What changed in this filing

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Item 1. Financial Statements

2026-07-23 compared with 2026-04-28 · 209 added, 147 removed, 803 unchanged (31% of the section changed)

2 unchanged sentences

Condensed Consolidated Balance Sheets

(in millions, except share and per share amounts) March 31,

(in millions, except share and per share amounts) June 30,

2026 December 31,

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Condensed Consolidated Statements of Comprehensive Income

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(in millions, except share and per share amounts) 2026 2025 2026 2025

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Reclassification of loss from cash flow hedges, net of tax effect of $ 17 , $ 16 , $ 34 and $ 32

Losses on fair value hedges, net of tax effect of $( 12 ) and $( 61 )

Gains (losses) on fair value hedges, net of tax effect of $ 48 , $ 13 , $ 36 and $( 48 )

142 37 106 ( 140 )

Unrealized gain (loss) on foreign currency translation adjustment, net of tax effect of $ 0 , $ 0 , $ 0 and $ 0

9 ( 1 ) 9 ( 1 )

Amortization of actuarial gain, net of tax effect of $( 1 ), $( 1 ), $( 1 ) and $( 1 )

( 1 ) ( 2 ) ( 2 ) ( 3 )

Other comprehensive income (loss) 200 81 213 ( 51 )

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Condensed Consolidated Statements of Cash Flows

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(in millions) 2026 2025 2026 2025

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Other, net ( 29 ) ( 30 ) ( 28 ) ( 48 )

Net cash (used in) provided by financing activities ( 6,440 ) 3,193

Net cash used in financing activities ( 5,182 ) ( 7,205 ) ( 11,622 ) ( 4,012 )

Effect of exchange rate changes on cash and cash equivalents, including restricted cash — 13 — 13

Change in cash and cash equivalents, including restricted cash ( 734 ) ( 1,759 ) ( 2,801 ) 4,872

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(in millions, except share and per share amounts) Common Stock Outstanding Treasury Stock Outstanding Treasury Shares at Cost Par Value and Additional Paid-in Capital Accumulated Other Comprehensive Loss Retained Earnings Total Stockholders' Equity

Balance as of March 31, 2026 1,085,872,037 192,175,791 $ ( 35,497 ) $ 69,670 $ ( 835 ) $ 22,541 $ 55,879

Net income — — — — — 3,239 3,239

Dividends declared ($ 1.02 per share)

— — — — — ( 1,092 ) ( 1,092 )

Other comprehensive income — — — — 200 — 200

Stock-based compensation — — — 240 — — 240

Issuance of vested restricted stock units 506,723 — — — — — —

Shares withheld related to net share settlement of stock awards and stock options ( 158,920 ) — — ( 31 ) — — ( 31 )

Repurchases of common stock ( 11,420,845 ) 11,420,845 ( 2,171 ) — — — ( 2,171 )

Other, net 18,576 ( 8,768 ) 1 — — — 1

Balance as of June 30, 2026 1,074,817,571 203,587,868 $ ( 37,667 ) $ 69,879 $ ( 635 ) $ 24,688 $ 56,265

Balance as of December 31, 2025 1,106,930,661 168,843,574 $ ( 30,545 ) $ 69,460 $ ( 848 ) $ 21,136 $ 59,203

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Other, net 45,287 ( 6,476 ) ( 1 ) 3 — — 2

Balance as of June 30, 2026 1,074,817,571 203,587,868 $ ( 37,667 ) $ 69,879 $ ( 635 ) $ 24,688 $ 56,265

The accompanying notes are an integral part of these condensed consolidated financial statements.

Index for Notes to the Condensed Consolidated Financial Statements

T-Mobile US, Inc.

Condensed Consolidated Statement of Stockholders’ Equity

Balance as of March 31, 2025 1,137,339,578 136,598,154 $ ( 23,085 ) $ 68,837 $ ( 989 ) $ 16,342 $ 61,105

Net income — — — — — 3,222 3,222

Dividends declared ($ 0.88 per share)

— — — — — ( 988 ) ( 988 )

Other comprehensive income — — — — 81 — 81

Stock-based compensation — — — 203 — — 203

Issuance of vested restricted stock units 346,929 — — — — — —

Shares withheld related to net share settlement of stock awards and stock options ( 116,966 ) — — ( 29 ) — — ( 29 )

Repurchases of common stock ( 10,148,791 ) 10,148,791 ( 2,486 ) — — — ( 2,486 )

Other, net 29,868 ( 21,167 ) 2 ( 3 ) — — ( 1 )

Balance as of June 30, 2025 1,127,450,618 146,725,778 $ ( 25,569 ) $ 69,008 $ ( 908 ) $ 18,576 $ 61,107

Balance as of December 31, 2024 1,144,579,681 126,494,683 $ ( 20,584 ) $ 68,798 $ ( 857 ) $ 14,384 $ 61,741

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Other, net 71,207 ( 8,923 ) ( 4 ) 7 — — 3

Balance as of March 31, 2025 1,137,339,578 136,598,154 $ ( 23,085 ) $ 68,837 $ ( 989 ) $ 16,342 $ 61,105

Balance as of June 30, 2025 1,127,450,618 146,725,778 $ ( 25,569 ) $ 69,008 $ ( 908 ) $ 18,576 $ 61,107

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Business Combinations

Joint Ventures

Receivables and Related Allowance for Credit Losses

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Concurrently, and as agreed upon through the Merger and Unit Purchase Agreement, T-Mobile and Ka’ena entered into certain separate transactions, including the effective settlement of the preexisting wholesale arrangement between T-Mobile and Ka’ena and agreements with certain of the sellers to provide services to T-Mobile during the post-acquisition period.

In accordance with the terms of the Merger and Unit Purchase Agreement, the total purchase price consisted of an upfront payment on the Ka’ena Acquisition Date and an earnout payable in the third quarter of 2026.

In accordance with the terms of the Merger and Unit Purchase Agreement, the total purchase price consists of an upfront payment on the Ka’ena Acquisition Date and an earnout payable in the second half of 2026.

On June 30, 2025, we amended the Merger and Unit Purchase Agreement to set the calculation of the earnout as the difference between the maximum purchase price of $ 1.35 billion and the upfront payment, as adjusted, and removed the requirement for Ka’ena to achieve specified performance indicators.

Based on the amount of the adjusted upfront payment, an additional $ 420 million in future cash and T-Mobile common stock is

payable in satisfaction of the earnout, related to:

Based on the amount of the adjusted upfront payment, an additional $ 420 million in future cash and T-Mobile common stock is payable in satisfaction of the earnout, including the replacement of equity awards of certain Ka’ena employees, related to:

• $ 251 million for the acquired Ka’ena business;

• $ 169 million for services to be provided to T-Mobile by certain of the sellers during the post-acquisition period, as well as the replacement of equity awards of certain Ka’ena employees.

As of March 31, 2026 and December 31, 2025, $ 244 million and $ 242 million of liabilities for deferred earnout consideration, respectively, and $ 164 million and $ 157 million of liabilities for post-acquisition services, respectively, were presented within current liabilities on our Condensed Consolidated Balance Sheets.

• $ 169 million for services to be provided to T-Mobile by certain of the sellers during the post-acquisition period.

As of June 30, 2026 and December 31, 2025, $ 246 million and $ 242 million, respectively, of liabilities for deferred earnout consideration for the acquired Ka’ena business and $ 166 million and $ 157 million, respectively, of liabilities for post-acquisition services are presented within current liabilities on our Condensed Consolidated Balance Sheets.

Acquisition of UScellular Wireless Business

On May 24, 2024, we entered into a securities purchase agreement with United States Cellular Corporation (“UScellular”), Telephone and Data Systems, Inc., and USCC Wireless Holdings, LLC for the acquisition of substantially all of UScellular’s wireless operations and select AWS, PCS, 600 MHz, 700 MHz and other spectrum assets for an aggregate purchase price of approximately $ 4.4 billion, payable in cash and the assumption of up to $ 2.0 billion of debt through exchange offers to certain UScellular debtholders.

On May 24, 2024, we entered into a securities purchase agreement with United States Cellular Corporation (“UScellular”), Telephone and Data Systems, Inc.

and USCC Wireless Holdings, LLC for the acquisition of substantially all of UScellular’s wireless operations and select AWS, PCS, 600 MHz, 700 MHz and other spectrum assets for an aggregate purchase price of approximately $ 4.4 billion, payable in cash and the assumption of up to $ 2.0 billion of debt through exchange offers to certain UScellular debtholders.

On May 23, 2025, we launched exchange offers (the “Exchange Offers”) for any and all of certain outstanding senior notes of UScellular for new notes of T-Mobile with the same interest rate, interest payment dates, maturity dates and redemption terms as each corresponding series of senior notes of UScellular.

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These amounts reflect adjustments or information identified during the measurement period, which closed on March 2, 2026.

Note 3 – Joint Ventures

Fiber Joint Ventures

i3 Broadband Joint Venture

On April 24, 2026, we entered into a definitive agreement with an affiliate of Wren House Infrastructure Management Limited (“Wren House”) to establish a joint venture that will acquire i3 Broadband, one of Wren House’s existing fiber portfolio companies.

The transaction with Wren House is expected to close in the second half of 2026, subject to customary closing conditions and regulatory approvals, at which time we expect to invest approximately $ 700 million to acquire a 50 % equity interest in the joint venture and substantially all existing residential fiber customers.

GoNetspeed and Greenlight Networks Joint Venture

On April 25, 2026, we entered into definitive agreements with affiliates of Oak Hill Capital Management, LLC (“Oak Hill”) to establish a joint venture that will acquire and combine GoNetspeed and Greenlight Networks, two of Oak Hill’s existing fiber portfolio companies.

The transaction with Oak Hill is expected to close in the first half of 2027, subject to customary closing conditions and regulatory approvals, at which time we expect to invest approximately $ 2.0 billion to acquire a 50 % equity interest in the joint venture and substantially all existing residential fiber customers.

Index for Notes to the Condensed Consolidated Financial Statements

Method of Accounting

Upon closing of the transactions, we expect to account for the fiber joint ventures under the equity method of accounting and recognize service revenues for the acquired fiber customers and wholesale costs paid to the joint venture for network access within Postpaid revenues and Cost of services, respectively, on our Condensed Consolidated Statements of Comprehensive Income.

Joint Venture with AT&T and Verizon

On May 14, 2026, we announced that we have agreed in principle to form a new joint venture with AT&T Inc.

and Verizon Communications Inc., or wholly owned subsidiaries thereof, which aims to end wireless dead zones in the U.S., including in rural areas, by pooling certain spectrum resources to increase capacity and help satellite providers reach more customers through a unified platform.

The joint venture remains subject to negotiating definitive agreements between the parties and, if finalized, would be subject to certain customary closing conditions.

At closing, in exchange for an equity interest in the joint venture, we expect to invest cash and license certain intellectual property to the joint venture, and will also commit to provide access to certain spectrum licenses to satellite service providers who contract with the joint venture.

Note 4 – Receivables and Related Allowance for Credit Losses

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Account balances are written off against the allowance for credit losses if collection efforts are unsuccessful and the receivable balance is deemed uncollectible (customer default), based on factors such as customer credit ratings, as well as the length of time the amounts are past due.

Our portfolio of receivables is comprised of two portfolio segments:

Our portfolio of receivables consists of two portfolio segments:

accounts receivable and equipment installment plan (“EIP”) receivables.

Accounts Receivable Portfolio Segment

Accounts receivable balances are predominately comprised of amounts currently due from customers (e.g., for wireless communications services), device insurance administrators, wholesale partners, other carriers and third-party retail channels.

Accounts receivable balances are predominantly composed of amounts currently due from customers (e.g., for wireless communications services), device insurance administrators, wholesale partners, other carriers and third-party retail channels.

We estimate credit losses associated with our accounts receivable portfolio segment using an expected credit loss model, which utilizes an aging schedule methodology based on historical information and is adjusted for asset-specific considerations, current economic conditions and reasonable and supportable forecasts.

Index for Notes to the Condensed Consolidated Financial Statements

Our approach considers a number of factors, including our overall historical credit losses and payment experience, as well as current collection trends, such as write-off frequency and severity.

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To determine a customer’s credit profile and assist in determining their credit class, we use a proprietary credit scoring model that measures the credit quality of a customer leveraging several factors, such as credit bureau information and consumer credit risk scores, as well as service and device plan characteristics.

EIP receivables had a combined weighted-average effective interest rate of 10.4 % and 10.3 % as of March 31, 2026 and December 31, 2025, respectively.

Index for Notes to the Condensed Consolidated Financial Statements

EIP receivables had a combined weighted-average effective interest rate of 10.7 % and 10.3 % as of June 30, 2026 and December 31, 2025, respectively.

The following table summarizes the EIP receivables, including imputed discounts and related allowance for credit losses:

(in millions) March 31,

(in millions) June 30,

2026 December 31,

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We manage our EIP receivables portfolio segment using delinquency and customer credit class as key credit quality indicators.

The following table presents the amortized cost of our EIP receivables by delinquency status, customer credit class and year of origination as of March 31, 2026:

The following table presents the amortized cost of our EIP receivables by delinquency status, customer credit class and year of origination as of June 30, 2026:

Originated in 2026 Originated in 2025 Originated prior to 2025 Total EIP Receivables, Net of

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EIP receivables, net of unamortized imputed discount $ 2,649 $ 606 $ 2,996 $ 648 $ 569 $ 111 $ 6,214 $ 1,365 $ 7,579

Index for Notes to the Condensed Consolidated Financial Statements

We estimate credit losses on our EIP receivables segment by applying an expected credit loss model, which relies on historical loss data adjusted for current conditions to calculate default probabilities or an estimate for the frequency of customer default.

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As we do for our accounts receivable portfolio segment, we consider the need to adjust our estimate of credit losses on EIP receivables for reasonable and supportable forecasts of economic conditions through monitoring external forecasts and periodic internal statistical analyses.

The following table presents write-offs of our EIP receivables by year of origination for the three months ended March 31, 2026:

The following table presents write-offs of our EIP receivables by year of origination for the six months ended June 30, 2026:

(in millions) Originated in 2026 Originated in 2025 Originated prior to 2025 Total

Write-offs $ 62 $ 290 $ 73 $ 425

Activity for the three months ended March 31, 2026 and 2025, in the allowance for credit losses and unamortized imputed discount balances for the accounts receivable and EIP receivables segments were as follows:

March 31, 2026 March 31, 2025

Index for Notes to the Condensed Consolidated Financial Statements

Activity for the six months ended June 30, 2026 and 2025, in the allowance for credit losses and unamortized imputed discount balances for the accounts receivable and EIP receivables segments was as follows:

June 30, 2026 June 30, 2025

(in millions) Accounts Receivable Allowance EIP Receivables Allowance Total Accounts Receivable Allowance EIP Receivables Allowance Total

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Off-Balance-Sheet Credit Exposures

We do not have material off-balance-sheet credit exposures as of March 31, 2026.

In connection with the sales of certain service accounts receivable and EIP receivables pursuant to the sale arrangements, we provide guarantees of credit performance included on our Condensed Consolidated Balance Sheets measured at fair value that are based on a discounted cash flow model using Level 3 inputs, including estimated customer default rates and credit worthiness, dilutions and recoveries.

We do not have material off-balance-sheet credit exposures as of June 30, 2026.

See Note 5 – Sales of Certain Receivables for further information.

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In 2015, we entered into an arrangement to sell certain EIP receivables on a revolving basis (the “EIP Sale Arrangement”), which expires November 2026.

As of both March 31, 2026, and December 31, 2025, the EIP Sale Arrangement provided funding of $ 1.3 billion.

As of both June 30, 2026, and December 31, 2025, the EIP Sale Arrangement provided funding of $ 1.3 billion.

In connection with this EIP Sale Arrangement, we formed a wholly owned subsidiary, which qualifies as a bankruptcy remote entity (the “EIP BRE”).

We consolidate the EIP BRE under the VIE model.

Index for Notes to the Condensed Consolidated Financial Statements

The following table summarizes the carrying amounts and classification of liabilities, which consist of the recourse guarantee, included on our Condensed Consolidated Balance Sheets with respect to the EIP BRE:

(in millions) March 31,

(in millions) June 30,

2026 December 31,

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On February 24, 2026, we extended the scheduled expiration date of the Service Receivable Sale Arrangement to February 23, 2027.

As of both March 31, 2026, and December 31, 2025, the Service Receivable Sale Arrangement provided funding of $ 775 million.

As of both June 30, 2026, and December 31, 2025, the Service Receivable Sale Arrangement provided funding of $ 775 million.

Index for Notes to the Condensed Consolidated Financial Statements

In connection with the Service Receivable Sale Arrangement, we formed a wholly owned subsidiary, which qualifies as a bankruptcy remote entity, to sell service accounts receivable (the “Service BRE”).

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The following table summarizes the carrying amounts and classification of liabilities included on our Condensed Consolidated Balance Sheets with respect to the Service BRE:

(in millions) March 31,

(in millions) June 30,

2026 December 31,

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At inception, we elected to measure the recourse guarantee liabilities at fair value with changes in fair value included in Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income.

The fair value of the recourse guarantee liabilities is determined based on a discounted cash flow model, which primarily uses Level 3 inputs, including estimated customer default rates and credit worthiness, dilutions and recoveries.

Our recourse guarantee liabilities related to the sales of service receivables and EIP receivables were $ 132 million and $ 130 million as of March 31, 2026, and December 31, 2025, respectively.

These liabilities were collateralized by $ 284 million and $ 266 million of gross service receivables and $ 579 million and $ 535 million of gross EIP receivables pledged, but unsold as of March 31, 2026, and December 31, 2025, respectively, which represent our maximum exposure under the recourse guarantee.

Our recourse guarantee liabilities related to the sales of service receivables and EIP receivables were $ 136 million and $ 130 million as of June 30, 2026, and December 31, 2025, respectively.

These liabilities were collateralized by $ 322 million and $ 266 million of gross service receivables and $ 534 million and $ 535 million of gross EIP receivables pledged, but unsold as of June 30, 2026, and December 31, 2025, respectively, which represent our maximum exposure under the recourse guarantee.

The following table summarizes the impact of the sales of certain service receivables and EIP receivables on our Condensed Consolidated Balance Sheets:

(in millions) March 31,

(in millions) June 30,

2026 December 31,

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Net cash proceeds funded by reinvested collections 1,372 1,468

We recognized losses from sales of receivables, including changes in fair value of the recourse guarantee liabilities, of $ 20 million and $ 22 million for the three months ended March 31, 2026 and 2025, respectively, in Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income.

Index for Notes to the Condensed Consolidated Financial Statements

We recognized losses from sales of receivables, including changes in fair value of the recourse guarantee liabilities of $ 17 million and $ 19 million for the three months ended June 30, 2026 and 2025, respectively, and $ 37 million and $ 41 million for the six months ended June 30, 2026 and 2025, respectively, in Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income.

Continuing Involvement

Pursuant to the EIP Sale Arrangement and Service Receivable Sale Arrangement described above, we have continuing involvement with the EIP receivables and service accounts receivables we sell, as we service the receivables, are required to replace certain receivables, including ineligible receivables, aged receivables and receivables where a write-off is imminent, and may be responsible for absorbing credit losses through performance under our recourse guarantee liabilities.

Pursuant to the EIP Sale Arrangement and Service Receivable Sale Arrangement described above, we have continuing involvement with the EIP receivables and service accounts receivable we sell, as we service the receivables, are required to replace certain receivables, including ineligible receivables, aged receivables and receivables where a write-off is imminent, and may be responsible for absorbing credit losses through performance under our recourse guarantee liabilities.

We continue to service the customers and their related receivables, including facilitating customer payment collection, in exchange for a monthly servicing fee.

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At the direction of the purchasers of the sold receivables, we apply the same policies and procedures while servicing the sold receivables as we apply to our owned receivables, and we continue to maintain normal relationships with our customers.

Index for Notes to the Condensed Consolidated Financial Statements

Note 6 – Spectrum License Transactions

Spectrum Licenses

The following table summarizes our spectrum license activity for the three months ended March 31, 2026:

The following table summarizes our spectrum license activity for the six months ended June 30, 2026:

(in millions) Spectrum

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Cash proceeds from the sale of spectrum licenses are included in Proceeds from the sale of property, equipment and intangible assets on our Condensed Consolidated Statements of Cash Flows.

Spectrum Auction

In June 2026, the Federal Communications Commission (“FCC”) announced that we were the winning bidder of 102 licenses in Auction 113 (AWS-3 band spectrum) for an aggregate purchase price of $ 278 million.

At the inception of Auction 113 in April 2026, we deposited $ 25 million.

The $ 25 million deposit made to the FCC is included in Other assets on our Condensed Consolidated Balance Sheets as of June 30, 2026, and will remain there until the corresponding licenses are received.

On July 10, 2026, we paid the FCC an additional $ 31 million and expect to pay the remaining $ 222 million on July 24, 2026, for the licenses won in the auction.

The timing of when the licenses will be issued will be determined by the FCC after all post-auction procedures have been completed.

License Purchase Agreements

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Subsequent to the amendment, the total cash consideration for the transaction is between $ 1.2 billion and $ 3.4 billion.

As a result of additional spectrum acquisitions we are planning with third parties, we have agreed with Comcast to accelerate the consummation of our acquisition of approximately $ 45 million of the Comcast Licenses.

The parties are currently targeting a closing on the acquisition of this accelerated portion of the Comcast Licenses in 2026, with the remaining spectrum license acquisitions targeting a closing in the first half of 2028.

As a result of additional spectrum acquisitions we are planning with third parties, we have agreed with Comcast to accelerate the consummation of our acquisition of a portion of the Comcast Licenses.

The accelerated portion of the Comcast Licenses acquisition closed on June 2, 2026, and the associated payment of $ 46 million was made on the same day.

We are targeting a closing in the first half of 2028 for the acquisition of the remaining Comcast Licenses.

Index for Notes to the Condensed Consolidated Financial Statements

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In addition, we may receive a share of certain future proceeds from transactions entered into by Grain that monetize the 800 MHz spectrum licenses, subject to certain terms and conditions and following a certain return on invested capital for Grain.

As of March 31, 2026, $ 3.6 billion of the associated 800 MHz spectrum licenses have been classified as held for sale at cost, with $ 2.9 billion and $ 690 million presented in Other current assets and Other assets, respectively, on our Condensed Consolidated Balance Sheets based on the nature of consideration to be received.

The transaction is subject to customary closing conditions and contingent on the receipt of regulatory approvals, including the FCC’s approval regarding certain modifications to the 800 MHz spectrum licenses, and the parties are currently targeting a closing in 2026.

As of June 30, 2026, $ 3.6 billion of the associated 800 MHz spectrum licenses have been classified as held for sale at cost, with $ 2.9 billion and $ 690 million presented in Other current assets and Other assets, respectively, on our Condensed Consolidated Balance Sheets based on the nature of consideration to be received.

The transaction is subject to customary closing conditions, and subsequent to June 30, 2026, on July 1, 2026, the FCC approved the transaction, including certain modifications to the 800 MHz spectrum licenses.

The parties are currently targeting a closing in the third quarter of 2026.

We do not expect the transaction to have a material impact on our Condensed Consolidated Statements of Comprehensive Income upon the transaction close.

In addition, we expect an increase to our cash income tax liability of approximately $ 850 million upon the transaction close.

In addition, we expect an increase to our cash income tax liability of approximately $ 850 million related to the close of this transaction.

Spectrum Exchange Transactions

During the three months ended March 31, 2026 and 2025, we recognized $ 5 million and $ 172 million, respectively, of non-cash spectrum license acquisitions associated with the closing of certain exchange transactions, which were included in Spectrum Licenses on our Condensed Consolidated Balance Sheets.

During the three months ended March 31, 2026 and 2025, we recognized $ 2 million and $ 12 million, respectively, of gains associated with the closing of certain spectrum exchange transactions as a reduction to Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income.

As of March 31, 2026 and December 31, 2025, $ 507 million and $ 3 million of spectrum licenses were classified as held for sale within Other assets on our Condensed Consolidated Balance Sheets related to additional spectrum exchange agreements pending regulatory approval and closing, which are expected to close in the next 12 months.

During the three months ended June 30, 2026 and 2025, we recognized $ 43 million and $ 1 million, respectively, and during the six months ended June 30, 2026 and 2025, we recognized $ 48 million and $ 173 million, respectively, of non-cash spectrum license acquisitions associated with the closing of certain exchange transactions, which were included in Spectrum Licenses on our Condensed Consolidated Balance Sheets.

During the three months ended June 30, 2026 and 2025, we recognized $ 22 million and $ 1 million, respectively, and during the six months ended June 30, 2026 and 2025, we recognized $ 24 million and $ 13 million, respectively, of gains associated with the closing of certain spectrum exchange transactions as a reduction to Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income.

As of June 30, 2026 and December 31, 2025, $ 486 million and $ 3 million, respectively, of spectrum licenses were classified as held for sale within Other assets on our Condensed Consolidated Balance Sheets related to additional spectrum exchange agreements pending regulatory approval and closing, which are expected to close in the next 12 months.

The closings of these transactions are not expected to have a significant impact on our Condensed Consolidated Statements of Comprehensive Income.

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The following table summarizes the activity of our cross-currency swaps:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(in millions) 2026 2025 2026 2025

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Amount recognized in Other expense, net reclassified from Accumulated other comprehensive loss

( 76 ) 461 ( 259 ) 679

Accumulated other comprehensive loss

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$ 76 $ ( 461 ) $ 259 $ ( 679 )

Losses associated with the change in fair value of cross-currency swaps recognized in Accumulated other comprehensive loss

Gain (loss) associated with the change in fair value of cross-currency swaps recognized in Accumulated other comprehensive loss

114 511 ( 117 ) 491

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In April 2020, we terminated our interest rate lock derivatives entered into in October 2018.

Aggregate changes in the fair value of our terminated interest rate lock derivatives, net of amortization, of $ 721 million and $ 771 million are presented in Accumulated other comprehensive loss on our Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, respectively.

During the three months ended March 31, 2026 and 2025, we amortized $ 67 million and $ 62 million, respectively, from Accumulated other comprehensive loss into Interest expense, net, on our Condensed Consolidated Statements of Comprehensive Income.

We expect to amortize $ 279 million of the Accumulated other comprehensive loss associated with the derivatives into Interest expense, net, over the 12 months ending March 31, 2027.

Index for Notes to the Condensed Consolidated Financial Statements

Aggregate changes in the fair value of our terminated interest rate lock derivatives, net of amortization, of $ 671 million and $ 771 million are presented in Accumulated other comprehensive loss on our Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025, respectively.

During the three months ended June 30, 2026 and 2025, we amortized $ 67 million and $ 63 million, respectively, and during the six months ended June 30, 2026 and 2025, we amortized $ 134 million and $ 125 million, respectively, from Accumulated other comprehensive loss into Interest expense, net, on our Condensed Consolidated Statements of Comprehensive Income.

We expect to amortize $ 285 million of the Accumulated other comprehensive loss associated with the derivatives into Interest expense, net, over the 12 months ending June 30, 2027.

The fair values of our Senior Notes and spectrum-backed Senior Secured Notes to third parties were determined based on quoted market prices in active markets.

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Accordingly, our Senior Notes to affiliates were classified as Level 2 within the fair value hierarchy.

The fair values of our Senior Notes to third parties (EUR-denominated) and asset-backed notes (“ABS Notes”) were primarily based on quoted prices in inactive markets for identical instruments and observable changes in market interest rates, both of which are Level 2 inputs.

The fair values of our Senior Notes to third parties (EUR-denominated) and asset-backed notes (“ABS Notes”) were primarily based on quoted prices in inactive markets for identical

Index for Notes to the Condensed Consolidated Financial Statements

instruments and observable changes in market interest rates, both of which are Level 2 inputs.

Accordingly, our Senior Notes to third parties (EUR-denominated) and ABS Notes were classified as Level 2 within the fair value hierarchy.

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Although we have determined the estimated fair values using available market information and commonly accepted valuation methodologies, judgment was required in interpreting market data to develop fair value estimates for the Senior Notes to third parties (EUR-denominated), Senior Notes to affiliates, ABS Notes and borrowings related to the ECA Facilities and MRFA.

The fair value estimates were based on information available as of March 31, 2026 and December 31, 2025.

The fair value estimates were based on information available as of June 30, 2026 and December 31, 2025.

As such, our estimates are not necessarily indicative of the amount we could realize in a current market exchange.

The carrying amounts and fair values of our short-term and long-term debt, excluding accrued interest, included on our Condensed Consolidated Balance Sheets were as follows:

(in millions) Level within the Fair Value Hierarchy March 31, 2026 December 31, 2025

(in millions) Level within the Fair Value Hierarchy June 30, 2026 December 31, 2025

Carrying Amount Fair Value Carrying Amount Fair Value

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Note 8 – Debt

The following table sets forth the debt balances and activity as of, and for the three months ended, March 31, 2026:

The following table sets forth the debt balances and activity as of, and for the six months ended, June 30, 2026:

(in millions) December 31,

2025 Proceeds from Issuances and Borrowings (1)

Note Redemptions (1)

Repayments Reclassifications (1)

Redemptions and Repayments (1)

Reclassifications (1)

Short-term debt $ 5,135 $ — $ ( 4,771 ) $ 5,751 $ 2 $ 6,117

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(2) Other includes the amortization of premiums, discounts, debt issuance costs and consent fees and the impact from changes in foreign currency exchange rates.

Our effective interest rate, excluding the impact of derivatives and capitalized interest, was 4.2 % and 4.0 % on weighted-average debt outstanding of $ 86.7 billion and $ 80.8 billion for the three months ended March 31, 2026 and 2025, respectively.

Our effective interest rate, excluding the impact of derivatives and capitalized interest, was 4.3 % and 4.1 % on weighted-average debt outstanding of $ 85.1 billion and $ 83.5 billion for the three months ended June 30, 2026 and 2025, respectively, and 4.2 % and 4.1 % on weighted-average debt outstanding of $ 85.9 billion and $ 81.7 billion for the six months ended June 30, 2026 and 2025, respectively.

The weighted-average debt outstanding was calculated by applying an average of the monthly ending balances of total short-term and long-term debt to third parties and short-term and long-term debt to affiliates, net of unamortized premiums, discounts, debt issuance costs and consent fees.

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Issuances and Borrowings

During the three months ended March 31, 2026, we issued and borrowed the following debt:

During the six months ended June 30, 2026, we issued and borrowed the following debt:

(in millions) Principal Issuances Discounts and Issuance Costs Net Proceeds from Issuance of Debt Issue Date

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The January 2026 Credit Agreement contains customary representations, warranties and covenants, including a financial maintenance covenant of 4.5 x with respect to T-Mobile USA, Inc.’s Leverage Ratio (as defined therein).

As of March 31, 2026, we did not have an outstanding balance under this facility.

Note Redemptions and Repayments

During the three months ended March 31, 2026, we made the following redemptions and repayments:

As of June 30, 2026, we did not have an outstanding balance under this facility.

Redemptions and Repayments

During the six months ended June 30, 2026, we made the following redemptions and repayments:

(in millions) Principal Amount Write-off of Issuance Cost and Consent Fees (1)

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500 — March 20, 2026 100 %

2.625 % Senior Notes due 2026

1,200 — April 15, 2026 N/A

Total redemptions 7,500 5

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184 — Various N/A

ECA Facility due November 2036 44 — Various N/A

Total repayments 271 —

Total redemptions and repayments $ 7,771 $ 5

(1) Write-off of issuance costs and consent fees are included in Other expense, net on our Condensed Consolidated Statements of Comprehensive Income.

Write-off of issuance costs and consent fees are included in Other, net within Net cash provided by operating activities on our Condensed Consolidated Statements of Cash Flows.

Index for Notes to the Condensed Consolidated Financial Statements

Asset-backed Notes

On March 20, 2026, we issued $ 500 million of 4.250 % Class A Senior ABS Notes to third parties in a private placement transaction.

Net Proceeds of $ 498 million from these ABS Notes are presented in Proceeds from issuance of long-term debt, net on our Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026.

As of March 31, 2026, $ 2.0 billion of our ABS Notes were secured in total by $ 2.6 billion of gross EIP receivables and future collections on such receivables.

As of June 30, 2026, $ 2.0 billion of our ABS Notes were secured in total by $ 2.6 billion of gross EIP receivables and future collections on such receivables.

Our ABS Notes and the assets securing this debt are included on our Condensed Consolidated Balance Sheets.

The expected maturities of our ABS Notes as of March 31, 2026, were as follows:

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The expected maturities of our ABS Notes as of June 30, 2026, were as follows:

(in millions) Expected Maturities

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The following table summarizes the carrying amounts and classification of assets and liabilities included on our Condensed Consolidated Balance Sheets with respect to the ABS Entities:

(in millions) March 31,

(in millions) June 30,

2026 December 31,

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Concurrently with the execution of the MRFA, we borrowed $ 1.0 billion with a floating interest rate indexed to the Secured Overnight Financing Rate (“SOFR”) plus an applicable margin, with an initial scheduled expiry date of February 5, 2027, and principal paydowns beginning thereafter.

The net proceeds are presented in Proceeds from issuance of long-term debt on our Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026.

As of March 31, 2026, $ 1.0 billion of borrowings are secured by approximately $ 195 million of outstanding service accounts receivable, the related customer service account contracts and future monthly service receivables.

The net proceeds are presented in Proceeds from issuance of long-term debt on our Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026.

As of June 30, 2026, $ 1.0 billion of borrowings are secured by approximately $ 198 million of outstanding service accounts receivable, the related customer service account contracts and future monthly service receivables.

The borrowings related to the MRFA and assets securing these borrowings are included on our Condensed Consolidated Balance Sheets.

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Restricted Cash

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See Note 16 – Additional Financial Information for our reconciliation of Cash and cash equivalents, including restricted cash.

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Note 9 – Tower Obligations

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The tower assets are reported in Property and equipment, net on our Condensed Consolidated Balance Sheets and are depreciated to their estimated residual values over the expected useful life of the towers, which is 20 years.

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Leaseback Arrangement

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As a result of the Crown Agreement, there was an increase in our financing obligation as of the effective date of the Crown Agreement of approximately $ 1.2 billion, with a corresponding decrease to Other long-term liabilities associated with unfavorable contract terms.

The modification resulted in a revised interest rate under the effective interest method for the tower obligations:

The modification resulted in a revised

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interest rate under the effective interest method for the tower obligations:

11.6 % for the Existing CCI Tower Lease Arrangements and 5.3 % for the Acquired CCI Tower Lease Arrangements.

1 unchanged sentence

The following table summarizes the balances associated with both of the tower arrangements on our Condensed Consolidated Balance Sheets:

(in millions) March 31,

(in millions) June 30,

2026 December 31,

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Other long-term liabilities 554 554

Future minimum payments related to the tower obligations are approximately $ 391 million for the 12-month period ending March 31, 2027, $ 816 million in total for both of the 12-month periods ending March 31, 2028 and 2029, $ 869 million in total for both of the 12-month periods ending March 31, 2030 and 2031, and $ 3.1 billion in total thereafter.

Future minimum payments related to the tower obligations are approximately $ 393 million for the 12-month period ending June 30, 2027, $ 822 million in total for both of the 12-month periods ending June 30, 2028 and 2029, $ 875 million in total for both of the 12-month periods ending June 30, 2030 and 2031, and $ 3.0 billion in total thereafter.

We are contingently liable for future ground lease payments through the remaining term of the CCI Lease Sites and the Master Lease Sites.

These contingent obligations are not included in Operating lease liabilities, as any amount due is contractually owed by CCI based on the subleasing arrangement.

Under the arrangement, we remain primarily liable for ground lease payments on approximately 900 sites and have included lease liabilities of $ 239 million in our Operating lease liabilities as of March 31, 2026.

Under the arrangement, we remain primarily liable for ground lease payments on approximately 850 sites and have included lease liabilities of $ 235 million in our Operating lease liabilities as of June 30, 2026.

Note 10 – Revenue from Contracts with Customers

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Contract Balances

The contract asset and contract liability balances from contracts with customers as of March 31, 2026 and December 31, 2025, were as follows:

The contract asset and contract liability balances from contracts with customers as of June 30, 2026 and December 31, 2025, were as follows:

(in millions) Contract

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Balance as of December 31, 2025 $ 1,307 $ 1,653

Balance as of March 31, 2026 1,368 1,568

Balance as of June 30, 2026 1,283 1,511

Change $ ( 24 ) $ ( 142 )

Index for Notes to the Condensed Consolidated Financial Statements

Contract assets primarily represent revenue recognized for equipment sales with promotional bill credits offered to customers that are paid over time and are contingent on the customer maintaining a service contract.

The change in the contract asset balance reflects customer activity related to new promotions, offset by billings on existing contracts and impairment, which is recognized as bad debt expense.

The current portion of our contract assets of $ 1.0 billion and $ 920 million as of March 31, 2026 and December 31, 2025, respectively, was included in Other current assets on our Condensed Consolidated Balance Sheets.

The current portion of our contract assets of $ 1.0 billion and $ 920 million as of June 30, 2026 and December 31, 2025, respectively, was included in Other current assets on our Condensed Consolidated Balance Sheets.

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Contract liabilities are recorded when fees are collected, or we have an unconditional right to consideration (a receivable) in advance of delivery of goods or services.

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Contract liabilities are primarily included in Deferred revenue on our Condensed Consolidated Balance Sheets.

Revenues for the three months ended March 31, 2026 and 2025, include the following:

Three Months Ended March 31,

Revenues for the three and six months ended June 30, 2026 and 2025, include the following:

Three Months Ended June 30, Six Months Ended June 30,

(in millions) 2026 2025 2026 2025

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Remaining Performance Obligations

As of March 31, 2026, the aggregate amount of the transaction price allocated to remaining service performance obligations for postpaid contracts with subsidized devices and promotional bill credits that result in an extended service contract is $ 2.8 billion.

As of June 30, 2026, the aggregate amount of the transaction price allocated to remaining service performance obligations for postpaid contracts with subsidized devices and promotional bill credits that result in an extended service contract is $ 2.6 billion.

We expect to recognize revenue as the service is provided on these postpaid contracts, generally over a period of 24 months from the time of origination.

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This variable consideration has been excluded from the disclosure of remaining performance obligations.

As of March 31, 2026, the aggregate amount of the contractual minimum consideration for wholesale, roaming and service contracts is $ 986 million, $ 968 million and $ 2.2 billion for the remainder of 2026, 2027, and 2028 and beyond, respectively.

These contracts have a remaining duration ranging from less than one year to six years .

As of June 30, 2026, the aggregate amount of the contractual minimum consideration for wholesale, roaming and service contracts is $ 694 million, $ 1.0 billion and $ 2.3 billion for the remainder of 2026, 2027, and 2028 and beyond, respectively.

These contracts have a remaining duration ranging from less than one year to five years .

Contract Costs

The balance of deferred incremental costs to obtain contracts with customers was $ 2.0 billion for both March 31, 2026 and December 31, 2025, and is included in Other assets on our Condensed Consolidated Balance Sheets.

The balance of deferred incremental costs to obtain contracts with customers was $ 2.1 billion for June 30, 2026, and $ 2.0 billion for December 31, 2025, and is included in Other assets on our Condensed Consolidated Balance Sheets.

Deferred contract costs incurred to obtain postpaid service contracts are amortized over a period of 24 months.

The amortization period is monitored to reflect any significant change in assumptions.

Amortization of deferred contract costs included in Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income were $ 473 million and $ 485 million for the three months ended March 31, 2026 and 2025, respectively.

Amortization of deferred contract costs included in Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income were $ 479 million and $ 478 million for the three months ended June 30, 2026 and 2025, respectively, and $ 952 million and $ 963 million for the six months ended June 30, 2026 and 2025, respectively.

The deferred contract cost asset is assessed for impairment on a periodic basis.

There were no impairment losses recognized on deferred contract cost assets for the three months ended March 31, 2026 and 2025.

There were no impairment losses recognized on deferred contract cost assets for the three and six months ended June 30, 2026 and 2025.

Note 11 – Segment Reporting

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Our chief operating decision maker (“CODM”) is our President and Chief Executive Officer.

The CODM uses Net income, as reported on our Condensed Consolidated Statements of Comprehensive Income, in evaluating performance of the Wireless segment and determining how to allocate resources of the Company as a whole, including investing in our networks and

Index for Notes to the Condensed Consolidated Financial Statements

customers, stockholder return programs and acquisition strategy.

The CODM does not review assets in evaluating the results of the Wireless segment, and therefore, such information is not presented.

Index for Notes to the Condensed Consolidated Financial Statements

The following table provides the operating financial results of our Wireless segment:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(in millions) 2026 2025 2026 2025

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Other segment items (1)

4,158 3,825 8,420 7,664

Depreciation and amortization 3,434 3,146 7,251 6,344

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Segment net income $ 3,239 $ 3,222 $ 5,743 $ 6,175

(1) Other segment items included in Segment net income primarily includes certain third-party commissions, external labor and services and backhaul expenses.

(1) Other segment items included in Segment net income primarily include certain third-party commissions, external labor and services and backhaul expenses.

Note 12 – Stockholder Return Program

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On December 11, 2025, we announced that our Board of Directors authorized our 2026 Stockholder Return Program of up to $ 14.6 billion that will run through December 31, 2026 (the “2026 Stockholder Return Program”).

On April 23, 2026, we announced that our Board of Directors increased the 2026 Stockholder Return Program authorization to up to $ 18.2 billion.

The 2026 Stockholder Return Program consists of repurchases of shares of our common stock and the payment of cash dividends.

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On December 4, 2025, our Board of Directors declared a cash dividend of $ 1.02 per share on our issued and outstanding common stock, which was paid on March 12, 2026, to stockholders of record as of the close of business on February 27, 2026.

On March 19, 2026, our Board of Directors declared a cash dividend of $ 1.02 per share on our issued and outstanding common stock, which will be paid on June 11, 2026, to stockholders of record as of the close of business on May 29, 2026.

During the three months ended March 31, 2026, we paid an aggregate of $ 1.1 billion in cash dividends to our stockholders, which was presented within Net cash (used in) provided by financing activities on our Condensed Consolidated Statements of Cash Flows, of which $ 594 million was paid to Deutsche Telekom AG (“DT”).

As of March 31, 2026, $ 1.1 billion for dividends payable is presented within Other current liabilities on our Condensed Consolidated Balance Sheets, of which $ 594 million is payable to DT.

During the three months ended March 31, 2026, we repurchased 23,329,925 shares of our common stock at an average price per share of $ 210.07 for a total purchase price of $ 4.9 billion, under the 2026 Stockholder Return Program.

All shares repurchased during the three months ended March 31, 2026, were purchased at market price.

As of March 31, 2026, we had up to $ 8.6 billion remaining under the 2026 Stockholder Return Program for repurchases of shares and quarterly dividends through December 31, 2026.

Subsequent to March 31, 2026, on April 23, 2026, we announced that our Board of Directors increased the 2026 Stockholder Return Program authorization to up to $ 18.2 billion.

Subsequent to March 31, 2026, from April 1, 2026, through April 24, 2026, we repurchased 3,791,020 shares of our common stock at an average price per share of $ 195.87 for a total purchase price of $ 743 million.

As of April 24, 2026, we had up to $ 11.5 billion remaining under the 2026 Stockholder Return Program for repurchases of shares and quarterly dividends through December 31, 2026.

On March 19, 2026, our Board of Directors declared a cash dividend of $ 1.02 per share on our issued and outstanding common stock, which was paid on June 11, 2026, to stockholders of record as of the close of business on May 29, 2026.

On June 15, 2026, our Board of Directors declared a cash dividend of $ 1.02 per share on our issued and outstanding common stock, which will be paid on September 10, 2026, to stockholders of record as of the close of business on August 28, 2026.

During the three and six months ended June 30, 2026, we paid an aggregate of $ 1.1 billion and $ 2.2 billion, respectively, in cash dividends to our stockholders, which are presented within Net cash used in financing activities on our Condensed Consolidated Statements of Cash Flows, of which during the three and six months ended June 30, 2026, $ 593 million and $ 1.2 billion, respectively, were paid to Deutsche Telekom AG (“DT”).

As of June 30, 2026, $ 1.1 billion for dividends payable is presented within Other current liabilities on our Condensed Consolidated Balance Sheets, of which $ 594 million is payable to DT.

During the three months ended June 30, 2026, we repurchased 11,420,845 shares of our common stock at an average price per share of $ 188.76 for a total purchase price of $ 2.2 billion, and during the six months ended June 30, 2026, we repurchased 34,750,770 shares of our common stock at an average price per share of $ 203.07 for a total purchase price of $ 7.1 billion under the 2026 Stockholder Return Program.

All shares repurchased during the three and six months ended June 30, 2026, were purchased at market price.

As of June 30, 2026, we had up to $ 8.9 billion remaining under the 2026 Stockholder Return Program for repurchases of shares and quarterly dividends through December 31, 2026.

Subsequent to June 30, 2026, from July 1, 2026, through July 17, 2026, we repurchased 2,149,600 shares of our common stock at an average price per share of $ 182.53 for a total purchase price of $ 392 million.

As of July 17, 2026, we had up to $ 8.5 billion remaining under the 2026 Stockholder Return Program for repurchases of shares and quarterly dividends through December 31, 2026.

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The computation of basic and diluted earnings per share was as follows:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(in millions, except shares and per share amounts) 2026 2025 2026 2025

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Outstanding stock options and unvested stock awards 6,122,349 2,479,780 2,242,724 80,012

Ka’ena Acquisition earnout (2)

(1) For the three months ended March 31, 2026, the weighted-average number of shares issuable related to the Ka’ena Acquisition earnout (“Ka’ena Shares”) are included in our calculations of basic and diluted weighted-average shares outstanding based on the 20 trading day volume-weighted average price as of March 31, 2026, as further described below.

(2) Represents the Ka’ena Shares that were contingently issuable based on achievement of specified performance indicators from the Ka’ena Acquisition closing date of May 1, 2024, based on the maximum number of shares contingently issuable for the earnout and 20 trading day volume-weighted average price as of March 31, 2025.

As of March 31, 2026, we had authorized 100 million shares of preferred stock, with a par value of $ 0.00001 per share.

There was no preferred stock outstanding as of March 31, 2026 and 2025.

(1) Our calculations of the weighted-average number of shares issuable related to the Ka’ena Acquisition earnout (“Ka’ena Shares”) are based on the 20 trading day volume-weighted average price as of June 30, 2026 and 2025, respectively, as further described below.

As of June 30, 2026, we had authorized 100 million shares of preferred stock, with a par value of $ 0.00001 per share.

There was no preferred stock outstanding as of June 30, 2026 and 2025.

Potentially dilutive securities were not included in the computation of diluted earnings per share if to do so would have been anti-dilutive.

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The Ka’ena Shares issuable are included in the calculation of basic and diluted weighted-average shares outstanding for the three months ended March 31, 2026.

The Ka’ena Shares issuable are included in the calculations of basic weighted-average shares outstanding for the three and six months ended June 30, 2026, and the calculations of basic and diluted weighted-average shares outstanding for the three and six months ended June 30, 2025.

The Ka’ena Shares are expected to be issued after the Ka’ena Acquisition earnout payment date.

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Failure to fulfill our obligations and commitments in a timely manner could result in substantial fines, penalties, or other legal and administrative actions.

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Contingencies and Litigation

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We are involved in various lawsuits and disputes, claims, government agency investigations and enforcement actions, and other proceedings (“Litigation and Regulatory Matters”) that arise in the ordinary course of business, which include claims of patent infringement (most of which are asserted by non-practicing entities primarily seeking monetary damages), class actions, and proceedings to enforce FCC or other government agency rules and regulations.

Those Litigation and Regulatory Matters are at various stages, and some of them may proceed to trial, arbitration, hearing, or other adjudication that could result in fines, penalties, or awards of monetary or injunctive relief in the coming 12 months if they are not otherwise resolved.

Those Litigation and Regulatory Matters are at various stages, and some of them may proceed to trial, arbitration, hearing, or other adjudication that could result in fines,

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penalties, or awards of monetary or injunctive relief in the coming 12 months if they are not otherwise resolved.

We have established an accrual with respect to certain of these matters, where appropriate.

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All appeals have been resolved, and the settlement is now final.

Under the terms of the settlement, we have paid an aggregate of $ 350 million to fund claims submitted by class members, the legal fees of plaintiffs’ counsel and the costs

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of administering the settlement.

Under the terms of the settlement, we have paid an aggregate of $ 350 million to fund claims submitted by class members, the legal fees of plaintiffs’ counsel and the costs of administering the settlement.

As required under the terms of the settlement, we have spent an aggregate of $ 150 million for data security and related technology in 2022 and 2023.

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The settlement contains no admission of liability, wrongdoing or responsibility by any of the defendants.

We anticipate that this settlement of the class action, along with other settlements of separate consumer claims that have been previously completed or are currently pending, will resolve substantially all of the claims brought to date by our current, former and prospective customers who were impacted by the 2021 cyberattack.

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and prospective customers who were impacted by the 2021 cyberattack.

In connection with the class action settlement and the separate settlements, we recorded a total pre-tax charge of approximately $ 400 million in the second quarter of 2022.

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We are unable to predict the potential outcome of these claims.

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Note 15 – Restructuring Costs

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Upon completing the UScellular Acquisition on August 1, 2025, we began implementing restructuring initiatives to realize cost efficiencies and eliminate redundancies.

The major activities associated with the UScellular Acquisition restructuring initiatives will include contract termination costs associated with the rationalization of retail stores, distribution channels, duplicative network and backhaul services and other agreements, severance costs associated with the integration of redundant processes and functions and the decommissioning of certain cell sites and distributed antenna systems to achieve synergies in network costs.

The major activities associated with the UScellular Acquisition restructuring initiatives include contract termination costs associated with the rationalization of retail stores, distribution channels, duplicative network and backhaul services and other agreements, severance costs associated with the integration of redundant processes and functions and the decommissioning of certain cell sites and distributed antenna systems to achieve synergies in network costs.

Index for Notes to the Condensed Consolidated Financial Statements

The following table summarizes the expenses incurred in connection with our UScellular Acquisition restructuring initiatives:

(in millions) Three Months Ended March 31, 2026 Incurred to Date

(in millions) Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 Incurred to Date

Contract termination costs $ 51 $ 92 $ 124

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The expenses associated with our UScellular Acquisition restructuring initiatives are included in Cost of services and Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income.

Our UScellular Acquisition restructuring initiatives will also include the acceleration or termination of certain of our operating leases for cell sites, switch sites and retail stores.

Incremental expenses associated with terminated leases and leases for which we have recognized accelerated lease expense were $ 280 million for the three months ended March 31, 2026, and are included in Cost of services on our Condensed Consolidated Statements of Comprehensive Income.

Additionally, we recognized $ 229 million of accelerated depreciation for the three months ended March 31, 2026, related to assets associated with the decommissioning of cell sites, which is included in Depreciation and amortization on our Condensed Consolidated Statements of Comprehensive Income.

Our UScellular Acquisition restructuring initiatives also include the acceleration or termination of certain of our operating leases for cell sites, switch sites and retail stores.

Incremental expenses associated with terminated leases and leases for which we have recognized accelerated lease expense were $ 31 million and $ 311 million for the three and six months ended June 30, 2026, respectively, and are included in Cost of services and Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income.

Additionally, we recognized $ 13 million and $ 242 million of accelerated depreciation for the three and six months ended June 30, 2026, respectively, primarily related to assets associated with the decommissioning of cell sites, which is included in Depreciation and amortization on our Condensed Consolidated Statements of Comprehensive Income.

The changes in the liabilities associated with our UScellular Acquisition restructuring initiatives, including expenses incurred and cash payments, are as follows:

(in millions) December 31,

2025 Expenses Incurred Cash Payments March 31,

2025 Expenses Incurred Cash Payments June 30,

Contract termination costs $ 31 $ 92 $ ( 45 ) $ 78

3 unchanged sentences

The liabilities accrued in connection with our UScellular Acquisition restructuring initiatives are presented in Accounts payable and accrued liabilities on our Condensed Consolidated Balance Sheets.

Our UScellular Acquisition restructuring activities are expected to occur over the next two years , with substantially all costs incurred by the end of fiscal year 2027.

We expect to incur substantially all costs related to our UScellular Acquisition restructuring activities by the end of fiscal year 2027.

We are evaluating additional restructuring initiatives associated with the UScellular Acquisition, which are dependent on consultations and negotiations with certain counterparties and the expected impact on our business operations, which could affect the amount or timing of the restructuring costs and related payments.

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The major activities associated with the Network Restructuring Initiative include the rationalization of network and backhaul services and the decommissioning of cell sites and distributed antenna systems to reduce our overall network cost.

Index for Notes to the Condensed Consolidated Financial Statements

The following table summarizes the expenses incurred in connection with our Network Restructuring Initiative:

(in millions) Three Months Ended March 31, 2026 Incurred to Date

(in millions) Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 Incurred to Date

Contract termination costs $ 13 $ 40 $ 45

2 unchanged sentences

The expenses associated with our Network Restructuring Initiative are included in Cost of services on our Condensed Consolidated Statements of Comprehensive Income.

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Our Network Restructuring Initiative also includes the termination of certain of our operating leases for cell sites and switch sites.

Incremental expenses associated with terminated leases and leases for which we have recognized accelerated lease expense were $ 11 million for the three months ended March 31, 2026, and are included in Cost of services on our Condensed Consolidated Statements of Comprehensive Income.

Additionally, we recognized $ 60 million of accelerated depreciation for the three months ended March 31, 2026, related to assets associated with the decommissioning of cell sites, which is included in Depreciation and amortization on our Condensed Consolidated Statements of Comprehensive Income.

Incremental expenses associated with terminated leases and leases for which we have recognized accelerated lease expense were $ 16 million and $ 27 million for the three and six months ended June 30, 2026, respectively, and are included in Cost of services on our Condensed Consolidated Statements of Comprehensive Income.

Additionally, we recognized $ 11 million and $ 71 million of accelerated depreciation for the three and six months ended June 30, 2026, respectively, related to assets associated with the decommissioning of cell sites, which is included in Depreciation and amortization on our Condensed Consolidated Statements of Comprehensive Income.

The changes in the liabilities associated with our Network Restructuring Initiative, including expenses incurred and cash payments, are as follows:

(in millions) December 31,

2025 Expenses Incurred Cash Payments March 31,

2025 Expenses Incurred Cash Payments Adjustments for Non-Cash Items (1)

Contract termination costs $ — $ 40 $ ( 27 ) $ — $ 13

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Total $ 1 $ 101 $ ( 44 ) $ ( 8 ) $ 50

(1) Non-cash items primarily consist of the write-off of assets within Network decommissioning.

The liabilities accrued in connection with our Network Restructuring Initiative are presented in Accounts payable and accrued liabilities on our Condensed Consolidated Balance Sheets.

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The following table summarizes the expenses incurred in connection with our 2025-2026 Workforce Transformation initiative:

(in millions) Three Months Ended March 31, 2026 Incurred to Date

(in millions) Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 Incurred to Date

Severance costs $ — $ 141 $ 531

The expenses associated with our workforce reduction initiative are included in Cost of services and Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income.

The expenses associated with our 2025-2026 Workforce Transformation initiative are included in Cost of services and Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income.

The changes in the liabilities associated with our 2025-2026 Workforce Transformation initiative, including expenses incurred and cash payments, are as follows:

(in millions) December 31,

2025 Expenses Incurred Cash Payments March 31,

2025 Expenses Incurred Cash Payments June 30,

Severance costs $ 374 $ 141 $ ( 346 ) $ 169

The liabilities accrued in connection with our 2025-2026 Workforce Transformation initiative are presented in Accounts payable and accrued liabilities on our Condensed Consolidated Balance Sheets.

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We have incurred substantially all of the costs associated with our 2025-2026 Workforce Transformation.

We expect substantially all remaining associated employee separations and related cash outflows to occur in 2026.

We expect substantially all remaining associated employee separations and related cash outflows to occur throughout 2026.

Retail Initiatives

In connection with our ongoing digital initiatives to simplify routine transactions, as well as enhance customer experiences by transitioning in part to large-format experience stores, we began closing certain dealer and corporate owned stores in the second quarter of 2026.

The major costs associated with these retail initiatives include contract termination, severance and costs associated with terminated operating leases.

Costs associated with the closure of stores acquired in the UScellular Acquisition are included within UScellular Acquisition restructuring initiatives.

Index for Notes to the Condensed Consolidated Financial Statements

During the three and six months ended June 30, 2026, we recorded a pre-tax charge of $ 108 million related to these retail initiatives, which is included in Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income.

We are evaluating additional restructuring activities associated with our retail initiatives, which are dependent on negotiations with certain counterparties and the expected impact on our business operations.

Note 16 – Additional Financial Information

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Accounts payable and accrued liabilities are summarized as follows:

(in millions) March 31,

(in millions) June 30,

2026 December 31,

Accounts payable $ 4,320 $ 5,219

Payroll and related benefits 1,316 1,709

Property and other taxes, including payroll 1,449 1,601

Payroll and related benefits 1,139 1,709

Accrued interest 1,003 1,025

1 unchanged sentence

Accounts payable and accrued liabilities $ 8,774 $ 10,280

Book overdrafts included in Accounts payable were $ 363 million and $ 823 million as of March 31, 2026 and December 31, 2025, respectively.

Book overdrafts included in Accounts payable were $ 434 million and $ 823 million as of June 30, 2026 and December 31, 2025, respectively.

Supplemental Condensed Consolidated Statements of Cash Flows Information

The following table summarizes T-Mobile’s supplemental cash flow information:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(in millions) 2026 2025 2026 2025

8 unchanged sentences

Cash and cash equivalents, including restricted cash, presented on our Condensed Consolidated Statements of Cash Flows were included on our Condensed Consolidated Balance Sheets as follows:

(in millions) March 31,

(in millions) June 30,

2026 December 31,

4 unchanged sentences

Note 17 – Subsequent Events

On April 23, 2026, we announced that our Board of Directors increased the 2026 Stockholder Return Program authorization from up to $ 14.6 billion to up to $ 18.2 billion.

From April 1, 2026, through April 24, 2026, we repurchased 3,791,020 shares of our common stock at an average price per share of $ 195.87 for a total purchase price of $ 743 million.

On July 1, 2026, the FCC approved the sale of our 800 MHz spectrum licenses to Grain.

See Note 6 - Spectrum License Transactions for additional information.

From July 1, 2026, through July 17, 2026, we repurchased 2,149,600 shares of our common stock at an average price per share of $ 182.53 for a total purchase price of $ 392 million.

See Note 12 - Stockholder Return Program for additional information.

Additionally, on April 25, 2026, we entered

Index for Notes to the Condensed Consolidated Financial Statements

into definitive agreements with affiliates of Oak Hill Capital Management, LLC (“Oak Hill”) to establish a joint venture that will acquire and combine GoNetspeed and Greenlight Networks, two of Oak Hill’s existing fiber portfolio companies.

We expect to account for these joint ventures under the equity method of accounting and recognize service revenues for the acquired fiber customers and wholesale costs paid to the joint venture for network access within Postpaid revenues and Cost of services, respectively, on our Condensed Consolidated Statements of Comprehensive Income.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements