T-Mobile US, Inc. (TMUS)

T-Mobile is a U.S. wireless communications and broadband provider that positions itself as the "Un-carrier," a company that has ended practices such as annual service contracts, overages, and unpredictable international roaming fees. As of December 31, 2025, it served 142.4 million postpaid and prepaid customers. It earns revenue from wireless and broadband services, a wide selection of devices and accessories, and wholesale wireless services sold through partners. Its most significant expenses are operating and expanding its network, providing devices, acquiring and retaining customers, and compensating employees. The company is also moving toward an AI-enabled, digital-first model, including its T-Life app.

Services include wireless plans under the premium Experience More and Experience Beyond offerings, the lower-priced Essentials plan, and specialized plans for Military and Veterans, First Responders, and 55+ customers. The company also offers 5G broadband (fixed wireless) and fiber internet, along with device protection, financial services, and advertising. It sells smartphones, wearables, tablets, 5G broadband gateways, and other devices made by various suppliers, and customers can finance purchases through equipment installment plans, generally over 24 months. Its network relies on low-band (600 and 700 MHz), mid-band (AWS, PCS, 2.5 GHz, 3.45 GHz, C-band), and millimeter-wave spectrum, and it controlled an average of 394 MHz of combined low- and mid-band spectrum at year-end. It has agreements with Comcast to acquire 600 MHz spectrum and with Grain affiliates to sell its 800 MHz licenses in exchange for cash and Grain's 600 MHz licenses.

Customers are served in two main categories. Postpaid customers include consumers and businesses (under the T-Mobile for Business brand), and prepaid customers are served under the T-Mobile, Metro by T-Mobile, Mint Mobile, and Ultra Mobile brands. Wholesale partners, including machine-to-machine and MVNO customers, use the network and manage their own customer relationships. In 2025, service revenues were 81% postpaid, 15% prepaid, and 4% wholesale and other. Substantially all revenues are earned in the United States, including Puerto Rico and the U.S. Virgin Islands.

Products are sold through company-owned T-Mobile and Metro by T-Mobile stores, websites, apps, customer care channels, national retailers, and dealers and third-party distributors. The company is the second largest U.S. wireless provider by total postpaid and prepaid customers. Its competitors include AT&T and Verizon, as well as Charter, Comcast, EchoStar, Cox, and Altice USA, and in broadband, cable, DSL, fiber, other fixed wireless, and satellite providers. The FCC regulates its licenses and network operations. It employed approximately 75,000 people at year-end 2025, and its headquarters are in Bellevue, Washington, and Overland Park, Kansas.