Companies /Communication Services

T-Mobile US Inc

NASDAQ: TMUS Telecom Services
$177.60
▼ $2.02 (−1.12%) today
Markets open · 4:07pm ET

Q2 2026 Earnings

Reported Jul 23, 2026, 6:29am ET · SEC source
$2.99
Miss +0.00%
EPS · est. $0.00
$22.8B
Miss +0.00%
Revenue · est. $0
+3.7%
Beating market
TMUS vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−12%−8%−4%0Jul 23Jul 24report 6:29am ETearnings−0.4%−6.7%
−12%−8%−4%0Jul 23Jul 24earnings−0.4%−6.7%
TMUS −6.7%S&P 500 −0.4%
−12%−8%−4%0Jul 23Jul 24report 6:29am ETearnings−1.8%−6.7%
−12%−8%−4%0Jul 23Jul 24earnings−1.8%−6.7%
TMUS −6.7%NASDAQ −1.8%
−8%−4%0+4%Jul 22Jul 31report 6:29am ETearnings−0.1%−6.6%
−8%−4%0+4%Jul 22Jul 31earnings−0.1%−6.6%
TMUS −6.6%S&P 500 −0.1%
−8%−4%0+4%Jul 22Jul 31report 6:29am ETearnings−1.8%−6.6%
−8%−4%0+4%Jul 22Jul 31earnings−1.8%−6.6%
TMUS −6.6%NASDAQ −1.8%
−10.75%
Day of report
+5.67%
Next session
+1.71%
One week
+7.16%
30 days

S&P 500 over the same 30 days: +3.43%.

Did TMUS Beat Earnings? Q2 2026 Results

T-Mobile US posted a solid second quarter for 2026, with revenue climbing 7.8% year-over-year to $22.79 billion and diluted EPS rising 5% to $2.99, as the Un-carrier continued to benefit from robust postpaid service revenue growth of 13% to $15.85 billion. The primary engine behind the quarter's strength was service revenue expansion, with total service revenues up 9% to $18.98 billion, while Core Adjusted EBITDA grew 12% to $9.54 billion and margins widened to 50.2% of service revenues. Results absorbed notable headwinds, including $182 million in pre-tax UScellular merger-related costs and $108 million tied to a retail transformation initiative, yet net income of $3.24 billion still edged 1% higher year-over-year. The broader wireless competitive environment appears to be moderating across the industry, which bodes well for T-Mobile's premium positioning. Management responded to the quarter's momentum by raising full-year 2026 cash flow guidance, now targeting Adjusted Free Cash Flow of $18.40 billion to $18.80 billion, while reiterating Core Adjusted EBITDA guidance of $37.10 billion to $37.50 billion.

Key Takeaways
  • Postpaid service revenue growth of 13% year-over-year driven by higher average postpaid accounts and ARPA growth
  • Postpaid ARPA grew 2% year-over-year to $152.91, driven by higher fee revenue including tax and fee exclusive plans and increased customers per account from 5G broadband adoption
  • UScellular and Metronet acquisitions contributed to account base expansion
  • Core Adjusted EBITDA margin expanded to 50.2% from 49.0% year-over-year
  • Equipment revenue mix shift toward higher-end phones

“Q2 marked another strong quarter of execution as we continued making meaningful progress toward our ambitious 2026 and 2027 objectives, including achieving our highest-ever wireless NPS score of 46.”

T-Mobile US CEO, on the earnings call

Forward Guidance & Outlook

T-Mobile raised its full-year 2026 cash flow guidance while reiterating all other metrics. Net cash provided by operating activities is now expected at $28.4–$28.8 billion (up from $28.1–$28.7 billion). Adjusted Free Cash Flow is now expected at $18.4–$18.8 billion (up from $18.1–$18.7 billion). Postpaid net account additions guidance remains at 950,000 to 1.05 million. Core Adjusted EBITDA guidance is unchanged at $37.1–$37.5 billion. Capital expenditures are expected at approximately $10.0 billion. Effective tax rate guidance remains at 25–26%.

TMUS YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$7.0B$14.0B$21.0B$21.1B$22.8BRevenue$5.2B$5.5BOperating Income$3.2B$3.2BNet Income
$0$7.0B$14.0B$21.0BRevenueOperating IncomeNet Income

TMUS Revenue by Segment

Postpaid service$15.9B+12.6%
Equipment sales$3.5B+2.5%
Prepaid service$2.5B−6.4%
Wholesale and other service$657.0M−8.4%

Figures from SEC filings and company reports. Not investment advice.