T-Mobile US, Inc. is a telecommunications company that provides wireless communication and broadband services, including 5G and fiber, to postpaid and prepaid customers. Operating under brands like T-Mobile, Metro by T-Mobile, and Mint Mobile, the company offers a wide selection of wireless devices and accessories, focusing on customer value and network experience.
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Earnings call: Q2 2026 2026
Intel
Free
Jul 23, 2026Neutral
Mike Sievert (Chief Executive Officer), Peter Osvaldik (Executive Vice President and Chief Financial Officer)
Key metrics
No quarterly results are available yet in the provided results because the call has not occurred as of the source material. The company said the earnings release, Investor Factbook, and related materials will be posted before the call.
Forward guidance
The company said it will discuss second quarter 2026 financial and operational results on July 23, 2026, with earnings materials posted about an hour before the call. Based on the investor-relations notice, the call is expected to cover quarterly operating trends, earnings, and updated outlook, but the transcript is not yet available in the provide
Notable Q&A
No Q&A is available yet because the call has not been held in the provided results.
Surprise items
The only notable item in the available results is the scheduled timing of the call and the availability of webcast replay and transcript on the IR site once published.
(2026-05-??) · Q1 2026 (Apr 28, 2026) · Confident
Fundamentals
Signal
52-week high / low
$261.56 / $165.66
Forward P/E
13.4×
Trailing 20.0×
Dividend
$4.08 / share
Yield 2.17%
Analysts covering
26
Avg target $253.88
Beta
0.32
vs. S&P 500
Short interest
4.1%
Float shorted
Buy
86%
Hold
14%
Sell
0%
Wall Street consensus — sourced weekly via public disclosures
Analyst coverage data sourced from public filings. Xavier analyst thesis summary available after weekly Perplexity scan completes.
Financial summary — Gemini analysis
Signal
Revenue
88,309 million USD
8.5% YoY
Operating margin
20.7%
Net income
10,992 million USD
Free cash flow
17,995 million USD
Dividend / share
3.66 USD
Total debt
86,282 million USD
Cash: 5,598 million USD
CapEx guidance
Expected to maintain capital expenditures in 2026 at similar levels to 2025, which was approximately $10.0 billion, for network build-out and digital transformation.
Earnings quality:HIGH
Recurring revenue:81%
Cash conversion:2.5x
Non-recurring items: UScellular merger-related costs of $263 million, Network Restructuring Initiative costs of $93 million in operating expenses and $97 million in accelerated depreciation, Legal-related expenses, net of recoveries, of $16 million, Impairment expense of $278 million related to capitalized software development costs for billing system
TMUS is trading at a 28% discount to its 52-week high and ~27% below analyst consensus, with a compelling forward P/E of 13.4x and a Q2 earnings catalyst on July 23 — within the 5-day window — where it has beaten EPS estimates in each of the last four quarters. The SpaceX/Starlink overhang that dragged the stock down ~10% YTD is increasingly viewed as overblown by lead analysts (Morgan Stanley, BofA), given SpaceX's minimal terrestrial spectrum footprint and its likely need to partner with existing carriers rather than displace them. The risk/reward asymmetry, near-term earnings catalyst, and sector-leading FCF growth profile (~$18.1B-$18.7B guided) make a short-term BULLISH lean defensible.
Strongest bull case
Q2 2026 earnings on July 23 — falling within the 5-day horizon — where TMUS has beaten consensus EPS in each of its last four quarters; Q1 beat was 14% above estimates, and Morgan Stanley expects industry-leading postpaid net additions of 2.5M in 2026 with margin expansion to 48.5%.
Strongest bear case
The SpaceX/Starlink mobile threat is a live and escalating sector overhang: Starlink surpassed 10M mobile subscribers with a target of 25M by end-2026, SpaceX has committed ~$17B to acquire EchoStar spectrum, and multiple analysts (Barclays, UBS, Wells Fargo) have trimmed price targets in recent weeks — creating a ceiling on any near-term re-rating even on a good earnings print.
What the market may be missing
The market is treating TMUS symmetrically with AT&T and Verizon on Starlink risk, but T-Mobile is structurally the least exposed: it already has a satellite texting partnership with Starlink, has a capital-light fiber JV approach limiting fixed broadband exposure, and its back-book pricing ~10% below peers gives it organic ARPA expansion runway that peers lack — making it the most likely beneficiary of any Starlink-carrier partnership, not a casualty of it.
CEO Srinivasan Gopalan discussed T-Mobile's strong Q1 2026 results, including core adjusted EBITDA of $9.2 billion up 12% YoY, postpaid net account additions of 217,000 exceeding estimates, and postpaid ARPA growth of 3.9% to $151.93. He highlighted
“Amongst recent switchers who chose to come to T-Mobile from another carrier, the highest percentage ever said they chose us for one reason, network quality.”
Mr. Srinivasan Gopalan (CEO) · S&P Global Market Intelligence
Srinivasan Gopalan addressed the shift by wireless operators away from device subsidies toward emphasizing long-term customer savings and network quality. He noted T-Mobile's marketing focus on everyday savings over upfront phone deals, with data sho
“"You saw a lot of our advertising, it was about savings you make every day rather than savings you simply make at the point you get a phone. It was about our network."”
CEO letter to shareholders
Signal
No shareholder letter on file for TMUS
Some companies file their annual report without a separate CEO letter.
When available, Xavier extracts strategic themes, tone analysis, and
forward-looking statements to help you read between the lines.
Unsecured. The 'Debt Rating' definition refers to the Borrower's 'non-credit-enhanced, senior unsecured long-term debt'.
Bond
Twenty-Sixth Supplemental Indenture
Matures · Filed 2025-10-23
Secured, relating to Senior Secured Notes
Bond
Fiftieth Supplemental Indenture
Matures · Filed 2024-07-31
Fixed
unsecured
Credit$7,500,000,000
AMENDED AND RESTATED CREDIT AGREEMENT DATED AS OF OCTOBER 17, 2022
Matures 2027-10-17 · Filed 2023-02-14
Floating · SOFR | EURIBO Rate | SONIA | CDOR Rate | SARON | Base Rate | Canadian Prime Rate
Unsecured. The 'Debt Rating' definition refers to 'non-credit-enhanced, senior unsecured long-term debt'. The agreement includes a 'Limitation on Liens' negative covenant, which is typical for unsecured facilities.
Credit$7,500,000,000
AMENDED AND RESTATED CREDIT AGREEMENT DATED AS OF OCTOBER 17, 2022
Matures 2027-10-17 · Filed 2022-10-17
Floating · SOFR | EURIBO | SONIA | CDOR | SARON | Base Rate | Canadian Prime Rate
Unsecured. The 'Debt Rating' definition refers to the Borrower's 'non-credit-enhanced, senior unsecured long-term debt'.
Credit
Credit Agreement dated as of April 1, 2020
Matures · Filed 2022-08-22
Unsecured. Previously, the obligations were secured by all right, title and interest of the Grantors in the Collateral (as defined in the Collateral Agreement and other Security Documents), which security interests are now released.
24 additional agreements on file
Financial covenants
Maximum Consolidated Leverage Ratio
Not explicitly stated in the provided text, but tested quarterly.
Consolidated Net Indebtedness / Consolidated EBITDA
SECOND AMENDED AND RESTATED CREDIT AGREEMENT
Maximum Secured Debt Limit
the greater of (a) $20,900,000,000 and (b) 10% of Consolidated Total Assets
Secured Debt
SECOND AMENDED AND RESTATED CREDIT AGREEMENT
Maximum Consolidated Leverage Ratio
Not explicitly provided in this excerpt.
Consolidated Net Indebtedness / Consolidated EBITDA
AMENDED AND RESTATED CREDIT AGREEMENT DATED AS OF
Maximum Secured Debt Limit
The greater of (a) $20,900,000,000 and (b) 10% of Consolidated Total Assets.
Aggregate amount of secured Indebtedness
AMENDED AND RESTATED CREDIT AGREEMENT DATED AS OF
Leverage Ratio
Consolidated Net Indebtedness / Consolidated EBITDA
AMENDED AND RESTATED CREDIT AGREEMENT DATED AS OF
Maximum Secured Debt Limit
greater of (a) $20,900,000,000 and (b) 10% of Consolidated Total Assets
Aggregate principal amount of secured Indebtedness
AMENDED AND RESTATED CREDIT AGREEMENT DATED AS OF
EPS/HPP Receivables Limit
≤ $10,000,000 or ≤ 1.00% of Projected Pool Balance (whichever is lesser), or ≤ $20,000,000 or ≤ 1.00% of Projected Pool Balance (whichever is lesser) with notice
Aggregate Nominal Value of EPS/HPP Receivables
Fifth Amended and Restated Master Receivables Purc
Force Majeure Assisted Receivables Limit
≤ 5.00% of Aggregate Net Investment
Aggregate Principal Balance of Force Majeure Assisted Receivables
Fifth Amended and Restated Master Receivables Purc
82 additional covenants on file
Cross-default risk
10 agreements contain cross-default provisions — a covenant breach on one facility may trigger default on others.
Xavier risk radar
Pro
Covenant headroom
Moderate leverage — no covenants on file
Earnings quality
High quality (cash conversion 2.5x)
Risk trend
Risk increasing — The most significant risk is cyberattacks, disruptions, data loss, and other sec
Mgmt narrative
Management tone: Bullish
Analyst drift
Consensus Buy — targets stable
Insider sentiment
Pattern detection — 90 days needed
Signal history
Signal
Date
Direction
Conf.
Agree.
Thesis
Price
Type
Jul 12, 2026
BULLISH
6.8/10
50%
TMUS is trading at a 28% discount to its 52-week high and ~27% below analyst consensus, with a compe...
$187.61
Sched.
Jul 11, 2026
NEUTRAL
6.1/10
75%
TMUS screens reasonably valued on forward earnings, and the large gap to analyst price targets sugge...
$187.61
Sched.
Jun 07, 2026
NEUTRAL
6.2/10
75%
TMUS is trading near its 52-week low ($177.12) at $178.10, having lost roughly 32% from its 52-week ...
$178.10
Sched.
May 31, 2026
NEUTRAL
5.9/10
100%
TMUS trades near its 52-week low (~3.4% above $181.36) and at a ~28% discount to the consensus analy...
$187.53
Sched.
May 24, 2026
NEUTRAL
6.1/10
67%
TMUS screens as reasonably valued on forward earnings and has defensive characteristics, but the nea...
$191.47
Sched.
May 17, 2026
NEUTRAL
6.4/10
50%
TMUS is trading ~30% below analyst consensus (~$262) and ~29% below its 52-week high, offering meani...
$185.22
Sched.
May 10, 2026
BULLISH
7.0/10
67%
TMUS looks reasonably valued on forward earnings and benefits from a supportive macro backdrop plus ...
$193.63
Sched.
May 03, 2026
BULLISH
7.0/10
75%
TMUS trades at a 25% discount to its 52-week high and at only 14x forward earnings — a two-year valu...
$196.06
Sched.
Apr 24, 2026
BULLISH
7.0/10
50%
TMUS is trading at ~194 with a forward P/E of ~13.9x — a meaningful discount to both the market and ...
$194.07
Event
Apr 12, 2026
BULLISH
7.1/10
75%
TMUS is trading roughly 27% below its consensus analyst price target of ~$268, with Morningstar flag...
$195.71
Sched.
Showing last 10 signals
TMUST-Mobile US Inc.
Signal
FY2026 annual report (10-K filed 2026-02-11)
INCOME STATEMENT
?Revenue
88,309 million USD8.5% YoY
Total sales from advertising, subscriptions, wireless service, streaming, and content. Up 8.5% from last year. Management has guided capital spending of Expected to maintain capital expenditures in 2026 at similar levels to 2025, which was approximately $10.0 billion, for network build-out and digital transformation..
?Operating income
18,279 million USD
What remains after subtracting all operating costs — salaries, materials, rent, R&D — from revenue. This is the profit from actually running the business, before interest and taxes. Operating margin is 20.7%, meaning 21 cents of every dollar of revenue becomes operating profit.
?Net income
10,992 million USD
The bottom line — what the company actually earned after all expenses, interest, and taxes. This is the number that gets divided by shares outstanding to calculate earnings per share (EPS), which directly affects the stock price. Net margin is 10.8%. Note: results include non-recurring items (uscellular merger-related costs of $263 million, network restructuring initiative costs of $93 million in operating expenses and $97 million in accelerated depreciation) that may not repeat.
?Free cash flow
17,995 million USD
Operating cash flow minus capital expenditure. This is the money available for dividends, share buybacks, debt repayment, or acquisitions. Free cash flow is what many professional investors consider the truest measure of financial health.
?EPS (diluted)
$2.27
Earnings per share — net income divided by total shares outstanding (including stock options and convertible bonds that could become shares). This is the single number most investors watch because it directly connects company profits to your ownership stake.
?Dividend per share
3.66 USD
Cash paid to shareholders each year for every share they own. Telecom companies pay steady dividends from subscription revenue; media/tech companies vary based on growth strategy.
BALANCE SHEET
?Total assets
$214.7B
Everything the company owns — cash, factories, equipment, patents, inventory, investments. Includes wireless spectrum, content libraries, subscriber bases, and network infrastructure.
?Cash & equivalents
5,598 million USD
Money available right now — bank accounts, money market funds, short-term government bonds. This is the company's financial cushion. More cash means more flexibility to invest, acquire, or survive a downturn without borrowing.
?Total debt
86,282 million USD
All money the company owes — bonds, bank loans, credit facilities. Compare this to cash to understand the net debt position. The company holds 5,598 million USD in cash against this debt.
?Shares outstanding
1,131,076,251
Total number of shares that exist — owned by all investors, insiders, and institutions combined. When the company reports EPS, this is the denominator. Share buybacks reduce this number, which increases EPS even without earnings growth.
CASH FLOW
?Operating cash flow
$7.2B
Actual cash generated from running the business — not accounting profits, real money coming in the door. This is more trustworthy than net income because it's harder to manipulate. A company can report profits but still run out of cash.
?Capital expenditure
$2.6B
Money spent on long-term assets — cell towers, fiber networks, content production, and data centers. This is the cost of maintaining and growing the business. Management has guided Expected to maintain capital expenditures in 2026 at similar levels to 2025, which was approximately $10.0 billion, for network build-out and digital transformation. for capital spending.
?Free cash flow
$4.6B
Operating cash flow minus capital expenditure. This is the money available for dividends, share buybacks, debt repayment, or acquisitions. Free cash flow is what many professional investors consider the truest measure of a company's financial health.
?Depreciation & amortization
$3.8B
A non-cash expense that spreads the cost of network infrastructure, content libraries, and wireless spectrum over their useful life. This reduces reported income but no cash actually leaves the company — that's why it gets added back to calculate EBITDA and operating cash flow.
EARNINGS QUALITY
?Accrual quality
HIGH
Measures how well reported earnings match actual cash generation. HIGH means earnings are backed by real cash. LOW means the company may be using accounting techniques to inflate reported numbers. Professional investors check this before trusting EPS.
?Recurring revenue
81%
81% of revenue comes from repeat sources — ongoing contracts, subscriptions, or regular customer purchasing patterns rather than one-time sales. Higher recurring revenue means more predictable future earnings.
?Cash conversion
2.5x
Operating cash flow divided by net income. Above 1.0x means the company generates more cash than it reports in profits — a sign of high-quality earnings. At 2.5x, the company is generating significantly more cash than reported profits — very healthy.
?Non-recurring items
5 identified
One-time items that affect the bottom line but won't repeat: uscellular merger-related costs of $263 million, network restructuring initiative costs of $93 million in operating expenses and $97 million in accelerated depreciation, legal-related expenses, net of recoveries, of $16 million, impairment expense of $278 million related to capitalized software development costs for billing system. When evaluating the company's true earning power, investors strip these out to see what the business earns on a normal basis.
?Management tone
Bullish
How management sounds in their SEC filings — are they confident, cautious, or defensive? This is analyzed from the actual language used in the 10-K annual report. A shift in tone from prior years can signal changing conditions before the numbers reflect it.
?Top risk factor
Increasing
The most significant risk is cyberattacks, disruptions, data loss, and other security breaches, which have historically led to substantial costs, numerous lawsuits, and regulatory inquiries. Risk trend: increasing. This is the single biggest threat to the company's future earnings as identified in their SEC filing.
Click any row to expand the plain-English explanation. Source: SEC EDGAR XBRL filings.
Capital intelligence
Signal
Weighted Average Cost of Capital · Return on Invested Capital · Economic Value Added
ROIC
9.74%
WACC
4.51%
🟢 VALUE CREATOR — EVA Spread: 5.22%
?WACC
4.51%
Weighted Average Cost of Capital — the minimum return T-Mobile US Inc. must earn on its investments to satisfy both debt holders and shareholders. Computed from a 70.12% equity / 29.88% debt capital structure. If the company earns less than 4.51% on its invested capital, it is destroying shareholder value.
?Cost of equity
6.00%
The return shareholders demand for holding TMUS stock instead of a risk-free Treasury bond. Computed using the Capital Asset Pricing Model: Risk-Free Rate (4.25%) + Beta (0.32) × Equity Risk Premium (5.50%). A beta of 0.32 means TMUS is less volatile than the overall market.
?Cost of debt (after-tax)
1.01%
What T-Mobile US Inc. effectively pays on its borrowed money after the tax deduction on interest. Interest is tax-deductible, so the true cost is lower than the stated rate. Effective tax rate used: 24.90%.
?Capital structure
E: 70.12% / D: 29.88%
How T-Mobile US Inc. finances its operations — the split between equity (stock market value: $202.5B) and debt (total borrowings: $86.3B). More debt means more leverage — higher potential returns but higher risk.
?ROIC
9.74%
Return on Invested Capital — how efficiently T-Mobile US Inc. turns its total invested capital into after-tax operating profit. NOPAT ($13.5B) ÷ Invested Capital ($138.6B). This exceeds WACC, meaning the company creates value for shareholders.
?EVA
$7.2B
Economic Value Added — the dollar amount of value T-Mobile US Inc. created (or destroyed) above its cost of capital. NOPAT ($13.5B) minus the capital charge (Invested Capital × WACC = $6.3B). Positive EVA means every dollar of capital is earning more than it costs.
?NOPAT
$13.5B
Net Operating Profit After Tax — operating income adjusted for taxes, ignoring how the company is financed. Operating Income ($18.0B) × (1 - Tax Rate 24.90%). This isolates the company's core business profitability from its financing decisions.
Xavier consensus signals are intelligence outputs, not investment advice. All signals are generated by a multi-model AI system and reflect public information at time of generation. Past signal accuracy does not guarantee future performance. Wall Street analyst consensus sourced from public disclosures, summarized weekly. Financial data sourced from SEC EDGAR and yfinance. Insider transactions sourced from SEC EDGAR Form 4 filings. Updated Jul 12, 2026.