Analyst Consensus ?
ConsensusBuy52 ratings
Bullish4280.8%
Neutral917.3%
Bearish11.9%
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 publicationT-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
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.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 24, 2026 |
| UBS | Buy | Buy | Maintain | Jul 24, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 24, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Jul 24, 2026 |
| Benchmark | Buy | Buy | Maintain | Jul 24, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 24, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jul 20, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Jul 15, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jul 7, 2026 |
| B of A Securities | Buy | Neutral | Upgrade | Jul 6, 2026 |
| Oppenheimer | Outperform | Perform | Upgrade | Apr 29, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Apr 29, 2026 |
| Freedom Broker | Buy | Hold | Upgrade | Apr 17, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Mar 17, 2026 |
| Daiwa Capital | Outperform | Neutral | Upgrade | Feb 19, 2026 |
| Bernstein | Market Perform | Market Perform | Maintain | Jan 16, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Dec 12, 2025 |
| Argus Research | Buy | Buy | Maintain | Dec 9, 2025 |
| Tigress Financial | Buy | Buy | Maintain | Nov 11, 2025 |
| Redburn Atlantic | Neutral | Sell | Upgrade | Jul 7, 2025 |
| Raymond James | Market Perform | Outperform | Downgrade | Oct 25, 2024 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Oct 24, 2024 |
| Deutsche Bank | Buy | Buy | Maintain | Jul 18, 2024 |
| Credit Suisse | Outperform | Outperform | Maintain | Jul 28, 2023 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Jun 8, 2023 |
| HSBC | Buy | Buy | Maintain | Jun 5, 2023 |
| MoffettNathanson | Market Perform | Outperform | Downgrade | Feb 6, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Feb 2, 2023 |
| Loop Capital | Buy | Buy | Maintain | Sep 21, 2021 |
| DZ Bank | Buy | Buy | Maintain | Jul 20, 2021 |
| Redburn Partners | Neutral | Neutral | Maintain | Jun 25, 2021 |
| Truist Securities | Buy | Buy | Maintain | Feb 5, 2021 |
| Guggenheim | Neutral | Buy | Downgrade | Jun 9, 2020 |
| Nomura Instinet | Buy | Buy | Maintain | May 7, 2020 |
| Nomura | Buy | Buy | Maintain | May 7, 2020 |
| Bank of America | Underperform | Underperform | Maintain | Feb 9, 2018 |
| Macquarie | Outperform | Neutral | Upgrade | Dec 19, 2017 |
| Moffett Nathanson | Buy | Neutral | Upgrade | Nov 27, 2017 |
| Jefferies | Buy | Buy | Maintain | Nov 7, 2017 |
| BTIG Research | Buy | Buy | Maintain | Oct 18, 2017 |
| BTIG | Buy | Buy | Maintain | Oct 18, 2017 |
| Drexel Hamilton | Buy | Buy | Maintain | Jun 8, 2017 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Apr 19, 2017 |
| Buckingham Research | Buy | Buy | Maintain | Aug 25, 2016 |
| FBR Capital | Market Perform | Market Perform | Maintain | Jul 29, 2016 |
| Pacific Crest | Overweight | Overweight | Maintain | Jul 28, 2016 |
| DA Davidson | Buy | Buy | Maintain | Oct 1, 2015 |
| Argus Capital | Buy | Hold | Upgrade | Sep 12, 2014 |
| Evercore Partners | Overweight | Equal Weight | Upgrade | Aug 4, 2014 |
| BMO Capital | Outperform | Outperform | Maintain | Jul 8, 2014 |
| Canaccord Genuity | Buy | Hold | Upgrade | Nov 6, 2013 |
| William Blair | Outperform | Market Perform | Upgrade | Sep 6, 2013 |
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.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Scotiabank | Analyst unavailable | $232 | $178.92 | +34.3% | Jul 24, 2026 |
| Deutsche Bank | Analyst unavailable | $250 | $178.6 | +44.8% | Jul 24, 2026 |
| UBS | Analyst unavailable | $235 | $177.29 | +36.1% | Jul 24, 2026 |
| Williams Trading | Greg Williams | $260 | $176.92 | +50.5% | Jul 24, 2026 |
| KeyBanc | Brandon Nispel | $250 | $170.42 | +44.8% | Jul 24, 2026 |
| Wells Fargo | Analyst unavailable | $169 | $170.42 | -2.1% | Jul 24, 2026 |
| Barclays | Kannan Venkateshwar | $215 | $170.42 | +24.5% | Jul 24, 2026 |
| Goldman Sachs | Analyst unavailable | $230 | $170.42 | +33.2% | Jul 23, 2026 |
| Scotiabank | Analyst unavailable | $243 | $188.38 | +40.7% | Jul 15, 2026 |
| Wells Fargo | Analyst unavailable | $170 | $184.73 | -1.6% | Jul 8, 2026 |
| Morgan Stanley | Sean Diffley | $230 | $187.7 | +33.2% | Jul 7, 2026 |
| UBS | Analyst unavailable | $255 | $180.9 | +47.6% | Jun 22, 2026 |
| Deutsche Bank | Analyst unavailable | $285 | $197.09 | +65.0% | Apr 30, 2026 |
| Scotiabank | Analyst unavailable | $263 | $197.94 | +52.3% | Apr 29, 2026 |
| Williams Trading | Gregory Williams | $261 | $196.89 | +51.1% | Apr 29, 2026 |
| Goldman Sachs | Analyst unavailable | $224 | $186.72 | +29.7% | Apr 29, 2026 |
| UBS | Analyst unavailable | $220 | $186.72 | +27.4% | Apr 29, 2026 |
| Oppenheimer | Timothy Horan | $260 | $186.72 | +50.5% | Apr 29, 2026 |
| Daiwa | Jonathan Kees | $240 | $213.25 | +39.0% | Feb 19, 2026 |
| Wells Fargo | Analyst unavailable | $235 | $215.78 | +36.1% | Feb 13, 2026 |
| Wolfe Research | Peter Supino | $255 | $218.3 | +47.6% | Feb 12, 2026 |
| Scotiabank | Analyst unavailable | $266 | $218.58 | +54.0% | Feb 12, 2026 |
| Williams Trading | Gregory Williams | $252 | $219.36 | +45.9% | Feb 12, 2026 |
| Barclays | Kannan Venkateshwar | $245 | $215.82 | +41.9% | Feb 12, 2026 |
| Wells Fargo | Analyst unavailable | $225 | $186.03 | +30.3% | Jan 26, 2026 |
| Bernstein | Analyst unavailable | $245 | $190.66 | +41.9% | Jan 16, 2026 |
| Scotiabank | Analyst unavailable | $270.5 | $197.82 | +56.6% | Jan 7, 2026 |
| Wolfe Research | Analyst unavailable | $253 | $195.03 | +46.5% | Dec 15, 2025 |
| Goldman Sachs | Analyst unavailable | $251 | $195.32 | +45.3% | Dec 12, 2025 |
| Morgan Stanley | Analyst unavailable | $260 | $201.35 | +50.5% | Dec 10, 2025 |
| UBS | Analyst unavailable | $245 | $201.23 | +41.9% | Dec 9, 2025 |
| UBS | Analyst unavailable | $300 | $210.51 | +73.7% | Nov 21, 2025 |
| Tigress Financial | Analyst unavailable | $310 | $211.98 | +79.5% | Nov 11, 2025 |
| Morgan Stanley | Analyst unavailable | $280 | $216.37 | +62.1% | Oct 27, 2025 |
| HSBC | Ali Naqvi | $285 | $217.77 | +65.0% | Oct 24, 2025 |
| Williams Trading | Greg Williams | $263 | $219.99 | +52.3% | Oct 24, 2025 |
| UBS | Analyst unavailable | $270 | $225.06 | +56.3% | Oct 14, 2025 |
| Scotiabank | Analyst unavailable | $278 | $230.27 | +61.0% | Oct 6, 2025 |
| Goldman Sachs | Analyst unavailable | $286 | $255.89 | +65.6% | Sep 2, 2025 |
| UBS | Analyst unavailable | $265 | $232.77 | +53.4% | Apr 25, 2025 |
| Williams Trading | Gregory Williams | $272 | $232.77 | +57.5% | Apr 25, 2025 |
| Wells Fargo | Analyst unavailable | $250 | $232.77 | +44.8% | Apr 25, 2025 |
| HSBC | Analyst unavailable | $270 | $262.74 | +56.3% | Mar 5, 2025 |
| Scotiabank | Analyst unavailable | $275 | $272.83 | +59.2% | Mar 3, 2025 |
| Barclays | Kannan Venkateshwar | $250 | $238.1 | +44.8% | Feb 3, 2025 |
| Argus Research | Joseph Bonner | $275 | $232.97 | +59.2% | Jan 31, 2025 |
| Tigress Financial | Ivan Feinseth | $280 | $248.1 | +62.1% | Dec 2, 2024 |
| Barclays | Kannan Venkateshwar | $230 | $230.02 | +33.2% | Oct 24, 2024 |
| Evercore ISI | Kutgun Marai | $240 | $220.95 | +39.0% | Oct 24, 2024 |
| Oppenheimer | Timothy Horan | $250 | $228.99 | +44.8% | Oct 24, 2024 |
| Scotiabank | Maher Yaghi | $237 | $228.68 | +37.2% | Oct 24, 2024 |
| Williams Trading | Greg Williams | $250 | $220.95 | +44.8% | Oct 24, 2024 |
| Citigroup | Michael Rollins | $254 | $222.84 | +47.1% | Oct 21, 2024 |
| Scotiabank | Sector Perform | $236 | $221.95 | +36.6% | Oct 18, 2024 |
| Raymond James | James Schneider | $205 | $200.68 | +18.7% | Sep 19, 2024 |
| Evercore ISI | Vijay Jayant | $220 | $196.68 | +27.4% | Sep 19, 2024 |
| Oppenheimer | Timothy Horan | $215 | $196.68 | +24.5% | Sep 19, 2024 |
| Scotiabank | Maher Yaghi | $215.5 | $199.1 | +24.8% | Sep 19, 2024 |
| UBS | John Hodulik | $210 | $200.55 | +21.6% | Sep 19, 2024 |
| Morgan Stanley | Simon Flannery | $209 | $205.02 | +21.0% | Sep 16, 2024 |
| KeyBanc | Brandon Nispel | $230 | $202.83 | +33.2% | Sep 16, 2024 |
| RBC Capital | Jonathan Atkin | $200 | $185.46 | +15.8% | Aug 1, 2024 |
| Williams Trading | Gregory Williams | $216 | $182.28 | +25.1% | Aug 1, 2024 |
| Barclays | Kannan Venkateshwar | $200 | $182.28 | +15.8% | Aug 1, 2024 |
| Deutsche Bank | Bryan Kraft | $200 | $183.56 | +15.8% | Jul 18, 2024 |
| Goldman Sachs | James Schneider | $200 | $176.18 | +15.8% | Jul 1, 2024 |
| KeyBanc | Brandon Nispel | $190 | $177.34 | +10.0% | Jul 1, 2024 |
| Scotiabank | Maher Yaghi | $185 | $168.14 | +7.1% | May 29, 2024 |
| Raymond James | Ric Prentiss | $172 | $137.63 | -0.4% | Sep 8, 2023 |
| J.P. Morgan | Philip Cusick | $200 | $146 | +15.8% | Apr 4, 2023 |
| Citigroup | Analyst unavailable | $176 | $146.95 | +1.9% | Feb 3, 2023 |
| Cowen & Co. | Analyst unavailable | $199 | $147 | +15.2% | Feb 2, 2023 |
| Raymond James | Analyst unavailable | $174 | $150.97 | +0.7% | Feb 2, 2023 |
| RBC Capital | Kutgun Maral | $166 | $143.99 | -3.9% | Jan 5, 2023 |
| Morgan Stanley | Analyst unavailable | $175 | $140.2 | +1.3% | Dec 15, 2022 |
| Tigress Financial | Analyst unavailable | $202 | $145 | +17.0% | Nov 15, 2022 |
| RBC Capital | Kutgun Maral | $158 | $134.56 | -8.5% | Jul 26, 2022 |
| Scotiabank | Maher Yaghi | $153 | $137.1 | -11.4% | Jul 6, 2022 |
| RBC Capital | Kutgun Maral | $152 | $129.84 | -12.0% | Apr 28, 2022 |
| Credit Suisse | Douglas Mitchelson | $165 | $130.76 | -4.5% | Apr 2, 2022 |
| Tigress Financial | Ivan Feinseth | $185 | $124.57 | +7.1% | Mar 12, 2022 |
| Citigroup | Michael Rollins | $155 | $120.94 | -10.3% | Feb 6, 2022 |
| Goldman Sachs | Brett Feldman | $153 | $109.58 | -11.4% | Feb 2, 2022 |
| J.P. Morgan | Philip Cusick | $175 | $109.58 | +1.3% | Feb 2, 2022 |
| Oppenheimer | Timothy Horan | $95 | $54.79 | -45.0% | Feb 2, 2022 |
| Benchmark Co. | Matthew Harrigan | $100 | $54.78 | -42.1% | Feb 1, 2022 |
| Morgan Stanley | Simon Flannery | $149 | $108.52 | -13.7% | Jan 14, 2022 |
| Bernstein | Peter Supino | $162 | $114.43 | -6.2% | Jan 3, 2022 |
| Daiwa | Jonathan Kees | $128 | $119.91 | -25.9% | Dec 23, 2021 |
| Bank of America Securities | David Barden | $155 | $115.8 | -10.3% | Nov 2, 2021 |
| Wells Fargo | Eric Luebchow | $160 | $117.19 | -7.4% | Oct 11, 2021 |
| Truist Financial | Gregory P Miller | $175 | $144.02 | +1.3% | Jul 30, 2021 |
| Evercore ISI | Vijay Jayant | $170 | $144.02 | -1.6% | Jul 30, 2021 |
| Societe Generale | Ottavio Adorisio | $170 | $149.41 | -1.6% | Jul 16, 2021 |
| Berenberg Bank | Sunil Rajgopal | $139 | $137.73 | -19.5% | May 24, 2021 |
Track every rating change on TMUS the moment it posts. Free to start.
Start freeMarket 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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Try FN2 freeTranscript 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 ServicesSources
- Earnings call transcript and parsed analysis · 2026-07-23T17:03:54.684348+00:00
- FN2 earnings calendar · 2026-07-28T01:23:15.070317+00:00
- Polygon adjusted daily market bars · 2026-07-28T13:51:12.826965+00:00
- 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.