TMUS · T-Mobile US, Inc. 6.25 % Notes -01.09.69

T-Mobile US, Inc. has significantly enhanced its capital return framework, with the Board of Directors authorizing an additional $3.6 billion under the 2026 Shareholder Return Program. This adjustment elevates the total program capacity from $14.6 billion to $18.2 billion. The program, scheduled to run through December 31, 2026, is designed to return capital to shareholders through a combination of share repurchases and cash dividends. A key structural feature of the program is the fungibility between dividends and buybacks; the amount available for share repurchases is explicitly reduced by the value of any cash dividends paid during the year.

The announcement highlights recent dividend activity, specifically the Q2 2026 cash dividend of $1.02 per share, payable on June 11, 2026, to stockholders of record as of May 29, 2026. This follows the Q1 2026 dividend of the same amount paid in March. Management noted that share repurchases and dividends are expected to be funded through available cash on hand as well as proceeds from debt issuances or other borrowings. The company retains broad discretion over execution methods, including open market purchases, 10b5-1 plans, and accelerated share repurchases. Consistent with standard capital allocation disclosures, the company emphasized that the program does not obligate it to acquire any specific amount of stock and may be suspended or discontinued at any time, depending on market conditions and other factors.