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FY2026 Q2
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Отчётный звонок T-Mobile US, Inc.
Вывод Buzzberg
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.
Вывод Buzzberg 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. Читать полный анализСвернуть анализ
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.
Выручка$22.791B-1% к/к
EPS$2.99+32% к/к
Валовая маржа64.77%Факт
Операционная маржа24.09%Факт
6 подтверждённых тезисов
Что важно сейчас
Самые значимые изменения по итогам звонка.
Demand
Postpaid service revenue up 13% year-over-year
Capex
Cash capex unchanged at $10B for 2026
Показать ещё 3 тезиса
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
Отчётный период
Фактические результаты
| Показатель | Факт | Изменение |
|---|---|---|
| Выручка | $22.791B | -1% к/к |
| EPS | $2.99 | +32% к/к |
| Валовая маржа | 64.77% | Факт |
| Операционная маржа | 24.09% | Факт |
| Свободный денежный поток | $4.797B | +4% к/к |
| Капзатраты | $2.703B | Факт |
Прогнозные данные
Прогноз компании
| Показатель | Период | Диапазон | Середина | Статус |
|---|---|---|---|---|
| Капзатраты | FY2026 | $10B | $10B | Подтверждён |
| Свободный денежный поток | FY2026 | $18.4B–$18.8B | $18.6B | Повышен |
| Операционная маржаPOSTPAID_ARPA_GROWTH | FY2026 | 2.5%–3% | 2.75% | Подтверждён |
| Операционная маржаCORE_ADJUSTED_EBITDA | FY2026 Q3 | $9.4B | $9.4B | Подтверждён |
| Выручка | FY2026 | $77B | $77B | Подтверждён |
| Выручка | FY2026 Q3 | $19.3B | $19.3B | Подтверждён |
| ОбъёмPOSTPAID_ACCOUNTS | FY2026 Q3 | $250K | $250K | Подтверждён |
| ОбъёмPOSTPAID_ACCOUNTS | FY2026 | $950K–$1.05M | $1M | Подтверждён |
AI, капзатраты и спрос
Оценка менеджмента
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.
Оценка AI от менеджмента
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.
Инвестиции и мощности
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.
все упомянутые компании ниже: 4
Компаниис момента звонка
Партнёры
Партнёры
Srinivasan Gopalan
T-Mobile's co-branded credit card partnership is performing well, signalling strong consumer adoption and a deepening relationship with Capital One.
Доказательства
“our T-Mobile Visa credit card launch was one of the most successful co-branded launches for Capital One”
USM
Партнёры
Srinivasan Gopalan
The US Cellular acquisition is integrating smoothly and enhancing T-Mobile's market share in smaller and rural areas.
Доказательства
“this opportunity is supercharged by our acquisition of US Cellular last year, and the integration is going great”
Партнёры
Srinivasan Gopalan
Delta is one of several partners providing perks to T-Mobile customers, part of a broad loyalty program that drives customer engagement.
Доказательства
“Delta Premium in-flight beverage on us to free dash pass for a year”
Партнёры
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.
Доказательства
“gas for $1.99 per gallon at select Shell gas stations”
Внешние сигналы
Альфа цепочки поставок · 4с момента звонка
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.
Доказательства
“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.
Доказательства
“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.
Доказательства
“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.
Методология и полнота
Анализ основан только на заявлениях менеджмента. Показаны все подтверждённые упоминания компаний: 4. Фактические результаты и прогнозы разделены. Публичные доказательства ограничены восемью короткими атрибутированными цитатами. AI-анализ может быть неполным или ошибочным — проверяйте важные утверждения по первоисточнику.