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Thirty-Five Reports, Then FirstNarrow moat

T-Mobile US (TMUS) — moat facet

T-Mobile topped J.D. Power's network ranking in five of six regions, ending 35 straight reports with a rival in front.

For most of its history T-Mobile was the cheaper carrier with the weaker network. That has changed, and the evidence is in other people's surveys. J.D. Power ranked T-Mobile first for network quality in five of six regions for the first time1, "notably ending a run of 35 consecutive reports with a competitor leading the category"2. Ookla named it Best Mobile Network for the third consecutive time3.

Switchers who believe T-Mobile has the best network (approx. %)about 1 in 82020more than 1 in 42026T-Mobile US Capital Markets Day Update, February 2026
The share of switchers who rate it best doubled.

The customer research points the same way. The share of people switching carriers who believe T-Mobile has the best network rose "from approximately one in eight in 2020 to now more than one in four"4. A network reputation takes years to build and moves the switchers who matter most, the ones willing to pay for coverage.

The lead was bought. Capital spending was $11,034 million in 2020, $12,326 million in 2021 and $13,970 million in 202256, as T-Mobile built out the Sprint spectrum. It has since fallen to $9,955 million in 20257, while the company describes its network as the first broad deployment of 5G Advanced in the country, on a nationwide standalone core8.

The spending that built the lead started well before Sprint. Capital spending was $4,724 million in 20159 and rose every year to $6,391 million in 201910, then nearly doubled to $11,034 million in 2020 as the Sprint spectrum was put to work11. The awards are the delayed return on that build.

The awards matter commercially only if they convert to switchers who stay. Capital spending of $2,703 million in the June 2026 quarter, against $2,396 million a year earlier12, shows the company is not coasting. A second year in which T-Mobile loses the J.D. Power lead while capital spending stays near $10 billion would mean rivals have caught up for the same money.

Moat trajectory: Widening

Switchers rating it best network: one in eight (2020) to more than one in four.

The number that tests this moat
Reported
Capital expenditure, latest quarter
$2,703M (Q2 2026), against $2,396M a year earlier

What T-Mobile spends to keep the network lead; a sharp cut with awards slipping would mean the lead is being harvested.

Source: T-Mobile US Investor Factbook, Q2 2026 ↗
⚠ Threats to the moat
⚠ THREAT 01
Awards Measured by Someone Else
T-Mobile's network lead is measured by J.D. Power, Ookla and HarrisX; losing the next report would weaken its switching story.
References
  1. ReportedJ.D. Power ranked T-Mobile first for network quality in five of six regions for the first time, "notably ending a run of 35 consecutive reports with a competitor leading the category".
    T-Mobile US Capital Markets Day Update, Form 8-K exhibit 99.1, 11 February 2026 - 2026-2027 targets, broadband 2030 targets, the digital and AI contribution, the network-seeker opportunity and the capital envelope. — February 2026 · publ. 11 February 2026 · source ↗
  2. ReportedJ.D. Power ranked T-Mobile first for network quality in five of six regions for the first time, "notably ending a run of 35 consecutive reports with a competitor leading the category".
    T-Mobile US fourth-quarter and full-year 2025 results release, Form 8-K exhibit 99.1 - broadband customers, shareholder returns of $14.0 billion in 2025 and the network-award record. — FY2025 · publ. 11 February 2026 · source ↗
  3. ReportedOokla named it Best Mobile Network for the third consecutive time.
    T-Mobile US second-quarter 2026 results release, Form 8-K exhibit 99.1 - postpaid account additions, ARPA, Core Adjusted EBITDA, shareholder returns and raised 2026 guidance. — Q2 2026 · publ. 23 July 2026 · source ↗
  4. ReportedThe share of people switching carriers who believe T-Mobile has the best network rose "from approximately one in eight in 2020 to now more than one in four".
    T-Mobile US Capital Markets Day Update, Form 8-K exhibit 99.1, 11 February 2026 - 2026-2027 targets, broadband 2030 targets, the digital and AI contribution, the network-seeker opportunity and the capital envelope. — February 2026 · publ. 11 February 2026 · source ↗
  5. ReportedCapital spending was $11,034 million in 2020, $12,326 million in 2021 and $13,970 million in 2022, as T-Mobile built out the Sprint spectrum.
    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 ↗
  6. ReportedCapital spending was $11,034 million in 2020, $12,326 million in 2021 and $13,970 million in 2022, as T-Mobile built out the Sprint spectrum.
    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 ↗
  7. ReportedIt has since fallen to $9,955 million in 2025, while the company describes its network as the first broad deployment of 5G Advanced in the country, on a nationwide standalone core.
    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. ReportedIt has since fallen to $9,955 million in 2025, while the company describes its network as the first broad deployment of 5G Advanced in the country, on a nationwide standalone core.
    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 ↗
  9. ReportedCapital spending was $4,724 million in 2015 and rose every year to $6,391 million in 2019, then nearly doubled to $11,034 million in 2020 as the Sprint spectrum was put to work.
    T-Mobile US, Inc. Form 10-K for fiscal 2015 - 2013-2015 revenue lines, net income and capital expenditure. — FY2015 · publ. February 2016 · source ↗
  10. ReportedCapital spending was $4,724 million in 2015 and rose every year to $6,391 million in 2019, then nearly doubled to $11,034 million in 2020 as the Sprint spectrum was put to work.
    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 ↗
  11. ReportedCapital spending was $4,724 million in 2015 and rose every year to $6,391 million in 2019, then nearly doubled to $11,034 million in 2020 as the Sprint spectrum was put to work.
    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 ↗
  12. ReportedCapital spending of $2,703 million in the June 2026 quarter, against $2,396 million a year earlier, shows the company is not coasting.
    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 ↗
Sources
Generated October 6, 2026