T-Mobile US Inc. (TMUS) Q3 2026 (USD): EPS 3.22 (exp. 2.89), Revenue 23.6bln (exp. 23.1bln)

• Net income 3.46bln.
• Adj. EBITDA 9.62bln (exp. 9.41bln).
• Core adj. EBITDA 9.62bln.
• Adj. free cash flow 5.07bln.

• Core adj. EBITDA 37.35-37.45bln.
• Adj. free cash flow 18.7-18.8bln.

A clean beat on both EPS and revenue with adjusted EBITDA also ahead, and the FY core EBITDA and free cash flow guidance kept in a tight range that brackets existing expectations. For large-cap US wireless names, prints of this kind have historically traded on three things: subscriber and ARPU metrics more than the headline EPS, the free cash flow trajectory given capital return programmes, and whether guidance raises, holds, or trims. A beat with guidance merely confirmed rather than lifted has tended to produce a muted initial reaction, since buybacks and already-embedded consensus leave less room for multiple expansion than a guidance raise would. The distinction worth drawing is between the accounting beat and the operating beat: EBITDA and free cash flow ahead of expectations carry more weight with the telecom peer set than net income, which is sensitive to below-the-line items. The follow-ons are the postpaid net adds and churn detail on the call, any commentary on competitive promotional intensity across the US carrier peer group, and whether the buyback pace implied by the free cash flow range changes. Historically the tape has faded small beats in this name when the call confirms a stable but unexciting operating trajectory.