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2.5 GHz: The Band Sprint BroughtWide moat

T-Mobile US (TMUS) — moat facet

185 of T-Mobile's 394 MHz of low- and mid-band spectrum is in one band, 2.5 GHz, which came with Sprint and is partly leased.

The single most important thing T-Mobile got from Sprint was a slice of radio spectrum nobody else had in that size. At the end of 2025 T-Mobile controlled an average of 394 MHz of combined low- and mid-band spectrum nationwide, of which 185 MHz was in the 2.5 GHz band1. That is 47% of the total2 in one band, and it is the band that carries most of the 5G capacity customers notice.

T-Mobile low- and mid-band spectrum by band, end-2025 (MHz)1852.5 GHz68PCS43600 MHz42AWS27C-band14800 MHz12700 MHz33.45 GHzT-Mobile US Form 10-K FY2025, spectrum holdings; average nationwide MHz
One band carries almost half the total.

The holdings have grown since the merger. The 2021 10-K counted 357 MHz of combined low- and mid-band spectrum3, so T-Mobile added 37 MHz in four years4, partly through Auction 108 in September 2022, where it won 7,156 licences in the 2.5 GHz band for $304 million5. That auction filled gaps in a band T-Mobile already held in depth, for less than a tenth of what it later paid Channel 51 for 600 MHz licences6.

The weakness is ownership. Part of the band is Educational Broadband Service spectrum, and T-Mobile says it continues to lease spectrum in this band "and expect that to be the case for some time"7. A leased licence is a contract with a landlord, not an asset T-Mobile can keep forever on its own terms. The leases sit inside lease expense of $5,197 million in 20258, alongside towers and stores.

What makes the band a moat is that the radios, the network design and the customer experience are now built around it. T-Mobile has spent six years of capital budgets, $11,034 million in 2020 alone9, building on top of it.

The contrast with the low bands shows why 2.5 GHz matters. T-Mobile's 600 MHz, 700 MHz and 800 MHz holdings add up to 69 MHz1011, good for reach across rural areas but carrying far less traffic per tower. The 185 MHz at 2.5 GHz is where most of the network's capacity sits.

The band stays an advantage while T-Mobile keeps adding to it rather than renting more of it. A smaller low- and mid-band total in the next 10-K than the 394 MHz reported for 2025 would mean the spectrum sales and swaps had begun to give up ground the network depends on.

Moat trajectory: Holding steady

394 MHz at end-2025, from 357 MHz in 2021.

The number that tests this moat
Reported
Combined low- and mid-band spectrum controlled
394 MHz average nationwide (31 December 2025), from 357 MHz in 2021

The physical base of the network; a fall would mean sales and swaps are giving up capacity.

Source: T-Mobile US Form 10-K, FY2025 ↗
⚠ Threats to the moat
⚠ THREAT 01
The Landlords of 2.5 GHz
T-Mobile still leases part of its 2.5 GHz band; lease expense of $5,197 million in 2025 rose more slowly than revenue.
References
  1. ReportedAt the end of 2025 T-Mobile controlled an average of 394 MHz of combined low- and mid-band spectrum nationwide, of which 185 MHz was in the 2.5 GHz band.
    T-Mobile US, Inc. Form 10-K for fiscal 2025 (year ended 31 December 2025) - spectrum: holdings by band, licence transactions and the spectrum roll-forward. — FY2025 · publ. 11 February 2026 · source ↗
  2. Moat Explorer calcThat is 47% of the total in one band, and it is the band that carries most of the 5G capacity customers notice.
    Moat Explorer calculation from T-Mobile US reported figures ($ 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 - customers: spectrum depth, churn, accounts, ARPA and broadband. — 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.
  3. ReportedThe 2021 10-K counted 357 MHz of combined low- and mid-band spectrum, so T-Mobile added 37 MHz in four years, partly through Auction 108 in September 2022, where it won 7,156 licences in the 2.5 GHz band for $304 million.
    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 ↗
  4. Moat Explorer calcThe 2021 10-K counted 357 MHz of combined low- and mid-band spectrum, so T-Mobile added 37 MHz in four years, partly through Auction 108 in September 2022, where it won 7,156 licences in the 2.5 GHz band for $304 million.
    Moat Explorer calculation from T-Mobile US reported figures ($ 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.
  5. ReportedThe 2021 10-K counted 357 MHz of combined low- and mid-band spectrum, so T-Mobile added 37 MHz in four years, partly through Auction 108 in September 2022, where it won 7,156 licences in the 2.5 GHz band for $304 million.
    T-Mobile US, Inc. Form 10-K for fiscal 2025 (year ended 31 December 2025) - spectrum: holdings by band, licence transactions and the spectrum roll-forward. — FY2025 · publ. 11 February 2026 · source ↗
  6. Moat Explorer calcThat auction filled gaps in a band T-Mobile already held in depth, for less than a tenth of what it later paid Channel 51 for 600 MHz licences.
    Moat Explorer calculation from T-Mobile US reported figures ($ 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 - customers: spectrum depth, churn, accounts, ARPA and broadband. — 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.
  7. ReportedPart of the band is Educational Broadband Service spectrum, and T-Mobile says it continues to lease spectrum in this band "and expect that to be the case for some time".
    T-Mobile US, Inc. Form 10-K for fiscal 2025 (year ended 31 December 2025) - spectrum: holdings by band, licence transactions and the spectrum roll-forward. — FY2025 · publ. 11 February 2026 · source ↗
  8. ReportedThe leases sit inside lease expense of $5,197 million in 2025, alongside towers and stores.
    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 ↗
  9. ReportedT-Mobile has spent six years of capital budgets, $11,034 million in 2020 alone, building on top of it.
    T-Mobile US, Inc. Form 10-K for fiscal 2020 - the Sprint merger closed 1 April 2020 for $40.8 billion of consideration, 2018-2020 revenue lines recast, selected financial data 2016-2020 (spectrum, assets, equity, customers) and Deutsche Telekom's 43.4% ownership with 52.3% voting control. — FY2020 · publ. February 2021 · source ↗
  10. ReportedT-Mobile's 600 MHz, 700 MHz and 800 MHz holdings add up to 69 MHz, good for reach across rural areas but carrying far less traffic per tower.
    T-Mobile US, Inc. Form 10-K for fiscal 2025 (year ended 31 December 2025) - spectrum: holdings by band, licence transactions and the spectrum roll-forward. — FY2025 · publ. 11 February 2026 · source ↗
  11. Moat Explorer calcT-Mobile's 600 MHz, 700 MHz and 800 MHz holdings add up to 69 MHz, good for reach across rural areas but carrying far less traffic per tower.
    Moat Explorer calculation from T-Mobile US reported figures ($ 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 - customers: spectrum depth, churn, accounts, ARPA and broadband. — 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