T-Mobile US, Inc. · TMUS · FY2026 Q2 · Calendar Q3 2026

T-Mobile Q2 2026: Record NPS, Strong Postpaid Adds, EPS Beat Offset by Revenue Miss

T-Mobile's Q2 2026 results extend the narrative of network-led market share gains, with a record NPS of 46 and 277,000 postpaid net additions. EPS beat estimates by 15.4% ($2.99 vs. $2.59) but revenue narrowly missed ($22.79B vs. $22.95B). The stock fell 10.7% on the session despite the operational strength, likely reflecting investor disappointment that guidance was maintained rather than raised for a second consecutive quarter. The subsequent +8.2% drift suggests partial recovery as the market reassessed the fundamentals. At $185.32, the stock trades well below the analyst consensus target of $235.50, implying meaningful upside if execution continues.

Reported Before market openNASDAQCommunication Services $190.09B market cap
100quality score

Company context

Snapshot as of publication

T-Mobile US, Inc., alongside its subsidiaries, offers mobile telecommunications services across the United States, Puerto Rico, and the U.S. Virgin Islands. Catering to approximately 108.7 million subscribers, the company delivers essential voice, messaging, and data connectivity to customers in postpaid, prepaid, and wholesale segments. Beyond services, T-Mobile also supplies a broad array of wireless devices, such as smartphones, wearables, tablets, and other mobile communication gadgets, along with associated accessories.…

Earnings scorecard

Reported versus consensus
Reported EPS $2.99 Consensus $3
EPS surprise +15.4% Reported versus consensus
Reported revenue $22.79B Consensus $22.95B
Revenue surprise -0.7% Reported versus consensus

Earnings History

Estimate Beat Miss Match
TMUS EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 4 future estimate-only quarters. Q1 '24 estimate $1.87 Q1 '24 actual $2.00, beat Q2 '24 estimate $2.28 Q2 '24 actual $2.49, beat Q3 '24 estimate $2.42 Q3 '24 actual $2.61, beat Q2 '25 estimate $2.67 Q2 '25 actual $2.84, beat Q3 '25 estimate $2.40 Q3 '25 actual $2.59, beat Q4 '25 estimate $2.05 Q4 '25 actual $1.88, miss Q1 '26 estimate $2.01 Q1 '26 actual $2.27, beat Q2 '26 estimate $2.59 Q2 '26 actual $2.99, beat Q3 '26 estimate $2.89 Q4 '26 estimate $2.74 Q1 '27 estimate $3.33 Q2 '27 estimate $3.63
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Analyst Consensus ?

ConsensusBuy52 ratings
Bullish4280.8%
Neutral917.3%
Bearish11.9%

Analyst 52W Price Targets

$172.71Previous close
$100Low
$215.79Average
$310High

Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Aug 1, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Wells Fargo Equal Weight Equal WeightMaintainJul 24, 2026
UBS Buy BuyMaintainJul 24, 2026
TD Cowen Buy BuyMaintainJul 24, 2026
Keybanc Overweight OverweightMaintainJul 24, 2026
Benchmark Buy BuyMaintainJul 24, 2026
Barclays Overweight OverweightMaintainJul 24, 2026
RBC Capital Outperform OutperformMaintainJul 20, 2026
Scotiabank Sector Outperform Sector OutperformMaintainJul 15, 2026
Show 44 more rating actions

Named analyst price targets

Upside is calculated against the persisted previous close $172.71. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
ScotiabankAnalyst unavailable$232$178.92 +34.3%Jul 24, 2026
Deutsche BankAnalyst unavailable$250$178.6 +44.8%Jul 24, 2026
UBSAnalyst unavailable$235$177.29 +36.1%Jul 24, 2026
Williams TradingGreg Williams$260$176.92 +50.5%Jul 24, 2026
KeyBancBrandon Nispel$250$170.42 +44.8%Jul 24, 2026
Wells FargoAnalyst unavailable$169$170.42 -2.1%Jul 24, 2026
BarclaysKannan Venkateshwar$215$170.42 +24.5%Jul 24, 2026
Goldman SachsAnalyst unavailable$230$170.42 +33.2%Jul 23, 2026
ScotiabankAnalyst unavailable$243$188.38 +40.7%Jul 15, 2026
Wells FargoAnalyst unavailable$170$184.73 -1.6%Jul 8, 2026
See 85 more

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Market reaction

prior-close to event-session close
Stock move -10.7% Event window
SPY move -1.2% Same window
Abnormal move -9.5% Stock minus SPY
Volume 1.9× Versus trailing sessions
Subsequent drift +8.1% Up to 20 sessions
TMUSSPY benchmark

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Transcript intelligence

What changed

In Q2 2026, T-Mobile delivered postpaid net additions of 277,000, up from 217,000 in Q1. Postpaid revenue grew 13% year-over-year and core adjusted EBITDA rose 12%, while service revenue grew 9%. NPS reached a record 46, the highest among the U.S. big-three carriers. EPS came in at $2.99 versus a $2.59 estimate, but revenue of $22.79B trailed the $22.95B consensus. The company repurchased $2.5B in shares during the quarter. Unlike Q1, where full-year guidance was raised, management held targets steady at $77B service revenue and $10B capex. The stock dropped 10.7% on the report (volume 1.9x baseline) before recovering 8.2% in subsequent sessions.

Guidance delta

T-Mobile maintained its full-year guidance at $77 billion in service revenue and $10 billion in capex, unchanged from the raised outlook set in Q1 2026. The prior quarter had seen upward revisions to postpaid additions (950k-1.05M), service revenue (~$77B), and core adjusted EBITDA ($37.1-$37.5B). Holding guidance steady this quarter, rather than raising again, marks a notable shift from Q1's more aggressive posture.

Key takeaways

  • EPS beat estimates by 15.4% ($2.99 vs. $2.59 consensus), driven by double-digit postpaid revenue and EBITDA growth.
  • Revenue narrowly missed consensus ($22.79B vs. $22.95B), a -0.67% surprise.
  • Record NPS of 46, the highest ever among the U.S. big-three carriers, signals continued network quality advantage.
  • Postpaid net additions reached 277,000, up from 217,000 in Q1 2026.
  • Full-year guidance maintained at $77B service revenue and $10B capex, rather than raised as in Q1.
  • Share buybacks totaled $2.5B in Q2, continuing the capital return program.

Management priorities

  • Network superiority: Continuing 5G Advanced expansion and fixed wireless capacity to capture the 20M+ network-seeker market.
  • AI-native network: Expanding live translation beta and Dynamic CX features, with fallow-capacity model positioning for future AI and 6G traffic.
  • Spectrum acquisition: Pursuing C-band 2.0 and 2.7 GHz auctions to extend network leadership.
  • Enterprise growth: Appointing Chris Sambar as Chief Enterprise Officer to accelerate enterprise solutions.
  • Capital allocation: Disciplined share buybacks ($2.5B in Q2) while preserving flexibility for spectrum auctions.
  • Fiber JVs: Progressing fiber joint-venture partnerships and exploring new agreements.

Related earnings events

Communication Services
CHTR · FY2026 Q2 · Calendar Q3 2026CHTR Q2: EPS Beat Overshadowed by Lowered EBITDA Guide, Mobile Lines Hit 400KVZ · FY2026 Q2 · Calendar Q3 2026Verizon Q2 2026: Record Postpaid Adds, Raised Guidance, New AI Infrastructure Deals

Sources

  1. Earnings call transcript and parsed analysis · 2026-07-23T17:03:54.684348+00:00
  2. FN2 earnings calendar · 2026-07-28T01:23:15.070317+00:00
  3. Polygon adjusted daily market bars · 2026-07-28T13:51:12.826965+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T13:51:12.823958+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated . For educational purposes only; not investment advice.