T-Mobile US Inc

Strong quarter; differentiation driving durable growth (all-time-high NPS) - T-Mobile reported record NPS of 46 this quarter, framed as the highest in wireless across the “big 3.” - Strategy: “best network, best value, best experience” to reduce customer trade-offs; claimed to be winning network seekers. - Financial performance in Q2: Postpaid service revenue +13% YoY, total service revenue +9% YoY, core adjusted EBITDA +12% YoY, and free cash flow margin ~25%. - Customer indicators: postpaid net adds +277k; ARPA +2% YoY; CLVs up healthy double digits YoY; port-in ARPAs ~20% above port-out; >60% of new-account customers choose premium plans.

Guidance outlook raised/affirmed: 2026 remains strong with clear Q3 expectations - Postpaid net account additions (full-year): expected 950k–1.05M (with Q2 momentum described as on track). - Q3 churn/modernization impact acknowledged: rate plan modernization expected to cause temporary elevated churn; Q3 net postpaid adds ~250k (phone churn impact lower because concentrated in fewer-line accounts). - Service revenue (full-year 2026): ~$77B, +8% growth; Q3 service revenue ~$19.3B, +6% YoY. - Postpaid ARPA growth guidance: 2.5%–3% for the year. - Core adjusted EBITDA (full-year): $37.1B–$37.5B (+~10% YoY at midpoint); Q3 ~$9.4B (+~8% YoY). - CapEx (full-year): ~$10B unchanged. - Adjusted free cash flow guidance increased to ~$18.4B–$18.8B (raise of $200M at midpoint), primarily from lower cash income taxes.

Shareholder returns: continued buybacks + dividend; spectrum-aware capital discipline - Repurchased $2.5B in Q2 and through July 17 (total: 253M shares since late 2022; shares outstanding reduced to ~1.07B). - Buyback level not guaranteed quarter-to-quarter; management emphasized using a capital allocation framework that considers upcoming spectrum opportunities in 2027–2028 (C-band 2.0 and 2.7 GHz). - Dividend continues (mentioned alongside repurchases).