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

T-Mobile US, Inc. delivered a strong first quarter of 2026, characterized by accelerating postpaid net account additions and robust financial growth. The company reported postpaid net account additions of 217 thousand, a 6% increase year-over-year, signaling successful customer acquisition and deepening relationships. This customer growth translated directly into financial performance, with total service revenues rising 11% year-over-year to $18.8 billion and postpaid service revenues climbing 15% to $15.6 billion. Core Adjusted EBITDA demonstrated industry-leading growth of 12% to $9.2 billion, driven by higher service revenues and equipment revenues, partially offset by increased costs associated with the UScellular merger and workforce transformation initiatives. While GAAP Net Income decreased 15% to $2.5 billion due to $476 million in UScellular merger-related costs (including accelerated depreciation), the underlying operational profitability remained strong. The company continued its aggressive capital return strategy, returning $6.0 billion to stockholders in Q1 through $4.9 billion in share repurchases and $1.1 billion in dividends. Reflecting confidence in its continued momentum, T-Mobile raised its full-year 2026 guidance, increasing the midpoint for postpaid net account additions by 50 thousand and Core Adjusted EBITDA by $50 million. Management attributed the success to its "Un-carrier" strategy of combining the best network, best value, and best experiences, which continues to drive differentiation in the market.