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Trading Licences: Grain, Comcast and N77Narrow moat

T-Mobile US (TMUS) — moat facet

T-Mobile trades spectrum actively, buying 600 MHz from Channel 51 and Comcast and selling 3.45 GHz and 800 MHz, keeping the book near $98 billion.

T-Mobile does not just hold spectrum; it trades it. In 2025 it added $1,417 million of licences through purchases and $1,730 million with UScellular, and moved $5,674 million into held for sale1, leaving $98,032 million at year end2.

T-Mobile spectrum transactions, announced value ($M)Channel 51 600 MHz, bought3,500Comcast 600 MHz, buying (max)up to 3,400Grain 800 MHz, selling2,900 + licences3.45 GHz, sold2,000Auction 113 AWS-3, won278T-Mobile US Form 10-K FY2025 and Form 10-Q Q2 2026
Buying low-band, selling the odd bands.

The deals run in both directions. It completed the purchase of low-band 600 MHz licences from Channel 51 and its partner for total cash consideration of $3.5 billion3. It agreed to buy more 600 MHz spectrum from Comcast for between $1.2 billion and $3.4 billion, most of it targeted to close in the first half of 20284. It sold part of its 3.45 GHz holdings for $2.0 billion on 30 April 2025, at a gain of $151 million5. And it agreed to sell 800 MHz licences to Grain for $2.9 billion plus Grain's 600 MHz licences, a deal the FCC approved on 1 July 20266.

The pattern is consistent. T-Mobile is concentrating on 600 MHz for reach and 2.5 GHz for capacity, and selling the odd pieces in between. It also picks up small lots when they are cheap: in Auction 113 in June 2026 it won 102 AWS-3 licences for $278 million7.

Not every deal closed. A planned purchase of 800 MHz spectrum from DISH lapsed, and T-Mobile kept the $100 million fee8.

The trades have produced small accounting gains along the way. The June 2025 quarter included a $113 million gain, net of tax, on the 3.45 GHz sale9. Gains like that flatter a single quarter; the point of the trades is the shape of the portfolio, not the profit on each one.

This is the moat being maintained rather than built. The portfolio is worth what it costs to replace, and T-Mobile keeps it roughly level: spectrum was $100,558 million at the end of 2024 and $98,178 million at 30 June 20261011. A book value falling below $95 billion without a matching gain in capacity would mean the trading had turned into selling.

Moat trajectory: Holding steady

Spectrum $100.6bn (2024), $98.0bn (2025), $98.2bn (June 2026).

The number that tests this moat
Reported
Spectrum licences, latest quarter
$98,178M (30 June 2026), from $98,032M at December 2025

The size of the asset base the moat rests on; a sustained fall without a capacity gain would mean the portfolio is shrinking.

Source: T-Mobile US Investor Factbook, Q2 2026 ↗
⚠ Threats to the moat
⚠ THREAT 01
A Tax Bill to Rearrange the Licences
T-Mobile's 800 MHz sale to Grain will raise cash taxes by about $850 million; trading spectrum costs real money.
References
  1. ReportedIn 2025 it added $1,417 million of licences through purchases and $1,730 million with UScellular, and moved $5,674 million into held for sale, leaving $98,032 million at year end.
    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. ReportedIn 2025 it added $1,417 million of licences through purchases and $1,730 million with UScellular, and moved $5,674 million into held for sale, leaving $98,032 million at year end.
    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 ↗
  3. ReportedIt completed the purchase of low-band 600 MHz licences from Channel 51 and its partner for total cash consideration of $3.5 billion.
    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 ↗
  4. ReportedIt agreed to buy more 600 MHz spectrum from Comcast for between $1.2 billion and $3.4 billion, most of it targeted to close in the first half of 2028.
    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 ↗
  5. ReportedIt sold part of its 3.45 GHz holdings for $2.0 billion on 30 April 2025, at a gain of $151 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. ReportedAnd it agreed to sell 800 MHz licences to Grain for $2.9 billion plus Grain's 600 MHz licences, a deal the FCC approved on 1 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 ↗
  7. ReportedIt also picks up small lots when they are cheap: in Auction 113 in June 2026 it won 102 AWS-3 licences for $278 million.
    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 ↗
  8. ReportedA planned purchase of 800 MHz spectrum from DISH lapsed, and T-Mobile kept the $100 million fee.
    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 ↗
  9. ReportedThe June 2025 quarter included a $113 million gain, net of tax, on the 3.45 GHz sale.
    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 ↗
  10. ReportedThe portfolio is worth what it costs to replace, and T-Mobile keeps it roughly level: spectrum was $100,558 million at the end of 2024 and $98,178 million at 30 June 2026.
    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. ReportedThe portfolio is worth what it costs to replace, and T-Mobile keeps it roughly level: spectrum was $100,558 million at the end of 2024 and $98,178 million at 30 June 2026.
    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 ↗
Sources
Generated October 6, 2026