{"schemaVersion":1,"research":true,"symbol":"tmus","name":"T-Mobile US","topic":"moat","path":"/stock/tmus/moat","status":"stale","version":8,"updatedAt":"2026-10-19T20:40:29.930Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"T-Mobile has a substantial deployed spectrum portfolio, demonstrated customer retention and issuer-reported external network awards. These establish a current service capability, but the passages do not establish durable economic superiority or relative cost leadership. Pricing power is mixed: implemented fees and plan changes increased postpaid realization, while promotions diluted prepaid revenue and switching increased. The evidence supports uncertainty about a durable moat, rather than a demonstrated weak competitive position.","advantages":[{"mechanism":"intangible_assets","claim":"Spectrum rights supporting the deployed nationwide network are a plausible moat foundation. Controlled spectrum, long-dated leases and reported network awards support current differentiation; durable economic protection against established competitors remains unproven.","durability":"Certain spectrum leases extend through 2050, but asset duration does not establish the duration of competitive superiority. Network reinvestment remains necessary.","risks":"Competitor spectrum deployment, discounted bundles, technological convergence and license renewal or revocation could erode differentiation. AT&T reports deployed leased spectrum and further planned acquisitions; its plans are not completed outcomes.","invalidation":"The candidate advantage would be undermined by sustained loss of comparative network recognition accompanied by worsening retention or promotional dependence, or loss of material spectrum access. Durable superiority would require evidence that differentiation survives competitor deployment and generates sustained customer or cost benefits.","competitors":["AT&T","Verizon"],"evidenceIds":["e1","e2","e3","e4","e5"],"counterEvidenceIds":["e6","e7","e8","e9","e10","e11"]},{"mechanism":"cost_advantage","claim":"Using excess mobile-network capacity for fixed wireless and eliminating redundant Sprint sites demonstrate asset reuse and internal cost efficiencies. They do not establish lower costs than competitors.","durability":"Existing infrastructure supports current reuse, but spare capacity is conditional. Further UScellular synergies remain expected benefits.","risks":"Capacity consumption, continuing capital requirements and competing network investment could reduce the benefit. Restructuring costs precede uncertain future savings.","invalidation":"The relative-cost hypothesis would fail if comparable service delivery requires equal or greater total investment and operating costs than competitors, or if capacity constraints eliminate the economics of network reuse.","competitors":["AT&T","Verizon"],"evidenceIds":["e5","e12","e13","e14"],"counterEvidenceIds":["e15","e16","e17"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business / Spectrum Position","excerpt":"•We controlled an average of 394 MHz of combined low- and mid-band spectrum nationwide as of December 31, 2025."},{"id":"e2","sourceId":"filing-1","location":"Commitments / Spectrum leases","excerpt":"Leased spectrum agreements have varying expiration terms that generally extend through 2050."},{"id":"e3","sourceId":"filing-8","location":"Q2 2026 results / Reported Ookla award","excerpt":"•Ookla awarded T-Mobile with the Best Mobile Network in its Speedtest Connectivity report for the third consecutive time(4)"},{"id":"e4","sourceId":"filing-8","location":"Q2 2026 results / Reported Opensignal awards","excerpt":"•T-Mobile yet again recognized as the most awarded network by Opensignal, sweeping all Quality of Experience and Network Performance categories, while also leading in 5G Coverage and Application Experience categories(5)"},{"id":"e5","sourceId":"filing-1","location":"Business / Broadband competition","excerpt":"In addition to our wireless communications services, our broadband services compete against other broadband providers, including Cable, DSL and other Fiber broadband providers, other fixed wireless solutions, including AT&T and Verizon’s fixed wireless products, and satellite internet providers."},{"id":"e6","sourceId":"filing-1","location":"Business / Competitive discounting and bundles","excerpt":"Some of our competitors have shown a willingness to use discounted pricing or offer bundled services as a potential source of differentiation."},{"id":"e7","sourceId":"filing-1","location":"Performance measures / Customer churn","excerpt":"The following table sets forth the churn: Year Ended December 31, Bps Change 2025 Versus 2024 Bps Change 2024 Versus 2023 2025 2024 2023 Postpaid phone churn 0.93 % 0.86 % 0.87 % 7 bps -1 bps Prepaid churn 2.72 % 2.73 % 2.76 % -1 bps -3 bps Postpaid phone churn increased 7 basis points, primarily due to higher industry switching and from the temporary impact of current year rate plan optimizations."},{"id":"e8","sourceId":"filing-2","location":"MD&A / Prepaid revenue decline","excerpt":"Prepaid revenues decreased $170 million, or 6%, for the three months ended and decreased $296 million, or 6%, for the six months ended June 30, 2026, primarily from lower average revenue per customer, primarily from dilution from promotional activity and rate plan mix."},{"id":"e9","sourceId":"filing-14","location":"AT&T comparison / Deployed leased spectrum","excerpt":"We signed a short-term spectrum manager lease on the 3.45 GHz spectrum, which was deployed in cell sites covering nearly two-thirds of the U.S."},{"id":"e10","sourceId":"filing-14","location":"AT&T comparison / Agreed spectrum purchase","excerpt":"On August 25, 2025, we agreed to purchase FCC licenses in the 600 MHz and 3.45 GHz bands from EchoStar for approximately $23,000, subject to certain adjustments."},{"id":"e11","sourceId":"filing-2","location":"Forward-looking risk disclosures / License renewal and revocation","excerpt":"and international markets, including changes resulting from increases in oil prices, inflation or interest rates, tariffs and trade restrictions, supply chain disruptions, fluctuations in global currencies, immigration policies, and impacts of geopolitical instability, such as global conflict, wars and further escalations thereof; •operational delays, higher procurement costs, such as memory chip cost impacts on smartphones, and operational costs, and increased regulatory and compliance complexities, for example, as a 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 failure or inability 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; •compliance with the current regulatory framework, including our national security obligations, and 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 (“AI”); •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; 34 Table of Contents •interests of Deutsche Telekom 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; and •future sales of our common stock by DT and our inability to attract additional equity financing outside the United States due to foreign ownership limitations by the Federal Communications Commission (“FCC”)."},{"id":"e12","sourceId":"filing-1","location":"Business / Fixed wireless using excess network capacity","excerpt":"In addition to our wireless communications services, we offer complementary broadband services including 5G broadband, which is a fixed wireless product available to tens of millions of domestic households utilizing the excess capacity of our nationwide 5G network, and fiber, expanding broadband access and choices for some consumers."},{"id":"e13","sourceId":"filing-5","location":"Network Strategy / Completed Sprint site decommissioning","excerpt":"As of December 31, 2022, we had decommissioned substantially all targeted Sprint macro sites."},{"id":"e14","sourceId":"filing-5","location":"Network Strategy / Reported achieved merger cost reductions","excerpt":"As a result of the Merger, we have achieved significant synergies and cost reductions by eliminating redundancies within our network, as well as through other business processes and operations."},{"id":"e15","sourceId":"filing-2","location":"MD&A / Expected UScellular synergies","excerpt":"Upon completion of these activities, we expect to achieve total annual run rate cost synergies of $1.2 billion, consisting of $950 million in operating expenses and $250 million in capital expenditures."},{"id":"e16","sourceId":"filing-2","location":"MD&A / Network restructuring costs and exclusions","excerpt":"Network Restructuring Initiative costs are presented below: Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 (in millions) Network Restructuring Initiative Cost of services, exclusive of depreciation and amortization $ 52 $ 128 Depreciation and amortization 11 71 Total Network Restructuring Initiative costs $ 63 $ 199 Network Restructuring Initiative costs have been excluded from our calculations of Adjusted EBITDA and Core Adjusted EBITDA, which are non-GAAP financial measures, as we do not consider these costs to be reflective of our ongoing operating performance."},{"id":"e17","sourceId":"filing-6","location":"Liquidity / Network and integration capital requirements","excerpt":"Capital Expenditures \nOur capital liquidity requirements have been driven primarily by capital expenditures for spectrum licenses, the construction, expansion and upgrading of our network infrastructure, the integration of the networks, spectrum, technology, personnel and customer base of T-Mobile and UScellular, and investments in information technology platforms."},{"id":"e18","sourceId":"filing-1","location":"Performance measures / Postpaid phone ARPU","excerpt":"The following table sets forth our operating measure ARPU:\n(in dollars)\n$ Change\n% Change\n$ Change\n% Change\nPostpaid phone ARPU\n50.37 \n49.35 \n48.83 \n0.52 \nPrepaid ARPU\n34.14 \n36.06 \n37.92 \n(1.92)\n(1.86)\nPostpaid Phone ARPU\nPostpaid phone ARPU increased $1.02, or 2%, primarily from:"},{"id":"e19","sourceId":"filing-1","location":"Performance measures / Implemented plan and fee changes","excerpt":"•The positive impact from rate plan optimizations and higher fee revenue, including from the adoption of new tax and fee exclusive plans;"},{"id":"e20","sourceId":"filing-1","location":"Performance measures / Prepaid ARPU decline","excerpt":"Prepaid ARPU\nPrepaid ARPU decreased $1.92, or 5%, primarily from the inclusion of lower ARPU prepaid customers associated with the Ka’ena Acquisition and dilution from promotional activity and rate plan mix."},{"id":"e21","sourceId":"filing-9","location":"Q2 2026 operating discussion / Higher fee revenue","excerpt":"■Higher fee revenue, including from the adoption of new tax and fee exclusive plans"},{"id":"e22","sourceId":"filing-2","location":"Performance measures / First-half account churn increase","excerpt":"Postpaid account churn increased 9 basis points for the six months ended June 30, 2026, primarily from:"},{"id":"e23","sourceId":"filing-2","location":"Performance measures / Account churn drivers","excerpt":"•Higher average broadband-only accounts, including following the acquisitions of Metronet and Lumos; and\n•Higher industry switching."},{"id":"e24","sourceId":"filing-2","location":"MD&A / First-half operating results and cash generation","excerpt":"39 Table of Contents Results of Operations Set forth below is a summary of our consolidated financial results: Three Months Ended June 30, Change Six Months Ended June 30, Change (in millions) 2026 2025 $ % 2026 2025 $ % Revenues Postpaid revenues $ 15,853 $ 14,078 $ 1,775 13 % $ 31,482 $ 27,672 $ 3,810 14 % Prepaid revenues 2,473 2,643 (170) (6) % 4,990 5,286 (296) (6) % Wholesale and other service revenues 657 717 (60) (8) % 1,342 1,405 (63) (4) % Total service revenues 18,983 17,438 1,545 9 % 37,814 34,363 3,451 10 % Equipment revenues 3,524 3,439 85 2 % 7,520 7,143 377 5 % Other revenues 284 255 29 11 % 564 512 52 10 % Total revenues 22,791 21,132 1,659 8 % 45,898 42,018 3,880 9 % Operating expenses Cost of services, exclusive of depreciation and amortization shown separately below 2,978 2,717 261 10 % 6,317 5,319 998 19 % Cost of equipment sales, exclusive of depreciation and amortization shown separately below 5,055 4,659 396 8 % 10,543 9,457 1,086 11 % Selling, general and administrative 5,834 5,397 437 8 % 11,800 10,885 915 8 % Depreciation and amortization 3,434 3,146 288 9 % 7,251 6,344 907 14 % Total operating expenses 17,301 15,919 1,382 9 % 35,911 32,005 3,906 12 % Operating income 5,490 5,213 277 5 % 9,987 10,013 (26) — % Other expense, net Interest expense, net (1,055) (922) (133) 14 % (2,086) (1,838) (248) 13 % Other expense, net (107) (11) (96) 873 % (239) (57) (182) 319 % Total other expense, net (1,162) (933) (229) 25 % (2,325) (1,895) (430) 23 % Income before income taxes 4,328 4,280 48 1 % 7,662 8,118 (456) (6) % Income tax expense (1,089) (1,058) (31) 3 % (1,919) (1,943) 24 (1) % Net income $ 3,239 $ 3,222 $ 17 1 % $ 5,743 $ 6,175 $ (432) (7) % Statement of Cash Flows Data Net cash provided by operating activities $ 7,500 $ 6,992 $ 508 7 % $ 14,722 $ 13,839 $ 883 6 % Net cash used in investing activities (3,052) (1,559) (1,493) 96 % (5,901) (4,968) (933) 19 % Net cash used in financing activities (5,182) (7,205) 2,023 (28) % (11,622) (4,012) (7,610) 190 % Non-GAAP Financial Measures Adjusted EBITDA $ 9,537 $ 8,547 $ 990 12 % $ 18,778 $ 16,806 $ 1,972 12 % Core Adjusted EBITDA 9,537 8,541 996 12 % 18,777 16,799 1,978 12 % Adjusted Free Cash Flow 4,797 4,596 201 4 % 9,396 8,992 404 4 % 40 Table of Contents The following discussion and analysis is for the three and six months ended June 30, 2026, compared to the same periods in 2025, unless otherwise stated."},{"id":"e25","sourceId":"filing-2","location":"MD&A / GAAP reconciliation and margins","excerpt":"46 Table of Contents The following table illustrates the calculation of Adjusted EBITDA and Core Adjusted EBITDA and reconciles Adjusted EBITDA and Core Adjusted EBITDA to Net income, which we consider to be the most directly comparable GAAP financial measure: Three Months Ended June 30, Change Six Months Ended June 30, Change (in millions, except percentages) 2026 2025 $ % 2026 2025 $ % Net income $ 3,239 $ 3,222 $ 17 1 % $ 5,743 $ 6,175 $ (432) (7) % Adjustments: Interest expense, net 1,055 922 133 14 % 2,086 1,838 248 13 % Other expense, net 107 11 96 873 % 239 57 182 319 % Income tax expense 1,089 1,058 31 3 % 1,919 1,943 (24) (1) % Operating income 5,490 5,213 277 5 % 9,987 10,013 (26) — % Depreciation and amortization 3,434 3,146 288 9 % 7,251 6,344 907 14 % Stock-based compensation (1) 212 178 34 19 % 415 346 69 20 % UScellular merger-related costs 182 33 149 452 % 588 47 541 NM Network Restructuring Initiative costs 52 — 52 NM 128 — 128 NM Legal-related expenses (recoveries), net (2) 16 (4) 20 (500) % 70 2 68 NM Other, net (3) 151 (19) 170 (895) % 339 54 285 528 % Adjusted EBITDA 9,537 8,547 990 12 % 18,778 16,806 1,972 12 % Lease revenues — (6) 6 (100) % (1) (7) 6 (86) % Core Adjusted EBITDA $ 9,537 $ 8,541 $ 996 12 % $ 18,777 $ 16,799 $ 1,978 12 % Net income margin (Net income divided by Service revenues) 17 % 18 % -100 bps 15 % 18 % -300 bps Adjusted EBITDA margin (Adjusted EBITDA divided by Service revenues) 50 % 49 % 100 bps 50 % 49 % 100 bps Core Adjusted EBITDA margin (Core Adjusted EBITDA divided by Service revenues) 50 % 49 % 100 bps 50 % 49 % 100 bps (1)Stock-based compensation includes payroll tax impacts and may not agree with stock-based compensation expense on the condensed consolidated financial statements."},{"id":"e26","sourceId":"filing-1","location":"Regulation / Wireless rate preemption and regulated terms","excerpt":"Cybersecurity\nItem 2.\nProperties\nWhile the Communications Act generally preempts state and local governments from regulating the entry of, or the rates charged by, wireless communications services providers, certain state and local governments regulate other terms and conditions of wireless service, including billing, termination of service arrangements and the imposition of early termination fees, advertising, network outages, the use of devices while driving, service mapping, protection of consumer information, zoning and land use."},{"id":"e27","sourceId":"filing-1","location":"Regulation / State broadband rate-setting","excerpt":"For example, California has passed separate privacy and net neutrality legislation, while many others have passed privacy laws, and New York has passed a broadband rate-setting law."},{"id":"e28","sourceId":"filing-9","location":"Cash flows / Investment and debt issuance","excerpt":"Reclassification of loss from cash flow hedges, net of tax effect of $17, $17, $16, $34 and $32\n50 \n50 \n47 \n100 \n93 \nGains (losses) on fair value hedges, net of tax effect of $48, $(12), $13, $36 and $(48)\n142 \n(36)\n37 \n106 \n(140)\nUnrealized gain (loss) on foreign currency translation adjustment, net of tax effect of $0, $0, $0, $0 and $0\n9 \n— \n(1)\n9 \n(1)\nAmortization of actuarial gain, net of tax effect $(1), $0, $(1), $(1) and $(1)\n(1)\n(1)\n(2)\n(2)\n(3)\nOther comprehensive income (loss)\n200 \n13 \n81 \n213 \n(51)\nTotal comprehensive income\n$\n3,439 \n$\n2,517 \n$\n3,303 \n$\n5,956 \n$\n6,124 \nEarnings per share\nBasic\n$\n2.99 \n$\n2.28 \n$\n2.84 \n$\n5.26 \n$\n5.43 \nDiluted\n$\n2.99 \n$\n2.27 \n$\n2.84\n2025\n2026\n2025\nOperating activities\n \nNet income\n$\n3,239 \n$\n2,504 \n$\n3,222 \n$\n5,743 \n$\n6,175 \nAdjustments to reconcile net income to net cash provided by operating activities\nDepreciation and amortization\n3,434 \n3,817 \n3,146 \n7,251 \n6,344 \nStock-based compensation expense\n214 \n209 \n200 \n423 \n386 \nDeferred income tax expense\n893 \n682 \n937 \n1,575 \n1,708 \nBad debt expense\n398 \n426 \n265 \n824 \n588 \nLosses from sales of receivables\n17 \n20 \n19 \n37 \n41 \nChanges in operating assets and liabilities\nAccounts receivable\n(498)\n(162)\n(338)\n(660)\n(431)\nEquipment installment plan receivables\n103 \n(55)\n65 \n48 \n89 \nInventory\n142 \n86 \n264 \n228 \n(54)\nOperating lease right-of-use assets\n965 \n1,196 \n883 \n2,161 \n1,738 \nOther current and long-term assets\n(354)\n33 \n(671)\n(321)\n(661)\nAccounts payable and accrued liabilities\n(265)\n(408)\n107 \n(673)\n(161)\nShort- and long-term operating lease liabilities\n(976)\n(1,218)\n(886)\n(2,194)\n(1,784)\nOther current and long-term liabilities\n(3)\n(109)\n(82)\n(112)\n(170)\nOther, net\n191 \n201 \n(139)\n392 \n31 \nNet cash provided by operating activities\n7,500 \n7,222 \n6,992 \n14,722 \n13,839 \nInvesting activities\nPurchases of property and equipment, including capitalized interest of $(6), $(7), $(10), $(13) and $(20)\n(2,703)\n(2,623)\n(2,396)\n(5,326)\n(4,847)\nPurchases of spectrum licenses and other intangible assets, including deposits\n(484)\n(26)\n(842)\n(510)\n(915)\nProceeds from the sale of property, equipment and intangible assets\n16 \n95 \n2,066 \n111 \n2,073 \nAcquisition of companies, net of cash acquired\n— \n(1)\n1 \n(1)\n(726)\nInvestments in unconsolidated affiliates, net\n(3)\n— \n(908)\n(3)\n(983)\nOther, net\n122 \n(294)\n520 \n(172)\n430 \nNet cash used in investing activities\n(3,052)\n(2,849)\n(1,559)\n(5,901)\n(4,968)\nFinancing activities\nProceeds from issuance of long-term debt, net\n(5)\n6,398 \n(6)\n6,393 \n7,768 \nRepayments of financing lease obligations\n(360)\n(304)\n(331)\n(664)\n(646)"},{"id":"e29","sourceId":"filing-9","location":"Cash flows / Debt repayments, distributions and cash balances","excerpt":"Repayments of long-term debt\n(1,336)\n(6,435)\n(3,257)\n(7,771)\n(3,736)\nRepurchases of common stock\n(2,320)\n(4,826)\n(2,555)\n(7,146)\n(5,049)\nDividends on common stock\n(1,101)\n(1,120)\n(996)\n(2,221)\n(1,999)\nTax withholdings on share-based awards\n(31)\n(154)\n(30)\n(185)\n(302)\nOther, net\n(29)\n1 \n(30)\n(28)\n(48)\nNet cash used in financing activities\n(5,182)\n(6,440)\n(7,205)\n(11,622)\n(4,012)\nEffect of exchange rate changes on cash and cash equivalents, including restricted cash\n— \n— \n13 \n— \n13 \nChange in cash and cash equivalents, including restricted cash\n(734)\n(2,067)\n(1,759)\n(2,801)\n4,872 \nCash and cash equivalents, including restricted cash\nBeginning of period\n3,909 \n5,976 \n12,344 \n5,976 \n5,713 \nEnd of period\n$\n3,175 \n$\n3,909 \n$\n10,585 \n$\n3,175 \n$\n10,585 \n18\nT-Mobile US, Inc."},{"id":"e30","sourceId":"filing-1","location":"Commitments / Noncancelable purchase obligations","excerpt":"The following table summarizes the timing of such purchase commitments as of December 31, 2025: (in millions) Less Than 1 Year 1 - 3 Years 3 - 5 Years More Than 5 Years Total Purchase commitments (1) $ 5,047 $ 6,181 $ 2,990 $ 2,836 $ 17,054 (1) These amounts are not reflective of our entire anticipated purchases under the related agreements but are determined based on the non-cancelable quantities or termination amounts to which we are contractually obligated."},{"id":"e31","sourceId":"filing-3","location":"Executive compensation / Actual 2025 annual award mix","excerpt":"Each Named Executive Officer received half of the aggregate value of their annual 2025 LTI awards in the form of PRSUs and half of such value in the form of RSUs."},{"id":"e32","sourceId":"filing-3","location":"Executive compensation / Three-year performance measures","excerpt":"For 2025, 65% of the PRSUs granted as annual awards are measured based on our relative total shareholder return (“RTSR”) over a three-year performance period and the remaining 35% are measured based on our Adjusted Free Cash Flow (“FCF”) as reported in our Annual Report on Form 10-K over a three-year performance period."},{"id":"e33","sourceId":"filing-3","location":"Executive compensation / Adopted clawback policy","excerpt":"Clawback Provisions In September 2023, the Compensation Committee adopted the Company’s Amended and Restated Executive Incentive Compensation Recoupment Policy in compliance with the SEC rules and NASDAQ listing standards regarding clawback policies."},{"id":"e34","sourceId":"filing-3","location":"Director compensation / Ownership guideline compliance","excerpt":"As of December 31, 2025, all then-serving non-employee directors were in compliance with our stock ownership guidelines."},{"id":"e35","sourceId":"filing-3","location":"Executive compensation / Transformation Award payout floor","excerpt":"Transformation Awards\n Core Adjusted EBITDA Achievement\n Adjustment Percentage 1\n At or Below Threshold\n 80% \n 100% \n Maximum\n 120% \n If actual performance falls between two levels, the Adjustment Percentage will be determined by using linear interpolation as between the applicable levels."},{"id":"e36","sourceId":"filing-6","location":"Legal proceedings / Realized unauthorized customer-data access","excerpt":"The result from our investigation indicates that the bad actor(s) obtained data from this API for approximately 37 million current postpaid and prepaid customer accounts, though many of these accounts did not include the full data set."},{"id":"e37","sourceId":"filing-2","location":"MD&A / Continuing cyberattack-related legal and compliance costs","excerpt":"(2)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."},{"id":"e38","sourceId":"filing-1","location":"Risk factors / Controlled-company exemptions","excerpt":"DT controls a majority of the voting power of our common stock and therefore we are a “controlled company,” as defined in the NASDAQ Stock Market LLC (“NASDAQ”) listing rules, and we are not subject to NASDAQ requirements that would otherwise require us to have a majority of independent directors, a nominating committee composed solely of independent directors or a compensation committee composed solely of independent directors."},{"id":"e39","sourceId":"filing-1","location":"Risk factors / Controlling shareholder consent rights","excerpt":"In addition, pursuant to our Certificate of Incorporation and the Second Amended and Restated Stockholders’ Agreement, as long as DT beneficially owns 30% or more of our outstanding common stock, we are restricted from taking certain actions without DT’s prior written consent, including (i) incurring indebtedness above certain levels based on a specified debt to cash flow ratio, (ii) taking any action that would cause a default under any instrument evidencing indebtedness involving DT or its affiliates, (iii) acquiring or disposing of assets or entering into mergers or similar acquisitions in excess of $1.0 billion, (iv) changing the size of our Board of Directors, (v) subject to certain exceptions, issuing equity of 10% or more of the then-outstanding shares of our common stock, or issuing equity to redeem debt held by DT, (vi) repurchasing or redeeming equity securities or making any extraordinary or in-kind dividend other than on a pro rata basis, or (vii) making certain changes involving our CEO."},{"id":"e40","sourceId":"filing-3","location":"Corporate governance / Board designation rights","excerpt":"(“SoftBank”) on June 22, 2020 (the “Stockholders’ Agreement”) and its current ownership position, Deutsche Telekom has the right to designate 10 members of our Board of Directors (the “Board”)."},{"id":"e41","sourceId":"filing-3","location":"Corporate governance / Independent directors","excerpt":"The Board also includes independent directors, including three designated by the Nominating, Corporate Governance and Compliance Committee, each of whom meets applicable NASDAQ and SEC independence standards."},{"id":"e42","sourceId":"filing-1","location":"Business / Elimination of annual service contracts","excerpt":"We ended annual service contracts, overages, unpredictable international roaming fees and data buckets, among other things."},{"id":"e43","sourceId":"filing-12","location":"Annual meeting results / Actual advisory compensation vote","excerpt":"The compensation provided to the Company’s named executive officers for 2025 was approved by an advisory vote, as set forth below: \n \n For\n \n Against\n \n Abstain\n \n Broker Non-Votes\n 723,426,378\n \n 263,459,102\n \n 530,999\n \n 38,894,937\n SIGNATURES \n Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized."}],"changes":["Retain the uncertain verdict after re-examining the supplied catalog; current network differentiation remains better supported than durable economic superiority.","Retain mixed pricing and management assessments using current catalog citations. Q2 fee realization is supported, but account mix and promotional offsets prevent treating ARPA growth as pure pricing.","Recognize the June 2026 advisory compensation approval as an actual outcome; it does not establish award vesting or remove controlling-shareholder governance concerns."],"limitations":["Network awards are reported by T-Mobile; underlying testing methodologies and full comparative results are absent. Industry-leading growth claims may use consensus expectations.","AT&T competitor passages support specific deployment and transaction comparisons only. They do not provide comparable unit costs or prove completed pending acquisitions. Verizon is named, but equivalent operating coverage is absent.","Spectrum ownership, network scale and internal cost reductions do not by themselves establish relative cost leadership, efficient scale or network effects.","Customer retention is directly disclosed, but substantial contractual switching friction and customer dependence on T-Mobile specifically are unproven.","Executive ownership compliance, complete customer price protections and acquisition investment returns are not established. Future compensation entitlements and management-transition praise are not demonstrated outcomes.","Source dates are supplied filing dates with dateKind filed. Historical achievements and future plans are assessed according to their disclosed periods; no retrieval date is treated as publication."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Spectrum rights, deployed infrastructure and reported awards establish substantial capabilities, but do not establish a durable relative economic advantage. Network reuse supports a candidate cost mechanism without comparable unit-cost evidence.","evidenceIds":["e1","e3","e4","e12","e14"]},{"criterion":"durability","grade":null,"rationale":"Long-dated spectrum leases support asset continuity, while competitor deployment and ongoing capital requirements leave the persistence of economic differentiation unresolved.","evidenceIds":["e2","e9","e10","e11","e17"]},{"criterion":"customer_dependency","grade":null,"rationale":"Reported churn establishes repeat demand, but does not demonstrate dependence on this provider or material switching costs. Annual service contracts were eliminated and switching increased.","evidenceIds":["e7","e22","e23","e42"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Network awards and growing service revenue coexist with promotional dilution and worsening churn. 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