-Year (in thousands) Postpaid phone net customer additions increased 114,063 primarily due to: 102,185 104,118 105,455 107,284 ■ Higher gross additions 2,347 ■ Partially offset by increased deactivations from a growing 1,933 customer base and higher churn 1,575 1,732 Po
Slide 6: Prepaid and Broadband Customers
6 Prepaid Customers Year-Over-Year (in thousands) Prepaid net customer additions increased primarily due to: 25,307 25,410 25,455 25,494 25,886 ■ Higher gross additions ■ Partially offset by higher prepaid to postpaid migrations and increased deactivations from a growing customer base 103 Sequential
Slide 7: Service Revenues and Postpaid Service Revenues
7 Service Revenues Year-Over-Year ($ in millions) Service revenues increased 9% primarily due to: ■ An increase in Postpaid service revenues, including $18,241 following the acquisitions of UScellular, Metronet and Lumos $17,438 $16,725 $16,928 $16,925 Sequential Service revenues increased 5% primar
Slide 8: Equipment Revenues and Cost of Equipment Sales
8 Equipment Revenues Year-Over-Year ($ in millions) Equipment revenues increased 8% primarily due to: $4,699 ■ A higher number of devices sold, primarily driven by higher postpaid upgrades and following the UScellular $4,688 acquisition $3,704 $3,439 $3,465 ■ A higher average revenue per device sold
Slide 9: Cost of Services, exclusive of D&A
9 Cost of Services, exclusive of D&A Year-Over-Year ($ in millions, % of Service revenues) Cost of services, exclusive of D&A, increased 6% primarily due to: ■ Higher costs following the acquisition of UScellular $2,722 $2,697 $2,717 $2,873 $2,602 ■ Wholesale network access costs and customer $2,655
Slide 10: Net Income and Diluted EPS
10 Net Income Year-Over-Year ($ in millions, % of Service revenues) Net income was $2.7 billion and Diluted earnings per share was $2.41 in Q3 2025, compared to $3.1 billion and $2.61 in Q3 2024, primarily due to the factors described $3,222 $3,059 $2,981 above and included the following: $2,953 $2,
Slide 11: Core Adjusted EBITDA and Operating Cash Flow
11 Core Adjusted EBITDA* Year-Over-Year ($ in millions, % of Service revenues) Core Adjusted EBITDA increased 6% primarily due to: ■ Higher Total service revenues ■ Higher Equipment revenues, excluding Lease revenues $8,541 $8,680 $8,222 $7,905 $8,258 ■ Partially offset by higher SG&A expenses, excl
Slide 12: Capital Expenditures and Adjusted Free Cash Flow
12 Cash Purchases of Property and Year-Over-Year Equipment, incl. Capitalized Interest Cash purchases of property and equipment, including ($ in millions, % of Service revenues) capitalized interest, increased 35% primarily due to: ■ Planned timing of capital purchases, including for increased green
Slide 13: Total Debt, Net Debt and Stockholder Returns
13 Total debt, excluding tower obligations, at the end of Q3 Total Debt (Excluding Tower 2025 was $86.5 billion. Obligations), Net debt, excluding tower obligations, at the end of Q3 Net Debt (Excluding Tower 2025 was $83.2 billion. Obligations), and Net Debt to LTM Net Income and ■ On December 13,
Slide 14: 2025 Outlook
14 2025 Outlook Metric Previous Revised Change at Midpoint Postpaid net customer additions 6.1 to 6.4 million 7.2 to 7.4 million 1.05 million Net income (1) N/A N/A N/A Effective tax rate 24% to 26% 23% to 24% (150) bps Core Adjusted EBITDA (2) $33.3 to $33.7 billion $33.7 to $33.9 billion $300 mill
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) September 30, December 31, (in millions, except share and per share amounts) 2025 2024 Assets Current assets Cash and cash equivalents $ 3,310 $ 5,409 Accounts receivable, net of allowance for credit losses of $206 and $176 5,084
Slide 17: Condensed Consolidated Statements of Comprehensive Income
17 T-Mobile US, Inc. Condensed Consolidated Statements of Comprehensive Income (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, June 30, September 30, (in millions, except share and per share amounts) 2025 2025 2024 2025 2024 Revenues Postpaid revenues $ 14,882 $ 14,078 $
Slide 18: Condensed Consolidated Statements of Cash Flows
18 T-Mobile US, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, June 30, September 30, (in millions) 2025 2025 2024 2025 2024 Operating activities Net income $ 2,714 $ 3,222 $ 3,059 $ 8,889 $ 8,358 Adjustments to recon
Slide 19: Statements of Cash Flows (Continued)
19 T-Mobile US, Inc. Condensed Consolidated Statements of Cash Flows (Continued) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, June 30, September 30, (in millions) 2025 2025 2024 2025 2024 Supplemental disclosure of cash flow information Interest payments, net of amoun
Slide 20: Supplementary Operating and Financial Data: Customers
20 T-Mobile US, Inc. Supplementary Operating and Financial Data (Unaudited) Nine Months Ended Quarter September 30, (in thousands) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2024 2025 Customers, end of period Postpaid phone customers (1) 76,468 77,245 78,110 79,013 79,508 80,338 84,632
Slide 21: Supplementary Operating and Financial Data: Accounts
21 T-Mobile US, Inc. Supplementary Operating and Financial Data (Unaudited) Nine Months Ended Quarter September 30, (in thousands) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2024 2025 Accounts, end of period Total postpaid accounts (1) (2) (3) 30,015 30,316 30,631 30,894 31,099 31,502 3
Slide 22: Device Financing and Operating Measures
22 Nine Months Ended Quarter September 30, (in millions) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2024 2025 Device financing - equipment installment plans Gross EIP financed $ 3,218 $ 3,037 $ 3,304 $ 4,689 $ 3,565 $ 3,503 $ 3,871 $ 9,559 $10,939 EIP billings 3,880 3,604 3,423 3,509 3,
Slide 23: Supplementary Operating and Financial Data (continued)
23 T-Mobile US, Inc. Supplementary Operating and Financial Data (continued) (Unaudited) Nine Months Ended Quarter September 30, (in millions, except percentages) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2024 2025 Financial measures Service revenues $16,096 $16,429 $16,725 $16,928 $16,
Slide 24: Supplementary Data: Stockholder Returns
24 T-Mobile US, Inc. Supplementary Operating and Financial Data (Unaudited) Nine Months Ended Quarter September 30, (in millions, except share and per share amounts) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2024 2025 Stockholder returns Total repurchases $ 3,568 $ 2,277 $ 644 $ 4,619
Slide 25: Reconciliation of Non-GAAP Financial Measures to GAAP
25 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 26: Reconciliation of Non-GAAP Measures (continued): Net Debt
26 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 27: Reconciliation: Adjusted Free Cash Flow Guidance
27 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 $ 27,800 $ 28,000 Cash
Slide 28: Definitions of Terms
28 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 29: Definitions of Terms (continued)
29 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. Merger-related costs includes Sprint merger-r
Slide 30: Cautionary Statement Regarding Forward-Looking Statements
30 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.’