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The Sprint Synergies, CollectedNarrow moat

T-Mobile US (TMUS) — moat facet

T-Mobile's operating income went from $6,543 million in 2022 to $18,010 million in 2024 as the Sprint costs ended and synergies arrived.

The clearest proof that scale is an advantage in wireless is what happened to T-Mobile's costs after Sprint. For 2023 the company guided to merger synergies from "Selling, general and administrative expense reductions of $2.5 billion to $2.7 billion", "Cost of service expense reductions of $3.1 billion to $3.2 billion and avoided network expenses of $1.6 billion"1. Two networks became one and two sets of stores and systems were cut.

T-Mobile operating income ($M)6,63620206,89220216,543202214,266202318,010202418,2792025T-Mobile US Forms 10-K FY2022, FY2023 and FY2025
The merger costs ended and profit nearly tripled.

The income statement shows the result. Operating income was $6,892 million in 2021 and $6,543 million in 2022, when merger costs peaked, then $14,266 million in 2023 and $18,010 million in 202423. Cost of services fell from $11,655 million in 2023 to $10,771 million in 20244, even as customers grew.

The margin followed. Core Adjusted EBITDA was 46.0% of service revenue in 2023 and 47.6% in 20255, and T-Mobile reported 50.2% for the June 2026 quarter6.

Synergies are a one-time gift; what remains is the scale they created. T-Mobile now runs one national network for 34,700 thousand postpaid accounts7, and its cost per account falls as it adds more.

The 2022 trough held more than merger costs. That year also carried a $1,087 million loss on the wireline business8 and a $477 million impairment9, as T-Mobile sold Sprint's former wireline network to Cogent for $1 and a $700 million IP transit agreement10. The synergies came partly from getting out of businesses Sprint had been in.

The scale advantage lasts while operating income grows faster than revenue. In the June 2026 quarter operating income rose 5.3% to $5,490 million1112 against revenue up 7.9%13; a full year like that would mean the merger savings had been fully spent.

Moat trajectory: Holding steady

Operating income +5.3% in Q2 2026 against revenue +7.9%.

The number that tests this moat
Reported
Operating income, latest quarter
$5,490M (Q2 2026), against $5,213M a year earlier

What scale earns; growing slower than revenue for a year would mean the synergy benefit is spent.

Source: T-Mobile US Investor Factbook, Q2 2026 ↗
⚠ Threats to the moat
⚠ THREAT 01
A Gift That Does Not Repeat
T-Mobile's operating income rose 1.5% in 2025 on revenue up 8.5%; the Sprint synergy jump does not repeat.
References
  1. ReportedFor 2023 the company guided to merger synergies from "Selling, general and administrative expense reductions of $2.5 billion to $2.7 billion", "Cost of service expense reductions of $3.1 billion to $3.2 billion and avoided network expenses of $1.6 billion".
    T-Mobile US, Inc. Form 10-K for fiscal 2022 - the 2020-2022 revenue lines with wholesale and other service revenues combined, Sprint merger costs of $4,969 million in 2022, the wireline sale to Cogent for $1, the 2021 cyberattack settlement and 2023 synergy guidance. — FY2022 · publ. February 2023 · source ↗
  2. ReportedOperating income was $6,892 million in 2021 and $6,543 million in 2022, when merger costs peaked, then $14,266 million in 2023 and $18,010 million in 2024.
    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 ↗
  3. ReportedOperating income was $6,892 million in 2021 and $6,543 million in 2022, when merger costs peaked, then $14,266 million in 2023 and $18,010 million in 2024.
    T-Mobile US, Inc. Form 10-K for fiscal 2025 (year ended 31 December 2025) - consolidated financial statements, segment expense table, cash flow and capital returns. — FY2025 · publ. 11 February 2026 · source ↗
  4. ReportedCost of services fell from $11,655 million in 2023 to $10,771 million in 2024, even as customers grew.
    T-Mobile US, Inc. Form 10-K for fiscal 2025 (year ended 31 December 2025) - MD&A performance measures: customers, net additions, churn, ARPA and ARPU, and employees. — FY2025 · publ. 11 February 2026 · source ↗
  5. Moat Explorer calcCore Adjusted EBITDA was 46.0% of service revenue in 2023 and 47.6% in 2025, and T-Mobile reported 50.2% for the June 2026 quarter.
    Moat Explorer calculation from T-Mobile US reported figures ($ 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.
  6. ReportedCore Adjusted EBITDA was 46.0% of service revenue in 2023 and 47.6% in 2025, and T-Mobile reported 50.2% for the June 2026 quarter.
    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 - quarterly revenue lines, operating income, net income, Core Adjusted EBITDA, cash flow, bad debt and margins. — Q2 2026 · publ. 23 July 2026 · source ↗
  7. ReportedT-Mobile now runs one national network for 34,700 thousand postpaid accounts, and its cost per account falls as it adds more.
    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 - postpaid accounts, account churn, ARPA and its drivers, and the upgrade rate. — Q2 2026 · publ. 23 July 2026 · source ↗
  8. ReportedThat year also carried a $1,087 million loss on the wireline business and a $477 million impairment, as T-Mobile sold Sprint's former wireline network to Cogent for $1 and a $700 million IP transit agreement.
    T-Mobile US, Inc. Form 10-K for fiscal 2022 - the 2020-2022 revenue lines with wholesale and other service revenues combined, Sprint merger costs of $4,969 million in 2022, the wireline sale to Cogent for $1, the 2021 cyberattack settlement and 2023 synergy guidance. — FY2022 · publ. February 2023 · source ↗
  9. ReportedThat year also carried a $1,087 million loss on the wireline business and a $477 million impairment, as T-Mobile sold Sprint's former wireline network to Cogent for $1 and a $700 million IP transit agreement.
    T-Mobile US, Inc. Form 10-K for fiscal 2022 - the 2020-2022 revenue lines with wholesale and other service revenues combined, Sprint merger costs of $4,969 million in 2022, the wireline sale to Cogent for $1, the 2021 cyberattack settlement and 2023 synergy guidance. — FY2022 · publ. February 2023 · source ↗
  10. ReportedThat year also carried a $1,087 million loss on the wireline business and a $477 million impairment, as T-Mobile sold Sprint's former wireline network to Cogent for $1 and a $700 million IP transit agreement.
    T-Mobile US, Inc. Form 10-K for fiscal 2022 - the 2020-2022 revenue lines with wholesale and other service revenues combined, Sprint merger costs of $4,969 million in 2022, the wireline sale to Cogent for $1, the 2021 cyberattack settlement and 2023 synergy guidance. — FY2022 · publ. February 2023 · source ↗
  11. ReportedIn the June 2026 quarter operating income rose 5.3% to $5,490 million against revenue up 7.9%; a full year like that would mean the merger savings had been fully spent.
    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 - quarterly revenue lines, operating income, net income, Core Adjusted EBITDA, cash flow, bad debt and margins. — Q2 2026 · publ. 23 July 2026 · source ↗
  12. Moat Explorer calcIn the June 2026 quarter operating income rose 5.3% to $5,490 million against revenue up 7.9%; a full year like that would mean the merger savings had been fully spent.
    Moat Explorer calculation from T-Mobile US reported figures ($ 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.
  13. Moat Explorer calcIn the June 2026 quarter operating income rose 5.3% to $5,490 million against revenue up 7.9%; a full year like that would mean the merger savings had been fully spent.
    Moat Explorer calculation from T-Mobile US reported figures ($ 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.
Sources
Generated October 6, 2026