8-K - TMUS - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): October 23, 2025

New logo.jpg

T-MOBILE US, INC.

(Exact Name of Registrant as Specified in Charter)

Delaware	1-33409	20-0836269
(State or other jurisdiction	(Commission File Number)	(I.R.S. Employer
of incorporation)		Identification No.)

12920 SE 38th Street

Bellevue, Washington

(Address of principal executive offices)

98006-1350

(Zip Code)

Registrant’s telephone number, including area code: (425) 378-4000

(Former Name or Former Address, if Changed Since Last Report):

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.00001 per share	TMUS	The NASDAQ Stock Market LLC
3.550% Senior Notes due 2029	TMUS29	The NASDAQ Stock Market LLC
3.700% Senior Notes due 2032	TMUS32	The NASDAQ Stock Market LLC
3.150% Senior Notes due 2032	TMUS32A	The NASDAQ Stock Market LLC
3.850% Senior Notes due 2036	TMUS36	The NASDAQ Stock Market LLC
3.500% Senior Notes due 2037	TMUS37	The NASDAQ Stock Market LLC
3.800% Senior Notes due 2045	TMUS45	The NASDAQ Stock Market LLC
6.250% Senior Notes due 2069	TMUSL	The NASDAQ Stock Market LLC
5.500% Senior Notes due March 2070	TMUSZ	The NASDAQ Stock Market LLC
5.500% Senior Notes due June 2070	TMUSI	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 — Results of Operations and Financial Condition

On October 23, 2025, T-Mobile US, Inc. (the “Company”) issued a press release announcing the financial and operating results of the Company for the quarter ended September 30, 2025. The text of the press release and accompanying Investor Factbook are furnished as Exhibits 99.1 and 99.2 and incorporated herein by reference.

The information in Item 2.02 to this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

Item 9.01 — Financial Statements and Exhibits

(d) Exhibits:

Exhibit	Description
99.1	Press release, dated October 23, 2025, entitled "T-Mobile Delivers Record Customer Growth, Fueled By Widening Differentiation and Focus on Durable and Profitable Financial Growth, Raises Guidance Across the Board "
99.2	Investor Factbook of T-Mobile US, Inc.Third Quarter 2025 Results
104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
SIGNATURES
---

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	T-MOBILE US, INC.
October 23, 2025	/s/ Peter Osvaldik
	Peter Osvaldik<br>Executive Vice President and Chief Financial Officer

Document

EXHIBIT 99.1

T-Mobile Delivers Record Customer Growth, Fueled By Widening Differentiation and Focus on Durable and Profitable Financial Growth, Raises Guidance Across the Board

Un-carrier Delivers Over 1 Million Postpaid Phone Net Customer Additions, Best Q3 in Over a Decade, Best-Ever Postpaid Net Account and Total Postpaid Net Customer Additions, and Leads the Industry in Postpaid Phone Churn

Industry-Leading Customer Growth Fueled by Widening Differentiation in Best Network, Best Value and Best Experiences Combination(1)

•Total postpaid net customer additions of 2.3 million, best-ever and best in industry

•Postpaid phone net customer additions of 1.0 million, highest Q3 in over a decade and best in industry

•Postpaid net account additions of 396 thousand, up 26% year-over-year, best-ever and best in industry

•Total broadband net customer additions of 560 thousand, up 34% year-over-year, best in industry, including 506 thousand 5G broadband net customer additions, up 22% year-over-year, and 54 thousand fiber net customer additions

Translating Industry-Leading Customer Growth into Durable and Profitable Financial Growth

•Service revenues of $18.2 billion grew 9% year-over-year, best in industry growth

•Postpaid service revenues of $14.9 billion grew 12% year-over-year, best in industry growth

•Strong Net income of $2.7 billion and diluted earnings per share (“EPS”) of $2.41

•Core Adjusted EBITDA(2) of $8.7 billion grew 6% year-over-year, best in industry growth

•Net cash provided by operating activities of $7.5 billion grew 21% year-over-year

•Adjusted Free Cash Flow(2) of $4.8 billion

Extending Overall Network Lead with Best Assets, Customer Centricity and Technology Leadership

•Recognized by Opensignal as the 5G Global Winner in 5G Coverage Experience and Global Leader in 5G Reliability, including outperforming other US operators; T-Mobile also ranked the #1 FWA carrier for Consistent Quality and Reliability

•Fastest provider in Fixed Wireless Home Internet with median download speeds nearly 50% faster than next closest peer, based on our analysis of Ookla data

•Ongoing momentum in network perception with lots of room to run, with highest ever switching consideration based on overall network quality in Q3 and lots more runway ahead

•iPhone 17 is fastest on T-Mobile’s network with median overall download speeds nearly 90% faster than one benchmark competitor as we continue to expand our network leadership with industry-leading deployment of new technologies (e.g. L4S deployed on all 5G sites with efficient capacity allocation; ~70% of sites supporting 5- and 6- carrier aggregation)

Bellevue, WA — October 23, 2025 — T-Mobile US, Inc. (NASDAQ: TMUS) reported third quarter 2025 results today, delivering industry-leading customer results across the board, in postpaid account nets, total postpaid nets, postpaid phone nets, postpaid phone churn, and broadband net customer additions. The company’s industry-leading customer growth contributed to industry-best service revenue growth, which grew at a rate multiples that of its closest wireless competitors, strong Net income, industry-leading Core Adjusted EBITDA growth, strong net cash provided by operating activities and industry-leading Adjusted Free Cash Flow margin, while fueling stockholder returns of $3.5 billion in Q3.

“Being the CEO of T-Mobile has been the honor of a lifetime. Together this team has done what most thought was impossible, by transforming the Un-carrier from a scrappy challenger into the world’s most successful and customer-centric telecommunications company, going from last to first with the best network, the best value, and the best customer experience in the market,” said Mike Sievert, CEO of T-Mobile. “I’ve never been more confident that the durable, profitable growth engine we’ve built, with so much more room to run — fueled by Srini’s enormous passion and exceptional leadership — will continue to propel T-Mobile forward for years to come. This team has redefined what’s possible in wireless and beyond, and the best is yet to come.”

“It is a privilege for me to lead this incredible team and continue building upon the tremendous Un-carrier legacy that Mike has created. Q3 once again proves that our differentiated strategy is working — more and more consumers recognize our industry-leading network and elevated customer experiences through digital innovation,” said Srini Gopalan, COO and incoming CEO of T-Mobile. “We are even more convicted in our future than ever before, as we continue taking profitable share through wireless, through broadband, and smart adjacencies, investing to defend our network leadership, while further improving network perception, and effecting a digital transformation — all of which will allow the Un-carrier to widen our margin of differentiation.”

___________________________________________________________

(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 and Adjusted Free Cash Flow are non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with GAAP. Reconciliations for these non-GAAP financial measures to the most directly comparable GAAP financial measures are provided in the Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures tables. We are not able to forecast Net income on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect Net income, including, but not limited to, Income tax expense and Interest expense. Core Adjusted EBITDA should not be used to predict Net income as the difference between this measure and Net income is variable.

Industry-Leading Customer Growth Fueled by Widening Differentiation in Best Network, Best Value and Best Experiences Combination(1)

•Total postpaid net customer additions of 2.3 million increased 772 thousand year-over-year.

•Postpaid phone net customer additions of 1.0 million increased 142 thousand year-over-year. Postpaid phone churn of 0.89% increased 3 basis points year-over-year.

•Postpaid net account additions of 396 thousand increased 81 thousand year-over-year.

•Prepaid net customer additions of 43 thousand increased 19 thousand year-over-year. Prepaid churn of 2.77% decreased 1 basis point year-over-year.

•Total broadband net customer additions of 560 thousand increased 142 thousand year-over-year, including 54 thousand fiber net customer additions.

•5G broadband net customer additions of 506 thousand increased 91 thousand year-over-year. T-Mobile ended the quarter with 8.0 million 5G broadband customers.

•Total net customer additions were 2.4 million and increased 791 thousand year-over-year. Total customer connections increased to a record high of 139.9 million.

	Quarter						Nine Months Ended September 30,
(in thousands, except churn)	Q3 2025		Q2 2025		Q3 2024		2025		2024
Postpaid net account additions	396		318		315		919		834
Total net customer additions	2,390		1,771		1,599		5,543		4,288
Postpaid net customer additions (2)	2,347		1,732		1,575		5,416		4,133
Postpaid phone net customer additions (3)	1,007		830		865		2,332		2,174
Postpaid other net customer additions (2) (3) (4) (5)	1,340		902		710		3,084		1,959
Prepaid net customer additions (2) (3) (6)	43		39		24		127		155
Total customers, end of period (2)	139,949		132,778		127,492		139,949		127,492
Postpaid phone churn	0.89	%	0.90	%	0.86	%	0.90	%	0.84	%
Prepaid churn	2.77	%	2.65	%	2.78	%	2.70	%	2.69	%
Total broadband net customer additions	560		470		418		1,457		1,230
5G broadband net customer additions	506		454		415		1,384		1,226
Total broadband customers, end of period	8,889		7,433		6,007		8,889		6,007
Total 5G broadband customers, end of period	7,955		7,308		6,002		7,955		6,002

(2)Includes broadband customers.

(3)In the third quarter of 2025, we acquired 3,287,000 postpaid phone customers, 390,000 postpaid other customers, including 141,000 5G broadband customers, and 349,000 prepaid customers through the UScellular acquisition, which includes the impact of certain base adjustments to align the policies of UScellular and T-Mobile.

(4)In the third quarter of 2025, we acquired 755,000 fiber customers from Metronet and other acquisitions.

(5)In the second quarter of 2025, we acquired 97,000 fiber customers from Lumos.

(6)In the second quarter of 2024, we acquired 3,504,000 prepaid customers through our acquisition of Ka’ena, which includes the impact of certain base adjustments to align the policies of Ka’ena and T-Mobile.

Translating Industry-Leading Customer Growth into Durable and Profitable Financial Growth(1)

•Total service revenues increased 9% year-over-year to $18.2 billion, and Postpaid service revenues increased 12% year-over-year to $14.9 billion.

•Net income of $2.7 billion included the impact from impairment expense, net of tax, of $208 million.

•Diluted EPS of $2.41 per share included the impact from impairment expense, net of tax, of $0.18 per share.

•Core Adjusted EBITDA increased 6% year-over-year to $8.7 billion.

•Net cash provided by operating activities(2) increased 21% year-over-year to $7.5 billion.

•Cash purchases of property and equipment, including capitalized interest increased 35% year-over-year to $2.6 billion, which included the impact from planned higher capital purchases, including for increased greenfield site builds in the second half of the year and incremental capital expenditures following the acquisition of UScellular.

•Adjusted Free Cash Flow of $4.8 billion.

•Stockholder Returns of $3.5 billion in Q3 2025, including common stock repurchases of $2.5 billion and cash dividends of $987 million as part of current stockholder return authorization of up to $14.0 billion, for cumulative stockholder returns(3) of $41.8 billion since program inception, split across repurchases of $34.7 billion and cash dividends of $7.0 billion.

	Quarter							Nine Months Ended September 30,					Q3 2025<br><br>vs.<br><br>Q2 2025		Q3 2025<br><br>vs.<br><br>Q3 2024		YTD 2025<br><br>vs.<br><br>YTD 2024
(in millions, except EPS)	Q3 2025		Q2 2025		Q3 2024		2025			2024
Total service revenues	$	18,241	$	17,438	$	16,725		$	52,604		$	49,250	4.6	%	9.1	%	6.8	%
Postpaid service revenues	14,882		14,078		13,308			42,554			38,838		5.7	%	11.8	%	9.6	%
Total revenues	21,957		21,132		20,162			63,975			59,528		3.9	%	8.9	%	7.5	%
Net income	2,714		3,222		3,059			8,889			8,358		(15.8)	%	(11.3)	%	6.4	%
Diluted EPS	2.41		2.84		2.61			7.82			7.10		(15.1)	%	(7.7)	%	10.1	%
Adjusted EBITDA	8,684		8,547		8,243			25,490			23,948		1.6	%	5.3	%	6.4	%
Core Adjusted EBITDA	8,680		8,541		8,222			25,479			23,866		1.6	%	5.6	%	6.8	%
Net cash provided by operating activities (2)	7,457		6,992		6,139			21,296			16,744		6.7	%	21.5	%	27.2	%
Cash purchases of property and equipment, including capitalized interest	2,639		2,396		1,961			7,486			6,628		10.1	%	34.6	%	12.9	%
Adjusted Free Cash Flow	4,818		4,596		5,162			13,810			12,948		4.8	%	(6.7)	%	6.7	%

(1) Industry-leading claims are based on consensus expectations if results are not yet reported.

(2) Effective November 1, 2024, following amendments to the company’s Equipment Installment Plan Sale and Service Receivable Sale arrangements, all cash proceeds associated with the sale of such receivables, a portion of which was previously recognized as Proceeds related to beneficial interests in securitization transactions within investing cash flows, were recognized as operating cash flows. These amendments did not have a net impact on Adjusted Free Cash Flow.

(3) Beginning in Q3 2022 through September 30, 2025.

Extending Overall Network Lead with Best Assets, Customer Centricity and Technology Leadership

•Fastest provider in Fixed Wireless Home Internet with median download speeds nearly 50% faster than next closest peer, based on our analysis of Ookla data

•Ongoing momentum in network perception with lots of room to run, with highest ever switching consideration based on overall network quality in Q3 and lots more runway ahead

See 5G device, coverage, and access details at T-Mobile.com. Opensignal Award: 5G Global Mobile Network Experience Awards 2025, Data Collection Period: January 01–June 28, 2025. © 2025 Opensignal Limited. Fixed Wireless Internet speeds: Based on T-Mobile's analysis of Ookla® Speedtest Intelligence® data of fixed wireless access providers median download speeds, United States, Q3 2025. iPhone 17 speeds: Based on T-Mobile's analysis of Ookla® Speedtest Intelligence® data of iPhone 17, iPhone Air, iPhone 17 Pro and iPhone 17 Pro Max median download speeds vs Verizon and AT&T iPhone 17, iPhone Air, iPhone 17 Pro and iPhone 17 Pro Max median download speeds, United States Sept 19, 2025 - Oct 14, 2025. Ookla trademarks used under license and reprinted with permission.

Raising 2025 Customer and Financial Guidance

•Total postpaid net customer additions are expected to be between 7.2 million and 7.4 million, an increase from prior guidance of 6.1 million to 6.4 million, including approximately 3.3 million postpaid phone net customer additions, an increase from prior guidance of 2.95 million to 3.10 million and approximately 130 thousand fiber net customers additions, an increase from prior guidance of 100 thousand.

•Core Adjusted EBITDA, which is Adjusted EBITDA less lease revenues, is expected to be between $33.7 billion and $33.9 billion, an increase from prior guidance of $33.3 billion to $33.7 billion.

•Net cash provided by operating activities, including payments for Sprint merger-related costs and UScellular merger-related costs (“Merger-related costs”), is expected to be between $27.8 billion and $28.0 billion, an increase at the midpoint from prior guidance of $27.1 billion to $27.5 billion.

•Cash purchases of property and equipment, including capitalized interest, are expected to be approximately $10.0 billion, an increase from prior guidance of $500 million.

•Adjusted Free Cash Flow, including payments for Merger-related costs, is expected to be between $17.8 billion and $18.0 billion, an increase at the midpoint from prior guidance of $17.6 billion to $18.0 billion. Adjusted Free Cash Flow guidance does not assume any material net cash inflows from securitization.

(in millions, except Postpaid net customer additions and Effective tax rate)	Previous		Current		Change (Mid-point)
Postpaid net customer additions (thousands)	6,100	6,400	7,200	7,400	1,050
Net income (1)	N/A	N/A	N/A	N/A	N/A
Effective tax rate	24%	26%	23%	24%	(150) bps
Core Adjusted EBITDA (2)	$33,300	$33,700	$33,700	$33,900	$300
Net cash provided by operating activities	27,100	27,500	27,800	28,000	600
Capital expenditures (3)	~9,500		~10,000		500
Adjusted Free Cash Flow	17,600	18,000	17,800	18,000	100

(1)T-Mobile is not able to forecast Net income on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect GAAP Net income, including, but not limited to, Income tax expense and Interest expense. Core Adjusted EBITDA should not be used to predict Net income as the difference between this measure and Net income is variable.

(2)Management uses Core Adjusted EBITDA as a measure to monitor the financial performance of Company operations, excluding the impact of lease revenues from related device financing programs.

(3)Capital expenditures means cash purchases of property and equipment, including capitalized interest.

Financial Results

For more details on T-Mobile’s Q3 2025 financial results, including the Investor Factbook with detailed financial tables, please visit T-Mobile US, Inc.’s Investor Relations website at https://investor.t-mobile.com.

Earnings Call Information

Date/Time

•Thursday, October 23, 2025, at 8:00 a.m. (EDT)

Pre-registration link for dial-in access and personalized PIN

Participants can pre-register for the conference call here in order to receive dial-in information and a personalized PIN. This option is recommended to avoid wait times when joining the call.

Access via Phone (audio only)

Please plan on accessing the call 10 minutes prior to the scheduled start time.

•Toll Free: 1-866-777-2509

•International: 1-412-317-5413

Access via Webcast

The earnings call will be broadcasted live and can be replayed via the Investor Relations website at https://investor.t-mobile.com.

Submit Questions via X

Send a post to @TMobileIR, @MikeSievert, or @SriniGopalan using $TMUS

Contact Information

•Media Relations: mediarelations@t-mobile.com

•Investor Relations: investor.relations@t-mobile.com

T-Mobile Social Media

Investors and others should note that we announce material financial and operational information to our investors using our investor relations website (https://investor.t-mobile.com), newsroom website (https://t-mobile.com/news), press releases, SEC filings and public conference calls and webcasts. We also intend to use certain social media accounts as a means of disclosing information about us and our services and for complying with our disclosure obligations under Regulation FD (the @TMobileIR X account (https://x.com/TMobileIR), the @MikeSievert X account (https://x.com/MikeSievert) and our CEO’s LinkedIn account (https://www.linkedin.com/in/sievert), both of which Mr. Sievert also uses as a means for personal communications and observations, the @SriniGopalan X account (https://x.com/SriniGopalan) and our COO’s LinkedIn account (https://www.linkedin.com/in/srini-gopalan/), both of which Mr. Gopalan also uses as a means for personal communications and observations, and the @TMobileCFO X account (https://x.com/tmobilecfo), and our CFO’s LinkedIn account (https://www.linkedin.com/in/peter-osvaldik-3887394), both of which Mr. Osvaldik also uses as a means for personal communication and observations). The information we post through these social media channels may be deemed material. Accordingly, investors should monitor these social media channels in addition to following our press releases, SEC filings and public conference calls and webcasts. The social media channels that we intend to use as a means of disclosing the information described above may be updated from time to time as listed on our investor relations website.

About T-Mobile US, Inc.

As the supercharged Un-carrier, T-Mobile US, Inc. (NASDAQ: TMUS) is powered by an award-winning 5G network that connects more people, in more places, than ever before. With T-Mobile’s unique value proposition of best network, best value and best experiences, the Un-carrier is redefining connectivity and fueling competition while continuing to drive the next wave of innovation in wireless and beyond. Headquartered in Bellevue, Wash., T-Mobile provides services through its subsidiaries and operates its flagship brands, T-Mobile, Metro by T-Mobile and Mint Mobile. For more information, visit https://www.t-mobile.com.

Forward-Looking Statements

Forward-looking statements are based on current expectations and assumptions, which are subject to risks and uncertainties and may cause actual results to differ materially from the forward-looking statements. Important factors that could affect future results and cause those results to differ materially from those expressed in the forward-looking statements include, among others, the following: competition, industry consolidation and changes in the market for wireless communications services and other forms of connectivity; criminal cyberattacks, disruption, data loss or other security breaches; our inability to timely adopt and effectively deploy network technology developments; our inability to effectively execute our digital transformation and drive customer and employee adoption of emerging technologies; our inability to retain or motivate key personnel, hire qualified personnel or maintain our corporate culture; system failures and business disruptions, allowing for unauthorized use of or interference with our network and other systems; the scarcity and cost of additional wireless spectrum, and regulations relating to spectrum use; the timing and effects of any pending and future acquisition, divestiture, investment, joint venture or merger involving us, including our inability to obtain any required regulatory approval necessary to consummate any such transactions or to achieve the expected benefits of such transactions; adverse economic, political or market conditions in the U.S. and international markets, including changes resulting from increases in inflation or interest rates, tariffs and trade restrictions, supply chain disruptions, fluctuations in global currencies, immigration policies, and impacts of geopolitical instability, such as the Ukraine-Russia and Israel-Hamas wars and further escalations thereof; potential operational delays, higher procurement and operational costs, and regulatory and compliance complexities as result of changes to trade policies, including higher tariffs, restrictions and other economic disincentives to trade; our inability to successfully deliver new products and services; any disruption or failure of our third parties (including key suppliers) to provide products or services for the operation of our business; sociopolitical volatility and polarization and risks related to environmental, social and governance matters; our substantial level of indebtedness and our inability to service our debt obligations in accordance with their terms; changes in the credit market conditions, credit rating downgrades or an inability to access debt markets; our inability to maintain effective internal control over financial reporting; any changes in regulations or in the regulatory framework under which we operate; laws and regulations relating to the handling of privacy, data protection and artificial intelligence; unfavorable outcomes of and increased costs from existing or future regulatory or legal proceedings; difficulties in protecting our intellectual property rights or if we infringe on the intellectual property rights of others; our offering of regulated financial services products and exposure to a wide variety of state and federal regulations; new or amended tax laws or regulations or administrative interpretations and judicial decisions affecting the scope or application of tax laws or regulations; our wireless licenses, including those controlled through leasing agreements, are subject to renewal and may be revoked; our exclusive forum provision as provided in our Certificate of Incorporation; interests of Deutsche Telecom AG (“DT”), our controlling stockholder, which may differ from the interests of other stockholders; our current and future stockholder return programs may not be fully utilized, and our share repurchases and dividend payments pursuant thereto may fail to have the desired impact on stockholder value; future sales of our common stock by DT and SoftBank Group Corp. and our inability to attract additional equity financing outside the United States due to foreign ownership limitations by the Federal Communications Commission; and other risks as disclosed in our most recent annual report on Form 10-K, and subsequent Forms 10-Q and other filings with the Securities and Exchange Commission. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. We undertake no obligation to revise or publicly release the results of any revision to these forward- looking statements, except as required by law.

T-Mobile US, Inc.

Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures

(Unaudited)

This Press Release 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 accordance with GAAP. Reconciliations for the non-GAAP financial measures to the most directly comparable GAAP financial measures are provided below. T-Mobile is not able to forecast Net income on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect GAAP net income, including, but not limited to, Income tax expense and Interest expense. Adjusted EBITDA and Core Adjusted EBITDA should not be used to predict Net income as the difference between either of these measures and Net income is variable.

Adjusted EBITDA and Core Adjusted EBITDA are reconciled to Net income as follows:

	Quarter														Nine Months Ended September 30,
(in millions)	Q1 2024		Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		2024		2025
Net income	$	2,374	$	2,925	$	3,059	$	2,981	$	2,953	$	3,222	$	2,714	$	8,358	$	8,889
Adjustments:
Interest expense, net	880		854		836		841		916		922		924		2,570		2,762
Other (income) expense, net	(20)		8		(7)		(94)		46		11		78		(19)		135
Income tax expense	764		843		908		858		885		1,058		814		2,515		2,757
Operating income	3,998		4,630		4,796		4,586		4,800		5,213		4,530		13,424		14,543
Depreciation and amortization	3,371		3,248		3,151		3,149		3,198		3,146		3,408		9,770		9,752
Stock-based compensation (1)	140		147		143		156		168		178		217		430		563
Merger-related costs (gain), net (2) (3)	130		(9)		16		10		14		33		73		137		120
Legal-related expenses (recoveries), net (4)	—		15		1		(105)		6		(4)		8		16		10
Impairment expense	—		—		—		—		—		—		278		—		278
Other, net (5)	13		22		136		120		73		(19)		170		171		224
Adjusted EBITDA	7,652		8,053		8,243		7,916		8,259		8,547		8,684		23,948		25,490
Lease revenues	(35)		(26)		(21)		(11)		(1)		(6)		(4)		(82)		(11)
Core Adjusted EBITDA	$	7,617	$	8,027	$	8,222	$	7,905	$	8,258	$	8,541	$	8,680	$	23,866	$	25,479

(1)Stock-based compensation includes payroll tax impacts and may not agree to stock-based compensation expense in the Condensed Consolidated Financial Statements. Additionally, certain stock-based compensation expenses associated with the Sprint merger have been included in Merger-related costs (gain), net.

(2)Merger-related costs (gain), net includes Sprint merger-related costs and UScellular merger-related costs.

(3)Merger-related costs (gain), net, for the three months ended June 30, 2024, includes the $100 million gain recognized for the extension fee previously paid by DISH associated with the DISH License Purchase Agreement.

(4)Legal-related expenses (recoveries), net consists of the settlement of certain litigation and compliance costs associated with the August 2021 cyberattack, net of insurance recoveries.

(5)Other, net, primarily consists of certain severance, restructuring and other expenses, gains and losses, not directly attributable to the Sprint merger or UScellular acquisition, which are not reflective of T-Mobile’s core business activities and are, therefore, excluded from Adjusted EBITDA and Core Adjusted EBITDA.

Adjusted EBITDA represents earnings before Interest expense, net of Interest income, Income tax expense, Depreciation and amortization, stock-based compensation and certain expenses, gains and losses, which are not reflective of our ongoing operating performance (“Special Items”). Special Items include Merger-related costs (gain), net, certain legal-related expenses and recoveries, Impairment expense, restructuring costs not directly attributable to the Sprint merger or UScellular acquisition (including severance), and other non-core gains and losses. Core Adjusted EBITDA represents Adjusted EBITDA less device lease revenues. Core Adjusted EBITDA and Adjusted EBITDA are non-GAAP financial measures utilized by T-Mobile’s management, including our chief operating decision maker, to monitor the financial performance of our operations and allocate resources of the Company as a whole. T-Mobile uses Core Adjusted EBITDA and Adjusted EBITDA as benchmarks to evaluate T-Mobile’s operating performance in comparison to its competitors. T-Mobile also uses Core Adjusted EBITDA internally as a measure to evaluate and compensate its personnel and management for their performance. Management believes analysts and investors use Core Adjusted EBITDA and Adjusted EBITDA as supplemental measures to evaluate overall operating performance and to facilitate comparisons with other wireless communications services companies because they are indicative of T-Mobile’s ongoing operating performance and trends by excluding the impact of Interest expense from financing, non-cash depreciation and amortization from capital investments, non-cash stock-based compensation, and Special Items. Management believes analysts and investors use Core Adjusted EBITDA because it normalizes for the transition in the company’s device financing strategy, by excluding the impact of device lease revenues from Adjusted EBITDA, to align with the related depreciation expense on leased devices, which is excluded from the definition of Adjusted EBITDA. Core Adjusted EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be considered in isolation or as substitutes for Net income or any other measure of financial performance reported in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

T-Mobile US, Inc.

Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures (continued)

(Unaudited)

Adjusted Free Cash Flow is calculated as follows:

	Quarter																					Nine Months Ended September 30,
(in millions, except percentages)	Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			2024			2025
Net cash provided by operating activities	$	5,084		$	5,521		$	6,139		$	5,549		$	6,847		$	6,992		$	7,457		$	16,744		$	21,296
Cash purchases of property and equipment, including capitalized interest	(2,627)			(2,040)			(1,961)			(2,212)			(2,451)			(2,396)			(2,639)			(6,628)			(7,486)
Proceeds related to beneficial interests in securitization transactions	890			958			984			747			—			—			—			2,832			—
Adjusted Free Cash Flow	$	3,347		$	4,439		$	5,162		$	4,084		$	4,396		$	4,596		$	4,818		$	12,948		$	13,810
Net cash provided by operating activities margin (Net cash provided by operating activities divided by Service revenues)	31.6		%	33.6		%	36.7		%	32.8		%	40.5		%	40.1		%	40.9		%	34.0		%	40.5		%
Adjusted Free Cash Flow margin (Adjusted Free Cash Flow divided by Service revenues)	20.8		%	27.0		%	30.9		%	24.1		%	26.0		%	26.4		%	26.4		%	26.3		%	26.3		%

Effective November 1, 2024, following amendments to the company’s Equipment Installment Plan Sale and Service Receivable Sale arrangements, all cash proceeds associated with the sale of such receivables, a portion of which was previously recognized as Proceeds related to beneficial interests in securitization transactions within investing cash flows, were recognized as operating cash flows. These amendments did not have a net impact on Adjusted Free Cash Flow.

Adjusted Free Cash Flow - Net cash provided by operating activities less Cash purchases of property and equipment, plus Proceeds related to beneficial interests in securitization transactions. Adjusted Free Cash Flow is utilized by T-Mobile’s management, investors and analysts to evaluate cash available to pay debt, repurchase shares, pay dividends and provide further investment in the business.

Adjusted Free Cash Flow margin - Adjusted Free Cash Flow divided by Service revenues. Adjusted Free Cash Flow Margin is utilized by T-Mobile’s management, investors, and analysts to evaluate the company’s ability to convert service revenue efficiently into cash available to pay debt, repurchase shares and provide further investment in the business.

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 purchases of property and equipment, including capitalized interest	(10,000)		(10,000)
Adjusted Free Cash Flow	$	17,800	$	18,000

The previous guidance range for Adjusted Free Cash Flow was calculated as follows:

	FY 2025
(in millions)	Guidance Range
Net cash provided by operating activities	$	27,100	$	27,500
Cash purchases of property and equipment, including capitalized interest	(9,500)		(9,500)
Adjusted Free Cash Flow	$	17,600	$	18,000

T-Mobile US, Inc.

Operating Measures

(Unaudited)

The following table sets forth company operating measures ARPA and ARPU:

	Quarter														Nine Months Ended September 30,
(in dollars)	Q1 2024		Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		2024		2025
Postpaid ARPA	$	140.88	$	142.54	$	145.60	$	146.28	$	146.22	$	149.87	$	149.44	$	143.02	$	148.54
Postpaid phone ARPU	48.79		49.07		49.79		49.73		49.38		50.62		50.71		49.22		50.25
Prepaid ARPU	37.18		35.94		35.81		35.49		34.67		34.63		33.93		36.27		34.41

Postpaid Average Revenue Per Account (“ARPA”) - Average monthly postpaid service revenue earned per account. Postpaid service revenues for the specified period divided by the average number of postpaid accounts during the period, further divided by the number of months in the period.

Average Revenue Per User (“ARPU”) - Average monthly service revenue earned per customer. Service revenues for the specified period divided by the average number of customers during the period, further divided by the number of months in the period.

Postpaid phone ARPU excludes postpaid other customers and related revenues.

Document

EXHIBIT 99.2

2
3	Highlights
---	---
4	Customer Metrics
7	Financial Metrics
13	Capital Structure
14	Guidance
15	Contacts
16	Financial and Operational Tables
3
---

(2)Core Adjusted EBITDA, Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin are non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with GAAP. Reconciliations for these non-GAAP financial measures to the most directly comparable GAAP financial measures are provided in the Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures tables. We are not able to forecast Net income on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect Net income, including, but not limited to, Income tax expense and Interest expense. Core Adjusted EBITDA should not be used to predict Net income as the difference between this measure and Net income is variable.

4
Postpaid Accounts<br><br>(in thousands)
---

During Q2 2025, we acquired 85,000 postpaid accounts from Lumos.

During Q3 2025, we acquired 1,448,000 postpaid accounts, net of certain base adjustments, through the UScellular acquisition.

During Q3 2025, we acquired 633,000 postpaid accounts from Metronet and other acquisitions.

Year-Over-Year

Continued growth in Postpaid accounts with an increase in net additions primarily due to:

■Higher gross account additions, including fiber account additions following the acquisitions of Metronet and Lumos

■Partially offset by higher account deactivations, including the impact from a growing account base

Sequential

Continued growth in Postpaid accounts with an increase in net additions primarily due to:

■Higher gross account additions, including seasonal trends and fiber account additions following the acquisition of Metronet

■Partially offset by higher account deactivations, including seasonal trends and the impact from a growing account base

Year-Over-Year

Postpaid ARPA increased 3% primarily due to:

■The positive impact from rate plan optimizations and higher fee revenue, including from the adoption of new tax and fee exclusive plans

■An increase in customers per account, including from the continued adoption of 5G broadband and continued growth of T-Mobile for Business customers, partially offset by fiber and UScellular accounts with fewer customers per account

■Higher premium services, primarily high-end rate plans, net of contra revenues for content included in such plans, and discounts for specific affinity groups (55+, military, and first responders)

■Partially offset by increased promotional activity, including the success of bundled offerings

Postpaid phone ARPU increased 2% primarily due to:

■The positive impact from rate plan optimizations and higher fee revenue, including from the adoption of new tax and fee exclusive plans

■Higher premium services, primarily high-end rate plans, net of contra revenues for content included in such plans, and discounts for specific affinity groups (55+, military, and first responders), partially offset by continued growth in T-Mobile for Business customers with lower ARPU given larger account sizes

■The acquisition of higher-ARPU UScellular customers

■Partially offset by increased promotional activity including the success of bundled offerings

Sequential

Postpaid ARPA decreased slightly primarily due to:

■A decrease in customers per account due to fiber and UScellular accounts with fewer customers per account, partially offset by the continued adoption of 5G broadband and continued growth of T-Mobile for Business customers

■Increased promotional activity, including the success of bundled offerings

■Mostly offset by higher fee revenue, including from the adoption of new tax and fee exclusive plans, and the positive impact from rate plan optimizations

Postpaid phone ARPU increased slightly primarily due to:

■The positive impact from rate plan optimizations and higher fee revenue, including from the adoption of new tax and fee exclusive plans

■The acquisition of higher-ARPU UScellular customers

■Mostly offset by increased promotional activity, including the success of bundled offerings

Postpaid ARPA & Postpaid Phone ARPU

5
Postpaid Customers<br><br>(in thousands)
---

During Q2 2025, we acquired 97,000 postpaid fiber customers from Lumos.

During Q3 2025, we acquired 3,677,000 postpaid customers, net of certain base adjustments, through the UScellular acquisition.

During Q3 2025, we acquired 755,000 postpaid fiber customers from Metronet and other acquisitions.

Year-Over-Year

Postpaid phone net customer additions increased primarily due to:

■Higher gross additions

■Partially offset by increased deactivations from a growing customer base and higher churn

Postpaid other net customer additions increased primarily due to:

■Higher net additions from mobile internet devices, including from success in business customers

■Higher broadband net additions

■Higher net additions from other connected devices

Sequential

Postpaid phone net customer additions increased primarily due to:

■Higher gross additions, including seasonal trends

■Partially offset by increased deactivations from a growing customer base

Postpaid other net customer additions increased primarily due to:

■Higher net additions from mobile internet devices, including from success in business customers

■Higher broadband net additions

■Higher net additions from other connected devices

Year-Over-Year

Postpaid phone churn increased 3 basis points primarily due to:

■Higher industry switching

Sequential

Postpaid phone churn decreased 1 basis point primarily due to:

■Moderation of the temporary impact of current year rate plan optimizations

■Mostly offset by seasonal trends

Postpaid Phone Churn

6
Prepaid Customers<br><br>(in thousands)
---

During Q3 2025, we acquired 349,000 prepaid customers, net of certain base adjustments, through the UScellular acquisition.

Year-Over-Year

Prepaid net customer additions increased primarily due to:

■Higher gross additions

■Partially offset by higher prepaid to postpaid migrations and increased deactivations from a growing customer base

Sequential

Prepaid net customer additions increased primarily due to:

■Higher gross additions

■Partially offset by seasonally higher churn

Year-Over-Year

Total broadband net customer additions increased primarily due to:

■Higher gross additions, including fiber gross additions following the acquisitions of Metronet and Lumos

■Lower 5G broadband churn

■Partially offset by increased deactivations from a growing customer base

Sequential

Total broadband net customer additions increased primarily due to:

■Higher gross additions, including fiber gross additions following the acquisition of Metronet

■Partially offset by increased deactivations from a growing customer base and seasonally higher churn

Broadband Customers<br><br>(in thousands)

During Q2 2025, we acquired 97,000 fiber customers from Lumos.

During Q3 2025, we acquired 141,000 postpaid 5G broadband customers, net of certain base adjustments, through the UScellular acquisition.

During Q3 2025, we acquired 755,000 fiber customers from Metronet and other acquisitions.

7
Service Revenues<br><br>($ in millions)
---

Year-Over-Year

Service revenues increased 9% primarily due to:

■An increase in Postpaid service revenues, including following the acquisitions of UScellular, Metronet and Lumos

Sequential

Service revenues increased 5% primarily due to:

■An increase in Postpaid service revenues, including following the acquisitions of UScellular and Metronet

Year-Over-Year

Postpaid service revenues increased 12% primarily due to:

■Higher average postpaid accounts, including following the acquisitions of UScellular, Metronet and Lumos

■Higher postpaid ARPA

Sequential

Postpaid service revenues increased 6% primarily due to:

■Higher average postpaid accounts, including following the acquisitions of UScellular and Metronet

Postpaid Service Revenues<br><br>($ in millions)

8
Equipment Revenues<br><br>($ in millions)
---

Year-Over-Year

Equipment revenues increased 8% primarily due to:

■A higher number of devices sold, primarily driven by higher postpaid upgrades and following the UScellular acquisition

■A higher average revenue per device sold, net of promotions, primarily driven by an increase in the high-end phone mix

Sequential

Equipment revenues increased slightly, primarily due to:

■A higher number of devices sold, primarily following the UScellular acquisition, and seasonal trends

■Partially offset by lower liquidation revenue, primarily due to a lower number of liquidated devices

Year-Over-Year

Cost of equipment sales, exclusive of Depreciation and Amortization (D&A), increased 13% primarily due to:

■A higher number of devices sold, primarily driven by higher postpaid upgrades and following the UScellular acquisition

■A higher average cost per device sold, primarily driven by an increase in the high-end phone mix

Sequential

Cost of equipment sales, exclusive of D&A, increased 4% primarily due to:

■A higher number of devices sold, primarily following the UScellular acquisition, and seasonal trends

■Partially offset by lower liquidation costs, primarily due to a lower number of liquidated devices

Cost of Equipment Sales, exclusive of D&A<br><br>($ in millions, % of Equipment sales)

9
Cost of Services, exclusive of D&A<br><br>($ in millions, % of Service revenues)
---

Year-Over-Year

Cost of services, exclusive of D&A, increased 6% primarily due to:

■Higher costs following the acquisition of UScellular

■Wholesale network access costs and customer installation fees paid to Metronet and Lumos

■Partially offset by lower repair and maintenance expenses

Sequential

Cost of services, exclusive of D&A, increased 6% primarily due to:

■Higher costs following the acquisition of UScellular

■Wholesale network access costs and customer installation fees paid to Metronet

■Partially offset by lower repair and maintenance expenses

Year-Over-Year

SG&A expense increased 16% primarily due to:

■Higher personnel-related costs, including payroll, benefits and restructuring

■Higher costs following the acquisition of UScellular, including merger-related costs

■Higher advertising expenses

Sequential

SG&A expense increased 11% primarily due to:

■Higher costs following the acquisition of UScellular, including merger-related costs

■Higher personnel-related costs, including payroll, benefits and restructuring

■A prior quarter gain of $151 million related to the completed sale of a portion of our 3.45 GHz spectrum licenses, which was excluded from Core Adjusted EBITDA

Selling, General and Administrative (SG&A) Expense<br><br>($ in millions, % of Service revenues)

10
Net Income<br><br>($ in millions, % of Service revenues)
---

Diluted Earnings Per Share<br><br>(Diluted EPS)

Year-Over-Year

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 above and included the following:

■Impairment expense related to certain capitalized software development costs, net of tax, in Q3 2025 of $208 million, or $0.18 per share.

Sequential

Net income was $2.7 billion and Diluted earnings per share was $2.41 in Q3 2025, compared to $3.2 billion and $2.84 in Q2 2025, primarily due to the factors described above and included the following:

■Impairment expense related to certain capitalized software development costs, net of tax, in Q3 2025 of $208 million, or $0.18 per share.

11
Core Adjusted EBITDA*<br><br>($ in millions, % of Service revenues)
---

*Excludes Special Items (see detail on page 25)

Year-Over-Year

Core Adjusted EBITDA increased 6% primarily due to:

■Higher Total service revenues

■Higher Equipment revenues, excluding Lease revenues

■Partially offset by higher SG&A expenses, excluding Special Items, higher Cost of equipment sales, excluding Special Items, and higher Cost of services, excluding Special Items

Sequential

Core Adjusted EBITDA increased 2% primarily due to:

■Higher Total service revenues

■Partially offset by higher SG&A expenses, excluding Special Items, higher Cost of equipment sales, excluding Special Items, and higher Cost of services, excluding Special Items

Year-Over-Year

Net cash provided by operating activities increased 21% primarily due to:

■Lower net cash outflows from changes in working capital, including the impact of certain cash proceeds associated with the sale of receivables, which were recognized within investing cash flows before November 1, 2024

■Higher Net income, adjusted for non-cash income and expenses

Sequential

Net cash provided by operating activities increased 7% primarily due to:

■Higher Net income, adjusted for non-cash income and expenses

■Lower net cash outflows from changes in working capital

The impact of net payments for Merger-related costs on Net cash provided by operating activities was $96 million in Q3 2025 compared to $92 million in Q2 2025 and $132 million in Q3 2024.

Net Cash Provided by Operating Activities<br><br>($ in millions)

12
Cash Purchases of Property and Equipment, incl. Capitalized Interest<br><br>($ in millions, % of Service revenues)
---

Year-Over-Year

Cash purchases of property and equipment, including capitalized interest, increased 35% primarily due to:

■Planned timing of capital purchases, including for increased greenfield site builds in the second half of the year and incremental capital expenditures following the acquisition of UScellular

Sequential

Cash purchases of property and equipment, including capitalized interest, increased 10% primarily due to:

■Planned timing of capital purchases, including for increased greenfield site builds in the second half of the year and incremental capital expenditures following the acquisition of UScellular

Year-Over-Year

Adjusted Free Cash Flow decreased 7% primarily due to:

■Higher Cash purchases of property and equipment

■Partially offset by higher Net cash provided by operating activities and the impact of certain cash proceeds associated with the sale of receivables, which were recognized within investing cash flows before November 1, 2024, and are now recognized as operating cash flows. This change had no net impact to Adjusted Free Cash Flow.

All cash proceeds from the sale of receivables are now recognized within Net cash provided by operating activities. There were no significant net cash impacts during the quarter from securitization.

Sequential

Adjusted Free Cash Flow increased 5% primarily due to:

■Higher Net cash provided by operating activities

■Partially offset by higher Cash purchases of property and equipment

The impact of net payments for Merger-related costs on Adjusted Free Cash Flow was $96 million in Q3 2025 compared to $92 million in Q2 2025 and $132 million in Q3 2024

Adjusted Free Cash Flow<br><br>($ in millions)

13
Total Debt (Excluding Tower Obligations),<br><br>Net Debt (Excluding Tower Obligations), and<br><br>Net Debt to LTM Net Income and Core Adj. EBITDA Ratios<br><br>($ in billions)
---

Stockholder Returns<br><br>($ in millions)

Total debt, excluding tower obligations, at the end of Q3 2025 was $86.5 billion.

Net debt, excluding tower obligations, at the end of Q3 2025 was $83.2 billion.

■On December 13, 2024, the Board of Directors announced a stockholder return program for up to $14.0 billion that will run through December 31, 2025, consisting of additional repurchases of shares and payment of cash dividends. On a cumulative basis, since the company initiated its stockholder return program in Q3 2022, a total of $41.8 billion has been returned to stockholders as of September 30, 2025, with 204.1 million shares repurchased for approximately $34.7 billion, and cumulative cash dividends of $7.0 billion.

■During Q3 2025, 10.2 million shares were repurchased for approximately $2.5 billion.

■During Q3 2025, the company paid a cash dividend of $0.88 per share of common stock, or approximately $987 million, on September 11, 2025.

■During Q3 2025, the Board of Directors increased cash dividends per share by $0.14 or 16%, declaring a cash dividend of $1.02 per share on our issued and outstanding common stock. The dividend will be paid on December 11, 2025, to stockholders of record as of the close of business on November 26, 2025.

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 million
Net cash provided by operating activities	$27.1 to $27.5 billion	$27.8 to $28.0 billion	$600 million
Capital expenditures (3)	~$9.5 billion	~$10.0 billion	$500 million
Adjusted Free Cash Flow	$17.6 to $18.0 billion	$17.8 to $18.0 billion	$100 million

(1)We are not able to forecast Net income on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect GAAP Net income, including, but not limited to, Income tax expense and Interest expense. Core Adjusted EBITDA should not be used to predict Net income as the difference between this measure and Net income is variable.

(2)Management uses Core Adjusted EBITDA as a measure to monitor the financial performance of our operations, excluding the impact of lease revenues from our related device financing programs.

(3)Capital expenditures means cash purchases of property and equipment, including capitalized interest.

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	Manager	Manager	Manager

investor.relations@t-mobile.com

https://investor.t-mobile.com

16

T-Mobile US, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions, except share and per share amounts)	September 30,<br>2025		December 31,<br>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		4,276
Equipment installment plan receivables, net of allowance for credit losses and imputed discount of $646 and $656	4,599		4,379
Inventory	2,370		1,607
Prepaid expenses	1,128		880
Other current assets	5,212		1,853
Total current assets	21,703		18,404
Property and equipment, net	38,718		38,533
Operating lease right-of-use assets	26,070		25,398
Financing lease right-of-use assets	2,955		3,091
Goodwill	13,690		13,005
Spectrum licenses	97,749		100,558
Other intangible assets, net	4,117		2,512
Equipment installment plan receivables due after one year, net of allowance for credit losses and imputed discount of $186 and $158	2,316		2,209
Other assets	9,862		4,325
Total assets	$	217,180	$	208,035
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable and accrued liabilities	$	9,193	$	8,463
Short-term debt	6,333		4,068
Deferred revenue	1,487		1,222
Short-term operating lease liabilities	3,550		3,281
Short-term financing lease liabilities	1,157		1,175
Other current liabilities	2,581		1,965
Total current liabilities	24,301		20,174
Long-term debt	76,365		72,700
Long-term debt to affiliates	1,498		1,497
Tower obligations	3,568		3,664
Deferred tax liabilities	19,222		16,700
Operating lease liabilities	26,780		26,408
Financing lease liabilities	1,186		1,151
Other long-term liabilities	3,783		4,000
Total long-term liabilities	132,402		126,120
Commitments and contingencies
Stockholders' equity
Common stock, par value $0.00001 per share, 2,000,000,000 shares authorized; 1,275,435,436 and 1,271,074,364 shares issued, 1,118,506,240 and 1,144,579,681 shares outstanding	—		—
Additional paid-in capital	69,267		68,798
Treasury stock, at cost, 156,929,196 and 126,494,683 shares issued	(28,064)		(20,584)
Accumulated other comprehensive loss	(881)		(857)
Retained earnings	20,155		14,384
Total stockholders' equity	60,477		61,741
Total liabilities and stockholders' equity	$	217,180	$	208,035
17
---

T-Mobile US, Inc.

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

	Three Months Ended						Nine Months Ended September 30,
(in millions, except share and per share amounts)	September 30,<br>2025		June 30,<br>2025		September 30,<br>2024		2025		2024
Revenues
Postpaid revenues	$	14,882	$	14,078	$	13,308	$	42,554	$	38,838
Prepaid revenues	2,625		2,643		2,716		7,911		7,711
Wholesale and other service revenues	734		717		701		2,139		2,701
Total service revenues	18,241		17,438		16,725		52,604		49,250
Equipment revenues	3,465		3,439		3,207		10,608		9,564
Other revenues	251		255		230		763		714
Total revenues	21,957		21,132		20,162		63,975		59,528
Operating expenses
Cost of services, exclusive of depreciation and amortization shown separately below	2,873		2,717		2,722		8,192		8,074
Cost of equipment sales, exclusive of depreciation and amortization shown separately below	4,853		4,659		4,307		14,310		12,794
Selling, general and administrative	6,015		5,397		5,186		16,900		15,466
Impairment expense	278		—		—		278		—
Depreciation and amortization	3,408		3,146		3,151		9,752		9,770
Total operating expenses	17,427		15,919		15,366		49,432		46,104
Operating income	4,530		5,213		4,796		14,543		13,424
Other expense, net
Interest expense, net	(924)		(922)		(836)		(2,762)		(2,570)
Other (expense) income, net	(78)		(11)		7		(135)		19
Total other expense, net	(1,002)		(933)		(829)		(2,897)		(2,551)
Income before income taxes	3,528		4,280		3,967		11,646		10,873
Income tax expense	(814)		(1,058)		(908)		(2,757)		(2,515)
Net income	$	2,714	$	3,222	$	3,059	$	8,889	$	8,358
Net income	$	2,714	$	3,222	$	3,059	$	8,889	$	8,358
Other comprehensive income (loss), net of tax
Reclassification of loss from cash flow hedges, net of tax effect of $16, $16, $15, $48 and $45	48		47		44		141		130
(Losses) gains on fair value hedges, net of tax effect of $(7), $13, $(5), $(55) and $(15)	(20)		37		(12)		(160)		(42)
Unrealized loss on foreign currency translation adjustment, net of tax effect of $0, $0, $0, $0 and $0	—		(1)		—		(1)		—
Amortization of actuarial gain, net of tax effect of $0, $(1), $(2), $(1) and $(5)	(1)		(2)		(4)		(4)		(13)
Other comprehensive income (loss)	27		81		28		(24)		75
Total comprehensive income	$	2,741	$	3,303	$	3,087	$	8,865	$	8,433
Earnings per share
Basic	$	2.42	$	2.84	$	2.62	$	7.84	$	7.12
Diluted	$	2.41	$	2.84	$	2.61	$	7.82	$	7.10
Weighted-average shares outstanding
Basic	1,123,754,096		1,132,760,465		1,166,961,755		1,133,743,367		1,174,069,336
Diluted	1,126,627,708		1,134,846,966		1,170,649,561		1,136,920,521		1,177,637,145
18
---

T-Mobile US, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Three Months Ended						Nine Months Ended September 30,
(in millions)	September 30,<br>2025		June 30,<br>2025		September 30,<br>2024		2025		2024
Operating activities
Net income	$	2,714	$	3,222	$	3,059	$	8,889	$	8,358
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	3,408		3,146		3,151		9,752		9,770
Stock-based compensation expense	227		200		170		613		474
Deferred income tax expense	797		937		817		2,505		2,279
Bad debt expense	337		265		299		925		836
Losses from sales of receivables	17		19		23		58		69
Impairment expense	278		—		—		278		—
Changes in operating assets and liabilities
Accounts receivable	(366)		(338)		(734)		(797)		(2,436)
Equipment installment plan receivables	44		65		(72)		133		360
Inventory	(537)		264		(448)		(591)		(57)
Operating lease right-of-use assets	929		883		877		2,667		2,605
Other current and long-term assets	(322)		(671)		(19)		(983)		(275)
Accounts payable and accrued liabilities	890		107		(165)		729		(1,861)
Short- and long-term operating lease liabilities	(936)		(886)		(805)		(2,720)		(2,970)
Other current and long-term liabilities	(239)		(82)		(125)		(409)		(657)
Other, net	216		(139)		111		247		249
Net cash provided by operating activities	7,457		6,992		6,139		21,296		16,744
Investing activities
Purchases of property and equipment, including capitalized interest of $(13), $(10), $(9), $(33) and $(26)	(2,639)		(2,396)		(1,961)		(7,486)		(6,628)
Purchases of spectrum licenses and other intangible assets, including deposits	(1,590)		(842)		(2,419)		(2,505)		(2,636)
Proceeds from the sale of property, equipment and intangible assets	18		2,066		15		2,091		38
Proceeds related to beneficial interests in securitization transactions	—		—		984		—		2,832
Acquisition of companies, net of cash acquired	(2,797)		1		—		(3,523)		(390)
Investments in unconsolidated affiliates, net	(3,072)		(908)		—		(4,055)		—
Other, net	(59)		520		74		371		12
Net cash used in investing activities	(10,139)		(1,559)		(3,307)		(15,107)		(6,772)
Financing activities
Proceeds from issuance of long-term debt, net	498		(6)		2,480		8,266		8,089
Repayments of financing lease obligations	(318)		(331)		(347)		(964)		(1,025)
Repayments of long-term debt	(828)		(3,257)		(223)		(4,564)		(3,169)
Repurchases of common stock	(2,479)		(2,555)		(560)		(7,528)		(6,541)
Dividends on common stock	(987)		(996)		(758)		(2,986)		(2,286)
Tax withholdings on share-based awards	(92)		(30)		(36)		(394)		(244)
Other, net	(32)		(30)		(49)		(80)		(117)
Net cash (used in) provided by financing activities	(4,238)		(7,205)		507		(8,250)		(5,293)
Effect of exchange rate changes on cash and cash equivalents, including restricted cash	—		13		—		13		—
Change in cash and cash equivalents, including restricted cash	(6,920)		(1,759)		3,339		(2,048)		4,679
Cash and cash equivalents, including restricted cash
Beginning of period	10,585		12,344		6,647		5,713		5,307
End of period	$	3,665	$	10,585	$	9,986	$	3,665	$	9,986	19
---

T-Mobile US, Inc.

Condensed Consolidated Statements of Cash Flows (Continued)

(Unaudited)

	Three Months Ended						Nine Months Ended September 30,
(in millions)	September 30,<br>2025		June 30,<br>2025		September 30,<br>2024		2025		2024
Supplemental disclosure of cash flow information
Interest payments, net of amounts capitalized	$	997	$	992	$	947	$	2,923	$	2,778
Operating lease payments	1,269		1,202		1,127		3,685		3,928
Income tax payments	65		347		50		427		164
Non-cash investing and financing activities
Non-cash beneficial interest obtained in exchange for securitized receivables	$	—	$	—	$	789	$	—	$	2,283
Change in accounts payable and accrued liabilities for purchases of property and equipment	136		(131)		41		(458)		(1,085)
Operating lease right-of-use assets obtained in exchange for lease obligations	1,064		593		469		2,138		1,300
Financing lease right-of-use assets obtained in exchange for lease obligations	324		430		409		1,002		983
Deferred consideration related to the Ka’ena Acquisition	—		—		—		—		210
Debt assumed in the UScellular Acquisition	1,653		—		—		1,653		—
20
---

T-Mobile US, Inc.

Supplementary Operating and Financial Data

(Unaudited)

	Quarter							Nine Months Ended 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	78,110	84,632
Postpaid other customers (1) (2) (3)	22,804	23,365	24,075	25,105	25,947	26,946	29,431	24,075	29,431
Total postpaid customers	99,272	100,610	102,185	104,118	105,455	107,284	114,063	102,185	114,063
Prepaid customers (1) (4)	21,600	25,283	25,307	25,410	25,455	25,494	25,886	25,307	25,886
Total customers	120,872	125,893	127,492	129,528	130,910	132,778	139,949	127,492	139,949
Adjustments to customers (1) (2) (3) (4)	—	3,504	—	—	—	97	4,781	3,504	4,878

(1)In the third quarter of 2025, we acquired 3,287,000 postpaid phone customers, 390,000 postpaid other customers and 349,000 prepaid customers through the UScellular acquisition, which includes the impact of certain base adjustments to align the policies of UScellular and T-Mobile.

(2)In the third quarter of 2025, we acquired 755,000 fiber customers from Metronet and other acquisitions.

(3)In the second quarter of 2025, we acquired 97,000 fiber customers from Lumos.

(4)In the second quarter of 2024, we acquired 3,504,000 prepaid customers through the Ka’ena acquisition, which includes the impact of certain base adjustments to align the policies of Ka’ena and T-Mobile.

	Quarter							Nine Months Ended September 30,
(in thousands)	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	2024	2025
Net customer additions (losses)
Postpaid phone customers	532	777	865	903	495	830	1,007	2,174	2,332
Postpaid other customers	688	561	710	1,030	842	902	1,340	1,959	3,084
Total postpaid customers	1,220	1,338	1,575	1,933	1,337	1,732	2,347	4,133	5,416
Prepaid customers	(48)	179	24	103	45	39	43	155	127
Total net customer additions	1,172	1,517	1,599	2,036	1,382	1,771	2,390	4,288	5,543
Migrations from prepaid to postpaid plans	145	140	175	160	115	205	215	460	535
	Quarter														Nine Months Ended September 30,
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Q1 2024		Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		2024		2025
Churn
Postpaid phone churn	0.86	%	0.80	%	0.86	%	0.92	%	0.91	%	0.90	%	0.89	%	0.84	%	0.90	%
Prepaid churn	2.75	%	2.54	%	2.78	%	2.85	%	2.68	%	2.65	%	2.77	%	2.69	%	2.70	%
	Quarter														Nine Months Ended September 30,
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Q1 2024		Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		2024		2025
Postpaid upgrade rate
Postpaid device upgrade rate	2.4	%	2.3	%	2.6	%	3.6	%	2.8	%	2.5	%	2.7	%	7.5	%	8.0	%	21
---

T-Mobile US, Inc.

Supplementary Operating and Financial Data

(Unaudited)

	Quarter							Nine Months Ended 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	33,979	30,631	33,979

(1)In the second quarter of 2025, we acquired 85,000 postpaid accounts from Lumos.

(2)In the third quarter of 2025, we acquired 633,000 postpaid accounts from Metronet and other acquisitions.

(3)In the third quarter of 2025, we acquired 1,448,000 postpaid accounts through the UScellular acquisition, which includes the impact of certain base adjustments to align the policies of UScellular and T-Mobile.

	Quarter							Nine Months Ended September 30,
(in thousands)	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	2024	2025
Net account additions
Postpaid net account additions	218	301	315	263	205	318	396	834	919
	Quarter							Nine Months Ended September 30,
---	---	---	---	---	---	---	---	---	---
(in thousands)	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	2024	2025
Broadband customers, end of period
Postpaid 5G broadband customers (1)	4,634	4,992	5,377	5,742	6,129	6,556	7,163	5,377	7,163
Prepaid 5G broadband customers	547	595	625	688	725	752	792	625	792
Total 5G broadband customers, end of period	5,181	5,587	6,002	6,430	6,854	7,308	7,955	6,002	7,955
Fiber customers (2) (3)	1	2	5	9	12	125	934	5	934
Total broadband customers, end of period	5,182	5,589	6,007	6,439	6,866	7,433	8,889	6,007	8,889
Adjustments to customers (1) (2) (3)	—	—	—	—	—	97	896	—	993

(1)In the third quarter of 2025, we acquired 141,000 postpaid 5G broadband customers through the UScellular acquisition, which includes the impact of certain base adjustments to align the policies of UScellular and T-Mobile.

(2)In the third quarter of 2025, we acquired 755,000 fiber customers from Metronet and other acquisitions.

(3)In the second quarter of 2025, we acquired 97,000 fiber customers from Lumos.

	Quarter							Nine Months Ended September 30,
(in thousands)	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	2024	2025
Broadband - net customer additions
Postpaid 5G broadband customers	346	358	385	365	387	427	466	1,089	1,280
Prepaid 5G broadband customers	59	48	30	63	37	27	40	137	104
Total 5G broadband net customer additions	405	406	415	428	424	454	506	1,226	1,384
Fiber customers	—	1	3	4	3	16	54	4	73
Total broadband net customer additions	405	407	418	432	427	470	560	1,230	1,457
22
---			Quarter														Nine Months Ended 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		3,551		3,553		3,766		10,907		10,870
EIP receivables, net	5,967		5,556		5,347		6,588		6,405		6,201		6,915		5,347		6,915
Device financing - leased devices
Lease revenues	$	35	$	26	$	21	$	11	$	1	$	6	$	4	$	82	$	11
Leased device depreciation	22		15		11		6		4		1		—		48		5
	Quarter														Nine Months Ended September 30,
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
(in dollars)	Q1 2024		Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		2024		2025
Operating measures
Postpaid ARPA	$	140.88	$	142.54	$	145.60	$	146.28	$	146.22	$	149.87	$	149.44	$	143.02	$	148.54
Postpaid phone ARPU	48.79		49.07		49.79		49.73		49.38		50.62		50.71		49.22		50.25
Prepaid ARPU	37.18		35.94		35.81		35.49		34.67		34.63		33.93		36.27		34.41
23
---

T-Mobile US, Inc.

Supplementary Operating and Financial Data (continued)

(Unaudited)

	Quarter																					Nine Months Ended 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		$	16,925		$	17,438		$	18,241		$	49,250		$	52,604
Equipment revenues	$	3,251		$	3,106		$	3,207		$	4,699		$	3,704		$	3,439		$	3,465		$	9,564		$	10,608
Lease revenues	35			26			21			11			1			6			4			82			11
Equipment sales	$	3,216		$	3,080		$	3,186		$	4,688		$	3,703		$	3,433		$	3,461		$	9,482		$	10,597
Total revenues	$	19,594		$	19,772		$	20,162		$	21,872		$	20,886		$	21,132		$	21,957		$	59,528		$	63,975
Net income	$	2,374		$	2,925		$	3,059		$	2,981		$	2,953		$	3,222		$	2,714		$	8,358		$	8,889
Net income margin	14.7		%	17.8		%	18.3		%	17.6		%	17.4		%	18.5		%	14.9		%	17.0		%	16.9		%
Adjusted EBITDA	$	7,652		$	8,053		$	8,243		$	7,916		$	8,259		$	8,547		$	8,684		$	23,948		$	25,490
Adjusted EBITDA margin	47.5		%	49.0		%	49.3		%	46.8		%	48.8		%	49.0		%	47.6		%	48.6		%	48.5		%
Core Adjusted EBITDA	$	7,617		$	8,027		$	8,222		$	7,905		$	8,258		$	8,541		$	8,680		$	23,866		$	25,479
Core Adjusted EBITDA margin	47.3		%	48.9		%	49.2		%	46.7		%	48.8		%	49.0		%	47.6		%	48.5		%	48.4		%
Cost of services, exclusive of depreciation and amortization	$	2,688		$	2,664		$	2,722		$	2,697		$	2,602		$	2,717		$	2,873		$	8,074		$	8,192
Merger-related costs	107			73			—			—			—			—			7			180			7
Other Special Items	1			—			67			75			20			28			55			68			103
Cost of services, excluding depreciation and amortization and Special Items	$	2,580		$	2,591		$	2,655		$	2,622		$	2,582		$	2,689		$	2,811		$	7,826		$	8,082
Cost of equipment sales, exclusive of depreciation and amortization	$	4,399		$	4,088		$	4,307		$	6,088		$	4,798		$	4,659		$	4,853		$	12,794		$	14,310
Merger-related costs	—			—			—			—			—			—			2			—			2
Cost of equipment sales, exclusive of depreciation and amortization and Special Items	$	4,399		$	4,088		$	4,307		$	6,088		$	4,798		$	4,659		$	4,851		$	12,794		$	14,308
Selling, general and administrative	$	5,138		$	5,142		$	5,186		$	5,352		$	5,488		$	5,397		$	6,015		$	15,466		$	16,900
Merger-related costs (gain), net	23			(82)			16			10			14			33			64			(43)			111
Other Special Items	12			37			70			(60)			59			(51)			123			119			131
Selling, general and administrative, excluding Special Items	$	5,103		$	5,187		$	5,100		$	5,402		$	5,415		$	5,415		$	5,828		$	15,390		$	16,658
Total bad debt expense and losses from sales of receivables	$	303		$	280		$	322		$	349		$	345		$	284		$	354		$	905		$	983
Bad debt and losses from sales of receivables as a percentage of Total revenues	1.5		%	1.4		%	1.6		%	1.6		%	1.7		%	1.3		%	1.6		%	1.5		%	1.5		%
Cash purchases of property and equipment including capitalized interest	$	2,627		$	2,040		$	1,961		$	2,212		$	2,451		$	2,396		$	2,639		$	6,628		$	7,486
Capitalized interest	9			8			9			8			10			10			13			26			33
Net cash proceeds from securitization	$	(29)		$	(30)		$	(29)		$	(27)		$	(26)		$	(23)		$	(25)		$	(88)		$	(74)
Net cash payments for Merger-related costs	$	293		$	241		$	132		$	123		$	70		$	92		$	96		$	666		$	258
24
---

T-Mobile US, Inc.

Supplementary Operating and Financial Data

(Unaudited)

	Quarter														Nine Months Ended 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	$	2,470	$	2,469	$	2,470	$	6,489	$	7,409
Total shares repurchased	21,933,790		13,979,843		3,179,707		20,283,582		10,091,227		10,148,791		10,204,072		39,093,340		30,444,090
Average purchase price per share	$	162.69	$	162.85	$	202.45	$	227.72	$	244.77	$	243.32	$	242.01	$	165.98	$	243.36
Total dividends paid	$	769	$	759	$	758	$	1,014	$	1,003	$	996	$	987	$	2,286	$	2,986
Dividends per share	$	0.65	$	0.65	$	0.65	$	0.88	$	0.88	$	0.88	$	0.88	$	1.95	$	2.64
Total stockholder returns	$	4,337	$	3,036	$	1,402	$	5,633	$	3,473	$	3,465	$	3,457	$	8,775	$	10,395
Cumulative total repurchases	$	19,775	$	22,052	$	22,696	$	27,315	$	29,785	$	32,254	$	34,724	$	22,696	$	34,724
Cumulative shares repurchased	136,220,243		150,200,086		153,379,793		173,663,375		183,754,602		193,903,393		204,107,465		153,379,793		204,107,465
Cumulative stockholder returns	$	21,291	$	24,327	$	25,729	$	31,362	$	34,835	$	38,300	$	41,757	$	25,729	$	41,757
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 accordance with GAAP. Reconciliations for the non-GAAP financial measures to the most directly comparable GAAP financial measures are provided below. T-Mobile is not able to forecast Net income on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect GAAP net income, including, but not limited to, Income tax expense and Interest expense. Adjusted EBITDA and Core Adjusted EBITDA should not be used to predict Net income, as the difference between either of these measures and Net income is variable.

Adjusted EBITDA and Core Adjusted EBITDA are reconciled to Net income as follows:

	Quarter																					Nine Months Ended September 30,
(in millions, except percentages)	Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			2024			2025
Net income	$	2,374		$	2,925		$	3,059		$	2,981		$	2,953		$	3,222		$	2,714		$	8,358		$	8,889
Adjustments:
Interest expense, net	880			854			836			841			916			922			924			2,570			2,762
Other (income) expense, net	(20)			8			(7)			(94)			46			11			78			(19)			135
Income tax expense	764			843			908			858			885			1,058			814			2,515			2,757
Operating income	3,998			4,630			4,796			4,586			4,800			5,213			4,530			13,424			14,543
Depreciation and amortization	3,371			3,248			3,151			3,149			3,198			3,146			3,408			9,770			9,752
Stock-based compensation (1)	140			147			143			156			168			178			217			430			563
Merger-related costs (gain), net (2)	130			(9)			16			10			14			33			73			137			120
Legal-related expenses (recoveries), net (3)	—			15			1			(105)			6			(4)			8			16			10
Impairment expense	—			—			—			—			—			—			278			—			278
Other, net (4)	13			22			136			120			73			(19)			170			171			224
Adjusted EBITDA	7,652			8,053			8,243			7,916			8,259			8,547			8,684			23,948			25,490
Lease revenues	(35)			(26)			(21)			(11)			(1)			(6)			(4)			(82)			(11)
Core Adjusted EBITDA	$	7,617		$	8,027		$	8,222		$	7,905		$	8,258		$	8,541		$	8,680		$	23,866		$	25,479
Net income margin (Net income divided by Service revenues)	14.7		%	17.8		%	18.3		%	17.6		%	17.4		%	18.5		%	14.9		%	17.0		%	16.9		%
Adjusted EBITDA margin (Adjusted EBITDA divided by Service revenues)	47.5		%	49.0		%	49.3		%	46.8		%	48.8		%	49.0		%	47.6		%	48.6		%	48.5		%
Core Adjusted EBITDA margin (Core Adjusted EBITDA divided by Service revenues)	47.3		%	48.9		%	49.2		%	46.7		%	48.8		%	49.0		%	47.6		%	48.5		%	48.4		%

(1)Stock-based compensation includes payroll tax impacts and may not agree to stock-based compensation expense on the Condensed Consolidated Financial Statements. Additionally, certain stock-based compensation expenses associated with the Sprint merger have been included in Merger-related costs (gain), net.

(2)Merger-related costs (gain), net, for the three months ended June 30, 2024, includes the $100 million gain recognized for the extension fee previously paid by DISH associated with the license purchase agreement for 800 MHz spectrum licenses, which was not purchased.

(3)Legal-related expenses (recoveries), net, consists of the settlement of certain litigation and compliance costs associated with the August 2021 cyberattack and is presented net of insurance recoveries.

(4)Other, net, primarily consists of certain severance, restructuring and other expenses, gains and losses, not directly attributable to the Sprint merger or UScellular acquisition, which are not reflective of T-Mobile’s core business activities and are, therefore, excluded from Adjusted EBITDA and Core Adjusted EBITDA.

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:

(in millions, except net debt ratios)	Mar 31, 2024		Jun 30, 2024		Sep 30, 2024		Dec 31, 2024		Mar 31, 2025		Jun 30, 2025		Sep 30,<br>2025
Short-term debt	$	5,356	$	5,867	$	5,851	$	4,068	$	8,214	$	6,408	$	6,333
Short-term financing lease liabilities	1,265		1,252		1,252		1,175		1,136		1,157		1,157
Long-term debt	71,361		70,203		72,522		72,700		76,033		75,018		76,365
Long-term debt to affiliates	1,496		1,496		1,497		1,497		1,497		1,497		1,498
Financing lease liabilities	1,163		1,133		1,185		1,151		1,117		1,188		1,186
Total debt (excluding tower obligations)	$	80,641	$	79,951	$	82,307	$	80,591	$	87,997	$	85,268	$	86,539
Less: Cash and cash equivalents	(6,708)		(6,417)		(9,754)		(5,409)		(12,003)		(10,259)		(3,310)
Net debt (excluding tower obligations)	$	73,933	$	73,534	$	72,553	$	75,182	$	75,994	$	75,009	$	83,229
Divided by: Last twelve months Net income	$	8,751	$	9,455	$	10,372	$	11,339	$	11,918	$	12,215	$	11,870
Net debt (excluding tower obligations) to LTM Net income Ratio	8.4		7.8		7.0		6.6		6.4		6.1		7.0
Divided by: Last twelve months Adjusted EBITDA	$	29,881	$	30,529	$	31,172	$	31,864	$	32,471	$	32,965	$	33,406
Net debt (excluding tower obligations) to LTM Adjusted EBITDA Ratio	2.5		2.4		2.3		2.4		2.3		2.3		2.5
Divided by: Last twelve months Core Adjusted EBITDA	$	29,681	$	30,372	$	31,047	$	31,771	$	32,412	$	32,926	$	33,384
Net debt (excluding tower obligations) to LTM Core Adjusted EBITDA Ratio	2.5		2.4		2.3		2.4		2.3		2.3		2.5

Adjusted Free Cash Flow is calculated as follows:

	Quarter																					Nine Months Ended September 30,
(in millions, except percentages)	Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			2024			2025
Net cash provided by operating activities (1)	$	5,084		$	5,521		$	6,139		$	5,549		$	6,847		$	6,992		$	7,457		$	16,744		$	21,296
Cash purchases of property and equipment, including capitalized interest	(2,627)			(2,040)			(1,961)			(2,212)			(2,451)			(2,396)			(2,639)			(6,628)			(7,486)
Proceeds related to beneficial interests in securitization transactions (1)	890			958			984			747			—			—			—			2,832			—
Adjusted Free Cash Flow	$	3,347		$	4,439		$	5,162		$	4,084		$	4,396		$	4,596		$	4,818		$	12,948		$	13,810
Net cash provided by operating activities margin	31.6		%	33.6		%	36.7		%	32.8		%	40.5		%	40.1		%	40.9		%	34.0		%	40.5		%
Adjusted Free Cash Flow margin	20.8		%	27.0		%	30.9		%	24.1		%	26.0		%	26.4		%	26.4		%	26.3		%	26.3		%

(1)Effective November 1, 2024, following amendments to the company’s Equipment Installment Plan Sale and Service Receivable Sale arrangements, all cash proceeds associated with the sale of such receivables, a portion of which was previously recognized as Proceeds related to beneficial interests in securitization transactions within investing cash flows, were recognized as operating cash flows. These amendments did not have a net impact on Adjusted Free Cash Flow.

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 purchases of property and equipment, including capitalized interest	(10,000)		(10,000)
Adjusted Free Cash Flow	$	17,800	$	18,000

The previous guidance range for Adjusted Free Cash Flow was calculated as follows:

	FY 2025
(in millions)	Guidance Range
Net cash provided by operating activities	$	27,100	$	27,500
Cash purchases of property and equipment, including capitalized interest	(9,500)		(9,500)
Adjusted Free Cash Flow	$	17,600	$	18,000
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-Mobile believes the measures facilitate key operating performance comparisons with other companies in the wireless industry to provide management, investors and analysts with useful information to assess and evaluate past performance and assist in forecasting future performance.

1.Account - A billing account number that generates revenue. Postpaid accounts generally consist of customers that are qualified for postpaid service utilizing phones, 5G broadband modems, fiber connections, mobile internet devices, including tablets and hotspots, wearables, DIGITS or other connected devices, including SyncUP and IoT, where they generally pay after receiving service.

2.Customer - A SIM number with a unique T-Mobile identifier which is associated with an account that generates revenue. Customers are qualified either for postpaid service utilizing phones, 5G broadband modems, fiber connections, mobile internet devices, including tablets and hotspots, wearables, DIGITS or other connected devices, including SyncUP and IoT, where they generally pay after receiving service, or prepaid service, where they generally pay in advance of receiving service.

3.Churn - The number of customers whose service was deactivated as a percentage of the average number of customers during the specified period further divided by the number of months in the period. The number of customers whose service was deactivated is presented net of customers that subsequently have their service restored within a certain period of time and excludes customers who received service for less than a certain minimum period of time.

4.Postpaid Average Revenue Per Account (“ARPA”) - Average monthly postpaid service revenue earned per account. Postpaid service revenues for the specified period divided by the average number of postpaid accounts during the period, further divided by the number of months in the period.

Postpaid phone ARPU excludes postpaid other customers and related revenues.

Service revenues - Postpaid, including handset insurance, prepaid, wholesale and other service revenues.

5.Cost of services - Costs directly attributable to providing wireless service through the operation of T-Mobile’s network, including direct switch and cell site costs, such as rent, network access and transport costs, utilities, maintenance, associated labor costs, long distance costs, regulatory program costs, roaming fees paid to other carriers and data content costs.

Cost of equipment sales - Costs of devices and accessories sold to customers and dealers, device costs to fulfill insurance and warranty claims, write-downs of inventory related to shrinkage and obsolescence, and shipping and handling costs.

Selling, general and administrative expenses - Costs not directly attributable to providing wireless service for the operation of sales, customer care and corporate activities. These include all commissions paid to dealers and retail employees for activations and upgrades, labor and facilities costs associated with retail sales force and administrative space, marketing and promotional costs, customer support and billing, bad debt expense and administrative support activities.

6.Net income margin - Net income divided by Service revenues.

7.Adjusted EBITDA and Core Adjusted EBITDA - Adjusted EBITDA represents earnings before Interest expense, net of Interest income, Income tax expense, Depreciation and amortization, stock-based compensation and Special Items. Core Adjusted EBITDA represents Adjusted EBITDA less device lease revenues. Core Adjusted EBITDA and Adjusted EBITDA are non-GAAP financial measures utilized by T-Mobile’s management, including our chief operating decision maker, to monitor the financial performance of our operations and allocate resources of the Company as a whole. T-Mobile historically used Adjusted EBITDA and T-Mobile currently uses Core Adjusted EBITDA internally as a measure to evaluate and compensate its personnel and management for their performance. T-Mobile uses Adjusted EBITDA and Core Adjusted EBITDA as benchmarks to evaluate its operating performance in comparison to competitors. Management believes analysts and investors use Core Adjusted EBITDA and Adjusted EBITDA as supplemental measures to evaluate overall operating performance and to facilitate comparisons with other wireless communications services companies because they are indicative of T-Mobile’s ongoing operating performance and trends by excluding the impact of Interest expense from financing, non-cash depreciation and amortization from capital investments, non-cash stock-based compensation and Special Items. Management believes analysts and investors use Core Adjusted EBITDA because it normalizes for the transition in the company’s device financing strategy, by excluding the impact of device lease revenues from Adjusted EBITDA, to align with the related depreciation expense on leased devices, which is excluded from the definition of Adjusted EBITDA. Core Adjusted EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be considered in isolation or as a substitute for Income from operations, Net income or any other measure of financial performance reported in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

8.Special Items - Certain expenses, gains, and losses which are not reflective of our ongoing performance. Special Items include Merger-related costs (gain), net, certain legal-related recoveries and expenses, Impairment expense, restructuring costs not directly attributable to the Sprint merger or UScellular acquisition (including severance), and other non-core gains and losses.

9.Adjusted EBITDA margin and Core Adjusted EBITDA margin - Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Service revenues. Core Adjusted EBITDA margin is calculated as Core Adjusted EBITDA divided by Service revenues. Adjusted EBITDA margin and Core Adjusted EBITDA margin are non-GAAP financial measures utilized by T-Mobile’s management, including our chief operating decision maker, to monitor the financial performance of our operations and allocate resources of the Company as a whole.

10.Net cash provided by operating activities margin - Net cash provided by operating activities margin is calculated as Net cash provided by operating activities divided by Service revenues.

11.Adjusted Free Cash Flow - Net cash provided by operating activities less cash payments for purchases of property and equipment, plus proceeds from sales of tower sites and proceeds related to beneficial interests in securitization transactions. Adjusted Free Cash Flow is utilized by T-Mobile’s management, investors, and analysts of our financial information to evaluate cash available to pay debt, repurchase shares, pay dividends and provide further investment in the business.

12.Adjusted Free Cash Flow margin - Adjusted Free Cash Flow margin is calculated as Adjusted Free Cash Flow divided by Service revenues. Adjusted Free Cash Flow Margin is utilized by T-Mobile’s management, investors, and analysts to evaluate the company’s ability to convert service revenue efficiently into cash available to pay debt, repurchase shares, pay dividends and provide further investment in the business.

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-related costs and UScellular merger-related costs.

15.Sprint merger-related costs include:

•Integration costs to achieve efficiencies in network, retail, information technology and back office operations, migrate customers to the T-Mobile network and billing systems and the impact of legal matters assumed as part of the Sprint merger;

•Restructuring costs, including severance, store rationalization and network decommissioning; and

•Transaction costs, including legal and professional services related to the completion of the Sprint merger and the acquisitions of affiliates.

16.UScellular merger-related costs to date include:

•Integration costs to achieve efficiencies in network, retail, information technology and back office operations and migrate customers to the T-Mobile network and billing systems;

•Restructuring costs, including severance and network decommissioning; and

•Transaction costs, including legal and professional services related to the completion of the UScellular acquisition.

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.’s future results of operations, are forward-looking statements. These forward-looking statements are generally identified by the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “could” or similar expressions. Forward-looking statements are based on current expectations and assumptions, which are subject to risks and uncertainties and may cause actual results to differ materially from the forward-looking statements. Important factors that could affect future results and cause those results to differ materially from those expressed in the forward-looking statements include, among others, the following: competition, industry consolidation and changes in the market for wireless communications services and other forms of connectivity; criminal cyberattacks, disruption, data loss or other security breaches; our inability to timely adopt and effectively deploy network technology developments; our inability to effectively execute our digital transformation and drive customer and employee adoption of emerging technologies; our inability to retain or motivate key personnel, hire qualified personnel or maintain our corporate culture; system failures and business disruptions, allowing for unauthorized use of or interference with our network and other systems; the scarcity and cost of additional wireless spectrum, and regulations relating to spectrum use; the timing and effects of any pending and future acquisition, divestiture, investment, joint venture or merger involving us, including our inability to obtain any required regulatory approval necessary to consummate any such transactions or to achieve the expected benefits of such transactions; adverse economic, political or market conditions in the U.S. and international markets, including changes resulting from increases in inflation or interest rates, tariffs and trade restrictions, supply chain disruptions, fluctuations in global currencies, immigration policies, and impacts of geopolitical instability, such as the Ukraine-Russia and Israel-Hamas wars and further escalations thereof; potential operational delays, higher procurement and operational costs, and regulatory and compliance complexities as result of changes to trade policies, including higher tariffs, restrictions and other economic disincentives to trade; our inability to successfully deliver new products and services; any disruption or failure of our third parties (including key suppliers) to provide products or services for the operation of our business; sociopolitical volatility and polarization and risks related to environmental, social and governance matters; our substantial level of indebtedness and our inability to service our debt obligations in accordance with their terms; changes in the credit market conditions, credit rating downgrades or an inability to access debt markets; our inability to maintain effective internal control over financial reporting; any changes in regulations or in the regulatory framework under which we operate; laws and regulations relating to the handling of privacy, data protection and artificial intelligence; unfavorable outcomes of and increased costs from existing or future regulatory or legal proceedings; difficulties in protecting our intellectual property rights or if we infringe on the intellectual property rights of others; our offering of regulated financial services products and exposure to a wide variety of state and federal regulations; new or amended tax laws or regulations or administrative interpretations and judicial decisions affecting the scope or application of tax laws or regulations; our wireless licenses, including those controlled through leasing agreements, are subject to renewal and may be revoked; our exclusive forum provision as provided in our Certificate of Incorporation; interests of Deutsche Telekom AG (“DT”), our controlling stockholder, which may differ from the interests of other stockholders; our current and future stockholder return programs may not be fully utilized, and our share repurchases and dividend payments pursuant thereto may fail to have the desired impact on stockholder value; future sales of our common stock by DT and SoftBank Group Corp. and our inability to attract additional equity financing outside the United States due to foreign ownership limitations by the Federal Communications Commission; and other risks as disclosed in our most recent annual report on Form 10-K, and subsequent Forms 10-Q and other filings with the Securities and Exchange Commission. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law.

About T-Mobile US, Inc.