United States

Customer development

Postpaid accounts

At September 30, 2026, the United States operating segment (T‑Mobile US) had 35.0 million postpaid accounts, compared to 34.2 million at December 31, 2025.

Postpaid net account additions were 768 thousand in the nine months ended September 30, 2026, compared to 919 thousand in the nine months ended September 30, 2025. Postpaid net account additions decreased primarily from higher account deactivations driven by higher average broadband-only accounts which have higher churn, the impact of a growing account base, including following the acquisitions of the UScellular Wireless Business and Metronet, and higher industry switching. The decrease in postpaid net account additions was partially offset by higher gross account additions, including fiber account additions following the acquisitions of Metronet and Lumos.

Development of operations

Revenue, service revenues

Total revenue for the United States operating segment of EUR 59.8 billion in the nine months ended September 30, 2026, increased by 4.6 %, compared to EUR 57.2 billion in the nine months ended September 30, 2025. In U.S. dollars, T‑Mobile US’ total revenue increased by 8.8 % 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 the nine months ended September 30, 2026, by 4.7 % to EUR 49.3 billion. In U.S. dollars, T‑Mobile US’ service revenues increased by 8.8 % 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). The increase in service revenues was partially offset by lower prepaid revenues. The decrease in prepaid revenues was primarily from lower average revenue per customer, primarily from dilution from promotional activity and rate plan mix, and lower average prepaid customers.

Equipment revenues increased in the nine months ended September 30, 2026. The increase was primarily driven by an increase in device sales revenue, primarily from higher average revenue per device sold, net of promotions, primarily driven by an increase in the high-end phone mix and higher manufacturer pricing. The increase in device sales revenue was partially offset by a decrease in the total number of devices sold, primarily driven by lower prepaid devices. The increase in equipment revenues was also driven by an increase in liquidation revenue, primarily due to an increase in the high-end phone mix and a higher number of liquidated devices.

Other revenues were essentially flat.

Adjusted EBITDA AL, EBITDA AL

In euros, adjusted EBITDA AL increased by 7.8 % to EUR 23.8 billion in the nine months ended September 30, 2026, compared to EUR 22.1 billion in the nine months ended September 30, 2025. The adjusted EBITDA AL margin increased to 39.9 % in the nine months ended September 30, 2026, compared to 38.7 % in the nine months ended September 30, 2025. In U.S. dollars, adjusted EBITDA AL increased by 12.1 % during the same period. Adjusted EBITDA AL increased primarily due to higher total service revenues, higher equipment revenues, lower external labor and professional services expenses. This increase was partially offset by an increase in device cost of equipment sales, primarily from higher average cost per device sold, primarily driven by higher manufacturer pricing and an increase in the high-end phone mix, partially offset by a decrease in the total number of devices sold, primarily driven by lower prepaid devices. The increase in adjusted EBITDA AL was also partially offset by higher costs following the acquisition of the UScellular Wireless Business, higher wholesale network access costs and amortization of customer installation fees paid to Metronet and Lumos, higher bad debt expense, higher site costs related to the continued build-out of the nationwide 5G network, higher advertising expense, and an increase in liquidation costs, primarily due to a higher number of liquidated devices and an increase in the high-end phone mix.

EBITDA AL in the nine months ended September 30, 2026, included special factors of EUR -1.4 billion compared to EUR -0.5 billion in the nine months ended September 30, 2025. The increase in special factors was primarily due to higher UScellular Merger-related costs, including accelerated lease amortization, higher severance and restructuring costs, including the impact of the 2025-2026 Workforce Transformation, legal-related insurance recoveries recognized in the prior year related to the August 2021 cyberattack, higher costs related to network restructuring, higher costs related to retail initiatives and the gain on sale of a portion of the 3.45 GHz licenses to N77 recognized in the prior year. The increase in special factors was partially offset by the write-off of not-in-service capitalized software development costs related to T‑Mobile US’s billing system recognized in the prior year. Overall, EBITDA AL increased by 3.7 % to EUR 22.4 billion in the nine months ended September 30, 2026, compared to EUR 21.6 billion in the nine months ended September 30, 2025, primarily due to the factors described above, including special factors.

Profit/loss from operations (EBIT)

EBIT increased by 2.2 % to EUR 14.2 billion in the nine months ended September 30, 2026, compared to EUR 13.9 billion in the nine months ended September 30, 2025, primarily due to higher EBITDA AL as discussed above, partially offset by higher depreciation, amortization, and impairment losses. In U.S. dollars, EBIT increased by 6.4 % during the same period. In euros, depreciation, amortization and impairment losses increased by 6.4 % during the same period. In U.S. dollars, depreciation, amortization and impairment losses increased by 10.7 % in the same period primarily from higher depreciation and amortization expense from assets acquired in the acquisition of the UScellular Wireless Business and the continued build-out of the nationwide 5G network, and higher depreciation expense from the accelerated depreciation of certain network and technology assets, including UScellular restructuring.

Cash capex (before spectrum investment), cash capex

Cash capex (before spectrum investment) decreased by 2.0 % to EUR 6.6 billion in the nine months ended September 30, 2026, compared to EUR 6.7 billion in the nine months ended September 30, 2025, which includes the impact of currency exchange effects. In U.S. dollars, cash capex (before spectrum investment) increased by 1.2 % during the same period due to an increase in purchases of intangible assets, partially offset by a decrease in purchases of property and equipment.

Cash capex decreased by 17.9 % to EUR 7.3 billion in the nine months ended September 30, 2026, compared to EUR 8.9 billion in the nine months ended September 30, 2025. In U.S. dollars, cash capex decreased by 15.8 % during the same period primarily due to the purchase of fiber customers from Metronet in the prior year and a decrease in purchases of spectrum licenses primarily from the purchases of the remaining 600 MHz spectrum licenses from Channel 51 in the prior year.