T-Mobile US (TMUS) 2026 Evercore Global TMT Conference summary

Strategic execution and financial performance

• Maintains focus on best network, value, and customer experience, driving industry-leading NPS and consistent profitability.

• Q1 saw 217,000 postpaid account net adds, 11% service revenue growth, 12% core EBITDA growth, and 24% free cash flow margin.

• Strong demand across all markets, with broadband net additions exceeding 500,000 and 5G broadband growth accelerating.

• Chose not to match aggressive device promotions, prioritizing high-quality customer growth and higher port-in ARPUs.

• CLVs up double-digits year-over-year in Q1, with network quality cited as the top reason for switching.

Customer value, churn, and ARPA dynamics

• Focuses on translating unit growth into service revenue, EBITDA, and free cash flow, not just headline KPIs.

• Account churn is structurally higher than postpaid phone churn due to broadband and acquired accounts, but trends are as expected.

• Postpaid ARPA growth expected at 2% in Q2, re-accelerating to 2.5%-3% for the full year, driven by premium mix and new products.

• Premium plan adoption remains high, with 60% of new lines on premium plans, supporting ARPA growth.

Growth opportunities and market expansion

• Major growth drivers include network seekers, rural/small markets, business segment, UScellular integration, and broadband.

• Achieved over 50% market share in Manhattan, with significant runway in rural areas post-UScellular acquisition.

• 5G broadband target raised to 15 million subscribers by 2030; fiber and business segments also highlighted as key opportunities.

• No legacy declining businesses; all investments target growth and strength.