# EDGAR Filing Document

**Accession Number:** 0001283699
**File Stem:** 0001283699-26-000063
**Filing Date:** 2026-4
**Character Count:** 235449
**Document Hash:** b9c78665ec161ef2dc3aca73e4379ebd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001283699-26-000063.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001283699-26-000063

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 99

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T-Mobile US, Inc.
- **CENTRAL INDEX KEY:** 0001283699
- **STANDARD INDUSTRIAL CLASSIFICATION:** RADIO TELEPHONE COMMUNICATIONS [4812]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 200836269
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33409
- **FILM NUMBER:** 26907554

**BUSINESS ADDRESS:**
- **STREET 1:** 12920 SE 38TH STREET
- **CITY:** BELLEVUE
- **STATE:** WA
- **ZIP:** 98006
- **BUSINESS PHONE:** 800-318-9270

**MAIL ADDRESS:**
- **STREET 1:** 12920 SE 38TH STREET
- **CITY:** BELLEVUE
- **STATE:** WA
- **ZIP:** 98006

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** METROPCS COMMUNICATIONS INC
- **DATE OF NAME CHANGE:** 20040315

?xml version='1.0' encoding='ASCII'? tmus-20260331

<u>[**Table of Contents**](#i6378fbff71b84deb98159947750abd1b_337)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

☒ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended March 31, 2026**

**or** 

☐ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the transition period from&nbsp;&nbsp;&nbsp;&nbsp;to** 

**Commission File Number: 1-33409**![T-Mobile Logo_03_2023.jpg](tmus-20260331_g1.jpg)

**T-MOBILE US, INC.** 

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **20-0836269** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

---

**12920 SE 38th Street** 

**Bellevue, Washington** 

(Address of principal executive offices)

**98006-1350** 

(Zip Code)

---

| | |
|:---|:---|
| **(425)** | **378-4000** |
| (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) |
| **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** |

---

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.00001 per share | TMUS | The NASDAQ Stock Market LLC |
| 3.550% Senior Notes due 2029 | TMUS29 | The NASDAQ Stock Market LLC |
| 3.700% Senior Notes due 2032 | TMUS32 | The NASDAQ Stock Market LLC |
| 3.150% Senior Notes due 2032 | TMUS32A | The NASDAQ Stock Market LLC |
| 3.200% Senior Notes due 2032 | TMUS32B | The NASDAQ Stock Market LLC |
| 3.625% Senior Notes due 2035 | TMUS35 | The NASDAQ Stock Market LLC |
| 3.850% Senior Notes due 2036 | TMUS36 | The NASDAQ Stock Market LLC |
| 3.500% Senior Notes due 2037 | TMUS37 | The NASDAQ Stock Market LLC |
| 3.900% Senior Notes due 2038 | TMUS38 | The NASDAQ Stock Market LLC |
| 3.800% Senior Notes due 2045 | TMUS45 | The NASDAQ Stock Market LLC |
| 6.250% Senior Notes due 2069 | TMUSL | The NASDAQ Stock Market LLC |
| 5.500% Senior Notes due March 2070 | TMUSZ | The NASDAQ Stock Market LLC |
| 5.500% Senior Notes due June 2070 | TMUSI | The NASDAQ Stock Market LLC |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

------

<u>[**Table of Contents**](#i6378fbff71b84deb98159947750abd1b_337)</u>

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp; Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

---

| | |
|:---|:---|
| Class | Shares Outstanding as of April 24, 2026 |
| Common Stock, par value $0.00001 per share | 1082204717 |

---

------

**T-Mobile US, Inc.**

**Form 10-Q**

**For the Quarter Ended March 31, 2026**

**Table of Contents**

---

| | | |
|:---|:---|:---|
| <u>[PART I. FINANCIAL INFORMATION](#i6378fbff71b84deb98159947750abd1b_358)</u> | <u>[PART I. FINANCIAL INFORMATION](#i6378fbff71b84deb98159947750abd1b_358)</u> |  |
| <u>[Item 1.](#i6378fbff71b84deb98159947750abd1b_112)</u> | <u>[Financial Statements](#i6378fbff71b84deb98159947750abd1b_112)</u> | <u>[4](#i6378fbff71b84deb98159947750abd1b_112)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Consolidated Balance Sheets](#i6378fbff71b84deb98159947750abd1b_118)</u> | <u>[4](#i6378fbff71b84deb98159947750abd1b_118)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Consolidated Statements of Comprehensive Income](#i6378fbff71b84deb98159947750abd1b_121)</u> | <u>[5](#i6378fbff71b84deb98159947750abd1b_121)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Consolidated Statements of Cash Flows](#i6378fbff71b84deb98159947750abd1b_124)</u> | <u>[6](#i6378fbff71b84deb98159947750abd1b_124)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Consolidated Statement of Stockholders' Equity](#i6378fbff71b84deb98159947750abd1b_130)</u> | <u>[7](#i6378fbff71b84deb98159947750abd1b_130)</u> |
|  | <u>[Notes to the Condensed Consolidated Financial Statements](#i6378fbff71b84deb98159947750abd1b_139)</u> | <u>[9](#i6378fbff71b84deb98159947750abd1b_139)</u> |
| <u>[Item 2.](#i6378fbff71b84deb98159947750abd1b_52)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i6378fbff71b84deb98159947750abd1b_52)</u> | <u>[33](#i6378fbff71b84deb98159947750abd1b_52)</u> |
| <u>[Item 3.](#i6378fbff71b84deb98159947750abd1b_361)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i6378fbff71b84deb98159947750abd1b_361)</u> | <u>[50](#i6378fbff71b84deb98159947750abd1b_361)</u> |
| <u>[Item 4.](#i6378fbff71b84deb98159947750abd1b_364)</u> | <u>[Controls and Procedures](#i6378fbff71b84deb98159947750abd1b_364)</u> | <u>[50](#i6378fbff71b84deb98159947750abd1b_364)</u> |
| <u>[PART II. OTHER INFORMATION](#i6378fbff71b84deb98159947750abd1b_13)</u> | <u>[PART II. OTHER INFORMATION](#i6378fbff71b84deb98159947750abd1b_13)</u> |  |
| <u>[Item 1.](#i6378fbff71b84deb98159947750abd1b_34)</u> | <u>[Legal Proceedings](#i6378fbff71b84deb98159947750abd1b_34)</u> | <u>[52](#i6378fbff71b84deb98159947750abd1b_34)</u> |
| <u>[Item 1A.](#i6378fbff71b84deb98159947750abd1b_22)</u> | <u>[Risk Factors](#i6378fbff71b84deb98159947750abd1b_22)</u> | <u>[52](#i6378fbff71b84deb98159947750abd1b_22)</u> |
| <u>[Item 2.](#i6378fbff71b84deb98159947750abd1b_346)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i6378fbff71b84deb98159947750abd1b_346)</u> | <u>[53](#i6378fbff71b84deb98159947750abd1b_346)</u> |
| <u>[Item 3.](#i6378fbff71b84deb98159947750abd1b_349)</u> | <u>[Defaults Upon Senior Securities](#i6378fbff71b84deb98159947750abd1b_349)</u> | <u>[53](#i6378fbff71b84deb98159947750abd1b_349)</u> |
| <u>[Item 4.](#i6378fbff71b84deb98159947750abd1b_37)</u> | <u>[Mine Safety Disclosures](#i6378fbff71b84deb98159947750abd1b_37)</u> | <u>[53](#i6378fbff71b84deb98159947750abd1b_37)</u> |
| <u>[Item 5.](#i6378fbff71b84deb98159947750abd1b_352)</u> | <u>[Other Information](#i6378fbff71b84deb98159947750abd1b_352)</u> | <u>[54](#i6378fbff71b84deb98159947750abd1b_352)</u> |
| <u>[Item 6.](#i6378fbff71b84deb98159947750abd1b_343)</u> | <u>[Exhibits](#i6378fbff71b84deb98159947750abd1b_343)</u> | <u>[55](#i6378fbff71b84deb98159947750abd1b_343)</u> |
|  | <u>[Signatures](#i6378fbff71b84deb98159947750abd1b_340)</u> | <u>[56](#i6378fbff71b84deb98159947750abd1b_340)</u> |

---

------

<u>[Index for Notes to the Condensed Consolidated Financial Statements](#i6378fbff71b84deb98159947750abd1b_136)</u>

**PART I. FINANCIAL INFORMATION**

**Item 1. Financial Statements**

**T-Mobile US, Inc.**

**Condensed Consolidated Balance Sheets**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **(in millions, except share and per share amounts)** | **March 31,<br>2026** | **December 31,<br>2025** |
| **Assets** | | |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $3520 | $5598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for credit losses of $217 and $226 | 4866 | 4874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment installment plan receivables, net of allowance for credit losses and imputed discount of $748 and $733 | 4935 | 4997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory | 2327 | 2405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 1067 | 1215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 5403 | 5372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 22118 | 24461 |
| Property and equipment, net | 37262 | 38333 |
| Operating lease right-of-use assets | 25021 | 25692 |
| Financing lease right-of-use assets | 2766 | 2760 |
| Goodwill | 13664 | 13678 |
| Spectrum licenses | 97564 | 98032 |
| Other intangible assets, net | 3573 | 3843 |
| Equipment installment plan receivables due after one year, net of allowance for credit losses and imputed discount of $217 and $213 | 2553 | 2683 |
| Other assets | 10146 | 9755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $214667 | $219237 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | $9522 | $10280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | 2238 | 5135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 1468 | 1533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term operating lease liabilities | 3639 | 3814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term financing lease liabilities | 1155 | 1163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 2322 | 2575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 20344 | 24500 |
| Long-term debt | 83809 | 79649 |
| Long-term debt to affiliates |  | 1498 |
| Tower obligations | 3496 | 3532 |
| Deferred tax liabilities | 20266 | 19583 |
| Operating lease liabilities | 25856 | 26371 |
| Financing lease liabilities | 1024 | 1107 |
| Other long-term liabilities | 3993 | 3794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long-term liabilities | 138444 | 135534 |
| Commitments and contingencies (Note 13) |  |  |
| Stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, par value $0.00001 per share, 2,000,000,000 shares authorized; 1,278,047,828 and 1,275,774,235 shares issued, 1,085,872,037 and 1,106,930,661 shares outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 69670 | 69460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost, 192,175,791 and 168,843,574 shares | (35497) | (30545) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (835) | (848) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 22541 | 21136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 55879 | 59203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $214667 | $219237 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

------

<u>[Index for Notes to the Condensed Consolidated Financial Statements](#i6378fbff71b84deb98159947750abd1b_136)</u>

**T-Mobile US, Inc.**

**Condensed Consolidated Statements of Comprehensive Income**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **(in millions, except share and per share amounts)** | **2026** | **2025** |
| **Revenues** |  |  |
| Postpaid revenues | $15629 | $13594 |
| Prepaid revenues | 2517 | 2643 |
| Wholesale and other service revenues | 685 | 688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total service revenues | 18831 | 16925 |
| Equipment revenues | 3996 | 3704 |
| Other revenues | 280 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 23107 | 20886 |
| **Operating expenses** |  |  |
| Cost of services, exclusive of depreciation and amortization shown separately below | 3339 | 2602 |
| Cost of equipment sales, exclusive of depreciation and amortization shown separately below | 5488 | 4798 |
| Selling, general and administrative | 5966 | 5488 |
| Depreciation and amortization | 3817 | 3198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 18610 | 16086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income | 4497 | 4800 |
| **Other expense, net** |  |  |
| Interest expense, net | (1031) | (916) |
| Other expense, net | (132) | (46) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other expense, net | (1163) | (962) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 3334 | 3838 |
| Income tax expense | (830) | (885) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $2504 | $2953 |
| Net income | $2504 | $2953 |
| **Other comprehensive income (loss), net of tax** |  |  |
| Reclassification of loss from cash flow hedges, net of tax effect of $17 and $16 | 50 | 46 |
| Losses on fair value hedges, net of tax effect of $(12) and $(61) | (36) | (177) |
| Amortization of actuarial gain, net of tax effect of $0 and $0 | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) | 13 | (132) |
| Total comprehensive income | $2517 | $2821 |
| **Earnings per share** |  |  |
| Basic | $2.28 | $2.59 |
| Diluted | $2.27 | $2.58 |
| **Weighted-average shares outstanding** |  |  |
| Basic | 1100174423 | 1140537935 |
| Diluted | 1102053246 | 1144655297 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

------

<u>[Index for Notes to the Condensed Consolidated Financial Statements](#i6378fbff71b84deb98159947750abd1b_136)</u>

**T-Mobile US, Inc.**

**Condensed Consolidated Statements of Cash Flows**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **(in millions)** | **2026** | **2025** |
| **Operating activities** |  |  |
| Net income | $2504 | $2953 |
| Adjustments to reconcile net income to net cash provided by operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 3817 | 3198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 209 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense | 682 | 771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bad debt expense | 426 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses from sales of receivables | 20 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (162) | (93) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equipment installment plan receivables | (55) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | 86 | (318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 1196 | 855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current and long-term assets | 33 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (408) | (268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short- and long-term operating lease liabilities | (1218) | (898) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current and long-term liabilities | (109) | (88) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 201 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 7222 | 6847 |
| **Investing activities** |  |  |
| Purchases of property and equipment, including capitalized interest of $(7) and $(10) | (2623) | (2451) |
| Purchases of spectrum licenses and other intangible assets, including deposits | (26) | (73) |
| Proceeds from the sale of property, equipment and intangible assets | 95 | 7 |
| Acquisition of companies, net of cash acquired | (1) | (727) |
| Investments in unconsolidated affiliates, net |  | (75) |
| Other, net | (294) | (90) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (2849) | (3409) |
| **Financing activities** |  |  |
| Proceeds from issuance of long-term debt, net | 6398 | 7774 |
| Repayments of financing lease obligations | (304) | (315) |
| Repayments of long-term debt | (6435) | (479) |
| Repurchases of common stock | (4826) | (2494) |
| Dividends on common stock | (1120) | (1003) |
| Tax withholdings on share-based awards | (154) | (272) |
| Other, net | 1 | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by financing activities | (6440) | 3193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in cash and cash equivalents, including restricted cash | (2067) | 6631 |
| **Cash and cash equivalents, including restricted cash** |  |  |
| Beginning of period | 5976 | 5713 |
| End of period | $3909 | $12344 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

------

<u>[Index for Notes to the Condensed Consolidated Financial Statements](#i6378fbff71b84deb98159947750abd1b_136)</u>

**T-Mobile US, Inc.**

**Condensed Consolidated Statement of Stockholders' Equity**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions, except share and per share amounts)** | **Common Stock Outstanding** | **Treasury Stock Outstanding** | **Treasury Shares at Cost** | **Par Value and Additional Paid-in Capital** | **Accumulated Other Comprehensive Loss** | **Retained Earnings** | **Total Stockholders' Equity** |
| **Balance as of December 31, 2025** | 1106930661 | 168843574 | $(30545) | $69460 | $(848) | $21136 | $59203 |
| Net income |  |  |  |  |  | 2504 | 2504 |
| Dividends declared ($1.02 per share) |  |  |  |  |  | (1099) | (1099) |
| Other comprehensive income |  |  |  |  | 13 |  | 13 |
| Stock-based compensation |  |  |  | 226 |  |  | 226 |
| Stock issued for employee stock purchase plan | 754705 |  |  | 135 |  |  | 135 |
| Issuance of vested restricted stock units | 2193169 |  |  |  |  |  |  |
| Shares withheld related to net share settlement of stock awards and stock options | (703284) |  |  | (154) |  |  | (154) |
| Repurchases of common stock | (23329925) | 23329925 | (4950) |  |  |  | (4950) |
| Other, net | 26711 | 2292 | (2) | 3 |  |  | 1 |
| **Balance as of March 31, 2026** | 1085872037 | 192175791 | $(35497) | $69670 | $(835) | $22541 | $55879 |
| **Balance as of December 31, 2024** | 1144579681 | 126494683 | $(20584) | $68798 | $(857) | $14384 | $61741 |
| Net income |  |  |  |  |  | 2953 | 2953 |
| Dividends declared ($0.88 per share) |  |  |  |  |  | (995) | (995) |
| Other comprehensive loss |  |  |  |  | (132) |  | (132) |
| Stock-based compensation |  |  |  | 177 |  |  | 177 |
| Stock issued for employee stock purchase plan | 712672 |  |  | 125 |  |  | 125 |
| Issuance of vested restricted stock units | 3105719 |  |  |  |  |  |  |
| Shares withheld related to net share settlement of stock awards and stock options | (1008606) |  |  | (273) |  |  | (273) |
| Repurchases of common stock | (10091227) | 10091227 | (2495) |  |  |  | (2495) |
| Other, net | 41339 | 12244 | (6) | 10 |  |  | 4 |
| **Balance as of March 31, 2025** | 1137339578 | 136598154 | $(23085) | $68837 | $(989) | $16342 | $61105 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

------

<u>[Index for Notes to the Condensed Consolidated Financial Statements](#i6378fbff71b84deb98159947750abd1b_136)</u>

**T-Mobile US, Inc.**

**Index for Notes to the Condensed Consolidated Financial Statements**

---

| | | |
|:---|:---|:---|
| <u>[Note 1](#i6378fbff71b84deb98159947750abd1b_145)</u> | <u>[Summary of Significant Accounting Policies](#i6378fbff71b84deb98159947750abd1b_145)</u> | <u>[9](#i6378fbff71b84deb98159947750abd1b_145)</u> |
| <u>[Note](#i6378fbff71b84deb98159947750abd1b_151)[2](#i6378fbff71b84deb98159947750abd1b_151)</u> | <u>[Business Combinations](#i6378fbff71b84deb98159947750abd1b_151)</u> | <u>[10](#i6378fbff71b84deb98159947750abd1b_151)</u> |
| <u>[Note 3](#i6378fbff71b84deb98159947750abd1b_166)</u> | <u>[Receivables and Related Allowance for Credit Losses](#i6378fbff71b84deb98159947750abd1b_166)</u> | <u>[12](#i6378fbff71b84deb98159947750abd1b_166)</u> |
| <u>[Note 4](#i6378fbff71b84deb98159947750abd1b_169)</u> | <u>[Sales of Certain Receivables](#i6378fbff71b84deb98159947750abd1b_169)</u> | <u>[14](#i6378fbff71b84deb98159947750abd1b_169)</u> |
| <u>[Note 5](#i6378fbff71b84deb98159947750abd1b_178)</u> | <u>[Spectrum License Transactions](#i6378fbff71b84deb98159947750abd1b_178)</u> | <u>[16](#i6378fbff71b84deb98159947750abd1b_178)</u> |
| <u>[Note 6](#i6378fbff71b84deb98159947750abd1b_196)</u> | <u>[Fair Value Measurements](#i6378fbff71b84deb98159947750abd1b_196)</u> | <u>[17](#i6378fbff71b84deb98159947750abd1b_196)</u> |
| <u>[Note 7](#i6378fbff71b84deb98159947750abd1b_205)</u> | <u>[Debt](#i6378fbff71b84deb98159947750abd1b_205)</u> | <u>[19](#i6378fbff71b84deb98159947750abd1b_205)</u> |
| <u>[Note 8](#i6378fbff71b84deb98159947750abd1b_211)</u> | <u>[Tower Obligations](#i6378fbff71b84deb98159947750abd1b_211)</u> | <u>[22](#i6378fbff71b84deb98159947750abd1b_211)</u> |
| <u>[Note 9](#i6378fbff71b84deb98159947750abd1b_214)</u> | <u>[Revenue from Contracts with Customers](#i6378fbff71b84deb98159947750abd1b_214)</u> | <u>[23](#i6378fbff71b84deb98159947750abd1b_214)</u> |
| <u>[Note 10](#i6378fbff71b84deb98159947750abd1b_223)</u> | <u>[Segment Reporting](#i6378fbff71b84deb98159947750abd1b_223)</u> | <u>[24](#i6378fbff71b84deb98159947750abd1b_223)</u> |
| <u>[Note 11](#i6378fbff71b84deb98159947750abd1b_238)</u> | <u>[Stockholder Return Program](#i6378fbff71b84deb98159947750abd1b_238)</u> | <u>[25](#i6378fbff71b84deb98159947750abd1b_238)</u> |
| <u>[Note 12](#i6378fbff71b84deb98159947750abd1b_244)</u> | <u>[Earnings Per Share](#i6378fbff71b84deb98159947750abd1b_244)</u> | <u>[26](#i6378fbff71b84deb98159947750abd1b_244)</u> |
| <u>[Note 13](#i6378fbff71b84deb98159947750abd1b_256)</u> | <u>[Commitments and Contingencies](#i6378fbff71b84deb98159947750abd1b_256)</u> | <u>[26](#i6378fbff71b84deb98159947750abd1b_256)</u> |
| <u>[Note 14](#i6378fbff71b84deb98159947750abd1b_262)</u> | <u>[Restructuring Costs](#i6378fbff71b84deb98159947750abd1b_262)</u> | <u>[29](#i6378fbff71b84deb98159947750abd1b_262)</u> |
| <u>[Note 15](#i6378fbff71b84deb98159947750abd1b_268)</u> | <u>[Additional Financial Information](#i6378fbff71b84deb98159947750abd1b_268)</u> | <u>[31](#i6378fbff71b84deb98159947750abd1b_268)</u> |
| <u>[Note 16](#i6378fbff71b84deb98159947750abd1b_274)</u> | <u>[Subsequent Events](#i6378fbff71b84deb98159947750abd1b_274)</u> | <u>[31](#i6378fbff71b84deb98159947750abd1b_274)</u> |

---

------

<u>[Index for Notes to the Condensed Consolidated Financial Statements](#i6378fbff71b84deb98159947750abd1b_136)</u>

**T-Mobile US, Inc.**

**Notes to the Condensed Consolidated Financial Statements**

**Note 1 – Summary of Significant Accounting Policies**

**Basis of Presentation**

The unaudited condensed consolidated financial statements of T-Mobile US, Inc. ("T-Mobile," "we," "our," "us" or the "Company") include all adjustments of a normal recurring nature necessary for the fair presentation of the results for the interim periods presented. The results for the interim periods are not necessarily indicative of those for the full year. The condensed consolidated financial statements should be read in conjunction with our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025.

The condensed consolidated financial statements include the balances and results of operations of T-Mobile and our consolidated subsidiaries. We consolidate majority-owned subsidiaries over which we exercise control, variable interest entities ("VIEs") for which we are deemed to be the primary beneficiary and VIEs which cannot be deconsolidated, such as those related to our tower obligations as discussed in <u>[Note 8 - Tower Obligations](#i6378fbff71b84deb98159947750abd1b_211)</u>. Intercompany transactions and balances have been eliminated in consolidation. Investments in entities that we do not control but have significant influence are accounted for under the equity method. We record our proportionate share of our equity method investees' earnings (losses) within Other expense, net on our Condensed Consolidated Statements of Comprehensive Income.

The preparation of financial statements in conformity with United States ("U.S.") generally accepted accounting principles ("GAAP") requires our management to make estimates and assumptions that affect the financial statements and accompanying notes. Estimates are based on historical experience, where applicable, and other assumptions that management believes are reasonable under the circumstances. Estimates are inherently subject to judgment and actual results could differ from those estimates.

**Accounting Pronouncements Adopted During the Current Year**

***Interim Reporting***

In December 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2025-11, "Interim Reporting (Topic 270): Narrow-Scope Improvements." The standard improves the navigability of interim disclosures, clarifies when Topic 270 applies and provides additional interim disclosure guidance, including a principle to disclose material events since the most recent annual reporting period. The amendments do not change the underlying objectives of interim reporting but are designed to enhance clarity in application. We evaluated this standard and concluded our interim reporting disclosures are consistent with this standard. Accordingly, the adoption of this standard in the first quarter of 2026 did not have a material impact on our interim reporting disclosures.

***Internal-Use Software Accounting and Disclosures***

In September 2025, the FASB issued ASU 2025-06, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software." The amendments remove all references to project stages in ASC 350-40, clarify the threshold entities apply to begin capitalizing costs and address challenges arising from the evolution of software development practices. The new guidance modernizes accounting for software developed using incremental and iterative methods, where the existing model provided limited direction on when capitalization should begin. The ASU also specifies that the disclosures under ASC 360-10, "Property, Plant, and Equipment—Overall," apply to capitalized software costs accounted for under ASC 350-40, regardless of how those costs are presented in the financial statements. As of January 1, 2026, we have adopted this standard, and it was applied prospectively after this date. The adoption of this standard did not have a material impact on our condensed consolidated financial statements and related disclosures.

**Accounting Pronouncements Not Yet Adopted**

***Disaggregation of Income Statement Expenses***

In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses." The standard requires that public business entities disclose additional information about specific expense categories in the notes to financial statements for interim and annual reporting periods. The standard will become effective for us for our fiscal year 2027 annual financial

------

<u>[Index for Notes to the Condensed Consolidated Financial Statements](#i6378fbff71b84deb98159947750abd1b_136)</u>

statements and interim financial statements thereafter and may be applied prospectively to periods after the adoption date or retrospectively for all prior periods presented in the financial statements, with early adoption permitted. We plan to adopt the standard when it becomes effective for us beginning in our fiscal year 2027 annual financial statements, and we are currently evaluating the impact this guidance will have on the disclosures included in the Notes to the Consolidated Financial Statements.

**Note 2 – Business Combinations**

**Acquisition of Ka'ena Corporation**

On March 9, 2023, we entered into a merger and unit purchase agreement (the "Merger and Unit Purchase Agreement") for the acquisition of 100% of the outstanding equity of Ka'ena Corporation and its subsidiaries, including, among others, Mint Mobile LLC (collectively, "Ka'ena"), for a maximum purchase price of $1.35 billion to be paid out 39% in cash and 61% in shares of T-Mobile common stock (the "Ka'ena Acquisition"). On March 13, 2024, we entered into Amendment No. 1 to the Merger and Unit Purchase Agreement, which amended, among other things, certain mechanics of the payment of the purchase consideration for the Ka'ena Acquisition, which resulted in a nominal increase in the percentage of cash compared to shares of T-Mobile common stock to be paid out as part of the total purchase price.

Upon the completion of certain customary closing conditions, including the receipt of certain regulatory approvals, on May 1, 2024 (the "Ka'ena Acquisition Date"), we completed the Ka'ena Acquisition, and as a result, Ka'ena became a wholly owned subsidiary of T-Mobile. Concurrently, and as agreed upon through the Merger and Unit Purchase Agreement, T-Mobile and Ka'ena entered into certain separate transactions, including the effective settlement of the preexisting wholesale arrangement between T-Mobile and Ka'ena and agreements with certain of the sellers to provide services to T-Mobile during the post-acquisition period.

In accordance with the terms of the Merger and Unit Purchase Agreement, the total purchase price consisted of an upfront payment on the Ka'ena Acquisition Date and an earnout payable in the third quarter of 2026. On June 30, 2025, we amended the Merger and Unit Purchase Agreement to set the calculation of the earnout as the difference between the maximum purchase price of $1.35 billion and the upfront payment, as adjusted, and removed the requirement for Ka'ena to achieve specified performance indicators.

Based on the amount of the adjusted upfront payment, an additional $420 million in future cash and T-Mobile common stock is

payable in satisfaction of the earnout, related to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $251 million for the acquired Ka'ena business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $169 million for services to be provided to T-Mobile by certain of the sellers during the post-acquisition period, as well as the replacement of equity awards of certain Ka'ena employees.

As of March 31, 2026 and December 31, 2025, $244 million and $242 million of liabilities for deferred earnout consideration, respectively, and $164 million and $157 million of liabilities for post-acquisition services, respectively, were presented within current liabilities on our Condensed Consolidated Balance Sheets.

**Acquisition of UScellular Wireless Business**

On May 24, 2024, we entered into a securities purchase agreement with United States Cellular Corporation ("UScellular"), Telephone and Data Systems, Inc., and USCC Wireless Holdings, LLC for the acquisition of substantially all of UScellular's wireless operations and select AWS, PCS, 600 MHz, 700 MHz and other spectrum assets for an aggregate purchase price of approximately $4.4 billion, payable in cash and the assumption of up to $2.0 billion of debt through exchange offers to certain UScellular debtholders.

On May 23, 2025, we launched exchange offers (the "Exchange Offers") for any and all of certain outstanding senior notes of UScellular for new notes of T-Mobile with the same interest rate, interest payment dates, maturity dates and redemption terms as each corresponding series of senior notes of UScellular.

On July 22, 2025, we entered into three separate asset purchase agreements for the acquisition of substantially all of the wireless operations assets (together with UScellular's wireless operations and select spectrum assets, the "UScellular Wireless Business") of each of Farmers Cellular Telephone Company, Inc., Iowa RSA No. 9 Limited Partnership and Iowa RSA No. 12 Limited Partnership (collectively, the "Iowa Entities") for an aggregate purchase price of $175 million payable in cash. Prior to our acquisition of the Iowa Entities, UScellular held a minority interest in each of the Iowa Entities.

------

<u>[Index for Notes to the Condensed Consolidated Financial Statements](#i6378fbff71b84deb98159947750abd1b_136)</u>

On August 1, 2025, upon the completion of certain customary closing conditions, including the receipt of certain regulatory approvals (the "UScellular Acquisition Date"), we completed the acquisition of the UScellular Wireless Business (the "UScellular Acquisition"), and as a result, the UScellular Wireless Business became wholly owned by T-Mobile. In exchange, on the UScellular Acquisition Date, we transferred cash of $2.8 billion. Additionally, the closing of the UScellular Acquisition obligated us to execute the Exchange Offers. UScellular senior notes with an aggregate outstanding principal balance of $1.7 billion were subsequently exchanged for T-Mobile notes in the Exchange Offers on August 5, 2025. The obligation to execute the Exchange Offers was recorded as debt assumed in the UScellular Acquisition with an aggregate assigned fair value of $1.7 billion.

We have accounted for the UScellular Acquisition as a business combination. The identifiable assets acquired and liabilities assumed of the UScellular Wireless Business were recorded at their provisionally assigned fair values as of the UScellular Acquisition Date and consolidated with those of T-Mobile. We are in the process of finalizing the valuation of the assets acquired and liabilities assumed.

***Intangible Assets***

Goodwill was assigned to our Wireless segment and has a provisionally assigned value of $209 million, which represents the excess of the consideration transferred over the fair values of assets acquired and liabilities assumed. The provisionally assigned goodwill recognized includes synergies expected to be achieved from the operations of the combined company, the assembled workforce of UScellular and intangible assets that do not qualify for separate recognition. Of the total provisionally assigned amount of goodwill resulting from the UScellular Acquisition of $209 million, the preliminary amount deductible for tax purposes is $32 million. Expected synergies from the UScellular Acquisition include the cost savings from the planned integration of network infrastructure, facilities, personnel and systems.

**Acquisition of Vistar Media Inc.**

On December 20, 2024, we entered into an agreement and plan of merger for the acquisition of 100% of the outstanding capital stock of Vistar Media Inc. ("Vistar"), a provider of technology solutions for digital-out-of-home advertisements (the "Vistar Acquisition").

Upon the completion of certain customary closing conditions, including the receipt of certain regulatory approvals, on February 3, 2025 (the "Vistar Acquisition Date"), we completed the Vistar Acquisition, and as a result, Vistar became a wholly owned subsidiary of T-Mobile. In exchange, we transferred cash of $621 million. A portion of the payment made on the Vistar Acquisition Date was for the settlement of preexisting relationships with Vistar and is excluded from the fair value of consideration transferred.

***Fair Value of Assets Acquired and Liabilities Assumed***

We have accounted for the Vistar Acquisition as a business combination. The identifiable assets acquired and liabilities assumed from Vistar were recorded at their fair values as of the Vistar Acquisition Date and consolidated with those of T-Mobile. Assigning fair values to the assets acquired and liabilities assumed at the Vistar Acquisition Date requires the use of judgment regarding estimates and assumptions. For the fair values of the assets acquired and liabilities assumed, we used the cost and income approaches.

------

<u>[Index for Notes to the Condensed Consolidated Financial Statements](#i6378fbff71b84deb98159947750abd1b_136)</u>

The following table summarizes the assigned fair values for each class of assets acquired and liabilities assumed at the Vistar Acquisition Date, as adjusted for information identified during the measurement period, which closed on February 2, 2026.

---

| | |
|:---|:---|
| **(in millions)** | **February 3, 2025** |
| Cash and cash equivalents | $42 |
| Accounts receivable | 157 |
| Prepaid expense and other current assets | 2 |
| Property and equipment | 1 |
| Operating lease right-of-use assets | 1 |
| Goodwill | 341 |
| Other intangible assets | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets acquired | 808 |
| Accounts payable and accrued liabilities | 128 |
| Deferred revenue | 1 |
| Deferred tax liabilities | 59 |
| Operating lease liabilities | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities assumed | 190 |
| Total consideration transferred | $618 |

---

**Acquisition of Blis Holdco Limited**

On February 18, 2025, we entered into a share purchase agreement for the acquisition of 100% of the outstanding capital stock of Blis Holdco Limited ("Blis"), a provider of advertising solutions (the "Blis Acquisition").

Upon the completion of certain customary closing conditions, including the receipt of certain regulatory approvals, on March 3, 2025 (the "Blis Acquisition Date"), we completed the Blis Acquisition, and as a result, Blis became a wholly owned subsidiary of T-Mobile. In exchange, we transferred cash of $180 million. A portion of the payment made on the Blis Acquisition Date was for the settlement of preexisting relationships with Blis and is excluded from the fair value of consideration transferred.

We have accounted for the Blis Acquisition as a business combination. The fair value of consideration transferred as of the Blis Acquisition Date totaled $174 million. The identifiable assets acquired and liabilities assumed from Blis were recorded at their fair values as of the Blis Acquisition Date and consolidated with those of T-Mobile. The assigned fair values of total assets acquired were $263 million, including goodwill of $103 million, and total liabilities assumed were $89 million at the Blis Acquisition Date. These amounts reflect adjustments or information identified during the measurement period, which closed on March 2, 2026.

**Note 3 – Receivables and Related Allowance for Credit Losses**

We maintain an allowance for credit losses by applying an expected credit loss model. Each period, management assesses the appropriateness of the level of allowance for credit losses by considering credit risk inherent within each portfolio segment as of the end of the period.

We consider a receivable past due when a customer has not paid us by the contractually specified payment due date. Account balances are written off against the allowance for credit losses if collection efforts are unsuccessful and the receivable balance is deemed uncollectible (customer default), based on factors such as customer credit ratings, as well as the length of time the amounts are past due.

Our portfolio of receivables is comprised of two portfolio segments: accounts receivable and equipment installment plan ("EIP") receivables.

***Accounts Receivable Portfolio Segment***

Accounts receivable balances are predominately comprised of amounts currently due from customers (e.g., for wireless communications services), device insurance administrators, wholesale partners, other carriers and third-party retail channels.

We estimate credit losses associated with our accounts receivable portfolio segment using an expected credit loss model, which utilizes an aging schedule methodology based on historical information and is adjusted for asset-specific considerations, current economic conditions and reasonable and supportable forecasts.

------

<u>[Index for Notes to the Condensed Consolidated Financial Statements](#i6378fbff71b84deb98159947750abd1b_136)</u>

Our approach considers a number of factors, including our overall historical credit losses and payment experience, as well as current collection trends, such as write-off frequency and severity. We also consider other qualitative factors such as current and forecasted macroeconomic conditions.

We consider the need to adjust our estimate of credit losses for reasonable and supportable forecasts of future macroeconomic conditions. To do so, we monitor external forecasts of changes in real U.S. gross domestic product and forecasts of consumer credit behavior for comparable credit exposures.

***EIP Receivables Portfolio Segment***

Based upon customer credit profiles at the time of customer origination, as well as subsequent credit performance, we designate the EIP receivables segment into two customer classes of "Prime" and "Subprime." Prime customer receivables are those with lower credit risk, and Subprime customer receivables are those with higher credit risk. Customers may be required to make a down payment on their equipment purchases if their assessed credit risk exceeds established underwriting thresholds. In addition, certain customers within the Subprime category may be required to pay a deposit.

To determine a customer's credit profile and assist in determining their credit class, we use a proprietary credit scoring model that measures the credit quality of a customer leveraging several factors, such as credit bureau information and consumer credit risk scores, as well as service and device plan characteristics.

EIP receivables had a combined weighted-average effective interest rate of 10.4% and 10.3% as of March 31, 2026 and December 31, 2025, respectively.

The following table summarizes the EIP receivables, including imputed discounts and related allowance for credit losses:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **March 31,<br>2026** | **December 31,<br>2025** |
| EIP receivables, gross | $8453 | $8626 |
| Unamortized imputed discount | (560) | (566) |
| &nbsp;&nbsp;&nbsp;&nbsp;EIP receivables, net of unamortized imputed discount | 7893 | 8060 |
| Allowance for credit losses | (405) | (380) |
| &nbsp;&nbsp;&nbsp;&nbsp;EIP receivables, net of allowance for credit losses and imputed discount | $7488 | $7680 |
| **Classified on our condensed consolidated balance sheets as:** |  |  |
| Equipment installment plan receivables, net of allowance for credit losses and imputed discount | $4935 | $4997 |
| Equipment installment plan receivables due after one year, net of allowance for credit losses and imputed discount | 2553 | 2683 |
| &nbsp;&nbsp;&nbsp;&nbsp;EIP receivables, net of allowance for credit losses and imputed discount | $7488 | $7680 |

---

Many of our loss estimation techniques rely on delinquency-based models categorized by customer credit class; therefore, delinquency is an important indicator of credit quality in the establishment of our allowance for credit losses for EIP receivables. We manage our EIP receivables portfolio segment using delinquency and customer credit class as key credit quality indicators.

The following table presents the amortized cost of our EIP receivables by delinquency status, customer credit class and year of origination as of March 31, 2026:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Originated in 2026** | **Originated in 2026** | **Originated in 2025** | **Originated in 2025** | **Originated prior to 2025** | **Originated prior to 2025** | **Total EIP Receivables, Net of <br>Unamortized Imputed Discount** | **Total EIP Receivables, Net of <br>Unamortized Imputed Discount** | **Total EIP Receivables, Net of <br>Unamortized Imputed Discount** |
| **(in millions)** | **Prime** | **Subprime** | **Prime** | **Subprime** | **Prime** | **Subprime** | **Prime** | **Subprime** | **Total** |
| Current - 30 days past due | $1489 | $347 | $3864 | $789 | $1026 | $195 | $6379 | $1331 | $7710 |
| 31 - 60 days past due | 13 | 10 | 24 | 23 | 6 | 5 | 43 | 38 | 81 |
| 61 - 90 days past due | 2 | 1 | 19 | 20 | 5 | 5 | 26 | 26 | 52 |
| More than 90 days past due |  |  | 16 | 20 | 7 | 7 | 23 | 27 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;EIP receivables, net of unamortized imputed discount | $1504 | $358 | $3923 | $852 | $1044 | $212 | $6471 | $1422 | $7893 |

---

------

<u>[Index for Notes to the Condensed Consolidated Financial Statements](#i6378fbff71b84deb98159947750abd1b_136)</u>

We estimate credit losses on our EIP receivables segment by applying an expected credit loss model, which relies on historical loss data adjusted for current conditions to calculate default probabilities or an estimate for the frequency of customer default. Our assessment of default probabilities or frequency includes receivables delinquency status, historical loss experience, how long the receivables have been outstanding and customer credit ratings, as well as customer tenure. We multiply these estimated default probabilities by our estimated loss given default, which is the estimated amount of default or the severity of loss.

As we do for our accounts receivable portfolio segment, we consider the need to adjust our estimate of credit losses on EIP receivables for reasonable and supportable forecasts of economic conditions through monitoring external forecasts and periodic internal statistical analyses.

The following table presents write-offs of our EIP receivables by year of origination for the three months ended March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions)** | **Originated in 2026** | **Originated in 2025** | **Originated prior to 2025** | **Total** |
| Write-offs | $3 | $166 | $48 | $217 |

---

Activity for the three months ended March 31, 2026 and 2025, in the allowance for credit losses and unamortized imputed discount balances for the accounts receivable and EIP receivables segments were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
| **(in millions)** | **Accounts Receivable Allowance** | **EIP Receivables Allowance** | **Total** | **Accounts Receivable Allowance** | **EIP Receivables Allowance** | **Total** |
| Allowance for credit losses and imputed discount, beginning of period | $226 | $946 | $1172 | $176 | $814 | $990 |
| Bad debt expense | 184 | 242 | 426 | 165 | 158 | 323 |
| Write-offs | (193) | (217) | (410) | (166) | (158) | (324) |
| Change in imputed discount on short-term and long-term EIP receivables | N/A | 42 | 42 | N/A | 36 | 36 |
| Impact on the imputed discount from sales of EIP receivables | N/A | (48) | (48) | N/A | (42) | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses and imputed discount, end of period | $217 | $965 | $1182 | $175 | $808 | $983 |

---

***Off-Balance-Sheet Credit Exposures***

We do not have material off-balance-sheet credit exposures as of March 31, 2026. In connection with the sales of certain service accounts receivable and EIP receivables pursuant to the sale arrangements, we provide guarantees of credit performance included on our Condensed Consolidated Balance Sheets measured at fair value that are based on a discounted cash flow model using Level 3 inputs, including estimated customer default rates and credit worthiness, dilutions and recoveries. See <u>[Note 4 – Sales of Certain Receivables](#i6378fbff71b84deb98159947750abd1b_169)</u> for further information.

**Note 4 – Sales of Certain Receivables**

We regularly enter into transactions to sell certain service accounts receivable and EIP receivables. The transactions, including our continuing involvement with the sold receivables and the respective impacts to our condensed consolidated financial statements, are described below.

**Sales of EIP Receivables**

***Overview of the Transaction*** 

In 2015, we entered into an arrangement to sell certain EIP receivables on a revolving basis (the "EIP Sale Arrangement"), which expires November 2026. As of both March 31, 2026, and December 31, 2025, the EIP Sale Arrangement provided funding of $1.3 billion.

In connection with this EIP Sale Arrangement, we formed a wholly owned subsidiary, which qualifies as a bankruptcy remote entity (the "EIP BRE"). We consolidate the EIP BRE under the VIE model.

------

<u>[Index for Notes to the Condensed Consolidated Financial Statements](#i6378fbff71b84deb98159947750abd1b_136)</u>

The following table summarizes the carrying amounts and classification of liabilities, which consist of the recourse guarantee, included on our Condensed Consolidated Balance Sheets with respect to the EIP BRE:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **March 31,<br>2026** | **December 31,<br>2025** |
| Other current liabilities | $92 | $90 |
| Other long-term liabilities | 13 | 13 |

---

**Sales of Service Accounts Receivable**

***Overview of the Transaction***

In 2014, we entered into an arrangement to sell certain service accounts receivable on a revolving basis (the "Service Receivable Sale Arrangement"). On February 24, 2026, we extended the scheduled expiration date of the Service Receivable Sale Arrangement to February 23, 2027. As of both March 31, 2026, and December 31, 2025, the Service Receivable Sale Arrangement provided funding of $775 million.

In connection with the Service Receivable Sale Arrangement, we formed a wholly owned subsidiary, which qualifies as a bankruptcy remote entity, to sell service accounts receivable (the "Service BRE"). We consolidate the Service BRE under the VIE model.

The following table summarizes the carrying amounts and classification of liabilities included on our Condensed Consolidated Balance Sheets with respect to the Service BRE:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **March 31,<br>2026** | **December 31,<br>2025** |
| Other current liabilities | $287 | $306 |

---

**Sales of Receivables**

The credit enhancement feature of each of the EIP Sale Arrangement and the Service Receivable Sale Arrangement is in the form of a recourse guarantee liability, which is collateralized by pledged but unsold receivables. The recourse guarantee represents a financial instrument that is primarily tied to the creditworthiness of our customers. At inception, we elected to measure the recourse guarantee liabilities at fair value with changes in fair value included in Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income. The fair value of the recourse guarantee liabilities is determined based on a discounted cash flow model, which primarily uses Level 3 inputs, including estimated customer default rates and credit worthiness, dilutions and recoveries. Our recourse guarantee liabilities related to the sales of service receivables and EIP receivables were $132 million and $130 million as of March 31, 2026, and December 31, 2025, respectively. These liabilities were collateralized by $284 million and $266 million of gross service receivables and $579 million and $535 million of gross EIP receivables pledged, but unsold as of March 31, 2026, and December 31, 2025, respectively, which represent our maximum exposure under the recourse guarantee.

The following table summarizes the impact of the sales of certain service receivables and EIP receivables on our Condensed Consolidated Balance Sheets:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **March 31,<br>2026** | **December 31,<br>2025** |
| Derecognized net service accounts receivable and EIP receivables | $1669 | $1651 |
| Other current liabilities | 379 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;*of which, recourse guarantee* | *119* | *117* |
| Other long-term liabilities | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;*of which, recourse guarantee* | *13* | *13* |
| Net cash proceeds since inception | 1352 | 1372 |
| Of which: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net cash proceeds during the year-to-date period | (20) | (96) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash proceeds funded by reinvested collections | 1372 | 1468 |

---

We recognized losses from sales of receivables, including changes in fair value of the recourse guarantee liabilities, of $20 million and $22 million for the three months ended March 31, 2026 and 2025, respectively, in Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income.

------

<u>[Index for Notes to the Condensed Consolidated Financial Statements](#i6378fbff71b84deb98159947750abd1b_136)</u>

**Continuing Involvement**

Pursuant to the EIP Sale Arrangement and Service Receivable Sale Arrangement described above, we have continuing involvement with the EIP receivables and service accounts receivables we sell, as we service the receivables, are required to replace certain receivables, including ineligible receivables, aged receivables and receivables where a write-off is imminent, and may be responsible for absorbing credit losses through performance under our recourse guarantee liabilities. We continue to service the customers and their related receivables, including facilitating customer payment collection, in exchange for a monthly servicing fee. As the receivables are sold on a revolving basis, the customer payment collections on sold receivables may be reinvested in new receivable sales. At the direction of the purchasers of the sold receivables, we apply the same policies and procedures while servicing the sold receivables as we apply to our owned receivables, and we continue to maintain normal relationships with our customers.

**Note 5 – Spectrum License Transactions**

**Spectrum Licenses**

The following table summarizes our spectrum license activity for the three months ended March 31, 2026:

---

| | |
|:---|:---|
| **(in millions)** | **Spectrum** |
| Spectrum licenses, beginning of year | $98032 |
| Spectrum license acquisitions | 39 |
| Spectrum licenses transferred to held for sale | (507) |
| Spectrum licenses, end of period | $97564 |

---

Cash payments to acquire spectrum licenses and payments for costs to clear spectrum are included in Purchases of spectrum licenses and other intangible assets, including deposits. Cash proceeds from the sale of spectrum licenses are included in Proceeds from the sale of property, equipment and intangible assets on our Condensed Consolidated Statements of Cash Flows.

***License Purchase Agreements***

*Comcast Corporation*

On September 12, 2023, we entered into a license purchase agreement (the "Comcast License Purchase Agreement") with Comcast Corporation and its affiliate, Comcast OTR1, LLC (together with Comcast Corporation, "Comcast"), pursuant to which we will acquire spectrum in the 600 MHz band from Comcast (the "Comcast Licenses") in exchange for total cash consideration of between $1.2 billion and $3.3 billion, subject to an application for FCC approval. The licenses will be acquired without any associated networks.

The final purchase price will be determined, in the aggregate and on a per license basis, based on the set of Comcast Licenses at the time the parties make required transfer filings with the FCC. Prior to the time of such filings, Comcast has the right to remove any or all of a certain specified subset of the Comcast Licenses, totaling $2.1 billion (the "Optional Sale Licenses"), from the Comcast License Purchase Agreement. The removal of any Optional Sale Licenses would reduce the final purchase price by the assigned value of each such license, from the maximum purchase price of $3.3 billion.

The Comcast Licenses are subject to an exclusive leasing arrangement between us and Comcast, which was entered into contemporaneously with the Comcast License Purchase Agreement. If Comcast elects to remove an Optional Sale License from the Comcast License Purchase Agreement, the associated lease for such Optional Sale License will terminate, but no sooner than two years from the date of the Comcast License Purchase Agreement (with us having a minimum period of time after any such termination to cease transmitting on such license's associated spectrum).

On January 13, 2025, we and Comcast entered into an amendment to the Comcast License Purchase Agreement pursuant to which we will acquire additional spectrum. Subsequent to the amendment, the total cash consideration for the transaction is between $1.2 billion and $3.4 billion.

As a result of additional spectrum acquisitions we are planning with third parties, we have agreed with Comcast to accelerate the consummation of our acquisition of approximately $45 million of the Comcast Licenses. The parties are currently targeting a closing on the acquisition of this accelerated portion of the Comcast Licenses in 2026, with the remaining spectrum license acquisitions targeting a closing in the first half of 2028.

------

<u>[Index for Notes to the Condensed Consolidated Financial Statements](#i6378fbff71b84deb98159947750abd1b_136)</u>

*Grain Management, LLC*

On May 30, 2025, we entered into a License and Unit Purchase Agreement with NEWLEVEL IV, L.P. and NEWLEVEL, LLC, both of which are affiliates of Grain Management, LLC ("Grain"), pursuant to which we will sell our 800 MHz spectrum licenses in exchange for cash consideration of $2.9 billion and the receipt of Grain's 600 MHz spectrum licenses, which we are currently utilizing under lease agreements with Grain. In addition, we may receive a share of certain future proceeds from transactions entered into by Grain that monetize the 800 MHz spectrum licenses, subject to certain terms and conditions and following a certain return on invested capital for Grain. As of March 31, 2026, $3.6 billion of the associated 800 MHz spectrum licenses have been classified as held for sale at cost, with $2.9 billion and $690 million presented in Other current assets and Other assets, respectively, on our Condensed Consolidated Balance Sheets based on the nature of consideration to be received. The transaction is subject to customary closing conditions and contingent on the receipt of regulatory approvals, including the FCC's approval regarding certain modifications to the 800 MHz spectrum licenses, and the parties are currently targeting a closing in 2026. We do not expect the transaction to have a material impact on our Condensed Consolidated Statements of Comprehensive Income upon the transaction close. In addition, we expect an increase to our cash income tax liability of approximately $850 million upon the transaction close.

***Spectrum Exchange Transactions***

During the three months ended March 31, 2026 and 2025, we recognized $5 million and $172 million, respectively, of non-cash spectrum license acquisitions associated with the closing of certain exchange transactions, which were included in Spectrum Licenses on our Condensed Consolidated Balance Sheets.

During the three months ended March 31, 2026 and 2025, we recognized $2 million and $12 million, respectively, of gains associated with the closing of certain spectrum exchange transactions as a reduction to Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income.

As of March 31, 2026 and December 31, 2025, $507 million and $3 million of spectrum licenses were classified as held for sale within Other assets on our Condensed Consolidated Balance Sheets related to additional spectrum exchange agreements pending regulatory approval and closing, which are expected to close in the next 12 months. The closings of these transactions are not expected to have a significant impact on our Condensed Consolidated Statements of Comprehensive Income.

**Note 6 – Fair Value Measurements** 

The carrying values of Cash and cash equivalents, Accounts receivable and Accounts payable and accrued liabilities approximate fair value due to the short-term maturities of these instruments. The carrying values of EIP receivables approximate fair value as the receivables are generally recorded at their present value using an imputed interest rate.

***Derivative Financial Instruments***

We use derivatives to manage exposure to market risk, such as exposure to fluctuations in foreign currency exchange rates and interest rates. We designate certain derivatives as hedging instruments in a qualifying hedge accounting relationship to mitigate fluctuations in values or cash flows related to such risks caused by foreign currency or interest rate volatility. We do not use derivatives for trading or speculative purposes.

Cash flows associated with qualifying hedge derivative instruments are presented in the same category on our Condensed Consolidated Statements of Cash Flows as the item being hedged. For fair value hedges, other than foreign currency hedges, the change in the fair value of the derivative instruments is recognized in earnings through the same income statement line item as the change in the fair value of the hedged item. For cash flow hedges, as well as fair value foreign currency hedges, the change in the fair value of the derivative instruments is reported in Accumulated other comprehensive loss and recognized in earnings when the hedged item is recognized in earnings, again, through the same income statement line item.

We record derivatives on our Condensed Consolidated Balance Sheets at fair value that is derived primarily from observable market data, including exchange rates, interest rates and forward curves. These market inputs are utilized in the discounted cash flow calculation considering the instrument's term, notional amount, discount rate and credit risk. Significant inputs to derivative valuations are generally observable in active markets and, as such, are classified as Level 2 in the fair value hierarchy.

------

<u>[Index for Notes to the Condensed Consolidated Financial Statements](#i6378fbff71b84deb98159947750abd1b_136)</u>

*Cross-Currency Swaps*

We enter into cross-currency swaps to offset changes in the value of our payments on foreign-denominated debt in USD and to mitigate the impact of foreign currency transaction gains and losses.

We have entered into cross-currency swap agreements, with the same notional amounts as our EUR-denominated debt issuances, to effectively convert €7.3 billion to USD borrowings, with the same maturities as our EUR-denominated debt issuances. The swaps qualify and have been designated as fair value hedges of our EUR-denominated debt, mitigating our exposure to foreign currency transaction gains and losses.

Accordingly, all changes in the fair value of the swaps will be initially recorded through Accumulated other comprehensive loss on our Condensed Consolidated Balance Sheets and reclassified to earnings in an amount that exactly offsets the periodic transaction gain or loss on remeasuring the debt, such that there will be no earnings volatility due to changes in foreign-currency exchange rates. Transaction gains or losses on remeasuring the EUR-denominated debt, as well as the offsetting swap amounts, are recorded within Other expense, net on our Condensed Consolidated Statements of Comprehensive Income.

Changes in the fair value of the swaps may be different from the current period transaction gain or loss on remeasurement of the debt, in which case the difference will remain in Accumulated other comprehensive loss on our Condensed Consolidated Balance Sheets. These differences generally represent credit or liquidity risk, referred to as a basis spread, and the time value of money ("excluded components"). The value of the excluded components is recognized in earnings using a systematic and rational method by accruing the current-period swap settlements into Interest expense, net, on our Condensed Consolidated Statements of Comprehensive Income. If an amount remains in Accumulated other comprehensive loss on our Condensed Consolidated Balance Sheets upon settlement of the derivative, those amounts will be reclassified to earnings at that time.

The following table summarizes the activity of our cross-currency swaps:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **(in millions)** | **2026** | **2025** |
| **Other expense, net** |  |  |
| Pre-tax transaction gain (loss) on remeasurement of EUR-denominated debt | $183 | $(218) |
| Amount recognized in Other expense, net reclassified from Accumulated other comprehensive loss | (183) | 218 |
| **Accumulated other comprehensive loss** |  |  |
| Amount recognized in Accumulated other comprehensive loss reclassified to Other expense, net | $183 | $(218) |
| Losses associated with the change in fair value of cross-currency swaps recognized in Accumulated other comprehensive loss | (231) | (20) |

---

*Interest Rate Lock Derivatives*

In April 2020, we terminated our interest rate lock derivatives entered into in October 2018. Aggregate changes in the fair value of our terminated interest rate lock derivatives, net of amortization, of $721 million and $771 million are presented in Accumulated other comprehensive loss on our Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, respectively.

During the three months ended March 31, 2026 and 2025, we amortized $67 million and $62 million, respectively, from Accumulated other comprehensive loss into Interest expense, net, on our Condensed Consolidated Statements of Comprehensive Income. We expect to amortize $279 million of the Accumulated other comprehensive loss associated with the derivatives into Interest expense, net, over the 12 months ending March 31, 2027.

------

<u>[Index for Notes to the Condensed Consolidated Financial Statements](#i6378fbff71b84deb98159947750abd1b_136)</u>

***Debt***

The fair values of our Senior Notes and spectrum-backed Senior Secured Notes to third parties were determined based on quoted market prices in active markets. Accordingly, our Senior Notes and spectrum-backed Senior Secured Notes to third parties were classified as Level 1 within the fair value hierarchy. The fair value of our Senior Notes to affiliates was determined based on the fair value of the Senior Notes to third parties with similar terms and maturities. Accordingly, our Senior Notes to affiliates were classified as Level 2 within the fair value hierarchy. The fair values of our Senior Notes to third parties (EUR-denominated) and asset-backed notes ("ABS Notes") were primarily based on quoted prices in inactive markets for identical instruments and observable changes in market interest rates, both of which are Level 2 inputs. Accordingly, our Senior Notes to third parties (EUR-denominated) and ABS Notes were classified as Level 2 within the fair value hierarchy. The fair value of our borrowings related to credit agreements with certain financial institutions, backed by Export Credit Agencies (the "ECA Facilities") and the MRFA (as defined below) were determined based on a discounted cash flow approach using market interest rates of instruments with similar maturities and credit risk. Accordingly, our borrowings related to the ECA Facilities and MRFA were classified as Level 2 within the fair value hierarchy.

Although we have determined the estimated fair values using available market information and commonly accepted valuation methodologies, judgment was required in interpreting market data to develop fair value estimates for the Senior Notes to third parties (EUR-denominated), Senior Notes to affiliates, ABS Notes, and borrowings related to the ECA Facilities and MRFA. The fair value estimates were based on information available as of March 31, 2026 and December 31, 2025. As such, our estimates are not necessarily indicative of the amount we could realize in a current market exchange.

The carrying amounts and fair values of our short-term and long-term debt, excluding accrued interest, included on our Condensed Consolidated Balance Sheets were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(in millions)** | **Level within the Fair Value Hierarchy** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| **(in millions)** | **Level within the Fair Value Hierarchy** | **Carrying Amount** | **Fair Value** | **Carrying Amount** | **Fair Value** |
| **Liabilities:** | | | | | |
| Senior Notes to third parties | &nbsp;&nbsp;1 | $72247 | $67093 | $74575 | $70517 |
| Senior Notes to third parties (EUR-denominated) | &nbsp;&nbsp;2 | 8284 | 8060 | 5551 | 5460 |
| Senior Notes to affiliates | &nbsp;&nbsp;2 |  |  | 1498 | 1500 |
| Senior Secured Notes to third parties | &nbsp;&nbsp;1 | 748 | 738 | 844 | 835 |
| ABS Notes to third parties | 2 | 1994 | 2003 | 1995 | 2017 |
| Borrowings related to ECA Facilities and MRFA | 2 | 2774 | 2828 | 1819 | 1876 |

---

**Note 7 – Debt**

The following table sets forth the debt balances and activity as of, and for the three months ended, March 31, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions)** | **December 31,<br>2025** | **Proceeds from Issuances and Borrowings** <sup>(1)</sup> | **Note Redemptions** <sup>(1)</sup> | **Repayments** | **Reclassifications** <sup>(1)</sup> | **Other** <sup>(2)</sup> | **March 31,<br>2026** |
| Short-term debt | $5135 | $— | $(3300) | $(135) | $538 | $— | $2238 |
| Long-term debt | 79649 | 6393 | (1497) |  | (538) | (198) | 83809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total debt to third parties | 84784 | 6393 | (4797) | (135) |  | (198) | 86047 |
| Long-term debt to affiliates | 1498 |  | (1498) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total debt | $86282 | $6393 | $(6295) | $(135) | $— | $(198) | $86047 |

---

(1)Issuances and borrowings, note redemptions and reclassifications are recorded net of accrued or paid issuance costs and discounts.

(2)Other includes the amortization of premiums, discounts, debt issuance costs and consent fees, and the impact from changes in foreign currency exchange rates.

Our effective interest rate, excluding the impact of derivatives and capitalized interest, was 4.2% and 4.0% on weighted-average debt outstanding of $86.7 billion and $80.8 billion for the three months ended March 31, 2026 and 2025, respectively. The weighted-average debt outstanding was calculated by applying an average of the monthly ending balances of total short-term and long-term debt to third parties and short-term and long-term debt to affiliates, net of unamortized premiums, discounts, debt issuance costs and consent fees.

------

<u>[Index for Notes to the Condensed Consolidated Financial Statements](#i6378fbff71b84deb98159947750abd1b_136)</u>

***Issuances and Borrowings***

During the three months ended March 31, 2026, we issued and borrowed the following debt:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions)** | **Principal Issuances** | **Discounts and Issuance Costs** | **Net Proceeds from Issuance of Debt** | **Issue Date** |
| 5.000% Senior Notes due 2036 | $1150 | $(8) | $1142 | January 12, 2026 |
| 5.850% Senior Notes due 2056 | 850 | (8) | 842 | January 12, 2026 |
| 3.200% Senior Notes due 2032 (EUR-denominated) | 881 | (5) | 876 | February 19, 2026 |
| 3.625% Senior Notes due 2035 (EUR-denominated) | 881 | (5) | 876 | February 19, 2026 |
| 3.900% Senior Notes due 2038 (EUR-denominated) | 1175 | (12) | 1163 | February 19, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total of Senior Notes issued | 4937 | (38) | 4899 |  |
| 4.250% Class A Senior ABS Notes due 2030 | 500 | (2) | 498 | March 20, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total of ABS Notes issued | 500 | (2) | 498 |  |
| 4.557% MRFA due 2027 | 1000 | (4) | 996 | February 5, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total borrowings | 1000 | (4) | 996 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total issuances and borrowings | $6437 | $(44) | $6393 |  |

---

**Credit Facilities**

On January 5, 2026, we entered into a Second Amended and Restated Credit Agreement (the "January 2026 Credit Agreement") with certain financial institutions named therein. The January 2026 Credit Agreement amends and restates in its entirety the Amended and Restated Credit Agreement, dated as of October 17, 2022, and provides for a $10.0 billion revolving credit facility, including a letter of credit sub-facility of up to $1.5 billion and a swingline loan sub-facility of up to $500 million. Commitments under the January 2026 Credit Agreement will mature on January 5, 2031, except as otherwise extended or replaced. Borrowings under the January 2026 Credit Agreement will bear interest based upon the applicable benchmark rate, depending on the type of loan and, in some cases, at our election, plus a margin that is determined by reference to the credit rating of T-Mobile USA's senior unsecured long-term debt. The January 2026 Credit Agreement contains customary representations, warranties and covenants, including a financial maintenance covenant of 4.5x with respect to T-Mobile USA, Inc.'s Leverage Ratio (as defined therein). As of March 31, 2026, we did not have an outstanding balance under this facility.

***Note Redemptions and Repayments***

During the three months ended March 31, 2026, we made the following redemptions and repayments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions)** | **Principal Amount** | **Write-off of Issuance Cost and Consent Fees** <sup>(1)</sup> | **Redemption or Repayment Date** | **Redemption Price** |
| 4.750% Senior Notes due 2028 | $1500 | $3 | February 1, 2026 | 100% |
| 4.750% Senior Notes to affiliates due 2028 | 1500 | 2 | February 1, 2026 | 100% |
| 1.500% Senior Notes due 2026 | 1000 |  | February 15, 2026 | N/A |
| 2.250% Senior Notes due 2026 | 1800 |  | February 15, 2026 | N/A |
| 5.050% Class A Senior ABS Notes due 2029 | 500 |  | March 20, 2026 | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Redemptions | $6300 | $5 |  |  |
| ECA Facility due March 2036 | $43 | $— | Various | N/A |
| 5.152% Series 2018-1 A-2 Notes due 2028 | 92 |  | Various | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Repayments | $135 | $— |  |  |

---

(1)Write-off of issuance costs and consent fees are included in Other expense, net on our Condensed Consolidated Statements of Comprehensive Income. Write-off of issuance costs and consent fees are included in Other, net within Net cash provided by operating activities on our Condensed Consolidated Statements of Cash Flows.

------

<u>[Index for Notes to the Condensed Consolidated Financial Statements](#i6378fbff71b84deb98159947750abd1b_136)</u>

***Asset-backed Notes***

On March 20, 2026, we issued $500 million of 4.250% Class A Senior ABS Notes to third parties in a private placement transaction. Net Proceeds of $498 million from these ABS Notes are presented in Proceeds from issuance of long-term debt, net on our Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026.

As of March 31, 2026, $2.0 billion of our ABS Notes were secured in total by $2.6 billion of gross EIP receivables and future collections on such receivables. Our ABS Notes and the assets securing this debt are included on our Condensed Consolidated Balance Sheets.

The expected maturities of our ABS Notes as of March 31, 2026, were as follows:

---

| | |
|:---|:---|
| **(in millions)** | **Expected Maturities** |
| 2026 | $136 |
| 2027 | 1008 |
| 2028 | 758 |
| 2029 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $2000 |

---

*Variable Interest Entities*

In connection with our ABS Notes issuances, we formed a wholly owned subsidiary, which qualifies as a bankruptcy remote entity (the "ABS BRE"), and a trust (the "ABS Trust" and together with the ABS BRE, the "ABS Entities"), in which the ABS BRE holds a residual interest. Each of the ABS Entities meet the definition of a VIE for which we have determined that we are the primary beneficiary, as we have the power to direct the activities of the ABS Entities that most significantly impact their performance. Accordingly, we include the balances and results of operations of the ABS Entities on our condensed consolidated financial statements.

The following table summarizes the carrying amounts and classification of assets and liabilities included on our Condensed Consolidated Balance Sheets with respect to the ABS Entities:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **March 31,<br>2026** | **December 31,<br>2025** |
| **(in millions)** | **March 31,<br>2026** | **December 31,<br>2025** |
| **Assets** | | |
| Equipment installment plan receivables, net | $1761 | $1865 |
| Equipment installment plan receivables due after one year, net | 646 | 543 |
| Other current assets | 222 | 232 |
| **Liabilities** |  |  |
| Accounts payable and accrued liabilities | $2 | $3 |
| Short-term debt | 284 | 594 |
| Long-term debt | 1709 | 1401 |

---

See <u>[Note](#i6378fbff71b84deb98159947750abd1b_166)[3](#i6378fbff71b84deb98159947750abd1b_166)[– Receivables and Related Allowance for Credit Losses](#i6378fbff71b84deb98159947750abd1b_166)</u> for additional information on the EIP receivables used to secure the ABS Notes.

**Master Receivables Financing Agreement**

On February 5, 2026, we entered into a master receivables financing agreement with certain third parties that provides for a revolving loan facility secured by pledged service customer relationships, which include current as well as future monthly service receivables, during the borrowing period (the "MRFA"). Concurrently with the execution of the MRFA, we borrowed $1.0 billion with a floating interest rate indexed to the Secured Overnight Financing Rate ("SOFR") plus an applicable margin, with an initial scheduled expiry date of February 5, 2027, and principal paydowns beginning thereafter. The net proceeds are presented in Proceeds from issuance of long-term debt on our Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026.

As of March 31, 2026, $1.0 billion of borrowings are secured by approximately $195 million of outstanding service accounts receivable, the related customer service account contracts and future monthly service receivables. The borrowings related to the MRFA and assets securing these borrowings are included on our Condensed Consolidated Balance Sheets.

------

<u>[Index for Notes to the Condensed Consolidated Financial Statements](#i6378fbff71b84deb98159947750abd1b_136)</u>

**Restricted Cash**

Certain provisions of our debt agreements require us to maintain specified cash collateral balances. Amounts associated with these balances are considered to be restricted cash. See <u>[Note 1](#i6378fbff71b84deb98159947750abd1b_268)[5](#i6378fbff71b84deb98159947750abd1b_268)[– Additional Financial Information](#i6378fbff71b84deb98159947750abd1b_268)</u> for our reconciliation of Cash and cash equivalents, including restricted cash.

**Note 8 – Tower Obligations**

***Existing CCI Tower Lease Arrangements***

In 2012, we conveyed to Crown Castle International Corp. ("CCI") the exclusive right to manage and operate approximately 6,200 tower sites ("CCI Lease Sites") via a master prepaid lease with site lease terms ranging from 23 to 37 years. CCI has fixed-price purchase options for the CCI Lease Sites totaling approximately $2.0 billion, exercisable annually on a per-tranche basis at the end of the lease term during the period from December 31, 2035, through December 31, 2049. If CCI exercises its purchase option for any tranche, it must purchase all the towers in the tranche. We lease back a portion of the space at certain tower sites.

Assets and liabilities associated with the operation of the tower sites were transferred to special purpose entities ("SPEs"). Assets included ground lease agreements or deeds for the land on which the towers are situated, the towers themselves and existing subleasing agreements with other mobile network operator tenants that lease space at the tower sites. Liabilities included the obligation to pay ground lease rentals, property taxes and other executory costs.

We determined the SPEs containing the CCI Lease Sites ("Lease Site SPEs") are VIEs as they lack sufficient equity to finance their activities. We have a variable interest in the Lease Site SPEs but are not the primary beneficiary as we lack the power to direct the activities that most significantly impact the Lease Site SPEs' economic performance. These activities include managing tenants and underlying ground leases, performing repair and maintenance on the towers, the obligation to absorb expected losses and the right to receive the expected future residual returns from the purchase option to acquire the CCI Lease Sites. As we determined that we are not the primary beneficiary and do not have a controlling financial interest in the Lease Site SPEs, the Lease Site SPEs are not included on our condensed consolidated financial statements.

However, we also considered if this arrangement resulted in the sale of the CCI Lease Sites for which we would derecognize the tower assets. By assessing whether control had transferred, we concluded that transfer of control criteria, as discussed in the revenue standard, were not met. Accordingly, we recorded this arrangement as a financing whereby we recorded debt, a financial obligation, and the CCI Lease Sites tower assets remained on our Condensed Consolidated Balance Sheets. We recorded long-term financial obligations in the amount of the net proceeds received and recognize interest on the tower obligations. The tower obligations are increased by interest expense and amortized through contractual leaseback payments made by us to CCI and through net cash flows generated and retained by CCI from the operation of the tower sites.

***Acquired CCI Tower Lease Arrangements***

Prior to our merger (the "Sprint Merger") with Sprint Corporation ("Sprint"), Sprint entered into a lease-out and leaseback arrangement with Global Signal Inc., a third party that was subsequently acquired by CCI, that conveyed to CCI the exclusive right to manage and operate approximately 6,400 tower sites ("Master Lease Sites") via a master prepaid lease. These agreements were assumed upon the close of the Sprint Merger, at which point the remaining term of the lease-out was approximately 17 years with no renewal options. CCI has a fixed price purchase option for all (but not less than all) of the leased or subleased sites for approximately $2.3 billion, exercisable one year prior to the expiration of the agreement and ending 120 days prior to the expiration of the agreement. We lease back a portion of the space at certain tower sites.

We considered if this arrangement resulted in the sale of the Master Lease Sites for which we would derecognize the tower assets. By assessing whether control had transferred, we concluded that transfer of control criteria, as discussed in the revenue standard, were not met. Accordingly, we recorded this arrangement as a financing whereby we recorded debt, a financial obligation, and the Master Lease Sites tower assets remained on our Condensed Consolidated Balance Sheets.

We recognize interest expense on the tower obligations. The tower obligations are increased by the interest expense and amortized through contractual leaseback payments made by us to CCI. The tower assets are reported in Property and equipment, net on our Condensed Consolidated Balance Sheets and are depreciated to their estimated residual values over the expected useful life of the towers, which is 20 years.

------

<u>[Index for Notes to the Condensed Consolidated Financial Statements](#i6378fbff71b84deb98159947750abd1b_136)</u>

***Leaseback Arrangement***

On January 3, 2022, we entered into an agreement (the "Crown Agreement") with CCI. The Crown Agreement extends the current term of the leasebacks by up to 12 years and modifies the leaseback payments for both the Existing CCI Tower Lease Arrangements and the Acquired CCI Tower Lease Arrangements. As a result of the Crown Agreement, there was an increase in our financing obligation as of the effective date of the Crown Agreement of approximately $1.2 billion, with a corresponding decrease to Other long-term liabilities associated with unfavorable contract terms. The modification resulted in a revised interest rate under the effective interest method for the tower obligations: 11.6% for the Existing CCI Tower Lease Arrangements and 5.3% for the Acquired CCI Tower Lease Arrangements. There were no changes made to either of our master prepaid leases with CCI.

The following table summarizes the balances associated with both of the tower arrangements on our Condensed Consolidated Balance Sheets:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **March 31,<br>2026** | **December 31,<br>2025** |
| Property and equipment, net | $1886 | $1922 |
| Tower obligations | 3496 | 3532 |
| Other long-term liabilities | 554 | 554 |

---

Future minimum payments related to the tower obligations are approximately $391 million for the 12-month period ending March 31, 2027, $816 million in total for both of the 12-month periods ending March 31, 2028 and 2029, $869 million in total for both of the 12-month periods ending March 31, 2030 and 2031, and $3.1 billion in total thereafter.

We are contingently liable for future ground lease payments through the remaining term of the CCI Lease Sites and the Master Lease Sites. These contingent obligations are not included in Operating lease liabilities, as any amount due is contractually owed by CCI based on the subleasing arrangement. Under the arrangement, we remain primarily liable for ground lease payments on approximately 900 sites and have included lease liabilities of $239 million in our Operating lease liabilities as of March 31, 2026.

**Note 9 – Revenue from Contracts with Customers**

**Disaggregation of Revenue**

We provide wireless communications and broadband services to a variety of customers, but focus primarily on two categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Postpaid generally includes customers that are qualified to pay after receiving service utilizing phones, 5G broadband gateways, fiber connections, mobile internet devices (including tablets and hotspots), wearables, DIGITS and other connected devices (including SyncUP and IoT); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepaid generally includes customers that pay for service in advance.

We also provide services to wholesale customers which include Machine-to-Machine and Mobile Virtual Network Operator customers that operate on our network but are managed by wholesale partners.

The balances presented in each revenue line item on our Condensed Consolidated Statements of Comprehensive Income represent categories of revenue from contracts with customers disaggregated by type of product and service. Postpaid and prepaid service revenues also include revenues earned for providing premium services to customers, such as device insurance services.

**Contract Balances**

The contract asset and contract liability balances from contracts with customers as of March 31, 2026 and December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **Contract <br>Assets** | **Contract <br>Liabilities** |
| Balance as of December 31, 2025 | $1307 | $1653 |
| Balance as of March 31, 2026 | 1368 | 1568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change | $61 | $(85) |

---

------

<u>[Index for Notes to the Condensed Consolidated Financial Statements](#i6378fbff71b84deb98159947750abd1b_136)</u>

Contract assets primarily represent revenue recognized for equipment sales with promotional bill credits offered to customers that are paid over time and are contingent on the customer maintaining a service contract.

The change in the contract asset balance reflects customer activity related to new promotions, offset by billings on existing contracts and impairment, which is recognized as bad debt expense. The current portion of our contract assets of $1.0 billion and $920 million as of March 31, 2026 and December 31, 2025, respectively, was included in Other current assets on our Condensed Consolidated Balance Sheets.

Contract liabilities are recorded when fees are collected, or we have an unconditional right to consideration (a receivable) in advance of delivery of goods or services. Changes in contract liabilities are primarily related to the activity of prepaid customers and contract liabilities assumed in the UScellular Acquisition. Contract liabilities are primarily included in Deferred revenue on our Condensed Consolidated Balance Sheets.

Revenues for the three months ended March 31, 2026 and 2025, include the following:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **(in millions)** | **2026** | **2025** |
| Amounts included in the beginning of year contract liability balance | $1060 | $903 |

---

**Remaining Performance Obligations**

As of March 31, 2026, the aggregate amount of the transaction price allocated to remaining service performance obligations for postpaid contracts with subsidized devices and promotional bill credits that result in an extended service contract is $2.8 billion. We expect to recognize revenue as the service is provided on these postpaid contracts, generally over a period of 24 months from the time of origination.

Information about remaining performance obligations that are part of a contract that has an original expected duration of one year or less has been excluded from the above, which primarily consists of monthly service contracts.

Certain of our wholesale, roaming and service contracts include variable consideration based on usage and performance. This variable consideration has been excluded from the disclosure of remaining performance obligations. As of March 31, 2026, the aggregate amount of the contractual minimum consideration for wholesale, roaming and service contracts is $986 million, $968 million and $2.2 billion for the remainder of 2026, 2027, and 2028 and beyond, respectively. These contracts have a remaining duration ranging from less than one year to six years.

**Contract Costs**

The balance of deferred incremental costs to obtain contracts with customers was $2.0 billion for both March 31, 2026 and December 31, 2025, and is included in Other assets on our Condensed Consolidated Balance Sheets. Deferred contract costs incurred to obtain postpaid service contracts are amortized over a period of 24 months. The amortization period is monitored to reflect any significant change in assumptions. Amortization of deferred contract costs included in Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income were $473 million and $485 million for the three months ended March 31, 2026 and 2025, respectively.

The deferred contract cost asset is assessed for impairment on a periodic basis. There were no impairment losses recognized on deferred contract cost assets for the three months ended March 31, 2026 and 2025.

**Note 10 – Segment Reporting**

We manage our business activities on a consolidated basis and operate as a single operating segment: Wireless. We primarily derive our revenue in the United States by providing wireless communications and broadband services to customers using our wireless networks and selling devices that provide customers access to our wireless networks. The accounting policies of the Wireless segment are the same as those described in Part II, Item 8, Note 1 – Summary of Significant Accounting Policies of our Annual Report on Form 10-K for the year ended December 31, 2025.

Our chief operating decision maker ("CODM") is our President and Chief Executive Officer. The CODM uses Net income, as reported on our Condensed Consolidated Statements of Comprehensive Income, in evaluating performance of the Wireless segment and determining how to allocate resources of the Company as a whole, including investing in our networks and

------

<u>[Index for Notes to the Condensed Consolidated Financial Statements](#i6378fbff71b84deb98159947750abd1b_136)</u>

customers, stockholder return programs and acquisition strategy. The CODM does not review assets in evaluating the results of the Wireless segment, and therefore, such information is not presented.

The following table provides the operating financial results of our Wireless segment:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **(in millions)** | **2026** | **2025** |
| Total revenues | $23107 | $20886 |
| Less: Significant and other segment expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of equipment sales | 5488 | 4798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee expenses | 2134 | 1909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease expense | 1582 | 1207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising expense | 901 | 812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bad debt expense | 426 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other segment items <sup>(1)</sup> | 4262 | 3839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 3817 | 3198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 1031 | 916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense, net | 132 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 830 | 885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Segment net income | $2504 | $2953 |

---

(1)Other segment items included in Segment net income primarily includes certain third-party commissions, external labor and services and backhaul expenses.

**Note 11 – Stockholder Return Program**

***2026 Stockholder Return Program***

On December 11, 2025, we announced that our Board of Directors authorized our 2026 Stockholder Return Program of up to $14.6 billion that will run through December 31, 2026 (the "2026 Stockholder Return Program"). The 2026 Stockholder Return Program consists of repurchases of shares of our common stock and the payment of cash dividends. The amount available under the 2026 Stockholder Return Program for share repurchases will be reduced by the amount of any cash dividends declared and paid by us.

On December 4, 2025, our Board of Directors declared a cash dividend of $1.02 per share on our issued and outstanding common stock, which was paid on March 12, 2026, to stockholders of record as of the close of business on February 27, 2026.

On March 19, 2026, our Board of Directors declared a cash dividend of $1.02 per share on our issued and outstanding common stock, which will be paid on June 11, 2026, to stockholders of record as of the close of business on May 29, 2026.

During the three months ended March 31, 2026, we paid an aggregate of $1.1 billion in cash dividends to our stockholders, which was presented within Net cash (used in) provided by financing activities on our Condensed Consolidated Statements of Cash Flows, of which $594 million was paid to Deutsche Telekom AG ("DT"). As of March 31, 2026, $1.1 billion for dividends payable is presented within Other current liabilities on our Condensed Consolidated Balance Sheets, of which $594 million is payable to DT.

During the three months ended March 31, 2026, we repurchased 23,329,925 shares of our common stock at an average price per share of $210.07 for a total purchase price of $4.9 billion, under the 2026 Stockholder Return Program. All shares repurchased during the three months ended March 31, 2026, were purchased at market price. As of March 31, 2026, we had up to $8.6 billion remaining under the 2026 Stockholder Return Program for repurchases of shares and quarterly dividends through December 31, 2026.

Subsequent to March 31, 2026, on April 23, 2026, we announced that our Board of Directors increased the 2026 Stockholder Return Program authorization to up to $18.2 billion.

Subsequent to March 31, 2026, from April 1, 2026, through April 24, 2026, we repurchased 3,791,020 shares of our common stock at an average price per share of $195.87 for a total purchase price of $743 million. As of April 24, 2026, we had up to $11.5 billion remaining under the 2026 Stockholder Return Program for repurchases of shares and quarterly dividends through December 31, 2026.

------

<u>[Index for Notes to the Condensed Consolidated Financial Statements](#i6378fbff71b84deb98159947750abd1b_136)</u>

**Note 12 – Earnings Per Share**

The computation of basic and diluted earnings per share was as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **(in millions, except shares and per share amounts)** | **2026** | **2025** |
| Net income | $2504 | $2953 |
| Weighted-average shares outstanding – basic <sup>(1)</sup>  | 1100174423 | 1140537935 |
| Effect of dilutive securities: |  |  |
| Outstanding stock options and unvested stock awards <sup>(1)</sup>  | 1878823 | 4117362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted-average shares outstanding – diluted | 1102053246 | 1144655297 |
| Earnings per share – basic | $2.28 | $2.59 |
| Earnings per share – diluted | $2.27 | $2.58 |
| Potentially dilutive securities: |  |  |
| Outstanding stock options and unvested stock awards | 2193273 | 961773 |
| Ka'ena Acquisition earnout <sup>(2)</sup> |  | 979153 |

---

(1) &nbsp;&nbsp;&nbsp;&nbsp;For the three months ended March 31, 2026, the weighted-average number of shares issuable related to the Ka'ena Acquisition earnout ("Ka'ena Shares") are included in our calculations of basic and diluted weighted-average shares outstanding based on the 20 trading day volume-weighted average price as of March 31, 2026, as further described below.

(2) &nbsp;&nbsp;&nbsp;&nbsp;Represents the Ka'ena Shares that were contingently issuable based on achievement of specified performance indicators from the Ka'ena Acquisition closing date of May 1, 2024, based on the maximum number of shares contingently issuable for the earnout and 20 trading day volume-weighted average price as of March 31, 2025.

As of March 31, 2026, we had authorized 100 million shares of preferred stock, with a par value of $0.00001 per share. There was no preferred stock outstanding as of March 31, 2026 and 2025. Potentially dilutive securities were not included in the computation of diluted earnings per share if to do so would have been anti-dilutive.

The Ka'ena Shares were previously contingent consideration for the Ka'ena Acquisition. On June 30, 2025, we amended the Merger and Unit Purchase Agreement to set the calculation of the earnout as the difference between the maximum purchase price of $1.35 billion and the upfront payment, as adjusted, and removed the requirement for Ka'ena to achieve specified performance indicators. The Ka'ena Shares issuable are included in the calculation of basic and diluted weighted-average shares outstanding for the three months ended March 31, 2026. The Ka'ena Shares are expected to be issued after the Ka'ena Acquisition earnout payment date.

**Note 13 – Commitments and Contingencies**

***Sprint Merger Commitments***

In connection with the regulatory proceedings and approvals of the Sprint Merger pursuant to the Business Combination Agreement with Sprint and the other parties named therein (as amended, the "Business Combination Agreement") and the other transactions contemplated by the Business Combination Agreement, we have commitments and other obligations to various state and federal agencies and certain nongovernmental organizations, including pursuant to the Consent Decree agreed to by us, DT, Sprint, SoftBank Group Corp. ("SoftBank") and DISH Network Corporation ("DISH") and entered by the U.S. District Court for the District of Columbia, and the FCC's memorandum opinion and order approving our applications for approval of the Sprint Merger. These commitments and obligations include, among other things, extensive 5G network build-out commitments, obligations to deliver high-speed wireless services to the vast majority of Americans, including Americans residing in rural areas, the marketing of an in-home broadband product where spectrum capacity is available and national security commitments. Many of the commitments specify time frames for compliance and reporting. Failure to fulfill our obligations and commitments in a timely manner could result in substantial fines, penalties, or other legal and administrative actions.

------

<u>[Index for Notes to the Condensed Consolidated Financial Statements](#i6378fbff71b84deb98159947750abd1b_136)</u>

***Contingencies and Litigation***

*Litigation and Regulatory Matters*

We are involved in various lawsuits and disputes, claims, government agency investigations and enforcement actions, and other proceedings ("Litigation and Regulatory Matters") that arise in the ordinary course of business, which include claims of patent infringement (most of which are asserted by non-practicing entities primarily seeking monetary damages), class actions, and proceedings to enforce FCC or other government agency rules and regulations. Those Litigation and Regulatory Matters are at various stages, and some of them may proceed to trial, arbitration, hearing, or other adjudication that could result in fines, penalties, or awards of monetary or injunctive relief in the coming 12 months if they are not otherwise resolved. We have established an accrual with respect to certain of these matters, where appropriate. The accruals are reflected on our condensed consolidated financial statements, but they are not considered to be, individually or in the aggregate, material. An accrual is established when we believe it is both probable that a loss has been incurred and an amount can be reasonably estimated. For other matters, where we have not determined that a loss is probable or because the amount of loss cannot be reasonably estimated, we have not recorded an accrual due to various factors typical in contested proceedings, including, but not limited to, uncertainty concerning legal theories and their resolution by courts or regulators, uncertain damage theories and demands, and a less than fully developed factual record. For Litigation and Regulatory Matters that may result in a contingent gain, we recognize such gains on our condensed consolidated financial statements when the gain is realized or realizable. We recognize legal costs expected to be incurred in connection with Litigation and Regulatory Matters as they are incurred. Except as otherwise specified below, we do not expect that the ultimate resolution of these Litigation and Regulatory Matters, individually or in the aggregate, will have a material adverse effect on our financial position, but we note that an unfavorable outcome of some or all of the specific matters identified below, or other matters that we are or may become involved in could have a material adverse impact on results of operations or cash flows for a particular period. This assessment is based on our current understanding of relevant facts and circumstances. As such, our view of these matters is subject to inherent uncertainties and may change in the future.

On February 28, 2020, T-Mobile and Sprint each received a Notice of Apparent Liability for Forfeiture and Admonishment from the FCC, which proposed a penalty for allegedly violating section 222 of the Communications Act and the FCC's regulations governing the privacy of customer information. On April 29, 2024, the FCC issued Forfeiture Orders against T-Mobile and Sprint that largely adopted the allegations and conclusions of the Notices of Apparent Liability and imposed penalties on T-Mobile and Sprint. T-Mobile and Sprint paid those penalties under protest, and on June 27, 2024, T-Mobile and Sprint filed Petitions for Review challenging the FCC's Forfeiture Orders in the United States Court of Appeals for the District of Columbia. On August 15, 2025, a panel of three judges denied the petitions for review. On January 23, 2026, the Court of Appeals denied T-Mobile's petitions for rehearing and rehearing en banc. T-Mobile intends to file a petition for a writ of certiorari with the United States Supreme Court. We are unable to predict the potential outcome of those proceedings.

On April 1, 2020, in connection with the closing of the Sprint Merger, we assumed the contingencies and litigation matters of Sprint. Those matters include a wide variety of disputes, claims, government agency investigations and enforcement actions, and other proceedings.

On June 1, 2021, a putative shareholder class action and derivative lawsuit was filed in the Delaware Court of Chancery, *Dinkevich v. Deutsche Telekom AG, et al.*, Case No. C.A. No. 2021-0479, against DT, SoftBank and certain of our current and former officers and directors, asserting breach of fiduciary duty claims relating to the repricing amendment to the Business Combination Agreement and to SoftBank's monetization of its T-Mobile shares. We are also named as a nominal defendant in the case. We are unable to predict the potential outcome of these claims.

On August 12, 2021, we became aware of a cybersecurity issue involving unauthorized access to T-Mobile's systems (the "August 2021 cyberattack"). Our investigation uncovered that the perpetrator had illegally gained access to certain areas of our systems on or about March 18, 2021, but only gained access to and took data of current, former, and prospective customers beginning on or about August 3, 2021.

As a result of the August 2021 cyberattack, we have become subject to numerous lawsuits, including mass arbitration claims and multiple class action lawsuits that have been filed in numerous jurisdictions seeking, among other things, unspecified monetary damages, costs and attorneys' fees arising out of the August 2021 cyberattack. In December 2021, the Judicial Panel on Multidistrict Litigation consolidated the federal class action lawsuits in the U.S. District Court for the Western District of Missouri under the caption *In re: T-Mobile Customer Data Security Breach Litigation*, Case No. 21-md-3019-BCW. On July 22, 2022, we entered into an agreement to settle the lawsuit. On June 29, 2023, the Court issued an order granting final approval of the settlement. All appeals have been resolved, and the settlement is now final. Under the terms of the settlement, we have paid an aggregate of $350 million to fund claims submitted by class members, the legal fees of plaintiffs' counsel and the costs

------

<u>[Index for Notes to the Condensed Consolidated Financial Statements](#i6378fbff71b84deb98159947750abd1b_136)</u>

of administering the settlement. As required under the terms of the settlement, we have spent an aggregate of $150 million for data security and related technology in 2022 and 2023. The settlement provides a full release of all claims arising out of the August 2021 cyberattack by class members who did not opt out, against all defendants, including us, our subsidiaries and affiliates, and our directors and officers. The settlement contains no admission of liability, wrongdoing or responsibility by any of the defendants.

We anticipate that this settlement of the class action, along with other settlements of separate consumer claims that have been previously completed or are currently pending, will resolve substantially all of the claims brought to date by our current, former and prospective customers who were impacted by the 2021 cyberattack. In connection with the class action settlement and the separate settlements, we recorded a total pre-tax charge of approximately $400 million in the second quarter of 2022.

We have also received inquiries and contested legal proceedings from various government agencies, law enforcement and other governmental authorities related to the August 2021 cyberattack, which could result in substantial fines or penalties. We reached an agreement with the FCC, which was announced on September 30, 2024, to resolve one of those inquiries. We will continue to respond to the other agencies and regulators inquiring about the matter with an aim to resolve all of these matters. While we hope to resolve them in the near term, we cannot predict the timing or outcome of any of these matters or whether we may be subject to further regulatory inquiries, investigations, or legal or enforcement actions.

In light of the inherent uncertainties involved in such matters, and based on the information currently available to us, in addition to the previously recorded pre-tax charge of approximately $400 million noted above, we believe it is reasonably possible that we could incur additional losses associated with these proceedings and inquiries, and we will continue to evaluate information as it becomes known and will record an estimate for losses at the time or times when it is both probable that a loss has been incurred and the amount of the loss is reasonably estimable. Ongoing legal and other costs related to these proceedings and inquiries, as well as any potential future actions, may be substantial, and losses associated with any adverse judgments, settlements, penalties or other resolutions of such proceedings and inquiries could be material to our business, reputation, financial condition, cash flows and operating results.

On June 17, 2022, plaintiffs filed a putative antitrust class action complaint in the Northern District of Illinois, *Dale, et al. v. Deutsche Telekom AG, et al.*, Case No. 1:22-cv-03189, against DT, T-Mobile, and SoftBank, alleging that the Sprint Merger violated the antitrust laws and harmed competition in the U.S. retail cell service market. Plaintiffs seek injunctive relief and trebled monetary damages on behalf of a purported class of AT&T and Verizon customers whom plaintiffs allege paid artificially inflated prices due to the Sprint Merger. We are vigorously defending this lawsuit, but we are unable to predict the potential outcome.

On January 5, 2023, we identified that a bad actor was obtaining data through a single Application Programming Interface ("API") without authorization. Based on our investigation, the impacted API is only able to provide a limited set of customer account data, including name, billing address, email, phone number, date of birth, T-Mobile account number and information, such as the number of lines on the account and plan features. The result from our investigation indicates that the bad actor(s) obtained data from this API for approximately 37 million current postpaid and prepaid customer accounts, though many of these accounts did not include the full data set. We believe that the bad actor first retrieved data through the impacted API starting on or around November 25, 2022. We have notified individuals whose information was impacted consistent with state and federal requirements.

In connection with the January 2023 cyberattack, we became subject to consumer class actions and regulatory inquiries, to which we will continue to respond in due course and may incur significant expenses. However, we cannot predict the timing or outcome of any of these potential matters or whether we may be subject to additional legal proceedings, claims, regulatory inquiries, investigations, or enforcement actions.

On February 25, 2025, a purported Company shareholder filed a putative class action and derivative lawsuit in the Delaware Court of Chancery under the caption *Palkon v. Deutsche Telekom AG, et al.*, Case No. 2025-0211-PAF, against four DT entities, our current directors, and certain of our former directors, asserting breach of fiduciary duty and unjust enrichment claims relating to our 2022 Stock Repurchase Program and our 2023-2024 Stockholder Return Program. We are also named as a nominal defendant in the lawsuit. We are unable to predict the potential outcome of these claims.

------

<u>[Index for Notes to the Condensed Consolidated Financial Statements](#i6378fbff71b84deb98159947750abd1b_136)</u>

**Note 14 – Restructuring Costs** 

***UScellular Acquisition Restructuring Initiatives***

Upon completing the UScellular Acquisition on August 1, 2025, we began implementing restructuring initiatives to realize cost efficiencies and eliminate redundancies. The major activities associated with the UScellular Acquisition restructuring initiatives will include contract termination costs associated with the rationalization of retail stores, distribution channels, duplicative network and backhaul services and other agreements, severance costs associated with the integration of redundant processes and functions and the decommissioning of certain cell sites and distributed antenna systems to achieve synergies in network costs.

The following table summarizes the expenses incurred in connection with our UScellular Acquisition restructuring initiatives:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **Three Months Ended March 31, 2026** | **Incurred to Date** |
| Contract termination costs | $41 | $73 |
| Severance costs | 26 | 89 |
| Network decommissioning | 18 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total restructuring plan expenses | $85 | $196 |

---

The expenses associated with our UScellular Acquisition restructuring initiatives are included in Cost of services and Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income.

Our UScellular Acquisition restructuring initiatives will also include the acceleration or termination of certain of our operating leases for cell sites, switch sites and retail stores. Incremental expenses associated with terminated leases and leases for which we have recognized accelerated lease expense were $280 million for the three months ended March 31, 2026, and are included in Cost of services on our Condensed Consolidated Statements of Comprehensive Income.

Additionally, we recognized $229 million of accelerated depreciation for the three months ended March 31, 2026, related to assets associated with the decommissioning of cell sites, which is included in Depreciation and amortization on our Condensed Consolidated Statements of Comprehensive Income.

The changes in the liabilities associated with our UScellular Acquisition restructuring initiatives, including expenses incurred and cash payments, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions)** | **December 31,<br>2025** | **Expenses Incurred** | **Cash Payments** | **March 31,<br>2026** |
| Contract termination costs | $31 | $41 | $(32) | $40 |
| Severance costs | 59 | 26 | (8) | 77 |
| Network decommissioning | 1 | 18 | (15) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $91 | $85 | $(55) | $121 |

---

The liabilities accrued in connection with our UScellular Acquisition restructuring initiatives are presented in Accounts payable and accrued liabilities on our Condensed Consolidated Balance Sheets.

Our UScellular Acquisition restructuring activities are expected to occur over the next two years, with substantially all costs incurred by the end of fiscal year 2027. We are evaluating additional restructuring initiatives associated with the UScellular Acquisition, which are dependent on consultations and negotiations with certain counterparties and the expected impact on our business operations, which could affect the amount or timing of the restructuring costs and related payments.

***Network Restructuring Initiative***

Recent technological advancements have enhanced our Customer-Driven Coverage insights, enabling us to identify, assess and shut down low customer value sites. In the fourth quarter of 2025, we began implementing restructuring initiatives to identify and realize these cost savings on our network, excluding activities associated with the UScellular Acquisition (the "Network Restructuring Initiative"). The major activities associated with the Network Restructuring Initiative include the rationalization of network and backhaul services and the decommissioning of cell sites and distributed antenna systems to reduce our overall network cost.

------

<u>[Index for Notes to the Condensed Consolidated Financial Statements](#i6378fbff71b84deb98159947750abd1b_136)</u>

The following table summarizes the expenses incurred in connection with our Network Restructuring Initiative:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **Three Months Ended March 31, 2026** | **Incurred to Date** |
| Contract termination costs | $27 | $32 |
| Network decommissioning | 38 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total restructuring plan expenses | $65 | $134 |

---

The expenses associated with our Network Restructuring Initiative are included in Cost of services on our Condensed Consolidated Statements of Comprehensive Income.

Our Network Restructuring Initiative also includes the termination of certain of our operating leases for cell sites and switch sites. Incremental expenses associated with terminated leases and leases for which we have recognized accelerated lease expense were $11 million for the three months ended March 31, 2026, and are included in Cost of services on our Condensed Consolidated Statements of Comprehensive Income.

Additionally, we recognized $60 million of accelerated depreciation for the three months ended March 31, 2026, related to assets associated with the decommissioning of cell sites, which is included in Depreciation and amortization on our Condensed Consolidated Statements of Comprehensive Income.

The changes in the liabilities associated with our Network Restructuring Initiative, including expenses incurred and cash payments, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions)** | **December 31,<br>2025** | **Expenses Incurred** | **Cash Payments** | **March 31,<br>2026** |
| Contract termination costs | $— | $27 | $(14) | $13 |
| Network decommissioning | 1 | 38 | (12) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1 | $65 | $(26) | $40 |

---

The liabilities accrued in connection with our Network Restructuring Initiative are presented in Accounts payable and accrued liabilities on our Condensed Consolidated Balance Sheets.

Our Network Restructuring Initiative is expected to be completed prior to the end of 2027, with a majority of costs incurred by the end of 2026. We are evaluating additional restructuring activities associated with the Network Restructuring Initiative, which are dependent on consultations and negotiations with certain counterparties and the expected impact on our business operations, which could affect the amount or timing of the restructuring costs and related payments.

***2025-2026 Workforce Transformation***

In the fourth quarter of 2025, we began implementing a restructuring initiative to streamline operations by centralizing leaders and teams, reducing organizational layers and eliminating duplicative roles (the "2025-2026 Workforce Transformation").

The following table summarizes the expenses incurred in connection with our 2025-2026 Workforce Transformation initiative:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **Three Months Ended March 31, 2026** | **Incurred to Date** |
| Severance costs | $141 | $531 |

---

The expenses associated with our workforce reduction initiative are included in Cost of services and Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income.

The changes in the liabilities associated with our 2025-2026 Workforce Transformation initiative, including expenses incurred and cash payments, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions)** | **December 31,<br>2025** | **Expenses Incurred** | **Cash Payments** | **March 31,<br>2026** |
| Severance costs | $374 | $141 | $(123) | $392 |

---

The liabilities accrued in connection with our 2025-2026 Workforce Transformation initiative are presented in Accounts payable and accrued liabilities on our Condensed Consolidated Balance Sheets.

------

<u>[Index for Notes to the Condensed Consolidated Financial Statements](#i6378fbff71b84deb98159947750abd1b_136)</u>

We have incurred substantially all of the costs associated with our 2025-2026 Workforce Transformation. We expect substantially all remaining associated employee separations and related cash outflows to occur in 2026.

**Note 15 – Additional Financial Information**

***Accounts Payable and Accrued Liabilities***

Accounts payable and accrued liabilities are summarized as follows:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **March 31,<br>2026** | **December 31,<br>2025** |
| Accounts payable | $4573 | $5219 |
| Payroll and related benefits | 1316 | 1709 |
| Property and other taxes, including payroll | 1697 | 1601 |
| Accrued interest | 1073 | 1025 |
| Other accrued liabilities | 863 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | $9522 | $10280 |

---

Book overdrafts included in Accounts payable were $363 million and $823 million as of March 31, 2026 and December 31, 2025, respectively.

***Supplemental Condensed Consolidated Statements of Cash Flows Information***

The following table summarizes T-Mobile's supplemental cash flow information:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **(in millions)** | **2026** | **2025** |
| Interest payments, net of amounts capitalized | $1054 | $934 |
| Operating lease payments | 1537 | 1214 |
| Income tax payments, net of refunds received | 10 | 10 |
| **Non-cash investing and financing activities** |  |  |
| Change in accounts payable and accrued liabilities for purchases of property and equipment | $(357) | $(463) |
| Operating lease right-of-use assets obtained in exchange for lease obligations | 525 | 481 |
| Financing lease right-of-use assets obtained in exchange for lease obligations | 222 | 248 |

---

***Cash and Cash Equivalents, Including Restricted Cash***

Cash and cash equivalents, including restricted cash, presented on our Condensed Consolidated Statements of Cash Flows were included on our Condensed Consolidated Balance Sheets as follows:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **March 31,<br>2026** | **December 31,<br>2025** |
| Cash and cash equivalents | $3520 | $5598 |
| Restricted cash (included in Other current assets) | 301 | 296 |
| Restricted cash (included in Other assets) | 88 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents, including restricted cash | $3909 | $5976 |

---

**Note 16 – Subsequent Events**

On April 23, 2026, we announced that our Board of Directors increased the 2026 Stockholder Return Program authorization from up to $14.6 billion to up to $18.2 billion.

From April 1, 2026, through April 24, 2026, we repurchased 3,791,020 shares of our common stock at an average price per share of $195.87 for a total purchase price of $743 million. See <u>[Note 11 - Stockholder Return Program](#i6378fbff71b84deb98159947750abd1b_238)</u> for additional information.

On April 24, 2026, we entered into a definitive agreement with an affiliate of Wren House Infrastructure Management Limited ("Wren House") to establish a joint venture that will acquire i3 Broadband, one of Wren House's existing fiber portfolio companies. The transaction with Wren House is expected to close in the second half of 2026, subject to customary closing conditions and regulatory approvals, at which time we expect to invest approximately $700 million to acquire a 50% equity interest in the joint venture and substantially all existing residential fiber customers. Additionally, on April 25, 2026, we entered

------

<u>[Index for Notes to the Condensed Consolidated Financial Statements](#i6378fbff71b84deb98159947750abd1b_136)</u>

into definitive agreements with affiliates of Oak Hill Capital Management, LLC ("Oak Hill") to establish a joint venture that will acquire and combine GoNetspeed and Greenlight Networks, two of Oak Hill's existing fiber portfolio companies. The transaction with Oak Hill is expected to close in the first half of 2027, subject to customary closing conditions and regulatory approvals, at which time we expect to invest approximately $2.0 billion to acquire a 50% equity interest in the joint venture and substantially all existing residential fiber customers. We expect to account for these joint ventures under the equity method of accounting and recognize service revenues for the acquired fiber customers and wholesale costs paid to the joint venture for network access within Postpaid revenues and Cost of services, respectively, on our Condensed Consolidated Statements of Comprehensive Income.

------

<u>[**Table of Contents**](#i6378fbff71b84deb98159947750abd1b_337)</u>

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

**Cautionary Statement Regarding Forward-Looking Statements** 

This Quarterly Report on Form 10-Q ("Form 10-Q") of T-Mobile US, Inc. ("T-Mobile," "we," "our," "us" or the "Company") includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including information concerning our future results of operations, are forward-looking statements. These forward-looking statements are generally identified by the words "anticipate," "believe," "estimate," "expect," "intend," "may," "could" or similar expressions. Forward-looking statements are based on current expectations and assumptions, which are subject to risks and uncertainties that may cause actual results to differ materially from the forward-looking statements. The following important factors, along with the Risk Factors included in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, and <u>[Part II, Item 1A](#i6378fbff71b84deb98159947750abd1b_22)</u> of this Form 10-Q, could affect future results and cause those results to differ materially from those expressed in the forward-looking statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competition, industry consolidation and changes in the market for wireless communications services and other forms of connectivity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cyberattacks, disruptions, data loss or other security breaches;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to adopt and deploy network technologies in a timely and effective manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to effectively execute our digital initiatives and drive customer and employee adoption of emerging technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to retain or motivate key personnel, hire qualified personnel or maintain our corporate culture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• system failures and business disruptions, allowing for unauthorized use of or interference with our network and other systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the scarcity and cost of additional wireless spectrum, and regulations relating to spectrum use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing and effects of any pending and future acquisition, investment, joint venture, merger, or divestiture involving us, including our inability to obtain any required regulatory approval necessary to consummate any such transactions or to achieve the expected benefits of such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse economic, political or market conditions in the U.S. and international markets, including changes resulting from increases in oil prices, inflation or interest rates, tariffs and trade restrictions, supply chain disruptions, fluctuations in global currencies, immigration policies, and impacts of geopolitical instability, such as global conflict, wars and further escalations thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operational delays, higher procurement costs, such as memory chip cost impacts on smartphones, and operational costs, and increased regulatory and compliance complexities, for example, as a result of changes to trade policies, including higher tariffs, restrictions and other economic disincentives to trade;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to successfully deliver new products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any failure or inability of our third parties (including key suppliers) to provide products or services for the operation of our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sociopolitical volatility and polarization and risks related to environmental, social and governance matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our substantial level of indebtedness and our inability to service our debt obligations in accordance with their terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the credit market conditions, credit rating downgrades or an inability to access debt markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to maintain effective internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with the current regulatory framework, including our national security obligations, and any changes in regulations or in the regulatory framework under which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• laws and regulations relating to the handling of privacy, data protection and artificial intelligence ("AI");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unfavorable outcomes of and increased costs from existing or future regulatory or legal proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in protecting our intellectual property rights or if we infringe on the intellectual property rights of others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our offering of regulated financial services products and exposure to a wide variety of state and federal regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• new or amended tax laws or regulations or administrative interpretations and judicial decisions affecting the scope or application of tax laws or regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our wireless licenses, including those controlled through leasing agreements, are subject to renewal and may be revoked;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our exclusive forum provision as provided in our Certificate of Incorporation;

------

<u>[**Table of Contents**](#i6378fbff71b84deb98159947750abd1b_337)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interests of Deutsche Telekom AG ("DT"), our controlling stockholder, which may differ from the interests of other stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our current and future stockholder return programs may not be fully utilized, and our share repurchases and dividend payments pursuant thereto may fail to have the desired impact on stockholder value; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future sales of our common stock by DT and our inability to attract additional equity financing outside the United States due to foreign ownership limitations by the Federal Communications Commission ("FCC").

Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law.

Investors and others should note that we announce material information to our investors using our investor relations website (https://investor.t-mobile.com), newsroom website (https://t-mobile.com/news), press releases, SEC filings and public conference calls and webcasts. We intend to also use certain social media accounts as a means of disclosing information about us and our services and for complying with our disclosure obligations under Regulation FD (the @TMobileIR X account (https://x.com/TMobileIR), the @SriniGopalan X account (https://x.com/SriniGopalan) and our CEO's LinkedIn account (https://www.linkedin.com/in/srini-gopalan/), both of which Mr. Gopalan also uses as a means for personal communications and observations, and the @TMobileCFO X account (https://x.com/tmobilecfo) and our Chief Financial Officer's LinkedIn account (https://www.linkedin.com/in/peter-osvaldik-3887394), both of which Mr. Osvaldik also uses as a means for personal communications and observations). The information we post through these social media channels may be deemed material. Accordingly, investors should monitor these social media channels in addition to following our press releases, SEC filings and public conference calls and webcasts. The social media channels that we intend to use as a means of disclosing the information described above may be updated from time to time as listed on our investor relations website.

**Overview**

The objectives of our Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") are to provide users of our condensed consolidated financial statements with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A narrative explanation from the perspective of management of our financial condition, results of operations, cash flows, liquidity and certain other factors that may affect future results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Context to the condensed consolidated financial statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information that allows assessment of the likelihood that past performance is indicative of future performance.

Our MD&A is provided as a supplement to, and should be read together with, our unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2026, included in <u>[Part I, Item 1](#i6378fbff71b84deb98159947750abd1b_112)</u> of this Form 10-Q, and audited consolidated financial statements, included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2025. Except as expressly stated, the financial condition and results of operations discussed throughout our MD&A are those of T-Mobile US, Inc. and its consolidated subsidiaries.

**Acquisition of UScellular Wireless Business**

***Transaction Overview***

On August 1, 2025 (the "UScellular Acquisition Date"), we completed the acquisition (the "UScellular Acquisition") of substantially all of United States Cellular Corporation's ("UScellular") wireless operations and select spectrum assets and the acquisition of substantially all of the wireless operations assets of each of Farmers Cellular Telephone Company, Inc., Iowa RSA No. 9 Limited Partnership, and Iowa RSA No. 12 Limited Partnership (collectively, the "UScellular Wireless Business"). In exchange, on the UScellular Acquisition Date, we transferred cash of $2.8 billion. Additionally, the closing of the UScellular Acquisition obligated us to execute exchange offers, which were launched on May 23, 2025 (the "Exchange Offers"). On August 5, 2025, we executed the Exchange Offers of certain senior notes of UScellular with an aggregate outstanding principal balance of $1.7 billion for T-Mobile notes.

For more information regarding the UScellular Acquisition, see <u>[Note 2 – Business Combinations](#i6378fbff71b84deb98159947750abd1b_151)</u> of the Notes to the Condensed Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i6378fbff71b84deb98159947750abd1b_337)</u>

***UScellular Merger-Related Costs***

Merger-related costs associated with the UScellular Acquisition to date include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Integration costs to achieve efficiencies in network, retail, information technology and back office operations and migrate customers to the T-Mobile network and billing systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Restructuring costs, including contract terminations, severance and network decommissioning; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transaction costs, including legal and professional services related to the completion of the UScellular Acquisition.

See <u>[Note 14 – Restructuring Costs](#i6378fbff71b84deb98159947750abd1b_262)</u> of the Notes to the Condensed Consolidated Financial Statements for more information.

UScellular merger-related costs have been excluded from our calculations of Adjusted EBITDA and Core Adjusted EBITDA, which are non-GAAP financial measures, as we do not consider these costs to be reflective of our ongoing operating performance. See "Adjusted EBITDA and Core Adjusted EBITDA" in the "<u>[Performance Measures](#i6378fbff71b84deb98159947750abd1b_85)</u>" section of this MD&A. Net cash payments for UScellular merger-related costs, including payments related to our restructuring plan, are included in Net cash provided by operating activities on our Condensed Consolidated Statements of Cash Flows and our calculation of Adjusted Free Cash Flow.

UScellular merger-related costs are presented below:

---

| | | | |
|:---|:---|:---|:---|
| **(in millions)** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Change** |
| **(in millions)** | **2026** | **2025** | $**%** |
| **UScellular merger-related costs** |  |  |  |
| Cost of services, exclusive of depreciation and amortization | $344 | $— | NM |
| Cost of equipment sales, exclusive of depreciation and amortization | 14 |  | NM |
| Selling, general and administrative | 48 | 14 | 243% |
| Depreciation and amortization | 229 |  | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Total UScellular merger-related costs | $635 | $14 | NM |
| Net cash payments for UScellular merger-related costs | $114 | $9 | NM |

---

NM - Not meaningful

*Anticipated Impacts*

As a result of our UScellular Acquisition restructuring and integration activities, we expect to realize cost efficiencies by eliminating redundancies within our combined network as well as other business processes and operations. Upon completion of these activities, we expect to achieve total annual run rate cost synergies of $1.2 billion, consisting of $950 million in operating expenses and $250 million in capital expenditures. We currently expect total costs to achieve, excluding accelerated depreciation, to be approximately $2.6 billion, currently expected to be comprised of $1.5 billion of UScellular merger-related costs recognized within operating expenses and $1.1 billion of capital expenditures.

Our remaining restructuring and integration activities associated with the UScellular Acquisition are expected to occur over the next two years, with substantially all costs incurred and associated cash payments made by the end of fiscal year 2027. We are evaluating additional restructuring initiatives associated with the UScellular Acquisition, which are dependent on consultations and negotiations with certain counterparties and the expected impact on our business operations, which could affect the amount or timing of the costs and related payments.

**Acquisition of Vistar Media Inc.** 

On December 20, 2024, we entered into an agreement and plan of merger for the acquisition of 100% of the outstanding capital stock of Vistar Media Inc. ("Vistar"), a provider of technology solutions for digital-out-of-home advertisements (the "Vistar Acquisition").

On February 3, 2025 (the "Vistar Acquisition Date"), we completed the Vistar Acquisition in exchange for $621 million in cash.

For more information regarding the Vistar Acquisition, see <u>[Note 2 – Business Combinations](#i6378fbff71b84deb98159947750abd1b_151)</u> of the Notes to the Condensed Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i6378fbff71b84deb98159947750abd1b_337)</u>

**Acquisition of Blis Holdco Limited**

On February 18, 2025, we entered into a share purchase agreement for the acquisition of 100% of the outstanding capital stock of Blis Holdco Limited ("Blis"), a provider of advertising solutions (the "Blis Acquisition").

On March 3, 2025 (the "Blis Acquisition Date"), we completed the Blis Acquisition in exchange for $180 million in cash.

For more information regarding the Blis Acquisition, see <u>[Note 2 – Business Combinations](#i6378fbff71b84deb98159947750abd1b_151)</u> of the Notes to the Condensed Consolidated Financial Statements.

**Acquisition of Ka'ena Corporation**

On May 1, 2024 (the "Ka'ena Acquisition Date"), we completed the merger with Ka'ena Corporation and its subsidiaries, including, among others, Mint Mobile LLC (collectively, "Ka'ena"), and as a result, Ka'ena became a wholly owned subsidiary of T-Mobile (the "Ka'ena Acquisition"). The total purchase price consists of an upfront payment on the Ka'ena Acquisition Date and an earnout payable in the third quarter of 2026. Based on the adjusted amount paid upfront, an additional $420 million in future cash and T-Mobile common stock is payable in satisfaction of the earnout.

For more information regarding the Ka'ena Acquisition, see <u>[Note 2 – Business Combinations](#i6378fbff71b84deb98159947750abd1b_151)</u> of the Notes to the Condensed Consolidated Financial Statements.

**Sprint Merger-Related Costs**

As of June 30, 2024, we have incurred substantially all restructuring and integration costs associated with our merger (the "Sprint Merger") with Sprint Corporation ("Sprint") and, accordingly, no longer separately disclose Sprint Merger-related costs. The cash payments for the Sprint Merger-related costs incurred extend beyond 2026 (together with the cash payments for UScellular merger-related costs, "net payments for Merger-related costs") and primarily relate to operating leases for which we have recognized accelerated lease expense.

**Joint Ventures**

On April 1, 2025, we completed the joint acquisition of Lumos ("Lumos"), a fiber-to-the-home platform. During the three months ended June 30, 2025, we invested $932 million to acquire a 50% equity interest in the joint venture and fiber customers. In addition, pursuant to the definitive agreement, we expect to make an additional capital contribution of approximately $500 million between 2027 and 2028 under the existing business plan. Following the joint acquisition, Lumos transitioned to a wholesale model where we are the anchor tenant owning residential and small business customer relationships.

On July 24, 2025, we completed the joint acquisition of Metronet Holdings, LLC and certain of its affiliates (collectively, "Metronet"), a fiber-to-the-home platform. During the three months ended September 30, 2025, we invested $4.6 billion to acquire a 50% equity interest in the joint venture and residential fiber customers. Following the joint acquisition, Metronet became a wholesale services provider, and its residential fiber retail operations and customers transitioned to us. We do not anticipate making further capital contributions under the existing business plan.

We account for the Lumos and Metronet joint ventures under the equity method of accounting with our proportionate share of earnings (losses) presented within Other expense, net on our Condensed Consolidated Statements of Comprehensive Income. We recognize revenues for fiber customers and the related wholesale costs paid to the joint ventures for network access within Postpaid revenues and Cost of services, respectively, on our Condensed Consolidated Statements of Comprehensive Income.

The joint ventures focus on market identification and selection, build plans, network engineering and design, network deployment and customer installation, with us owning customer relationships and selling fiber service under the T-Mobile brand.

Subsequent to March 31, 2026, on April 24, 2026, we entered into a definitive agreement with an affiliate of Wren House Infrastructure Management Limited ("Wren House") to establish a joint venture that will acquire i3 Broadband, one of Wren House's existing fiber portfolio companies. The transaction with Wren House is expected to close in the second half of 2026, subject to customary closing conditions and regulatory approvals, at which time we expect to invest approximately $700 million to acquire a 50% equity interest in the joint venture and substantially all existing residential fiber customers. Additionally, on April 25, 2026, we entered into definitive agreements with affiliates of Oak Hill Capital Management, LLC ("Oak Hill") to establish a joint venture that will acquire and combine GoNetspeed and Greenlight Networks, two of Oak Hill's existing fiber

------

<u>[**Table of Contents**](#i6378fbff71b84deb98159947750abd1b_337)</u>

portfolio companies. The transaction with Oak Hill is expected to close in the first half of 2027, subject to customary closing conditions and regulatory approvals, at which time we expect to invest approximately $2.0 billion to acquire a 50% equity interest in the joint venture and substantially all existing residential fiber customers. We expect to account for these joint ventures under the equity method of accounting and recognize service revenues for the acquired fiber customers and wholesale costs paid to the joint venture for network access within Postpaid revenues and Cost of services, respectively, on our Condensed Consolidated Statements of Comprehensive Income.

**Network Restructuring Initiative**

Recent technological advancements have enhanced our Customer-Driven Coverage insights, enabling us to identify, assess and shut down low customer value sites. In the fourth quarter of 2025, we began implementing restructuring initiatives to identify and realize these cost savings on our network, excluding activities associated with the UScellular Acquisition (the "Network Restructuring Initiative"). The major activities associated with the Network Restructuring Initiative include the rationalization of network and backhaul services and the decommissioning of cell sites and distributed antenna systems to reduce our overall network cost. Our Network Restructuring Initiative also includes the termination of certain of our operating leases for cell sites and switch sites.

Network Restructuring Initiative costs are presented below:

---

| | |
|:---|:---|
| | **Three Months Ended <br>March 31, 2026** |
| **(in millions)** | **Three Months Ended <br>March 31, 2026** |
| **Network Restructuring Initiative** | |
| Cost of services, exclusive of depreciation and amortization | $76 |
| Depreciation and amortization | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Network Restructuring Initiative costs | $136 |

---

Network Restructuring Initiative costs have been excluded from our calculations of Adjusted EBITDA and Core Adjusted EBITDA, which are non-GAAP financial measures, as we do not consider these costs to be reflective of our ongoing operating performance. See "Adjusted EBITDA and Core Adjusted EBITDA" in the "<u>[Performance Measures](#i6378fbff71b84deb98159947750abd1b_85)</u>" section of this MD&A.

Our Network Restructuring Initiative is expected to be completed prior to the end of 2027, with a majority of costs incurred by the end of 2026. We currently expect to incur between $500 million and $800 million of total costs associated with the Network Restructuring Initiative.

We are evaluating additional restructuring activities associated with the Network Restructuring Initiative, which are dependent on consultations and negotiations with certain counterparties and the expected impact on our business operations, which could affect the amount or timing of the restructuring costs and related payments.

See <u>[Note 14 – Restructuring Costs](#i6378fbff71b84deb98159947750abd1b_262)</u> of the Notes to the Condensed Consolidated Financial Statements for more information.

**2025-2026 Workforce Transformation**

In the fourth quarter of 2025, we began implementing a restructuring initiative to streamline operations by centralizing leaders and teams, reducing organizational layers, and eliminating duplicative roles (the "2025-2026 Workforce Transformation"). We intend to reinvest the expected cost savings from the 2025-2026 Workforce Transformation into the business, including into our digital initiatives.

During the three months ended March 31, 2026, we recorded a pre-tax charge of $141 million related to the 2025-2026 Workforce Transformation, which is included in Cost of services and Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income. We have incurred substantially all of the costs associated with our 2025-2026 Workforce Transformation initiative and expect substantially all remaining associated employee separations and related cash outflows to occur in 2026.

See <u>[Note 14 – Restructuring Costs](#i6378fbff71b84deb98159947750abd1b_262)</u> of the Notes to the Condensed Consolidated Financial Statements for more information.

------

<u>[**Table of Contents**](#i6378fbff71b84deb98159947750abd1b_337)</u>

**Results of Operations**

Set forth below is a summary of our consolidated financial results:

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Change** |
| **(in millions)** | **2026** | **2025** | $**%** |
| **Revenues** |  |  |  |
| Postpaid revenues | $15629 | $13594 | 15% |
| Prepaid revenues | 2517 | 2643 | (5)% |
| Wholesale and other service revenues | 685 | 688 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total service revenues | 18831 | 16925 | 11% |
| Equipment revenues | 3996 | 3704 | 8% |
| Other revenues | 280 | 257 | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 23107 | 20886 | 11% |
| **Operating expenses** |  |  |  |
| Cost of services, exclusive of depreciation and amortization shown separately below | 3339 | 2602 | 28% |
| Cost of equipment sales, exclusive of depreciation and amortization shown separately below | 5488 | 4798 | 14% |
| Selling, general and administrative | 5966 | 5488 | 9% |
| Depreciation and amortization | 3817 | 3198 | 19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 18610 | 16086 | 16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income | 4497 | 4800 | (6)% |
| **Other expense, net** |  |  |  |
| Interest expense, net | (1031) | (916) | 13% |
| Other expense, net | (132) | (46) | 187% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other expense, net | (1163) | (962) | 21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 3334 | 3838 | (13)% |
| Income tax expense | (830) | (885) | (6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $2504 | $2953 | (15)% |
| **Statement of Cash Flows Data** |  |  |  |
| Net cash provided by operating activities | $7222 | $6847 | 5% |
| Net cash used in investing activities | (2849) | (3409) | (16)% |
| Net cash (used in) provided by financing activities | (6440) | 3193 | (302)% |
| **Non-GAAP Financial Measures** |  |  |  |
| Adjusted EBITDA | $9241 | $8259 | 12% |
| Core Adjusted EBITDA | 9240 | 8258 | 12% |
| Adjusted Free Cash Flow | 4599 | 4396 | 5% |

---

------

<u>[**Table of Contents**](#i6378fbff71b84deb98159947750abd1b_337)</u>

***The following discussion and analysis is for the three months ended March 31, 2026, compared to the same period in 2025, unless otherwise stated.***

**Total revenues** increased $2.2 billion, or 11%. The components of these changes are discussed below.

**Postpaid revenues** increased $2.0 billion, or 15%, primarily from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher average postpaid accounts, including following the acquisitions of UScellular, Metronet and Lumos; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher postpaid ARPA. See "Postpaid ARPA" in the "<u>[Performance Measures](#i6378fbff71b84deb98159947750abd1b_85)</u>" section of this MD&A.

**Prepaid revenues** decreased $126 million, or 5%, primarily from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lower average revenue per customer, primarily from dilution from promotional activity and rate plan mix; partially offset by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher average prepaid customers.

**Wholesale and other service revenues** were essentially flat.

**Equipment revenues** increased $292 million, or 8%, primarily from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An increase of $191 million in device sales revenue, primarily from higher average revenue per device sold, net of promotions, primarily driven by an increase in the high-end phone mix; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An increase in liquidation revenue, primarily due to a higher number of liquidated devices and an increase in the high-end phone mix.

**Other revenues** were essentially flat.

**Total operating expenses** increased $2.5 billion, or 16%. The components of this change are discussed below.

**Cost of services**, exclusive of depreciation and amortization, increased $737 million, or 28% primarily from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher costs following the UScellular Acquisition, including merger-related costs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wholesale network access costs and amortization of customer installation fees paid to Metronet and Lumos.

**Cost of equipment sales**, exclusive of depreciation and amortization, increased $690 million, or 14%, primarily from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An increase of $559 million in device cost of equipment sales, primarily from higher average cost per device sold, primarily driven by an increase in the high-end phone mix; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An increase in liquidation costs, primarily due to a higher number of liquidated devices and an increase in the high-end phone mix.

**Selling, general and administrative** expenses increased $478 million, or 9%, primarily from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher costs following the UScellular Acquisition, including merger-related costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $132 million of severance and related costs associated with the 2025-2026 Workforce Transformation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher bad debt expense; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher advertising expense.

**Depreciation and amortization** increased $619 million, or 19%, primarily from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher depreciation expense from the acceleration of certain network and technology assets in the current period, including UScellular restructuring; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher depreciation expense from assets acquired in the UScellular Acquisition and the continued build-out of our nationwide 5G network.

**Operating income**, the components of which are discussed above, decreased $303 million, or 6%.

------

<u>[**Table of Contents**](#i6378fbff71b84deb98159947750abd1b_337)</u>

**Interest expense, net** increased $115 million, or 13%, primarily from higher interest expense due to higher average debt outstanding and a higher average effective interest rate.

**Other expense, net** increased $86 million, or 187%, primarily from our proportionate share of losses from the Lumos and Metronet joint ventures recognized during the current period.

**Income before income taxes**, the components of which are discussed above, was $3.3 billion and $3.8 billion for the three months ended March 31, 2026 and 2025, respectively.

**Income tax expense** decreased $55 million, or 6%, primarily from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lower income before income taxes; partially offset by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A decrease in excess tax benefits related to the vesting of restricted stock awards.

Our effective tax rate was 24.9% and 23.0% for the three months ended March 31, 2026 and 2025, respectively.

**Net income**, the components of which are discussed above, was $2.5 billion and $3.0 billion for the three months ended March 31, 2026 and 2025, respectively. Net income for the three months ended March 31, 2026 included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• UScellular merger-related costs, including accelerated depreciation, of $476 million, net of tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Severance and related costs associated with the 2025-2026 Workforce Transformation of $105 million, net of tax; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Costs associated with our Network Restructuring Initiative, including accelerated depreciation, of $103 million, net of tax.

***Guarantor Financial Information***

Pursuant to the applicable indentures and supplemental indentures, the Senior Notes issued by T-Mobile USA, Inc. and Sprint Capital Corporation (collectively, the "Issuers") are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by T-Mobile ("Parent") and certain of Parent's 100% owned subsidiaries ("Guarantor Subsidiaries").

The guarantees of the Guarantor Subsidiaries are subject to release in limited circumstances only upon the occurrence of certain customary conditions. Generally, the guarantees of the Guarantor Subsidiaries with respect to the Senior Notes issued by T-Mobile USA, Inc. and the credit agreement entered into by T-Mobile USA, Inc. will be automatically and unconditionally released if, immediately following such release and any concurrent releases of other guarantees, the aggregate principal amount of indebtedness of non-guarantor subsidiaries (other than certain specified subsidiaries) would not exceed $2.0 billion. The indentures, supplemental indentures and credit agreements governing the long-term debt contain covenants that, among other things, limit the ability of the Issuers or borrowers and the Guarantor Subsidiaries to incur more debt, create liens or other encumbrances, and to merge, consolidate or sell, or otherwise dispose of, substantially all of their assets.

On March 31, 2026, T-Mobile USA, Inc. elected to release the guarantees of certain subsidiaries under its credit agreement pursuant to the terms thereof, resulting in a corresponding release under the indentures dated April 28, 2013, April 9, 2020, and September 15, 2022, governing its outstanding Senior Notes. As a result of the release, the obligors under the credit agreement and outstanding Senior Notes issued by T-Mobile USA, Inc. now consist of T-Mobile USA, Inc., as issuer or borrower, and each of T-Mobile, Sprint LLC, Sprint Capital Corporation and Sprint Communications LLC, as guarantors. These are the same obligors as the outstanding Senior Notes issued by Sprint Capital Corporation.

*Basis of Presentation*

The following tables include summarized financial information of the obligor group of debt issued by T-Mobile USA, Inc. and Sprint Capital Corporation. The summarized financial information is presented on a combined basis with balances and transactions within the obligor group eliminated. Investments in and the equity in earnings of non-guarantor subsidiaries, which would otherwise be consolidated in accordance with GAAP, are excluded from the below summarized financial information pursuant to SEC Regulation S-X Rule 13-01.

------

<u>[**Table of Contents**](#i6378fbff71b84deb98159947750abd1b_337)</u>

The summarized balance sheet information for the consolidated obligor group of debt issued by T-Mobile USA, Inc. and Sprint Capital Corporation is presented in the table below:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **March 31, 2026** | **December 31, 2025** |
| Current assets | $11123 | $12459 |
| Noncurrent assets | 17660 | 17604 |
| Current liabilities | 11965 | 16426 |
| Noncurrent liabilities | 106503 | 97390 |
| Due to non-guarantors | 15000 | 8371 |
| Due to related parties | 625 | 2174 |

---

The summarized results of operations information for the consolidated obligor group of debt issued by T-Mobile USA, Inc. and Sprint Capital Corporation is presented in the table below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(in millions)** | **Three Months Ended <br>March 31, 2026** | **Year Ended<br>December 31, 2025** | | | |
| **(in millions)** | **Three Months Ended <br>March 31, 2026** | **Year Ended<br>December 31, 2025** | Total revenues | $154 | $839 |
| Operating loss | (1100) | (4437) |  |  |  |
| Net loss | (2351) | (8935) |  |  |  |
| Revenue from non-guarantors | 151 | 836 |  |  |  |
| Operating expenses from non-guarantors | 591 | 2296 |  |  |  |
| Other expense, net, to non-guarantors | (45) | (164) |  |  |  |

---

**Performance Measures**

In managing our business and assessing financial performance, we supplement the information provided by our condensed consolidated financial statements with other operating or statistical data and non-GAAP financial measures. These operating and financial measures are utilized by our management to evaluate our operating performance and, in certain cases, our ability to meet liquidity requirements. Although companies in the telecommunications industry may not define each of these measures in precisely the same way, we believe that these measures facilitate comparisons with other companies in the industry on key operating and financial measures.

Beginning with the three months ended March 31, 2026, we shifted away from reporting customer performance measures to better align with the Company's long-held priority on growing high-value accounts, which management believes is the best reflection of value creation versus customers.

***Postpaid Accounts***

A postpaid account is generally defined as a billing account that generates revenue. Postpaid accounts generally consist of customers that are qualified for postpaid service utilizing phones, 5G broadband gateways, fiber connections, mobile internet devices (including tablets and hotspots), wearables, DIGITS and other connected devices (including SyncUP and IoT), where they generally pay after receiving service.

The following table sets forth the number of ending postpaid accounts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of March 31,** | **As of March 31,** | **Change** | **Change** |
| **(in thousands)** | **2026** | **2025** | **#** | **%** |
| Postpaid accounts <sup>(1)</sup> | 34439 | 31099 | 3340 | 11% |

---

(1)In the first quarter of 2026, we recognized a base adjustment to decrease postpaid accounts by 18,000, primarily due to combining certain business accounts that have multiple billing account numbers. The base adjustment had no impact on postpaid net account additions.

***Postpaid Net Account Additions***

The following table sets forth the number of postpaid net account additions:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Change** | **Change** |
| **(in thousands)** | **2026** | **2025** | **#** | **%** |
| Postpaid net account additions | 217 | 205 | 12 | 6% |

---

------

<u>[**Table of Contents**](#i6378fbff71b84deb98159947750abd1b_337)</u>

Postpaid net account additions increased 12,000, or 6%, for the three months ended March 31, 2026, primarily from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher gross account additions, including fiber account additions following the acquisitions of Metronet and Lumos; partially offset by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher account deactivations driven by higher industry switching and the impact of a growing account base, including following the UScellular Acquisition.

***Postpaid Account Churn***

Postpaid account churn represents the number of postpaid accounts whose service was deactivated as a percentage of the average number of postpaid accounts during the specified period further divided by the number of months in the period. The number of postpaid accounts whose service was deactivated is calculated net of accounts that subsequently had their service restored within a certain period of time and excludes accounts who received service for less than a certain minimum period of time, account mergers and account migrations. We believe that postpaid account churn provides management, investors and analysts with useful information to evaluate customer retention and loyalty.

The following table sets forth the churn:

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Change** |
| | **2026** | **2025** | **Change** |
| Postpaid account churn | 1.04% | 0.94% | 10 bps |

---

Postpaid account churn increased 10 basis points, primarily from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher industry switching; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher average broadband-only accounts, including following the acquisitions of Metronet and Lumos.

***Postpaid Average Revenue Per Account***

Postpaid Average Revenue per Account ("ARPA") represents the average monthly postpaid service revenue earned per account. Postpaid ARPA is calculated as Postpaid revenues for the specified period divided by the average number of postpaid accounts during the period, further divided by the number of months in the period. We believe postpaid ARPA provides management, investors and analysts with useful information to assess and evaluate our postpaid service revenue realization and assists in forecasting our future postpaid service revenues on a per account basis. We consider postpaid ARPA to be indicative of our revenue growth potential, given management's priority on growing high-value accounts through deepening customer relationships.

The following table sets forth our operating measure ARPA:

---

| | | | |
|:---|:---|:---|:---|
| **(in dollars)** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Change** |
| **(in dollars)** | **2026** | **2025** | $**%** |
| Postpaid ARPA | $151.93 | $146.22 | 4% |

---

Postpaid ARPA increased $5.71, or 4%, primarily from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The positive impact from rate plan optimizations and higher fee revenue, including from the adoption of new tax and fee exclusive plans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An increase in customers per account, including from the continued adoption of 5G broadband and continued growth of T-Mobile for Business accounts, partially offset by fiber and UScellular accounts with fewer customers per account; partially offset by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increased promotional activity, including the success of bundled offerings.

------

<u>[**Table of Contents**](#i6378fbff71b84deb98159947750abd1b_337)</u>

***Adjusted EBITDA and Core Adjusted EBITDA***

Adjusted EBITDA represents earnings before Interest expense, net of Interest income, Income tax expense, Depreciation and amortization, stock-based compensation and certain expenses, gains and losses, which are not reflective of our ongoing operating performance ("Special Items"). Special Items include UScellular merger-related costs, costs associated with the Network Restructuring Initiative, certain legal-related expenses and recoveries, restructuring costs not directly attributable to the UScellular Acquisition (including severance), and other non-core gains and losses. Core Adjusted EBITDA represents Adjusted EBITDA less device lease revenues. Adjusted EBITDA margin represents Adjusted EBITDA divided by Service revenues. Core Adjusted EBITDA margin represents Core Adjusted EBITDA divided by Service revenues.

Adjusted EBITDA, Adjusted EBITDA margin, Core Adjusted EBITDA and Core Adjusted EBITDA margin are non-GAAP financial measures utilized by our management, including our chief operating decision maker, to monitor the financial performance of our operations and allocate resources of the Company as a whole. We historically used Adjusted EBITDA, and we currently use Core Adjusted EBITDA internally as a measure to evaluate and compensate our personnel and management for their performance. We use Adjusted EBITDA and Core Adjusted EBITDA as benchmarks to evaluate our operating performance in comparison to our competitors. Management believes analysts and investors use Adjusted EBITDA and Core Adjusted EBITDA as supplemental measures to evaluate overall operating performance and to facilitate comparisons with other wireless communications and broadband services companies because they are indicative of our ongoing operating performance and trends by excluding the impact of interest expense from financing, non-cash depreciation and amortization from capital investments, non-cash stock-based compensation, and Special Items. Management believes analysts and investors use Core Adjusted EBITDA because it normalizes for the transition in the Company's device financing strategy, by excluding the impact of device lease revenues from Adjusted EBITDA, to align with the exclusion of the related depreciation expense on leased devices from Adjusted EBITDA. Adjusted EBITDA, Adjusted EBITDA margin, Core Adjusted EBITDA and Core Adjusted EBITDA margin have limitations as analytical tools and should not be considered in isolation or as substitutes for income from operations, net income or any other measure of financial performance reported in accordance with GAAP.

------

<u>[**Table of Contents**](#i6378fbff71b84deb98159947750abd1b_337)</u>

The following table illustrates the calculation of Adjusted EBITDA and Core Adjusted EBITDA and reconciles Adjusted EBITDA and Core Adjusted EBITDA to Net income, which we consider to be the most directly comparable GAAP financial measure:

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Change** |
| **(in millions, except percentages)** | **2026** | **2025** | $**%** |
| Net income | $2504 | $2953 | (15)% |
| Adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 1031 | 916 | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense, net | 132 | 46 | 187% |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 830 | 885 | (6)% |
| Operating income | 4497 | 4800 | (6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 3817 | 3198 | 19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation <sup>(1)</sup> | 203 | 168 | 21% |
| &nbsp;&nbsp;&nbsp;&nbsp;UScellular merger-related costs | 406 | 14 | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Network Restructuring Initiative costs | 76 |  | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal-related expenses, net <sup>(2)</sup> | 54 | 6 | 800% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net <sup>(3)</sup> | 188 | 73 | 158% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | 9241 | 8259 | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease revenues | (1) | (1) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Adjusted EBITDA | $9240 | $8258 | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income margin (Net income divided by Service revenues) | 13% | 17% | -400 bps |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA margin (Adjusted EBITDA divided by Service revenues) | 49% | 49% | — bps |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Adjusted EBITDA margin (Core Adjusted EBITDA divided by Service revenues) | 49% | 49% | — bps |

---

(1)Stock-based compensation includes payroll tax impacts and may not agree with stock-based compensation expense on the condensed consolidated financial statements.

(2)Legal-related expenses, net, consists of the settlement of certain litigation and compliance costs associated with the August 2021 cyberattack and is presented net of insurance recoveries.

(3)Other, net, primarily consists of certain severance, restructuring and other expenses, gains and losses, not directly attributable to the UScellular Acquisition, which are not reflective of T-Mobile's ongoing core business activities and are, therefore, excluded from Adjusted EBITDA and Core Adjusted EBITDA. Other, net, for the three months ended March 31, 2026, includes $141 million of severance and related costs associated with the 2025-2026 Workforce Transformation.

NM - Not meaningful

Core Adjusted EBITDA increased $982 million, or 12%, for the three months ended March 31, 2026. The components comprising Core Adjusted EBITDA are discussed further above.

The increase was primarily from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher Total service revenues; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher Equipment revenues, excluding Lease revenues; partially offset by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher Cost of equipment sales, excluding Special Items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher Cost of services, excluding Special Items; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher Selling, general and administrative expenses, excluding Special Items.

Adjusted EBITDA increased $982 million, or 12%, for the three months ended March 31, 2026, due to the fluctuations in Core Adjusted EBITDA discussed above.

------

<u>[**Table of Contents**](#i6378fbff71b84deb98159947750abd1b_337)</u>

**Liquidity and Capital Resources**

Our principal sources of liquidity are our cash and cash equivalents and cash generated from operations, proceeds from issuance of debt, financing leases, the sale of certain receivables, the Revolving Credit Facility (as defined below) and an unsecured short-term commercial paper program. Further, the incurrence of additional indebtedness may inhibit our ability to incur new debt in the future to finance our business strategy under the terms governing our existing and future indebtedness.

***Cash Flows***

The following is a condensed schedule of our cash flows:

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Change** |
| **(in millions)** | **2026** | **2025** | $**%** |
| Net cash provided by operating activities | $7222 | $6847 | 5% |
| Net cash used in investing activities | (2849) | (3409) | (16)% |
| Net cash (used in) provided by financing activities | (6440) | 3193 | (302)% |

---

***Operating Activities***

Net cash provided by operating activities increased $375 million, or 5%, primarily from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A $236 million increase in Net income, adjusted for non-cash income and expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A $139 million decrease in net cash outflows from changes in working capital, primarily due to lower use of cash from Inventory and Operating lease right-of-use assets, partially offset by higher use of cash from Short- and long-term operating lease liabilities and Accounts payable and accrued liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net cash provided by operating activities includes the impact of $153 million and $70 million in net payments for Merger-related costs for the three months ended March 31, 2026 and 2025, respectively.

***Investing Activities***

Net cash used in investing activities decreased $560 million, or 16%. The net use of cash was primarily from $2.6 billion in Purchases of property and equipment, including capitalized interest, for the continued build-out of our nationwide 5G network, including for incremental capital expenditures following the UScellular Acquisition.

***Financing Activities***

Net cash used in financing activities increased $9.6 billion from a net source of cash for the three months ended March 31,

2025, to a net use of cash for the three months ended March 31, 2026. The net use of cash was primarily from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $6.4 billion in Repayments of long-term debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $4.8 billion in Repurchases of common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1.1 billion in Dividends on common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $304 million in Repayments of financing lease obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $154 million in Tax withholdings on share-based awards; partially offset by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $6.4 billion in Proceeds from issuance of long-term debt, net.

***Cash and Cash Equivalents***

As of March 31, 2026, our Cash and cash equivalents were $3.5 billion compared to $5.6 billion at December 31, 2025.

***Adjusted Free Cash Flow***

Adjusted Free Cash Flow represents Net cash provided by operating activities less cash payments for Purchases of property and equipment. Adjusted Free Cash Flow is a non-GAAP financial measure utilized by management, investors and analysts of our financial information to evaluate cash available to pay debt, repurchase shares, pay dividends and provide further investment in the business. Adjusted Free Cash Flow margin is calculated as Adjusted Free Cash Flow divided by Service revenues. Adjusted Free Cash Flow margin is utilized by management, investors, and analysts to evaluate the Company's ability to convert service

------

<u>[**Table of Contents**](#i6378fbff71b84deb98159947750abd1b_337)</u>

revenue efficiently into cash available to pay debt, repurchase shares, pay dividends and provide further investment in the business.

The table below provides a reconciliation of Adjusted Free Cash Flow to Net cash provided by operating activities, which we consider to be the most directly comparable GAAP financial measure:

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Change** |
| **(in millions, except percentages)** | **2026** | **2025** | $**%** |
| Net cash provided by operating activities | $7222 | $6847 | 5% |
| Cash purchases of property and equipment, including capitalized interest | (2623) | (2451) | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Free Cash Flow | $4599 | $4396 | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities margin (Net cash provided by operating activities divided by Service revenues) | 38% | 40% | -200 bps |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Free Cash Flow margin (Adjusted Free Cash Flow divided by Service revenues) | 24% | 26% | -200 bps |

---

Adjusted Free Cash Flow increased $203 million, or 5%, for the three months ended March 31, 2026, primarily from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher Net cash provided by operating activities, as described above; partially offset by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher Cash purchases of property and equipment, including capitalized interest, primarily from the planned timing of capital purchases, including for incremental capital expenditures following the UScellular Acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Free Cash Flow includes the impact of $153 million and $70 million in net payments for Merger-related costs for the three months ended March 31, 2026 and 2025, respectively.

***Borrowing Capacity***

We maintain a revolving credit facility (the "Revolving Credit Facility") with an aggregate commitment amount of $10.0 billion. As of March 31, 2026, there was no outstanding balance under the Revolving Credit Facility. See <u>[Note 7 – Debt](#i6378fbff71b84deb98159947750abd1b_205)</u> of the Notes to the Condensed Consolidated Financial Statements for more information regarding the Revolving Credit Facility.

We maintain an unsecured short-term commercial paper program with the ability to borrow up to $2.0 billion from time to time. This program supplements our other available external financing arrangements and proceeds are expected to be used for general corporate purposes. As of March 31, 2026, there was no outstanding balance under this program.

***Debt Financing***

As of March 31, 2026, our total debt and financing lease liabilities were $88.2 billion, excluding our tower obligations, of which $83.8 billion was classified as long-term debt and $1.0 billion was classified as long-term financing lease liabilities.

During the three months ended March 31, 2026, we issued long-term debt for net proceeds of $6.4 billion and redeemed and repaid short- and long-term debt with an aggregate principal amount of $6.4 billion.

For more information regarding our debt financing transactions, see <u>[Note 7 – Debt](#i6378fbff71b84deb98159947750abd1b_205)</u> of the Notes to the Condensed Consolidated Financial Statements.

***License Purchase Agreements***

On September 12, 2023, we entered into a license purchase agreement with Comcast (the "Comcast License Purchase Agreement"), pursuant to which we will acquire spectrum in the 600 MHz band from Comcast in exchange for total cash consideration of between $1.2 billion and $3.3 billion, subject to an application for FCC approval. The licenses are subject to an exclusive leasing arrangement between us and Comcast entered into contemporaneously with the Comcast License Purchase Agreement. On January 13, 2025, we and Comcast entered into an amendment to the Comcast License Purchase Agreement, pursuant to which we will acquire additional spectrum. Subsequent to the amendment, the total cash consideration for the transaction is between $1.2 billion and $3.4 billion. The parties are currently targeting a closing on the acquisition of approximately $45 million of the spectrum licenses in 2026, with the remaining spectrum license acquisitions targeting a closing in the first half of 2028.

On May 30, 2025, we entered into a License and Unit Purchase Agreement with NEWLEVEL IV, L.P. and NEWLEVEL, LLC, both of which are affiliates of Grain Management, LLC ("Grain"), pursuant to which we will sell our 800 MHz spectrum

------

<u>[**Table of Contents**](#i6378fbff71b84deb98159947750abd1b_337)</u>

licenses in exchange for cash consideration of $2.9 billion and the receipt of Grain's 600 MHz spectrum licenses, which we are currently utilizing under lease agreements with Grain. In addition, we may receive a share of certain future proceeds from transactions entered into by Grain that monetize the 800 MHz spectrum licenses, subject to certain terms and conditions and following a certain return on invested capital for Grain. The transaction is subject to customary closing conditions and contingent on the receipt of regulatory approvals, including the FCC's approval regarding certain modifications to the 800 MHz spectrum licenses, and the parties are currently targeting a closing in 2026. In addition, we expect an increase to our cash income tax liability of approximately $850 million upon the transaction close.

For more information regarding our license purchase agreements, see <u>[Note 5 – Spectrum License Transactions](#i6378fbff71b84deb98159947750abd1b_178)</u> of the Notes to the Condensed Consolidated Financial Statements.

***Acquisition of Ka'ena Corporation***

On May 1, 2024, we completed the Ka'ena Acquisition. The total purchase price consists of an upfront payment on the Ka'ena Acquisition Date and an earnout payable in the third quarter of 2026.

Based on the adjusted amount paid upfront, an additional $420 million in future cash and T-Mobile common stock is payable in satisfaction of the earnout.

For more information regarding the Ka'ena Acquisition, see <u>[Note 2 – Business Combinations](#i6378fbff71b84deb98159947750abd1b_151)</u> of the Notes to the Condensed Consolidated Financial Statements.

***Acquisition of Vistar Media Inc.***

On February 3, 2025, we completed the Vistar Acquisition in exchange for $621 million in cash.

For more information regarding the Vistar Acquisition, see <u>[Note 2 – Business Combinations](#i6378fbff71b84deb98159947750abd1b_151)</u> of the Notes to the Condensed Consolidated Financial Statements.

***Acquisition of Blis Holdco Limited***

On March 3, 2025, we completed the Blis Acquisition in exchange for $180 million in cash.

For more information regarding the Blis Acquisition, see <u>[Note 2 – Business Combinations](#i6378fbff71b84deb98159947750abd1b_151)</u> of the Notes to the Condensed Consolidated Financial Statements.

***Joint Ventures***

On April 1, 2025, we completed the joint acquisition of Lumos. Pursuant to the definitive agreement, we expect to make an additional capital contribution of approximately $500 million between 2027 and 2028 under the existing business plan.

Subsequent to March 31, 2026, on April 24, 2026, we entered into a definitive agreement with Wren House to establish a joint venture that will acquire i3 Broadband, one of Wren House's existing fiber portfolio companies. The transaction with Wren House is expected to close in the second half of 2026, subject to customary closing conditions and regulatory approvals, at which time we expect to invest approximately $700 million to acquire a 50% equity interest in the joint venture and substantially all existing residential fiber customers. Additionally, on April 25, 2026, we entered into definitive agreements with Oak Hill to establish a joint venture that will acquire and combine GoNetspeed and Greenlight Networks, two of Oak Hill's existing fiber portfolio companies. The transaction with Oak Hill is expected to close in the first half of 2027, subject to customary closing conditions and regulatory approvals, at which time we expect to invest approximately $2.0 billion to acquire a 50% equity interest in the joint venture and substantially all existing residential fiber customers.

***Off-Balance Sheet Arrangements***

We have arrangements, as amended from time to time, to sell certain EIP accounts receivable and service accounts receivable on a revolving basis as a source of liquidity. As of March 31, 2026, we derecognized net receivables of $1.7 billion upon sale through these arrangements.

------

<u>[**Table of Contents**](#i6378fbff71b84deb98159947750abd1b_337)</u>

For more information regarding these off-balance sheet arrangements, see <u>[Note 4 – Sales of Certain Receivables](#i6378fbff71b84deb98159947750abd1b_169)</u> of the Notes to the Condensed Consolidated Financial Statements.

**Future Sources and Uses of Liquidity**

We may seek additional sources of liquidity, including through the issuance of additional debt, to continue to opportunistically acquire spectrum licenses or other long-lived assets in private party transactions, make strategic investments, repurchase shares, pay dividends or for the refinancing of existing long-term debt on an opportunistic basis. Excluding liquidity that could be needed for acquisitions of businesses, spectrum and other long-lived assets, or for any potential stockholder returns, we expect our principal sources of funding to be sufficient to meet our anticipated liquidity needs for business operations for the next 12 months, as well as our longer-term liquidity needs. Our intended use of any such funds is for general corporate purposes, including for capital expenditures, spectrum purchases, opportunistic investments and acquisitions, redemption of debt, tower obligations, share repurchases, and dividend payments.

We determine future liquidity requirements for operations, capital expenditures, share repurchases and dividend payments based in large part upon projected financial and operating performance, and opportunities to acquire additional spectrum or repurchase shares. We regularly review and update these projections for changes in current and projected financial and operating results, general economic conditions, the competitive landscape and other factors. We have incurred, and will incur, substantial expenses to comply with the current regulatory framework, including our national security obligations, and we have incurred all of the remaining restructuring and integration costs associated with the Sprint Merger, with the cash expenditures for the Sprint Merger-related costs extending beyond 2026. Additionally, we are expecting to incur substantial expenses in connection with the UScellular Acquisition, including coordinating and integrating businesses, operations, policies and procedures. Many of the expenses that will be incurred, by their nature, are difficult to estimate accurately. These expenses could exceed the costs historically borne by us and adversely affect our financial condition and results of operations. There are a number of additional risks and uncertainties that could cause our financial and operating results and capital requirements to differ materially from our projections, which could cause future liquidity to differ materially from our assessment.

The indentures, supplemental indentures and credit agreements governing our long-term debt to affiliates and third parties, excluding financing leases, contain covenants that, among other things, limit the ability of the Issuers or borrowers and the Guarantor Subsidiaries to incur more debt, create liens or other encumbrances, and merge, consolidate or sell, or otherwise dispose of, substantially all of their assets. We were in compliance with all restrictive debt covenants as of March 31, 2026.

***Financing Lease Facilities***

We have uncommitted financing lease facilities with certain third parties that provide us with the ability to enter into financing leases for network equipment and services. We expect to enter into up to a total of $1.2 billion in financing lease commitments during the year ending December 31, 2026. As of March 31, 2026, we have entered into $11.3 billion of financing leases under these financing lease facilities, of which $213 million was executed during the three months ended March 31, 2026.

***Capital Expenditures***

Our capital liquidity requirements have been driven primarily by capital expenditures for spectrum licenses, the construction, expansion and upgrading of our network infrastructure, the integration of the networks, spectrum, technology, personnel and customer base of T-Mobile and UScellular, and investments in information technology platforms. We expect to maintain our investment in capital expenditures related to these efforts in 2026 compared to 2025, as we continue our integration efforts, maintain our commitment to build out our nationwide 5G network and continue our digital journey. Future capital expenditure requirements will be primarily driven by the deployment of acquired spectrum licenses.

For more information regarding our spectrum licenses, see <u>[Note 5 – Spectrum License Transactions](#i6378fbff71b84deb98159947750abd1b_178)</u> of the Notes to the Condensed Consolidated Financial Statements.

***Stockholder Returns***

On December 11, 2025, we announced that our Board of Directors authorized our 2026 Stockholder Return Program of up to $14.6 billion that will run through December 31, 2026 (the "2026 Stockholder Return Program"). The 2026 Stockholder Return Program consists of repurchases of shares of our common stock and the payment of cash dividends. The declaration and payment of all dividends is subject to the discretion of our Board of Directors and will depend on financial and legal requirements and other considerations. The amount available under the 2026 Stockholder Return Program for share repurchases will be reduced by the amount of any cash dividends declared and paid by us.

------

<u>[**Table of Contents**](#i6378fbff71b84deb98159947750abd1b_337)</u>

The 2026 Stockholder Return Program aligns with our commitment to a balanced capital allocation strategy that supports core and strategic investments in the business while delivering returns to stockholders. From January 1, 2026, through the end of 2027, the Company expects its business plan to support:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Up to approximately $30.0 billion for share repurchases and cash dividends, which includes the 2026 Stockholder Return Program; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Over $22.0 billion in a discretionary and flexible envelope for opportunistic deployment, which may include de-levering, investments in our core business, strategic investments, and/or additional capital returns to stockholders beyond the $30.0 billion allocation.

On December 4, 2025, our Board of Directors declared a cash dividend of $1.02 per share on our issued and outstanding common stock, which was paid on March 12, 2026, to stockholders of record as of the close of business on February 27, 2026.

On March 19, 2026, our Board of Directors declared a cash dividend of $1.02 per share on our issued and outstanding common stock, which will be paid on June 11, 2026, to stockholders of record as of the close of business on May 29, 2026.

During the three months ended March 31, 2026, we paid an aggregate of $1.1 billion in cash dividends to our stockholders, which was presented within Net cash (used in) provided by financing activities on our Condensed Consolidated Statements of Cash Flows. As of March 31, 2026, $1.1 billion for dividends payable is presented within Other current liabilities on our Condensed Consolidated Balance Sheets.

During the three months ended March 31, 2026, we repurchased 23,329,925 shares of our common stock at an average price per share of $210.07 for a total purchase price of $4.9 billion under the 2026 Stockholder Return Program. As of March 31, 2026, we had up to $8.6 billion remaining under the 2026 Stockholder Return Program for repurchases of shares and quarterly dividends through December 31, 2026.

Subsequent to March 31, 2026, on April 23, 2026, we announced that our Board of Directors increased the 2026 Stockholder Return Program authorization to up to $18.2 billion.

Subsequent to March 31, 2026, from April 1, 2026, through April 24, 2026, we repurchased 3,791,020 shares of our common stock at an average price per share of $195.87 for a total purchase price of $743 million under the 2026 Stockholder Return Program. As of April 24, 2026, we had up to $11.5 billion remaining under the 2026 Stockholder Return Program for repurchases of shares and quarterly dividends through December 31, 2026.

For additional information regarding the 2026 Stockholder Return Program, see <u>[Note 11 - Stockholder Return Program](#i6378fbff71b84deb98159947750abd1b_238)</u> of the Notes to the Condensed Consolidated Financial Statements.

**Related Person Transactions**

We have related person transactions associated with DT or its respective affiliates in the ordinary course of business, including intercompany servicing and licensing.

As of April 24, 2026, DT held, directly or indirectly, approximately 53.8% of the outstanding T-Mobile common stock. As a result of the Proxy, Lock-Up and ROFR Agreement, dated April 1, 2020, by and between DT and SoftBank Group Corp., DT has voting control, as of April 24, 2026, over approximately 54.7% of the outstanding T-Mobile common stock.

**Disclosure of Iranian Activities under Section 13(r) of the Exchange Act**

Section 219 of the Iran Threat Reduction and the Syria Human Rights Act of 2012 added Section 13(r) to the Exchange Act. Section 13(r) requires an issuer to disclose in its annual or quarterly reports, as applicable, whether it or any of its affiliates knowingly engaged in certain activities, transactions or dealings relating to Iran or with designated natural persons or entities involved in terrorism or the proliferation of weapons of mass destruction. Disclosure is required even where the activities, transactions or dealings are conducted outside the U.S. by non-U.S. affiliates in compliance with applicable law, and whether or not the activities are sanctionable under U.S. law.

As of the date of this report, we are not aware of any activity, transaction or dealing by us or any of our affiliates for the three months ended March 31, 2026, that requires disclosure in this report under Section 13(r) of the Exchange Act, except as set forth below with respect to affiliates or former affiliates that we do not control and that are our affiliates or former affiliates

------

<u>[**Table of Contents**](#i6378fbff71b84deb98159947750abd1b_337)</u>

solely due to their common control with DT. We have relied upon DT for information regarding their respective activities, transactions and dealings.

DT, through certain of its non-U.S. subsidiaries, is party to roaming and interconnect agreements with the following mobile and fixed line telecommunication providers in Iran, some of which are or may be government-controlled entities: Irancell Telecommunications Services Company, Telecommunication Kish Company, Mobile Telecommunication Company of Iran, and Telecommunication Infrastructure Company of Iran. In addition, during the three months ended March 31, 2026, DT, through certain of its non-U.S. subsidiaries, provided basic telecommunications services to four customers in Germany identified on the Specially Designated Nationals and Blocked Persons List maintained by the U.S. Department of Treasury's Office of Foreign Assets Control: CPG Engineering & Commercial Services GmbH, Golgohar Trade and Technology GmbH, International Trade and Industrial Technology ITRITEC GmbH, and Kara Industrial Trading GmbH. These services are in the process of being terminated, in particular by undertaking appropriate legal steps before German courts. For the three months ended March 31, 2026, gross revenues of all DT affiliates generated by roaming and interconnection traffic and telecommunications services with the Iranian parties identified herein were less than $0.1 million, and the estimated net profits were less than $0.1 million.

In addition, DT, through certain of its non-U.S. subsidiaries that operate a fixed-line network in their respective European home countries (in particular, Germany), provides telecommunications services in the ordinary course of business to the Embassy of Iran in those European countries. Gross revenues and net profits recorded from these activities for the three months ended March 31, 2026, were less than $0.1 million. We understand that DT intends to continue these activities.

**Critical Accounting Estimates**

Preparation of our condensed consolidated financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the reported amounts of certain assets, liabilities, revenues and expenses, as well as related disclosure of contingent assets and liabilities. There have been no material changes to the critical accounting policies and estimates as previously disclosed in Part II, Item 7 and Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2025, and which are hereby incorporated by reference herein.

**Accounting Pronouncements Not Yet Adopted**

For information regarding recently issued accounting standards, see <u>[Note 1 – Summary of Significant Accounting Policies](#i6378fbff71b84deb98159947750abd1b_145)</u> of the Notes to the Condensed Consolidated Financial Statements.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

We are exposed to economic risks in the normal course of business, primarily from changes in interest rates, including changes in investment yields and changes in spreads due to credit risk, foreign currency exchange rate fluctuations and other factors. These risks, along with other business risks, impact our cost of capital. Our policy is to manage exposure related to fluctuations in interest rates in order to manage capital costs, control financial risks and maintain financial flexibility over the long term. We have established interest rate risk limits that are closely monitored by measuring interest rate sensitivities of our debt portfolio. As of March 31, 2026, we have €7.3 billion outstanding in EUR-denominated Senior Notes, which are subject to foreign currency exchange rate fluctuations. We have entered into cross-currency swap agreements that qualify and have been designated as fair value hedges of our EUR-denominated debt, mitigating our exposure to foreign currency transaction gains and losses. We do not foresee significant changes in the strategies used to manage market risk in the near future.

**Item 4. Controls and Procedures**

**Evaluation of Disclosure Controls and Procedures**

We maintain disclosure controls and procedures designed to ensure information required to be disclosed in our periodic reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Our disclosure controls include the use of a Disclosure Committee that is comprised of representatives from our Accounting, Legal, Treasury, Technology, Risk Management, Government Affairs and Investor Relations functions and are designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

------

<u>[**Table of Contents**](#i6378fbff71b84deb98159947750abd1b_337)</u>

Under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective, as of the end of the period covered by this Form 10-Q.

The certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act") are filed as Exhibits <u>[31.1](tmus03312026ex311.htm)</u> and <u>[31.2](tmus03312026ex312.htm)</u> to this Form 10-Q.

**Changes in Internal Control over Financial Reporting**

There were no changes in our internal control over financial reporting during our most recently completed fiscal quarter that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

In the second quarter of 2025, we began implementation of a new global enterprise resource planning ("ERP") system. The implementation is expected to occur in phases over the next several years and will replace many of our operating and financial systems. The ERP system is designed to accurately maintain our financial records, support integrated billing, supply chain and other operational functionality, facilitate data analysis and accelerate information reporting to our management team related to the operation of the business.

As the phased implementation of the new ERP system continues, we could have changes to our processes and procedures which, in turn, could result in changes to our internal control over financial reporting. As such changes occur, we will evaluate quarterly whether such changes materially affect our internal control over financial reporting.

------

<u>[**Table of Contents**](#i6378fbff71b84deb98159947750abd1b_337)</u>

**PART II. OTHER INFORMATION**

**Item 1. Legal Proceedings**

For more information regarding the legal proceedings in which we are involved, see <u>[Note 13 – Commitments and Contingencies](#i6378fbff71b84deb98159947750abd1b_256)</u> of the Notes to the Condensed Consolidated Financial Statements.

**Item 1A. Risk Factors**

Other than the updated risk factor below, there have been no material changes in our risk factors as previously disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025.

**We have experienced cyberattacks and may experience disruptions, data loss and other security breaches, whether directly or indirectly through third parties whose products and services we rely on in operating our business.**

Our business involves the receipt, storage, and transmission of confidential information about our customers, such as sensitive personal, account, and payment information, confidential information about our employees and suppliers, and other sensitive information about our Company, such as our business plans, transactions, financial information, and intellectual property (collectively, "Confidential Information"). Additionally, to offer services to our customers and operate our business, we utilize several applications and systems, including those we own and operate, such as our wireless network, as well as others provided to us by third parties, such as cloud service providers and SaaS companies (collectively, "Systems").

We are subject to persistent cyberattacks and threats to our business from bad actors seeking to gain unauthorized access to Confidential Information and to compromise Systems. They are perpetrated by a variety of groups and persons, including nation state-sponsored parties, malicious actors, employees, contractors, and other third parties. Some of these bad actors reside in jurisdictions where law enforcement measures to address such attacks are ineffective or unavailable.

Cyberattacks against companies like ours are increasing in frequency and scope of potential harm over time, and the methods used to gain unauthorized access constantly evolve, making it increasingly difficult to anticipate, prevent, and detect incidents successfully in every instance. In some cases, these bad actors exploit bugs, errors, misconfigurations or other vulnerabilities in our Systems to obtain Confidential Information. In other cases, these bad actors obtain unauthorized access to Confidential Information by exploiting insider access or utilizing login credentials taken from our customers, employees, or third-party providers through credential harvesting, social engineering or other means. Other bad actors aim to cause serious operational disruptions to our business and Systems through ransomware or distributed denial of service attacks. Moreover, the amount and scope of insurance that we maintain against losses resulting from any such incidents or security breaches may not be sufficient to cover our losses or otherwise adequately compensate us for any disruptions to our business that may result.

Although we regularly work to identify, track, and remedy security vulnerabilities, given the complex nature of our Systems and the tools that are available to us, we may be unable to identify vulnerabilities in a timely manner, or to apply patches or compensating measures that address such vulnerabilities, before bad actors can exploit them. The exploitation of a security vulnerability before patches or measures are applied could materially compromise Confidential Information and Systems.

In addition, we routinely rely upon third-party providers whose products and services are used in our business. These third-party providers have experienced, and will continue to experience, cyberattacks that involve attempts to access our Confidential Information and/or to create operational risk that could materially and adversely affect our business, and these providers also face other security challenges common to all parties that collect and process information. Additionally, our Systems include components from third parties or fourth parties we do not control and may have compromises, defects, flaws, or design errors unknown to us.

As a result of the previously disclosed cyberattacks in August 2021 and January 2023, we incurred significant costs in connection with, among other things, responding to and resolving mass arbitration claims, multiple class action lawsuits, and an FCC investigation. For more information on the foregoing, see "– Contingencies and Litigation – Litigation and Regulatory Matters" in <u>[Note 1](#i6378fbff71b84deb98159947750abd1b_256)[3](#i6378fbff71b84deb98159947750abd1b_256)[– Commitments and Contingencies](#i6378fbff71b84deb98159947750abd1b_256)</u> of the Notes to the Condensed Consolidated Financial Statements.

In addition to the August 2021 cyberattack and the January 2023 cyberattack, we have experienced unrelated, non-material incidents involving unauthorized access to certain Confidential Information and Systems. Typically, these incidents have involved attempts to commit fraud by taking control of a customer's phone line, often by exploiting insider access or using compromised credentials. In other cases, the incidents have involved unauthorized access to certain of our customers' private information, including payment information, financial data, Social Security numbers or passwords, and our intellectual

------

<u>[**Table of Contents**](#i6378fbff71b84deb98159947750abd1b_337)</u>

property. Some of these incidents have occurred at third-party providers, including third parties who provide us with various Systems and others who sell our products and services through retail locations or take care of our customers.

Our procedures and safeguards to prevent unauthorized access to Confidential Information and to defend against cyberattacks seeking to disrupt our operations must be continually evaluated and enhanced to address the ever-evolving threat landscape and changing cybersecurity regulations, including while we adapt complex digital efforts. These preventative actions require the investment of significant resources and management time and attention. Additionally, we do not have control of the cybersecurity systems, breach prevention, and response protocols of our third-party providers, including through our cybersecurity programs or policies. While T-Mobile may have contractual rights to assess the effectiveness of many of our providers' systems and protocols, we do not have the means to always know or assess the effectiveness of all of our providers' systems and controls. We cannot provide any assurances that actions taken by us, or our third-party providers, including through our cybersecurity programs or policies, will adequately repel a significant cyberattack or prevent or substantially mitigate the impacts of cybersecurity breaches or misuses of Confidential Information, unauthorized access to our networks or Systems or exploits against third-party environments, or that we, or our third-party providers, will be able to effectively identify, investigate, and remediate such incidents in a timely manner or at all. We expect to continue to be the target of cyberattacks, given the nature of our business, and we expect the same with respect to our third-party providers. We expect threat actors to continue to increase in sophistication, including through the use of increasingly advanced AI tools, which may accelerate the identification and exploitation of vulnerabilities, enable evasion of security controls, and reduce the time between discovery and attempted exploitation. Although AI may also enhance defensive capabilities, the pace at which vulnerabilities can be identified and weaponized may outstrip our ability, and that of our third-party providers, to test and deploy patches or other mitigating measures across complex systems. Efforts to accelerate remediation may also increase the risk of operational disruptions or system instability, and the continued development and integration of AI may introduce new and evolving cybersecurity risks. These dynamics may heighten our exposure to cybersecurity incidents and related adverse impacts on our business, reputation, financial condition, and operating results. In addition, we have acquired and continue to acquire companies with cybersecurity vulnerabilities or unsophisticated security measures, which expose us to significant cybersecurity, operational, and financial risks. If we fail to protect Confidential Information or to prevent operational disruptions from future cyberattacks, there may be a material adverse effect on our business, reputation, financial condition, cash flows, and operating results.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds** 

**Issuer Purchases of Equity Securities**

The table below provides information regarding our share repurchases during the three months ended March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions, except share and per share amounts)** | **Total Number of Shares Purchased** | **Average Price Paid per Share** | **Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs** | **Approximate Dollar Value of Shares that may yet be Purchased Under the Plans or Programs** <sup>(1)</sup> |
| January 1, 2026 - January 31, 2026 | 4483032 | $191.75 | 4483032 | $13754 |
| February 1, 2026 - February 28, 2026 | 6753984 | 215.77 | 6753984 | 12297 |
| March 1, 2026 - March 31, 2026 | 12092909 | 213.68 | 12092909 | 8593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 23329925 |  | 23329925 |  |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;On December 11, 2025, we announced that our Board of Directors authorized a stockholder return program for up to $14.6 billion that will run through December 31, 2026. The amounts presented represent the remaining dollar amount authorized for purchase under the 2026 Stockholder Return Program, as applicable, as of the end of the period, which has been reduced by the amount of any cash dividends declared and paid by the Company. Subsequent to March 31, 2026, on April 23, 2026, we announced that our Board of Directors increased the 2026 Stockholder Return Program authorization to up to $18.2 billion.

See <u>[Note 11 – Stockholder Return Program](#i6378fbff71b84deb98159947750abd1b_238)</u> of the Notes to the Condensed Consolidated Financial Statements for more information about our 2026 Stockholder Return Program.

**Item 3. Defaults Upon Senior Securities**

None.

**Item 4. Mine Safety Disclosures**

Not applicable.

------

<u>[**Table of Contents**](#i6378fbff71b84deb98159947750abd1b_337)</u>

**Item 5. Other Information**

On February 19, 2026, Jonathan Freier, the Company's Chief Operating Officer, adopted a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) to sell up to 23,739 shares of the Company's common stock he acquired on February 15, 2026, upon the vesting of certain time-based restricted stock unit awards and performance-based restricted stock unit awards ("PRSUs"), subject to certain conditions. The duration of this trading plan is 315 days.

On February 23, 2026, Mark W. Nelson, the Company's Chief Legal Officer and General Counsel, adopted a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) to sell the shares of the Company's common stock he will acquire on February 15, 2027, upon the vesting of certain time-based restricted stock unit awards and PRSUs, up to a total of 23,596 shares assuming PRSUs will vest at maximum value, subject to certain conditions. The duration of this trading plan is 368 days.

On March 9, 2026, Deeanne King, the Company's Chief People Officer, adopted a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) to sell up to 20,868 shares of the Company's common stock, subject to certain conditions. The duration of this trading plan is 365 days.

On March 13, 2026, Claure Mobile LLC, an entity affiliated with Marcelo Claure, a director of the Company, adopted a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) to sell up to 620,400 shares of the Company's common stock, subject to certain conditions. The duration of this trading plan is 413 days.

------

<u>[**Table of Contents**](#i6378fbff71b84deb98159947750abd1b_337)</u>

**Item 6. Exhibits**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | |
| **Exhibit No.** | **Exhibit Description** | **Form** | **Date of First Filing** | **Exhibit Number** | **Filed Herein** |
| 4.1 | <u>[Thirty-Eighth Supplemental Indenture, dated as of January 12, 2026, by and among T-Mobile USA, Inc., the Guarantors (as defined therein) and Deutsche Bank Trust Company Americas, as trustee, including the Form of 5.000% Senior Note due 2036.](https://www.sec.gov/Archives/edgar/data/1283699/000119312526010485/d29462dex42.htm)</u> | 8-K | 1/12/2026 | 4.2 |  |
| 4.2 | <u>[Thirty-Ninth Supplemental Indenture, dated as of January 12, 2026, by and among T-Mobile USA, Inc., the Guarantors (as defined therein) and Deutsche Bank Trust Company Americas, as trustee, including the Form of 5.850% Senior Note due 2056.](https://www.sec.gov/Archives/edgar/data/1283699/000119312526010485/d29462dex43.htm)</u> | 8-K | 1/12/2026 | 4.3 |  |
| 4.3 | <u>[Fortieth Supplemental Indenture, dated as of February 19, 2026, by and among T-Mobile USA, Inc., the Guarantors (as defined therein) and Deutsche Bank Trust Company Americas, as trustee, paying agent and registrar, including the Form of 3.200% Senior Note due 2032.](https://www.sec.gov/Archives/edgar/data/1283699/000119312526059515/d161142dex42.htm)</u> | 8-K | 2/19/2026 | 4.2 |  |
| 4.4 | <u>[Forty-First Supplemental Indenture, dated as of February 19, 2026, by and among T-Mobile USA, Inc., the Guarantors (as defined therein) and Deutsche Bank Trust Company Americas, as trustee, paying agent and registrar, including the Form of 3.625% Senior Note due 2035.](https://www.sec.gov/Archives/edgar/data/1283699/000119312526059515/d161142dex43.htm)</u> | 8-K | 2/19/2026 | 4.3 |  |
| 4.5 | <u>[Forty-Second Supplemental Indenture, dated as of February 19, 2026, by and among T-Mobile USA, Inc., the Guarantors (as defined therein) and Deutsche Bank Trust Company Americas, as trustee, paying agent and registrar, including the Form of 3.900% Senior Note due 2038.](https://www.sec.gov/Archives/edgar/data/1283699/000119312526059515/d161142dex44.htm)</u> | 8-K | 2/19/2026 | 4.4 |  |
| 10.1 | <u>[Second Amended and Restated Credit Agreement, dated January 5, 2026, by and among T-Mobile USA, Inc., the lenders, swingline lenders and L/C issuers party thereto, and JPMorgan Chase Bank, N.A., as administrative agent.](https://www.sec.gov/Archives/edgar/data/1283699/000119312526004596/d71057dex101.htm)</u> | 8-K | 1/06/2026 | 10.1 |  |
| 22.1 | <u>[Subsidiary Guarantors and Issuers of Guaranteed Securities.](tmus03312026ex221.htm)</u> |  |  |  | X |
| 31.1 | <u>[Certifications of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](tmus03312026ex311.htm)</u> |  |  |  | X |
| 31.2 | <u>[Certifications of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](tmus03312026ex312.htm)</u> |  |  |  | X |
| 32.1\* | <u>[Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](tmus03312026ex321.htm)</u> |  |  |  | X |
| 32.2\* | <u>[Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](tmus03312026ex322.htm)</u> |  |  |  | X |
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |  |  |  |  |
| 101.SCH | XBRL Taxonomy Extension Schema Document. |  |  |  | X |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. |  |  |  | X |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. |  |  |  | X |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document. |  |  |  | X |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase. |  |  |  | X |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags) |  |  |  |  |

---

\* Furnished herein.

------

<u>[**Table of Contents**](#i6378fbff71b84deb98159947750abd1b_337)</u>

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
| | **T-MOBILE US, INC.** |
| April 28, 2026 | /s/ Peter Osvaldik |
| | Peter Osvaldik |
| | Chief Financial Officer |
| | (Principal Financial Officer and Authorized Signatory) |

---

## Exhibit 22.1

**EXHIBIT 22.1**

**Subsidiary Guarantors and Issuers of Guaranteed Securities**

<u>Guaranteed Securities</u>

The following securities (collectively, the "T-Mobile USA Senior Notes") issued by T-Mobile USA, Inc., a Delaware corporation and wholly-owned subsidiary of T-Mobile US, Inc. (the "Company"), were outstanding as of March 31, 2026, including those that may no longer be subject to reporting as provided by Regulation S-X Rule 13-01:

---

| |
|:---|
| **Description of Notes** |
| 2.625% senior notes due 2026 |
| 3.750% senior notes due 2027 |
| 2.050% senior notes due 2028 |
| 4.950% senior notes due 2028 |
| 4.800% senior notes due 2028 |
| 4.850% senior notes due 2029 |
| 2.625% senior notes due 2029 |
| 2.400% senior notes due 2029 |
| 3.375% senior notes due 2029 |
| 3.550% senior notes due 2029 |
| 4.200% senior notes due 2029 |
| 3.875% senior notes due 2030 |
| 2.550% senior notes due 2031 |
| 2.875% senior notes due 2031 |
| 3.500% senior notes due 2031 |
| 2.250% senior notes due 2031 |
| 3.150% senior notes due 2032 |
| 3.200% senior notes due 2032 |
| 2.700% senior notes due 2032 |
| 3.700% senior notes due 2032 |
| 5.125% senior notes due 2032 |
| 4.625% senior notes due 2033 |
| 5.200% senior notes due 2033 |
| 5.050% senior notes due 2033 |
| 6.700% senior notes due 2033 |
| 5.750% senior notes due 2034 |
| 5.150% senior notes due 2034 |
| 4.700% senior notes due 2035 |
| 3.625% senior notes due 2035 |
| 5.300% senior notes due 2035 |
| 4.950% senior notes due 2035 |
| 5.000% senior notes due 2036 |
| 3.850% senior notes due 2036 |
| 3.500% senior notes due 2037 |

---

------

---

| |
|:---|
| 3.900% senior notes due 2038 |
| 4.375% senior notes due 2040 |
| 3.000% senior notes due 2041 |
| 3.800% senior notes due 2045 |
| 4.500% senior notes due 2050 |
| 3.300% senior notes due 2051 |
| 3.400% senior notes due 2052 |
| 5.650% senior notes due 2053 |
| 5.750% senior notes due 2054 |
| 6.000% senior notes due 2054 |
| 5.500% senior notes due 2055 |
| 5.250% senior notes due 2055 |
| 5.875% senior notes due 2055 |
| 5.700% senior notes due 2056 |
| 5.850% senior notes due 2056 |
| 3.600% senior notes due 2060 |
| 5.800% senior notes due 2062 |
| 6.250% senior notes due 2069 |
| 5.500% senior notes due March 2070 |
| 5.500% senior notes due June 2070 |

---

The following securities (collectively, the "Sprint Capital Corporation Senior Notes") issued by Sprint Capital Corporation, a Delaware corporation and wholly-owned subsidiary of the Company, were outstanding as of March 31, 2026, including those that may no longer be subject to reporting as provided by Regulation S-X Rule 13-01:

---

| |
|:---|
| **Description of Notes** |
| 6.875% senior notes due 2028 |
| 8.750% senior notes due 2032 |

---

------

<u>Obligors</u>

As of March 31, 2026, the obligors under the T-Mobile USA Senior Notes consisted of the Company, as a guarantor; T-Mobile USA, Inc. (a Delaware corporation), as issuer and Sprint LLC (a Delaware limited liability company), Sprint Capital Corporation (a Delaware corporation) and Sprint Communications LLC (a Delaware limited liability company) as guarantors.

As of March 31, 2026, the obligors under the Sprint Capital Corporation Senior Notes consisted of the Company, as a guarantor; Sprint Capital Corporation (a Delaware corporation), as issuer and T-Mobile USA, Inc. (a Delaware corporation), Sprint LLC (a Delaware limited liability company) and Sprint Communications LLC (a Delaware limited liability company) as guarantors.

## Exhibit 31.1

**EXHIBIT 31.1**

**Certifications of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Srinivasan Gopalan, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of T-Mobile US, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

April 28, 2026

---

| |
|:---|
| /s/ Srinivasan Gopalan |
| Srinivasan Gopalan<br>Chief Executive Officer |

---

## Exhibit 31.2

**EXHIBIT 31.2**

**Certifications of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Peter Osvaldik, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of T-Mobile US, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

April 28, 2026

---

| |
|:---|
| /s/ Peter Osvaldik |
| Peter Osvaldik<br>Chief Financial Officer |

---

## Exhibit 32.1

**EXHIBIT 32.1**

**Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Quarterly Report of T-Mobile US, Inc. (the "Company"), on Form 10-Q for the quarter ended March 31, 2026, as filed with the Securities and Exchange Commission (the "Report"), Srinivasan Gopalan, Chief Executive Officer of the Company, does hereby certify, pursuant to § 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. § 1350), that to his knowledge:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

April 28, 2026

---

| |
|:---|
| /s/ Srinivasan Gopalan |
| Srinivasan Gopalan<br>Chief Executive Officer |

---

## Exhibit 32.2

**EXHIBIT 32.2**

**Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Quarterly Report of T-Mobile US, Inc. (the "Company"), on Form 10-Q for the quarter ended March 31, 2026, as filed with the Securities and Exchange Commission (the "Report"), Peter Osvaldik, Chief Financial Officer of the Company, does hereby certify, pursuant to § 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. § 1350), that to his knowledge:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

April 28, 2026

---

| |
|:---|
| /s/ Peter Osvaldik |
| Peter Osvaldik<br>Chief Financial Officer |

---

<br>