T-Mobile US, Inc. Q2 FY26 Earnings Analysis

- Raising expectation for total postpaid net account additions to **950,000 - 1,050,000** for the full year, reflecting strong momentum (Page 3). - Full-year **service revenue expected at approximately $77 billion**, representing **8% growth**, with Q2 service revenue ~ $19 billion (up 9% YoY) (Page 3). - Strong postpaid ARPA growth forecast of **2.5% to 3%** for the full year (Page 3). - Core adjusted EBITDA guidance increased to a range of **$37.1 billion to $37.5 billion**, with Q2 EBITDA expected around $9.4 billion (up 10% YoY) (Page 3). - Adjusted free cash flow expected between **$18.1 billion and $18.7 billion**, up $100 million at the lower end (Page 3). - Fixed wireless access projected to reach **15 million customers by 2030**, with continued strong growth and network capacity (Page 5). - ARPA growth to reaccelerate in the second half of the year after Q2 dynamics (Page 14).

- Raised full-year postpaid net account additions guidance to between 950,000 and 1,050,000 due to strong momentum (Page 3). - Full-year service revenue expected at approximately $77 billion, representing 8% growth; Q2 service revenue expected around $19 billion, up 9% YoY (Page 3). - Strong postpaid ARPA growth of 2.5%-3% anticipated for full year (Page 3). - Full-year core adjusted EBITDA guidance increased slightly to $37.1 billion–$37.5 billion, with Q2 core adjusted EBITDA about $9.4 billion (10% YoY growth) (Page 3). - Adjusted free cash flow expected between $18.1 billion and $18.7 billion for 2026, up $100 million at lower end (Page 3). - Capital expenditures remain at ~$10 billion for 2026 to further differentiate the network (Page 3). - Long-term profitability supported by best network, best value, and best experience driving sustained ARPA and volume growth (Pages 4, 12, 14).

- Full year 2026 cash CapEx is expected to be approximately $10 billion, unchanged from previous guidance, focusing on continued network differentiation (Page 3). - $2.7 billion of investment planned across 2 fiber joint ventures (JVs) when they close; more updates to follow post-close (Page 12). - Fiber JVs aim for double-digit IRRs, focusing on creating true equity value rather than chasing homes passed metrics (Page 4). - Investment in AI and transformation to realize $3 billion cost synergies by 2027, including efficiencies in customer care, retail, and back-office (Page 12). - Continued strategic investment in fixed wireless access, targeting 15 million customers by 2030 without assuming new spectrum purchases (Page 5). - Incremental investments in new routers with higher speeds supporting broadband growth and increasing network capacity (Page 5).

- The transcript does not mention any current or planned new fundraising through debt or equity. - Capital allocation philosophy focuses on investing in the core business, value-accretive M&A, and balanced shareholder returns (dividends and share buybacks). - Recently increased 2026 stockholder return authorization by up to $3.6 billion (total $18.2 billion) but no mention of raising new capital. - Investment in two JVs involves about $2.7 billion, but no details on how this is funded. - Focus remains on leveraging intrinsic company value and prudent capital allocation without explicit plans for new fundraising.

The provided document does not include specific details regarding the current or expected orderbook or pending orders. The content mainly focuses on: - Pricing strategies and customer value propositions. - Shareholder returns including share buybacks and dividends. - Integration progress of UScellular customers. - Financial performance highlights such as subscriber additions, ARPA growth, and EBITDA. - Investments in fiber joint ventures and fixed wireless access (FWA). - Cost synergies and strategic capital allocation. - Competition dynamics in postpaid markets and broadband opportunities. No direct references or quantitative data about orderbook or pending orders are mentioned in the provided pages.