United States

Customer development

Customers

At December 31, 2025, the United States operating segment (T‑Mobile US) had 142.4 million customers, compared to 129.5 million customers at December 31, 2024. Net customer additions were 8.0 million in 2025, compared to 6.3 million in 2024, due to the factors described below.

Postpaid net customer additions were 7.8 million in 2025, compared to 6.1 million in 2024. Postpaid net customer additions increased primarily from higher postpaid other net customer additions and higher postpaid phone net customer additions. Postpaid other net additions increased primarily due to higher net additions from mobile internet devices, higher broadband net additions and higher net additions from other connected devices. The increase in net additions from mobile internet devices was primarily due to success from business customers and higher prior year deactivations of lower Average Revenue per User (ARPU) mobile internet devices in the educational sector activated during the Pandemic and no longer needed. The increase in postpaid other net customer additions was partially offset by lower net additions from wearables. Postpaid phone net customer additions increased primarily from higher gross additions. This increase was partially offset by higher churn and increased deactivations from a growing customer base. 5G broadband (formerly High Speed Internet) net customer additions included in postpaid other net customer additions were 1.7 million and 1.5 million in 2025 and 2024, respectively. Fiber net customer additions included in postpaid other net customer additions were 136 thousand in 2025.

Prepaid net customer additions were 184 thousand in 2025, compared to 258 thousand in 2024. The decrease was primarily driven by increased deactivations from a growing customer base, primarily due to the Ka’ena Acquisition, and higher prepaid to postpaid migrations. This decrease was partially offset by higher gross additions. 5G broadband net customer additions included in prepaid net customer additions were 160 thousand and 200 thousand in 2025 and 2024, respectively.

Development of operations

Revenue, service revenue

Total revenue for the United States operating segment of EUR 78.1 billion in 2025 increased by 4.1 %, compared to EUR 75.0 billion in 2024. In U.S. dollars, T‑Mobile US’ total revenue increased by 8.7 % during the same period. Total revenue increased primarily due to higher service and equipment revenues. The components of these changes are described below.

Service revenues increased in 2025 by 3.3 % to EUR 63.2 billion. In U.S. dollars, T‑Mobile US’ service revenues increased by 7.8 % during the same period. This increase resulted from higher postpaid revenues, primarily due to higher average postpaid accounts, including following the acquisitions of the UScellular Wireless Business, Metronet and Lumos, and higher postpaid Average Revenue per Account (ARPA). In addition, service revenues increased from higher prepaid revenues. Prepaid revenues increased primarily due to higher average prepaid customers, primarily from the prepaid customers acquired through the Ka’ena Acquisition, partially offset by lower prepaid ARPU. The increase in service revenues was partially offset by lower wholesale and other service revenues, primarily from lower MVNO revenues, including lower EchoStar (formerly DISH) and TracFone MVNO revenues and the impact from the Ka’ena Acquisition, and lower Affordable Connectivity Program revenues, partially offset by higher advertising revenues, primarily from the acquisitions of Vistar Media and Blis.

Equipment revenues increased in 2025, primarily from an increase in device sales revenue, primarily from higher average revenue per device sold, net of promotions, and a higher number of devices sold. The increase in average revenue per device sold, net of promotions, was primarily driven by an increase in the high-end phone mix. The increase in the number of devices sold was primarily driven by higher postpaid upgrades and following the acquisition of the UScellular Wireless Business, partially offset by lower Assurance Wireless devices. The increase in equipment revenues was also driven by an increase in liquidation revenue, primarily due to a higher number of liquidated devices.

Other revenues were essentially flat.

Adjusted EBITDA AL, EBITDA AL

In euros, adjusted EBITDA AL increased by 2.5 % to EUR 29.3 billion in 2025, compared to EUR 28.5 billion in 2024. The adjusted EBITDA AL margin decreased to 37.5 % in 2025, compared to 38.0 % in 2024. In U.S. dollars, adjusted EBITDA AL increased by 6.8 % during the same period. Adjusted EBITDA AL increased primarily due to higher total service revenues and higher equipment revenues. This increase was partially offset by higher equipment costs, primarily from a higher average cost per device sold, primarily driven by an increase in the high-end phone mix, and a higher number of devices sold, primarily driven by higher postpaid upgrades and following the acquisition of the UScellular Wireless Business, partially offset by lower Assurance Wireless devices. The increase in adjusted EBITDA AL was also partially offset by higher costs following the acquisition of the UScellular Wireless Business, higher personnel-related costs, higher advertising expenses, higher liquidation costs and higher wholesale network access costs and amortization of customer installation fees paid to Metronet and Lumos.

EBITDA AL in 2025 included special factors of EUR -0.9 billion compared to EUR 2.3 billion in 2024. The change in special factors was primarily due to the spectrum impairment reversal recognized in the prior year, higher UScellular Merger-related costs, write-off of not-in-service capitalized software development costs related to T‑Mobile US’ billing system, higher severance and restructuring costs related to the 2025 Workforce Transformation, and a gain recognized in the prior period for the extension fee paid by DISH associated with the license purchase agreement for the 800 MHz spectrum licenses, which was not purchased. This increase was partially offset by a gain recognized in the current year related to the completed sale of a portion of T‑Mobile US’ 3.45 GHz spectrum licenses to N77, legal-related insurance recoveries recognized in the first quarter of 2025 related to the August 2021 cyberattack and Sprint Merger-related costs recognized in the prior year. Overall, EBITDA AL decreased by 8.3 % to EUR 28.3 billion in 2025, compared to EUR 30.9 billion in 2024, primarily due to the factors described above, including special factors.

Profit/loss from operations (EBIT)

EBIT decreased by 13.0 % to EUR 17.7 billion in 2025, compared to EUR 20.3 billion in 2024. In U.S. dollars, EBIT decreased by 9.2 % during the same period primarily due to lower EBITDA AL. In euros, depreciation, amortization and impairment losses were essentially flat. In U.S. dollars, depreciation, amortization and impairment losses increased by 4.2 % in the same period primarily from higher depreciation expense from assets acquired in the UScellular Acquisition, partially offset by the acceleration of depreciation for certain technology assets in the prior year.

Cash capex (before spectrum investment), cash capex

Cash capex (before spectrum investment) increased by 7.8 % to EUR 8.9 billion in 2025, compared to EUR 8.2 billion in 2024. In U.S. dollars, cash capex (before spectrum investment) increased by 13.0 % during the same period due to an increase in purchases of property and equipment, including for increased new site builds and incremental capital expenditures following the acquisition of the UScellular Wireless Business.

Cash capex decreased by 3.1 % to EUR 11.1 billion in 2025, compared to EUR 11.4 billion in 2024. In U.S. dollars, cash capex increased by 1.8 % during the same period primarily due to the purchase of fiber customers from Metronet and Lumos and increased purchases of property and equipment as discussed above. This increase was partially offset by a decrease in purchases of spectrum licenses, primarily due to the first tranche of 600 MHz licenses purchased from Channel 51 in the prior year, partially offset by the purchases of the remaining 600 MHz spectrum licenses from Channel 51 in the reporting year.