T-Mobile US (TMUS.O): Early 2Q26 Preview: Expect TMUS to Post Fine 2Q Results

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T-Mobile US (TMUS.O): Early 2Q26 Preview: Expect TMUS to Post Fine 2Q Results

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29 Jun 2026 01:38:25 ET │ 19 pages

T-Mobile US (TMUS.O)

Early 2Q26 Preview: Expect TMUS to Post Fine 2Q Results

CITI'S TAKE

We expect T-Mobile to report in-line 2Q financials and remain on track to

meet or slightly exceed its full-year 2026 guidance targets. We find wireless

competition is showing signs of stabilization, even with some of the new Neutral

rate plan changes from its competitors, while T-Mobile remains upbeat on Price (26 Jun 26 16:00) US$182.68

its competitive position heading into the second half of 2026. We

Target price US$225.00rebalanced our account net add forecasts by trimming 2Q to 279k vs

consensus of 255k, while staying at a similar 1.05 million for FY26. We Expected share price return 23.2%

forecast 2Q revenue growth of 9% yoy and EBITDA growth of 10% yoy that Expected dividend yield 2.2%

are each similar to current consensus and partly benefit from M&A. We

Expected total return 25.4%remain Neutral on TMUS shares and could revisit shares on a full further

pull-back and/or the prospects of better annual financial growth. Market Cap US$197,697M

Earnings Focus — We believe the higher level focus for TMUS and the telecom

category will revolve around: 1) long-term industry structure; 2) convergence; and 3)

possible M&A scenarios, including the press reports related to DT acquiring the Price Performance

remaining minority in T-Mobile (link). For 2Q results specifically, the focus for (RIC: TMUS.O, BB: TMUS US)

investors is likely to remain on postpaid accounts (in lieu of net add disclosures),

ARPA, wireless service revenue growth, Adjusted EBITDA growth, and FCF

generation. We forecast postpaid accounts net adds of 279k vs consensus of 255k,