TMUS 1Q26 Quick Take: Srini comes out swinging
TMUS sustained their classic strategy of beat and raise in 1Q. Results beat estimates on all the key metrics. They increased guidance for the year for postpaid account net adds and increased the low-end of the guide for EBITDA and FCF. In this note, we cover 1) disclosure changes, 2) fiber strategy, 3) their lack of interest in Cable, 4) comments around a possible Starlink MVNO, 5) DT merger process, 6) whether the wireless industry moves past free phones, and 7) wireless NPS. We also show a comparison of results against consensus and our estimates, and the updated guidance for the year.
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New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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