T-Mobile 2Q25 Results Review & Model Update
In this note we review results, update the model, and compare updated guidance and our updated estimates to consensus. 2Q25 results were quite strong. The company beat on postpaid phone and FWA net adds as well as postpaid phone ARPU. Service revenue, EBITDA and FCF were all well ahead of expectations. Consensus for 2025 net adds and free cash flow are all but certain to rise. We also believe there is meaningful upside to estimates for free cash flow in 2026 and 2027 from tax reform. (Buy; $TP: $296; +31%).
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