0001283699-26-000100
SEC filingT-Mobile Q2 2026业绩强劲，服务收入与核心EBITDA行业领先增长，上调全年现金流指引。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Total service revenues | $18,983M | $17,438M | +8.9% |
| Postpaid service revenues | $15,853M | $14,078M | +12.6% |
| Total revenues | $22,791M | $21,132M | +7.9% |
| Net income | $3,239M | $3,222M | +0.5% |
| Diluted EPS | $2.99 | $2.84 | +5.3% |
| Adjusted EBITDA | $9,537M | $8,547M | +11.6% |
| Core Adjusted EBITDA | $9,537M | $8,541M | +11.7% |
| Net cash provided by operating activities | $7,500M | $6,992M | +7.3% |
| Adjusted Free Cash Flow | $4,797M | $4,596M | +4.4% |
| Postpaid ARPA | $152.91 | $149.87 | +2.0% |
| Postpaid net account additions | 277K | 318K | -13% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Postpaid net account additions | 950K - 1,050K | — |
| FY2026 | Core Adjusted EBITDA | $37.1B - $37.5B | Non-GAAP |
| FY2026 | Net cash provided by operating activities | $28.4B - $28.8B | GAAP |
| FY2026 | Capital expenditures | ~$10.0B | GAAP |
| FY2026 | Adjusted Free Cash Flow | $18.4B - $18.8B | Non-GAAP |
简评
T-Mobile Q2 2026延续强劲增长势头，服务收入$19.0B同比+8.9%，Postpaid服务收入$15.9B同比+12.6%，均实现行业领先增长。核心驱动来自Postpaid ARPA $152.91同比+2%及账户净增277千户，叠加网络领先优势（无线NPS创纪录46分、Ookla/Opensignal/P3多项评测夺冠）带来的客户粘性提升。净收入$3.2B同比+0.5%，增速放缓主要受UScellular合并相关成本（含加速折旧税后$146M）拖累，但Core Adjusted EBITDA $9.5B同比+11.7%，利润率持续扩张，显示核心业务盈利能力强劲。
管理层上调2026全年经营现金流指引至$28.4B-$28.8B（上调$200M），Adjusted Free Cash Flow指引上调至$18.4B-$18.8B（上调$200M），反映对现金流生成的信心。Q2股东回报$3.3B（回购$2.2B+股息$1.1B），累计回报$54.6B，资本返还力度持续。CEO Srini Gopalan强调"best network, best value, best experiences"战略奏效，无线和宽带及新业务增长空间广阔。主要风险包括Postpaid净增账户同比下滑13%及UScellular整合相关成本持续影响。