Slides
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EXHIBIT 99.2
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3 Highlights 4 Customer Metrics 7 Financial Metrics 13 Capital Structure 14 Guidance 15 Contacts 16 Financial and Operational Tables 2
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(1) AT&T Inc. does not disclose postpaid net account additions. Comcast and Charter do not disclose postpaid phone net customer additions. Industry-leading claims are based on consensus expectations if results are not yet reported. (2) Core Adjusted EBITDA, Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin are non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with GAAP. Reconciliations for these non-GAAP financial measures to the most directly comparable GAAP financial measures are provided in the Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures tables. We are not able to forecast Net income on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect Net income, including, but not limited to, Income tax expense and Interest expense. Core Adjusted EBITDA should not be used to predict Net income as the difference between this measure and Net income is variable. 3
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Postpaid Accounts (in thousands) 315 263 205 318 396 30,631 30,894 31,099 31,502 33,979 Postpaid net account additions Postpaid accounts Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025 During Q2 2025, we acquired 85,000 postpaid accounts from Lumos. During Q3 2025, we acquired 1,448,000 postpaid accounts, net of certain base adjustments, through the UScellular acquisition. During Q3 2025, we acquired 633,000 postpaid accounts from Metronet and other acquisitions. Year-Over-Year Continued growth in Postpaid accounts with an increase in net additions primarily due to: ■ Higher gross account additions, including fiber account additions following the acquisitions of Metronet and Lumos ■ Partially offset by higher account deactivations, including the impact from a growing account base Sequential Continued growth in Postpaid accounts with an increase in net additions primarily due to: ■ Higher gross account additions, including seasonal trends and fiber account additions following the acquisition of Metronet ■ Partially offset by higher account deactivations, including seasonal trends and the impact from a growing account base Year-Over-Year Postpaid ARPA increased 3% primarily due to: ■ The positive impact from rate plan optimizations and higher fee revenue, including from the adoption of new tax and fee exclusive plans ■ An increase in customers per account, including from the continued adoption of 5G broadband and continued growth of T-Mobile for Business customers, partially offset by fiber and UScellular accounts with fewer customers per account ■ Higher premium services, primarily high-end rate plans, net of contra revenues for content included in such plans, and discounts for specific affinity groups (55+, military, and first responders) ■ Partially offset by increased promotional activity, including the success of bundled offerings Postpaid phone ARPU increased 2% primarily due to: ■ The positive impact from rate plan optimizations and higher fee revenue, including from the adoption of new tax and fee exclusive plans ■ Higher premium services, primarily high-end rate plans, net of contra revenues for content included in such plans, and discounts for specific affinity groups (55+, military, and first responders), partially offset by continued growth in T-Mobile for Business customers with lower ARPU given larger account sizes ■ The acquisition of higher-ARPU UScellular customers ■ Partially offset by increased promotional activity including the success of bundled offerings Sequential Postpaid ARPA decreased slightly primarily due to: ■ A decrease in customers per account due to fiber and UScellular accounts with fewer customers per account, partially offset by the continued adoption of 5G broadband and continued growth of T-Mobile for Business customers ■ Increased promotional activity, including the success of bundled offerings ■ Mostly offset by higher fee revenue, including from the adoption of new tax and fee exclusive plans, and the positive impact from rate plan optimizations Postpaid phone ARPU increased slightly primarily due to: ■ The positive impact from rate plan optimizations and higher fee revenue, including from the adoption of new tax and fee exclusive plans ■ The acquisition of higher-ARPU UScellular customers ■ Mostly offset by increased promotional activity, including the success of bundled offerings Postpaid ARPA & Postpaid Phone ARPU $145.60$146.28$146.22$149.87$149.44 $49.79 $49.73 $49.38 $50.62 $50.71 Postpaid ARPA Postpaid Phone ARPU Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025 4
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Postpaid Customers (in thousands) 1,575 1,933 1,337 1,732 2,347 865 903 495 830 1,007 710 1,030 842 902 1,340 102,185104,118105,455107,284114,063 Postpaid phone net customer additions Postpaid other net customer additions Total postpaid customers Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025 During Q2 2025, we acquired 97,000 postpaid fiber customers from Lumos. During Q3 2025, we acquired 3,677,000 postpaid customers, net of certain base adjustments, through the UScellular acquisition. During Q3 2025, we acquired 755,000 postpaid fiber customers from Metronet and other acquisitions. Year-Over-Year Postpaid phone net customer additions increased primarily due to: ■ Higher gross additions ■ Partially offset by increased deactivations from a growing customer base and higher churn Postpaid other net customer additions increased primarily due to: ■ Higher net additions from mobile internet devices, including from success in business customers ■ Higher broadband net additions ■ Higher net additions from other connected devices Sequential Postpaid phone net customer additions increased primarily due to: ■ Higher gross additions, including seasonal trends ■ Partially offset by increased deactivations from a growing customer base Postpaid other net customer additions increased primarily due to: ■ Higher net additions from mobile internet devices, including from success in business customers ■ Higher broadband net additions ■ Higher net additions from other connected devices Year-Over-Year Postpaid phone churn increased 3 basis points primarily due to: ■ Higher industry switching Sequential Postpaid phone churn decreased 1 basis point primarily due to: ■ Moderation of the temporary impact of current year rate plan optimizations ■ Mostly offset by seasonal trends Postpaid Phone Churn 0.86% 0.92% 0.91% 0.90% 0.89% Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025 5
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Prepaid Customers (in thousands) 24 103 45 39 43 25,307 25,410 25,455 25,494 25,886 Prepaid net customer additions Prepaid customers Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025 During Q3 2025, we acquired 349,000 prepaid customers, net of certain base adjustments, through the UScellular acquisition. Year-Over-Year Prepaid net customer additions increased primarily due to: ■ Higher gross additions ■ Partially offset by higher prepaid to postpaid migrations and increased deactivations from a growing customer base Sequential Prepaid net customer additions increased primarily due to: ■ Higher gross additions ■ Partially offset by seasonally higher churn Year-Over-Year Total broadband net customer additions increased primarily due to: ■ Higher gross additions, including fiber gross additions following the acquisitions of Metronet and Lumos ■ Lower 5G broadband churn ■ Partially offset by increased deactivations from a growing customer base Sequential Total broadband net customer additions increased primarily due to: ■ Higher gross additions, including fiber gross additions following the acquisition of Metronet ■ Partially offset by increased deactivations from a growing customer base and seasonally higher churn Broadband Customers (in thousands) 418 432 427 470 560 415 428 424 454 506 6,007 6,439 6,866 7,433 8,889 5G broadband net customer additions Fiber net customer additions Total broadband customers Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025 During Q2 2025, we acquired 97,000 fiber customers from Lumos. During Q3 2025, we acquired 141,000 postpaid 5G broadband customers, net of certain base adjustments, through the UScellular acquisition. During Q3 2025, we acquired 755,000 fiber customers from Metronet and other acquisitions. 6
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Service Revenues ($ in millions) $16,725$16,928$16,925$17,438 $18,241 Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025 Year-Over-Year Service revenues increased 9% primarily due to: ■ An increase in Postpaid service revenues, including following the acquisitions of UScellular, Metronet and Lumos Sequential Service revenues increased 5% primarily due to: ■ An increase in Postpaid service revenues, including following the acquisitions of UScellular and Metronet Year-Over-Year Postpaid service revenues increased 12% primarily due to: ■ Higher average postpaid accounts, including following the acquisitions of UScellular, Metronet and Lumos ■ Higher postpaid ARPA Sequential Postpaid service revenues increased 6% primarily due to: ■ Higher average postpaid accounts, including following the acquisitions of UScellular and Metronet Postpaid Service Revenues ($ in millions) $13,308$13,502$13,594$14,078$14,882 Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025 7
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Equipment Revenues ($ in millions) $3,207 $4,699 $3,704 $3,439 $3,465 $3,186 $4,688 $3,703 $3,433 $3,461 Equipment sales Lease revenues Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025 Year-Over-Year Equipment revenues increased 8% primarily due to: ■ A higher number of devices sold, primarily driven by higher postpaid upgrades and following the UScellular acquisition ■ A higher average revenue per device sold, net of promotions, primarily driven by an increase in the high- end phone mix Sequential Equipment revenues increased slightly, primarily due to: ■ A higher number of devices sold, primarily following the UScellular acquisition, and seasonal trends ■ Partially offset by lower liquidation revenue, primarily due to a lower number of liquidated devices Year-Over-Year Cost of equipment sales, exclusive of Depreciation and Amortization (D&A), increased 13% primarily due to: ■ A higher number of devices sold, primarily driven by higher postpaid upgrades and following the UScellular acquisition ■ A higher average cost per device sold, primarily driven by an increase in the high-end phone mix Sequential Cost of equipment sales, exclusive of D&A, increased 4% primarily due to: ■ A higher number of devices sold, primarily following the UScellular acquisition, and seasonal trends ■ Partially offset by lower liquidation costs, primarily due to a lower number of liquidated devices Cost of Equipment Sales, exclusive of D&A ($ in millions, % of Equipment sales) $4,307 $6,088 $4,798 $4,659 $4,853 135.2% 129.9% 129.6% 135.7% 140.2% Cost of Equipment sales, excl. D&A % of Equipment sales, excl. D&A Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025 8
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Cost of Services, exclusive of D&A ($ in millions, % of Service revenues) $2,722 $2,697 $2,602 $2,717 $2,873 $2,655 $2,622 $2,582 $2,689 $2,811 15.9% 15.5% 15.3% 15.4% 15.4% Cost of services, ex. D&A and Special Items Merger-related costs Other Special Items % of Srvc revs, ex. D&A and Special Items Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025 Year-Over-Year Cost of services, exclusive of D&A, increased 6% primarily due to: ■ Higher costs following the acquisition of UScellular ■ Wholesale network access costs and customer installation fees paid to Metronet and Lumos ■ Partially offset by lower repair and maintenance expenses Sequential Cost of services, exclusive of D&A, increased 6% primarily due to: ■ Higher costs following the acquisition of UScellular ■ Wholesale network access costs and customer installation fees paid to Metronet ■ Partially offset by lower repair and maintenance expenses Year-Over-Year SG&A expense increased 16% primarily due to: ■ Higher personnel-related costs, including payroll, benefits and restructuring ■ Higher costs following the acquisition of UScellular, including merger-related costs ■ Higher advertising expenses Sequential SG&A expense increased 11% primarily due to: ■ Higher costs following the acquisition of UScellular, including merger-related costs ■ Higher personnel-related costs, including payroll, benefits and restructuring ■ A prior quarter gain of $151 million related to the completed sale of a portion of our 3.45 GHz spectrum licenses, which was excluded from Core Adjusted EBITDA Selling, General and Administrative (SG&A) Expense ($ in millions, % of Service revenues) $5,186 $5,352 $5,488 $5,397 $6,015 $5,100 $5,402 $5,415 $5,415 $5,828 30.5% 31.9% 32.0% 31.1% 32.0% SG&A expense, ex. Special Items Merger-related costs Other Special Items % of Srvc revs, ex. Special Items Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025 9
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Net Income ($ in millions, % of Service revenues) $3,059 $2,981 $2,953 $3,222 $2,714 18.3% 17.6% 17.4% 18.5% 14.9% Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025 Diluted Earnings Per Share (Diluted EPS) $2.61 $2.57 $2.58 $2.84 $2.41 Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025 Year-Over-Year Net income was $2.7 billion and Diluted earnings per share was $2.41 in Q3 2025, compared to $3.1 billion and $2.61 in Q3 2024, primarily due to the factors described above and included the following: ■ Impairment expense related to certain capitalized software development costs, net of tax, in Q3 2025 of $208 million, or $0.18 per share. Sequential Net income was $2.7 billion and Diluted earnings per share was $2.41 in Q3 2025, compared to $3.2 billion and $2.84 in Q2 2025, primarily due to the factors described above and included the following: ■ Impairment expense related to certain capitalized software development costs, net of tax, in Q3 2025 of $208 million, or $0.18 per share. 10
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Core Adjusted EBITDA* ($ in millions, % of Service revenues) $8,222 $7,905 $8,258 $8,541 $8,680 49.2% 46.7% 48.8% 49.0% 47.6% Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025 *Excludes Special Items (see detail on page 25) Year-Over-Year Core Adjusted EBITDA increased 6% primarily due to: ■ Higher Total service revenues ■ Higher Equipment revenues, excluding Lease revenues ■ Partially offset by higher SG&A expenses, excluding Special Items, higher Cost of equipment sales, excluding Special Items, and higher Cost of services, excluding Special Items Sequential Core Adjusted EBITDA increased 2% primarily due to: ■ Higher Total service revenues ■ Partially offset by higher SG&A expenses, excluding Special Items, higher Cost of equipment sales, excluding Special Items, and higher Cost of services, excluding Special Items Year-Over-Year Net cash provided by operating activities increased 21% primarily due to: ■ Lower net cash outflows from changes in working capital, including the impact of certain cash proceeds associated with the sale of receivables, which were recognized within investing cash flows before November 1, 2024 ■ Higher Net income, adjusted for non-cash income and expenses Sequential Net cash provided by operating activities increased 7% primarily due to: ■ Higher Net income, adjusted for non-cash income and expenses ■ Lower net cash outflows from changes in working capital The impact of net payments for Merger-related costs on Net cash provided by operating activities was $96 million in Q3 2025 compared to $92 million in Q2 2025 and $132 million in Q3 2024. Net Cash Provided by Operating Activities ($ in millions) $6,139 $5,549 $6,847 $6,992 $7,457 Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025 Effective November 1, 2024, following amendments to the company’s Equipment Installment Plan Sale and Service Receivable Sale arrangements, all cash proceeds associated with the sale of such receivables, a portion of which was previously recognized as Proceeds related to beneficial interests in securitization transactions within investing cash flows, were recognized as operating cash flows. These amendments did not have a net impact on Adjusted Free Cash Flow. 11
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Cash Purchases of Property and Equipment, incl. Capitalized Interest ($ in millions, % of Service revenues) $1,961 $2,212 $2,451 $2,396 $2,639 11.7% 13.1% 14.5% 13.7% 14.5% Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025 Year-Over-Year Cash purchases of property and equipment, including capitalized interest, increased 35% primarily due to: ■ Planned timing of capital purchases, including for increased greenfield site builds in the second half of the year and incremental capital expenditures following the acquisition of UScellular Sequential Cash purchases of property and equipment, including capitalized interest, increased 10% primarily due to: ■ Planned timing of capital purchases, including for increased greenfield site builds in the second half of the year and incremental capital expenditures following the acquisition of UScellular Year-Over-Year Adjusted Free Cash Flow decreased 7% primarily due to: ■ Higher Cash purchases of property and equipment ■ Partially offset by higher Net cash provided by operating activities and the impact of certain cash proceeds associated with the sale of receivables, which were recognized within investing cash flows before November 1, 2024, and are now recognized as operating cash flows. This change had no net impact to Adjusted Free Cash Flow. All cash proceeds from the sale of receivables are now recognized within Net cash provided by operating activities. There were no significant net cash impacts during the quarter from securitization. Sequential Adjusted Free Cash Flow increased 5% primarily due to: ■ Higher Net cash provided by operating activities ■ Partially offset by higher Cash purchases of property and equipment The impact of net payments for Merger-related costs on Adjusted Free Cash Flow was $96 million in Q3 2025 compared to $92 million in Q2 2025 and $132 million in Q3 2024 Adjusted Free Cash Flow ($ in millions) $5,162 $4,084 $4,396 $4,596 $4,818 Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025 12
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Total Debt (Excluding Tower Obligations), Net Debt (Excluding Tower Obligations), and Net Debt to LTM Net Income and Core Adj. EBITDA Ratios ($ in billions) $82.3 $80.6 $88.0 $85.3 $86.5 $72.6 $75.2 $76.0 $75.0 $83.2 7.0x 6.6x 6.4x 6.1x 7.0x 2.3x 2.4x 2.3x 2.3x 2.5x Net Debt (excluding Tower Obligations) Cash and Cash Equivalents Net Debt to LTM Net Income Ratio Net Debt to LTM Core Adjusted EBITDA Ratio Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025 Stockholder Returns ($ in millions) $1,402 $5,633 $3,473 $3,465 $3,457 $644 $4,619 $2,470 $2,469 $2,470 $758 $1,014 $1,003 $996 $987 Stock buybacks Dividends paid Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025 Total debt, excluding tower obligations, at the end of Q3 2025 was $86.5 billion. Net debt, excluding tower obligations, at the end of Q3 2025 was $83.2 billion. ■ On December 13, 2024, the Board of Directors announced a stockholder return program for up to $14.0 billion that will run through December 31, 2025, consisting of additional repurchases of shares and payment of cash dividends. On a cumulative basis, since the company initiated its stockholder return program in Q3 2022, a total of $41.8 billion has been returned to stockholders as of September 30, 2025, with 204.1 million shares repurchased for approximately $34.7 billion, and cumulative cash dividends of $7.0 billion. ■ During Q3 2025, 10.2 million shares were repurchased for approximately $2.5 billion. ■ During Q3 2025, the company paid a cash dividend of $0.88 per share of common stock, or approximately $987 million, on September 11, 2025. ■ During Q3 2025, the Board of Directors increased cash dividends per share by $0.14 or 16%, declaring a cash dividend of $1.02 per share on our issued and outstanding common stock. The dividend will be paid on December 11, 2025, to stockholders of record as of the close of business on November 26, 2025. 13
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2025 Outlook Metric Previous Revised Change at Midpoint Postpaid net customer additions 6.1 to 6.4 million 7.2 to 7.4 million 1.05 million Net income (1) N/A N/A N/A Effective tax rate 24% to 26% 23% to 24% (150) bps Core Adjusted EBITDA (2) $33.3 to $33.7 billion $33.7 to $33.9 billion $300 million Net cash provided by operating activities $27.1 to $27.5 billion $27.8 to $28.0 billion $600 million Capital expenditures (3) ~$9.5 billion ~$10.0 billion $500 million Adjusted Free Cash Flow $17.6 to $18.0 billion $17.8 to $18.0 billion $100 million (1) We are not able to forecast Net income on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect GAAP Net income, including, but not limited to, Income tax expense and Interest expense. Core Adjusted EBITDA should not be used to predict Net income as the difference between this measure and Net income is variable. (2) Management uses Core Adjusted EBITDA as a measure to monitor the financial performance of our operations, excluding the impact of lease revenues from our related device financing programs. (3) Capital expenditures means cash purchases of property and equipment, including capitalized interest. 14
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Investor Relations Cathy Yao Matthew Hale Jon Lanterman Senior Vice President Senior Director Senior Director Investor Relations Investor Relations Investor Relations Chris Lo Rose Kopecky Charles Buffum Danna Tao Investor Relations Investor Relations Investor Relations Investor Relations Manager Manager Manager Manager investor.relations@t-mobile.com https://investor.t-mobile.com 15
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T-Mobile US, Inc. Condensed Consolidated Balance Sheets (Unaudited) (in millions, except share and per share amounts) September 30, 2025 December 31, 2024 Assets Current assets Cash and cash equivalents $ 3,310 $ 5,409 Accounts receivable, net of allowance for credit losses of $206 and $176 5,084 4,276 Equipment installment plan receivables, net of allowance for credit losses and imputed discount of $646 and $656 4,599 4,379 Inventory 2,370 1,607 Prepaid expenses 1,128 880 Other current assets 5,212 1,853 Total current assets 21,703 18,404 Property and equipment, net 38,718 38,533 Operating lease right-of-use assets 26,070 25,398 Financing lease right-of-use assets 2,955 3,091 Goodwill 13,690 13,005 Spectrum licenses 97,749 100,558 Other intangible assets, net 4,117 2,512 Equipment installment plan receivables due after one year, net of allowance for credit losses and imputed discount of $186 and $158 2,316 2,209 Other assets 9,862 4,325 Total assets $ 217,180 $ 208,035 Liabilities and Stockholders' Equity Current liabilities Accounts payable and accrued liabilities $ 9,193 $ 8,463 Short-term debt 6,333 4,068 Deferred revenue 1,487 1,222 Short-term operating lease liabilities 3,550 3,281 Short-term financing lease liabilities 1,157 1,175 Other current liabilities 2,581 1,965 Total current liabilities 24,301 20,174 Long-term debt 76,365 72,700 Long-term debt to affiliates 1,498 1,497 Tower obligations 3,568 3,664 Deferred tax liabilities 19,222 16,700 Operating lease liabilities 26,780 26,408 Financing lease liabilities 1,186 1,151 Other long-term liabilities 3,783 4,000 Total long-term liabilities 132,402 126,120 Commitments and contingencies Stockholders' equity Common stock, par value $0.00001 per share, 2,000,000,000 shares authorized; 1,275,435,436 and 1,271,074,364 shares issued, 1,118,506,240 and 1,144,579,681 shares outstanding — — Additional paid-in capital 69,267 68,798 Treasury stock, at cost, 156,929,196 and 126,494,683 shares issued (28,064) (20,584) Accumulated other comprehensive loss (881) (857) Retained earnings 20,155 14,384 Total stockholders' equity 60,477 61,741 Total liabilities and stockholders' equity $ 217,180 $ 208,035 16
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T-Mobile US, Inc. Condensed Consolidated Statements of Comprehensive Income (Unaudited) Three Months Ended Nine Months Ended September 30, (in millions, except share and per share amounts) September 30, 2025 June 30, 2025 September 30, 2024 2025 2024 Revenues Postpaid revenues $ 14,882 $ 14,078 $ 13,308 $ 42,554 $ 38,838 Prepaid revenues 2,625 2,643 2,716 7,911 7,711 Wholesale and other service revenues 734 717 701 2,139 2,701 Total service revenues 18,241 17,438 16,725 52,604 49,250 Equipment revenues 3,465 3,439 3,207 10,608 9,564 Other revenues 251 255 230 763 714 Total revenues 21,957 21,132 20,162 63,975 59,528 Operating expenses Cost of services, exclusive of depreciation and amortization shown separately below 2,873 2,717 2,722 8,192 8,074 Cost of equipment sales, exclusive of depreciation and amortization shown separately below 4,853 4,659 4,307 14,310 12,794 Selling, general and administrative 6,015 5,397 5,186 16,900 15,466 Impairment expense 278 — — 278 — Depreciation and amortization 3,408 3,146 3,151 9,752 9,770 Total operating expenses 17,427 15,919 15,366 49,432 46,104 Operating income 4,530 5,213 4,796 14,543 13,424 Other expense, net Interest expense, net (924) (922) (836) (2,762) (2,570) Other (expense) income, net (78) (11) 7 (135) 19 Total other expense, net (1,002) (933) (829) (2,897) (2,551) Income before income taxes 3,528 4,280 3,967 11,646 10,873 Income tax expense (814) (1,058) (908) (2,757) (2,515) Net income $ 2,714 $ 3,222 $ 3,059 $ 8,889 $ 8,358 Net income $ 2,714 $ 3,222 $ 3,059 $ 8,889 $ 8,358 Other comprehensive income (loss), net of tax Reclassification of loss from cash flow hedges, net of tax effect of $16, $16, $15, $48 and $45 48 47 44 141 130 (Losses) gains on fair value hedges, net of tax effect of $(7), $13, $(5), $(55) and $(15) (20) 37 (12) (160) (42) Unrealized loss on foreign currency translation adjustment, net of tax effect of $0, $0, $0, $0 and $0 — (1) — (1) — Amortization of actuarial gain, net of tax effect of $0, $(1), $(2), $(1) and $(5) (1) (2) (4) (4) (13) Other comprehensive income (loss) 27 81 28 (24) 75 Total comprehensive income $ 2,741 $ 3,303 $ 3,087 $ 8,865 $ 8,433 Earnings per share Basic $ 2.42 $ 2.84 $ 2.62 $ 7.84 $ 7.12 Diluted $ 2.41 $ 2.84 $ 2.61 $ 7.82 $ 7.10 Weighted-average shares outstanding Basic 1,123,754,096 1,132,760,465 1,166,961,755 1,133,743,367 1,174,069,336 Diluted 1,126,627,708 1,134,846,966 1,170,649,561 1,136,920,521 1,177,637,145 17
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T-Mobile US, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) Three Months Ended Nine Months Ended September 30, (in millions) September 30, 2025 June 30, 2025 September 30, 2024 2025 2024 Operating activities Net income $ 2,714 $ 3,222 $ 3,059 $ 8,889 $ 8,358 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 3,408 3,146 3,151 9,752 9,770 Stock-based compensation expense 227 200 170 613 474 Deferred income tax expense 797 937 817 2,505 2,279 Bad debt expense 337 265 299 925 836 Losses from sales of receivables 17 19 23 58 69 Impairment expense 278 — — 278 — Changes in operating assets and liabilities Accounts receivable (366) (338) (734) (797) (2,436) Equipment installment plan receivables 44 65 (72) 133 360 Inventory (537) 264 (448) (591) (57) Operating lease right-of-use assets 929 883 877 2,667 2,605 Other current and long-term assets (322) (671) (19) (983) (275) Accounts payable and accrued liabilities 890 107 (165) 729 (1,861) Short- and long-term operating lease liabilities (936) (886) (805) (2,720) (2,970) Other current and long-term liabilities (239) (82) (125) (409) (657) Other, net 216 (139) 111 247 249 Net cash provided by operating activities 7,457 6,992 6,139 21,296 16,744 Investing activities Purchases of property and equipment, including capitalized interest of $(13), $(10), $(9), $(33) and $(26) (2,639) (2,396) (1,961) (7,486) (6,628) Purchases of spectrum licenses and other intangible assets, including deposits (1,590) (842) (2,419) (2,505) (2,636) Proceeds from the sale of property, equipment and intangible assets 18 2,066 15 2,091 38 Proceeds related to beneficial interests in securitization transactions — — 984 — 2,832 Acquisition of companies, net of cash acquired (2,797) 1 — (3,523) (390) Investments in unconsolidated affiliates, net (3,072) (908) — (4,055) — Other, net (59) 520 74 371 12 Net cash used in investing activities (10,139) (1,559) (3,307) (15,107) (6,772) Financing activities Proceeds from issuance of long-term debt, net 498 (6) 2,480 8,266 8,089 Repayments of financing lease obligations (318) (331) (347) (964) (1,025) Repayments of long-term debt (828) (3,257) (223) (4,564) (3,169) Repurchases of common stock (2,479) (2,555) (560) (7,528) (6,541) Dividends on common stock (987) (996) (758) (2,986) (2,286) Tax withholdings on share-based awards (92) (30) (36) (394) (244) Other, net (32) (30) (49) (80) (117) Net cash (used in) provided by financing activities (4,238) (7,205) 507 (8,250) (5,293) Effect of exchange rate changes on cash and cash equivalents, including restricted cash — 13 — 13 — Change in cash and cash equivalents, including restricted cash (6,920) (1,759) 3,339 (2,048) 4,679 Cash and cash equivalents, including restricted cash Beginning of period 10,585 12,344 6,647 5,713 5,307 End of period $ 3,665 $ 10,585 $ 9,986 $ 3,665 $ 9,986 18
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T-Mobile US, Inc. Condensed Consolidated Statements of Cash Flows (Continued) (Unaudited) Three Months Ended Nine Months Ended September 30, (in millions) September 30, 2025 June 30, 2025 September 30, 2024 2025 2024 Supplemental disclosure of cash flow information Interest payments, net of amounts capitalized $ 997 $ 992 $ 947 $ 2,923 $ 2,778 Operating lease payments 1,269 1,202 1,127 3,685 3,928 Income tax payments 65 347 50 427 164 Non-cash investing and financing activities Non-cash beneficial interest obtained in exchange for securitized receivables $ — $ — $ 789 $ — $ 2,283 Change in accounts payable and accrued liabilities for purchases of property and equipment 136 (131) 41 (458) (1,085) Operating lease right-of-use assets obtained in exchange for lease obligations 1,064 593 469 2,138 1,300 Financing lease right-of-use assets obtained in exchange for lease obligations 324 430 409 1,002 983 Deferred consideration related to the Ka’ena Acquisition — — — — 210 Debt assumed in the UScellular Acquisition 1,653 — — 1,653 — 19
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T-Mobile US, Inc. Supplementary Operating and Financial Data (Unaudited) Quarter Nine Months Ended September 30, (in thousands) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2024 2025 Customers, end of period Postpaid phone customers (1) 76,468 77,245 78,110 79,013 79,508 80,338 84,632 78,110 84,632 Postpaid other customers (1) (2) (3) 22,804 23,365 24,075 25,105 25,947 26,946 29,431 24,075 29,431 Total postpaid customers 99,272 100,610 102,185 104,118 105,455 107,284 114,063 102,185 114,063 Prepaid customers (1) (4) 21,600 25,283 25,307 25,410 25,455 25,494 25,886 25,307 25,886 Total customers 120,872 125,893 127,492 129,528 130,910 132,778 139,949 127,492 139,949 Adjustments to customers (1) (2) (3) (4) — 3,504 — — — 97 4,781 3,504 4,878 (1) In the third quarter of 2025, we acquired 3,287,000 postpaid phone customers, 390,000 postpaid other customers and 349,000 prepaid customers through the UScellular acquisition, which includes the impact of certain base adjustments to align the policies of UScellular and T-Mobile. (2) In the third quarter of 2025, we acquired 755,000 fiber customers from Metronet and other acquisitions. (3) In the second quarter of 2025, we acquired 97,000 fiber customers from Lumos. (4) In the second quarter of 2024, we acquired 3,504,000 prepaid customers through the Ka’ena acquisition, which includes the impact of certain base adjustments to align the policies of Ka’ena and T-Mobile. Quarter Nine Months Ended September 30, (in thousands) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2024 2025 Net customer additions (losses) Postpaid phone customers 532 777 865 903 495 830 1,007 2,174 2,332 Postpaid other customers 688 561 710 1,030 842 902 1,340 1,959 3,084 Total postpaid customers 1,220 1,338 1,575 1,933 1,337 1,732 2,347 4,133 5,416 Prepaid customers (48) 179 24 103 45 39 43 155 127 Total net customer additions 1,172 1,517 1,599 2,036 1,382 1,771 2,390 4,288 5,543 Migrations from prepaid to postpaid plans 145 140 175 160 115 205 215 460 535 Quarter Nine Months Ended September 30, Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2024 2025 Churn Postpaid phone churn 0.86 % 0.80 % 0.86 % 0.92 % 0.91 % 0.90 % 0.89 % 0.84 % 0.90 % Prepaid churn 2.75 % 2.54 % 2.78 % 2.85 % 2.68 % 2.65 % 2.77 % 2.69 % 2.70 % Quarter Nine Months Ended September 30, Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2024 2025 Postpaid upgrade rate Postpaid device upgrade rate 2.4 % 2.3 % 2.6 % 3.6 % 2.8 % 2.5 % 2.7 % 7.5 % 8.0 % 20
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T-Mobile US, Inc. Supplementary Operating and Financial Data (Unaudited) Quarter Nine Months Ended September 30, (in thousands) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2024 2025 Accounts, end of period Total postpaid accounts (1) (2) (3) 30,015 30,316 30,631 30,894 31,099 31,502 33,979 30,631 33,979 (1) In the second quarter of 2025, we acquired 85,000 postpaid accounts from Lumos. (2) In the third quarter of 2025, we acquired 633,000 postpaid accounts from Metronet and other acquisitions. (3) In the third quarter of 2025, we acquired 1,448,000 postpaid accounts through the UScellular acquisition, which includes the impact of certain base adjustments to align the policies of UScellular and T-Mobile. Quarter Nine Months Ended September 30, (in thousands) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2024 2025 Net account additions Postpaid net account additions 218 301 315 263 205 318 396 834 919 Quarter Nine Months Ended September 30, (in thousands) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2024 2025 Broadband customers, end of period Postpaid 5G broadband customers (1) 4,634 4,992 5,377 5,742 6,129 6,556 7,163 5,377 7,163 Prepaid 5G broadband customers 547 595 625 688 725 752 792 625 792 Total 5G broadband customers, end of period 5,181 5,587 6,002 6,430 6,854 7,308 7,955 6,002 7,955 Fiber customers (2) (3) 1 2 5 9 12 125 934 5 934 Total broadband customers, end of period 5,182 5,589 6,007 6,439 6,866 7,433 8,889 6,007 8,889 Adjustments to customers (1) (2) (3) — — — — — 97 896 — 993 (1) In the third quarter of 2025, we acquired 141,000 postpaid 5G broadband customers through the UScellular acquisition, which includes the impact of certain base adjustments to align the policies of UScellular and T-Mobile. (2) In the third quarter of 2025, we acquired 755,000 fiber customers from Metronet and other acquisitions. (3) In the second quarter of 2025, we acquired 97,000 fiber customers from Lumos. Quarter Nine Months Ended September 30, (in thousands) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2024 2025 Broadband - net customer additions Postpaid 5G broadband customers 346 358 385 365 387 427 466 1,089 1,280 Prepaid 5G broadband customers 59 48 30 63 37 27 40 137 104 Total 5G broadband net customer additions 405 406 415 428 424 454 506 1,226 1,384 Fiber customers — 1 3 4 3 16 54 4 73 Total broadband net customer additions 405 407 418 432 427 470 560 1,230 1,457 21
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Quarter Nine Months Ended September 30, (in millions) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2024 2025 Device financing - equipment installment plans Gross EIP financed $ 3,218 $ 3,037 $ 3,304 $ 4,689 $ 3,565 $ 3,503 $ 3,871 $ 9,559 $ 10,939 EIP billings 3,880 3,604 3,423 3,509 3,551 3,553 3,766 10,907 10,870 EIP receivables, net 5,967 5,556 5,347 6,588 6,405 6,201 6,915 5,347 6,915 Device financing - leased devices Lease revenues $ 35 $ 26 $ 21 $ 11 $ 1 $ 6 $ 4 $ 82 $ 11 Leased device depreciation 22 15 11 6 4 1 — 48 5 Quarter Nine Months Ended September 30, (in dollars) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2024 2025 Operating measures Postpaid ARPA $ 140.88 $ 142.54 $ 145.60 $ 146.28 $ 146.22 $ 149.87 $ 149.44 $ 143.02 $ 148.54 Postpaid phone ARPU 48.79 49.07 49.79 49.73 49.38 50.62 50.71 49.22 50.25 Prepaid ARPU 37.18 35.94 35.81 35.49 34.67 34.63 33.93 36.27 34.41 22
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T-Mobile US, Inc. Supplementary Operating and Financial Data (continued) (Unaudited) Quarter Nine Months Ended September 30, (in millions, except percentages) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2024 2025 Financial measures Service revenues $ 16,096 $ 16,429 $ 16,725 $ 16,928 $ 16,925 $ 17,438 $ 18,241 $ 49,250 $ 52,604 Equipment revenues $ 3,251 $ 3,106 $ 3,207 $ 4,699 $ 3,704 $ 3,439 $ 3,465 $ 9,564 $ 10,608 Lease revenues 35 26 21 11 1 6 4 82 11 Equipment sales $ 3,216 $ 3,080 $ 3,186 $ 4,688 $ 3,703 $ 3,433 $ 3,461 $ 9,482 $ 10,597 Total revenues $ 19,594 $ 19,772 $ 20,162 $ 21,872 $ 20,886 $ 21,132 $ 21,957 $ 59,528 $ 63,975 Net income $ 2,374 $ 2,925 $ 3,059 $ 2,981 $ 2,953 $ 3,222 $ 2,714 $ 8,358 $ 8,889 Net income margin 14.7 % 17.8 % 18.3 % 17.6 % 17.4 % 18.5 % 14.9 % 17.0 % 16.9 % Adjusted EBITDA $ 7,652 $ 8,053 $ 8,243 $ 7,916 $ 8,259 $ 8,547 $ 8,684 $ 23,948 $ 25,490 Adjusted EBITDA margin 47.5 % 49.0 % 49.3 % 46.8 % 48.8 % 49.0 % 47.6 % 48.6 % 48.5 % Core Adjusted EBITDA $ 7,617 $ 8,027 $ 8,222 $ 7,905 $ 8,258 $ 8,541 $ 8,680 $ 23,866 $ 25,479 Core Adjusted EBITDA margin 47.3 % 48.9 % 49.2 % 46.7 % 48.8 % 49.0 % 47.6 % 48.5 % 48.4 % Cost of services, exclusive of depreciation and amortization $ 2,688 $ 2,664 $ 2,722 $ 2,697 $ 2,602 $ 2,717 $ 2,873 $ 8,074 $ 8,192 Merger-related costs 107 73 — — — — 7 180 7 Other Special Items 1 — 67 75 20 28 55 68 103 Cost of services, excluding depreciation and amortization and Special Items $ 2,580 $ 2,591 $ 2,655 $ 2,622 $ 2,582 $ 2,689 $ 2,811 $ 7,826 $ 8,082 Cost of equipment sales, exclusive of depreciation and amortization $ 4,399 $ 4,088 $ 4,307 $ 6,088 $ 4,798 $ 4,659 $ 4,853 $ 12,794 $ 14,310 Merger-related costs — — — — — — 2 — 2 Cost of equipment sales, exclusive of depreciation and amortization and Special Items $ 4,399 $ 4,088 $ 4,307 $ 6,088 $ 4,798 $ 4,659 $ 4,851 $ 12,794 $ 14,308 Selling, general and administrative $ 5,138 $ 5,142 $ 5,186 $ 5,352 $ 5,488 $ 5,397 $ 6,015 $ 15,466 $ 16,900 Merger-related costs (gain), net 23 (82) 16 10 14 33 64 (43) 111 Other Special Items 12 37 70 (60) 59 (51) 123 119 131 Selling, general and administrative, excluding Special Items $ 5,103 $ 5,187 $ 5,100 $ 5,402 $ 5,415 $ 5,415 $ 5,828 $ 15,390 $ 16,658 Total bad debt expense and losses from sales of receivables $ 303 $ 280 $ 322 $ 349 $ 345 $ 284 $ 354 $ 905 $ 983 Bad debt and losses from sales of receivables as a percentage of Total revenues 1.5 % 1.4 % 1.6 % 1.6 % 1.7 % 1.3 % 1.6 % 1.5 % 1.5 % Cash purchases of property and equipment including capitalized interest $ 2,627 $ 2,040 $ 1,961 $ 2,212 $ 2,451 $ 2,396 $ 2,639 $ 6,628 $ 7,486 Capitalized interest 9 8 9 8 10 10 13 26 33 Net cash proceeds from securitization $ (29) $ (30) $ (29) $ (27) $ (26) $ (23) $ (25) $ (88) $ (74) Net cash payments for Merger-related costs $ 293 $ 241 $ 132 $ 123 $ 70 $ 92 $ 96 $ 666 $ 258 23
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T-Mobile US, Inc. Supplementary Operating and Financial Data (Unaudited) Quarter Nine Months Ended September 30, (in millions, except share and per share amounts) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2024 2025 Stockholder returns Total repurchases $ 3,568 $ 2,277 $ 644 $ 4,619 $ 2,470 $ 2,469 $ 2,470 $ 6,489 $ 7,409 Total shares repurchased 21,933,790 13,979,843 3,179,707 20,283,582 10,091,227 10,148,791 10,204,072 39,093,340 30,444,090 Average purchase price per share $ 162.69 $ 162.85 $ 202.45 $ 227.72 $ 244.77 $ 243.32 $ 242.01 $ 165.98 $ 243.36 Total dividends paid $ 769 $ 759 $ 758 $ 1,014 $ 1,003 $ 996 $ 987 $ 2,286 $ 2,986 Dividends per share $ 0.65 $ 0.65 $ 0.65 $ 0.88 $ 0.88 $ 0.88 $ 0.88 $ 1.95 $ 2.64 Total stockholder returns $ 4,337 $ 3,036 $ 1,402 $ 5,633 $ 3,473 $ 3,465 $ 3,457 $ 8,775 $ 10,395 Cumulative total repurchases $ 19,775 $ 22,052 $ 22,696 $ 27,315 $ 29,785 $ 32,254 $ 34,724 $ 22,696 $ 34,724 Cumulative shares repurchased 136,220,243 150,200,086 153,379,793 173,663,375 183,754,602 193,903,393 204,107,465 153,379,793 204,107,465 Cumulative stockholder returns $ 21,291 $ 24,327 $ 25,729 $ 31,362 $ 34,835 $ 38,300 $ 41,757 $ 25,729 $ 41,757 24
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T-Mobile US, Inc. Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures (Unaudited) This Investor Factbook includes non-GAAP financial measures. The non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with GAAP. Reconciliations for the non-GAAP financial measures to the most directly comparable GAAP financial measures are provided below. T-Mobile is not able to forecast Net income on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect GAAP net income, including, but not limited to, Income tax expense and Interest expense. Adjusted EBITDA and Core Adjusted EBITDA should not be used to predict Net income, as the difference between either of these measures and Net income is variable. Adjusted EBITDA and Core Adjusted EBITDA are reconciled to Net income as follows: Quarter Nine Months Ended September 30, (in millions, except percentages) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2024 2025 Net income $ 2,374 $ 2,925 $ 3,059 $ 2,981 $ 2,953 $ 3,222 $ 2,714 $ 8,358 $ 8,889 Adjustments: Interest expense, net 880 854 836 841 916 922 924 2,570 2,762 Other (income) expense, net (20) 8 (7) (94) 46 11 78 (19) 135 Income tax expense 764 843 908 858 885 1,058 814 2,515 2,757 Operating income 3,998 4,630 4,796 4,586 4,800 5,213 4,530 13,424 14,543 Depreciation and amortization 3,371 3,248 3,151 3,149 3,198 3,146 3,408 9,770 9,752 Stock-based compensation (1) 140 147 143 156 168 178 217 430 563 Merger-related costs (gain), net (2) 130 (9) 16 10 14 33 73 137 120 Legal-related expenses (recoveries), net (3) — 15 1 (105) 6 (4) 8 16 10 Impairment expense — — — — — — 278 — 278 Other, net (4) 13 22 136 120 73 (19) 170 171 224 Adjusted EBITDA 7,652 8,053 8,243 7,916 8,259 8,547 8,684 23,948 25,490 Lease revenues (35) (26) (21) (11) (1) (6) (4) (82) (11) Core Adjusted EBITDA $ 7,617 $ 8,027 $ 8,222 $ 7,905 $ 8,258 $ 8,541 $ 8,680 $ 23,866 $ 25,479 Net income margin (Net income divided by Service revenues) 14.7 % 17.8 % 18.3 % 17.6 % 17.4 % 18.5 % 14.9 % 17.0 % 16.9 % Adjusted EBITDA margin (Adjusted EBITDA divided by Service revenues) 47.5 % 49.0 % 49.3 % 46.8 % 48.8 % 49.0 % 47.6 % 48.6 % 48.5 % Core Adjusted EBITDA margin (Core Adjusted EBITDA divided by Service revenues) 47.3 % 48.9 % 49.2 % 46.7 % 48.8 % 49.0 % 47.6 % 48.5 % 48.4 % (1) Stock-based compensation includes payroll tax impacts and may not agree to stock-based compensation expense on the Condensed Consolidated Financial Statements. Additionally, certain stock-based compensation expenses associated with the Sprint merger have been included in Merger-related costs (gain), net. (2) Merger-related costs (gain), net, for the three months ended June 30, 2024, includes the $100 million gain recognized for the extension fee previously paid by DISH associated with the license purchase agreement for 800 MHz spectrum licenses, which was not purchased. (3) Legal-related expenses (recoveries), net, consists of the settlement of certain litigation and compliance costs associated with the August 2021 cyberattack and is presented net of insurance recoveries. (4) Other, net, primarily consists of certain severance, restructuring and other expenses, gains and losses, not directly attributable to the Sprint merger or UScellular acquisition, which are not reflective of T-Mobile’s core business activities and are, therefore, excluded from Adjusted EBITDA and Core Adjusted EBITDA. 25
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T-Mobile US, Inc. Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures (continued) (Unaudited) Net debt (excluding tower obligations) to the LTM Net income, LTM Adjusted EBITDA and LTM Core Adjusted EBITDA ratios are calculated as follows: (in millions, except net debt ratios) Mar 31, 2024 Jun 30, 2024 Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Short-term debt $ 5,356 $ 5,867 $ 5,851 $ 4,068 $ 8,214 $ 6,408 $ 6,333 Short-term financing lease liabilities 1,265 1,252 1,252 1,175 1,136 1,157 1,157 Long-term debt 71,361 70,203 72,522 72,700 76,033 75,018 76,365 Long-term debt to affiliates 1,496 1,496 1,497 1,497 1,497 1,497 1,498 Financing lease liabilities 1,163 1,133 1,185 1,151 1,117 1,188 1,186 Total debt (excluding tower obligations) $ 80,641 $ 79,951 $ 82,307 $ 80,591 $ 87,997 $ 85,268 $ 86,539 Less: Cash and cash equivalents (6,708) (6,417) (9,754) (5,409) (12,003) (10,259) (3,310) Net debt (excluding tower obligations) $ 73,933 $ 73,534 $ 72,553 $ 75,182 $ 75,994 $ 75,009 $ 83,229 Divided by: Last twelve months Net income $ 8,751 $ 9,455 $ 10,372 $ 11,339 $ 11,918 $ 12,215 $ 11,870 Net debt (excluding tower obligations) to LTM Net income Ratio 8.4 7.8 7.0 6.6 6.4 6.1 7.0 Divided by: Last twelve months Adjusted EBITDA $ 29,881 $ 30,529 $ 31,172 $ 31,864 $ 32,471 $ 32,965 $ 33,406 Net debt (excluding tower obligations) to LTM Adjusted EBITDA Ratio 2.5 2.4 2.3 2.4 2.3 2.3 2.5 Divided by: Last twelve months Core Adjusted EBITDA $ 29,681 $ 30,372 $ 31,047 $ 31,771 $ 32,412 $ 32,926 $ 33,384 Net debt (excluding tower obligations) to LTM Core Adjusted EBITDA Ratio 2.5 2.4 2.3 2.4 2.3 2.3 2.5 Adjusted Free Cash Flow is calculated as follows: Quarter Nine Months Ended September 30, (in millions, except percentages) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2024 2025 Net cash provided by operating activities (1) $ 5,084 $ 5,521 $ 6,139 $ 5,549 $ 6,847 $ 6,992 $ 7,457 $ 16,744 $ 21,296 Cash purchases of property and equipment, including capitalized interest (2,627) (2,040) (1,961) (2,212) (2,451) (2,396) (2,639) (6,628) (7,486) Proceeds related to beneficial interests in securitization transactions (1) 890 958 984 747 — — — 2,832 — Adjusted Free Cash Flow $ 3,347 $ 4,439 $ 5,162 $ 4,084 $ 4,396 $ 4,596 $ 4,818 $ 12,948 $ 13,810 Net cash provided by operating activities margin 31.6 % 33.6 % 36.7 % 32.8 % 40.5 % 40.1 % 40.9 % 34.0 % 40.5 % Adjusted Free Cash Flow margin 20.8 % 27.0 % 30.9 % 24.1 % 26.0 % 26.4 % 26.4 % 26.3 % 26.3 % (1) Effective November 1, 2024, following amendments to the company’s Equipment Installment Plan Sale and Service Receivable Sale arrangements, all cash proceeds associated with the sale of such receivables, a portion of which was previously recognized as Proceeds related to beneficial interests in securitization transactions within investing cash flows, were recognized as operating cash flows. These amendments did not have a net impact on Adjusted Free Cash Flow. 26
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T-Mobile US, Inc. Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures (continued) (Unaudited) The current guidance range for Adjusted Free Cash Flow is calculated as follows: FY 2025 (in millions) Guidance Range Net cash provided by operating activities $ 27,800 $ 28,000 Cash purchases of property and equipment, including capitalized interest (10,000) (10,000) Adjusted Free Cash Flow $ 17,800 $ 18,000 The previous guidance range for Adjusted Free Cash Flow was calculated as follows: FY 2025 (in millions) Guidance Range Net cash provided by operating activities $ 27,100 $ 27,500 Cash purchases of property and equipment, including capitalized interest (9,500) (9,500) Adjusted Free Cash Flow $ 17,600 $ 18,000 27
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Definitions of Terms Operating and financial measures are utilized by T-Mobile’s management to evaluate its operating performance and, in certain cases, its ability to meet liquidity requirements. Although companies in the wireless industry may not define measures in precisely the same way, T-Mobile believes the measures facilitate key operating performance comparisons with other companies in the wireless industry to provide management, investors and analysts with useful information to assess and evaluate past performance and assist in forecasting future performance. 1. Account - A billing account number that generates revenue. Postpaid accounts generally consist of customers that are qualified for postpaid service utilizing phones, 5G broadband modems, fiber connections, mobile internet devices, including tablets and hotspots, wearables, DIGITS or other connected devices, including SyncUP and IoT, where they generally pay after receiving service. 2. Customer - A SIM number with a unique T-Mobile identifier which is associated with an account that generates revenue. Customers are qualified either for postpaid service utilizing phones, 5G broadband modems, fiber connections, mobile internet devices, including tablets and hotspots, wearables, DIGITS or other connected devices, including SyncUP and IoT, where they generally pay after receiving service, or prepaid service, where they generally pay in advance of receiving service. 3. Churn - The number of customers whose service was deactivated as a percentage of the average number of customers during the specified period further divided by the number of months in the period. The number of customers whose service was deactivated is presented net of customers that subsequently have their service restored within a certain period of time and excludes customers who received service for less than a certain minimum period of time. 4. Postpaid Average Revenue Per Account (“ARPA”) - Average monthly postpaid service revenue earned per account. Postpaid service 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. Average Revenue Per User (“ARPU”) - Average monthly service revenue earned per customer. Service revenues for the specified period divided by the average number of customers during the period, further divided by the number of months in the period. Postpaid phone ARPU excludes postpaid other customers and related revenues. Service revenues - Postpaid, including handset insurance, prepaid, wholesale and other service revenues. 5. Cost of services - Costs directly attributable to providing wireless service through the operation of T-Mobile’s network, including direct switch and cell site costs, such as rent, network access and transport costs, utilities, maintenance, associated labor costs, long distance costs, regulatory program costs, roaming fees paid to other carriers and data content costs. Cost of equipment sales - Costs of devices and accessories sold to customers and dealers, device costs to fulfill insurance and warranty claims, write-downs of inventory related to shrinkage and obsolescence, and shipping and handling costs. Selling, general and administrative expenses - Costs not directly attributable to providing wireless service for the operation of sales, customer care and corporate activities. These include all commissions paid to dealers and retail employees for activations and upgrades, labor and facilities costs associated with retail sales force and administrative space, marketing and promotional costs, customer support and billing, bad debt expense and administrative support activities. 6. Net income margin - Net income divided by Service revenues. 7. 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 Special Items. Core Adjusted EBITDA represents Adjusted EBITDA less device lease revenues. Core Adjusted EBITDA and Adjusted EBITDA are non-GAAP financial measures utilized by T- Mobile’s management, including our chief operating decision maker, to monitor the financial performance of our operations and allocate resources of the Company as a whole. T-Mobile historically used Adjusted EBITDA and T-Mobile currently uses Core Adjusted EBITDA internally as a measure to evaluate and compensate its personnel and management for their performance. T-Mobile uses Adjusted EBITDA and Core Adjusted EBITDA as benchmarks to evaluate its operating performance in comparison to competitors. Management believes analysts and investors use Core Adjusted EBITDA and Adjusted EBITDA as supplemental measures to evaluate overall operating performance and to facilitate comparisons with other wireless communications services companies because they are indicative of T-Mobile’s 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 related depreciation expense on leased devices, which is excluded from the definition of Adjusted EBITDA. Core Adjusted EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be considered in isolation or as a substitute for Income from operations, Net income or any other measure of financial performance reported in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). 8. Special Items - Certain expenses, gains, and losses which are not reflective of our ongoing performance. Special Items include Merger- related costs (gain), net, certain legal-related recoveries and expenses, Impairment expense, restructuring costs not directly attributable to the Sprint merger or UScellular acquisition (including severance), and other non-core gains and losses. 9. Adjusted EBITDA margin and Core Adjusted EBITDA margin - Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Service revenues. Core Adjusted EBITDA margin is calculated as Core Adjusted EBITDA divided by Service revenues. Adjusted EBITDA margin and Core Adjusted EBITDA margin are non-GAAP financial measures utilized by T-Mobile’s management, including our chief operating decision maker, to monitor the financial performance of our operations and allocate resources of the Company as a whole. 10. Net cash provided by operating activities margin - Net cash provided by operating activities margin is calculated as Net cash provided by operating activities divided by Service revenues. 11. Adjusted Free Cash Flow - Net cash provided by operating activities less cash payments for purchases of property and equipment, plus proceeds from sales of tower sites and proceeds related to beneficial interests in securitization transactions. Adjusted Free Cash Flow is utilized by T-Mobile’s 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. 12. Adjusted Free Cash Flow margin - Adjusted Free Cash Flow margin is calculated as Adjusted Free Cash Flow divided by Service revenues. Adjusted Free Cash Flow Margin is utilized by T-Mobile’s management, investors, and analysts to evaluate the company’s ability to convert service revenue efficiently into cash available to pay debt, repurchase shares, pay dividends and provide further investment in the business. 28
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13. Net debt - Short-term debt, short-term debt to affiliates, long-term debt (excluding tower obligations), and long-term debt to affiliates, short- term financing lease liabilities and financing lease liabilities, less cash and cash equivalents. 14. Merger-related costs includes Sprint merger-related costs and UScellular merger-related costs. 15. Sprint merger-related costs include: • Integration costs to achieve efficiencies in network, retail, information technology and back office operations, migrate customers to the T- Mobile network and billing systems and the impact of legal matters assumed as part of the Sprint merger; • Restructuring costs, including severance, store rationalization and network decommissioning; and • Transaction costs, including legal and professional services related to the completion of the Sprint merger and the acquisitions of affiliates. 16. UScellular merger-related costs to date include: • 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; • Restructuring costs, including severance and network decommissioning; and • Transaction costs, including legal and professional services related to the completion of the UScellular acquisition. 29
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Cautionary Statement Regarding Forward-Looking Statements This communication 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 T-Mobile US, Inc.’s 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 and may cause actual results to differ materially from the forward-looking statements. Important factors that could affect future results and cause those results to differ materially from those expressed in the forward-looking statements include, among others, the following: competition, industry consolidation and changes in the market for wireless communications services and other forms of connectivity; criminal cyberattacks, disruption, data loss or other security breaches; our inability to timely adopt and effectively deploy network technology developments; our inability to effectively execute our digital transformation and drive customer and employee adoption of emerging technologies; our inability to retain or motivate key personnel, hire qualified personnel or maintain our corporate culture; system failures and business disruptions, allowing for unauthorized use of or interference with our network and other systems; the scarcity and cost of additional wireless spectrum, and regulations relating to spectrum use; the timing and effects of any pending and future acquisition, divestiture, investment, joint venture or merger 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; adverse economic, political or market conditions in the U.S. and international markets, including changes resulting from increases in inflation or interest rates, tariffs and trade restrictions, supply chain disruptions, fluctuations in global currencies, immigration policies, and impacts of geopolitical instability, such as the Ukraine-Russia and Israel-Hamas wars and further escalations thereof; potential operational delays, higher procurement and operational costs, and regulatory and compliance complexities as result of changes to trade policies, including higher tariffs, restrictions and other economic disincentives to trade; our inability to successfully deliver new products and services; any disruption or failure of our third parties (including key suppliers) to provide products or services for the operation of our business; sociopolitical volatility and polarization and risks related to environmental, social and governance matters; our substantial level of indebtedness and our inability to service our debt obligations in accordance with their terms; changes in the credit market conditions, credit rating downgrades or an inability to access debt markets; our inability to maintain effective internal control over financial reporting; any changes in regulations or in the regulatory framework under which we operate; laws and regulations relating to the handling of privacy, data protection and artificial intelligence; unfavorable outcomes of and increased costs from existing or future regulatory or legal proceedings; difficulties in protecting our intellectual property rights or if we infringe on the intellectual property rights of others; our offering of regulated financial services products and exposure to a wide variety of state and federal regulations; new or amended tax laws or regulations or administrative interpretations and judicial decisions affecting the scope or application of tax laws or regulations; our wireless licenses, including those controlled through leasing agreements, are subject to renewal and may be revoked; our exclusive forum provision as provided in our Certificate of Incorporation; interests of Deutsche Telekom AG (“DT”), our controlling stockholder, which may differ from the interests of other stockholders; 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; future sales of our common stock by DT and SoftBank Group Corp. and our inability to attract additional equity financing outside the United States due to foreign ownership limitations by the Federal Communications Commission; and other risks as disclosed in our most recent annual report on Form 10-K, and subsequent Forms 10-Q and other filings with the Securities and Exchange Commission. 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. About T-Mobile US, Inc. As the supercharged Un-carrier, T-Mobile US, Inc. (NASDAQ: TMUS) is powered by an award-winning 5G network that connects more people, in more places, than ever before. With T-Mobile’s unique value proposition of best network, best value and best experiences, the Un-carrier is redefining connectivity and fueling competition while continuing to drive the next wave of innovation in wireless and beyond. Headquartered in Bellevue, Wash., T-Mobile provides services through its subsidiaries and operates its flagship brands, T-Mobile, Metro by T-Mobile and Mint Mobile. For more information, visit https://www.t-mobile.com. 30