T-Mobile US Inc Q3 2025 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Benjamin Swinburne - Morgan Stanley - Analyst : Thank you. Good morning, everyone. Hello. One for Srini and maybe one for Peter. Srini, you talked about sort of this -- the network perception gap and committing to narrowing that, can you guys talk a little bit about your strategy and tactics to close that gap as quickly as possible. I would think the faster you can convince customers, you have the best network across the country, the faster the business can grow. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Question: John Hodulik - UBS - Analyst : Great, thanks, and good morning. And, one last congrats again, to Mike on his retirement. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Question: John Hodulik - UBS - Analyst : Can we dig into the broadband business. I guess, first on the fiber, you guys had some new disclosures. But I guess for Srini, how big of an opportunity do you think the sort of fiber business is? I know you have targets out there for homes pass. But can you talk about how many sort of homes passed you have now at fiber? How do you expect that to grow? Any targets for penetration? And then maybe comment on the sort of environment for more deals to potentially back up the JVs you already have out there. And then on the fixed wireless business, obviously, a big quarter. What's the opportunity there? And sort of what drove the sort of big lift in net adds this quarter? And sort of how do you see that playing out as we look into '26?

Question: Samuel McHugh - BNP Paribas Exane - Analyst : Yeah, morning guys. A couple of quick questions. First on just running the numbers on cost of acquisition. It doesn't look like you're spending a ton more on a per-sub basis to acquire these customers versus recent quarters, which I think is quite encouraging. But can you just tell me what you're seeing in terms of second [FWA] as well and the competitive environment? And I guess related to that, Srini, you talked about digital customer acquisition and a Verizon customer -- apologies. I've been trying the T-Mobile network with the T-Life app and the EM -- is that what you're talking about when you think about pushing digital for customer acquisitions? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Question: David Barden - New Street Research LLP - Analyst : Hey guys, thanks so much. It's really great to be here again. Srini, congratulations on the new seat. Mike, while I have you, I wanted to follow up on a couple of things. One was, last quarter, you were joking with Craig about how new the satellite product was and you didn't have any real color on what it meant for T-Mobile to be partnered with Starlink. I would love to get an update on kind of your learnings there and what that partnership means for you and how that partnership might be different than, say, AT&T and Verizon, who have invested in AST SpaceMobile? And the second thing would be just on the comments you were making about the AI stuff, a year ago, you had Sam and you had [Jensen] on stage, and you were talking about all the amazing stuff that AI was going to do with you kind of maybe disrupted the business model, the way you disrupted the go-to-market model in mobile. Could you kind of give us where we are now on that path? And maybe Srini could add where we're going to go. Thank you.

Question: Michael Rollins - Citi - Analyst : Thanks, and good morning. Mike, congratulations on your successful tenure at T-Mobile. Best wishes as you move on to your next role as Vice Chairman. And Srini, congratulations on becoming CEO. So in terms of the switcher pool, can you discuss what you're seeing from that? Do you expect it to be higher for longer? And given that you use a two-year EIP for your devices, is there something about your customer cohorts that could result in the future increase in upgrade rates to sustain or enhance customer retention?

Question: Michael Rollins - Citi - Analyst : Thank you, Mike.

Question: Craig Moffett - Moffettnathanson LLC - Analyst : Hi, thank you, Mike. Let me be -- on the long list of people saying congratulations on a remarkable run, and Srini congratulations on stepping into the new role. And while I have all of you, let me also say happy birthday to Cathy. Cathy, happy birthday.

Question: Craig Moffett - Moffettnathanson LLC - Analyst : I want to ask about the iPhone cycle. There's been a lot of talk about this being certainly not a super cycle, but at least a more normal and more robust cycle than the last couple of years. Are you seeing that? Do you think that that's likely to have carryover into the fourth quarter? And if so, what kind of opportunities does that create? And what kind of cost does it create in terms of accelerated number of subsidies that you would have to give for retention as well as customer acquisition.

Question: Kannan Venkateshwar - Barclays - Analyst : Thank you. Maybe Srini one on the balance sheet and Peter, for you as well. But broadly, when we think about the differences between the different operators right now, one of the biggest advantages you guys have versus your peer is you have massive balance sheet capacity and your peers are now more constrained. So may be useful to get your perspective on how you could leverage that position? I mean, you could obviously drive more aggressive go-to-market strategy using that, but you could also that balance sheet in other ways, like you mentioned, spectrum or fiber or something on the line. So -- would be good to get some perspective on how you view your position from a balance sheet perspective and how you plan to use that? Thank you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.