Un-carrier Delivers Best-Ever Q2 Total Postpaid and Postpaid Phone Net and Gross Customer Additions and Maintains Network Leadership with Largest, Fastest and Most Advanced 5G Network

T-Mobile US, Inc. (NASDAQ:TMUS):

Industry-Leading Customer Growth Fueled by Best Network, Best Value and Best Experiences Combination⁽¹⁾

Postpaid net customer additions of 1.7 million, best-ever Q2 and best in industry
Postpaid phone net customer additions of 830 thousand, best-ever Q2 and best in industry
Postpaid net account additions of 318 thousand, up 6% year-over-year, best in industry
5G broadband net customer additions of 454 thousand, up 12% year-over-year, best in industry

Translating Industry-Leading Customer Growth into Industry-Leading Financial Growth

Service revenues of $17.4 billion grew 6% year-over-year, best in industry growth
Postpaid service revenues of $14.1 billion grew 9% year-over-year, best in industry growth
Net income of $3.2 billion, highest-ever, grew 10% year-over-year
Diluted earnings per share ("EPS") of $2.84, highest-ever Q2, grew 14% year-over-year
Core Adjusted EBITDA⁽²⁾ of $8.5 billion grew 6% year-over-year, best in industry growth
Net cash provided by operating activities of $7.0 billion grew 27% year-over-year
Adjusted Free Cash Flow⁽²⁾ of $4.6 billion grew 4% year-over-year

T-Mobile Recognized as Network Leader by Third Parties

Ookla awarded T-Mobile as the only carrier in the country to win back-to-back Best Mobile Network awards in the largest, most-comprehensive tests of their kind, each leveraging half a billion real world data points on millions of devices measuring speed and experience
Recognized by Opensignal for best Overall Experience for the fourth consecutive year and blew away the competition in best download speeds, nearly 200% faster than the nearest competitor, and upload speeds, approximately 65% faster than the nearest competitor

T-Mobile US, Inc. (NASDAQ:TMUS) reported second quarter 2025 results today, delivering its best-ever Q2 total postpaid and postpaid phone net and gross customer additions, alongside industry-leading postpaid net account additions and 5G broadband net customer additions. The company's industry-leading customer growth contributed to industry-best service revenue growth, which grew at a rate more than double its closest wireless competitors, its highest-ever net income quarter, industry-leading Core Adjusted EBITDA growth, strong net cash provided by operating activities and its highest-ever Q2 Adjusted Free Cash Flow, while fueling stockholder returns of $3.5 billion in Q2.

"T-Mobile crushed our own growth records with the best-ever total postpaid and postpaid phone nets in a Q2 in our history," said Mike Sievert, CEO of T-Mobile. "T-Mobile is now America's Best Network. When you combine that with the incredible value that we have always been famous for, it should surprise no one that customers are switching to the Un-carrier at a record pace. These durable advantages enabled us to once again translate customer growth into financial growth, with the industry's best service revenue growth by a wide mile and record Q2 Adjusted Free Cash Flow."

____________________
(1)		AT&T Inc. does not disclose postpaid net account additions. Comcast and Charter do not disclose postpaid phone net customer additions. Industry-leading claims are based on consensus expectations if results are not yet reported.
(2)		Core Adjusted EBITDA and Adjusted Free Cash Flow are non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with GAAP. Reconciliations for these non-GAAP financial measures to the most directly comparable GAAP financial measures are provided in the Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures tables. We are not able to forecast Net income on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect Net income, including, but not limited to, Income tax expense and Interest expense. Core Adjusted EBITDA should not be used to predict Net income as the difference between this measure and Net income is variable.

Industry-Leading Customer Growth Fueled by Best Network, Best Value and Best Experiences Combination⁽¹⁾

Postpaid net customer additions of 1.7 million increased 394 thousand year-over-year.
Postpaid phone net customer additions of 830 thousand increased 53 thousand year-over-year. Postpaid phone churn of 0.90% increased 10 basis points year-over-year.
Postpaid net account additions of 318 thousand increased 17 thousand year-over-year.
Prepaid net customer additions of 39 thousand decreased 140 thousand year-over-year. Prepaid churn of 2.65% increased 11 basis points year-over-year.
5G broadband net customer additions of 454 thousand increased 48 thousand year-over-year. T-Mobile ended the quarter with 7.3 million 5G broadband customers.
Total net customer additions were 1.8 million and increased 254 thousand year-over-year. Total customer connections increased to a record high of 132.8 million.

	Quarter						Six Months Ended June 30,
(in thousands, except churn)	Q2 2025		Q1 2025		Q2 2024		2025		2024
Postpaid net account additions	318		205		301		523		519
Total net customer additions	1,771		1,382		1,517		3,153		2,689
Postpaid net customer additions ⁽²⁾	1,732		1,337		1,338		3,069		2,558
Postpaid phone net customer additions	830		495		777		1,325		1,309
Postpaid other net customer additions ^{(2) (3)}	902		842		561		1,744		1,249
Prepaid net customer additions ^{(2) (4)}	39		45		179		84		131
Total customers, end of period ⁽²⁾	132,778		130,910		125,893		132,778		125,893
Postpaid phone churn	0.90	%	0.91	%	0.80	%	0.90	%	0.83	%
Prepaid churn	2.65	%	2.68	%	2.54	%	2.67	%	2.64	%
5G broadband net customer additions	454		424		406		878		811
Total 5G broadband customers, end of period	7,308		6,854		5,587		7,308		5,587

(1)		AT&T Inc. does not disclose postpaid net account additions. Comcast and Charter do not disclose postpaid phone net customer additions. Industry-leading claims are based on consensus expectations if results are not yet reported.
(2)		Includes 5G broadband customers.
(3)		In the second quarter of 2025, we acquired 97,000 fiber customers from Lumos.
(4)		In the second quarter of 2024, we acquired 3,504,000 prepaid customers through our acquisition of Ka'ena, which includes the impact of certain base adjustments to align the policies of Ka'ena and T-Mobile.

Translating Industry-Leading Customer Growth into Industry-Leading Financial Growth⁽¹⁾

Total service revenues increased 6% year-over-year to $17.4 billion, and Postpaid service revenues increased 9% year-over-year to $14.1 billion.
Net income increased 10% year-over-year to $3.2 billion.
Diluted EPS increased 14% year-over-year to $2.84 per share.
Core Adjusted EBITDA increased 6% year-over-year to $8.5 billion.
Net cash provided by operating activities⁽²⁾ increased 27% year-over-year to $7.0 billion.
Cash purchases of property and equipment, including capitalized interest increased 17% year-over-year to $2.4 billion.
Adjusted Free Cash Flow increased 4% year-over-year to $4.6 billion.
Stockholder Returns of $3.5 billion in Q2 2025, including common stock repurchases of $2.5 billion and cash dividends of $996 million as part of current stockholder return authorization of up to $14.0 billion, for cumulative stockholder returns⁽³⁾ of $38.3 billion since program inception, split across repurchases of $32.3 billion and cash dividends of $6.0 billion.

	Quarter						Six Months Ended June 30,				Q2 2025 vs. Q1 2025		Q2 2025 vs. Q2 2024		YTD 2025 vs. YTD 2024
(in millions, except EPS)	Q2 2025		Q1 2025		Q2 2024		2025		2024		Q2 2025 vs. Q1 2025		Q2 2025 vs. Q2 2024		YTD 2025 vs. YTD 2024
Total service revenues	$	17,438	$	16,925	$	16,429	$	34,363	$	32,525	3.0	%	6.1	%	5.7	%
Postpaid service revenues		14,078		13,594		12,899		27,672		25,530	3.6	%	9.1	%	8.4	%
Total revenues		21,132		20,886		19,772		42,018		39,366	1.2	%	6.9	%	6.7	%
Net income		3,222		2,953		2,925		6,175		5,299	9.1	%	10.2	%	16.5	%
Diluted EPS		2.84		2.58		2.49		5.42		4.49	10.1	%	14.1	%	20.7	%
Adjusted EBITDA		8,547		8,259		8,053		16,806		15,705	3.5	%	6.1	%	7.0	%
Core Adjusted EBITDA		8,541		8,258		8,027		16,799		15,644	3.4	%	6.4	%	7.4	%
Net cash provided by operating activities⁽²⁾		6,992		6,847		5,521		13,839		10,605	2.1	%	26.6	%	30.5	%
Cash purchases of property and equipment, including capitalized interest		2,396		2,451		2,040		4,847		4,667	(2.2	)%	17.5	%	3.9	%
Adjusted Free Cash Flow		4,596		4,396		4,439		8,992		7,786	4.5	%	3.5	%	15.5	%

(1)		Industry-leading claims are based on consensus expectations if results are not yet reported.
(2)		Effective November 1, 2024, following amendments to the company's Equipment Installment Plan Sale and Service Receivable Sale arrangements, all cash proceeds associated with the sale of such receivables, a portion of which was previously recognized as Proceeds related to beneficial interests in securitization transactions within investing cash flows, were recognized as operating cash flows. These amendments did not have a net impact on Adjusted Free Cash Flow.
(3)		Beginning in Q3 2022 through June 30, 2025.

T-Mobile Recognized as Network Leader by Third Parties

The company continues to be recognized by third parties as the network leader:

Ookla awarded T-Mobile as the only carrier in the country to win back-to-back Best Mobile Network awards in the largest, most-comprehensive tests of their kind, each leveraging half a billion real world data points on millions of devices measuring speed and experience.
Recognized by Opensignal for best Overall Experience for the fourth consecutive year and blew away the competition in best download speeds, nearly 200% faster than the nearest competitor, and upload speeds, approximately 65% faster than the nearest competitor.

See 5G device, coverage, and access details at T-Mobile.com. Ookla Awards: Based on analysis by Ookla® of Speedtest Intelligence® data Q4 2024–Q1 2025, and Ookla® of Speedtest Intelligence® data Q1 2025–Q2 2025. © 2025 Ookla, LLC. Opensignal Award: USA: Mobile Network Experience Report June 2025, Data Collection Period: Feb 01–May 01, 2025. © 2025 Opensignal Limited.

Raising 2025 Customer and Financial Guidance

T-Mobile's 2025 guidance below reflects the inclusion of Metronet, which we expect to close on July 24th, and excludes the pending acquisition of UScellular:

Postpaid net customer additions are expected to be between 6.1 million and 6.4 million, an increase from prior guidance of 5.5 million to 6.0 million, including 2.95 million to 3.10 million postpaid phone net customer additions and approximately 100 thousand Fiber net customers additions.
Core Adjusted EBITDA, which is Adjusted EBITDA less lease revenues, is expected to be between $33.3 billion and $33.7 billion, an increase at the midpoint from prior guidance of $33.2 billion to $33.7 billion.
Net cash provided by operating activities, including payments for Sprint Merger-related costs, is expected to be between $27.1 billion and $27.5 billion, an increase at the midpoint from prior guidance of $27.0 billion to $27.5 billion.
Cash purchases of property and equipment, including capitalized interest, are expected to be approximately $9.5 billion, unchanged from prior guidance.
Adjusted Free Cash Flow, including payments for Sprint Merger-related costs, is expected to be between $17.6 billion and $18.0 billion, an increase at the midpoint from prior guidance of $17.5 billion to $18.0 billion. Adjusted Free Cash Flow guidance does not assume any material net cash inflows from securitization.

(in millions, except Postpaid net customer additions and Effective tax rate)	Previous		Current		Change (Mid-point)
Postpaid net customer additions (thousands)	5,500	6,000	6,100	6,400	500
Net income ⁽¹⁾	N/A	N/A	N/A	N/A	N/A
Effective tax rate	24%	26%	24%	26%	—
Core Adjusted EBITDA ⁽²⁾	$33,200	$33,700	$33,300	$33,700	$50
Net cash provided by operating activities	27,000	27,500	27,100	27,500	50
Capital expenditures ⁽³⁾	~9,500		~9,500		—
Adjusted Free Cash Flow	17,500	18,000	17,600	18,000	50

(1)		T-Mobile is not able to forecast Net income on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect GAAP Net income, including, but not limited to, Income tax expense and Interest expense. Core Adjusted EBITDA should not be used to predict Net income as the difference between this measure and Net income is variable.
(2)		Management uses Core Adjusted EBITDA as a measure to monitor the financial performance of Company operations, excluding the impact of lease revenues from related device financing programs.
(3)		Capital expenditures means cash purchases of property and equipment, including capitalized interest.

Financial Results

For more details on T-Mobile's Q2 2025 financial results, including the Investor Factbook with detailed financial tables, please visit T-Mobile US, Inc.'s Investor Relations website at https://investor.t-mobile.com.

Earnings Call Information

Date/Time

Wednesday, July 23, 2025, at 4:30 p.m. (EDT)

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Contact Information

Media Relations: mediarelations@t-mobile.com
Investor Relations: investor.relations@t-mobile.com

T-Mobile Social Media

Investors and others should note that we announce material financial and operational information to our investors using our investor relations website (https://investor.t-mobile.com), newsroom website (https://t-mobile.com/news), press releases, SEC filings and public conference calls and webcasts. We also intend to use certain social media accounts as a means of disclosing information about us and our services and for complying with our disclosure obligations under Regulation FD (the @TMobileIR X account (https://x.com/TMobileIR), the @MikeSievert X account (https://x.com/MikeSievert) and our CEO's LinkedIn account (https://www.linkedin.com/in/sievert), both of which Mr. Sievert also uses as a means for personal communications and observations, and the @TMobileCFO X account (https://x.com/tmobilecfo), and our CFO's LinkedIn account (https://www.linkedin.com/in/peter-osvaldik-3887394), both of which Mr. Osvaldik also uses as a means for personal communication and observations). The information we post through these social media channels may be deemed material. Accordingly, investors should monitor these social media channels in addition to following our press releases, SEC filings and public conference calls and webcasts. The social media channels that we intend to use as a means of disclosing the information described above may be updated from time to time as listed on our investor relations website.

About T-Mobile US, Inc.

T-Mobile US, Inc. (NASDAQ:TMUS) is America's supercharged Un-carrier, delivering an advanced 4G LTE and transformative nationwide 5G network that will offer reliable connectivity for all. T-Mobile's customers benefit from its unmatched combination of value and quality, unwavering obsession with offering them the best possible service experience and undisputable drive for disruption that creates competition and innovation in wireless and beyond. Based in Bellevue, Wash., T-Mobile provides services through its subsidiaries and operates its flagship brands, T-Mobile, Metro by T-Mobile and Mint Mobile. For more information please visit: https://www.t-mobile.com.

Forward-Looking Statements

This communication includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including information concerning T-Mobile US, Inc.'s future results of operations, are forward-looking statements. These forward-looking statements are generally identified by the words "anticipate," "believe," "estimate," "expect," "intend," "may," "could" or similar expressions.

Forward-looking statements are based on current expectations and assumptions, which are subject to risks and uncertainties and may cause actual results to differ materially from the forward-looking statements. Important factors that could affect future results and cause those results to differ materially from those expressed in the forward-looking statements include, among others, the following: competition, industry consolidation and changes in the market for wireless communications services and other forms of connectivity; criminal cyberattacks, disruption, data loss or other security breaches; our inability to timely adopt and effectively deploy network technology developments; our inability to effectively execute our digital transformation and drive customer and employee adoption of emerging technologies; our inability to retain or motivate key personnel, hire qualified personnel or maintain our corporate culture; system failures and business disruptions, allowing for unauthorized use of or interference with our network and other systems; the scarcity and cost of additional wireless spectrum, and regulations relating to spectrum use; the timing and effects of any pending and future acquisition, divestiture, investment, joint venture or merger involving us, including our inability to obtain any required regulatory approval necessary to consummate any such transactions or to achieve the expected benefits of such transactions; adverse economic, political or market conditions in the U.S. and international markets, including changes resulting from increases in inflation or interest rates, tariffs and trade restrictions, supply chain disruptions, fluctuations in global currencies, immigration policies, and impacts of geopolitical instability, such as the Ukraine-Russia and Israel-Hamas wars and further escalations thereof; potential operational delays, higher procurement and operational costs, and regulatory and compliance complexities as result of changes to trade policies, including higher tariffs, restrictions and other economic disincentives to trade; our inability to successfully deliver new products and services; any disruption or failure of our third parties (including key suppliers) to provide products or services for the operation of our business; sociopolitical volatility and polarization and risks related to environmental, social and governance matters; our substantial level of indebtedness and our inability to service our debt obligations in accordance with their terms; changes in the credit market conditions, credit rating downgrades or an inability to access debt markets; our inability to maintain effective internal control over financial reporting; any changes in regulations or in the regulatory framework under which we operate; laws and regulations relating to the handling of privacy, data protection and artificial intelligence; unfavorable outcomes of and increased costs from existing or future regulatory or legal proceedings; difficulties in protecting our intellectual property rights or if we infringe on the intellectual property rights of others; our offering of regulated financial services products and exposure to a wide variety of state and federal regulations; new or amended tax laws or regulations or administrative interpretations and judicial decisions affecting the scope or application of tax laws or regulations; our wireless licenses, including those controlled through leasing agreements, are subject to renewal and may be revoked; our exclusive forum provision as provided in our Certificate of Incorporation; interests of Deutsche Telecom AG ("DT"), our controlling stockholder, which may differ from the interests of other stockholders; our current and future stockholder return programs may not be fully utilized, and our share repurchases and dividend payments pursuant thereto may fail to have the desired impact on stockholder value; future sales of our common stock by DT and SoftBank Group Corp. and our inability to attract additional equity financing outside the United States due to foreign ownership limitations by the Federal Communications Commission; and other risks as disclosed in our most recent annual report on Form 10-K, and subsequent Forms 10-Q and other filings with the Securities and Exchange Commission. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law.

T-Mobile US, Inc.

Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures

(Unaudited)

This Press Release includes non-GAAP financial measures. The non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with GAAP. Reconciliations for the non-GAAP financial measures to the most directly comparable GAAP financial measures are provided below. T-Mobile is not able to forecast Net income on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect GAAP net income, including, but not limited to, Income tax expense and Interest expense. Adjusted EBITDA and Core Adjusted EBITDA should not be used to predict Net income as the difference between either of these measures and Net income is variable.

Adjusted EBITDA and Core Adjusted EBITDA are reconciled to Net income as follows:

	Quarter																		Six Months Ended June 30,
(in millions)	Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			2024			2025
Net income	$	2,374		$	2,925		$	3,059		$	2,981		$	2,953		$	3,222		$	5,299		$	6,175
Adjustments:
Interest expense, net		880			854			836			841			916			922			1,734			1,838
Other (income) expense, net		(20	)		8			(7	)		(94	)		46			11			(12	)		57
Income tax expense		764			843			908			858			885			1,058			1,607			1,943
Operating income		3,998			4,630			4,796			4,586			4,800			5,213			8,628			10,013
Depreciation and amortization		3,371			3,248			3,151			3,149			3,198			3,146			6,619			6,344
Stock-based compensation ⁽¹⁾		140			147			143			156			168			178			287			346
Sprint Merger-related costs (gain), net ⁽²⁾		130			(9	)		—			—			—			—			121			—
UScellular Merger-related costs ⁽³⁾		—			—			16			10			14			33			—			47
Legal-related expenses (recoveries), net ⁽⁴⁾		—			15			1			(105	)		6			(4	)		15			2
Other, net ⁽⁵⁾		13			22			136			120			73			(19	)		35			54
Adjusted EBITDA		7,652			8,053			8,243			7,916			8,259			8,547			15,705			16,806
Lease revenues		(35	)		(26	)		(21	)		(11	)		(1	)		(6	)		(61	)		(7	)
Core Adjusted EBITDA	$	7,617		$	8,027		$	8,222		$	7,905		$	8,258		$	8,541		$	15,644		$	16,799

(1)		Stock-based compensation includes payroll tax impacts and may not agree to stock-based compensation expense in the Condensed Consolidated Financial Statements. Additionally, certain stock-based compensation expenses associated with the merger with Sprint Corporation (the "Sprint Merger") have been included in Sprint Merger-related costs (gain), net.
(2)		Sprint Merger-related costs (gain), net, for the three months ended June 30, 2024, includes the $100 million gain recognized for the extension fee previously paid by DISH associated with the DISH License Purchase Agreement.
(3)		UScellular Merger-related costs generally include pre-merger consulting and legal fees.
(4)		Legal-related expenses (recoveries), net consists of the settlement of certain litigation and compliance costs associated with the August 2021 cyberattack, net of insurance recoveries.
(5)		Other, net, primarily consists of certain severance, restructuring and other expenses, gains and losses, not directly attributable to the Sprint Merger or UScellular Merger, which are not reflective of T-Mobile's core business activities and are, therefore, excluded from Adjusted EBITDA and Core Adjusted EBITDA.

Adjusted EBITDA represents earnings before Interest expense, net of Interest income, Income tax expense, Depreciation and amortization, stock-based compensation and certain expenses, gains and losses, which are not reflective of our ongoing operating performance ("Special Items"). Special Items include Sprint Merger-related costs (gain), net, UScellular Merger-related costs, certain legal-related expenses and recoveries, restructuring costs not directly attributable to the Sprint Merger or UScellular Merger (including severance), and other non-core gains and losses. Core Adjusted EBITDA represents Adjusted EBITDA less device lease revenues. Core Adjusted EBITDA and Adjusted EBITDA are non-GAAP financial measures utilized by T-Mobile's management, including our chief operating decision maker, to monitor the financial performance of our operations and allocate resources of the Company as a whole. T-Mobile uses Core Adjusted EBITDA and Adjusted EBITDA as benchmarks to evaluate T-Mobile's operating performance in comparison to its competitors. T-Mobile also uses Core Adjusted EBITDA internally as a measure to evaluate and compensate its personnel and management for their performance. Management believes analysts and investors use Core Adjusted EBITDA and Adjusted EBITDA as supplemental measures to evaluate overall operating performance and to facilitate comparisons with other wireless communications services companies because they are indicative of T-Mobile's ongoing operating performance and trends by excluding the impact of Interest expense from financing, non-cash depreciation and amortization from capital investments, non-cash stock-based compensation, and Special Items. Management believes analysts and investors use Core Adjusted EBITDA because it normalizes for the transition in the company's device financing strategy, by excluding the impact of device lease revenues from Adjusted EBITDA, to align with the related depreciation expense on leased devices, which is excluded from the definition of Adjusted EBITDA. Core Adjusted EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be considered in isolation or as substitutes for Net income or any other measure of financial performance reported in accordance with U.S. Generally Accepted Accounting Principles ("GAAP").

T-Mobile US, Inc.

Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures (continued)

(Unaudited)

Adjusted Free Cash Flow is calculated as follows:

	Quarter																		Six Months Ended June 30,
(in millions, except percentages)	Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			2024			2025
Net cash provided by operating activities	$	5,084		$	5,521		$	6,139		$	5,549		$	6,847		$	6,992		$	10,605		$	13,839
Cash purchases of property and equipment, including capitalized interest		(2,627	)		(2,040	)		(1,961	)		(2,212	)		(2,451	)		(2,396	)		(4,667	)		(4,847	)
Proceeds related to beneficial interests in securitization transactions		890			958			984			747			—			—			1,848			—
Adjusted Free Cash Flow	$	3,347		$	4,439		$	5,162		$	4,084		$	4,396		$	4,596		$	7,786		$	8,992
Net cash provided by operating activities margin (Net cash provided by operating activities divided by Service revenues)		31.6	%		33.6	%		36.7	%		32.8	%		40.5	%		40.1	%		32.6	%		40.3	%
Adjusted Free Cash Flow margin (Adjusted Free Cash Flow divided by Service revenues)		20.8	%		27.0	%		30.9	%		24.1	%		26.0	%		26.4	%		23.9	%		26.2	%

Effective November 1, 2024, following amendments to the company's Equipment Installment Plan Sale and Service Receivable Sale arrangements, all cash proceeds associated with the sale of such receivables, a portion of which was previously recognized as Proceeds related to beneficial interests in securitization transactions within investing cash flows, were recognized as operating cash flows. These amendments did not have a net impact on Adjusted Free Cash Flow.

Adjusted Free Cash Flow - Net cash provided by operating activities less Cash purchases of property and equipment, plus Proceeds related to beneficial interests in securitization transactions. Adjusted Free Cash Flow is utilized by T-Mobile's management, investors and analysts to evaluate cash available to pay debt, repurchase shares, pay dividends and provide further investment in the business.

Adjusted Free Cash Flow margin - Adjusted Free Cash Flow divided by Service revenues. Adjusted Free Cash Flow Margin is utilized by T-Mobile's management, investors, and analysts to evaluate the company's ability to convert service revenue efficiently into cash available to pay debt, repurchase shares and provide further investment in the business.

The current guidance range for Adjusted Free Cash Flow is calculated as follows:

	FY 2025
(in millions)	Guidance Range
Net cash provided by operating activities	$	27,100		$	27,500
Cash purchases of property and equipment, including capitalized interest		(9,500	)		(9,500	)
Adjusted Free Cash Flow	$	17,600		$	18,000

The previous guidance range for Adjusted Free Cash Flow was calculated as follows:

	FY 2025
(in millions)	Guidance Range
Net cash provided by operating activities	$	27,000		$	27,500
Cash purchases of property and equipment, including capitalized interest		(9,500	)		(9,500	)
Adjusted Free Cash Flow	$	17,500		$	18,000

T-Mobile US, Inc.

Operating Measures

(Unaudited)

The following table sets forth company operating measures ARPA and ARPU:

	Quarter												Six Months Ended June 30,
(in dollars)	Q1 2024		Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		2024		2025
Postpaid ARPA	$	140.88	$	142.54	$	145.60	$	146.28	$	146.22	$	149.87	$	141.71	$	148.06
Postpaid phone ARPU		48.79		49.07		49.79		49.73		49.38		50.62		48.93		50.00
Prepaid ARPU		37.18		35.94		35.81		35.49		34.67		34.63		36.52		34.65

Postpaid Average Revenue Per Account ("ARPA") - Average monthly postpaid service revenue earned per account. Postpaid service revenues for the specified period divided by the average number of postpaid accounts during the period, further divided by the number of months in the period.

Average Revenue Per User ("ARPU") - Average monthly service revenue earned per customer. Service revenues for the specified period divided by the average number of customers during the period, further divided by the number of months in the period.

Postpaid phone ARPU excludes postpaid other customers and related revenues.

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T-Mobile Delivers Record Quarter with Outsized Customer and Financial Growth, and Raises Full Year 2025 Guidance