T-Mobile US (TMUS) Q2 2026 earnings summary

Executive summary

• Achieved record-high NPS of 46, the highest in wireless among major carriers, reflecting strong customer satisfaction and network leadership, and swept major network awards from Ookla, Opensignal, and P3.

• Total revenues for Q2 2026 increased 8% year-over-year to $22.8 billion, driven by strong postpaid growth, recent acquisitions, and continued outperformance in broadband and wireless.

• Net income for Q2 2026 was $3.2 billion, flat to up 1% year-over-year, with higher operating income offset by increased expenses, including $146 million in UScellular merger-related costs.

• Major acquisitions included UScellular Wireless Business, Vistar Media, Blis Holdco, and Ka'ena Corporation, expanding wireless and advertising capabilities.

• Significant restructuring initiatives underway, including UScellular integration, network optimization, workforce transformation, and retail rationalization.

Financial highlights

• Q2 2026 total revenues: $22.8B (+8% YoY); service revenues reached $19.0B (+9% YoY); postpaid service revenues rose 13% to $15.9B.

• Net income for Q2 2026: $3.2B (flat to +1% YoY); diluted EPS increased 5% to $2.99, including $0.14 per share impact from merger-related costs.

• Core Adjusted EBITDA for Q2 2026: $9.5B (+12% YoY); margin of 50% of service revenues.

• Operating cash flow for Q2 2026: $7.5B (+7% YoY); Adjusted Free Cash Flow: $4.8B (+4% YoY); margin was 25.3%.

• Postpaid net account additions of 277,000 in Q2; postpaid ARPA up 2% YoY to $152.91; total postpaid accounts at 34.7M (+10% YoY).

Outlook and guidance

• Full-year postpaid account net additions expected between 950,000 and 1,050,000.

• Full-year service revenues guided to ~$77 billion, up 8% YoY; Q3 service revenue expected at $19.3 billion, up 6%.

• Core Adjusted EBITDA guidance for the year at $37.1–$37.5 billion, 10% growth at midpoint; Q3 expected at $9.4 billion, up 8%.

• Adjusted Free Cash Flow guidance raised to $18.4–$18.8 billion; net cash from operating activities now expected at $28.4–$28.8 billion.

• Capital expenditures projected at ~$10 billion; Cash CapEx for 2026 remains at ~$10 billion.