T-Mobile Q3 Telecom Brief

01Executive Summary

T-Mobile US used its Q3 2026 results to show that it is making more money from each customer, its network and its spectrum, even as new-account growth slowed. Postpaid service revenue rose 9% to $16.3B. Postpaid ARPA reached $155.73 (+4.2% YoY). Core Adjusted EBITDA margin widened 210 bps to 49.7%, and cash capex fell 14% to $2.27B. Postpaid net account additions slowed to 274K (from 396K), and account churn rose to 1.09%. Management raised its ARPA, EBITDA and free-cash-flow outlook for 2026.

Key takeaways

• Network leadership: median download speeds are about 60–70% faster than the two largest rivals (Ookla data). Opensignal named T-Mobile its global 5G winner again, and the company completed what it called the world's first AI-RAN call on its live network in Bellevue.
• Spectrum reshuffle: T-Mobile sold its 800 MHz licenses to Grain Management for $2.9B in cash plus 600 MHz licenses worth $690M. Grain has since agreed to sell the 800 MHz licenses to SpaceX, and T-Mobile gets 50% of any excess proceeds. T-Mobile also won 102 AWS-3 licenses ($278M), walked away from EchoStar's spectrum on price and is preparing for the C-band 2.0 and 2.7 GHz auctions.
• Broadband: 5G fixed wireless is running ahead of the 15M-customer goal, and T-Mobile led the industry in FWA net additions. Fiber is reaching about 20% penetration within 12 months of launch, against a target of 3–4M customers by 2030. The i3 Broadband fiber JV closed on October 1 ($671M), and a GoNetspeed/Greenlight JV (~$2.0B) is due to close in 1H 2027.
• New network frontiers: T-Mobile is building "Kinetic Edge" instances with AWS (5G Advanced, edge compute and cloud AI), with physical-AI build-out expected mainly in 2027–2028. It also joined a new AT&T / Verizon / T-Mobile JV to tackle dead zones and pool spectrum for satellite providers. It has no consumer or edge-AI MVNO with SpaceX.
• Uplink is the next bottleneck: traffic grew about 5x over five years and is becoming more uplink-heavy, driven by AI, wearables and physical-AI devices. T-Mobile is responding with 5G Advanced uplink features and TDD spectrum.
• Guidance raised: Core Adj. EBITDA is now $37.35–37.45B (+$100M at the midpoint), Adjusted FCF $18.7–18.8B (+$150M) and postpaid ARPA growth ~3.5% (up from 2.5–3.0%). Capex stays at ~$10B. The ~$76.8B service-revenue outlook absorbs a faster decline in Boost wholesale revenue and continued prepaid weakness.
• Less disclosure: T-Mobile now reports at the account level. It no longer publishes postpaid phone net adds, phone churn, prepaid adds or FWA/broadband customer counts and ARPU.

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02Q3 Operator Scorecard

Postpaid is now about 84% of T-Mobile's service revenue. It grew $1.39B year over year, more than offsetting declines in prepaid (−$198M) and wholesale (−$55M). Service revenue grew 6% while SG&A was essentially flat ($6,020M vs. $6,015M), so most of the gain flowed through to margin: Core Adjusted EBITDA rose 11% to $9.62B. Margin slipped 50 bps from Q2 (50.2%) as SG&A excluding Special Items rose $209M quarter over quarter.

↑ Back to contents

03Customers, Accounts & Digital

T-Mobile now manages and reports its customer base by account rather than by phone line. It ended the quarter with 34.97M postpaid accounts, 995K (+2.9%) more than a year earlier. Net adds of 274K were roughly flat on Q2 (277K) but down 31% from Q3 2025 (396K). For the first nine months, net adds were 768K (2025: 919K), against full-year guidance of ~1.0M (reaffirmed).

Why churn rose

• Account churn was 12 bps higher YoY and 10 bps higher QoQ. T-Mobile attributes this to rate-plan modernization (price changes), a higher mix of broadband-only accounts, which churn more, and seasonal switching.
• CFO Peter Osvaldik said postpaid phone churn was not disclosed, but it was in line with expectations. Some residual churn from rate-plan changes is expected in Q4, though less than in earlier quarters, and Q4 is seasonally higher-churn. All of this is included in guidance.

Why ARPA keeps growing (management view: "structural")

• About 60% of new account lines are taking premium plans.
• Customers are adding more lines and services within each account.
• Port-in ARPU runs about 20% above port-out ARPU, so T-Mobile is winning higher-value customers than it loses.
• The "back-book vs. front-book" advantage: existing customers pay less on average than new ones, which supports retention.
• T-Mix, a new plan structure, lets customers choose and change their plan benefits. Gopalan cited survey data showing 84% of customers want more control over their plans.

Digital and AI-driven customer operations

AI is also improving network optimization and capex allocation and lowering IT costs. Management described the digital push as being about a better customer experience, not only cost. On AI agents, COO Jonathan Freier said they have had no material impact on customer behavior yet. If AI tools start comparing plans on value, he expects that to favor T-Mobile because of its back-book pricing advantage.

↑ Back to contents

04Network Performance & Technology

Milestones announced

AI-RAN

Completed what T-Mobile called the world's first AI-RAN call on a live network, in Bellevue, Washington.

AI radio resource planning

New York field trials beat expectations. Partners cite potential spectral-efficiency gains of 20% to 100%, which could further improve the FWA experience. CTO John Saw said Ericsson's spectral-efficiency improvements are already built into network planning.

Awards

Opensignal global 5G winner. JD Power #1 for business wireless customer satisfaction (large enterprise and small business).

Capacity

Gopalan said FWA Net Promoter Scores lead the category, including against fiber, which shows there are no capacity constraints.

Traffic outlook to 2030 (CTO John Saw)

↑ Back to contents

05Spectrum Portfolio & Transactions

The spectrum portfolio rose to $100.0B on the balance sheet (Dec 31, 2025: $98.0B). That reflects $2.5B of acquisitions, offset by $530M moved to held-for-sale. In Q3 itself, cash spent on spectrum and intangibles fell to $324M (Q3 2025: $1,590M), while asset-sale proceeds of $2,927M came mainly from the 800 MHz deal.

Every spectrum transaction disclosed

Spectrum strategy (CEO Srini Gopalan)

• Spectrum underpins network leadership and the enterprise, 6G and edge-AI opportunities.
• Each purchase is weighed against the cost of densifying the network instead.
• T-Mobile welcomes more spectrum coming to market but will not pay uneconomic prices. That is why it walked away from EchoStar.
• The CFO expects spectrum to take a larger share of capital in 2027–2028. Capital allocation priorities are unchanged: maintain leverage targets, then invest in the core business, then spectrum and accretive M&A, then balanced shareholder returns.

↑ Back to contents

06Broadband: 5G FWA & Fiber

Fiber and broadband deals

T-Mobile Form 10-Q, quarter ended Sep 30, 2026; T-Mobile Q3 2026 Investor Factbook.

↑ Back to contents

07Satellite & Industry Collaboration

New industry JV

AT&T, Verizon and T-Mobile formed a JV on September 14, 2026 to address wireless dead zones and pool spectrum for satellite providers. T-Mobile describes it as not material.

SpaceX

There is no consumer or edge-AI MVNO with SpaceX. Gopalan said T-Mobile tests any MVNO-style deal on whether it adds addressable market, distribution or capability. Other commercial agreements remain possible.

800 MHz link

On October 8, Grain agreed to sell the 800 MHz licenses it bought from T-Mobile to SpaceX. T-Mobile is entitled to 50% of any excess proceeds.

Satellite vs. FWA

Gopalan called satellite an inferior substitute for FWA in most areas, so the spectrum-capacity synergy is limited. Complementary satellite resale is possible, but an MVNO is a different matter.

Positioning

Satellite is treated as complementary to the terrestrial network, not as an alternative network.

Related: NextGComm Market Insight: SpaceX Starlink Q3 2026 connectivity briefing.

↑ Back to contents

08Edge, Physical AI & T-Mobile for Business

Physical AI and Kinetic Edge

What

Initial "Kinetic Edge" instances with AWS, combining 5G Advanced connectivity, distributed edge computing and AWS cloud/AI services.

Why 5G Advanced

Physical AI needs low latency, edge inference and voice, all of which favor 5G Advanced.

Business model

Early revenue comes from solutions that lower device cost, with T-Mobile sharing in the savings, rather than from selling connectivity or compute on their own.

Timing

The market is still early. Build-out is expected mainly in 2027–2028, maturing by 2035.

Funding

Asked who funds the infrastructure, management pointed to the device-cost-saving model above. No separate capex figure was given.

T-Mobile for Business

The business unit is now led by Chris Sambar, Chief Enterprise Officer.

↑ Back to contents

09Network Investment, Integration & Obligations

Cash capex fell to $2.27B in Q3, or 11.7% of service revenue, the lowest in the periods shown. That compares with $2.70B in Q2 2026 and $2.64B in Q3 2025. Nine-month capex was $7.60B. Full-year guidance stays at ~$10.0B, which implies about $2.4B in Q4 (derived). Net property and equipment fell to $36.0B from $38.3B at year-end.

UScellular integration

• The deal closed on August 1, 2025, with $2.8B of consideration and $1.7B of debt assumed ($1,653M). It added 1,448K postpaid accounts. The purchase-accounting measurement period closed on July 31, 2026.
• Merger-related costs were $129M pre-tax in Q3 2026 ($98M after tax, $0.09/share), compared with $182M in Q2 2026 ($0.14/share including accelerated depreciation) and $73M in Q3 2025. Nine-month merger-related costs were $717M (9M 2025: $120M).
• The integration also drove $321M of accelerated lease expense and $242M of accelerated depreciation in the first nine months of 2026.
• Q3 2026 net merger-related cash payments were $198M.

Restructuring programs

T-Mobile Form 10-Q, quarter ended Sep 30, 2026. The 10-Q restructuring note uses a different basis from the Adjusted EBITDA add-backs above ($38M network restructuring in Q3), so the two figures differ.

Other footprint and M&A items

• Retail store closures: $50M of costs in Q3 2026 ($108M in Q2 2026).
• Ka'ena earnout: $420M, paid on October 9, 2026 as $164M in cash plus about 1.5M shares.
• Account base adjustments: −18K in Q1 2026 (combining business accounts) and −16K in Q2 2026 (Metronet account repurchase). Neither affected net adds.

Regulatory, security and build-out obligations

• Tower obligations: $3.4B at September 30, 2026 (Form 10-Q).
• Sprint merger commitments (5G build-out, rural coverage and national security) remain in force. There is a contingent ground-lease liability of $233M covering about 850 sites.
• FCC location-data penalty (Sprint and T-Mobile): the D.C. Circuit denied review in 2025 and rehearing in January 2026. A Supreme Court cert petition is pending.
• August 2021 cyberattack: a $350M class settlement has been paid. Other agency inquiries continue, and further losses are reasonably possible.
• January 2023 API incident (~37M accounts): class actions were dismissed without prejudice, and regulatory inquiries are ongoing.
• Sprint merger antitrust suit (Dale v. Deutsche Telekom, N.D. Ill.) is being vigorously defended.

↑ Back to contents

10Competition, Devices & Pricing

• Rivals are targeting one- and two-line accounts. Gopalan said T-Mobile manages volume and value together rather than cutting prices in individual segments.
• Device subsidies have risen across the industry as device prices rose. T-Mobile ties its subsidies to higher-value plans and T-Mix.
• Management expects Q4 variability because of staggered iPhone launches and device price increases. Q4 is seasonally the most promotional quarter.
• Device financing: 36 months is the right length for now, with 24- and 36-month options available. Flexibility, including the choice not to take a device, is central to T-Mix.

↑ Back to contents

112026 Guidance & Implied Q4

What the Q4 bridge tells us

• The ~1.0M net-adds guide implies about 232K in Q4, below Q3's 274K. Q4 is the most promotional quarter, and broadband-only accounts churn more.
• The EBITDA guide implies $8.95–9.05B in Q4, below Q3's $9.62B. The CFO pointed to seasonal promotions and to M&A timing (UScellular and fiber deals), which distorts year-over-year comparisons. He said the ~7% Q4 postpaid service-revenue growth is organic.
• The service-revenue outlook absorbs faster-than-expected Boost wholesale roll-off and continued prepaid weakness.

↑ Back to contents

12NextGComm Advisory: Operator Playbook

NextGComm view This section is NextGComm analysis and opinion, not company disclosure.

↑ Back to contents

13Data Gaps & Scope Notes

• Not disclosed by T-Mobile: postpaid phone net adds, postpaid phone churn, prepaid net adds, FWA/5G broadband and fiber customer counts, broadband ARPU, and capex or revenue for the Kinetic Edge program.
• Different bases: network restructuring is $38M in Q3 in the Adjusted EBITDA reconciliation but $30M in the 10-Q restructuring note. Cost of services is $3,007M as reported but $2,939M excluding Special Items (Factbook). Total debt is $85.96B excluding tower obligations (Factbook) but $83.7B in the 10-Q.
• Source limits: the 10-Q web text ended partway through the restructuring note, so MD&A, market-risk, controls and Part II items were not available. The standalone "ER Tables" PDF could not be text-extracted, so the same tables were taken from the earnings release and 10-Q.
• Transcript attributions: the published transcript labels the Citigroup question (Michael Rollins) as Craig Moffett and sometimes calls Jonathan Freier "John". This briefing uses the corrected attributions. One question came via social media ("Chetan"). The call summary is a paraphrase, not a verbatim transcript.
• Derived figures: growth rates, revenue shares and implied Q4 values were calculated by NextGComm from reported figures and are labeled "Derived".
• Scope: this briefing focuses on network and telecom operations. Capital-markets detail (debt issuance and redemptions, the revolver, receivables facilities, Deutsche Telekom shareholder suits, accounting standard updates ASU 2025-11, 2025-06 and 2024-03, and share-count data) is covered only as context or omitted.

↑ Back to contents

14Sources

• T-Mobile US, Q3 2026 earnings call, October 28, 2026: transcript · webcast replay
• T-Mobile US, Q3 2026 Investor Factbook (investor.t-mobile.com, Quarterly Results)
• T-Mobile US, Q3 2026 earnings release and non-GAAP reconciliation tables
• T-Mobile US, Inc., Form 10-Q for the quarter ended September 30, 2026 (File No. 1-33409)
• Third-party data cited by T-Mobile: Ookla (speeds), Opensignal (5G awards), JD Power (business satisfaction)

This NextGComm Market Insight briefing is based on T-Mobile US public disclosures and is for information only. It is not investment advice. Forward-looking statements reflect company guidance as of October 28, 2026, and actual results may differ. Figures are in US dollars. "Derived" figures are NextGComm calculations. T-Mobile is a trademark of Deutsche Telekom AG. NextGComm is not affiliated with T-Mobile.

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01Executive Summary

T-Mobile US used its Q3 2026 results to show that it is making more money from each customer, its network and its spectrum, even as new-account growth slowed. Postpaid service revenue rose 9% to $16.3B. Postpaid ARPA reached $155.73 (+4.2% YoY). Core Adjusted EBITDA margin widened 210 bps to 49.7%, and cash capex fell 14% to $2.27B. Postpaid net account additions slowed to 274K (from 396K), and account churn rose to 1.09%. Management raised its ARPA, EBITDA and free-cash-flow outlook for 2026.

Key takeaways

• Network leadership: median download speeds are about 60–70% faster than the two largest rivals (Ookla data). Opensignal named T-Mobile its global 5G winner again, and the company completed what it called the world's first AI-RAN call on its live network in Bellevue.
• Spectrum reshuffle: T-Mobile sold its 800 MHz licenses to Grain Management for $2.9B in cash plus 600 MHz licenses worth $690M. Grain has since agreed to sell the 800 MHz licenses to SpaceX, and T-Mobile gets 50% of any excess proceeds. T-Mobile also won 102 AWS-3 licenses ($278M), walked away from EchoStar's spectrum on price and is preparing for the C-band 2.0 and 2.7 GHz auctions.
• Broadband: 5G fixed wireless is running ahead of the 15M-customer goal, and T-Mobile led the industry in FWA net additions. Fiber is reaching about 20% penetration within 12 months of launch, against a target of 3–4M customers by 2030. The i3 Broadband fiber JV closed on October 1 ($671M), and a GoNetspeed/Greenlight JV (~$2.0B) is due to close in 1H 2027.
• New network frontiers: T-Mobile is building "Kinetic Edge" instances with AWS (5G Advanced, edge compute and cloud AI), with physical-AI build-out expected mainly in 2027–2028. It also joined a new AT&T / Verizon / T-Mobile JV to tackle dead zones and pool spectrum for satellite providers. It has no consumer or edge-AI MVNO with SpaceX.
• Uplink is the next bottleneck: traffic grew about 5x over five years and is becoming more uplink-heavy, driven by AI, wearables and physical-AI devices. T-Mobile is responding with 5G Advanced uplink features and TDD spectrum.
• Guidance raised: Core Adj. EBITDA is now $37.35–37.45B (+$100M at the midpoint), Adjusted FCF $18.7–18.8B (+$150M) and postpaid ARPA growth ~3.5% (up from 2.5–3.0%). Capex stays at ~$10B. The ~$76.8B service-revenue outlook absorbs a faster decline in Boost wholesale revenue and continued prepaid weakness.
• Less disclosure: T-Mobile now reports at the account level. It no longer publishes postpaid phone net adds, phone churn, prepaid adds or FWA/broadband customer counts and ARPU.

↑ Back to contents

02Q3 Operator Scorecard

Postpaid is now about 84% of T-Mobile's service revenue. It grew $1.39B year over year, more than offsetting declines in prepaid (−$198M) and wholesale (−$55M). Service revenue grew 6% while SG&A was essentially flat ($6,020M vs. $6,015M), so most of the gain flowed through to margin: Core Adjusted EBITDA rose 11% to $9.62B. Margin slipped 50 bps from Q2 (50.2%) as SG&A excluding Special Items rose $209M quarter over quarter.

↑ Back to contents

03Customers, Accounts & Digital

T-Mobile now manages and reports its customer base by account rather than by phone line. It ended the quarter with 34.97M postpaid accounts, 995K (+2.9%) more than a year earlier. Net adds of 274K were roughly flat on Q2 (277K) but down 31% from Q3 2025 (396K). For the first nine months, net adds were 768K (2025: 919K), against full-year guidance of ~1.0M (reaffirmed).

Why churn rose

• Account churn was 12 bps higher YoY and 10 bps higher QoQ. T-Mobile attributes this to rate-plan modernization (price changes), a higher mix of broadband-only accounts, which churn more, and seasonal switching.
• CFO Peter Osvaldik said postpaid phone churn was not disclosed, but it was in line with expectations. Some residual churn from rate-plan changes is expected in Q4, though less than in earlier quarters, and Q4 is seasonally higher-churn. All of this is included in guidance.

Why ARPA keeps growing (management view: "structural")

• About 60% of new account lines are taking premium plans.
• Customers are adding more lines and services within each account.
• Port-in ARPU runs about 20% above port-out ARPU, so T-Mobile is winning higher-value customers than it loses.
• The "back-book vs. front-book" advantage: existing customers pay less on average than new ones, which supports retention.
• T-Mix, a new plan structure, lets customers choose and change their plan benefits. Gopalan cited survey data showing 84% of customers want more control over their plans.

Digital and AI-driven customer operations

AI is also improving network optimization and capex allocation and lowering IT costs. Management described the digital push as being about a better customer experience, not only cost. On AI agents, COO Jonathan Freier said they have had no material impact on customer behavior yet. If AI tools start comparing plans on value, he expects that to favor T-Mobile because of its back-book pricing advantage.

↑ Back to contents

04Network Performance & Technology

Milestones announced

AI-RAN

Completed what T-Mobile called the world's first AI-RAN call on a live network, in Bellevue, Washington.

AI radio resource planning

New York field trials beat expectations. Partners cite potential spectral-efficiency gains of 20% to 100%, which could further improve the FWA experience. CTO John Saw said Ericsson's spectral-efficiency improvements are already built into network planning.

Awards

Opensignal global 5G winner. JD Power #1 for business wireless customer satisfaction (large enterprise and small business).

Capacity

Gopalan said FWA Net Promoter Scores lead the category, including against fiber, which shows there are no capacity constraints.

Traffic outlook to 2030 (CTO John Saw)

↑ Back to contents

05Spectrum Portfolio & Transactions

The spectrum portfolio rose to $100.0B on the balance sheet (Dec 31, 2025: $98.0B). That reflects $2.5B of acquisitions, offset by $530M moved to held-for-sale. In Q3 itself, cash spent on spectrum and intangibles fell to $324M (Q3 2025: $1,590M), while asset-sale proceeds of $2,927M came mainly from the 800 MHz deal.

Every spectrum transaction disclosed

Spectrum strategy (CEO Srini Gopalan)

• Spectrum underpins network leadership and the enterprise, 6G and edge-AI opportunities.
• Each purchase is weighed against the cost of densifying the network instead.
• T-Mobile welcomes more spectrum coming to market but will not pay uneconomic prices. That is why it walked away from EchoStar.
• The CFO expects spectrum to take a larger share of capital in 2027–2028. Capital allocation priorities are unchanged: maintain leverage targets, then invest in the core business, then spectrum and accretive M&A, then balanced shareholder returns.

↑ Back to contents

06Broadband: 5G FWA & Fiber

Fiber and broadband deals

T-Mobile Form 10-Q, quarter ended Sep 30, 2026; T-Mobile Q3 2026 Investor Factbook.

↑ Back to contents

07Satellite & Industry Collaboration

New industry JV

AT&T, Verizon and T-Mobile formed a JV on September 14, 2026 to address wireless dead zones and pool spectrum for satellite providers. T-Mobile describes it as not material.

SpaceX

There is no consumer or edge-AI MVNO with SpaceX. Gopalan said T-Mobile tests any MVNO-style deal on whether it adds addressable market, distribution or capability. Other commercial agreements remain possible.

800 MHz link

On October 8, Grain agreed to sell the 800 MHz licenses it bought from T-Mobile to SpaceX. T-Mobile is entitled to 50% of any excess proceeds.

Satellite vs. FWA

Gopalan called satellite an inferior substitute for FWA in most areas, so the spectrum-capacity synergy is limited. Complementary satellite resale is possible, but an MVNO is a different matter.

Positioning

Satellite is treated as complementary to the terrestrial network, not as an alternative network.

Related: NextGComm Market Insight: SpaceX Starlink Q3 2026 connectivity briefing.

↑ Back to contents

08Edge, Physical AI & T-Mobile for Business

Physical AI and Kinetic Edge

What

Initial "Kinetic Edge" instances with AWS, combining 5G Advanced connectivity, distributed edge computing and AWS cloud/AI services.

Why 5G Advanced

Physical AI needs low latency, edge inference and voice, all of which favor 5G Advanced.

Business model

Early revenue comes from solutions that lower device cost, with T-Mobile sharing in the savings, rather than from selling connectivity or compute on their own.

Timing

The market is still early. Build-out is expected mainly in 2027–2028, maturing by 2035.

Funding

Asked who funds the infrastructure, management pointed to the device-cost-saving model above. No separate capex figure was given.

T-Mobile for Business

The business unit is now led by Chris Sambar, Chief Enterprise Officer.

↑ Back to contents

09Network Investment, Integration & Obligations

Cash capex fell to $2.27B in Q3, or 11.7% of service revenue, the lowest in the periods shown. That compares with $2.70B in Q2 2026 and $2.64B in Q3 2025. Nine-month capex was $7.60B. Full-year guidance stays at ~$10.0B, which implies about $2.4B in Q4 (derived). Net property and equipment fell to $36.0B from $38.3B at year-end.

UScellular integration

• The deal closed on August 1, 2025, with $2.8B of consideration and $1.7B of debt assumed ($1,653M). It added 1,448K postpaid accounts. The purchase-accounting measurement period closed on July 31, 2026.
• Merger-related costs were $129M pre-tax in Q3 2026 ($98M after tax, $0.09/share), compared with $182M in Q2 2026 ($0.14/share including accelerated depreciation) and $73M in Q3 2025. Nine-month merger-related costs were $717M (9M 2025: $120M).
• The integration also drove $321M of accelerated lease expense and $242M of accelerated depreciation in the first nine months of 2026.
• Q3 2026 net merger-related cash payments were $198M.

Restructuring programs

T-Mobile Form 10-Q, quarter ended Sep 30, 2026. The 10-Q restructuring note uses a different basis from the Adjusted EBITDA add-backs above ($38M network restructuring in Q3), so the two figures differ.

Other footprint and M&A items

• Retail store closures: $50M of costs in Q3 2026 ($108M in Q2 2026).
• Ka'ena earnout: $420M, paid on October 9, 2026 as $164M in cash plus about 1.5M shares.
• Account base adjustments: −18K in Q1 2026 (combining business accounts) and −16K in Q2 2026 (Metronet account repurchase). Neither affected net adds.

Regulatory, security and build-out obligations

• Tower obligations: $3.4B at September 30, 2026 (Form 10-Q).
• Sprint merger commitments (5G build-out, rural coverage and national security) remain in force. There is a contingent ground-lease liability of $233M covering about 850 sites.
• FCC location-data penalty (Sprint and T-Mobile): the D.C. Circuit denied review in 2025 and rehearing in January 2026. A Supreme Court cert petition is pending.
• August 2021 cyberattack: a $350M class settlement has been paid. Other agency inquiries continue, and further losses are reasonably possible.
• January 2023 API incident (~37M accounts): class actions were dismissed without prejudice, and regulatory inquiries are ongoing.
• Sprint merger antitrust suit (Dale v. Deutsche Telekom, N.D. Ill.) is being vigorously defended.

↑ Back to contents

10Competition, Devices & Pricing

• Rivals are targeting one- and two-line accounts. Gopalan said T-Mobile manages volume and value together rather than cutting prices in individual segments.
• Device subsidies have risen across the industry as device prices rose. T-Mobile ties its subsidies to higher-value plans and T-Mix.
• Management expects Q4 variability because of staggered iPhone launches and device price increases. Q4 is seasonally the most promotional quarter.
• Device financing: 36 months is the right length for now, with 24- and 36-month options available. Flexibility, including the choice not to take a device, is central to T-Mix.

↑ Back to contents

112026 Guidance & Implied Q4

What the Q4 bridge tells us

• The ~1.0M net-adds guide implies about 232K in Q4, below Q3's 274K. Q4 is the most promotional quarter, and broadband-only accounts churn more.
• The EBITDA guide implies $8.95–9.05B in Q4, below Q3's $9.62B. The CFO pointed to seasonal promotions and to M&A timing (UScellular and fiber deals), which distorts year-over-year comparisons. He said the ~7% Q4 postpaid service-revenue growth is organic.
• The service-revenue outlook absorbs faster-than-expected Boost wholesale roll-off and continued prepaid weakness.

↑ Back to contents

12NextGComm Advisory: Operator Playbook

NextGComm view This section is NextGComm analysis and opinion, not company disclosure.

↑ Back to contents

13Data Gaps & Scope Notes

• Not disclosed by T-Mobile: postpaid phone net adds, postpaid phone churn, prepaid net adds, FWA/5G broadband and fiber customer counts, broadband ARPU, and capex or revenue for the Kinetic Edge program.
• Different bases: network restructuring is $38M in Q3 in the Adjusted EBITDA reconciliation but $30M in the 10-Q restructuring note. Cost of services is $3,007M as reported but $2,939M excluding Special Items (Factbook). Total debt is $85.96B excluding tower obligations (Factbook) but $83.7B in the 10-Q.
• Source limits: the 10-Q web text ended partway through the restructuring note, so MD&A, market-risk, controls and Part II items were not available. The standalone "ER Tables" PDF could not be text-extracted, so the same tables were taken from the earnings release and 10-Q.
• Transcript attributions: the published transcript labels the Citigroup question (Michael Rollins) as Craig Moffett and sometimes calls Jonathan Freier "John". This briefing uses the corrected attributions. One question came via social media ("Chetan"). The call summary is a paraphrase, not a verbatim transcript.
• Derived figures: growth rates, revenue shares and implied Q4 values were calculated by NextGComm from reported figures and are labeled "Derived".
• Scope: this briefing focuses on network and telecom operations. Capital-markets detail (debt issuance and redemptions, the revolver, receivables facilities, Deutsche Telekom shareholder suits, accounting standard updates ASU 2025-11, 2025-06 and 2024-03, and share-count data) is covered only as context or omitted.

↑ Back to contents

14Sources

• T-Mobile US, Q3 2026 earnings call, October 28, 2026: transcript · webcast replay
• T-Mobile US, Q3 2026 Investor Factbook (investor.t-mobile.com, Quarterly Results)
• T-Mobile US, Q3 2026 earnings release and non-GAAP reconciliation tables
• T-Mobile US, Inc., Form 10-Q for the quarter ended September 30, 2026 (File No. 1-33409)
• Third-party data cited by T-Mobile: Ookla (speeds), Opensignal (5G awards), JD Power (business satisfaction)

This NextGComm Market Insight briefing is based on T-Mobile US public disclosures and is for information only. It is not investment advice. Forward-looking statements reflect company guidance as of October 28, 2026, and actual results may differ. Figures are in US dollars. "Derived" figures are NextGComm calculations. T-Mobile is a trademark of Deutsche Telekom AG. NextGComm is not affiliated with T-Mobile.

↑ Back to contents