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FY2026 Q2
개선
T-Mobile US, Inc. 실적 발표
Buzzberg 분석
Record NPS of 46, highest in wireless ever
T-Mobile reported strong Q2 results with record NPS and customer growth, raised free cash flow guidance, and highlighted its advantage in the fallow capacity model for fixed wireless. Management discussed upcoming spectrum opportunities and provided detailed Q3 guidance including a temporary churn increase from rate plan modernization. Postpaid net account additions of 277k in Q2; Q3 guided to ~250k due to rate plan changes.
Buzzberg 분석 Record NPS of 46, highest in wireless ever T-Mobile reported strong Q2 results with record NPS and customer growth, raised free cash flow guidance, and highlighted its advantage in the fallow capacity model for fixed wireless. Management discussed upcoming spectrum opportunities and provided detailed Q3 guidance including a temporary churn increase from rate plan modernization. Postpaid net account additions of 277k in Q2; Q3 guided to ~250k due to rate plan changes. 전체 분석 보기분석 접기
T-Mobile reported strong Q2 results with record NPS and customer growth, raised free cash flow guidance, and highlighted its advantage in the fallow capacity model for fixed wireless. Management discussed upcoming spectrum opportunities and provided detailed Q3 guidance including a temporary churn increase from rate plan modernization. Postpaid net account additions of 277k in Q2; Q3 guided to ~250k due to rate plan changes.
- Raised FY2026 adjusted FCF guidance to $18.4-18.8B (up $200M).
- Service revenue growth of 9% YoY, with postpaid ARPA growth of 2.5-3% expected for the year.
- Fixed wireless broadband seen as premium product; fallow capacity model ensures ample runway beyond 15M subscriber target.
매출$22.791B-1% 전분기 대비
주당순이익(EPS)$2.99+32% 전분기 대비
매출총이익률64.77%보고값
영업이익률24.09%보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
Demand
Postpaid service revenue up 13% year-over-year
Capex
Cash capex unchanged at $10B for 2026
핵심 내용 3개 더 보기
AI
Live translation beta as first network-native AI app
Capital return
Repurchased $2.5B in Q2, 253M shares since 2022
Guidance
Expect Q3 net postpaid account additions ~250k
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| 매출 | $22.791B | -1% 전분기 대비 |
| 주당순이익(EPS) | $2.99 | +32% 전분기 대비 |
| 매출총이익률 | 64.77% | 보고값 |
| 영업이익률 | 24.09% | 보고값 |
| 잉여현금흐름 | $4.797B | +4% 전분기 대비 |
| 자본지출 | $2.703B | 보고값 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 자본지출 | FY2026 | $10B | $10B | 유지 |
| 잉여현금흐름 | FY2026 | $18.4B–$18.8B | $18.6B | 상향 |
| 영업이익률POSTPAID_ARPA_GROWTH | FY2026 | 2.5%–3% | 2.75% | 유지 |
| 영업이익률CORE_ADJUSTED_EBITDA | FY2026 Q3 | $9.4B | $9.4B | 유지 |
| 매출 | FY2026 | $77B | $77B | 유지 |
| 매출 | FY2026 Q3 | $19.3B | $19.3B | 유지 |
| 판매량POSTPAID_ACCOUNTS | FY2026 Q3 | $250K | $250K | 유지 |
| 판매량POSTPAID_ACCOUNTS | FY2026 | $950K–$1.05M | $1M | 유지 |
AI, 자본지출 및 수요 분석
경영진 분석
confident
Management conveyed strong confidence driven by record-high NPS of 46, industry-leading financial growth (postpaid service revenue up 13%, core adjusted EBITDA up 12%), and a positive outlook on spectrum and AI opportunities; no notable shift in confidence.
경영진의 AI 분석
Management discussed rolling out live translation on beta as their first network-native AI application, embedding AI models directly into their core, and they believe their network will become the connective tissue for physical AI with inferencing at the edge, highlighting partnerships with Figure AI.
투자 및 생산능력
Cash capex guidance for 2026 remains unchanged at approximately $10 billion, with management expressing excitement about upcoming spectrum opportunities in 2027 and 2028, including CBAN 2.0 and 2.7 GHz, to further cement network leadership.
아래에 언급된 기업 4개 모두 표시
기업발표 이후 수익률
파트너
파트너
Srinivasan Gopalan
T-Mobile's co-branded credit card partnership is performing well, signalling strong consumer adoption and a deepening relationship with Capital One.
근거
“our T-Mobile Visa credit card launch was one of the most successful co-branded launches for Capital One”
USM
파트너
Srinivasan Gopalan
The US Cellular acquisition is integrating smoothly and enhancing T-Mobile's market share in smaller and rural areas.
근거
“this opportunity is supercharged by our acquisition of US Cellular last year, and the integration is going great”
파트너
Srinivasan Gopalan
Delta is one of several partners providing perks to T-Mobile customers, part of a broad loyalty program that drives customer engagement.
근거
“Delta Premium in-flight beverage on us to free dash pass for a year”
파트너
Srinivasan Gopalan
Shell is a partner in T-Mobile's loyalty program, offering discounted fuel to customers, which helps differentiate T-Mobile's value proposition.
근거
“gas for $1.99 per gallon at select Shell gas stations”
외부 신호
공급망 알파 · 4발표 이후 수익률
FWA traffic uses a large share of network traffic but not of capacity due to spare capacity; new spectrum is incremental to the 15M FWA target and management has no intention to buy spectrum strictly for FWA.
근거
“the utilization of the network traffic is completely by design from the fallow capacity model, and capacity is way in excess of current utilization”
70% of T-Mobile's broadband customers bundle with wireless, far above AT&T's 45% figure, demonstrating strong cross-sell and retention.
근거
“if you were to do the same math of how many of our broadband customers also have mobile within the bundle, for us that's closer to 70%”
Satellite (Starlink) usage is negligible (0.0002% of network traffic), confirming it is a complementary, not competitive, technology for the foreseeable future.
근거
“the last time I talked about 0.0002% of our network usage. That's three zeros and a two being on satellite”
T-Mobile rolled out Dynamic CX, an AI-powered network tool that autonomously adjusts cell sites for event crowds, improving network performance without manual intervention.
방법론 및 범위
경영진 발언만 분석합니다. 검증된 기업 언급 4개를 모두 표시하며, 보고 실적과 향후 가이던스를 분리합니다. 공개 근거는 화자가 표시된 짧은 인용문 8개로 제한됩니다. AI 분석은 불완전하거나 틀릴 수 있으므로 중요한 주장은 원문에서 확인하세요.