Q2 26 EPS
$2.99
Q2 26 Revenue
$22.79B
vs S&P Since Q2 26
-11.2%
TRAILING MARKET
TMUS -6.5% vs S&P +4.7%
Market Reaction
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 bi… Read more 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
TMUS 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, source: SEC Filings
TMUS Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Srini Gopalan, Q2 2026 Earnings Press Release
TMUS Earnings Trends
TMUS vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
TMUS EPS Trend
Earnings per share: estimate vs actual
TMUS Revenue Trend
Quarterly revenue: estimate vs actual
TMUS Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | $2.99 | — | $22.79B | — |
| Q4 25 MISS FY | $2.06 | $1.88 | -8.92% | $24.33B | +0.27% |
| FY Full Year | $10.01 | $9.72 | -2.93% | $88.31B | +0.15% |
| Q3 25 BEAT | $2.40 | $2.41 | +0.39% | $21.96B | -0.10% |
| Q2 25 BEAT | $2.69 | $2.84 | +5.55% | $21.13B | +0.70% |
| Q1 25 BEAT | $2.47 | $2.58 | +4.51% | $20.89B | +1.29% |