← Who reports today · Communication Services
TMUS · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
A solid quarter with industry-leading 9% service revenue growth and 12% Core Adjusted EBITDA growth driving operating income up 5.3%, but net income growth was capped at just 0.5% by higher interest expense, taxes, and UScellular merger-related costs including accelerated depreciation.
Net Income
$3,239M
up 0.5% y/y
Total Revenue
$22,791M
up 7.9% y/y
Operating Income
$5,490M
up 5.3% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Service Revenue | $18,983 · +9% |
| Equipment & Other Revenue | $3,808 · +5% |
| Total Revenue | $22,791 · +7.9% |
| Cost of Revenue & Opex | $11,467 |
| SG&A | $5,834 |
| Operating Income | $5,490 · +5.3% · 24.1% margin |
| Interest & Other Expense, net | $1,162 |
| Pre-Tax Income | $4,328 |
| Income Tax | $1,089 |
| Net Income | $3,239 · +0.5% · EPS $2.99 · +5% |
Verdict: a solid quarter with industry-leading 9% service revenue growth and 12% Core Adjusted EBITDA growth driving operating income up 5.3%, but net income growth was capped at just 0.5% by higher interest expense, taxes, and UScellular merger-related costs including accelerated depreciation.
OCF $7,500M (+7%); capex $2,703M; Adjusted FCF $4,797M (+4%); stockholder returns $3.3B (buybacks $2.2B + dividends $1.1B); FY26 guidance raised for OCF ($28.4-28.8B) and Adjusted FCF ($18.4-18.8B).
Source and notation
* marks non-cash / ≈ estimated. Source: company press release / 10-Q (SEC EDGAR).
Open as an image: TMUS, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
Cite / embed this chart
Free to use in articles, research and social posts with credit to Who Reports Today and a link — licensed under CC BY 4.0 (terms).
Chart: “TMUS Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/tmus/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/tmus/q2-2026"><img src="https://whoreportstoday.com/t/tmus/q2-2026/sankey.png" alt="TMUS Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/tmus/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
https://whoreportstoday.com/t/tmus/q2-2026/sankey.png
<a href="https://whoreportstoday.com/t/tmus/q2-2026">TMUS Q2 2026 earnings chart (Who Reports Today)</a>
This is an archived report: the image at this link won’t change. If you change the chart (crop, translate), say so in the credit. Company logos and trademarks are not covered by the license.
- Net income grew only 1% y/y despite 8% operating income growth, dragged by rising interest expense ($1,055M vs $922M) and higher tax expense ($1,089M vs $1,058M).
- Result includes $146M net-of-tax impact ($0.14 EPS) from UScellular merger-related costs, including accelerated depreciation.
- Core Adjusted EBITDA (non-GAAP) of $9,537M grew 12% y/y, far outpacing GAAP net income growth of 0.5%, highlighting a widening GAAP/non-GAAP gap driven by D&A, stock comp, and merger-related special items.
- Postpaid service revenue (+13% y/y) is the key growth engine, with ARPA up 2% to $152.91 even as postpaid net adds fell 13% y/y to 277K.
- Below-the-line items ($1,162M) comprise net interest expense of $1,055M plus other expense, net of $107M.
- Company raised full-year OCF and Adjusted FCF guidance, signaling confidence despite quarterly EPS/net income being weighed down by merger integration costs.
What distorts the picture in this report and what to watch beyond the headlines.
TMUS — T-Mobile US is a wireless telecommunications provider offering mobile voice, messaging, and data services across the United States.
It operates an extensive 5G network and serves individual and business customers.
More reports: TTWO · Q1 FY2027 · VZ · Q3 2026 · APP · Q2 2026 · CHTR · Q2 2026 · CMCSA · Q3 2026 · DIS · Q3 FY2026 · ECHO · Q2 2026 · FOXA · Q4 FY2026 · GOOGL · Q3 2026 · LYV · Q2 2026 · all reports