Did T-Mobile change its long-term guidance at this event?

Yes. The company raised its 2027 service revenue outlook to $80.5–$81.5 billion from $75.0–$76.0 billion, and set 2027 Core Adjusted EBITDA guidance of $40.0–$41.0 billion and Adjusted Free Cash Flow guidance of $19.5–$20.5 billion. It also raised its broadband targets and expects a Core Adjusted EBITDA CAGR of about 9% and a service revenue CAGR of about 6% from 2023 to 2027.

What is the new broadband customer target?

T-Mobile now targets 15 million 5G broadband customers by the end of 2030, up 25% from its prior 12 million target by the end of 2028, plus 3–4 million T-Fiber customers. That totals 18–19 million broadband customers by 2030. The company cites about 20% year-one penetration in T-Fiber launch areas.

How much capital is T-Mobile returning to shareholders?

Since its 2024 Capital Markets Day, the company has returned over $20 billion, including over $15 billion in buybacks and over $5 billion in dividends through Q4 2025. More than $50 billion remains in the $80 billion capital envelope through 2027, including up to about $30 billion for stockholder returns. Q1 2026 buybacks are expected to roughly double to up to $5.0 billion.

Are there costs that sit outside the guidance numbers?

Yes. Core Adjusted EBITDA guidance excludes about $1.2 billion of 2026 merger-related costs, mostly tied to UScellular, with roughly $500 million expected in Q1. It also excludes about $450 million of network restructuring costs and about $150 million of Q1 workforce transformation charges. On a cash basis, 2026 outlays for these items are about $1.2–$1.3 billion for merger costs and about $1.2 billion for network restructuring and workforce transformation.

Why should investors be cautious about the headline figures?

The filing is furnished under Regulation FD, so it is not deemed filed under the Exchange Act. The forward-looking statements depend on risks including competition, integration of acquisitions, regulation, tariffs and macroeconomic conditions. The company also does not guide to Net income, which fell to $10.99 billion in 2025 from $11.34 billion in 2024, so Core Adjusted EBITDA growth does not translate directly into GAAP earnings growth.

T-Mobile US, Inc. 8-K: Regulation FD

01—Abstract

Summary

Summary of the 8-K filed February 11, 2026. Cited figures are marked; the original filing is the authoritative source.

T-Mobile used its Q4 2025 earnings call and Capital Markets Day Update on February 11, 2026 to report halftime progress against its September 2024 multi-year plan and to raise several long-term targets.

Management reported 2023–2025 CAGRs of 6% for service revenues, 8% for Core Adjusted EBITDA (7.9% per the reconciliation) and 15% for Adjusted Free Cash Flow (15.1% per the reconciliation). It guided to 2026 service revenues of about $77.0 billion^a, Core Adjusted EBITDA of $37.0–$37.5 billion, and Adjusted Free Cash Flow of $18.0–$18.7 billion, with 2027 ranges of $80.5–$81.5 billion, $40.0–$41.0 billion and $19.5–$20.5 billion respectively. Service revenue guidance for 2027 was raised well above the prior $75.0–$76.0 billion range, and the company expects nearly $3 billion of incremental Core Adjusted EBITDA by 2027 versus 2025 from digitalization and AI.

The most notable change is the broadband target. T-Mobile raised its 5G broadband customer goal to 15 million by 2030 (up from 12 million by 2028) and set a new T-Fiber target of 3–4 million, for 18–19 million total broadband customers by 2030. Capital returns are also increasing: Q1 2026 buybacks are expected to roughly double to up to $5.0 billion, within an up to $14.6 billion^b 2026 stockholder return authorization, and the company retains a 2.5x leverage target.

Cost items to watch include about $1.2 billion^c of 2026 merger-related costs (mostly UScellular), $450 million of network restructuring, and roughly $4.3 billion of interest expense. The filing is a Regulation FD furnishing, so the information is not deemed filed under the Exchange Act. Investors should weigh the forward-looking statements, which are subject to competition, integration, regulatory and macroeconomic risks, and should note that the company's own reconciliation shows 2025 net income of $10.99 billion, down from $11.34 billion in 2024, even though the company reports Core Adjusted EBITDA growth.

02—Key points

Key Highlights

Raised long-term broadband target to 18–19 million total broadband customers by 2030, including 15 million 5G broadband (up from 12 million by 2028) and 3–4 million T-Fiber customers
Raised 2027 service revenue guidance to $80.5–$81.5 billion, well above the prior $75.0–$76.0 billion range, with 2026 guidance of about $77.0 billion
2026 guidance: Core Adjusted EBITDA of $37.0–$37.5 billion and Adjusted Free Cash Flow of $18.0–$18.7 billion; 2027 guidance: $40.0–$41.0 billion and $19.5–$20.5 billion
Halftime check-in shows 2023–2025 CAGRs of 6% for service revenues, 8% for Core Adjusted EBITDA and 15% for Adjusted Free Cash Flow
Q1 2026 share repurchases expected to roughly double to up to $5.0 billion, within a $14.6 billion 2026 stockholder return authorization
Targets nearly $3 billion of incremental 2027 Core Adjusted EBITDA versus 2025 from digitalization and AI, with about $1.2 billion of 2026 merger costs and $450 million of network restructuring costs excluded from guidance
Reported 2025 net income of $10.99 billion, down from $11.34 billion in 2024, while Core Adjusted EBITDA rose to $33.9 billion

03—Questions

Frequently Asked Questions

Did T-Mobile change its long-term guidance at this event?
Yes. The company raised its 2027 service revenue outlook to $80.5–$81.5 billion from $75.0–$76.0 billion, and set 2027 Core Adjusted EBITDA guidance of $40.0–$41.0 billion and Adjusted Free Cash Flow guidance of $19.5–$20.5 billion. It also raised its broadband targets and expects a Core Adjusted EBITDA CAGR of about 9% and a service revenue CAGR of about 6% from 2023 to 2027.
What is the new broadband customer target?
T-Mobile now targets 15 million 5G broadband customers by the end of 2030, up 25% from its prior 12 million target by the end of 2028, plus 3–4 million T-Fiber customers. That totals 18–19 million broadband customers by 2030. The company cites about 20% year-one penetration in T-Fiber launch areas.
How much capital is T-Mobile returning to shareholders?
Since its 2024 Capital Markets Day, the company has returned over $20 billion, including over $15 billion in buybacks and over $5 billion in dividends through Q4 2025. More than $50 billion remains in the $80 billion capital envelope through 2027, including up to about $30 billion for stockholder returns. Q1 2026 buybacks are expected to roughly double to up to $5.0 billion.
Are there costs that sit outside the guidance numbers?
Yes. Core Adjusted EBITDA guidance excludes about $1.2 billion of 2026 merger-related costs, mostly tied to UScellular, with roughly $500 million expected in Q1. It also excludes about $450 million of network restructuring costs and about $150 million of Q1 workforce transformation charges. On a cash basis, 2026 outlays for these items are about $1.2–$1.3 billion for merger costs and about $1.2 billion for network restructuring and workforce transformation.
Why should investors be cautious about the headline figures?
The filing is furnished under Regulation FD, so it is not deemed filed under the Exchange Act. The forward-looking statements depend on risks including competition, integration of acquisitions, regulation, tariffs and macroeconomic conditions. The company also does not guide to Net income, which fell to $10.99 billion in 2025 from $11.34 billion in 2024, so Core Adjusted EBITDA growth does not translate directly into GAAP earnings growth.

04—Continue

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