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⚠ Deutsche Telekom Owns More Every YearModerate threat

T-Mobile US (TMUS) — threat to the moat

Deutsche Telekom's stake rose from 43.4% in 2020 to 54.3% in July 2026, mostly because T-Mobile bought back everyone else's shares.

T-Mobile is a controlled company, and the control is tightening by arithmetic. Deutsche Telekom held about 43.4% of the shares at the end of 20201, 46.7% at the end of 20212, 50.7% in January 20243, 52.8% in February 20264 and 54.3% on 17 July 20265. Its voting control was 55.2% at that date6.

Deutsche Telekom ownership of T-Mobile (%)43.4Dec 202046.7Dec 202149.6Feb 202350.7Jan 202451.5Jan 202552.8Feb 202654.3Jul 2026T-Mobile US Forms 10-K FY2020-FY2025 and Form 10-Q Q2 2026
Up about eleven points without a share bought.

The mechanism is T-Mobile's own buyback. Shares outstanding fell from 1,144,579,681 at the end of 2024 to 1,074,817,571 in June 202678, and every share retired raises the percentage of the ones Deutsche Telekom holds. At the October 2026 price its stake is worth about $95.9 billion9.

The 10-K is plain about the risk: Deutsche Telekom is "our controlling stockholder", whose interests "may differ from the interests of other stockholders"10. The FCC has authorised Deutsche Telekom to own up to 100% of the company11. A shareholder suit, Palkon v. Deutsche Telekom, filed on 25 February 2025, claims the 2022 buyback and the 2023-2024 return program breached fiduciary duty12.

Voting control fell in 2025 even as ownership rose, because SoftBank's shares, which Deutsche Telekom voted by proxy, left: its voting control was 58.7% in January 202513 and SoftBank ceased to be an affiliate on 6 August 202514. That decline will not continue now that the proxy shares are gone.

The board shows where control sits. The thirteen directors elected in June 2026 include Timotheus Höttges, Deutsche Telekom's chief executive15. Minority holders noticed: Raphael Kübler received 773,236,481 votes for and 214,179,998 withheld16, a protest that changed nothing because Deutsche Telekom's votes alone exceed half.

The new chief executive came from Deutsche Telekom's German business17. If Deutsche Telekom's stake passed 60%, minority owners would hold under two-fifths of a company run by the parent's choice, and the buyback would have become a slow purchase of the company paid for by everyone.

The number that tests this threat
Reported
Shares repurchased, latest quarter
11.4 million shares for $2.2bn (Q2 2026), after 23.3 million in Q1 2026

Each share retired raises Deutsche Telekom's percentage; its stake rose 1.5 points in the five months to July 2026.

Source: T-Mobile US Q2 2026 earnings release ↗
References
  1. ReportedDeutsche Telekom held about 43.4% of the shares at the end of 2020, 46.7% at the end of 2021, 50.7% in January 2024, 52.8% in February 2026 and 54.3% on 17 July 2026.
    T-Mobile US, Inc. Form 10-K for fiscal 2020 - the Sprint merger closed 1 April 2020 for $40.8 billion of consideration, 2018-2020 revenue lines recast, selected financial data 2016-2020 (spectrum, assets, equity, customers) and Deutsche Telekom's 43.4% ownership with 52.3% voting control. — FY2020 · publ. February 2021 · source ↗
  2. ReportedDeutsche Telekom held about 43.4% of the shares at the end of 2020, 46.7% at the end of 2021, 50.7% in January 2024, 52.8% in February 2026 and 54.3% on 17 July 2026.
    T-Mobile US, Inc. Form 10-K for fiscal 2021 - 357 MHz of combined low- and mid-band spectrum and Deutsche Telekom's 46.7% ownership. — FY2021 · publ. February 2022 · source ↗
  3. ReportedDeutsche Telekom held about 43.4% of the shares at the end of 2020, 46.7% at the end of 2021, 50.7% in January 2024, 52.8% in February 2026 and 54.3% on 17 July 2026.
    T-Mobile US, Inc. Form 10-K for fiscal 2023 - the first cash dividend of $0.65 a share paid on 15 December 2023, Sprint merger-related costs, 2022 income statement and Deutsche Telekom's 50.7% ownership. — FY2023 · publ. February 2024 · source ↗
  4. ReportedDeutsche Telekom held about 43.4% of the shares at the end of 2020, 46.7% at the end of 2021, 50.7% in January 2024, 52.8% in February 2026 and 54.3% on 17 July 2026.
    T-Mobile US, Inc. Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 1 business, the single Wireless segment, competition and the revenue lines with their drivers. — FY2025 · publ. 11 February 2026 · source ↗
  5. ReportedDeutsche Telekom held about 43.4% of the shares at the end of 2020, 46.7% at the end of 2021, 50.7% in January 2024, 52.8% in February 2026 and 54.3% on 17 July 2026.
    T-Mobile US, Inc. Form 10-Q for the quarter ended 30 June 2026 - Deutsche Telekom ownership and voting control at 17 July 2026, the i3 Broadband and GoNetspeed/Greenlight fiber joint ventures, Auction 113, the Grain spectrum sale, litigation and cybersecurity risk. — Q2 2026 · publ. 23 July 2026 · source ↗
  6. ReportedIts voting control was 55.2% at that date.
    T-Mobile US, Inc. Form 10-Q for the quarter ended 30 June 2026 - Deutsche Telekom ownership and voting control at 17 July 2026, the i3 Broadband and GoNetspeed/Greenlight fiber joint ventures, Auction 113, the Grain spectrum sale, litigation and cybersecurity risk. — Q2 2026 · publ. 23 July 2026 · source ↗
  7. ReportedShares outstanding fell from 1,144,579,681 at the end of 2024 to 1,074,817,571 in June 2026, and every share retired raises the percentage of the ones Deutsche Telekom holds.
    T-Mobile US, Inc. Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 1 business, the single Wireless segment, competition and the revenue lines with their drivers. — FY2025 · publ. 11 February 2026 · source ↗
  8. ReportedShares outstanding fell from 1,144,579,681 at the end of 2024 to 1,074,817,571 in June 2026, and every share retired raises the percentage of the ones Deutsche Telekom holds.
    T-Mobile US Investor Factbook for Q2 2026, Form 8-K exhibit 99.2 - quarterly revenue lines, postpaid accounts, churn, ARPA and its drivers, upgrade rate, bad debt, margins, balance sheet and leverage ratios - balance sheet, debt, leverage ratios and shareholder returns. — Q2 2026 · publ. 23 July 2026 · source ↗
  9. Moat Explorer calcAt the October 2026 price its stake is worth about $95.9 billion.
    Moat Explorer calculation from T-Mobile US reported figures ($ millions unless stated; calendar years). Revenue lines: FY2025 shares of total revenues 88,309: postpaid 57,932 = 65.6%, prepaid 10,497 = 11.9%, wholesale and other service 2,877 = 3.3%, equipment 15,972 = 18.1%, other 1,031 = 1.2%. Postpaid share of total revenues 2018 20,862 / 43,310 = 48.2%. Service revenues = postpaid + prepaid + wholesale and other service: 2018 32,441, 2020 50,395, 2022 61,323, 2025 71,306; postpaid share of service revenues 2018 64.3%, 2020 72.0%, 2022 74.9%, 2025 57,932 / 71,306 = 81.2%; Q2 2026 15,853 / 18,983 = 83.5%. Postpaid growth 2025 57,932 / 52,340 - 1 = +10.7%; 2021-2025 (57,932 / 42,562)^(1/4) - 1 = 8.0% a year. Wholesale and other service 2,877 / 5,547 - 1 = -48.1% (2022 to 2025). Prepaid ARPU 34.14 / 37.92 - 1 = -10.0% (2023 to 2025). Equipment revenues less cost of equipment sales 15,972 - 21,277 = -5,305 (2025), 14,263 - 18,882 = -4,619 (2024), 14,138 - 18,533 = -4,395 (2023); loss over service revenues 5,305 / 71,306 = 7.4% (2025), 4,395 / 63,241 = 6.9% (2023); equipment share of revenue 2021 20,727 / 80,118 = 25.9%; cost of equipment sales growth 21,277 / 18,882 - 1 = +12.7%. Revenue growth 2025 88,309 / 81,400 - 1 = +8.5%; operating income growth 18,279 / 18,010 - 1 = +1.5%. Q2 2026 against Q2 2025: total revenues 22,791 / 21,132 - 1 = +7.9%; service revenues 18,983 / 17,438 - 1 = +8.9%; postpaid 15,853 / 14,078 - 1 = +12.6%; prepaid 2,473 / 2,643 - 1 = -6.4%; wholesale and other service 657 / 717 - 1 = -8.4%; equipment 3,524 / 3,439 - 1 = +2.5%; operating income 5,490 / 5,213 - 1 = +5.3%; net income 3,239 / 3,222 - 1 = +0.5%; Core Adjusted EBITDA 9,537 / 8,541 - 1 = +11.7%. T-Mobile postpaid revenue growth +12.6% against AT&T wireless service revenue growth +3.3%. Capital expenditure 9,955 / 13,970 - 1 = -28.7% (2022 to 2025); as a share of revenue 9,955 / 88,309 = 11.3% (2025), 13,970 / 79,571 = 17.6% (2022). Customers and accounts: low- and mid-band spectrum 394 - 357 = 37 MHz added (2021 to 2025); 2.5 GHz share 185 / 394 = 47.0%. Auction 108 cost 304 / Channel 51 purchase 3,500 = 8.7%, less than a tenth. Monthly churn times twelve: 1.58% x 12 = 19.0% a year (about a fifth), 0.86% x 12 = 10.3% (about a tenth). Postpaid accounts 34,700 / 31,502 - 1 = +10.2%; accounts acquired 1,448 (UScellular) + 633 (Metronet and other) + 85 (Lumos) = 2,166; excluding them (34,700 - 2,166) / 31,502 - 1 = +3.3%. Postpaid phone customers 85,594 - 79,013 = 6,581 added in 2025, of which 3,287 from UScellular = 49.9%, about half; organic 6,581 - 3,287 = 3,294. Postpaid account lead over Verizon 34,700 - 34,237 = 463 thousand; Verizon ARPA 168.35 / 152.91 - 1 = +10.1%, a difference of $15.44. ARPA growth 152.91 / 149.87 - 1 = +2.0% (Q2 2026); 143.85 / 139.27 - 1 = +3.3% (2024); 148.97 / 143.85 - 1 = +3.6% (2025); 2018-2025 (148.97 / 128.86)^(1/7) - 1 = 2.1% a year. Customers per employee 142,388,000 / 75,000 = 1,899. 5G broadband to target 15,000 - 8,450 = 6,550 thousand over five years = 1,310 thousand a year; other broadband 9,447 - 8,450 = 997 thousand. Capital and valuation: spectrum licences over total assets 98,032 / 219,237 = 44.7% (2025), 98,178 / 213,553 = 46.0% (30 June 2026). Spectrum step-up in the Sprint year 82,828 - 36,465 = 46,363. Sprint merger-related costs 1,915 + 3,107 + 4,969 + 1,034 = 11,025, about $11.0 billion; 2020-2022 1,915 + 3,107 + 4,969 = 9,991. Lease expense 5,197 / 5,066 - 1 = +2.6%. Net interest expense 3,774 / 3,335 - 1 = +13.2% (2023 to 2025). Employee expenses 8,553 / 7,041 - 1 = +21.5%. Bad debt expense 1,370 / 898 - 1 = +52.6%. Core Adjusted EBITDA over service revenues 29,116 / 63,241 = 46.0% (2023), 31,771 / 66,178 = 48.0% (2024), 33,924 / 71,306 = 47.6% (2025). Digital and AI target 3,000 / 33,924 = 8.8% of 2025 Core Adjusted EBITDA. Shareholder returns 2025 14,000 / Adjusted Free Cash Flow 17,995 = 77.8%; cumulative returns 54.6bn / market value 176.60bn = 30.9%; 2026 program 18.2bn / 176.60bn = 10.3%; trailing free cash flow 18.40bn / 176.60bn = 10.4%. Deutsche Telekom stake 54.3% x 176.60bn = 95.9bn. Market value 176.60 / 256.15 - 1 = -31.1% (end-2024 to October 2026). Verizon 190.79bn / AT&T 166.51bn = 1.146. Contracted revenue 2,700 + 1,200 + 938 + 2,200 = 7,038, over revenue 88,309 = 8.0%; wholesale minimums 1,200 + 938 + 2,200 = 4,338. Fiber joint venture commitments 932 + 500 + 4,600 + 700 + 2,000 = 8,732, about $8.7 billion. Further derived figures: ad-technology purchases Vistar 621 + Blis 180 = 801; lease expense over revenue 5,197 / 88,309 = 5.9%; low-band spectrum 600 MHz 43 + 700 MHz 12 + 800 MHz 14 = 69 MHz; total customers added in 2024 129,528 - 119,700 = 9,828, of which Mint 3,504 = 35.7%; SG&A 23,470 / 20,818 - 1 = +12.7%; advertising expense 3,668 / 2,515 - 1 = +45.8%; postpaid other customers 30,851 / 22,116 - 1 = +39.5%; postpaid revenues first half 2026 31,482 / 27,672 - 1 = +13.8%; net income Q1 2026 2,504 / 2,953 - 1 = -15.2%; wholesale and other service share of service revenues 6,074 / 58,369 = 10.4% (2021), 2,877 / 71,306 = 4.0% (2025); Q4 2025 total revenues less service revenues 24,334 - 18,702 = 5,632; postpaid RPO over postpaid revenues 2,700 / 57,932 = 4.7%; fiber customers acquired 755 + 97 = 852 thousand, against a 3,000-4,000 thousand target, 2,148-3,148 thousand to go; first half 2026 service revenues 37,814 / 34,363 - 1 = +10.0%, net income 5,743 / 6,175 - 1 = -7.0%, Core Adjusted EBITDA 18,777 / 16,799 - 1 = +11.8%; postpaid phone ARPU 50.37 / 49.35 - 1 = +2.1% (2025); prepaid churn over postpaid phone churn 2.72 / 0.93 = 2.9 times; Verizon total revenues 34,253 / 34,504 - 1 = -0.7%; Lumos 932,000,000 / 97,000 customers = about $9,608 (about 9,600) a customer; postpaid accounts Q3 2025 33,979 - 31,502 = 2,477; equipment revenues first half 2026 7,520 / 7,143 - 1 = +5.3%; three carriers 35 + 34 + 27 = 96%; bad debt and receivable losses 1.8% x 22,791 = about 410 (Q2 2026); prepaid customers 25,943 - 25,410 = 533, of which UScellular 349; depreciation and amortization less capital spending 13,508 - 9,955 = 3,553 (2025); employee expenses per employee 8,553,000,000 / 75,000 = about $114,000 (2025), 7,041,000,000 / 70,000 = about $101,000 (2024); deal values Ka-ena up to 1,350 + UScellular 4,400 + Metronet 4,600 = 10,350, about $10.4 billion; Metronet and other 633 + Lumos 85 = 718; net income over total revenues 2,103 / 24,334 = 8.6% (Q4 2025), 3,222 / 21,132 = 15.2% (Q2 2025); ARPA 152.91 / 148.97 - 1 = +2.6%; lease expense 5,066 / 5,398 - 1 = -6.2% (2024); total customers added 2024 129,528 - 119,700 = 9,828; UScellular merger costs net of tax first half 2026 476 + 146 = 622; return on equity 10,992 / ((59,203 + 61,741) / 2 = 60,472) = 18.2% (2025), 11,339 / ((61,741 + 64,715) / 2 = 63,228) = 17.9% (2024); wholesale and other service share of service revenues 1,981 / 32,441 = 6.1% (2018), 4,782 / 63,241 = 7.6% (2023); wholesale 1,183 + roaming and other service 798 = 1,981 (2018), 1,279 + 1,005 = 2,284 (2019), as recast in the FY2020 10-K; year-end P/E about 20.7 (2025) and 22.6 (2024); customers added 2020 to 2025 142,388 - 102,064 = 40,324 thousand, about 40 million. Trailing twelve months to June 2026: revenue 88,309 - 42,018 + 45,898 = 92,189; net income 10,992 - 6,175 + 5,743 = 10,560. Year-end market value (stockanalysis.com) over net income and total revenues: 2015 31.92bn / 733 = 43.55, / 32,467 = 0.983; 2016 47.39 / 1,460 = 32.46, / 37,490 = 1.264; 2017 52.84 / 4,536 = 11.65, / 40,604 = 1.301; 2018 53.97 / 2,888 = 18.69, / 43,310 = 1.246; 2019 67.09 / 3,468 = 19.35, / 44,998 = 1.491; 2020 167.37 / 3,064 = 54.62, / 68,397 = 2.447; 2021 144.87 / 3,024 = 47.91, / 80,118 = 1.808; 2022 174.18 / 2,590 = 67.25, / 79,571 = 2.189; 2023 185.42 / 8,317 = 22.29, / 78,558 = 2.360; 2024 256.15 / 11,339 = 22.59, / 81,400 = 3.147; 2025 227.10 / 10,992 = 20.66, / 88,309 = 2.572; October 2026 176.60 / 10,560 = 16.72, / 92,189 = 1.916 - capital: spectrum, costs, margins, shareholder returns, debt, commitments and valuation. — FY2015-Q2 2026 · publ. October 2026 · source ↗
    Method: Arithmetic on figures reported in T-Mobile US Forms 10-K, 10-Q, earnings releases and the Investor Factbook, Verizon and AT&T Q2 2026 releases, and stockanalysis.com market values; each operand is stated in the source line.
  10. ReportedThe 10-K is plain about the risk: Deutsche Telekom is "our controlling stockholder", whose interests "may differ from the interests of other stockholders".
    T-Mobile US, Inc. Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 1A risk factors. — FY2025 · publ. 11 February 2026 · source ↗
  11. ReportedThe FCC has authorised Deutsche Telekom to own up to 100% of the company.
    T-Mobile US, Inc. Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 1 business, the single Wireless segment, competition and the revenue lines with their drivers. — FY2025 · publ. 11 February 2026 · source ↗
  12. ReportedA shareholder suit, Palkon v. Deutsche Telekom, filed on 25 February 2025, claims the 2022 buyback and the 2023-2024 return program breached fiduciary duty.
    T-Mobile US, Inc. Form 10-Q for the quarter ended 30 June 2026 - Deutsche Telekom ownership and voting control at 17 July 2026, the i3 Broadband and GoNetspeed/Greenlight fiber joint ventures, Auction 113, the Grain spectrum sale, litigation and cybersecurity risk. — Q2 2026 · publ. 23 July 2026 · source ↗
  13. ReportedVoting control fell in 2025 even as ownership rose, because SoftBank's shares, which Deutsche Telekom voted by proxy, left: its voting control was 58.7% in January 2025 and SoftBank ceased to be an affiliate on 6 August 2025.
    T-Mobile US, Inc. Form 10-K for fiscal 2024 - stockholders' equity, cash dividends of $3.3 billion, repurchases of 59.4 million shares at an average $187.07, Deutsche Telekom's 51.5% ownership and the Ka'ena (Mint Mobile) acquisition. — FY2024 · publ. January 2025 · source ↗
  14. ReportedVoting control fell in 2025 even as ownership rose, because SoftBank's shares, which Deutsche Telekom voted by proxy, left: its voting control was 58.7% in January 2025 and SoftBank ceased to be an affiliate on 6 August 2025.
    T-Mobile US, Inc. Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 1 business, the single Wireless segment, competition and the revenue lines with their drivers. — FY2025 · publ. 11 February 2026 · source ↗
  15. ReportedThe thirteen directors elected in June 2026 include Timotheus Höttges, Deutsche Telekom's chief executive.
    T-Mobile US Form 8-K, Item 5.07, results of the 2026 annual meeting - thirteen directors elected, with the votes for and withheld for each. — June 2026 · publ. 18 June 2026 · source ↗
  16. ReportedMinority holders noticed: Raphael Kübler received 773,236,481 votes for and 214,179,998 withheld, a protest that changed nothing because Deutsche Telekom's votes alone exceed half.
    T-Mobile US Form 8-K, Item 5.07, results of the 2026 annual meeting - thirteen directors elected, with the votes for and withheld for each. — June 2026 · publ. 18 June 2026 · source ↗
  17. ReportedThe new chief executive came from Deutsche Telekom's German business.
    T-Mobile US Form 8-K, Item 5.02, 22 September 2025 - Srinivasan Gopalan appointed President and Chief Executive Officer from 1 November 2025; G. Michael Sievert to become Vice Chairman. — September 2025 · publ. 22 September 2025 · source ↗
Sources
Generated October 6, 2026