Core Insights - T-Mobile US, Inc. provided an update on its multi-year plan during its fourth quarter 2025 earnings call and Capital Markets Day Update event, indicating a commitment to enhancing its strategic initiatives [1] - CEO Srini Gopalan emphasized the company's differentiation in three key areas: Best Network, Best Value, and Best Experiences, which are expected to drive significant growth opportunities in its core wireless business [1] Summary by Categories Company Strategy - The company raised the bar on its ambitious multi-year plan originally shared in September 2024, showcasing its ongoing commitment to innovation and market leadership [1] Market Position - T-Mobile's focus on delivering the Best Network, Best Value, and Best Experiences positions it uniquely in the competitive landscape, aiming to capture a larger market share and enhance customer loyalty [1]

来源：滚动播报 T-Mobile上调2027年服务收入指引，目前预计最高可达815亿美元。 ...

Financial Data and Key Metrics Changes - T-Mobile is growing four times faster in service revenue than competitors and twice as quickly on EBITDA, with over $20 billion returned to shareholders [8][9] - Free cash flow generation remains strong, serving as an industry benchmark [8] Business Line Data and Key Metrics Changes - T-Mobile has added over 1 million new prepaid relationships annually, with an ARPA growth of 13% since 2020 [9][10] - The company has successfully transitioned to a 5G standalone core, providing a significant lead over competitors [14][15] Market Data and Key Metrics Changes - T-Mobile's median download speeds are twice as high as the nearest competitor, with a significant lead in network quality as recognized by J.D. Power [17][18] - The company has gained share in markets where competitors have built fiber, indicating strong performance in network seeker demographics [45] Company Strategy and Development Direction - T-Mobile aims to maintain its differentiation by providing the best network, best value, and best customer experience, which is seen as a key driver for growth opportunities [12][40] - The company is focused on expanding its broadband business, targeting 15 million customers by 2030, with significant growth potential in small markets and rural areas [43][55] Management's Comments on Operating Environment and Future Outlook - Management expresses confidence in T-Mobile's growth trajectory, emphasizing the importance of widening differentiation to unlock unparalleled growth opportunities [40][49] - The company is committed to leveraging AI and digital technologies to enhance customer experience and operational efficiency [30][32] Other Important Information - T-Mobile has introduced Live Translate, a real-time voice translation service built into its network, showcasing its commitment to innovation [34][36] - The company is exploring new growth areas such as advertising and financial services, indicating a strategic expansion beyond traditional telecommunications [56][57] Q&A Session Summary Question: What is T-Mobile's strategy for maintaining competitive advantage? - Management highlighted the importance of no trade-offs between network quality, value, and customer experience as a core strategy [12][22] Question: How does T-Mobile plan to grow its broadband business? - The company aims for 15 million broadband customers by 2030, leveraging its ultra-capacity network and focusing on incremental growth [43][55] Question: What role does AI play in T-Mobile's future? - AI is seen as a critical component for personalizing customer experience and improving operational efficiency, with ongoing investments in AI technologies [30][32]

Financial Data and Key Metrics Changes - T-Mobile is growing four times faster in service revenue than competitors and twice as quickly on EBITDA, with over $20 billion returned to shareholders [8][9] - Free cash flow generation remains strong, serving as an industry benchmark [8] Business Line Data and Key Metrics Changes - T-Mobile has added over 1 million new prepaid relationships annually, with an ARPA growth of 13% since 2020 [9][10] - The company has achieved a median download speed that is twice as much as its nearest competitor, indicating significant network capacity [16][18] Market Data and Key Metrics Changes - T-Mobile has gained significant market share in New York City and small markets, with a current share of 24% in rural areas, up from 13% in 2020 [43][44] - The broadband business is projected to reach 15 million customers by 2030, with incremental growth expected from fiber services [45][58] Company Strategy and Development Direction - T-Mobile aims to maintain its differentiation by providing the best network, best value, and best customer experience, challenging the traditional trade-offs in the industry [11][22] - The company is focused on expanding its broadband business and exploring new growth areas such as advertising and financial services [60][61] Management's Comments on Operating Environment and Future Outlook - Management expresses confidence in T-Mobile's growth trajectory, emphasizing the importance of widening differentiation to unlock unparalleled growth opportunities [41][52] - The company is committed to maintaining win-win economics that benefit both customers and investors, aiming to shift the industry's focus back to value creation [51][52] Other Important Information - T-Mobile has introduced Live Translate, a real-time voice translation service built into its network, showcasing its commitment to innovation [34][38] - The company is leveraging AI to enhance customer experience and operational efficiency, expecting close to $3 billion in savings by 2027 [31][33] Q&A Session Questions and Answers Question: What are T-Mobile's growth opportunities in the consumer wireless market? - T-Mobile sees significant growth potential among network seekers, particularly in urban areas like New York City, where it remains under-indexed [41][42] Question: How does T-Mobile plan to expand its broadband business? - The company aims to reach 15 million broadband customers by 2030, leveraging its ultra-capacity network and incremental growth strategies [45][58] Question: What is T-Mobile's approach to maintaining customer loyalty? - T-Mobile believes in proving loyalty to customers through consistent value delivery, rather than requiring customers to prove their loyalty [29][30]

T-Mobile US (NasdaqGS:TMUS) Q4 2025 Earnings call February 11, 2026 08:30 AM ET Speaker12Welcome, everyone, and thank you for joining us live right here in New York City for our Year-End Earnings Call and Capital Markets Day Update event. Before we get started, I'll draw your attention to our Safe Harbor Statement. This presentation includes forward-looking statements that may differ materially from actual results as well as certain non-GAAP measures. Please see our SEC filings for a review of risk factors. ...

T-Mobile US(TMUS.US)第四季度移动电话用户增量低于分析师预期，为新任首席执行官西里尼·戈帕兰 的履职之路铺下首道难题。截至发稿，该股盘前下跌近5%。 去年11月擢升首席运营官的戈帕兰称，"这只是我们重构客户关系的一个注脚，""我们的逻辑并非'三年 一约、到店换机'。" 分析师认为，戈帕兰"大概率将延续激进促销策略，以守住后付费手机用户行业净增榜首位置。" 宽带业务仍是T-Mobile重要增长极——第四季度新增55.8万宽带用户，远超50.4万的预期。戈帕兰重 申，公司正评估光纤收购机会，前提是不进行过度铜缆网络建设，且能为股东及客户创造增量价值。 企业及产品业务总裁迈克·卡茨称，T-Mobile在"美国小镇及乡村地区"仍存较大渗透空间，该区域品牌认 知度尚处洼地。他同时指出，虽然T-Mobile当前核心客群以价值敏感型用户为主，但正逐步突破追求网 络品质的高端客群。 "越来越多用户意识到，真正的顶级网络握在T-Mobile而非AT&T或Verizon手中——这是我们的重大机 遇。"卡茨表示。 这家总部位于华盛顿州贝尔维尤的运营商周三在声明中披露，第四季度盈利同比下滑，部分受特定遣散 费用拖累 ...

Core Insights - T-Mobile's Q4 results showed a strong operational performance despite a miss on EPS estimates due to severance costs, with service revenue growing 10% YoY to $18.7 billion [1] - The company added 2.4 million postpaid customers in Q4 and received the highest network quality ratings in five out of six U.S. regions [1] - T-Mobile's guidance for 2026 includes a core adjusted EBITDA target of $37 billion to $37.5 billion, indicating a 10% growth at the midpoint [1] Financial Performance Highlights - T-Mobile reported a core adjusted EBITDA of $8.4 billion, up 7% YoY, and a net income of $2.1 billion, down from $2.98 billion in Q4 2024 [1] - Revenue for the quarter was $24.33 billion, slightly below the implied estimate of $24.66 billion, with EPS at $1.88 compared to the estimate of $2.10, impacted by $0.26 from severance costs [1] - Operating cash flow increased by 20% to $6.65 billion, while adjusted free cash flow reached $4.2 billion [1] Customer Growth & Operational Momentum - The company added 2.4 million total postpaid net customers in Q4, including 962,000 postpaid phone net additions, and continued broadband expansion with 558,000 net additions [1] - Total broadband customers reached 9.4 million, with 8.5 million being 5G broadband subscribers [1] - Postpaid phone churn increased to 1.02%, rising 10 basis points YoY [1] 2026 Guidance & Outlook - Management projects aggressive growth for 2026, targeting core adjusted EBITDA of $37.0 billion to $37.5 billion and adjusted free cash flow of $18.0 billion to $18.7 billion [1] - Capital expenditures are expected to be around $10.0 billion [1] - CEO Srini Gopalan expressed confidence in the company's future growth prospects [1] Capital Returns - T-Mobile returned $3.6 billion to shareholders in Q4 through $2.5 billion in share repurchases and $1.1 billion in dividends [1] - Cumulative returns since Q3 2022 total $45.4 billion, with a new $14.6 billion program authorized through December 2026 [1] - The next dividend of $1.02 per share is payable on March 12, 2026 [1]

Financial Performance Highlights - T-Mobile's Q4 service revenue increased by 10% year-over-year to $18.7 billion, primarily driven by a 13.9% growth in postpaid service revenue [3] - Operating cash flow rose by 20% to $6.65 billion, while adjusted free cash flow reached $4.2 billion [3] - The earnings miss was attributed to $390 million in severance costs related to workforce restructuring, with a net impact of $293 million after tax [4] - Full-year 2025 core adjusted EBITDA was reported at $33.9 billion [4] Customer Growth & Operational Momentum - T-Mobile added 2.4 million total postpaid net customers in Q4, including 962,000 postpaid phone net additions [5] - The company experienced broadband expansion with 558,000 net additions, bringing total broadband customers to 9.4 million, including 8.5 million 5G broadband subscribers [5] - T-Mobile received the highest network quality ratings in five of six U.S. regions from J.D. Power for the first time [5] - Postpaid phone churn increased to 1.02%, up 10 basis points year-over-year [5] 2026 Guidance & Outlook - Management projected core adjusted EBITDA for 2026 to be between $37.0 billion and $37.5 billion, indicating a 10% growth at the midpoint [6] - Adjusted free cash flow is expected to be between $18.0 billion and $18.7 billion, with capital expenditures anticipated at approximately $10.0 billion [6] - CEO Srini Gopalan expressed confidence in the company's future growth prospects [6] Capital Returns - T-Mobile returned $3.6 billion to stockholders in Q4 through $2.5 billion in share repurchases and $1.1 billion in dividends [7] - Cumulative returns since Q3 2022 totaled $45.4 billion [7] - The board authorized a new $14.6 billion capital return program through December 2026, with the next dividend of $1.02 per share payable on March 12, 2026 [7]

Core Insights - T-Mobile US reported 962,000 net additions of postpaid phone subscribers, which is the company's best performance for a fourth quarter, although it fell short of Wall Street's expectations [1] Company Performance - The net additions of 962,000 postpaid phone subscribers indicate strong demand, but the figure did not meet analysts' forecasts [1]

EXHIBIT 99.2 2 | 3 | Highlights | | --- | --- | | 4 | Customer Metrics | | 7 | Financial Metrics | | 13 | Capital Structure | | 14 | Guidance | | 15 | Contacts | | 16 | Financial and Operational Tables | (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, Adjusted Free Cash Flow and Adjusted Free Cash Flo ...