T-Mobile 4Q25 Quick Take: Stay tuned
T-Mobile posted 4Q results and guidance this morning ahead of their capital markets day featuring new CEO Srini Gopalan. We are sitting in the cold lobby waiting for the doors to open crunching through the numbers. TMUS is no longer guiding to subscriber growth, but rather accounts. The guidance for 900k-1MM new accounts for 2026E x 2.5 postpaid phones per account at the end of 2025 implies 2.25-2.5MM postpaid phone nets which is a bit below where the Street was thinking. This being said, TMUS has never missed a net add guide and regularly raises it as the year progresses. We don’t believe the market will freak out about this. Absent in the release was any discussion about incremental capital returns to shareholders. 4Q postpaid phone net adds missed slightly. FWA net adds were higher. Revenue and EBITDA beat slightly.
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