T‑Mobile delivers record customer growth

Industry-Leading Customer Growth Fueled by Widening Differentiation in Best Network, Best Value and Best Experiences Combination⁽¹⁾

• Total postpaid net customer additions of 2.3 million, best-ever and best in industry
• Postpaid phone net customer additions of 1.0 million, highest Q3 in over a decade and best in industry
• Postpaid net account additions of 396 thousand, up 26% year-over-year, best-ever and best in industry
• Total broadband net customer additions of 560 thousand, up 34% year-over-year, best in industry, including 506 thousand 5G broadband net customer additions, up 22% year-over-year, and 54 thousand fiber net customer additions

Translating Industry-Leading Customer Growth into Durable and Profitable Financial Growth

• Service revenues of $18.2 billion grew 9% year-over-year, best in industry growth
• Postpaid service revenues of $14.9 billion grew 12% year-over-year, best in industry growth
• Strong Net income of $2.7 billion and diluted earnings per share (“EPS”) of $2.41
• Core Adjusted EBITDA⁽²⁾ of $8.7 billion grew 6% year-over-year, best in industry growth
• Net cash provided by operating activities of $7.5 billion grew 21% year-over-year
• Adjusted Free Cash Flow⁽²⁾ of $4.8 billion

Extending Overall Network Lead with Best Assets, Customer Centricity and Technology Leadership

• Recognized by Opensignal as the 5G Global Winner in 5G Coverage Experience and Global Leader in 5G Reliability, including outperforming other US operators; T-Mobile also ranked the #1 FWA carrier for Consistent Quality and Reliability
• Fastest provider in Fixed Wireless Home Internet with median download speeds nearly 50% faster than next closest peer, based on our analysis of Ookla data
• Ongoing momentum in network perception with lots of room to run, with highest ever switching consideration based on overall network quality in Q3 and lots more runway ahead
• iPhone 17 is fastest on T-Mobile’s network with median overall download speeds nearly 90% faster than one benchmark competitor as we continue to expand our network leadership with industry-leading deployment of new technologies (e.g. L4S deployed on all 5G sites with efficient capacity allocation; ~70% of sites supporting 5- and 6- carrier aggregation)

Bellevue, Washington – T-Mobile US, Inc. (NASDAQ: TMUS) reported third quarter 2025 results today, delivering industry-leading customer results across the board, in postpaid account nets, total postpaid nets, postpaid phone nets, postpaid phone churn, and broadband net customer additions. The company’s industry-leading customer growth contributed to industry-best service revenue growth, which grew at a rate multiples that of its closest wireless competitors, strong Net income, industry-leading Core Adjusted EBITDA growth, strong net cash provided by operating activities and industry-leading Adjusted Free Cash Flow margin, while fueling stockholder returns of $3.5 billion in Q3.

“Being the CEO of T-Mobile has been the honor of a lifetime. Together this team has done what most thought was impossible, by transforming the Un-carrier from a scrappy challenger into the world’s most successful and customer-centric telecommunications company, going from last to first with the best network, the best value, and the best customer experience in the market,” said Mike Sievert, CEO of T-Mobile. “I’ve never been more confident that the durable, profitable growth engine we’ve built, with so much more room to run — fueled by Srini’s enormous passion and exceptional leadership — will continue to propel T-Mobile forward for years to come. This team has redefined what’s possible in wireless and beyond, and the best is yet to come.”

“It is a privilege for me to lead this incredible team and continue building upon the tremendous Un-carrier legacy that Mike has created. Q3 once again proves that our differentiated strategy is working — more and more consumers recognize our industry-leading network and elevated customer experiences through digital innovation,” said Srini Gopalan, COO and incoming CEO of T-Mobile. “We are even more convicted in our future than ever before, as we continue taking profitable share through wireless, through broadband, and smart adjacencies, investing to defend our network leadership, while further improving network perception, and effecting a digital transformation — all of which will allow the Un-carrier to widen our margin of differentiation.”

(1) AT&T Inc. does not disclose postpaid net account additions. Comcast and Charter do not disclose postpaid phone net customer additions. Industry-leading claims are based on consensus expectations if results are not yet reported.
(2) Core Adjusted EBITDA and Adjusted Free Cash Flow are non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with GAAP. Reconciliations for these non-GAAP financial measures to the most directly comparable GAAP financial measures are provided in the Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures tables. We are not able to forecast Net income on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect Net income, including, but not limited to, Income tax expense and Interest expense. Core Adjusted EBITDA should not be used to predict Net income as the difference between this measure and Net income is variable.

Industry-Leading Customer Growth Fueled by Widening Differentiation in Best Network, Best Value and Best Experiences Combination⁽¹⁾

• Total postpaid net customer additions of 2.3 million increased 772 thousand year-over-year.
• Postpaid phone net customer additions of 1.0 million increased 142 thousand year-over-year. Postpaid phone churn of 0.89% increased 3 basis points year-over-year.
• Postpaid net account additions of 396 thousand increased 81 thousand year-over-year.
• Prepaid net customer additions of 43 thousand increased 19 thousand year-over-year. Prepaid churn of 2.77% decreased 1 basis point year-over-year.
• Total broadband net customer additions of 560 thousand increased 142 thousand year-over-year, including 54 thousand fiber net customer additions.
• 5G broadband net customer additions of 506 thousand increased 91 thousand year-over-year. T-Mobile ended the quarter with 8.0 million 5G broadband customers.
• Total net customer additions were 2.4 million and increased 791 thousand year-over-year. Total customer connections increased to a record high of 139.9 million.

(1) AT&T Inc. does not disclose postpaid net account additions. Comcast and Charter do not disclose postpaid phone net customer additions. Industry-leading claims are based on consensus expectations if results are not yet reported.
(2) Includes broadband customers.
(3) In the third quarter of 2025, we acquired 3,287,000 postpaid phone customers, 390,000 postpaid other customers, including 141,000 5G broadband customers, and 349,000 prepaid customers through the UScellular acquisition, which includes the impact of certain base adjustments to align the policies of UScellular and T-Mobile.
(4) In the third quarter of 2025, we acquired 755,000 fiber customers from Metronet and other acquisitions.
(5) In the second quarter of 2025, we acquired 97,000 fiber customers from Lumos.
(6) In the second quarter of 2024, we acquired 3,504,000 prepaid customers through our acquisition of Ka’ena, which includes the impact of certain base adjustments to align the policies of Ka’ena and T-Mobile.

Translating Industry-Leading Customer Growth into Durable and Profitable Financial Growth⁽¹⁾

• Total service revenues increased 9% year-over-year to $18.2 billion, and Postpaid service revenues increased 12% year-over-year to $14.9 billion.
• Net income of $2.7 billion included the impact from impairment expense, net of tax, of $208 million.
• Diluted EPS of $2.41 per share included the impact from impairment expense, net of tax, of $0.18 per share.
• Core Adjusted EBITDA increased 6% year-over-year to $8.7 billion.
• Net cash provided by operating activities⁽²⁾ increased 21% year-over-year to $7.5 billion.
• Cash purchases of property and equipment, including capitalized interest increased 35% year-over-year to $2.6 billion, which included the impact from planned higher capital purchases, including for increased greenfield site builds in the second half of the year and incremental capital expenditures following the acquisition of UScellular.
• Adjusted Free Cash Flow of $4.8 billion.
• Stockholder Returns of $3.5 billion in Q3 2025, including common stock repurchases of $2.5 billion and cash dividends of $987 million as part of current stockholder return authorization of up to $14.0 billion, for cumulative stockholder returns⁽³⁾ of $41.8 billion since program inception, split across repurchases of $34.7 billion and cash dividends of $7.0 billion.

(1) Industry-leading claims are based on consensus expectations if results are not yet reported.
(2) Effective November 1, 2024, following amendments to the company’s Equipment Installment Plan Sale and Service Receivable Sale arrangements, all cash proceeds associated with the sale of such receivables, a portion of which was previously recognized as Proceeds related to beneficial interests in securitization transactions within investing cash flows, were recognized as operating cash flows. These amendments did not have a net impact on Adjusted Free Cash Flow.
(3) Beginning in Q3 2022 through September 30, 2025.

Extending Overall Network Lead with Best Assets, Customer Centricity and Technology Leadership

• Recognized by Opensignal as the 5G Global Winner in 5G Coverage Experience and Global Leader in 5G Reliability, including outperforming other US operators; T-Mobile also ranked the #1 FWA carrier for Consistent Quality and Reliability
• Fastest provider in Fixed Wireless Home Internet with median download speeds nearly 50% faster than next closest peer, based on our analysis of Ookla data
• Ongoing momentum in network perception with lots of room to run, with highest ever switching consideration based on overall network quality in Q3 and lots more runway ahead
• iPhone 17 is fastest on T-Mobile’s network with median overall download speeds nearly 90% faster than one benchmark competitor as we continue to expand our network leadership with industry-leading deployment of new technologies (e.g. L4S deployed on all 5G sites with efficient capacity allocation; ~70% of sites supporting 5- and 6- carrier aggregation)

See 5G device, coverage, and access details at T-Mobile.com. Opensignal Award: 5G Global Mobile Network Experience Awards 2025, Data Collection Period: January 01–June 28, 2025. © 2025 Opensignal Limited. Fixed Wireless Internet speeds: Based on T-Mobile’s analysis of Ookla® Speedtest Intelligence® data of fixed wireless access providers median download speeds, United States, Q3 2025. iPhone 17 speeds: Based on T-Mobile’s analysis of Ookla® Speedtest Intelligence® data of  iPhone 17, iPhone Air, iPhone 17 Pro and iPhone 17 Pro Max median download speeds vs Verizon and AT&T iPhone 17, iPhone Air, iPhone 17 Pro and iPhone 17 Pro Max median download speeds, United States Sept 19, 2025 – Oct 14, 2025. Ookla trademarks used under license and reprinted with permission.

Raising 2025 Customer and Financial Guidance

• Total postpaid net customer additions are expected to be between 7.2 million and 7.4 million, an increase from prior guidance of 6.1 million to 6.4 million, including approximately 3.3 million postpaid phone net customer additions, an increase from prior guidance of 2.95 million to 3.10 million and approximately 130 thousand fiber net customers additions, an increase from prior guidance of 100 thousand.
• Core Adjusted EBITDA, which is Adjusted EBITDA less lease revenues, is expected to be between $33.7 billion and $33.9 billion, an increase from prior guidance of $33.3 billion to $33.7 billion.
• Net cash provided by operating activities, including payments for Sprint merger-related costs and UScellular merger-related costs (“Merger-related costs”), is expected to be between $27.8 billion and $28.0 billion, an increase at the midpoint from prior guidance of $27.1 billion to $27.5 billion.
• Cash purchases of property and equipment, including capitalized interest, are expected to be approximately $10.0 billion, an increase from prior guidance of $500 million.
• Adjusted Free Cash Flow, including payments for Merger-related costs, is expected to be between $17.8 billion and $18.0 billion, an increase at the midpoint from prior guidance of $17.6 billion to $18.0 billion. Adjusted Free Cash Flow guidance does not assume any material net cash inflows from securitization.

(1) T-Mobile is not able to forecast Net income on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect GAAP Net income, including, but not limited to, Income tax expense and Interest expense. Core Adjusted EBITDA should not be used to predict Net income as the difference between this measure and Net income is variable.
(2) Management uses Core Adjusted EBITDA as a measure to monitor the financial performance of Company operations, excluding the impact of lease revenues from related device financing programs.
(3) Capital expenditures means cash purchases of property and equipment, including capitalized interest.

Financial Results
For more details on T-Mobile’s Q3 2025 financial results, including the Investor Factbook with detailed financial tables, please visit T-Mobile US, Inc.’s Investor Relations website at https://investor.t-mobile.com.