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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| John Hodulik | UBS | 10 (30%) |
| Samuel McHugh | BNP Paribas | 9 (0%) |
| Ben Swinburne | Morgan Stanley | 9 (11%) |
| Kannan Venkateshwar | Barclays | 8 (13%) |
| Peter Supino | Wolfe Research | 7 (14%) |
| Craig Moffett | MoffettNathanson | 7 (0%) |
| Mike Rollins | Citigroup | 6 (0%) |
| Jonathan Chaplin | New Street Research | 5 (0%) |
| Dave Barden | New Street Research | 5 (0%) |
| Jim Schneider | Goldman Sachs | 4 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Morgan Stanley | 2 | 11 (9%) |
| UBS | 1 | 10 (30%) |
| New Street Research | 2 | 10 (0%) |
| BNP Paribas | 1 |
| 9 (0%) |
| Barclays | 1 | 8 (13%) |
| Wolfe Research | 1 | 7 (14%) |
| Goldman Sachs | 2 | 7 (0%) |
| MoffettNathanson | 1 | 7 (0%) |
Total service revenue grew 11% at a rate more than four times the nearest competitor, with core adjusted EBITDA growing 12% and free cash flow margins reaching 24%. ARPA expanded 3.9% year-over-year while the fiber JV expansion broadened broadband capabilities beyond fixed wireless. Management raised the lower end of full-year EBITDA guidance by $100 million to $37.1-37.5 billion and adjusted free cash flow to $18.1-18.7 billion, with the UScellular integration cost synergy program tracking on schedule toward the $2.7 billion target.
Competitive Dynamics | Subscriber Growth | M&A | Pricing | Innovation & R&D | Capex Investment | Demand | Revenue Growth | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 5 | 9 | 2 | 3 | 5 | 2 | 1 | 3 |
| 2025Q1 | 5 | 8 | 4 | 2 | 1 | 2 | 1 | |
| 2025Q2 | 6 | 5 | 2 | 3 | 1 | 1 | 2 | 2 |
| 2025Q3 | 8 | 3 | 1 | 2 | 2 | 2 | ||
| 2025Q4 | 2 | 3 | 1 | 2 | 2 | 1 | 1 | 2 |
| 2026Q1 | 5 | 1 | 5 | 4 | 1 | 2 | 3 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Competitive Dynamics | 5 | 5 | 6 | 8 | 2 | 5 |
| Subscriber Growth | 9 | 8 | 5 | 3 | 3 | 1 |
| M&A | 2 | 4 | 2 | 1 | 1 | 5 |
| Pricing | 3 | 2 | 3 | 2 | 4 | |
| Innovation & R&D | 5 | 1 | 1 | 2 | 2 | 1 |
| Capex Investment | 2 | 2 | 1 | 2 | 1 | 2 |
| Demand | 1 | 1 | 2 | 2 | 1 | 3 |
| Revenue Growth | 3 | 2 | 2 | 2 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $21.87B | +6.8% | $2.56 | +53.3% | 21.0% | 13.6% | $2.50B |
| FY2025 Q1 | $20.89B | +6.6% | $2.58 | +29.0% | 23.0% | 14.1% | $4.40B |
| FY2025 Q2 | $21.13B | +6.9% | $2.84 | +14.1% | 24.7% | 15.2% | $4.60B |
| FY2025 Q3 | $21.96B | +8.9% | $2.41 | -7.7% | 22.1% | 12.4% | $4.82B |
| FY2025 Q4 | $24.33B | +11.3% | $1.88 | -26.6% | 15.9% | 8.6% | $1.62B |
| FY2026 Q1 | $23.11B | +10.6% | $2.27 | -12.0% | 19.5% | 10.8% | $4.60B |
| FY2026 Q2 | $22.79B | +7.9% | $2.99 | +5.3% | 24.1% | 14.2% | $4.80B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What TMUS and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“we're excited to expand our business mobile relationships through the launch of our T-Mobile MVNO”
Comcast is launching a T-Mobile MVNO to serve business/mid-market and enterprise customers, adding T-Mobile as a wholesale network supplier alongside its existing MVNO.
“If you sign up for Spectrum Internet and switch to more mobile lines from Verizon, AT&T or T-Mobile, we guarantee $1,000 of savings in your first year, or we'll cover the difference.”
Charter positions Spectrum Mobile as a cheaper alternative to the big wireless carriers including T-Mobile, guaranteeing $1,000 of first-year savings to customers who switch away from them.
“we deepened our relationship following T-Mobile's acquisition of U.S. Cellular, successfully migrating another large in-force mobile subscriber base and contributing to an increase in our total devices protected that now stands at nearly 69 million devices globally.”
Assurant deepened its device-protection partnership with T-Mobile and migrated the U.S. Cellular in-force base onto its platform, a positive read on T-Mobile's post-acquisition integration and Assurant's carrier entanglement.
“Our new APX NEXT integration with T-Mobile and Starlink seamlessly enables direct-to-device satellite connectivity, adding yet another mode of network resiliency to LMR”
Motorola Solutions integrates T-Mobile connectivity into its APX NEXT radios for direct-to-device satellite resiliency, signaling a network partnership with T-Mobile.
“we're entering into 2 additional JVs with leading infrastructure partners to acquire GoNetSpeed, Greenlight Networks and i3 Broadband as part of our returns-focused capital-efficient approach.”
T-Mobile is acquiring i3 Broadband through new fiber joint ventures, expanding its capital-efficient fiber-broadband footprint.
“we're entering into 2 additional JVs with leading infrastructure partners to acquire GoNetSpeed, Greenlight Networks and i3 Broadband as part of our returns-focused capital-efficient approach.”
T-Mobile is acquiring Greenlight Networks through new fiber joint ventures, expanding its capital-efficient fiber-broadband footprint.
“we're entering into 2 additional JVs with leading infrastructure partners to acquire GoNetSpeed, Greenlight Networks and i3 Broadband as part of our returns-focused capital-efficient approach.”
T-Mobile is acquiring GoNetSpeed through new fiber joint ventures, expanding its capital-efficient fiber-broadband footprint.
“As you guys know, we closed the UScellular transaction on August 1st of last year.”
T-Mobile is in the final stages of migrating the roughly 4 million-customer UScellular base it acquired, bolstering its network position in smaller markets and rural areas.
“we're delighted to share today that we're connecting our 5G advanced network to Figure AI's F03 humanoid robots, enabling seamless and reliable connectivity from the moment they power on.”
T-Mobile announced a partnership connecting Figure AI's F03 humanoid robots to its 5G advanced network, a proof point for its physical-AI and edge-inference network strategy.
“our partnership with SpaceX is very strong. We've worked closely with them to really invent an entire category, and that's been putting an end to dead zones.”
T-Mobile frames its Direct to Cell partnership with SpaceX (Starlink) as strong and category-defining, though positioned as a complementary rather than substitutive product.
“Similarly, when you look at AT&T, they 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.”
T-Mobile characterizes AT&T as having the industry's highest postpaid phone churn increase and declining postpaid ARPU, disputing AT&T's convergence strategy narrative.
“If you look at Verizon, for example, they lost 127,000 postpaid net accounts and their ARPU was almost down 2% year-over-year.”
T-Mobile contrasts its postpaid account and ARPA growth against Verizon, characterizing Verizon as losing postpaid accounts with declining ARPU in the quarter.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
TMUS T-Mobile US, Inc. | 7 | +10.6% | |
| CHTR Charter Communications | 4 | -1.0% | |
| CMCSA Comcast | 6 | +5.3% | |
| DASH DoorDash | 7 | +33.1% | |
| DIS The Walt Disney Company | 6 | +6.5% | |
| EVER EverQuote, Inc. | 8 | +14.5% | |
| FOX Fox Corporation (Class B) | 5 | -8.6% | |
| LYV Live Nation Entertainment | 7 | +12.2% | |
| MAX MediaAlpha, Inc. | 8 | +17.3% | |
| NBIS Nebius Group N.V. | 8 | +621.5% | |
| NFLX Netflix, Inc. | 8 | +16.2% | |
| NWS News Corp (Class B) | 7 | +8.8% | |
| OMC Omnicom Group | 6 | +69.2% | |
| PINS Pinterest, Inc. | 8 | +17.8% | |
| PSKY Paramount Skydance Corp | 6 | +2.2% | |
| QNST QuinStreet, Inc. | 9 | +28.3% | |
| RDDT Reddit, Inc. | 9 | +69.1% | |
| ROKU Roku, Inc. | 9 | +22.4% | |
| SNAP Snap Inc. | 7 | +12.2% | |
| T AT&T | 6 | +2.9% | |
| TKO TKO Group Holdings | 7 | +25.9% | |
| VZ Verizon Communications Inc. | 6 | +2.9% | |
| WBD Warner Bros. Discovery | 4 | -1.0% | |
| YELP Yelp Inc. | 6 | +0.8% |