The strong EPS beat and cash flow guidance raise signal operational momentum, but the slight revenue miss and unchanged EBITDA guidance may temper upside. Watch for post-earnings drift and any incremental commentary on UScellular integration costs during the call. The aggressive buyback program continues to support EPS growth.
Price Chart
Executive Summary
T-Mobile reported Q2 2026 diluted EPS of $2.99, a 15% beat vs consensus of $2.60, driven by 9% service revenue growth and aggressive share buybacks. Total revenue of $22.79B slightly missed the $22.94B consensus (-0.65%). The company raised its full-year cash flow guidance (operating cash flow to $28.4-$28.8B, adjusted FCF to $18.4-$18.8B) while reiterating Core Adjusted EBITDA and account growth targets. Net income grew 1% YoY to $3.24B, with UScellular merger costs of $146M after tax weighing on GAAP results.
Key Financial Metrics
Key Facts
- Diluted EPS $2.99 vs consensus $2.60 (+15% beat)
- Total revenue $22.79B vs consensus $22.94B (slight miss)
- Service revenue $18.98B, up 9% YoY; Postpaid service revenue $15.85B, up 13% YoY
- Core Adjusted EBITDA $9.54B, up 12% YoY; margin 50.2%
- Raised FY2026 operating cash flow guidance by $200M to $28.4-$28.8B
- Raised FY2026 adjusted FCF guidance by $200M to $18.4-$18.8B
- Net income $3.24B, up 1% YoY; included $146M after-tax UScellular merger costs
- Postpaid net account additions of 277K, down 13% YoY; churn improved to 0.99%
- Repurchased $2.2B in stock and paid $1.1B dividends in Q2; cumulative returns $54.6B since program inception
Financial Impact
EPS beat of $0.39 (15%) on $2.60 consensus; revenue miss of $0.15B (-0.65%)
Risk Factors
- UScellular integration costs and network restructuring expenses weighing on GAAP net income
- Postpaid account growth decelerating 13% YoY, with higher churn from broadband-only accounts
- Total debt of $86.9B and net debt/EBITDA of 2.3x leaves limited balance sheet flexibility
- Competitive pressure from Verizon and AT&T in wireless and broadband
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001283699-26-000100 |
| Document: tmus06302026ex991.htm | 0001283699-26-000100 |
| Document: tmus-20260723.htm | 0001283699-26-000100 |
| Document: 0001283699-26-000100-index-headers.html | 0001283699-26-000100 |
| Document: 0001283699-26-000100-index.html | 0001283699-26-000100 |
| Document: 0001283699-26-000100.txt | 0001283699-26-000100 |
| 8-K Data (Synthetic) | 0001283699-26-000100 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 23, 2026 12w ago | 8-K | $170.42 $157.03 | ▼ −7.86% | ▼ −12.41% | $159.10 (−6.64%) |
Jun 30, 2026 15w ago | Court Ruling | $167.73 $165.66 | ▼ −1.23% | ▼ −4.80% | $159.10 (−5.15%) |
Jun 2, 2026 19w ago | Court Ruling | $188.83 $179.61 | ▼ −4.88% | ▼ −5.74% | $159.10 (−15.74%) |
May 1, 2026 24w ago | Insider Cluster | $195.97 $177.21 | ▼ −9.57% | ▼ −12.13% | $159.10 (−18.82%) |
Mar 26, 2026 29w ago | Court Ruling | $211.60 $180.06 | ▼ −14.90% | ▼ −30.30% | $159.10 (−24.81%) |
Mar 25, 2026 29w ago | Court Ruling | $211.05 $181.67 | ▼ −13.92% | ▼ −27.61% | $159.10 (−24.62%) |
Feb 28, 2026 33w ago | Institutional Cluster | $216.09 $191.11 | ▼ −11.56% | ▼ −20.89% | $159.10 (−26.37%) |
Feb 24, 2026 33w ago | Insider Cluster | $221.87 $193.42 | ▼ −12.82% | ▼ −19.57% | $159.10 (−28.29%) |
Feb 24, 2026 33w ago | Insider Cluster | $221.87 $193.42 | ▲ +12.82% | ▲ +19.57% | $159.10 (+28.29%) |
Feb 10, 2026 35w ago | Court Ruling | $199.43 $194.20 | ▼ −2.62% | ▼ −8.32% | $159.10 (−20.22%) |
US Market Status
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