Research · Sep 3, 2026
[TMUS] T-Mobile Thesis 2026: Postpaid Dominance Expands With Massive Buyback
T-Mobile FY25 (Dec 31, 2025) at $88.3B revenue (+8.5%). Service revenue $71.3B (+7.7%); postpaid $57.9B (+11%); prepaid $10.5B (flat); wholesale $2.9B (-16% on DISH MNVO transition). Total postpaid net adds 7.80M (+29% YoY): phone 3.29M (+7%), other (incl 5G Home Internet) 4.51M (+51%). Net income $11.0B; OCF $28.0B (+25%); adjusted FCF $18.0B. Capital return $14.1B (buyback $10.0B at avg $232.96 + div $4.1B; 2026 program $14.6B authorized). Cumulative returns $45.4B since inception. 7 analysts: 6 Buy / 1 Hold; consensus $248.71, range $225-$270; 3 upgrades + 1 PT cut in Feb-Apr 2026.