T-Mobile US, Inc.
For the period ended Sep 30, 2026. Filed Oct 28, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 28, 2026
TMUS$162.01+0.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-07-23.
0001283699-26-000101
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsPerformance MeasuresCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-28.
0001283699-26-000129
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsPerformance MeasuresThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 324 previous paragraphs and 338 current paragraphs.
188 unchanged; 101 reworded; 39 added; 23 removed; 12 previous and 10 current paragraphs rearranged.
Tables are not compared: 12 previous and 12 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (39)
Current report
Subsequent to September 30, 2026, on October 9, 2026, we transferred $164 million in cash and 1,510,371 shares of T-Mobile common stock in satisfaction of our $420 million earnout obligation.
Current report
Postpaid revenues increased $1.4 billion, or 9%, for the three months ended and increased $5.2 billion, or 12%, for the nine months ended September 30, 2026.
Current report
The decrease for the three months ended September 30, 2026, was primarily from:
Current report
•Lower average prepaid customers; and
Current report
The decrease for the nine months ended September 30, 2026, was primarily from:
Current report
•Lower average prepaid customers.
Current report
Equipment revenues increased $464 million, or 13%, for the three months ended and increased $841 million, or 8%, for the nine months ended September 30, 2026.
Current report
•Higher repair and maintenance expenses.
Current report
•Higher site costs related to the continued build-out of our nationwide 5G network.
Current report
•An increase in liquidation costs, primarily due to a higher number of liquidated devices and an increase in the high-end phone mix.
Current report
Selling, general and administrative expenses were essentially flat for the three months ended and increased $920 million, or 5%, for the nine months ended September 30, 2026.
Current report
•Lower business tax refunds and credits; and
Current report
•Lower personnel-related costs, including payroll and benefits; and
Current report
•Lower external labor and professional services expenses.
Current report
•Lower external labor and professional services expenses; and
Current report
Impairment expense was $278 million for both the three and nine months ended September 30, 2025, due to the impairment of capitalized software development costs related to our billing system.
Current report
Depreciation and amortization increased slightly for the three months ended and increased $951 million, or 10%, for the nine months ended September 30, 2026.
Current report
Other expense, netwas essentially flat for the three months ended and increased $194 million, or 144%, for the nine months ended September 30, 2026.
Current report
Income tax expense increased $271 million, or 33%, for the three months ended and increased $247 million, or 9%, for the nine months ended September 30, 2026.
Current report
The increase for the three months ended September 30, 2026, was primarily from higher income before income taxes.
Current report
•Higher income before income taxes; and
Current report
•Impairment expense related to certain capitalized software development costs, net of tax, of $208 million for both the three and nine months ended September 30, 2025.
Current report
(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.
Current report
(4)In the third quarter of 2025, we acquired 633,000 postpaid accounts from Metronet and other acquisitions.
Current report
Postpaid net account additions decreased 151,000, or 16%, for the nine months ended September 30, 2026, primarily from:
Current report
•Higher average broadband-only accounts which have higher churn; and
Current report
•The temporary impact of our rate plan modernization.
Current report
The decrease for the three months ended September 30, 2026, was primarily from:
Current report
Net cash provided by investing activities increased $10.5 billion from a net use of cash for the three months ended September 30, 2025, to a net source of cash for the three months ended September 30, 2026. Net cash used in investing activities decreased $9.6 billion, or 63%, for the nine months ended September 30, 2026.
Current report
The net source of cash for the three months ended September 30, 2026, was primarily from:
Current report
•$2.9 billion in Proceeds from the sale of property, equipment and intangible assets, primarily from the cash consideration related to the sale of our 800 MHz spectrum licenses to Grain (see Note 6 – Spectrum License Transactions of the Notes to the Condensed Consolidated Financial Statements); partially offset by
Current report
•$3.0 billion in Proceeds from the sale of property, equipment and intangible assets, primarily from the cash consideration related to the sale of our 800 MHz spectrum licenses to Grain (see Note 6 – Spectrum License Transactions of the Notes to the Condensed Consolidated Financial Statements).
Current report
The net use of cash for the nine months ended September 30, 2026, was primarily from:
Current report
Adjusted Free Cash Flow increased $253 million, or 5%, for the three months ended and increased $657 million, or 5%, for the nine months ended September 30, 2026.
Current report
Space Exploration Technologies Corp. for the sale of the 800 MHz spectrum licenses, subject to customary closing conditions and regulatory approvals. We have not recognized an associated gain for this potential additional consideration.
Current report
On September 21, 2026, we acquired 600 MHz spectrum licenses from TStar 600, LLC and two of its subsidiaries, in exchange for cash consideration of $290 million, which is expected to be paid in the first quarter of 2027.
Current report
Subsequent to September 30, 2026, on October 9, 2026, we transferred $164 million in cash and 1,510,371 shares of T-Mobile common stock in satisfaction of our $420 million earnout obligation.
Current report
On July 24, 2025, we completed the joint acquisition of Metronet. During the three months ended September 30, 2025, we invested $4.6 billion to acquire a 50% equity interest in the joint venture and 713,000 residential fiber customers.
Removed paragraphs (23)
Previous report
Acquisition of UScellular Wireless Business
Previous report
Fiber Joint Ventures
Previous report
For more information regarding the i3 Broadband joint venture and GoNetspeed and Greenlight Networks joint venture, see Note 3 – Joint Ventures of the Notes to the Condensed Consolidated Financial Statements.
Previous report
Postpaid revenues increased $1.8 billion, or 13%, for the three months ended and increased $3.8 billion, or 14%, for the six months ended June 30, 2026.
Previous report
Equipment revenues increased $85 million, or 2%, for the three months ended and increased $377 million, or 5%, for the six months ended June 30, 2026.
Previous report
•A decrease in the total number of devices sold, primarily driven by lower prepaid devices.
Previous report
•A decrease in the total number of devices sold, primarily driven by lower prepaid devices.
Previous report
Selling, general and administrative expenses increased $437 million, or 8%, for the three months ended and increased $915 million, or 8%, for the six months ended June 30, 2026.
Previous report
Depreciation and amortization increased $288 million, or 9%, for the three months ended and increased $907 million, or 14%, for the six months ended June 30, 2026, primarily from:
Previous report
Income tax expense was essentially flat.
Previous report
•Lower income before income taxes; offset by
Previous report
•A gain related to the completed sale of a portion of our 3.45 GHz spectrum licenses, net of tax, of $113 million, for the three and six months ended June 30, 2025;
Previous report
•Severance and related costs associated with the 2025-2026 Workforce Transformation, net of tax, of $105 million for the six months ended June 30, 2026. There were no costs associated with the 2025-2026 Workforce Transformation for the three months ended June 30, 2026.
Previous report
Postpaid net account additions decreased 41,000, or 13%, for the three months ended June 30, 2026, primarily from:
Previous report
Postpaid net account additions decreased 29,000, or 6%, for the six months ended June 30, 2026, primarily from:
Previous report
Net cash provided by operating activities increased $508 million, or 7%, for the three months ended and increased $883 million, or 6%, for the six months ended June 30, 2026.
Previous report
Net cash used in investing activities increased $1.5 billion, or 96%, for the three months ended and increased $933 million, or 19%, for the six months ended June 30, 2026.
Previous report
The net use of cash for the six months ended June 30, 2026, was primarily from:
Previous report
The net use of cash for the six months ended June 30, 2026, was primarily from:
Previous report
•$185 million in Tax withholdings on share-based awards; partially offset by
Previous report
On July 10, 2026, we paid the FCC an additional $31 million and expect to pay the remaining $222 million on July 24, 2026, for the licenses won in the auction.
Previous report
Based on the adjusted amount paid upfront, an additional $420 million in future cash and T-Mobile common stock is payable in satisfaction of the earnout.
Reworded paragraphs (101)
Previous wording
Our MD&A is provided as a supplement to, and should be read together with, our unaudited condensed consolidated financial statements as of and for the three and six months ended June 30, 2026, included in Part I, Item 1 of this Form 10-Q, and audited consolidated financial statements, included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2025. Except as expressly stated, the financial condition and results of operations discussed throughout our MD&A are those of T-Mobile US, Inc. and its consolidated subsidiaries.
Current wording
Our MD&A is provided as a supplement to, and should be read together with, our unaudited condensed consolidated financial statements as of and for the three and nine months ended September 30, 2026, included in Part I, Item 1 of this Form 10-Q, and audited consolidated financial statements, included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2025. Except as expressly stated, the financial condition and results of operations discussed throughout our MD&A are those of T-Mobile US, Inc. and its consolidated subsidiaries.
Previous wording
On May 1, 2024 (the “Ka’ena Acquisition Date”), we completed the merger with Ka’ena Corporation and its subsidiaries, including, among others, Mint Mobile LLC (collectively, “Ka’ena”), and as a result, Ka’ena became a wholly owned subsidiary of T-Mobile (the “Ka’ena Acquisition”). The total purchase price consists of an upfront payment on the Ka’ena Acquisition Date and an earnout payable in the second half of 2026. Based on the adjusted amount paid upfront, an additional $420 million in future cash and T-Mobile common stock is payable in satisfaction of the earnout.
Current wording
On May 1, 2024 (the “Ka’ena Acquisition Date”), we completed the merger with Ka’ena Corporation and its subsidiaries, including, among others, Mint Mobile LLC (collectively, “Ka’ena”), and as a result, Ka’ena became a wholly owned subsidiary of T-Mobile (the “Ka’ena Acquisition”). The total purchase price consists of an upfront payment on the Ka’ena Acquisition Date and an earnout payable.
Previous wording
On April 24, 2026, we entered into a definitive agreement with an affiliate of Wren House Infrastructure Management Limited (“Wren House”) to establish a joint venture that will acquire i3 Broadband, one of Wren House’s existing fiber portfolio companies. The transaction with Wren House is expected to close in the second half of 2026, subject to customary closing conditions and regulatory approvals, at which time we expect to invest approximately $700 million to acquire a 50% equity interest in the joint venture and substantially all existing residential fiber customers.
Current wording
On April 24, 2026, we entered into a definitive agreement with an affiliate of Wren House Infrastructure Management Limited (“Wren House”) to establish a joint venture to acquire i3 Broadband, one of Wren House’s existing fiber portfolio companies. Subsequent to September 30, 2026, on October 1, 2026, we completed the joint acquisition of i3 Broadband upon the completion of certain customary closing conditions, including the receipt of certain regulatory approvals. At closing, we invested $671 million to acquire a 50% equity interest in the joint venture and substantially all existing residential fiber customers.
Previous wording
On April 25, 2026, we entered into definitive agreements with affiliates of Oak Hill Capital Management, LLC (“Oak Hill”) to establish a joint venture that will acquire and combine GoNetspeed and Greenlight Networks, two of Oak Hill’s existing fiber portfolio companies. The transaction with Oak Hill is expected to close in the first half of 2027, subject to customary closing conditions and regulatory approvals, at which time we expect to invest approximately $2.0 billion to acquire a 50% equity interest in the joint venture and substantially all existing residential fiber customers.
Current wording
On April 25, 2026, we entered into definitive agreements with affiliates of Oak Hill Capital Management, LLC (“Oak Hill”) to establish a joint venture to acquire GoNetspeed and Greenlight Networks, two of Oak Hill’s existing fiber portfolio companies. The transaction with Oak Hill is expected to close in the first half of 2027, subject to customary closing conditions and regulatory approvals, at which time we expect to invest approximately $2.0 billion to acquire a 50% equity interest in the joint venture and substantially all existing residential fiber customers.
Previous wording
On May 14, 2026, we announced that we have agreed in principle to form a new joint venture with AT&T Inc. and Verizon Communications Inc., or wholly owned subsidiaries thereof, which aims to end wireless dead zones in the U.S., including in rural areas, by pooling certain spectrum resources to increase capacity and help satellite providers reach more customers through a unified platform. This joint venture is expected to accelerate direct-to-device communications by using satellite-based technologies to address coverage gaps, especially in unserved and underserved communities. The joint venture remains subject to negotiating definitive agreements between the parties and, if finalized, would be subject to certain customary closing conditions. At closing, in exchange for an equity interest in the joint venture, we expect to invest cash and license certain intellectual property to the joint venture, and will also commit to provide access to certain spectrum licenses to satellite service providers who contract with the joint venture.
Current wording
On September 14, 2026, we entered into definitive agreements and formed a joint venture with AT&T Inc. and Verizon Communications Inc., or wholly owned subsidiaries thereof, which aims to end wireless dead zones in the U.S., including in rural areas, by pooling certain spectrum resources to increase capacity and help satellite providers reach more customers through a unified platform. This joint venture is expected to accelerate direct-to-device communications by using satellite-based technologies to address coverage gaps, especially in unserved and underserved communities. We expect to license certain intellectual property to the joint venture, and will also commit to provide access to certain spectrum licenses to satellite service providers who contract with the joint venture. The formation of this joint venture did not have a material impact on our condensed consolidated financial statements. We account for the joint venture with AT&T and Verizon under the equity method of accounting.
Previous wording
Recent technological advancements have enhanced our Customer-Driven Coverage insights, enabling us to identify, assess and shut down low customer value sites. In the fourth quarter of 2025, we began implementing restructuring initiatives to identify and realize these cost savings on our network, excluding activities associated with the UScellular Acquisition (the “Network Restructuring Initiative”). The major activities associated with the Network Restructuring Initiative include the rationalization of network and backhaul services and the decommissioning of cell sites and distributed antenna systems to reduce our overall network cost. Our Network Restructuring Initiative also includes the termination of certain of our operating leases for cell sites and switch sites.
Current wording
Recent technological advancements have enhanced our Customer-Driven Coverage insights, enabling us to identify, assess and shut down low customer value sites. In the fourth quarter of 2025, we began implementing restructuring initiatives to identify and realize these cost savings on our network, excluding activities associated with the UScellular Acquisition (the “Network Restructuring Initiative”). The major activities associated with the Network Restructuring Initiative include the rationalization of network and backhaul services and the decommissioning of cell sites and distributed antenna systems to reduce our overall network cost. Our Network Restructuring Initiative also includes the termination of certain of our operating leases for cell sites and switch sites, and accelerated depreciation related to assets associated with the decommissioning of cell sites.
Previous wording
Our Network Restructuring Initiative is expected to be completed prior to the end of 2027, with a majority of costs incurred by the end of 2026. We currently expect to incur between $500 million and $800 million of total costs associated with the Network Restructuring Initiative. We are evaluating additional restructuring activities associated with the Network Restructuring Initiative, which are dependent on consultations and negotiations with certain counterparties and the expected impact on our business operations, which could affect the amount or timing of the restructuring costs and related payments.
Current wording
Our Network Restructuring Initiative is expected to be completed prior to the end of 2027, with total expected costs incurred to be between $500 million and $800 million. We are evaluating additional restructuring activities associated with the Network Restructuring Initiative, which are dependent on consultations and negotiations with certain counterparties and the expected impact on our business operations, which could affect the amount or timing of the restructuring costs and related payments.
Previous wording
During the six months ended June 30, 2026, we recorded a pre-tax charge of $141 million related to the 2025-2026 Workforce Transformation, which are included in Cost of services and Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income. We have incurred substantially all of the costs associated with our 2025-2026 Workforce Transformation initiative and expect substantially all remaining associated employee separations and related cash outflows to occur throughout 2026.
Current wording
During the nine months ended September 30, 2026, we recorded a pre-tax charge of $141 million related to the 2025-2026 Workforce Transformation, which is included in Cost of services and Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income. We have incurred substantially all of the costs associated with our 2025-2026 Workforce Transformation initiative and expect substantially all remaining associated employee separations and related cash outflows to occur throughout 2026.
Previous wording
In connection with our ongoing digital initiatives to simplify routine transactions, as well as enhance customer experiences by transitioning in part to large-format experience stores, we began closing certain dealer and corporate owned stores in the second quarter of 2026. The major costs associated with these retail initiatives include contract termination, severance and costs associated with terminated operating leases. Costs associated with the closure of stores acquired in the UScellular Acquisition are included within UScellular merger-related costs.
Current wording
In connection with our ongoing digital initiatives to simplify routine transactions, as well as enhance customer experiences by transitioning in part to large-format experience stores, we began closing certain dealer- and corporate-owned stores in the second quarter of 2026. The major costs associated with these retail initiatives include contract termination, severance, store decommissioning and costs associated with terminated operating leases. Costs associated with the closure of stores acquired in the UScellular Acquisition are included within UScellular merger-related costs.
Previous wording
During the three and six months ended June 30, 2026, we recorded a pre-tax charge of $108 million related to these retail initiatives, which is included in Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income. We are evaluating additional restructuring activities associated with our retail initiatives, which are dependent on negotiations with certain counterparties and the expected impact on our business operations.
Current wording
During the three and nine months ended September 30, 2026, we recorded a pre-tax charge of $50 million and $158 million, respectively, related to these retail initiatives, which is included in Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income. We are evaluating additional restructuring activities associated with our retail initiatives, which are dependent on negotiations with certain counterparties and the expected impact on our business operations.
Previous wording
The following discussion and analysis is for the three and six months ended June 30, 2026, compared to the same periods in 2025, unless otherwise stated.
Current wording
The following discussion and analysis is for the three and nine months ended September 30, 2026, compared to the same periods in 2025, unless otherwise stated.
Previous wording
Total revenues increased $1.7 billion, or 8%, for the three months ended and increased $3.9 billion, or 9%, for the six months ended June 30, 2026. The components of these changes are discussed below.
Current wording
Total revenues increased $1.6 billion, or 7%, for the three months ended and increased $5.5 billion, or 9%, for the nine months ended September 30, 2026. The components of these changes are discussed below.
Previous wording
Prepaid revenues decreased $170 million, or 6%, for the three months ended and decreased $296 million, or 6%, for the six months ended June 30, 2026, primarily from lower average revenue per customer, primarily from dilution from promotional activity and rate plan mix.
Current wording
Prepaid revenues decreased $198 million, or 8%, for the three months ended and decreased $494 million, or 6%, for the nine months ended September 30, 2026.
Previous wording
Wholesale and other service revenues decreased $60 million, or 8%, for the three months ended and decreased $63 million, or 4%, for the six months ended June 30, 2026, primarily from lower MVNO revenues, including lower DISH and TracFone MVNO revenues.
Current wording
Wholesale and other service revenues decreased $55 million, or 7%, for the three months ended and decreased $118 million, or 6%, for the nine months ended September 30, 2026, primarily from lower MVNO revenues, including lower DISH and TracFone MVNO revenues.
Previous wording
The increase for the three months ended June 30, 2026, was primarily from an increase of $33 million in device sales revenue, primarily from:
Current wording
•An increase of $293 million in device sales revenue, primarily from:
Previous wording
•Higher average revenue per device sold, net of promotions, primarily driven by an increase in the high-end phone mix; partially offset by
Current wording
•Higher average revenue per device sold, net of promotions, primarily driven by an increase in the high-end phone mix and higher manufacturer pricing; partially offset by
Previous wording
•An increase in liquidation revenue, primarily due to an increase in the high-end phone mix.
Current wording
•An increase in liquidation revenue, primarily due to a higher number of liquidated devices and an increase in the high-end phone mix.
Previous wording
•An increase of $224 million in device sales revenue, primarily from higher average revenue per device sold, net of promotions, primarily driven by an increase in the high-end phone mix; and
Current wording
•Higher average revenue per device sold, net of promotions, primarily driven by an increase in the high-end phone mix and higher manufacturer pricing; partially offset by
Previous wording
Total operating expenses increased $1.4 billion, or 9%, for the three months ended and increased $3.9 billion, or 12%, for the six months ended June 30, 2026. The components of this change are discussed below.
Current wording
Total operating expenses increased $496 million, or 3%, for the three months ended and increased $4.4 billion, or 9%, for the nine months ended September 30, 2026. The components of this change are discussed below.
Previous wording
Cost of services, exclusive of depreciation and amortization, increased $261 million, or 10%, for the three months ended and increased $998 million, or 19%, for the six months ended June 30, 2026.
Current wording
Cost of services, exclusive of depreciation and amortization, increased $134 million, or 5%, for the three months ended and increased $1.1 billion, or 14%, for the nine months ended September 30, 2026.
Previous wording
•Wholesale network access costs and amortization of customer installation fees paid to Metronet and Lumos; and
Current wording
•Higher wholesale network access costs and amortization of customer installation fees paid to Metronet and Lumos; and
Previous wording
•Wholesale network access costs and amortization of customer installation fees paid to Metronet and Lumos.
Current wording
•Higher wholesale network access costs and amortization of customer installation fees paid to Metronet and Lumos; and
Previous wording
Cost of equipment sales, exclusive of depreciation and amortization, increased $396 million, or 8%, for the three months ended and increased $1.1 billion, or 11%, for the six months ended June 30, 2026.
Current wording
Cost of equipment sales, exclusive of depreciation and amortization, increased $591 million, or 12%, for the three months ended and increased $1.7 billion, or 12%, for the nine months ended September 30, 2026.
Previous wording
The increase for the three months ended June 30, 2026, was primarily from an increase of $358 million in device cost of equipment sales, primarily from:
Current wording
•An increase of $528 million in device cost of equipment sales, primarily from:
Previous wording
•Higher average cost per device sold, primarily driven by an increase in the high-end phone mix; partially offset by
Current wording
•Higher average cost per device sold, primarily driven by higher manufacturer pricing and an increase in the high-end phone mix; partially offset by
Previous wording
•An increase in liquidation costs, primarily due to an increase in the high-end phone mix.
Current wording
•An increase in liquidation costs, primarily due to a higher number of liquidated devices and an increase in the high-end phone mix.
Previous wording
•An increase of $917 million in device cost of equipment sales, primarily from higher average cost per device sold, primarily driven by an increase in the high-end phone mix; and
Current wording
•Higher average cost per device sold, primarily driven by higher manufacturer pricing and an increase in the high-end phone mix; partially offset by
Previous wording
The six months ended June 30, 2026, was impacted by:
Current wording
The three months ended September 30, 2026 was impacted by:
Previous wording
•Higher bad debt expense; and
Current wording
•Higher bad debt expense; offset by
Previous wording
•Contract termination and other costs associated with our retail initiatives; partially offset by
Current wording
•Contract termination and other costs associated with our retail initiatives; and
Previous wording
•A $151 million gain recognized in the prior period related to the completed sale of a portion of our 3.45 GHz spectrum licenses;
Current wording
•A $151 million gain recognized in the prior period related to the completed sale of a portion of our 3.45 GHz spectrum licenses; partially offset by
Previous wording
•Higher depreciation expense from the acceleration of certain network and technology assets in the current period, including UScellular restructuring.
Current wording
•Higher depreciation expense from the accelerated depreciation of certain network and technology assets, including UScellular restructuring.
Previous wording
Operating income, the components of which are discussed above, increased $277 million, or 5%, for the three months ended and was relatively flat for the six months ended June 30, 2026.
Current wording
Operating income, the components of which are discussed above, increased $1.1 billion, or 25%, for the three months ended and increased $1.1 billion, or 8%, for the nine months ended September 30, 2026.
Previous wording
Interest expense, net increased $133 million, or 14%, for the three months ended and increased $248 million, or 13%, for the six months ended June 30, 2026.
Current wording
Interest expense, net increased $107 million, or 12%, for the three months ended and increased $355 million, or 13%, for the nine months ended September 30, 2026.
Previous wording
Other expense, netincreased $96 million, or 873%, for the three months ended and increased $182 million, or 319%, for the six months ended June 30, 2026, primarily from our proportionate share of losses from the Lumos and Metronet joint ventures recognized during the current period.
Current wording
The increase for the nine months ended September 30, 2026, was primarily from our proportionate share of net losses from the Lumos and Metronet joint ventures recognized during the current period.
Previous wording
Income before income taxes, the components of which are discussed above, was $4.3 billion for both the three months ended June 30, 2026 and 2025, and $7.7 billion and $8.1 billion for the six months ended June 30, 2026 and 2025, respectively.
Current wording
Income before income taxes, the components of which are discussed above, was $4.5 billion and $3.5 billion for the three months ended September 30, 2026 and 2025, respectively, and $12.2 billion and $11.6 billion for the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
Our effective tax rate was 25.2% and 24.7% for the three months ended June 30, 2026 and 2025, respectively.
Current wording
Our effective tax rate was 23.9% and 23.1% for the three months ended September 30, 2026 and 2025, respectively.
Previous wording
Our effective tax rate was 25.0% and 23.9% for the six months ended June 30, 2026 and 2025, respectively.
Current wording
Our effective tax rate was 24.6% and 23.7% for the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
Net income, the components of which are discussed above, was $3.2 billion for both the three months ended June 30, 2026 and 2025, and $5.7 billion and $6.2 billion for the six months ended June 30, 2026 and 2025, respectively. Net income included:
Current wording
Net income, the components of which are discussed above, was $3.5 billion and $2.7 billion for the three months ended September 30, 2026 and 2025, respectively, and $9.2 billion and $8.9 billion for the nine months ended September 30, 2026 and 2025, respectively. Net income included:
Previous wording
•UScellular merger-related costs, including accelerated depreciation, net of tax, of $146 million and $622 million for the three and six months ended June 30, 2026, respectively, compared to $25 million and $35 million of UScellular merger-related costs for the three and six months ended June 30, 2025, respectively;
Current wording
•UScellular merger-related costs, including accelerated depreciation, net of tax, of $98 million and $720 million for the three and nine months ended September 30, 2026, respectively, compared to $55 million and $90 million of UScellular merger-related costs, net of tax, for the three and nine months ended September 30, 2025, respectively;
Showing the first 40 of 101 pairs. Open the source sections for the rest.
Rearranged current paragraphs (10)
Current report — wording carried from elsewhere
•Lower average revenue per customer, primarily from dilution from promotional activity and rate plan mix.
Current report — wording carried from elsewhere
•Lower average revenue per customer, primarily from dilution from promotional activity and rate plan mix; and
Current report — wording carried from elsewhere
•An increase of $517 million in device sales revenue, primarily from:
Current report — wording carried from elsewhere
•An increase in liquidation revenue, primarily due to an increase in the high-end phone mix and a higher number of liquidated devices.
Current report — wording carried from elsewhere
•An increase of $1.4 billion in device cost of equipment sales, primarily from:
Current report — wording carried from elsewhere
•Higher Equipment revenues, excluding Lease revenues; partially offset by
Current report — wording carried from elsewhere
•$498 million in Proceeds from issuance of long-term debt, net.
Current report — wording carried from elsewhere
On August 1, 2025, we completed the UScellular Acquisition, and as a result, the UScellular Wireless Business became wholly owned by T-Mobile. In exchange, on the UScellular Acquisition Date, we transferred cash of $2.8 billion. Additionally, the closing of the UScellular Acquisition obligated us to execute the Exchange Offers. On August 5, 2025, we executed the Exchange Offers of certain senior notes of UScellular with an aggregate outstanding principal balance of $1.7 billion for T-Mobile notes with the same interest rate, interest payment dates, maturity dates and redemption terms as each corresponding series of senior notes of UScellular.
Current report — wording carried from elsewhere
For more information regarding the UScellular Acquisition, see Note 2 – Business Combinations of the Notes to the Condensed Consolidated Financial Statements.
Current report — wording carried from elsewhere
On June 15, 2026, our Board of Directors declared a cash dividend of $1.02 per share on our issued and outstanding common stock, which was paid on September 10, 2026, to stockholders of record as of the close of business on August 28, 2026.
Rearranged previous paragraphs (12)
Previous report — wording carried elsewhere
•Higher costs following the UScellular Acquisition, including merger-related costs; and
Previous report — wording carried elsewhere
•Higher costs following the UScellular Acquisition, including merger-related costs;
Previous report — wording carried elsewhere
•A $151 million gain recognized in the prior period related to the completed sale of a portion of our 3.45 GHz spectrum licenses;
Previous report — wording carried elsewhere
•$132 million of severance and related costs associated with the 2025-2026 Workforce Transformation; and
Previous report — wording carried elsewhere
•Contract termination and other costs associated with our retail initiatives; partially offset by
Previous report — wording carried elsewhere
•An increase in vendor credits related to software services.
Previous report — wording carried elsewhere
The increase for the three months ended June 30, 2026, was primarily from lower interest income, primarily due to lower average balances and lower average interest rates on short-term cash equivalents.
Previous report — wording carried elsewhere
•Higher gross account additions, including fiber account additions following the acquisition of Metronet.
Previous report — wording carried elsewhere
•Higher Total service revenues; partially offset by
Previous report — wording carried elsewhere
•Higher Selling, general and administrative expenses, excluding Special Items.
Previous report — wording carried elsewhere
•Higher Net cash provided by operating activities, as described above; partially offset by
Previous report — wording carried elsewhere
•Higher Cash purchases of property and equipment, including capitalized interest, primarily from the planned timing of capital purchases, including for incremental capital expenditures following the UScellular Acquisition.