SEC EDGAR · 10-Q
10-Q – 2026-07-23 – tmus-20260630.htm

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Omsättning
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 58
Short-term debt 6,117 5,135 | Deferred revenue 1,439 1,533 | Short-term operating lease liabilities 3,620 3,814
Cost of services, exclusive of depreciation and amortization shown separately below 2,978 2,717 6,317 5,319 | Cost of equipment sales, exclusive of depreciation and amortization shown separately below 5,055 4,659 10,543 9,457 | Selling, general and administrative 5,834 5,397 11,800 10,885
Bad debt expense 398 265 824 588 | Losses from sales of receivables 17 19 37 41
Note 5 | Sales of Certain Receivables | 16
Note 10 | Revenue from Contracts with Customers | 25
Accounts payable and accrued liabilities 128 | Deferred revenue 1 | Deferred tax liabilities 59
Change in imputed discount on short-term and long-term EIP receivables N/A 80 80 N/A 50 50 | Impact on the imputed discount from sales of EIP receivables N/A ( 94 ) ( 94 ) N/A ( 88 ) ( 88 ) | Allowance for credit losses and imputed discount, end of period $ 216 $ 957 $ 1,173 $ 172 $ 776 $ 948
EBITDA
UScellular merger-related costs have been excluded from our calculations of Adjusted EBITDA and Core Adjusted EBITDA, which are non-GAAP financial measures, as we do not consider these costs to be reflective of our ongoing operating performance. See “Adjusted EBITDA and Core Adjusted EBITDA” in the “ Performance Measures ” section of this MD&A. Net cash payments for UScellular merger-related costs, including payments related to our restructuring plan, are included in Net cash provided by operati
Network Restructuring Initiative costs have been excluded from our calculations of Adjusted EBITDA and Core Adjusted EBITDA, which are non-GAAP financial measures, as we do not consider these costs to be reflective of our ongoing operating performance. See “Adjusted EBITDA and Core Adjusted EBITDA” in the “ Performance Measures ” section of this MD&A.
Non-GAAP Financial Measures | Adjusted EBITDA $ 9,537 $ 8,547 $ 990 12 % $ 18,778 $ 16,806 $ 1,972 12 % | Core Adjusted EBITDA 9,537 8,541 996 12 % 18,777 16,799 1,978 12 %
Adjusted EBITDA $ 9,537 $ 8,547 $ 990 12 % $ 18,778 $ 16,806 $ 1,972 12 % | Core Adjusted EBITDA 9,537 8,541 996 12 % 18,777 16,799 1,978 12 % | Adjusted Free Cash Flow 4,797 4,596 201 4 % 9,396 8,992 404 4 %
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 UScellular merger-related costs, costs associated with the Network Restructuring Initiative, certain legal-related expenses and recoveries, restructuring costs not directly attributable to the USc
Adjusted EBITDA, Adjusted EBITDA margin, Core Adjusted EBITDA and Core Adjusted EBITDA margin are non-GAAP financial measures utilized by our management, including our chief operating decision maker, to monitor the financial performance of our operations and allocate resources of the Company as a whole. We historically used Adjusted EBITDA, and we currently use Core Adjusted EBITDA internally as a measure to evaluate and compensate our personnel and management for their performance. We use Adjus | 46
The following table illustrates the calculation of Adjusted EBITDA and Core Adjusted EBITDA and reconciles Adjusted EBITDA and Core Adjusted EBITDA to Net income, which we consider to be the most directly comparable GAAP financial measure:
Rörelseresultat
Total operating expenses 17,301 15,919 35,911 32,005 | Operating income 5,490 5,213 9,987 10,013 | Other expense, net
Total operating expenses 17,301 15,919 1,382 9 % 35,911 32,005 3,906 12 % | Operating income 5,490 5,213 277 5 % 9,987 10,013 (26) — % | Other expense, net
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.
Income tax expense 1,089 1,058 31 3 % 1,919 1,943 (24) (1) % | Operating income 5,490 5,213 277 5 % 9,987 10,013 (26) — % | Depreciation and amortization 3,434 3,146 288 9 % 7,251 6,344 907 14 %
Periodens resultat
Income tax expense ( 1,089 ) ( 1,058 ) ( 1,919 ) ( 1,943 ) | Net income $ 3,239 $ 3,222 $ 5,743 $ 6,175
Net income $ 3,239 $ 3,222 $ 5,743 $ 6,175 | Other comprehensive income (loss), net of tax
Net income $ 3,239 $ 3,222 $ 5,743 $ 6,175 | Adjustments to reconcile net income to net cash provided by operating activities
Net income $ 3,239 $ 3,222 $ 5,743 $ 6,175 | Adjustments to reconcile net income to net cash provided by operating activities | Depreciation and amortization 3,434 3,146 7,251 6,344
Balance as of March 31, 2026 1,085,872,037 192,175,791 $ ( 35,497 ) $ 69,670 $ ( 835 ) $ 22,541 $ 55,879 | Net income — — — — — 3,239 3,239 | Dividends declared ($ 1.02 per share)
Balance as of December 31, 2025 1,106,930,661 168,843,574 $ ( 30,545 ) $ 69,460 $ ( 848 ) $ 21,136 $ 59,203 | Net income — — — — — 5,743 5,743 | Dividends declared ($ 2.04 per share)
Balance as of March 31, 2025 1,137,339,578 136,598,154 $ ( 23,085 ) $ 68,837 $ ( 989 ) $ 16,342 $ 61,105 | Net income — — — — — 3,222 3,222 | Dividends declared ($ 0.88 per share)
Balance as of December 31, 2024 1,144,579,681 126,494,683 $ ( 20,584 ) $ 68,798 $ ( 857 ) $ 14,384 $ 61,741 | Net income — — — — — 6,175 6,175 | Dividends declared ($ 1.76 per share)
Resultat per aktie
Total comprehensive income $ 3,439 $ 3,303 $ 5,956 $ 6,124 | Earnings per share | Basic $ 2.99 $ 2.84 $ 5.26 $ 5.43
Note 13 | Earnings Per Share | 28
Note 13 – Earnings Per Share
The computation of basic and diluted earnings per share was as follows: | Three Months Ended June 30, Six Months Ended June 30,
Earnings per share – basic $ 2.99 $ 2.84 $ 5.26 $ 5.43 | Earnings per share – diluted $ 2.99 $ 2.84 $ 5.26 $ 5.42
As of June 30, 2026, we had authorized 100 million shares of preferred stock, with a par value of $ 0.00001 per share. There was no preferred stock outstanding as of June 30, 2026 and 2025. Potentially dilutive securities were not included in the computation of diluted earnings per share if to do so would have been anti-dilutive.
Kassaflöde
Other comprehensive income (loss), net of tax | Reclassification of loss from cash flow hedges, net of tax effect of $ 17 , $ 16 , $ 34 and $ 32 | 50 47 100 93
We do not have material off-balance-sheet credit exposures as of June 30, 2026. In connection with the sales of certain service accounts receivable and EIP receivables pursuant to the sale arrangements, we provide guarantees of credit performance included on our Condensed Consolidated Balance Sheets measured at fair value that are based on a discounted cash flow model using Level 3 inputs, including estimated customer default rates and creditworthiness, dilutions and recoveries. See Note 5 – Sal
The credit enhancement feature of each of the EIP Sale Arrangement and the Service Receivable Sale Arrangement is in the form of a recourse guarantee liability, which is collateralized by pledged but unsold receivables. The recourse guarantee represents a financial instrument that is primarily tied to the creditworthiness of our customers. At inception, we elected to measure the recourse guarantee liabilities at fair value with changes in fair value included in Selling, general and administrativ
Cash flows associated with qualifying hedge derivative instruments are presented in the same category on our Condensed Consolidated Statements of Cash Flows as the item being hedged. For fair value hedges, other than foreign currency hedges, the change in the fair value of the derivative instruments is recognized in earnings through the same income statement line item as the change in the fair value of the hedged item. For cash flow hedges, as well as fair value foreign currency hedges, the chan
We record derivatives on our Condensed Consolidated Balance Sheets at fair value that is derived primarily from observable market data, including exchange rates, interest rates and forward curves. These market inputs are utilized in the discounted cash flow calculation considering the instrument's term, notional amount, discount rate and credit risk. Significant inputs to derivative valuations are generally observable in active markets and, as such, are classified as Level 2 in the fair value hi | 19
instruments and observable changes in market interest rates, both of which are Level 2 inputs. Accordingly, our Senior Notes to third parties (EUR-denominated) and ABS Notes were classified as Level 2 within the fair value hierarchy. The fair value of our borrowings related to credit agreements with certain financial institutions, backed by Export Credit Agencies (the “ECA Facilities”) and the MRFA (as defined below) were determined based on a discounted cash flow approach using market interest
The following table summarizes T-Mobile’s supplemental cash flow information:
UScellular merger-related costs have been excluded from our calculations of Adjusted EBITDA and Core Adjusted EBITDA, which are non-GAAP financial measures, as we do not consider these costs to be reflective of our ongoing operating performance. See “Adjusted EBITDA and Core Adjusted EBITDA” in the “ Performance Measures ” section of this MD&A. Net cash payments for UScellular merger-related costs, including payments related to our restructuring plan, are included in Net cash provided by operati
Fritt kassaflöde
UScellular merger-related costs have been excluded from our calculations of Adjusted EBITDA and Core Adjusted EBITDA, which are non-GAAP financial measures, as we do not consider these costs to be reflective of our ongoing operating performance. See “Adjusted EBITDA and Core Adjusted EBITDA” in the “ Performance Measures ” section of this MD&A. Net cash payments for UScellular merger-related costs, including payments related to our restructuring plan, are included in Net cash provided by operati
Core Adjusted EBITDA 9,537 8,541 996 12 % 18,777 16,799 1,978 12 % | Adjusted Free Cash Flow 4,797 4,596 201 4 % 9,396 8,992 404 4 %
Adjusted Free Cash Flow
Adjusted Free Cash Flow represents Net cash provided by operating activities less cash payments for Purchases of property and equipment. Adjusted Free Cash Flow is a non-GAAP financial measure utilized by 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. Adjusted Free Cash Flow margin is calculated as Adjusted Free Cash Flow divided by Service revenues. Adjusted
The table below provides a reconciliation of Adjusted Free Cash Flow to Net cash provided by operating activities, which we consider to be the most directly comparable GAAP financial measure:
Adjusted Free Cash Flow $ 4,797 $ 4,596 $ 201 4 % $ 9,396 $ 8,992 $ 404 4 % | Net cash provided by operating activities margin (Net cash provided by operating activities divided by Service revenues) 40 % 40 % — bps 39 % 40 % -100 bps
Net cash provided by operating activities margin (Net cash provided by operating activities divided by Service revenues) 40 % 40 % — bps 39 % 40 % -100 bps | Adjusted Free Cash Flow margin (Adjusted Free Cash Flow divided by Service revenues) 25 % 26 % -100 bps 25 % 26 % -100 bps
Adjusted Free Cash Flow increased $201 million, or 4%, for the three months ended and increased $404 million, or 4%, for the six months ended June 30, 2026.
Likvida medel
Current assets | Cash and cash equivalents $ 2,825 $ 5,598 | Accounts receivable, net of allowance for credit losses of $ 216 and $ 226
Net cash used in financing activities ( 5,182 ) ( 7,205 ) ( 11,622 ) ( 4,012 ) | Effect of exchange rate changes on cash and cash equivalents, including restricted cash — 13 — 13 | Change in cash and cash equivalents, including restricted cash ( 734 ) ( 1,759 ) ( 2,801 ) 4,872
Effect of exchange rate changes on cash and cash equivalents, including restricted cash — 13 — 13 | Change in cash and cash equivalents, including restricted cash ( 734 ) ( 1,759 ) ( 2,801 ) 4,872 | Cash and cash equivalents, including restricted cash
Change in cash and cash equivalents, including restricted cash ( 734 ) ( 1,759 ) ( 2,801 ) 4,872 | Cash and cash equivalents, including restricted cash | Beginning of period 3,909 12,344 5,976 5,713
(in millions) February 3, 2025 | Cash and cash equivalents $ 42 | Accounts receivable 157
The carrying values of Cash and cash equivalents, Accounts receivable and Accounts payable and accrued liabilities approximate fair value due to the short-term maturities of these instruments. The carrying values of EIP receivables approximate fair value as the receivables are generally recorded at their present value using an imputed interest rate.
Certain provisions of our debt agreements require us to maintain specified cash collateral balances. Amounts associated with these balances are considered to be restricted cash. See Note 16 – Additional Financial Information for our reconciliation of Cash and cash equivalents, including restricted cash.
Cash and Cash Equivalents, Including Restricted Cash
Nettoskuld
Net income $ 3,239 $ 3,222 $ 5,743 $ 6,175 | Adjustments to reconcile net income to net cash provided by operating activities | Depreciation and amortization 3,434 3,146 7,251 6,344
Net cash provided by operating activities 7,500 6,992 14,722 13,839 | Investing activities
Net cash used in investing activities ( 3,052 ) ( 1,559 ) ( 5,901 ) ( 4,968 ) | Financing activities
Net cash used in financing activities ( 5,182 ) ( 7,205 ) ( 11,622 ) ( 4,012 ) | Effect of exchange rate changes on cash and cash equivalents, including restricted cash — 13 — 13
of which, recourse guarantee 12 13 | Net cash proceeds since inception 1,330 1,372 | Of which:
Of which: | Change in net cash proceeds during the year-to-date period ( 42 ) ( 96 ) | Net cash proceeds funded by reinvested collections 1,372 1,468
Change in net cash proceeds during the year-to-date period ( 42 ) ( 96 ) | Net cash proceeds funded by reinvested collections 1,372 1,468
(1) Write-off of issuance costs and consent fees are included in Other expense, net on our Condensed Consolidated Statements of Comprehensive Income. Write-off of issuance costs and consent fees are included in Other, net within Net cash provided by operating activities on our Condensed Consolidated Statements of Cash Flows.
Eget kapital
Condensed Consolidated Statement of Stockholders’ Equity | 7
Total assets $ 213,553 $ 219,237 | Liabilities and Stockholders' Equity | Current liabilities
Stockholders' equity | Common stock, par value $ 0.00001 per share, 2,000,000,000 shares authorized; 1,278,405,439 and 1,275,774,235 shares issued, 1,074,817,571 and 1,106,930,661 shares outstanding
Retained earnings 24,688 21,136 | Total stockholders' equity 56,265 59,203 | Total liabilities and stockholders' equity $ 213,553 $ 219,237
Total stockholders' equity 56,265 59,203 | Total liabilities and stockholders' equity $ 213,553 $ 219,237
T-Mobile US, Inc. | Condensed Consolidated Statement of Stockholders’ Equity | (Unaudited)
(in millions, except share and per share amounts) Common Stock Outstanding Treasury Stock Outstanding Treasury Shares at Cost Par Value and Additional Paid-in Capital Accumulated Other Comprehensive Loss Retained Earnings Total Stockholders' Equity | Balance as of March 31, 2026 1,085,872,037 192,175,791 $ ( 35,497 ) $ 69,670 $ ( 835 ) $ 22,541 $ 55,879
(in millions, except share and per share amounts) Common Stock Outstanding Treasury Stock Outstanding Treasury Shares at Cost Par Value and Additional Paid-in Capital Accumulated Other Comprehensive Loss Retained Earnings Total Stockholders' Equity | Balance as of March 31, 2025 1,137,339,578 136,598,154 $ ( 23,085 ) $ 68,837 $ ( 989 ) $ 16,342 $ 61,105
Antal aktier
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ | Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. | Class Shares Outstanding as of July 17, 2026
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. | Class Shares Outstanding as of July 17, 2026
Stockholders' equity | Common stock, par value $ 0.00001 per share, 2,000,000,000 shares authorized; 1,278,405,439 and 1,275,774,235 shares issued, 1,074,817,571 and 1,106,930,661 shares outstanding | — —
Diluted $ 2.99 $ 2.84 $ 5.26 $ 5.42 | Weighted-average shares outstanding | Basic 1,081,771,279 1,132,760,465 1,090,922,014 1,136,627,715
Weighted-average shares outstanding – basic (1) | 1,081,771,279 1,132,760,465 1,090,922,014 1,136,627,715
Weighted-average shares outstanding – diluted 1,082,409,636 1,134,846,966 1,092,356,249 1,139,770,739
(1) Our calculations of the weighted-average number of shares issuable related to the Ka’ena Acquisition earnout (“Ka’ena Shares”) are based on the 20 trading day volume-weighted average price as of June 30, 2026 and 2025, respectively, as further described below.
The Ka’ena Shares were previously contingent consideration for the Ka’ena Acquisition. On June 30, 2025, we amended the Merger and Unit Purchase Agreement to set the calculation of the earnout as the difference between the maximum purchase price of $ 1.35 billion and the upfront payment, as adjusted, and removed the requirement for Ka’ena to achieve specified performance indicators. The Ka’ena Shares issuable are included in the calculations of basic weighted-average shares outstanding for the t
Antal anställda
Based on the amount of the adjusted upfront payment, an additional $ 420 million in future cash and T-Mobile common stock is payable in satisfaction of the earnout, including the replacement of equity awards of certain Ka’ena employees, related to:
Our business involves the receipt, storage, and transmission of confidential information about our customers, such as sensitive personal, account, and payment information, confidential information about our employees and suppliers, and other sensitive information about our Company, such as our business plans, transactions, financial information, and intellectual property (collectively, “Confidential Information”). Additionally, to offer services to our customers and operate our business, we util
We are subject to persistent cyberattacks and threats to our business from bad actors seeking to gain unauthorized access to Confidential Information and to compromise Systems. They are perpetrated by a variety of groups and persons, including nation state-sponsored parties, malicious actors, employees, contractors, and other third parties. Some of these bad actors reside in jurisdictions where law enforcement measures to address such attacks are ineffective or unavailable.
Cyberattacks against companies like ours are increasing in frequency and scope of potential harm over time, and the methods used to gain unauthorized access constantly evolve, making it increasingly difficult to anticipate, prevent, and detect incidents successfully in every instance. In some cases, these bad actors exploit bugs, errors, misconfigurations or other vulnerabilities in our Systems to obtain Confidential Information. In other cases, these bad actors obtain unauthorized access to Con
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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒           QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026
or
☐           TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from    to
Commission File Number: 1-33409

T-MOBILE US, INC.
(Exact name of registrant as specified in its charter)
Delaware 20-0836269
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

12920 SE 38th Street
Bellevue , Washington
(Address of principal executive offices)
98006-1350
(Zip Code)

(425) 378-4000
(Registrant’s telephone number, including area code)
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
3.200% Senior Notes due 2032 TMUS32B The NASDAQ Stock Market LLC
3.625% Senior Notes due 2035 TMUS35 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
3.900% Senior Notes due 2038 TMUS38 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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   ☒  No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   ☒  No  ☐

Table of Contents

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☐

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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes ☐ No  ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class Shares Outstanding as of July 17, 2026

Common Stock, par value $0.00001 per share 1,072,671,613  

T-Mobile US, Inc.
Form 10-Q
For the Quarter Ended June 30, 2026

Table of Contents
PART I. FINANCIAL INFORMATION

Item 1.
Financial Statements
4

Condensed Consolidated Balance Sheets
4

Condensed Consolidated Statements of Comprehensive Income
5

Condensed Consolidated Statements of Cash Flows
6

Condensed Consolidated Statement of Stockholders’ Equity
7

Notes to the Condensed Consolidated Financial Statements
10

Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
34

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
55

Item 4.
Controls and Procedures
55

PART II. OTHER INFORMATION

Item 1.
Legal Proceedings
57

Item 1A.
Risk Factors
57

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
58

Item 3.
Defaults Upon Senior Securities
58

Item 4.
Mine Safety Disclosures
58

Item 5.
Other Information
59

Item 6.
Exhibits
60

Signatures
61

3

Index for Notes to the Condensed Consolidated Financial Statements

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

T-Mobile US, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)

(in millions, except share and per share amounts) June 30,
2026 December 31,
2025
Assets
Current assets
Cash and cash equivalents $ 2,825   $ 5,598  
Accounts receivable, net of allowance for credit losses of $ 216 and $ 226
5,247   4,874  
Equipment installment plan receivables, net of allowance for credit losses and imputed discount of $ 759 and $ 733
4,715   4,997  
Inventory 2,191   2,405  
Prepaid expenses 1,027   1,215  
Other current assets 5,764   5,372  
Total current assets 21,769   24,461  
Property and equipment, net 36,623   38,333  
Operating lease right-of-use assets 24,596   25,692  
Financing lease right-of-use assets 2,994   2,760  
Goodwill 13,667   13,678  
Spectrum licenses 98,178   98,032  
Other intangible assets, net 3,295   3,843  
Equipment installment plan receivables due after one year, net of allowance for credit losses and imputed discount of $ 198 and $ 213
2,458   2,683  
Other assets 9,973   9,755  
Total assets $ 213,553   $ 219,237  
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable and accrued liabilities $ 8,774   $ 10,280  
Short-term debt 6,117   5,135  
Deferred revenue 1,439   1,533  
Short-term operating lease liabilities 3,620   3,814  
Short-term financing lease liabilities 1,178   1,163  
Other current liabilities 2,426   2,575  
Total current liabilities 23,554   24,500  
Long-term debt 78,504   79,649  
Long-term debt to affiliates —   1,498  
Tower obligations 3,461   3,532  
Deferred tax liabilities 21,225   19,583  
Operating lease liabilities 25,438   26,371  
Financing lease liabilities 1,121   1,107  
Other long-term liabilities 3,985   3,794  
Total long-term liabilities 133,734   135,534  
Commitments and contingencies (Note 14)

Stockholders' equity
Common stock, par value $ 0.00001 per share, 2,000,000,000 shares authorized; 1,278,405,439 and 1,275,774,235 shares issued, 1,074,817,571 and 1,106,930,661 shares outstanding
—   —  
Additional paid-in capital 69,879   69,460  
Treasury stock, at cost, 203,587,868 and 168,843,574 shares
( 37,667 ) ( 30,545 )
Accumulated other comprehensive loss ( 635 ) ( 848 )
Retained earnings 24,688   21,136  
Total stockholders' equity 56,265   59,203  
Total liabilities and stockholders' equity $ 213,553   $ 219,237  

The accompanying notes are an integral part of these condensed consolidated financial statements.
4

Index for Notes to the Condensed Consolidated Financial Statements

T-Mobile US, Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)

Three Months Ended June 30, Six Months Ended June 30,
(in millions, except share and per share amounts) 2026 2025 2026 2025
Revenues
Postpaid revenues $ 15,853   $ 14,078   $ 31,482   $ 27,672  
Prepaid revenues 2,473   2,643   4,990   5,286  
Wholesale and other service revenues 657   717   1,342   1,405  
Total service revenues 18,983   17,438   37,814   34,363  
Equipment revenues 3,524   3,439   7,520   7,143  
Other revenues 284   255   564   512  
Total revenues 22,791   21,132   45,898   42,018  
Operating expenses
Cost of services, exclusive of depreciation and amortization shown separately below 2,978   2,717   6,317   5,319  
Cost of equipment sales, exclusive of depreciation and amortization shown separately below 5,055   4,659   10,543   9,457  
Selling, general and administrative 5,834   5,397   11,800   10,885  

Depreciation and amortization 3,434   3,146   7,251   6,344  
Total operating expenses 17,301   15,919   35,911   32,005  
Operating income 5,490   5,213   9,987   10,013  
Other expense, net
Interest expense, net ( 1,055 ) ( 922 ) ( 2,086 ) ( 1,838 )
Other expense, net ( 107 ) ( 11 ) ( 239 ) ( 57 )
Total other expense, net ( 1,162 ) ( 933 ) ( 2,325 ) ( 1,895 )
Income before income taxes 4,328   4,280   7,662   8,118  
Income tax expense ( 1,089 ) ( 1,058 ) ( 1,919 ) ( 1,943 )
Net income $ 3,239   $ 3,222   $ 5,743   $ 6,175  

Net income $ 3,239   $ 3,222   $ 5,743   $ 6,175  
Other comprehensive income (loss), net of tax
Reclassification of loss from cash flow hedges, net of tax effect of $ 17 , $ 16 , $ 34 and $ 32
50   47   100   93  
Gains (losses) on fair value hedges, net of tax effect of $ 48 , $ 13 , $ 36 and $( 48 )
142   37   106   ( 140 )
Unrealized gain (loss) on foreign currency translation adjustment, net of tax effect of $ 0 , $ 0 , $ 0 and $ 0
9   ( 1 ) 9   ( 1 )

Amortization of actuarial gain, net of tax effect of $( 1 ), $( 1 ), $( 1 ) and $( 1 )
( 1 ) ( 2 ) ( 2 ) ( 3 )

Other comprehensive income (loss) 200   81   213   ( 51 )
Total comprehensive income $ 3,439   $ 3,303   $ 5,956   $ 6,124  
Earnings per share
Basic $ 2.99   $ 2.84   $ 5.26   $ 5.43  
Diluted $ 2.99   $ 2.84   $ 5.26   $ 5.42  
Weighted-average shares outstanding
Basic 1,081,771,279   1,132,760,465   1,090,922,014   1,136,627,715  
Diluted 1,082,409,636   1,134,846,966   1,092,356,249   1,139,770,739  

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

Index for Notes to the Condensed Consolidated Financial Statements

T-Mobile US, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)

Three Months Ended June 30, Six Months Ended June 30,
(in millions) 2026 2025 2026 2025
Operating activities

Net income $ 3,239   $ 3,222   $ 5,743   $ 6,175  
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization 3,434   3,146   7,251   6,344  
Stock-based compensation expense 214   200   423   386  
Deferred income tax expense 893   937   1,575   1,708  
Bad debt expense 398   265   824   588  
Losses from sales of receivables 17   19   37   41  

Changes in operating assets and liabilities
Accounts receivable ( 498 ) ( 338 ) ( 660 ) ( 431 )
Equipment installment plan receivables 103   65   48   89  
Inventory 142   264   228   ( 54 )
Operating lease right-of-use assets 965   883   2,161   1,738  
Other current and long-term assets ( 354 ) ( 671 ) ( 321 ) ( 661 )
Accounts payable and accrued liabilities ( 265 ) 107   ( 673 ) ( 161 )
Short- and long-term operating lease liabilities ( 976 ) ( 886 ) ( 2,194 ) ( 1,784 )
Other current and long-term liabilities ( 3 ) ( 82 ) ( 112 ) ( 170 )
Other, net 191   ( 139 ) 392   31  

Net cash provided by operating activities 7,500   6,992   14,722   13,839  
Investing activities

Purchases of property and equipment, including capitalized interest of $( 6 ), $( 10 ), $( 13 ) and $( 20 )
( 2,703 ) ( 2,396 ) ( 5,326 ) ( 4,847 )
Purchases of spectrum licenses and other intangible assets, including deposits ( 484 ) ( 842 ) ( 510 ) ( 915 )
Proceeds from the sale of property, equipment and intangible assets 16   2,066   111   2,073  

Acquisition of companies, net of cash acquired —   1   ( 1 ) ( 726 )

Investments in unconsolidated affiliates, net ( 3 ) ( 908 ) ( 3 ) ( 983 )
Other, net 122   520   ( 172 ) 430  

Net cash used in investing activities ( 3,052 ) ( 1,559 ) ( 5,901 ) ( 4,968 )
Financing activities

Proceeds from issuance of long-term debt, net ( 5 ) ( 6 ) 6,393   7,768  

Repayments of financing lease obligations ( 360 ) ( 331 ) ( 664 ) ( 646 )

Repayments of long-term debt ( 1,336 ) ( 3,257 ) ( 7,771 ) ( 3,736 )

Repurchases of common stock ( 2,320 ) ( 2,555 ) ( 7,146 ) ( 5,049 )
Dividends on common stock ( 1,101 ) ( 996 ) ( 2,221 ) ( 1,999 )

Tax withholdings on share-based awards ( 31 ) ( 30 ) ( 185 ) ( 302 )

Other, net ( 29 ) ( 30 ) ( 28 ) ( 48 )

Net cash used in financing activities ( 5,182 ) ( 7,205 ) ( 11,622 ) ( 4,012 )
Effect of exchange rate changes on cash and cash equivalents, including restricted cash —   13   —   13  
Change in cash and cash equivalents, including restricted cash ( 734 ) ( 1,759 ) ( 2,801 ) 4,872  
Cash and cash equivalents, including restricted cash
Beginning of period 3,909   12,344   5,976   5,713  
End of period $ 3,175   $ 10,585   $ 3,175   $ 10,585  

The accompanying notes are an integral part of these condensed consolidated financial statements.
6

Index for Notes to the Condensed Consolidated Financial Statements

T-Mobile US, Inc.
Condensed Consolidated Statement of Stockholders’ Equity
(Unaudited)

(in millions, except share and per share amounts) Common Stock Outstanding Treasury Stock Outstanding Treasury Shares at Cost Par Value and Additional Paid-in Capital Accumulated Other Comprehensive Loss Retained Earnings Total Stockholders' Equity
Balance as of March 31, 2026 1,085,872,037   192,175,791   $ ( 35,497 ) $ 69,670   $ ( 835 ) $ 22,541   $ 55,879  
Net income —  —  —  —  —  3,239   3,239  
Dividends declared ($ 1.02 per share)
—  —  —  —  —  ( 1,092 ) ( 1,092 )
Other comprehensive income —  —  —  —  200   —  200  
Stock-based compensation —  —  —  240   —  —  240  

Issuance of vested restricted stock units 506,723   —  —  —  —  —  — 
Shares withheld related to net share settlement of stock awards and stock options ( 158,920 ) —  —  ( 31 ) —  —  ( 31 )
Repurchases of common stock ( 11,420,845 ) 11,420,845   ( 2,171 ) —  —  —  ( 2,171 )
Other, net 18,576   ( 8,768 ) 1   —  —  —  1  
Balance as of June 30, 2026 1,074,817,571   203,587,868   $ ( 37,667 ) $ 69,879   $ ( 635 ) $ 24,688   $ 56,265  

Balance as of December 31, 2025 1,106,930,661   168,843,574   $ ( 30,545 ) $ 69,460   $ ( 848 ) $ 21,136   $ 59,203  
Net income —  —  —  —  —  5,743   5,743  
Dividends declared ($ 2.04 per share)
—  —  —  —  —  ( 2,191 ) ( 2,191 )
Other comprehensive income —  —  —  —  213   —  213  
Stock-based compensation —  —  —  466   —  —  466  
Stock issued for employee stock purchase plan 754,705   —  —  135   —  —  135  
Issuance of vested restricted stock units 2,699,892   —  —  —  —  —  — 
Shares withheld related to net share settlement of stock awards and stock options ( 862,204 ) —  —  ( 185 ) —  —  ( 185 )
Repurchases of common stock ( 34,750,770 ) 34,750,770   ( 7,121 ) —  —  —  ( 7,121 )
Other, net 45,287   ( 6,476 ) ( 1 ) 3   —  —  2  
Balance as of June 30, 2026 1,074,817,571   203,587,868   $ ( 37,667 ) $ 69,879   $ ( 635 ) $ 24,688   $ 56,265  

The accompanying notes are an integral part of these condensed consolidated financial statements.

7

Index for Notes to the Condensed Consolidated Financial Statements

T-Mobile US, Inc.
Condensed Consolidated Statement of Stockholders’ Equity
(Unaudited)

(in millions, except share and per share amounts) Common Stock Outstanding Treasury Stock Outstanding Treasury Shares at Cost Par Value and Additional Paid-in Capital Accumulated Other Comprehensive Loss Retained Earnings Total Stockholders' Equity
Balance as of March 31, 2025 1,137,339,578   136,598,154   $ ( 23,085 ) $ 68,837   $ ( 989 ) $ 16,342   $ 61,105  
Net income —  —  —  —  —  3,222   3,222  
Dividends declared ($ 0.88 per share)
—  —  —  —  —  ( 988 ) ( 988 )
Other comprehensive income —  —  —  —  81   —  81  
Stock-based compensation —  —  —  203   —  —  203  

Issuance of vested restricted stock units 346,929   —  —  —  —  —  — 
Shares withheld related to net share settlement of stock awards and stock options ( 116,966 ) —  —  ( 29 ) —  —  ( 29 )
Repurchases of common stock ( 10,148,791 ) 10,148,791   ( 2,486 ) —  —  —  ( 2,486 )

Other, net 29,868   ( 21,167 ) 2   ( 3 ) —  —  ( 1 )
Balance as of June 30, 2025 1,127,450,618   146,725,778   $ ( 25,569 ) $ 69,008   $ ( 908 ) $ 18,576   $ 61,107  

Balance as of December 31, 2024 1,144,579,681   126,494,683   $ ( 20,584 ) $ 68,798   $ ( 857 ) $ 14,384   $ 61,741  
Net income —  —  —  —  —  6,175   6,175  
Dividends declared ($ 1.76 per share)
—  —  —  —  —  ( 1,983 ) ( 1,983 )
Other comprehensive loss —  —  —  —  ( 51 ) —  ( 51 )
Stock-based compensation —  —  —  380   —  —  380  
Stock issued for employee stock purchase plan 712,672   —  —  125   —  —  125  
Issuance of vested restricted stock units 3,452,648   —  —  —  —  —  — 
Shares withheld related to net share settlement of stock awards and stock options ( 1,125,572 ) —  —  ( 302 ) —  —  ( 302 )
Repurchases of common stock ( 20,240,018 ) 20,240,018   ( 4,981 ) —  —  —  ( 4,981 )

Other, net 71,207   ( 8,923 ) ( 4 ) 7   —  —  3  
Balance as of June 30, 2025 1,127,450,618   146,725,778   $ ( 25,569 ) $ 69,008   $ ( 908 ) $ 18,576   $ 61,107  

The accompanying notes are an integral part of these condensed consolidated financial statements.
8

Index for Notes to the Condensed Consolidated Financial Statements

T-Mobile US, Inc.
Index for Notes to the Condensed Consolidated Financial Statements

Note 1
Summary of Significant Accounting Policies
10

Note 2
Business Combinations
11

Note 3
Joint Ventures
13

Note 4
Receivables and Related Allowance for Credit Losses
14

Note 5
Sales of Certain Receivables
16

Note 6
Spectrum License Transactions
18

Note 7
Fair Value Measurements
19

Note 8
Debt
21

Note 9
Tower Obligations
24

Note 10
Revenue from Contracts with Customers
25

Note 11
Segment Reporting
26

Note 12
Stockholder Return Program
27

Note 13
Earnings Per Share
28

Note 14
Commitments and Contingencies
28

Note 15
Restructuring Costs
30

Note 16
Additional Financial Information
33

Note 17
Subsequent Events
33

9

Index for Notes to the Condensed Consolidated Financial Statements

T-Mobile US, Inc.
Notes to the Condensed Consolidated Financial Statements

Note 1 – Summary of Significant Accounting Policies

Basis of Presentation

The unaudited condensed consolidated financial statements of T-Mobile US, Inc. (“T-Mobile,” “we,” “our,” “us” or the “Company”) include all adjustments of a normal recurring nature necessary for the fair presentation of the results for the interim periods presented. The results for the interim periods are not necessarily indicative of those for the full year. The condensed consolidated financial statements should be read in conjunction with our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025.

The condensed consolidated financial statements include the balances and results of operations of T-Mobile and our consolidated subsidiaries. We consolidate majority-owned subsidiaries over which we exercise control, variable interest entities (“VIEs”) for which we are deemed to be the primary beneficiary and VIEs which cannot be deconsolidated, such as those related to our tower obligations as discussed in Note 9 – Tower Obligations . Intercompany transactions and balances have been eliminated in consolidation. Investments in entities that we do not control but have significant influence are accounted for under the equity method. We record our proportionate share of our equity method investees’ earnings (losses) within Other expense, net on our Condensed Consolidated Statements of Comprehensive Income.

The preparation of financial statements in conformity with United States (“U.S.”) generally accepted accounting principles (“GAAP”) requires our management to make estimates and assumptions that affect the financial statements and accompanying notes. Estimates are based on historical experience, where applicable, and other assumptions that management believes are reasonable under the circumstances. Estimates are inherently subject to judgment and actual results could differ from those estimates.

Accounting Pronouncements Adopted During the Current Year

Interim Reporting

In December 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-11, “Interim Reporting (Topic 270): Narrow-Scope Improvements.” The standard improves the navigability of interim disclosures, clarifies when Topic 270 applies and provides additional interim disclosure guidance, including a principle to disclose material events since the most recent annual reporting period. The amendments do not change the underlying objectives of interim reporting but are designed to enhance clarity in application. We evaluated this standard and concluded our interim reporting disclosures are consistent with this standard. Accordingly, the adoption of this standard in the first quarter of 2026 did not have a material impact on our interim reporting disclosures.

Internal-Use Software Accounting and Disclosures

In September 2025, the FASB issued ASU 2025-06, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.” The amendments remove all references to project stages in ASC 350-40, clarify the threshold entities apply to begin capitalizing costs and address challenges arising from the evolution of software development practices. The new guidance modernizes accounting for software developed using incremental and iterative methods, where the existing model provided limited direction on when capitalization should begin. The ASU also specifies that the disclosures under ASC 360-10, “Property, Plant, and Equipment—Overall,” apply to capitalized software costs accounted for under ASC 350-40, regardless of how those costs are presented in the financial statements. As of January 1, 2026, we have adopted this standard, and it was applied prospectively after this date. The adoption of this standard did not have a material impact on our condensed consolidated financial statements and related disclosures.

Accounting Pronouncements Not Yet Adopted

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” The standard requires that public business entities disclose additional information about specific expense categories in the notes to financial statements for interim and annual reporting periods. The standard will become effective for us for our fiscal year 2027 annual financial
10

Index for Notes to the Condensed Consolidated Financial Statements

statements and interim financial statements thereafter and may be applied prospectively to periods after the adoption date or retrospectively for all prior periods presented in the financial statements, with early adoption permitted. We plan to adopt the standard when it becomes effective for us beginning in our fiscal year 2027 annual financial statements, and we are currently evaluating the impact this guidance will have on the disclosures included in the Notes to the Consolidated Financial Statements.

Note 2 – Business Combinations

Acquisition of Ka’ena Corporation

On March 9, 2023, we entered into a merger and unit purchase agreement (the “Merger and Unit Purchase Agreement”) for the acquisition of 100 % of the outstanding equity of Ka’ena Corporation and its subsidiaries, including, among others, Mint Mobile LLC (collectively, “Ka’ena”), for a maximum purchase price of $ 1.35  billion to be paid out 39 % in cash and 61 % in shares of T-Mobile common stock (the “Ka’ena Acquisition”). On March 13, 2024, we entered into Amendment No. 1 to the Merger and Unit Purchase Agreement, which amended, among other things, certain mechanics of the payment of the purchase consideration for the Ka’ena Acquisition, which resulted in a nominal increase in the percentage of cash compared to shares of T-Mobile common stock to be paid out as part of the total purchase price.

Upon the completion of certain customary closing conditions, including the receipt of certain regulatory approvals, on May 1, 2024 (the “Ka’ena Acquisition Date”), we completed the Ka’ena Acquisition, and as a result, Ka’ena became a wholly owned subsidiary of T-Mobile. Concurrently, and as agreed upon through the Merger and Unit Purchase Agreement, T-Mobile and Ka’ena entered into certain separate transactions, including the effective settlement of the preexisting wholesale arrangement between T-Mobile and Ka’ena and agreements with certain of the sellers to provide services to T-Mobile during the post-acquisition period.

In accordance with the terms of the Merger and Unit Purchase Agreement, 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. On June 30, 2025, we amended the Merger and Unit Purchase Agreement to set the calculation of the earnout as the difference between the maximum purchase price of $ 1.35  billion and the upfront payment, as adjusted, and removed the requirement for Ka’ena to achieve specified performance indicators.

Based on the amount of the adjusted upfront payment, an additional $ 420  million in future cash and T-Mobile common stock is payable in satisfaction of the earnout, including the replacement of equity awards of certain Ka’ena employees, related to:

• $ 251  million for the acquired Ka’ena business; and
• $ 169  million for services to be provided to T-Mobile by certain of the sellers during the post-acquisition period.

As of June 30, 2026 and December 31, 2025, $ 246 million and $ 242 million, respectively, of liabilities for deferred earnout consideration for the acquired Ka’ena business and $ 166 million and $ 157 million, respectively, of liabilities for post-acquisition services are presented within current liabilities on our Condensed Consolidated Balance Sheets.

Acquisition of UScellular Wireless Business

On May 24, 2024, we entered into a securities purchase agreement with United States Cellular Corporation (“UScellular”), Telephone and Data Systems, Inc. and USCC Wireless Holdings, LLC for the acquisition of substantially all of UScellular’s wireless operations and select AWS, PCS, 600 MHz, 700 MHz and other spectrum assets for an aggregate purchase price of approximately $ 4.4  billion, payable in cash and the assumption of up to $ 2.0  billion of debt through exchange offers to certain UScellular debtholders.

On May 23, 2025, we launched exchange offers (the “Exchange Offers”) for any and all of certain outstanding senior notes of UScellular for new notes of T-Mobile with the same interest rate, interest payment dates, maturity dates and redemption terms as each corresponding series of senior notes of UScellular.

On July 22, 2025, we entered into three separate asset purchase agreements for the acquisition of substantially all of the wireless operations assets (together with UScellular’s wireless operations and select spectrum assets, the “UScellular Wireless Business”) of each of Farmers Cellular Telephone Company, Inc., Iowa RSA No. 9 Limited Partnership and Iowa RSA No. 12 Limited Partnership (collectively, the “Iowa Entities”) for an aggregate purchase price of $ 175  million payable in cash. Prior to our acquisition of the Iowa Entities, UScellular held a minority interest in each of the Iowa Entities.

11

Index for Notes to the Condensed Consolidated Financial Statements

On August 1, 2025, upon the completion of certain customary closing conditions, including the receipt of certain regulatory approvals (the “UScellular Acquisition Date”), we completed the acquisition of the UScellular Wireless Business (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. UScellular senior notes with an aggregate outstanding principal balance of $ 1.7  billion were subsequently exchanged for T-Mobile notes in the Exchange Offers on August 5, 2025. The obligation to execute the Exchange Offers was recorded as debt assumed in the UScellular Acquisition with an aggregate assigned fair value of $ 1.7  billion.

We have accounted for the UScellular Acquisition as a business combination. The identifiable assets acquired and liabilities assumed of the UScellular Wireless Business were recorded at their provisionally assigned fair values as of the UScellular Acquisition Date and consolidated with those of T-Mobile. We are in the process of finalizing the valuation of the assets acquired and liabilities assumed.

Intangible Assets

Goodwill was assigned to our Wireless segment and has a provisionally assigned value of $ 209 million, which represents the excess of the consideration transferred over the fair values of assets acquired and liabilities assumed. The provisionally assigned goodwill recognized includes synergies expected to be achieved from the operations of the combined company, the assembled workforce of UScellular and intangible assets that do not qualify for separate recognition. Of the total provisionally assigned amount of goodwill resulting from the UScellular Acquisition of $ 209 million, the preliminary amount deductible for tax purposes is $ 32 million. Expected synergies from the UScellular Acquisition include the cost savings from the planned integration of network infrastructure, facilities, personnel and systems.

Acquisition of Vistar Media Inc.

On December 20, 2024, we entered into an agreement and plan of merger for the acquisition of 100 % of the outstanding capital stock of Vistar Media Inc. (“Vistar”), a provider of technology solutions for digital-out-of-home advertisements (the “Vistar Acquisition”).

Upon the completion of certain customary closing conditions, including the receipt of certain regulatory approvals, on February 3, 2025 (the “Vistar Acquisition Date”), we completed the Vistar Acquisition, and as a result, Vistar became a wholly owned subsidiary of T-Mobile. In exchange, we transferred cash of $ 621 million. A portion of the payment made on the Vistar Acquisition Date was for the settlement of preexisting relationships with Vistar and is excluded from the fair value of consideration transferred.

Fair Value of Assets Acquired and Liabilities Assumed

We have accounted for the Vistar Acquisition as a business combination. The identifiable assets acquired and liabilities assumed from Vistar were recorded at their fair values as of the Vistar Acquisition Date and consolidated with those of T-Mobile. Assigning fair values to the assets acquired and liabilities assumed at the Vistar Acquisition Date requires the use of judgment regarding estimates and assumptions. For the fair values of the assets acquired and liabilities assumed, we used the cost and income approaches.

12

Index for Notes to the Condensed Consolidated Financial Statements

The following table summarizes the assigned fair values for each class of assets acquired and liabilities assumed at the Vistar Acquisition Date, as adjusted for information identified during the measurement period, which closed on February 2, 2026.

(in millions) February 3, 2025
Cash and cash equivalents $ 42  
Accounts receivable 157  

Prepaid expense and other current assets 2  
Property and equipment 1  
Operating lease right-of-use assets 1  
Goodwill 341  
Other intangible assets 264  

Total assets acquired 808  
Accounts payable and accrued liabilities 128  
Deferred revenue 1  
Deferred tax liabilities 59  
Operating lease liabilities 2  

Total liabilities assumed 190  
Total consideration transferred $ 618  

Acquisition of Blis Holdco Limited

On February 18, 2025, we entered into a share purchase agreement for the acquisition of 100 % of the outstanding capital stock of Blis Holdco Limited (“Blis”), a provider of advertising solutions (the “Blis Acquisition”).

Upon the completion of certain customary closing conditions, including the receipt of certain regulatory approvals, on March 3, 2025 (the “Blis Acquisition Date”), we completed the Blis Acquisition, and as a result, Blis became a wholly owned subsidiary of T-Mobile. In exchange, we transferred cash of $ 180  million. A portion of the payment made on the Blis Acquisition Date was for the settlement of preexisting relationships with Blis and is excluded from the fair value of consideration transferred.

We have accounted for the Blis Acquisition as a business combination. The fair value of consideration transferred as of the Blis Acquisition Date totaled $ 174  million. The identifiable assets acquired and liabilities assumed from Blis were recorded at their fair values as of the Blis Acquisition Date and consolidated with those of T-Mobile. The assigned fair values of total assets acquired were $ 263  million, including goodwill of $ 103  million, and total liabilities assumed were $ 89  million at the Blis Acquisition Date. These amounts reflect adjustments or information identified during the measurement period, which closed on March 2, 2026.

Note 3 – Joint Ventures

Fiber Joint Ventures

i3 Broadband Joint Venture

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.

GoNetspeed and Greenlight Networks Joint Venture

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.

13

Index for Notes to the Condensed Consolidated Financial Statements

Method of Accounting

Upon closing of the transactions, we expect to account for the fiber joint ventures under the equity method of accounting and recognize service revenues for the acquired fiber customers and wholesale costs paid to the joint venture for network access within Postpaid revenues and Cost of services, respectively, on our Condensed Consolidated Statements of Comprehensive Income.

Joint Venture with AT&T and Verizon

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. 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.

Note 4 – Receivables and Related Allowance for Credit Losses

We maintain an allowance for credit losses by applying an expected credit loss model. Each period, management assesses the appropriateness of the level of allowance for credit losses by considering credit risk inherent within each portfolio segment as of the end of the period.

We consider a receivable past due when a customer has not paid us by the contractually specified payment due date. Account balances are written off against the allowance for credit losses if collection efforts are unsuccessful and the receivable balance is deemed uncollectible (customer default), based on factors such as customer credit ratings, as well as the length of time the amounts are past due.

Our portfolio of receivables consists of two portfolio segments: accounts receivable and equipment installment plan (“EIP”) receivables.

Accounts Receivable Portfolio Segment

Accounts receivable balances are predominantly composed of amounts currently due from customers (e.g., for wireless communications services), device insurance administrators, wholesale partners, other carriers and third-party retail channels.

We estimate credit losses associated with our accounts receivable portfolio segment using an expected credit loss model, which utilizes an aging schedule methodology based on historical information and is adjusted for asset-specific considerations, current economic conditions and reasonable and supportable forecasts.

Our approach considers a number of factors, including our overall historical credit losses and payment experience, as well as current collection trends, such as write-off frequency and severity. We also consider other qualitative factors such as current and forecasted macroeconomic conditions.

We consider the need to adjust our estimate of credit losses for reasonable and supportable forecasts of future macroeconomic conditions. To do so, we monitor external forecasts of changes in real U.S. gross domestic product and forecasts of consumer credit behavior for comparable credit exposures.

EIP Receivables Portfolio Segment

Based upon customer credit profiles at the time of customer origination, as well as subsequent credit performance, we designate the EIP receivables segment into two customer classes of “Prime” and “Subprime.” Prime customer receivables are those with lower credit risk, and Subprime customer receivables are those with higher credit risk. Customers may be required to make a down payment on their equipment purchases if their assessed credit risk exceeds established underwriting thresholds. In addition, certain customers within the Subprime category may be required to pay a deposit.

To determine a customer’s credit profile and assist in determining their credit class, we use a proprietary credit scoring model that measures the credit quality of a customer leveraging several factors, such as credit bureau information and consumer credit risk scores, as well as service and device plan characteristics.
14

Index for Notes to the Condensed Consolidated Financial Statements

EIP receivables had a combined weighted-average effective interest rate of 10.7 % and 10.3 % as of June 30, 2026 and December 31, 2025, respectively.

The following table summarizes the EIP receivables, including imputed discounts and related allowance for credit losses:
(in millions) June 30,
2026 December 31,
2025

EIP receivables, gross $ 8,130   $ 8,626  
Unamortized imputed discount ( 551 ) ( 566 )
EIP receivables, net of unamortized imputed discount 7,579   8,060  
Allowance for credit losses ( 406 ) ( 380 )
EIP receivables, net of allowance for credit losses and imputed discount $ 7,173   $ 7,680  
Classified on our condensed consolidated balance sheets as:

Equipment installment plan receivables, net of allowance for credit losses and imputed discount $ 4,715   $ 4,997  
Equipment installment plan receivables due after one year, net of allowance for credit losses and imputed discount 2,458   2,683  
EIP receivables, net of allowance for credit losses and imputed discount $ 7,173   $ 7,680  

Many of our loss estimation techniques rely on delinquency-based models categorized by customer credit class; therefore, delinquency is an important indicator of credit quality in the establishment of our allowance for credit losses for EIP receivables. We manage our EIP receivables portfolio segment using delinquency and customer credit class as key credit quality indicators.

The following table presents the amortized cost of our EIP receivables by delinquency status, customer credit class and year of origination as of June 30, 2026:

Originated in 2026 Originated in 2025 Originated prior to 2025 Total EIP Receivables, Net of
Unamortized Imputed Discount
(in millions) Prime Subprime Prime Subprime Prime Subprime Prime Subprime Total
Current - 30 days past due $ 2,611   $ 569   $ 2,954   $ 599   $ 558   $ 101   $ 6,123   $ 1,269   $ 7,392  
31 - 60 days past due 23   21   16   18   4   3   43   42   85  
61 - 90 days past due 10   11   13   15   3   2   26   28   54  
More than 90 days past due 5   5   13   16   4   5   22   26   48  
EIP receivables, net of unamortized imputed discount $ 2,649   $ 606   $ 2,996   $ 648   $ 569   $ 111   $ 6,214   $ 1,365   $ 7,579  

We estimate credit losses on our EIP receivables segment by applying an expected credit loss model, which relies on historical loss data adjusted for current conditions to calculate default probabilities or an estimate for the frequency of customer default. Our assessment of default probabilities or frequency includes receivables delinquency status, historical loss experience, how long the receivables have been outstanding and customer credit ratings, as well as customer tenure. We multiply these estimated default probabilities by our estimated loss given default, which is the estimated amount of default or the severity of loss.

As we do for our accounts receivable portfolio segment, we consider the need to adjust our estimate of credit losses on EIP receivables for reasonable and supportable forecasts of economic conditions through monitoring external forecasts and periodic internal statistical analyses.

The following table presents write-offs of our EIP receivables by year of origination for the six months ended June 30, 2026:

(in millions) Originated in 2026 Originated in 2025 Originated prior to 2025 Total

Write-offs $ 62   $ 290   $ 73   $ 425  

15

Index for Notes to the Condensed Consolidated Financial Statements

Activity for the six months ended June 30, 2026 and 2025, in the allowance for credit losses and unamortized imputed discount balances for the accounts receivable and EIP receivables segments was as follows:
June 30, 2026 June 30, 2025
(in millions) Accounts Receivable Allowance EIP Receivables Allowance Total Accounts Receivable Allowance EIP Receivables Allowance Total
Allowance for credit losses and imputed discount, beginning of period $ 226   $ 946   $ 1,172   $ 176   $ 814   $ 990  
Bad debt expense 374   450   824   290   298   588  
Write-offs ( 384 ) ( 425 ) ( 809 ) ( 294 ) ( 298 ) ( 592 )

Change in imputed discount on short-term and long-term EIP receivables N/A 80   80   N/A 50   50  
Impact on the imputed discount from sales of EIP receivables N/A ( 94 ) ( 94 ) N/A ( 88 ) ( 88 )
Allowance for credit losses and imputed discount, end of period $ 216   $ 957   $ 1,173   $ 172   $ 776   $ 948  

Off-Balance-Sheet Credit Exposures

We do not have material off-balance-sheet credit exposures as of June 30, 2026. In connection with the sales of certain service accounts receivable and EIP receivables pursuant to the sale arrangements, we provide guarantees of credit performance included on our Condensed Consolidated Balance Sheets measured at fair value that are based on a discounted cash flow model using Level 3 inputs, including estimated customer default rates and creditworthiness, dilutions and recoveries. See Note 5 – Sales of Certain Receivables for further information.

Note 5 – Sales of Certain Receivables

We regularly enter into transactions to sell certain service accounts receivable and EIP receivables. The transactions, including our continuing involvement with the sold receivables and the respective impacts to our condensed consolidated financial statements, are described below.

Sales of EIP Receivables

Overview of the Transaction

In 2015, we entered into an arrangement to sell certain EIP receivables on a revolving basis (the “EIP Sale Arrangement”), which expires November 2026. As of both June 30, 2026, and December 31, 2025, the EIP Sale Arrangement provided funding of $ 1.3 billion.

In connection with this EIP Sale Arrangement, we formed a wholly owned subsidiary, which qualifies as a bankruptcy remote entity (the “EIP BRE”). We consolidate the EIP BRE under the VIE model.

The following table summarizes the carrying amounts and classification of liabilities, which consist of the recourse guarantee, included on our Condensed Consolidated Balance Sheets with respect to the EIP BRE:

(in millions) June 30,
2026 December 31,
2025

Other current liabilities $ 92   $ 90  
Other long-term liabilities 12   13  

Sales of Service Accounts Receivable

Overview of the Transaction

In 2014, we entered into an arrangement to sell certain service accounts receivable on a revolving basis (the “Service Receivable Sale Arrangement”). On February 24, 2026, we extended the scheduled expiration date of the Service Receivable Sale Arrangement to February 23, 2027. As of both June 30, 2026, and December 31, 2025, the Service Receivable Sale Arrangement provided funding of $ 775 million.

16

Index for Notes to the Condensed Consolidated Financial Statements

In connection with the Service Receivable Sale Arrangement, we formed a wholly owned subsidiary, which qualifies as a bankruptcy remote entity, to sell service accounts receivable (the “Service BRE”). We consolidate the Service BRE under the VIE model.

The following table summarizes the carrying amounts and classification of liabilities included on our Condensed Consolidated Balance Sheets with respect to the Service BRE:

(in millions) June 30,
2026 December 31,
2025

Other current liabilities $ 304   $ 306  

Sales of Receivables

The credit enhancement feature of each of the EIP Sale Arrangement and the Service Receivable Sale Arrangement is in the form of a recourse guarantee liability, which is collateralized by pledged but unsold receivables. The recourse guarantee represents a financial instrument that is primarily tied to the creditworthiness of our customers. At inception, we elected to measure the recourse guarantee liabilities at fair value with changes in fair value included in Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income. The fair value of the recourse guarantee liabilities is determined based on a discounted cash flow model, which primarily uses Level 3 inputs, including estimated customer default rates and creditworthiness, dilutions and recoveries. Our recourse guarantee liabilities related to the sales of service receivables and EIP receivables were $ 136 million and $ 130 million as of June 30, 2026, and December 31, 2025, respectively. These liabilities were collateralized by $ 322  million and $ 266 million of gross service receivables and $ 534 million and $ 535 million of gross EIP receivables pledged, but unsold as of June 30, 2026, and December 31, 2025, respectively, which represent our maximum exposure under the recourse guarantee.

The following table summarizes the impact of the sales of certain service receivables and EIP receivables on our Condensed Consolidated Balance Sheets:
(in millions) June 30,
2026 December 31,
2025
Derecognized net service accounts receivable and EIP receivables $ 1,659   $ 1,651  

Other current liabilities 396   397  
of which, recourse guarantee 124   117  
Other long-term liabilities 12   13  
of which, recourse guarantee 12   13  
Net cash proceeds since inception 1,330   1,372  
Of which:
Change in net cash proceeds during the year-to-date period ( 42 ) ( 96 )
Net cash proceeds funded by reinvested collections 1,372   1,468  

We recognized losses from sales of receivables, including changes in fair value of the recourse guarantee liabilities of $ 17 million and $ 19 million for the three months ended June 30, 2026 and 2025, respectively, and $ 37 million and $ 41 million for the six months ended June 30, 2026 and 2025, respectively, in Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income.

Continuing Involvement

Pursuant to the EIP Sale Arrangement and Service Receivable Sale Arrangement described above, we have continuing involvement with the EIP receivables and service accounts receivable we sell, as we service the receivables, are required to replace certain receivables, including ineligible receivables, aged receivables and receivables where a write-off is imminent, and may be responsible for absorbing credit losses through performance under our recourse guarantee liabilities. We continue to service the customers and their related receivables, including facilitating customer payment collection, in exchange for a monthly servicing fee. As the receivables are sold on a revolving basis, the customer payment collections on sold receivables may be reinvested in new receivable sales. At the direction of the purchasers of the sold receivables, we apply the same policies and procedures while servicing the sold receivables as we apply to our owned receivables, and we continue to maintain normal relationships with our customers.

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Index for Notes to the Condensed Consolidated Financial Statements

Note 6 – Spectrum License Transactions

Spectrum Licenses

The following table summarizes our spectrum license activity for the six months ended June 30, 2026:

(in millions) Spectrum
Spectrum licenses, beginning of year $ 98,032  

Spectrum license acquisitions 653  

Spectrum licenses transferred to held for sale ( 507 )

Spectrum licenses, end of period $ 98,178  

Cash payments to acquire spectrum licenses and payments for costs to clear spectrum are included in Purchases of spectrum licenses and other intangible assets, including deposits. Cash proceeds from the sale of spectrum licenses are included in Proceeds from the sale of property, equipment and intangible assets on our Condensed Consolidated Statements of Cash Flows.

Spectrum Auction

In June 2026, the Federal Communications Commission (“FCC”) announced that we were the winning bidder of 102 licenses in Auction 113 (AWS-3 band spectrum) for an aggregate purchase price of $ 278  million. At the inception of Auction 113 in April 2026, we deposited $ 25  million. The $ 25  million deposit made to the FCC is included in Other assets on our Condensed Consolidated Balance Sheets as of June 30, 2026, and will remain there until the corresponding licenses are received.

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. The timing of when the licenses will be issued will be determined by the FCC after all post-auction procedures have been completed.

License Purchase Agreements

Comcast Corporation

On September 12, 2023, we entered into a license purchase agreement (the “Comcast License Purchase Agreement”) with Comcast Corporation and its affiliate, Comcast OTR1, LLC (together with Comcast Corporation, “Comcast”), pursuant to which we will acquire spectrum in the 600 MHz band from Comcast (the “Comcast Licenses”) in exchange for total cash consideration of between $ 1.2  billion and $ 3.3  billion, subject to an application for FCC approval. The licenses will be acquired without any associated networks.

The final purchase price will be determined, in the aggregate and on a per license basis, based on the set of Comcast Licenses at the time the parties make required transfer filings with the FCC. Prior to the time of such filings, Comcast has the right to remove any or all of a certain specified subset of the Comcast Licenses, totaling $ 2.1  billion (the “Optional Sale Licenses”), from the Comcast License Purchase Agreement. The removal of any Optional Sale Licenses would reduce the final purchase price by the assigned value of each such license, from the maximum purchase price of $ 3.3  billion.

The Comcast Licenses are subject to an exclusive leasing arrangement between us and Comcast, which was entered into contemporaneously with the Comcast License Purchase Agreement. If Comcast elects to remove an Optional Sale License from the Comcast License Purchase Agreement, the associated lease for such Optional Sale License will terminate, but no sooner than two years from the date of the Comcast License Purchase Agreement (with us having a minimum period of time after any such termination to cease transmitting on such license’s associated spectrum).

On January 13, 2025, we and Comcast entered into an amendment to the Comcast License Purchase Agreement pursuant to which we will acquire additional spectrum. Subsequent to the amendment, the total cash consideration for the transaction is between $ 1.2  billion and $ 3.4  billion.

As a result of additional spectrum acquisitions we are planning with third parties, we have agreed with Comcast to accelerate the consummation of our acquisition of a portion of the Comcast Licenses. The accelerated portion of the Comcast Licenses acquisition closed on June 2, 2026, and the associated payment of $ 46  million was made on the same day. We are targeting a closing in the first half of 2028 for the acquisition of the remaining Comcast Licenses.
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Index for Notes to the Condensed Consolidated Financial Statements

Grain Management, LLC

On May 30, 2025, we entered into a License and Unit Purchase Agreement with NEWLEVEL IV, L.P. and NEWLEVEL, LLC, both of which are affiliates of Grain Management, LLC (“Grain”), pursuant to which we will sell our 800 MHz spectrum licenses in exchange for cash consideration of $ 2.9  billion and the receipt of Grain’s 600 MHz spectrum licenses, which we are currently utilizing under lease agreements with Grain. In addition, we may receive a share of certain future proceeds from transactions entered into by Grain that monetize the 800 MHz spectrum licenses, subject to certain terms and conditions and following a certain return on invested capital for Grain. As of June 30, 2026, $ 3.6  billion of the associated 800 MHz spectrum licenses have been classified as held for sale at cost, with $ 2.9  billion and $ 690  million presented in Other current assets and Other assets, respectively, on our Condensed Consolidated Balance Sheets based on the nature of consideration to be received. The transaction is subject to customary closing conditions, and subsequent to June 30, 2026, on July 1, 2026, the FCC approved the transaction, including certain modifications to the 800 MHz spectrum licenses. The parties are currently targeting a closing in the third quarter of 2026. We do not expect the transaction to have a material impact on our Condensed Consolidated Statements of Comprehensive Income upon the transaction close. In addition, we expect an increase to our cash income tax liability of approximately $ 850  million related to the close of this transaction.

Spectrum Exchange Transactions

During the three months ended June 30, 2026 and 2025, we recognized $ 43  million and $ 1 million, respectively, and during the six months ended June 30, 2026 and 2025, we recognized $ 48  million and $ 173  million, respectively, of non-cash spectrum license acquisitions associated with the closing of certain exchange transactions, which were included in Spectrum Licenses on our Condensed Consolidated Balance Sheets.

During the three months ended June 30, 2026 and 2025, we recognized $ 22  million and $ 1  million, respectively, and during the six months ended June 30, 2026 and 2025, we recognized $ 24  million and $ 13  million, respectively, of gains associated with the closing of certain spectrum exchange transactions as a reduction to Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income.

As of June 30, 2026 and December 31, 2025, $ 486  million and $ 3 million, respectively, of spectrum licenses were classified as held for sale within Other assets on our Condensed Consolidated Balance Sheets related to additional spectrum exchange agreements pending regulatory approval and closing, which are expected to close in the next 12 months. The closings of these transactions are not expected to have a significant impact on our Condensed Consolidated Statements of Comprehensive Income.

Note 7 – Fair Value Measurements

The carrying values of Cash and cash equivalents, Accounts receivable and Accounts payable and accrued liabilities approximate fair value due to the short-term maturities of these instruments. The carrying values of EIP receivables approximate fair value as the receivables are generally recorded at their present value using an imputed interest rate.

Derivative Financial Instruments

We use derivatives to manage exposure to market risk, such as exposure to fluctuations in foreign currency exchange rates and interest rates. We designate certain derivatives as hedging instruments in a qualifying hedge accounting relationship to mitigate fluctuations in values or cash flows related to such risks caused by foreign currency or interest rate volatility. We do not use derivatives for trading or speculative purposes.

Cash flows associated with qualifying hedge derivative instruments are presented in the same category on our Condensed Consolidated Statements of Cash Flows as the item being hedged. For fair value hedges, other than foreign currency hedges, the change in the fair value of the derivative instruments is recognized in earnings through the same income statement line item as the change in the fair value of the hedged item. For cash flow hedges, as well as fair value foreign currency hedges, the change in the fair value of the derivative instruments is reported in Accumulated other comprehensive loss and recognized in earnings when the hedged item is recognized in earnings, again, through the same income statement line item.

We record derivatives on our Condensed Consolidated Balance Sheets at fair value that is derived primarily from observable market data, including exchange rates, interest rates and forward curves. These market inputs are utilized in the discounted cash flow calculation considering the instrument's term, notional amount, discount rate and credit risk. Significant inputs to derivative valuations are generally observable in active markets and, as such, are classified as Level 2 in the fair value hierarchy.
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Index for Notes to the Condensed Consolidated Financial Statements

Cross-Currency Swaps

We enter into cross-currency swaps to offset changes in the value of our payments on foreign-denominated debt in USD and to mitigate the impact of foreign currency transaction gains and losses.

We have entered into cross-currency swap agreements, with the same notional amounts as our EUR-denominated debt issuances, to effectively convert € 7.3  billion to USD borrowings, with the same maturities as our EUR-denominated debt issuances. The swaps qualify and have been designated as fair value hedges of our EUR-denominated debt, mitigating our exposure to foreign currency transaction gains and losses.

Accordingly, all changes in the fair value of the swaps will be initially recorded through Accumulated other comprehensive loss on our Condensed Consolidated Balance Sheets and reclassified to earnings in an amount that exactly offsets the periodic transaction gain or loss on remeasuring the debt, such that there will be no earnings volatility due to changes in foreign-currency exchange rates. Transaction gains or losses on remeasuring the EUR-denominated debt, as well as the offsetting swap amounts, are recorded within Other expense, net on our Condensed Consolidated Statements of Comprehensive Income.

Changes in the fair value of the swaps may be different from the current period transaction gain or loss on remeasurement of the debt, in which case the difference will remain in Accumulated other comprehensive loss on our Condensed Consolidated Balance Sheets. These differences generally represent credit or liquidity risk, referred to as a basis spread, and the time value of money (“excluded components”). The value of the excluded components is recognized in earnings using a systematic and rational method by accruing the current-period swap settlements into Interest expense, net, on our Condensed Consolidated Statements of Comprehensive Income. If an amount remains in Accumulated other comprehensive loss on our Condensed Consolidated Balance Sheets upon settlement of the derivative, those amounts will be reclassified to earnings at that time.

The following table summarizes the activity of our cross-currency swaps:

Three Months Ended June 30, Six Months Ended June 30,

(in millions) 2026 2025 2026 2025

Other expense, net
Pre-tax transaction gain (loss) on remeasurement of EUR-denominated debt $ 76   $ ( 461 ) $ 259   $ ( 679 )
Amount recognized in Other expense, net reclassified from Accumulated other comprehensive loss
( 76 ) 461   ( 259 ) 679  
Accumulated other comprehensive loss
Amount recognized in Accumulated other comprehensive loss reclassified to Other expense, net
$ 76   $ ( 461 ) $ 259   $ ( 679 )
Gain (loss) associated with the change in fair value of cross-currency swaps recognized in Accumulated other comprehensive loss
114   511   ( 117 ) 491  

Interest Rate Lock Derivatives

In April 2020, we terminated our interest rate lock derivatives entered into in October 2018. Aggregate changes in the fair value of our terminated interest rate lock derivatives, net of amortization, of $ 671 million and $ 771 million are presented in Accumulated other comprehensive loss on our Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025, respectively.

During the three months ended June 30, 2026 and 2025, we amortized $ 67  million and $ 63  million, respectively, and during the six months ended June 30, 2026 and 2025, we amortized $ 134  million and $ 125  million, respectively, from Accumulated other comprehensive loss into Interest expense, net, on our Condensed Consolidated Statements of Comprehensive Income. We expect to amortize $ 285  million of the Accumulated other comprehensive loss associated with the derivatives into Interest expense, net, over the 12 months ending June 30, 2027.

Debt

The fair values of our Senior Notes and spectrum-backed Senior Secured Notes to third parties were determined based on quoted market prices in active markets. Accordingly, our Senior Notes and spectrum-backed Senior Secured Notes to third parties were classified as Level 1 within the fair value hierarchy. The fair value of our Senior Notes to affiliates was determined based on the fair value of the Senior Notes to third parties with similar terms and maturities. Accordingly, our Senior Notes to affiliates were classified as Level 2 within the fair value hierarchy. The fair values of our Senior Notes to third parties (EUR-denominated) and asset-backed notes (“ABS Notes”) were primarily based on quoted prices in inactive markets for identical
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Index for Notes to the Condensed Consolidated Financial Statements

instruments and observable changes in market interest rates, both of which are Level 2 inputs. Accordingly, our Senior Notes to third parties (EUR-denominated) and ABS Notes were classified as Level 2 within the fair value hierarchy. The fair value of our borrowings related to credit agreements with certain financial institutions, backed by Export Credit Agencies (the “ECA Facilities”) and the MRFA (as defined below) were determined based on a discounted cash flow approach using market interest rates of instruments with similar maturities and credit risk. Accordingly, our borrowings related to the ECA Facilities and MRFA were classified as Level 2 within the fair value hierarchy.

Although we have determined the estimated fair values using available market information and commonly accepted valuation methodologies, judgment was required in interpreting market data to develop fair value estimates for the Senior Notes to third parties (EUR-denominated), Senior Notes to affiliates, ABS Notes and borrowings related to the ECA Facilities and MRFA. The fair value estimates were based on information available as of June 30, 2026 and December 31, 2025. As such, our estimates are not necessarily indicative of the amount we could realize in a current market exchange.

The carrying amounts and fair values of our short-term and long-term debt, excluding accrued interest, included on our Condensed Consolidated Balance Sheets were as follows:
(in millions) Level within the Fair Value Hierarchy June 30, 2026 December 31, 2025
Carrying Amount Fair Value Carrying Amount Fair Value
Liabilities:
Senior Notes to third parties 1 $ 71,029   $ 65,615   $ 74,575   $ 70,517  
Senior Notes to third parties (EUR-denominated) 2 8,210   8,166   5,551   5,460  
Senior Notes to affiliates 2 —   —   1,498   1,500  
Senior Secured Notes to third parties 1 653   645   844   835  
ABS Notes to third parties 2 1,995   1,998   1,995   2,017  
Borrowings related to ECA Facilities and MRFA 2 2,734   2,801   1,819   1,876  

Note 8 – Debt

The following table sets forth the debt balances and activity as of, and for the six months ended, June 30, 2026:
(in millions) December 31,
2025 Proceeds from Issuances and Borrowings (1)
Redemptions and Repayments (1)
Reclassifications (1)
Other (2)
June 30,
2026
Short-term debt $ 5,135   $ —   $ ( 4,771 ) $ 5,751   $ 2   $ 6,117  
Long-term debt 79,649   6,393   ( 1,497 ) ( 5,751 ) ( 290 ) 78,504  
Total debt to third parties 84,784   6,393   ( 6,268 ) —   ( 288 ) 84,621  

Long-term debt to affiliates 1,498   —   ( 1,498 ) —   —   —  
Total debt $ 86,282   $ 6,393   $ ( 7,766 ) $ —   $ ( 288 ) $ 84,621  

(1) Issuances and borrowings, note redemptions and reclassifications are recorded net of accrued or paid issuance costs and discounts.
(2) Other includes the amortization of premiums, discounts, debt issuance costs and consent fees and the impact from changes in foreign currency exchange rates.

Our effective interest rate, excluding the impact of derivatives and capitalized interest, was 4.3 % and 4.1 % on weighted-average debt outstanding of $ 85.1  billion and $ 83.5  billion for the three months ended June 30, 2026 and 2025, respectively, and 4.2 % and 4.1 % on weighted-average debt outstanding of $ 85.9  billion and $ 81.7  billion for the six months ended June 30, 2026 and 2025, respectively. The weighted-average debt outstanding was calculated by applying an average of the monthly ending balances of total short-term and long-term debt to third parties and short-term and long-term debt to affiliates, net of unamortized premiums, discounts, debt issuance costs and consent fees.

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Index for Notes to the Condensed Consolidated Financial Statements

Issuances and Borrowings

During the six months ended June 30, 2026, we issued and borrowed the following debt:
(in millions) Principal Issuances Discounts and Issuance Costs Net Proceeds from Issuance of Debt Issue Date
5.000 % Senior Notes due 2036
$ 1,150   $ ( 8 ) $ 1,142   January 12, 2026
5.850 % Senior Notes due 2056
850   ( 8 ) 842   January 12, 2026
3.200 % Senior Notes due 2032 (EUR-denominated)
881   ( 5 ) 876   February 19, 2026
3.625 % Senior Notes due 2035 (EUR-denominated)
881   ( 5 ) 876   February 19, 2026
3.900 % Senior Notes due 2038 (EUR-denominated)
1,175   ( 12 ) 1,163   February 19, 2026
Total of Senior Notes issued 4,937   ( 38 ) 4,899  
4.250 % Class A Senior ABS Notes due 2030
500   ( 2 ) 498   March 20, 2026
Total of ABS Notes issued 500   ( 2 ) 498  

4.557 % MRFA due 2027
1,000   ( 4 ) 996   February 5, 2026
Total borrowings 1,000   ( 4 ) 996  
Total issuances and borrowings $ 6,437   $ ( 44 ) $ 6,393  

Credit Facilities

On January 5, 2026, we entered into a Second Amended and Restated Credit Agreement (the “January 2026 Credit Agreement”) with certain financial institutions named therein. The January 2026 Credit Agreement amends and restates in its entirety the Amended and Restated Credit Agreement, dated as of October 17, 2022, and provides for a $ 10.0 billion revolving credit facility, including a letter of credit sub-facility of up to $ 1.5 billion and a swingline loan sub-facility of up to $ 500 million. Commitments under the January 2026 Credit Agreement will mature on January 5, 2031, except as otherwise extended or replaced. Borrowings under the January 2026 Credit Agreement will bear interest based upon the applicable benchmark rate, depending on the type of loan and, in some cases, at our election, plus a margin that is determined by reference to the credit rating of T-Mobile USA’s senior unsecured long-term debt. The January 2026 Credit Agreement contains customary representations, warranties and covenants, including a financial maintenance covenant of 4.5 x with respect to T-Mobile USA, Inc.’s Leverage Ratio (as defined therein). As of June 30, 2026, we did not have an outstanding balance under this facility.

Redemptions and Repayments

During the six months ended June 30, 2026, we made the following redemptions and repayments:

(in millions) Principal Amount Write-off of Issuance Cost and Consent Fees (1)
Redemption or Repayment Date Redemption Price
4.750 % Senior Notes due 2028
$ 1,500   $ 3   February 1, 2026 100   %
4.750 % Senior Notes to affiliates due 2028
1,500   2   February 1, 2026 100   %
1.500 % Senior Notes due 2026
1,000   —   February 15, 2026 N/A
2.250 % Senior Notes due 2026
1,800   —   February 15, 2026 N/A
5.050 % Class A Senior ABS Notes due 2029
500   —   March 20, 2026 100   %
2.625 % Senior Notes due 2026
1,200   —   April 15, 2026 N/A
Total redemptions 7,500   5  

ECA Facility due March 2036 43   —   Various N/A
5.152 % Series 2018-1 A-2 Notes due 2028
184   —   Various N/A
ECA Facility due November 2036 44   —   Various N/A
Total repayments 271   —  

Total redemptions and repayments $ 7,771   $ 5  

(1) Write-off of issuance costs and consent fees are included in Other expense, net on our Condensed Consolidated Statements of Comprehensive Income. Write-off of issuance costs and consent fees are included in Other, net within Net cash provided by operating activities on our Condensed Consolidated Statements of Cash Flows.

Asset-backed Notes

As of June 30, 2026, $ 2.0 billion of our ABS Notes were secured in total by $ 2.6 billion of gross EIP receivables and future collections on such receivables. Our ABS Notes and the assets securing this debt are included on our Condensed Consolidated Balance Sheets.
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Index for Notes to the Condensed Consolidated Financial Statements

The expected maturities of our ABS Notes as of June 30, 2026, were as follows:

(in millions) Expected Maturities
2026 $ 136  
2027 1,008  
2028 758  
2029 98  
Total $ 2,000  

Variable Interest Entities

In connection with our ABS Notes issuances, we formed a wholly owned subsidiary, which qualifies as a bankruptcy remote entity (the “ABS BRE”), and a trust (the “ABS Trust” and together with the ABS BRE, the “ABS Entities”) in which the ABS BRE holds a residual interest. Each of the ABS Entities meet the definition of a VIE for which we have determined that we are the primary beneficiary, as we have the power to direct the activities of the ABS Entities that most significantly impact their performance. Accordingly, we include the balances and results of operations of the ABS Entities on our condensed consolidated financial statements.

The following table summarizes the carrying amounts and classification of assets and liabilities included on our Condensed Consolidated Balance Sheets with respect to the ABS Entities:

(in millions) June 30,
2026 December 31,
2025

Assets
Equipment installment plan receivables, net $ 1,801   $ 1,865  
Equipment installment plan receivables due after one year, net 598   543  
Other current assets 238   232  
Liabilities
Accounts payable and accrued liabilities $ 2   $ 3  
Short-term debt 580   594  
Long-term debt 1,415   1,401  

See Note 4 – Receivables and Related Allowance for Credit Losses for additional information on the EIP receivables used to secure the ABS Notes.

Master Receivables Financing Agreement

On February 5, 2026, we entered into a master receivables financing agreement with certain third parties that provides for a revolving loan facility secured by pledged service customer relationships, which include current as well as future monthly service receivables, during the borrowing period (the “MRFA”). Concurrently with the execution of the MRFA, we borrowed $ 1.0  billion with a floating interest rate indexed to the Secured Overnight Financing Rate (“SOFR”) plus an applicable margin, with an initial scheduled expiry date of February 5, 2027, and principal paydowns beginning thereafter. The net proceeds are presented in Proceeds from issuance of long-term debt on our Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026.

As of June 30, 2026, $ 1.0  billion of borrowings are secured by approximately $ 198 million of outstanding service accounts receivable, the related customer service account contracts and future monthly service receivables. The borrowings related to the MRFA and assets securing these borrowings are included on our Condensed Consolidated Balance Sheets.

Restricted Cash

Certain provisions of our debt agreements require us to maintain specified cash collateral balances. Amounts associated with these balances are considered to be restricted cash. See Note 16 – Additional Financial Information for our reconciliation of Cash and cash equivalents, including restricted cash.

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Index for Notes to the Condensed Consolidated Financial Statements

Note 9 – Tower Obligations

Existing CCI Tower Lease Arrangements

In 2012, we conveyed to Crown Castle International Corp. (“CCI”) the exclusive right to manage and operate approximately 6,200 tower sites (“CCI Lease Sites”) via a master prepaid lease with site lease terms ranging from 23 to 37 years. CCI has fixed-price purchase options for the CCI Lease Sites totaling approximately $ 2.0 billion, exercisable annually on a per-tranche basis at the end of the lease term during the period from December 31, 2035, through December 31, 2049. If CCI exercises its purchase option for any tranche, it must purchase all the towers in the tranche. We lease back a portion of the space at certain tower sites.

Assets and liabilities associated with the operation of the tower sites were transferred to special purpose entities (“SPEs”). Assets included ground lease agreements or deeds for the land on which the towers are situated, the towers themselves and existing subleasing agreements with other mobile network operator tenants that lease space at the tower sites. Liabilities included the obligation to pay ground lease rentals, property taxes and other executory costs.

We determined the SPEs containing the CCI Lease Sites (“Lease Site SPEs”) are VIEs as they lack sufficient equity to finance their activities. We have a variable interest in the Lease Site SPEs but are not the primary beneficiary as we lack the power to direct the activities that most significantly impact the Lease Site SPEs’ economic performance. These activities include managing tenants and underlying ground leases, performing repair and maintenance on the towers, the obligation to absorb expected losses and the right to receive the expected future residual returns from the purchase option to acquire the CCI Lease Sites. As we determined that we are not the primary beneficiary and do not have a controlling financial interest in the Lease Site SPEs, the Lease Site SPEs are not included on our condensed consolidated financial statements.

However, we also considered if this arrangement resulted in the sale of the CCI Lease Sites for which we would derecognize the tower assets. By assessing whether control had transferred, we concluded that transfer of control criteria, as discussed in the revenue standard, were not met. Accordingly, we recorded this arrangement as a financing whereby we recorded debt, a financial obligation, and the CCI Lease Sites tower assets remained on our Condensed Consolidated Balance Sheets. We recorded long-term financial obligations in the amount of the net proceeds received and recognize interest on the tower obligations. The tower obligations are increased by interest expense and amortized through contractual leaseback payments made by us to CCI and through net cash flows generated and retained by CCI from the operation of the tower sites.

Acquired CCI Tower Lease Arrangements

Prior to our merger (the “Sprint Merger”) with Sprint Corporation (“Sprint”), Sprint entered into a lease-out and leaseback arrangement with Global Signal Inc., a third party that was subsequently acquired by CCI, that conveyed to CCI the exclusive right to manage and operate approximately 6,400 tower sites (“Master Lease Sites”) via a master prepaid lease. These agreements were assumed upon the close of the Sprint Merger, at which point the remaining term of the lease-out was approximately 17 years with no renewal options. CCI has a fixed price purchase option for all (but not less than all) of the leased or subleased sites for approximately $ 2.3 billion, exercisable one year prior to the expiration of the agreement and ending 120 days prior to the expiration of the agreement. We lease back a portion of the space at certain tower sites.

We considered if this arrangement resulted in the sale of the Master Lease Sites for which we would derecognize the tower assets. By assessing whether control had transferred, we concluded that transfer of control criteria, as discussed in the revenue standard, were not met. Accordingly, we recorded this arrangement as a financing whereby we recorded debt, a financial obligation, and the Master Lease Sites tower assets remained on our Condensed Consolidated Balance Sheets.

We recognize interest expense on the tower obligations. The tower obligations are increased by the interest expense and amortized through contractual leaseback payments made by us to CCI. The tower assets are reported in Property and equipment, net on our Condensed Consolidated Balance Sheets and are depreciated to their estimated residual values over the expected useful life of the towers, which is 20 years.

Leaseback Arrangement

On January 3, 2022, we entered into an agreement (the “Crown Agreement”) with CCI. The Crown Agreement extends the current term of the leasebacks by up to 12 years and modifies the leaseback payments for both the Existing CCI Tower Lease Arrangements and the Acquired CCI Tower Lease Arrangements. As a result of the Crown Agreement, there was an increase in our financing obligation as of the effective date of the Crown Agreement of approximately $ 1.2 billion, with a corresponding decrease to Other long-term liabilities associated with unfavorable contract terms. The modification resulted in a revised
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Index for Notes to the Condensed Consolidated Financial Statements

interest rate under the effective interest method for the tower obligations: 11.6 % for the Existing CCI Tower Lease Arrangements and 5.3 % for the Acquired CCI Tower Lease Arrangements. There were no changes made to either of our master prepaid leases with CCI.

The following table summarizes the balances associated with both of the tower arrangements on our Condensed Consolidated Balance Sheets:
(in millions) June 30,
2026 December 31,
2025
Property and equipment, net $ 1,851   $ 1,922  
Tower obligations 3,461   3,532  
Other long-term liabilities 554   554  

Future minimum payments related to the tower obligations are approximately $ 393 million for the 12-month period ending June 30, 2027, $ 822 million in total for both of the 12-month periods ending June 30, 2028 and 2029, $ 875 million in total for both of the 12-month periods ending June 30, 2030 and 2031, and $ 3.0 billion in total thereafter.

We are contingently liable for future ground lease payments through the remaining term of the CCI Lease Sites and the Master Lease Sites. These contingent obligations are not included in Operating lease liabilities, as any amount due is contractually owed by CCI based on the subleasing arrangement. Under the arrangement, we remain primarily liable for ground lease payments on approximately 850 sites and have included lease liabilities of $ 235 million in our Operating lease liabilities as of June 30, 2026.

Note 10 – Revenue from Contracts with Customers

Disaggregation of Revenue

We provide wireless communications and broadband services to a variety of customers, but focus primarily on two categories:

• Postpaid generally includes customers that are qualified to pay after receiving service utilizing phones, 5G broadband gateways, fiber connections, mobile internet devices (including tablets and hotspots), wearables, DIGITS and other connected devices (including SyncUP and IoT); and
• Prepaid generally includes customers that pay for service in advance.

We also provide services to wholesale customers which include Machine-to-Machine and Mobile Virtual Network Operator customers that operate on our network but are managed by wholesale partners.

The balances presented in each revenue line item on our Condensed Consolidated Statements of Comprehensive Income represent categories of revenue from contracts with customers disaggregated by type of product and service. Postpaid and prepaid service revenues also include revenues earned for providing premium services to customers, such as device insurance services.

Contract Balances

The contract asset and contract liability balances from contracts with customers as of June 30, 2026 and December 31, 2025, were as follows:
(in millions) Contract
Assets Contract
Liabilities

Balance as of December 31, 2025 $ 1,307   $ 1,653  
Balance as of June 30, 2026 1,283   1,511  

Change $ ( 24 ) $ ( 142 )

Contract assets primarily represent revenue recognized for equipment sales with promotional bill credits offered to customers that are paid over time and are contingent on the customer maintaining a service contract.

The change in the contract asset balance reflects customer activity related to new promotions, offset by billings on existing contracts and impairment, which is recognized as bad debt expense. The current portion of our contract assets of $ 1.0 billion and $ 920 million as of June 30, 2026 and December 31, 2025, respectively, was included in Other current assets on our Condensed Consolidated Balance Sheets.
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Index for Notes to the Condensed Consolidated Financial Statements

Contract liabilities are recorded when fees are collected, or we have an unconditional right to consideration (a receivable) in advance of delivery of goods or services. Changes in contract liabilities are primarily related to the activity of prepaid customers and contract liabilities assumed in the UScellular Acquisition. Contract liabilities are primarily included in Deferred revenue on our Condensed Consolidated Balance Sheets.

Revenues for the three and six months ended June 30, 2026 and 2025, include the following:
Three Months Ended June 30, Six Months Ended June 30,
(in millions) 2026 2025 2026 2025
Amounts included in the beginning of year contract liability balance $ 206   $ 147   $ 1,266   $ 1,050  

Remaining Performance Obligations

As of June 30, 2026, the aggregate amount of the transaction price allocated to remaining service performance obligations for postpaid contracts with subsidized devices and promotional bill credits that result in an extended service contract is $ 2.6 billion. We expect to recognize revenue as the service is provided on these postpaid contracts, generally over a period of 24 months from the time of origination.

Information about remaining performance obligations that are part of a contract that has an original expected duration of one year or less has been excluded from the above, which primarily consists of monthly service contracts.

Certain of our wholesale, roaming and service contracts include variable consideration based on usage and performance. This variable consideration has been excluded from the disclosure of remaining performance obligations. As of June 30, 2026, the aggregate amount of the contractual minimum consideration for wholesale, roaming and service contracts is $ 694 million, $ 1.0 billion and $ 2.3 billion for the remainder of 2026, 2027, and 2028 and beyond, respectively. These contracts have a remaining duration ranging from less than one year to five years .

Contract Costs

The balance of deferred incremental costs to obtain contracts with customers was $ 2.1 billion for June 30, 2026, and $ 2.0 billion for December 31, 2025, and is included in Other assets on our Condensed Consolidated Balance Sheets. Deferred contract costs incurred to obtain postpaid service contracts are amortized over a period of 24 months. The amortization period is monitored to reflect any significant change in assumptions. Amortization of deferred contract costs included in Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income were $ 479  million and $ 478  million for the three months ended June 30, 2026 and 2025, respectively, and $ 952  million and $ 963  million for the six months ended June 30, 2026 and 2025, respectively.

The deferred contract cost asset is assessed for impairment on a periodic basis. There were no impairment losses recognized on deferred contract cost assets for the three and six months ended June 30, 2026 and 2025.

Note 11 – Segment Reporting

We manage our business activities on a consolidated basis and operate as a single operating segment: Wireless. We primarily derive our revenue in the United States by providing wireless communications and broadband services to customers using our wireless networks and selling devices that provide customers access to our wireless networks. The accounting policies of the Wireless segment are the same as those described in Part II, Item 8, Note 1 – Summary of Significant Accounting Policies of our Annual Report on Form 10-K for the year ended December 31, 2025.

Our chief operating decision maker (“CODM”) is our President and Chief Executive Officer. The CODM uses Net income, as reported on our Condensed Consolidated Statements of Comprehensive Income, in evaluating performance of the Wireless segment and determining how to allocate resources of the Company as a whole, including investing in our networks and customers, stockholder return programs and acquisition strategy. The CODM does not review assets in evaluating the results of the Wireless segment, and therefore, such information is not presented.

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Index for Notes to the Condensed Consolidated Financial Statements

The following table provides the operating financial results of our Wireless segment:

Three Months Ended June 30, Six Months Ended June 30,
(in millions) 2026 2025 2026 2025
Total revenues $ 22,791   $ 21,132   $ 45,898   $ 42,018  
Less: Significant and other segment expenses
Cost of equipment sales 5,055   4,659   10,543   9,457  
Employee expenses 1,971   1,902   4,105   3,811  
Lease expense 1,359   1,258   2,941   2,465  
Advertising expense 926   864   1,827   1,676  
Bad debt expense 398   265   824   588  
Other segment items (1)
4,158   3,825   8,420   7,664  

Depreciation and amortization 3,434   3,146   7,251   6,344  
Interest expense, net 1,055   922   2,086   1,838  
Other expense, net 107   11   239   57  
Income tax expense 1,089   1,058   1,919   1,943  
Segment net income $ 3,239   $ 3,222   $ 5,743   $ 6,175  

(1) Other segment items included in Segment net income primarily include certain third-party commissions, external labor and services and backhaul expenses.

Note 12 – Stockholder Return Program

2026 Stockholder Return Program

On December 11, 2025, we announced that our Board of Directors authorized our 2026 Stockholder Return Program of up to $ 14.6 billion that will run through December 31, 2026 (the “2026 Stockholder Return Program”). On April 23, 2026, we announced that our Board of Directors increased the 2026 Stockholder Return Program authorization to up to $ 18.2 billion. The 2026 Stockholder Return Program consists of repurchases of shares of our common stock and the payment of cash dividends. The amount available under the 2026 Stockholder Return Program for share repurchases will be reduced by the amount of any cash dividends declared and paid by us.

On December 4, 2025, our Board of Directors declared a cash dividend of $ 1.02 per share on our issued and outstanding common stock, which was paid on March 12, 2026, to stockholders of record as of the close of business on February 27, 2026.

On March 19, 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 June 11, 2026, to stockholders of record as of the close of business on May 29, 2026.

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 will be paid on September 10, 2026, to stockholders of record as of the close of business on August 28, 2026.

During the three and six months ended June 30, 2026, we paid an aggregate of $ 1.1 billion and $ 2.2 billion, respectively, in cash dividends to our stockholders, which are presented within Net cash used in financing activities on our Condensed Consolidated Statements of Cash Flows, of which during the three and six months ended June 30, 2026, $ 593 million and $ 1.2 billion, respectively, were paid to Deutsche Telekom AG (“DT”). As of June 30, 2026, $ 1.1 billion for dividends payable is presented within Other current liabilities on our Condensed Consolidated Balance Sheets, of which $ 594 million is payable to DT.

During the three months ended June 30, 2026, we repurchased 11,420,845 shares of our common stock at an average price per share of $ 188.76 for a total purchase price of $ 2.2 billion, and during the six months ended June 30, 2026, we repurchased 34,750,770 shares of our common stock at an average price per share of $ 203.07 for a total purchase price of $ 7.1 billion under the 2026 Stockholder Return Program. All shares repurchased during the three and six months ended June 30, 2026, were purchased at market price. As of June 30, 2026, we had up to $ 8.9  billion remaining under the 2026 Stockholder Return Program for repurchases of shares and quarterly dividends through December 31, 2026.

Subsequent to June 30, 2026, from July 1, 2026, through July 17, 2026, we repurchased 2,149,600 shares of our common stock at an average price per share of $ 182.53 for a total purchase price of $ 392 million. As of July 17, 2026, we had up to $ 8.5  billion remaining under the 2026 Stockholder Return Program for repurchases of shares and quarterly dividends through December 31, 2026.

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Index for Notes to the Condensed Consolidated Financial Statements

Note 13 – Earnings Per Share

The computation of basic and diluted earnings per share was as follows:
Three Months Ended June 30, Six Months Ended June 30,
(in millions, except shares and per share amounts) 2026 2025 2026 2025

Net income $ 3,239   $ 3,222   $ 5,743   $ 6,175  

Weighted-average shares outstanding – basic (1)
1,081,771,279   1,132,760,465   1,090,922,014   1,136,627,715  
Effect of dilutive securities:
Outstanding stock options and unvested stock awards (1)
638,357   2,086,501   1,434,235   3,143,024  

Weighted-average shares outstanding – diluted 1,082,409,636   1,134,846,966   1,092,356,249   1,139,770,739  

Earnings per share – basic $ 2.99   $ 2.84   $ 5.26   $ 5.43  
Earnings per share – diluted $ 2.99   $ 2.84   $ 5.26   $ 5.42  

Potentially dilutive securities:
Outstanding stock options and unvested stock awards 6,122,349   2,479,780   2,242,724   80,012  

(1)     Our calculations of the weighted-average number of shares issuable related to the Ka’ena Acquisition earnout (“Ka’ena Shares”) are based on the 20 trading day volume-weighted average price as of June 30, 2026 and 2025, respectively, as further described below.

As of June 30, 2026, we had authorized 100 million shares of preferred stock, with a par value of $ 0.00001 per share. There was no preferred stock outstanding as of June 30, 2026 and 2025. Potentially dilutive securities were not included in the computation of diluted earnings per share if to do so would have been anti-dilutive.

The Ka’ena Shares were previously contingent consideration for the Ka’ena Acquisition. On June 30, 2025, we amended the Merger and Unit Purchase Agreement to set the calculation of the earnout as the difference between the maximum purchase price of $ 1.35  billion and the upfront payment, as adjusted, and removed the requirement for Ka’ena to achieve specified performance indicators. The Ka’ena Shares issuable are included in the calculations of basic weighted-average shares outstanding for the three and six months ended June 30, 2026, and the calculations of basic and diluted weighted-average shares outstanding for the three and six months ended June 30, 2025. The Ka’ena Shares are expected to be issued after the Ka’ena Acquisition earnout payment date.

Note 14 – Commitments and Contingencies

Sprint Merger Commitments

In connection with the regulatory proceedings and approvals of the Sprint Merger pursuant to the Business Combination Agreement with Sprint and the other parties named therein (as amended, the “Business Combination Agreement”) and the other transactions contemplated by the Business Combination Agreement, we have commitments and other obligations to various state and federal agencies and certain nongovernmental organizations, including pursuant to the Consent Decree agreed to by us, DT, Sprint, SoftBank Group Corp. (“SoftBank”) and DISH Network Corporation (“DISH”) and entered by the U.S. District Court for the District of Columbia, and the FCC’s memorandum opinion and order approving our applications for approval of the Sprint Merger. These commitments and obligations include, among other things, extensive 5G network build-out commitments, obligations to deliver high-speed wireless services to the vast majority of Americans, including Americans residing in rural areas, the marketing of an in-home broadband product where spectrum capacity is available and national security commitments. Many of the commitments specify time frames for compliance and reporting. Failure to fulfill our obligations and commitments in a timely manner could result in substantial fines, penalties, or other legal and administrative actions.

Contingencies and Litigation

Litigation and Regulatory Matters

We are involved in various lawsuits and disputes, claims, government agency investigations and enforcement actions, and other proceedings (“Litigation and Regulatory Matters”) that arise in the ordinary course of business, which include claims of patent infringement (most of which are asserted by non-practicing entities primarily seeking monetary damages), class actions, and proceedings to enforce FCC or other government agency rules and regulations. Those Litigation and Regulatory Matters are at various stages, and some of them may proceed to trial, arbitration, hearing, or other adjudication that could result in fines,
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Index for Notes to the Condensed Consolidated Financial Statements

penalties, or awards of monetary or injunctive relief in the coming 12 months if they are not otherwise resolved. We have established an accrual with respect to certain of these matters, where appropriate. The accruals are reflected on our condensed consolidated financial statements, but they are not considered to be, individually or in the aggregate, material. An accrual is established when we believe it is both probable that a loss has been incurred and an amount can be reasonably estimated. For other matters, where we have not determined that a loss is probable or because the amount of loss cannot be reasonably estimated, we have not recorded an accrual due to various factors typical in contested proceedings, including, but not limited to, uncertainty concerning legal theories and their resolution by courts or regulators, uncertain damage theories and demands, and a less than fully developed factual record. For Litigation and Regulatory Matters that may result in a contingent gain, we recognize such gains on our condensed consolidated financial statements when the gain is realized or realizable. We recognize legal costs expected to be incurred in connection with Litigation and Regulatory Matters as they are incurred. Except as otherwise specified below, we do not expect that the ultimate resolution of these Litigation and Regulatory Matters, individually or in the aggregate, will have a material adverse effect on our financial position, but we note that an unfavorable outcome of some or all of the specific matters identified below, or other matters that we are or may become involved in could have a material adverse impact on results of operations or cash flows for a particular period. This assessment is based on our current understanding of relevant facts and circumstances. As such, our view of these matters is subject to inherent uncertainties and may change in the future.

On February 28, 2020, T-Mobile and Sprint each received a Notice of Apparent Liability for Forfeiture and Admonishment from the FCC, which proposed a penalty for allegedly violating section 222 of the Communications Act and the FCC’s regulations governing the privacy of customer information. On April 29, 2024, the FCC issued Forfeiture Orders against T-Mobile and Sprint that largely adopted the allegations and conclusions of the Notices of Apparent Liability and imposed penalties on T-Mobile and Sprint. T-Mobile and Sprint paid those penalties under protest, and on June 27, 2024, T-Mobile and Sprint filed Petitions for Review challenging the FCC’s Forfeiture Orders in the United States Court of Appeals for the District of Columbia. On August 15, 2025, a panel of three judges denied the petitions for review. On January 23, 2026, the Court of Appeals denied T-Mobile’s petitions for rehearing and rehearing en banc. T-Mobile intends to file a petition for a writ of certiorari with the United States Supreme Court. We are unable to predict the potential outcome of those proceedings.

On April 1, 2020, in connection with the closing of the Sprint Merger, we assumed the contingencies and litigation matters of Sprint. Those matters include a wide variety of disputes, claims, government agency investigations and enforcement actions, and other proceedings.

On June 1, 2021, a putative shareholder class action and derivative lawsuit was filed in the Delaware Court of Chancery, Dinkevich v. Deutsche Telekom AG, et al. , Case No. C.A. No. 2021-0479, against DT, SoftBank and certain of our current and former officers and directors, asserting breach of fiduciary duty claims relating to the repricing amendment to the Business Combination Agreement and to SoftBank’s monetization of its T-Mobile shares. We are also named as a nominal defendant in the case. We are unable to predict the potential outcome of these claims.

On August 12, 2021, we became aware of a cybersecurity issue involving unauthorized access to T-Mobile’s systems (the “August 2021 cyberattack”). Our investigation uncovered that the perpetrator had illegally gained access to certain areas of our systems on or about March 18, 2021, but only gained access to and took data of current, former, and prospective customers beginning on or about August 3, 2021.

As a result of the August 2021 cyberattack, we have become subject to numerous lawsuits, including mass arbitration claims and multiple class action lawsuits that have been filed in numerous jurisdictions seeking, among other things, unspecified monetary damages, costs and attorneys’ fees arising out of the August 2021 cyberattack. In December 2021, the Judicial Panel on Multidistrict Litigation consolidated the federal class action lawsuits in the U.S. District Court for the Western District of Missouri under the caption In re: T-Mobile Customer Data Security Breach Litigation , Case No. 21-md-3019-BCW. On July 22, 2022, we entered into an agreement to settle the lawsuit. On June 29, 2023, the Court issued an order granting final approval of the settlement. All appeals have been resolved, and the settlement is now final. Under the terms of the settlement, we have paid an aggregate of $ 350  million to fund claims submitted by class members, the legal fees of plaintiffs’ counsel and the costs of administering the settlement. As required under the terms of the settlement, we have spent an aggregate of $ 150  million for data security and related technology in 2022 and 2023. The settlement provides a full release of all claims arising out of the August 2021 cyberattack by class members who did not opt out, against all defendants, including us, our subsidiaries and affiliates, and our directors and officers. The settlement contains no admission of liability, wrongdoing or responsibility by any of the defendants.

We anticipate that this settlement of the class action, along with other settlements of separate consumer claims that have been previously completed or are currently pending, will resolve substantially all of the claims brought to date by our current, former
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Index for Notes to the Condensed Consolidated Financial Statements

and prospective customers who were impacted by the 2021 cyberattack. In connection with the class action settlement and the separate settlements, we recorded a total pre-tax charge of approximately $ 400  million in the second quarter of 2022.

We have also received inquiries and contested legal proceedings from various government agencies, law enforcement and other governmental authorities related to the August 2021 cyberattack, which could result in substantial fines or penalties. We reached an agreement with the FCC, which was announced on September 30, 2024, to resolve one of those inquiries. We will continue to respond to the other agencies and regulators inquiring about the matter with an aim to resolve all of these matters. While we hope to resolve them in the near term, we cannot predict the timing or outcome of any of these matters or whether we may be subject to further regulatory inquiries, investigations, or legal or enforcement actions.

In light of the inherent uncertainties involved in such matters, and based on the information currently available to us, in addition to the previously recorded pre-tax charge of approximately $ 400  million noted above, we believe it is reasonably possible that we could incur additional losses associated with these proceedings and inquiries, and we will continue to evaluate information as it becomes known and will record an estimate for losses at the time or times when it is both probable that a loss has been incurred and the amount of the loss is reasonably estimable. Ongoing legal and other costs related to these proceedings and inquiries, as well as any potential future actions, may be substantial, and losses associated with any adverse judgments, settlements, penalties or other resolutions of such proceedings and inquiries could be material to our business, reputation, financial condition, cash flows and operating results.

On June 17, 2022, plaintiffs filed a putative antitrust class action complaint in the Northern District of Illinois, Dale, et al. v. Deutsche Telekom AG, et al. , Case No. 1:22-cv-03189, against DT, T-Mobile, and SoftBank, alleging that the Sprint Merger violated the antitrust laws and harmed competition in the U.S. retail cell service market. Plaintiffs seek injunctive relief and trebled monetary damages on behalf of a purported class of AT&T and Verizon customers whom plaintiffs allege paid artificially inflated prices due to the Sprint Merger. We are vigorously defending this lawsuit, but we are unable to predict the potential outcome.

On January 5, 2023, we identified that a bad actor was obtaining data through a single Application Programming Interface (“API”) without authorization. Based on our investigation, the impacted API is only able to provide a limited set of customer account data, including name, billing address, email, phone number, date of birth, T-Mobile account number and information, such as the number of lines on the account and plan features. The result from our investigation indicates that the bad actor(s) obtained data from this API for approximately 37  million current postpaid and prepaid customer accounts, though many of these accounts did not include the full data set. We believe that the bad actor first retrieved data through the impacted API starting on or around November 25, 2022. We have notified individuals whose information was impacted consistent with state and federal requirements.

In connection with the January 2023 cyberattack, we became subject to consumer class actions and regulatory inquiries, to which we will continue to respond in due course and may incur significant expenses. However, we cannot predict the timing or outcome of any of these potential matters or whether we may be subject to additional legal proceedings, claims, regulatory inquiries, investigations, or enforcement actions.

On February 25, 2025, a purported Company shareholder filed a putative class action and derivative lawsuit in the Delaware Court of Chancery under the caption Palkon v. Deutsche Telekom AG, et al. , Case No. 2025-0211-PAF, against four DT entities, our current directors, and certain of our former directors, asserting breach of fiduciary duty and unjust enrichment claims relating to our 2022 Stock Repurchase Program and our 2023-2024 Stockholder Return Program. We are also named as a nominal defendant in the lawsuit. We are unable to predict the potential outcome of these claims.

Note 15 – Restructuring Costs

UScellular Acquisition Restructuring Initiatives

Upon completing the UScellular Acquisition on August 1, 2025, we began implementing restructuring initiatives to realize cost efficiencies and eliminate redundancies. The major activities associated with the UScellular Acquisition restructuring initiatives include contract termination costs associated with the rationalization of retail stores, distribution channels, duplicative network and backhaul services and other agreements, severance costs associated with the integration of redundant processes and functions and the decommissioning of certain cell sites and distributed antenna systems to achieve synergies in network costs.

30

Index for Notes to the Condensed Consolidated Financial Statements

The following table summarizes the expenses incurred in connection with our UScellular Acquisition restructuring initiatives:

(in millions) Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 Incurred to Date
Contract termination costs $ 51   $ 92   $ 124  
Severance costs 31   57   120  
Network decommissioning 8   26   42  
Total restructuring plan expenses $ 90   $ 175   $ 286  

The expenses associated with our UScellular Acquisition restructuring initiatives are included in Cost of services and Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income.

Our UScellular Acquisition restructuring initiatives also include the acceleration or termination of certain of our operating leases for cell sites, switch sites and retail stores. Incremental expenses associated with terminated leases and leases for which we have recognized accelerated lease expense were $ 31  million and $ 311  million for the three and six months ended June 30, 2026, respectively, and are included in Cost of services and Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income.

Additionally, we recognized $ 13 million and $ 242 million of accelerated depreciation for the three and six months ended June 30, 2026, respectively, primarily related to assets associated with the decommissioning of cell sites, which is included in Depreciation and amortization on our Condensed Consolidated Statements of Comprehensive Income.

The changes in the liabilities associated with our UScellular Acquisition restructuring initiatives, including expenses incurred and cash payments, are as follows:

(in millions) December 31,
2025 Expenses Incurred Cash Payments June 30,
2026
Contract termination costs $ 31   $ 92   $ ( 45 ) $ 78  
Severance costs 59   57   ( 39 ) 77  
Network decommissioning 1   26   ( 24 ) 3  
Total $ 91   $ 175   $ ( 108 ) $ 158  

The liabilities accrued in connection with our UScellular Acquisition restructuring initiatives are presented in Accounts payable and accrued liabilities on our Condensed Consolidated Balance Sheets.

We expect to incur substantially all costs related to our UScellular Acquisition restructuring activities by the end of fiscal year 2027. We are evaluating additional restructuring initiatives associated with the UScellular Acquisition, 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.

Network Restructuring Initiative

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.

The following table summarizes the expenses incurred in connection with our Network Restructuring Initiative:

(in millions) Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 Incurred to Date
Contract termination costs $ 13   $ 40   $ 45  
Network decommissioning 23   61   125  
Total restructuring plan expenses $ 36   $ 101   $ 170  

The expenses associated with our Network Restructuring Initiative are included in Cost of services on our Condensed Consolidated Statements of Comprehensive Income.
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Index for Notes to the Condensed Consolidated Financial Statements

Our Network Restructuring Initiative also includes the termination of certain of our operating leases for cell sites and switch sites. Incremental expenses associated with terminated leases and leases for which we have recognized accelerated lease expense were $ 16 million and $ 27 million for the three and six months ended June 30, 2026, respectively, and are included in Cost of services on our Condensed Consolidated Statements of Comprehensive Income.

Additionally, we recognized $ 11 million and $ 71 million of accelerated depreciation for the three and six months ended June 30, 2026, respectively, related to assets associated with the decommissioning of cell sites, which is included in Depreciation and amortization on our Condensed Consolidated Statements of Comprehensive Income.

The changes in the liabilities associated with our Network Restructuring Initiative, including expenses incurred and cash payments, are as follows:

(in millions) December 31,
2025 Expenses Incurred Cash Payments Adjustments for Non-Cash Items (1)
June 30,
2026
Contract termination costs $ —   $ 40   $ ( 27 ) $ —   $ 13  
Network decommissioning 1   61   ( 17 ) ( 8 ) 37  
Total $ 1   $ 101   $ ( 44 ) $ ( 8 ) $ 50  

(1)    Non-cash items primarily consist of the write-off of assets within Network decommissioning.

The liabilities accrued in connection with our Network Restructuring Initiative are presented in Accounts payable and accrued liabilities on our Condensed Consolidated Balance Sheets.

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 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.

2025-2026 Workforce Transformation

In the fourth quarter of 2025, we began implementing a restructuring initiative to streamline operations by centralizing leaders and teams, reducing organizational layers and eliminating duplicative roles (the “2025-2026 Workforce Transformation”).

The following table summarizes the expenses incurred in connection with our 2025-2026 Workforce Transformation initiative:

(in millions) Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 Incurred to Date
Severance costs $ —   $ 141   $ 531  

The expenses associated with our 2025-2026 Workforce Transformation initiative are included in Cost of services and Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income.

The changes in the liabilities associated with our 2025-2026 Workforce Transformation initiative, including expenses incurred and cash payments, are as follows:

(in millions) December 31,
2025 Expenses Incurred Cash Payments June 30,
2026
Severance costs $ 374   $ 141   $ ( 346 ) $ 169  

The liabilities accrued in connection with our 2025-2026 Workforce Transformation initiative are presented in Accounts payable and accrued liabilities on our Condensed Consolidated Balance Sheets.

We have incurred substantially all of the costs associated with our 2025-2026 Workforce Transformation. We expect substantially all remaining associated employee separations and related cash outflows to occur throughout 2026.

Retail Initiatives

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 Acquisition restructuring initiatives.
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Index for Notes to the Condensed Consolidated Financial Statements

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.

Note 16 – Additional Financial Information

Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities are summarized as follows:
(in millions) June 30,
2026 December 31,
2025
Accounts payable $ 4,320   $ 5,219  
Property and other taxes, including payroll 1,449   1,601  
Payroll and related benefits 1,139   1,709  
Accrued interest 1,003   1,025  

Other accrued liabilities 863   726  
Accounts payable and accrued liabilities $ 8,774   $ 10,280  

Book overdrafts included in Accounts payable were $ 434 million and $ 823 million as of June 30, 2026 and December 31, 2025, respectively.

Supplemental Condensed Consolidated Statements of Cash Flows Information

The following table summarizes T-Mobile’s supplemental cash flow information:

Three Months Ended June 30, Six Months Ended June 30,
(in millions) 2026 2025 2026 2025
Interest payments, net of amounts capitalized $ 1,119   $ 992   $ 2,173   $ 1,926  
Operating lease payments 1,303   1,202   2,840   2,416  
Income tax payments, net of refunds received 757   342   767   352  
Non-cash investing and financing activities

Change in accounts payable and accrued liabilities for purchases of property and equipment $ ( 404 ) $ ( 131 ) $ ( 761 ) $ ( 594 )

Operating lease right-of-use assets obtained in exchange for lease obligations 540   593   1,065   1,074  
Financing lease right-of-use assets obtained in exchange for lease obligations 488   430   710   678  

Cash and Cash Equivalents, Including Restricted Cash

Cash and cash equivalents, including restricted cash, presented on our Condensed Consolidated Statements of Cash Flows were included on our Condensed Consolidated Balance Sheets as follows:
(in millions) June 30,
2026 December 31,
2025
Cash and cash equivalents $ 2,825   $ 5,598  

Restricted cash (included in Other current assets) 267   296  
Restricted cash (included in Other assets) 83   82  
Cash and cash equivalents, including restricted cash $ 3,175   $ 5,976  

Note 17 – Subsequent Events

On July 1, 2026, the FCC approved the sale of our 800 MHz spectrum licenses to Grain. See Note 6 - Spectrum License Transactions for additional information.

From July 1, 2026, through July 17, 2026, we repurchased 2,149,600 shares of our common stock at an average price per share of $ 182.53 for a total purchase price of $ 392 million. See Note 12 - Stockholder Return Program for additional information.

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Table of Contents

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Statement Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q (“Form 10-Q”) of T-Mobile US, Inc. (“T-Mobile,” “we,” “our,” “us” or the “Company”) 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 our 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 that may cause actual results to differ materially from the forward-looking statements. The following important factors, along with the Risk Factors included in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, and Part II, Item 1A of this Form 10-Q, could affect future results and cause those results to differ materially from those expressed in the forward-looking statements:

• competition, industry consolidation and changes in the market for wireless communications services and other forms of connectivity;
• cyberattacks, disruptions, data loss or other security breaches;
• our inability to adopt and deploy network technologies in a timely and effective manner;
• our inability to effectively execute our digital initiatives 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, investment, joint venture, merger, or divestiture 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 oil prices, inflation or interest rates, tariffs and trade restrictions, supply chain disruptions, fluctuations in global currencies, immigration policies, and impacts of geopolitical instability, such as global conflict, wars and further escalations thereof;
• operational delays, higher procurement costs, such as memory chip cost impacts on smartphones, and operational costs, and increased regulatory and compliance complexities, for example, as a 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 failure or inability 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;
• compliance with the current regulatory framework, including our national security obligations, and 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 (“AI”);
• 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;
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• 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; and
• future sales of our common stock by DT and our inability to attract additional equity financing outside the United States due to foreign ownership limitations by the Federal Communications Commission (“FCC”).

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.

Investors and others should note that we announce material 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 intend to also 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 @SriniGopalan X account (https://x.com/SriniGopalan) and our CEO’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 Chief Financial Officer’s LinkedIn account (https://www.linkedin.com/in/peter-osvaldik-3887394), both of which Mr. Osvaldik also uses as a means for personal communications 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.

Overview

The objectives of our Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) are to provide users of our condensed consolidated financial statements with the following:

• A narrative explanation from the perspective of management of our financial condition, results of operations, cash flows, liquidity and certain other factors that may affect future results;
• Context to the condensed consolidated financial statements; and
• Information that allows assessment of the likelihood that past performance is indicative of future performance.

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.

Acquisition of UScellular Wireless Business

Transaction Overview

On August 1, 2025 (the “UScellular Acquisition Date”), we completed the acquisition (the “UScellular Acquisition”) of substantially all of United States Cellular Corporation’s (“UScellular”) wireless operations and select spectrum assets and the acquisition of substantially all of the wireless operations assets of each of Farmers Cellular Telephone Company, Inc., Iowa RSA No. 9 Limited Partnership and Iowa RSA No. 12 Limited Partnership (collectively, the “UScellular Wireless Business”). 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 exchange offers, which were launched on May 23, 2025 (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.

For more information regarding the UScellular Acquisition, see Note 2 – Business Combinations of the Notes to the Condensed Consolidated Financial Statements.

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UScellular Merger-Related Costs

Merger-related costs associated with the UScellular Acquisition 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 contract terminations, severance and network decommissioning; and
• Transaction costs, including legal and professional services related to the completion of the UScellular Acquisition.

See Note 15 – Restructuring Costs of the Notes to the Condensed Consolidated Financial Statements for more information.

UScellular merger-related costs have been excluded from our calculations of Adjusted EBITDA and Core Adjusted EBITDA, which are non-GAAP financial measures, as we do not consider these costs to be reflective of our ongoing operating performance. See “Adjusted EBITDA and Core Adjusted EBITDA” in the “ Performance Measures ” section of this MD&A. Net cash payments for UScellular merger-related costs, including payments related to our restructuring plan, are included in Net cash provided by operating activities on our Condensed Consolidated Statements of Cash Flows and our calculation of Adjusted Free Cash Flow.

UScellular merger-related costs are presented below:
(in millions) Three Months Ended
June 30, Change Six Months Ended
June 30, Change
2026 2025 $ % 2026 2025 $ %
UScellular merger-related costs
Cost of services, exclusive of depreciation and amortization $ 44  $ —  $ 44  NM $ 388  $ —  $ 388  NM
Cost of equipment sales, exclusive of depreciation and amortization 23  —  23  NM 37  —  37  NM
Selling, general and administrative 115  33  82  248  % 163  47  116  247  %
Depreciation and amortization 13  —  13  NM 242  —  242  NM
Total UScellular merger-related costs $ 195  $ 33  $ 162  491  % $ 830  $ 47  $ 783  NM

Net cash payments for UScellular merger-related costs $ 142  $ 31  $ 111  358  % $ 256  $ 40  $ 216  540  %

NM - Not meaningful

Anticipated Impacts

As a result of our UScellular Acquisition restructuring and integration activities, we expect to realize cost efficiencies by eliminating redundancies within our combined network as well as other business processes and operations. Upon completion of these activities, we expect to achieve total annual run rate cost synergies of $1.2 billion, consisting of $950 million in operating expenses and $250 million in capital expenditures. We currently expect total costs to achieve, excluding accelerated depreciation, to be approximately $2.6 billion, currently expected to be composed of $1.5 billion of UScellular merger-related costs recognized within operating expenses and $1.1 billion of capital expenditures.

Substantially all costs and associated payments for our UScellular Acquisition restructuring and integration activities are expected to be incurred by the end of fiscal year 2027. We are evaluating additional restructuring initiatives associated with the UScellular Acquisition, 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 costs and related payments.

Acquisition of Vistar Media Inc.

On December 20, 2024, we entered into an agreement and plan of merger for the acquisition of 100% of the outstanding capital stock of Vistar Media Inc. (“Vistar”), a provider of technology solutions for digital-out-of-home advertisements (the “Vistar Acquisition”).

On February 3, 2025 (the “Vistar Acquisition Date”), we completed the Vistar Acquisition in exchange for $621 million in cash.

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For more information regarding the Vistar Acquisition, see Note 2 – Business Combinations of the Notes to the Condensed Consolidated Financial Statements.

Acquisition of Blis Holdco Limited

On February 18, 2025, we entered into a share purchase agreement for the acquisition of 100% of the outstanding capital stock of Blis Holdco Limited (“Blis”), a provider of advertising solutions (the “Blis Acquisition”).

On March 3, 2025 (the “Blis Acquisition Date”), we completed the Blis Acquisition in exchange for $180 million in cash.

For more information regarding the Blis Acquisition, see Note 2 – Business Combinations of the Notes to the Condensed Consolidated Financial Statements.

Acquisition of Ka’ena Corporation

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.

For more information regarding the Ka’ena Acquisition, see Note 2 – Business Combinations of the Notes to the Condensed Consolidated Financial Statements.

Sprint Merger-Related Costs

As of June 30, 2024, we have incurred substantially all restructuring and integration costs associated with our merger (the “Sprint Merger”) with Sprint Corporation (“Sprint”) and, accordingly, no longer separately disclose Sprint Merger-related costs. The cash payments for the Sprint Merger-related costs incurred extend beyond 2026 (together with the cash payments for UScellular merger-related costs, “net payments for Merger-related costs”) and primarily relate to operating leases for which we have recognized accelerated lease expense.

Fiber Joint Ventures

Our fiber strategy includes joint ventures focusing on market identification and selection, build plans, network engineering and design, network deployment and customer installation, with us owning customer relationships and selling fiber service under the T-Mobile brand.

On April 1, 2025, we completed the joint acquisition of Lumos (“Lumos”), a fiber-to-the-home platform. During the three months ended June 30, 2025, we invested $932 million to acquire a 50% equity interest in the joint venture and fiber customers. In addition, pursuant to the definitive agreement, we expect to make an additional capital contribution of approximately $500 million between 2027 and 2028 under the existing business plan. Following the joint acquisition, Lumos transitioned to a wholesale model where we are the anchor tenant owning residential and small business customer relationships.

On July 24, 2025, we completed the joint acquisition of Metronet Holdings, LLC and certain of its affiliates (collectively, “Metronet”), a fiber-to-the-home platform. During the three months ended September 30, 2025, we invested $4.6 billion to acquire a 50% equity interest in the joint venture and residential fiber customers. Following the joint acquisition, Metronet became a wholesale services provider, and its residential fiber retail operations and customers transitioned to us.

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.

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
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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.

Upon closing of the transactions, we account for the joint ventures under the equity method of accounting with our proportionate share of earnings (losses) presented within Other expense, net on our Condensed Consolidated Statements of Comprehensive Income. Additionally, upon closing of the transactions, we recognize revenues for fiber customers and the related wholesale costs paid to the joint ventures for network access within Postpaid revenues and Cost of services, respectively, on our Condensed Consolidated Statements of Comprehensive Income.

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.

Joint Venture with AT&T and Verizon

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.

Network Restructuring Initiative

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.

Network Restructuring Initiative costs are presented below:

Three Months Ended
June 30, 2026 Six Months Ended
June 30, 2026
(in millions)
Network Restructuring Initiative
Cost of services, exclusive of depreciation and amortization $ 52  $ 128 
Depreciation and amortization 11  71 
Total Network Restructuring Initiative costs $ 63  $ 199 

Network Restructuring Initiative costs have been excluded from our calculations of Adjusted EBITDA and Core Adjusted EBITDA, which are non-GAAP financial measures, as we do not consider these costs to be reflective of our ongoing operating performance. See “Adjusted EBITDA and Core Adjusted EBITDA” in the “ Performance Measures ” section of this MD&A.

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.

See Note 15 – Restructuring Costs of the Notes to the Condensed Consolidated Financial Statements for more information.

2025-2026 Workforce Transformation

In the fourth quarter of 2025, we began implementing a restructuring initiative to streamline operations by centralizing leaders and teams, reducing organizational layers and eliminating duplicative roles (the “2025-2026 Workforce Transformation”). We
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intend to reinvest the expected cost savings from the 2025-2026 Workforce Transformation into the business, including into our digital initiatives.

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.

See Note 15 – Restructuring Costs of the Notes to the Condensed Consolidated Financial Statements for more information.

Retail Initiatives

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.

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.

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Results of Operations

Set forth below is a summary of our consolidated financial results:
Three Months Ended
June 30, Change Six Months Ended
June 30, Change
(in millions) 2026 2025 $ % 2026 2025 $ %
Revenues
Postpaid revenues $ 15,853  $ 14,078  $ 1,775  13  % $ 31,482  $ 27,672  $ 3,810  14  %
Prepaid revenues 2,473  2,643  (170) (6) % 4,990  5,286  (296) (6) %
Wholesale and other service revenues 657  717  (60) (8) % 1,342  1,405  (63) (4) %
Total service revenues 18,983  17,438  1,545  9  % 37,814  34,363  3,451  10  %
Equipment revenues 3,524  3,439  85  2  % 7,520  7,143  377  5  %
Other revenues 284  255  29  11  % 564  512  52  10  %
Total revenues 22,791  21,132  1,659  8  % 45,898  42,018  3,880  9  %
Operating expenses
Cost of services, exclusive of depreciation and amortization shown separately below 2,978  2,717  261  10  % 6,317  5,319  998  19  %
Cost of equipment sales, exclusive of depreciation and amortization shown separately below 5,055  4,659  396  8  % 10,543  9,457  1,086  11  %
Selling, general and administrative 5,834  5,397  437  8  % 11,800  10,885  915  8  %

Depreciation and amortization 3,434  3,146  288  9  % 7,251  6,344  907  14  %
Total operating expenses 17,301  15,919  1,382  9  % 35,911  32,005  3,906  12  %
Operating income 5,490  5,213  277  5  % 9,987  10,013  (26) —  %
Other expense, net
Interest expense, net (1,055) (922) (133) 14  % (2,086) (1,838) (248) 13  %
Other expense, net (107) (11) (96) 873  % (239) (57) (182) 319  %
Total other expense, net (1,162) (933) (229) 25  % (2,325) (1,895) (430) 23  %
Income before income taxes 4,328  4,280  48  1  % 7,662  8,118  (456) (6) %
Income tax expense (1,089) (1,058) (31) 3  % (1,919) (1,943) 24  (1) %
Net income $ 3,239  $ 3,222  $ 17  1  % $ 5,743  $ 6,175  $ (432) (7) %

Statement of Cash Flows Data
Net cash provided by operating activities $ 7,500  $ 6,992  $ 508  7  % $ 14,722  $ 13,839  $ 883  6  %
Net cash used in investing activities (3,052) (1,559) (1,493) 96  % (5,901) (4,968) (933) 19  %
Net cash used in financing activities (5,182) (7,205) 2,023  (28) % (11,622) (4,012) (7,610) 190  %
Non-GAAP Financial Measures
Adjusted EBITDA $ 9,537  $ 8,547  $ 990  12  % $ 18,778  $ 16,806  $ 1,972  12  %
Core Adjusted EBITDA 9,537  8,541  996  12  % 18,777  16,799  1,978  12  %
Adjusted Free Cash Flow 4,797  4,596  201 4  % 9,396  8,992  404  4  %

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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.

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.

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.

The increase for the three months ended June 30, 2026, was primarily from:

• Higher average postpaid accounts, including following the acquisitions of UScellular and Metronet; and
• Higher postpaid ARPA. See “Postpaid ARPA” in the “ Performance Measures ” section of this MD&A.