T-Mobile (TMUS) official guidance

Our expectation for full year 2026 cash CapEx remains unchanged at approximately $10 billion.

We continue to expect core adjusted EBITDA to be between $37.1 billion and $37.5 billion for the full year, representing 10% growth year-over-year at the midpoint.

As part of that, we expect Q3 core adjusted EBITDA of approximately $9.4 billion, or up 8% year-over-year.

Finally, we are increasing our adjusted free cash flow guidance to now be between $18.4 billion and $18.8 billion, an increase of $200 million at the midpoint, primarily driven by lower cash income taxes.

As part of that service revenue guide, we continue to expect strong postpaid ARPA growth of between 2.5% and 3% this year.

Starting with accounts, where we continue to expect postpaid account net additions to be between 950,000 and 1,050,000 on the strength of the underlying momentum in the business.

As part of our full-year plan and guidance, we anticipated our Q3 rate plan modernization would result in a temporary elevated account churn profile and expect Q3 net postpaid account additions to be approximately 250,000.

Turning to service revenues, we continue to expect to deliver full-year service revenues of approximately $77 billion this year, representing 8% growth, with Q3 expectations of approximately $19.3 billion, or up 6% year-over-year.

Turning to service revenues, we continue to expect to deliver full-year service revenues of approximately $77 billion this year, representing 8% growth, with Q3 expectations of approximately $19.3 billion, or up 6% year-over-year.

| Effective tax rate | 25% | 26% | 25% | 26% | | — |

Net cash provided by operating activities, including net payments for UScellular merger-related costs, is now expected to be between $28.4 billion and $28.8 billion, an increase from prior guidance of $28.1 billion to $28.7 billion.

I would say, you know, the $2.7 billion that we laid out for you, exiting 2027 certainly is on track.

We said we would get to 50 million customers by 2030 a couple of months ago. How do we get to that 15 million?

As part of that, we expect Q2 core adjusted EBITDA of approximately $9.4 billion, up 10% year-over-year.

Yes, when you think about Q2, I think you're absolutely right in terms of the numbers, probably near 2% on a year-over-year ARPA basis there, simply because of the dynamics of you have the rate plan optimizations, and you have, remember, the dilutive effect that was long anticipated around both UScellular as well as Metronet and Lumos, which were taken on and impact Q2 of this year, but not, of course, Q2 of last year.

Turning to service revenues, we continue to expect to deliver full-year service revenue of approximately $77 billion, representing 8% growth, with Q2 expectations of approximately $19 billion or up 9% year-over-year.

In 2027, we anticipate CapEx to return to the normalized range of between $9 billion to $10 billion.

Cash taxes are expected to be $1.5 billion for 2026 and $3.5 billion in 2027, fully integrating the benefits we anticipate from the One Big Beautiful Bill.

Cash taxes are expected to be $1.5 billion for 2026 and $3.5 billion in 2027, fully integrating the benefits we anticipate from the One Big Beautiful Bill.

We now expect between 2026 and '27 -- relative to 2025, these initiatives are going to deliver $1.3 billion of incremental savings in 2026.

We expect, just based on our current assets to scale the 12 million to 15 million homes passed and 3 million to 4 million customers by 2030, which would leave us with the broadband business of 18 million to 19 million customers largely built over a 7-year period, which is again testament to the value of that NPS chart, what we can do with our relationships, the power of our brand and the power of this team.

We expect, just based on our current assets to scale the 12 million to 15 million homes passed and 3 million to 4 million customers by 2030, which would leave us with the broadband business of 18 million to 19 million customers largely built over a 7-year period, which is again testament to the value of that NPS chart, what we can do with our relationships, the power of our brand and the power of this team.

So we expect Q1 core adjusted EBITDA to be between $9 billion to $9.1 billion.

We expect, just based on our current assets to scale the 12 million to 15 million homes passed and 3 million to 4 million customers by 2030, which would leave us with the broadband business of 18 million to 19 million customers largely built over a 7-year period, which is again testament to the value of that NPS chart, what we can do with our relationships, the power of our brand and the power of this team.

And so that results in an assumption of $4.3 billion in cash interest outlays in 2026, stepping up to $5 billion in 2027.

And so that results in an assumption of $4.3 billion in cash interest outlays in 2026, stepping up to $5 billion in 2027.

And for those of you who are curious, and I know you are, implicit in that guide is an expectation of about 2.5 million postpaid phone net additions.

And we'll have workforce restructuring charges of approximately $150 million in Q1 as we go through our simplification initiatives and conclude what we began in Q4.

Our initial view of this is allocating up to $30 billion towards shareholder returns. That currently includes an assumption of approximately up to $10 billion in share repurchases per year.

And I'm excited to announce today that we are accelerating our Q1 share buybacks to $5 billion, up to $5 billion, or double our run rate.

In fact, we now believe for the full year, we'll have ARPU increase of approximately 2%, so up from 1.5% that we had previously guided to.

We now expect cash CapEx to be approximately $10 billion, an increase of $500 million, driven entirely by the inclusion of UScellular.

Remember, it was $950 million of OpEx synergies and $250 million of CapEx synergies, and we'll achieve those inside of 2 years. So as I model it out kind of by the end of '27, you're going to have those full synergies already coming to bear.

As part of this effort in Q4, we expect to incur approximately $160 million in additional expenses related to cell site decommissioning that will be excluded from core adjusted EBITDA.

As part of that accelerated synergy realization plan, we expect to incur approximately $300 million in costs to achieve in Q4, primarily driven by merger-related costs related to UScellular, which will be excluded from core adjusted EBITDA.

With all M&A and financing incorporated, we anticipate Q4 depreciation and amortization expense of approximately $3.7 billion and interest expense of $1 billion.

We now expect core adjusted EBITDA to be between $33.7 billion and $33.9 billion for the full year, an increase of $300 million at the midpoint, reflecting our ongoing core operating strength and the inclusion of UScellular into our full year guidance.

And on the strength of our T-Fiber rollout, we are also raising our fiber customer net additions guidance to be approximately 130,000 this year, up from approximately 100,000 previously.

And we now expect adjusted free cash flow, including payments for merger-related costs in the range of $17.8 billion to $18 billion, representing an increase of $200 million at the lower end of the range.

With all M&A and financing incorporated, we anticipate Q4 depreciation and amortization expense of approximately $3.7 billion and interest expense of $1 billion.

Remember, it was $950 million of OpEx synergies and $250 million of CapEx synergies, and we'll achieve those inside of 2 years. So as I model it out kind of by the end of '27, you're going to have those full synergies already coming to bear.

We now expect postpaid ARPA growth of at least 3.5% for the full year, including the dilutive impacts of UScellular, Metronet and Lumos.

We are raising our expectation for total postpaid net additions to now be between 7.2 million to 7.4 million, an increase of just over 1 million at the midpoint.

As part of that total, we are also increasing our expectation for postpaid phone net additions, now expected to be 3.3 million, highlighting the tremendous momentum we're seeing in the business.

Excluding the impacts of UScellular and the fiber JVs, our underlying ARPA growth is now expected to be up approximately 4% for the full year.

| Effective tax rate | 24% | 26% | 23% | 24% | (150) bps |

Net cash provided by operating activities, including payments for Sprint merger-related costs and UScellular merger-related costs (“Merger-related costs”), is expected to be between $27.8 billion and $28.0 billion, an increase at the midpoint from prior guidance of $27.1 billion to $27.5 billion.