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FY2026 Q1
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T-Mobile US, Inc. earnings call
Buzzberg read
Raised full-year guidance on strong momentum
T-Mobile reported a strong Q1 with postpaid account additions up 6% YoY and raised full-year guidance on EBITDA, FCF, and account growth. Management emphasized widening differentiation versus Verizon and AT&T, progress in fiber JVs, and early potential in physical AI. Postpaid net account additions of 217,000 in Q1, up 6% YoY, with ARPA growth of 3.9%.
Buzzberg read Raised full-year guidance on strong momentum T-Mobile reported a strong Q1 with postpaid account additions up 6% YoY and raised full-year guidance on EBITDA, FCF, and account growth. Management emphasized widening differentiation versus Verizon and AT&T, progress in fiber JVs, and early potential in physical AI. Postpaid net account additions of 217,000 in Q1, up 6% YoY, with ARPA growth of 3.9%. Read full analysisCollapse analysis
T-Mobile reported a strong Q1 with postpaid account additions up 6% YoY and raised full-year guidance on EBITDA, FCF, and account growth. Management emphasized widening differentiation versus Verizon and AT&T, progress in fiber JVs, and early potential in physical AI. Postpaid net account additions of 217,000 in Q1, up 6% YoY, with ARPA growth of 3.9%.
- Full-year core EBITDA guidance raised to $37.1-$37.5B, FCF to $18.1-$18.7B, and postpaid net account additions to 950k-1.05M.
- Broadband net adds exceeded 500k, with 5G FWA still seen having runway to 15M homes by 2030.
- Two new fiber JVs announced with GoNetSpeed, Greenlight Networks, and i3 Broadband; management signaled no interest in cable M&A.
Revenue$23.107B-5% QoQ
EPS$2.27+21% QoQ
Gross margin61.8%Reported
Operating margin19.46%Reported
6 grounded callouts
What matters now
The highest-signal changes from the call.
AI
AI-native network apps and physical AI partnership
AI
5G advanced network gives multi-year edge AI advantage
Show 3 more callouts
Demand
ARPA growth driven by premium plan mix
M&A
Fiber JVs focused on local scale and value
Buybacks
Capital allocation boosted to $18.2 billion
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| Revenue | $23.107B | -5% QoQ |
| EPS | $2.27 | +21% QoQ |
| Gross margin | 61.8% | Reported |
| Operating margin | 19.46% | Reported |
| Free cash flow | $4.599B | Reported |
| Capex | $2.623B | Reported |
Forward-looking
Forward guidance
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| Capex | FY2026 | $10B | $10B | Maintained |
| Free cash flow | FY2026 | $18.1B–$18.7B | $18.4B | Raised |
| Operating marginCORE_ADJUSTED_EBITDA | FY2026 | $37.1B–$37.5B | $37.3B | Raised |
| Operating marginCORE_ADJUSTED_EBITDA | FY2026 Q2 | $9.4B | $9.4B | Guided |
| RevenueSERVICE_REVENUE | FY2026 | $77B | $77B | Maintained |
| RevenueSERVICE_REVENUE | FY2026 Q2 | $19B | $19B | Guided |
| UnitsPOSTPAID_NET_ACCOUNT_ADD | FY2026 | 950000–1.05e+06 | 1e+06 | Raised |
AI, capex & demand read
Management read
Upbeat
Management is upbeat about results and initiatives, emphasizing industry-leading growth, widening differentiation, and confidence in the future, which was reflected in raised guidance and the CEO's closing sentiment that 'we're only at the beginning.'
Management AI read
Management is building AI capabilities directly into the network core, with the first network-native AI application (live translation) rolling out in beta soon. They see a long-term opportunity for the network to become the connective tissue for physical AI and edge inferencing, with a partnership with Figure AI to connect humanoid robots. They believe their nationwide 5G advanced network gives th
Investment and capacity
Full-year 2026 cash capex guidance is unchanged at approximately $10 billion as the company continues to invest to further differentiate the network. The capex is funding network advancements and AI-capable infrastructure, including edge compute.
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Companiesreturns since call
Competitors
Competitors
Peter Oswaldek
T-Mobile highlights Verizon's postpaid account losses and ARPA decline as evidence of its own competitive differentiation.
Evidence
“if you take a look at Verizon, for example, they lost 127,000 postpaid net accounts, and their ARPA was almost down 2% year over year.”
Competitors
Peter Oswaldek
T-Mobile points to AT&T's rising churn and EBITDA decline as a sign of weak competitive positioning.
Evidence
“AT&T just delivered the highest, yet again, the highest year-over-year postpaid phone churn increase in the industry, proving that all the convergence talk is just that, it's talk.”
Supply chain
USM
Supply chain
Mike Katz
T-Mobile is in the final stage of integrating U.S. Cellular's customer base, a process expected to complete by year-end.
Evidence
“We are now just now beginning into the final, you know, kind of big throws of the customer migration.”
External signals
Supply-chain alpha · 1returns since call
T-Mobile's postpaid account additions accelerated 6% YoY while both Verizon and AT&T lost accounts or saw rising churn, indicating a structural share shift in wireless.
Evidence
“If you take a look at Verizon, they lost 127,000 postpaid net accounts... AT&T just delivered the highest year-over-year postpaid phone churn increase”
Methodology & coverage
Management-only analysis. All 3 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.