T-Mobile US, Inc. (TMUS) earnings on July 23, 2026

TMUS price around the earnings

170.42

Change: -10.7%

Start of the measured window End of the measured window

170.22 177.48 184.73 191.99 190.94

July 23, 2026

Price: green if it ends above the starting price; red if it ends below
Start of the measured window
End of the measured window
Market open
Starting price

Price series around the event

Prior thesis

Prior outlook: Optimistic Outcome: Missed

Thesis published: 2026-07-23, 09:38 UTC
Results released: 2026-07-23, 10:29 UTC

Strong recent trend strength and high analyst upside, but recent PT cuts and neutral social sentiment create uncertainty.

Context analyzed before publication

Trend: Experienced a strong rally, then some volatility, with current recent trend strength positive but recent PT cuts creating uncertainty

Analysts

Evidence

Analyst consensus: Buy
Consensus average (1-5): 1.61
Analysts covering the stock: 26
Average price target: 252.73
Lowest price target: 170
Highest price target: 300
Upside to price target: 32.4%
Quarterly earnings growth: -15.2%
Revenue growth: 10.6%
Forward EPS: 14.39
Trailing EPS: 9.41
Analyst moves in the last 60 days: 7

Strong buy: 9
Buy: 15
Hold: 4
Sell: 0
Strong sell: 0

Strong buy: 9
Buy: 15
Hold: 4
Sell: 0
Strong sell: 0

July 20, 2026 · RBC Capital: Maintains rating (Outperform → Outperform)
July 15, 2026 · Scotiabank: Maintains rating (Sector Outperform → Sector Outperform)
July 8, 2026 · Barclays: Maintains rating (Overweight → Overweight)
July 8, 2026 · Wells Fargo: Initiates coverage (Equal-Weight)
July 7, 2026 · Morgan Stanley: Maintains rating (Overweight → Overweight)
July 6, 2026 · B of A Securities: Upgrades rating (Neutral → Buy)
June 22, 2026 · UBS: Maintains rating (Buy → Buy)

News and sentiment

Evidence

Sentiment

Sentiment: Neutral
Mentions: 0

News

Sources (7)

Alphabet, Tesla And 3 Stocks To Watch Heading Into Thursday (opens in a new tab) — Benzinga
$100 Invested In T-Mobile US 10 Years Ago Would Be Worth This Much Today (opens in a new tab) — Benzinga
RBC Capital Maintains Outperform on T-Mobile US, Lowers Price Target to $230 (opens in a new tab) — Benzinga
Scotiabank Maintains Sector Outperform on T-Mobile US, Lowers Price Target to $243 (opens in a new tab) — Benzinga
Wells Fargo Initiates Coverage On T-Mobile US with Equal-Weight Rating, Announces Price Target of $170 (opens in a new tab) — Benzinga
Barclays Maintains Overweight on T-Mobile US, Lowers Price Target to $230 (opens in a new tab) — Benzinga
Morgan Stanley Maintains Overweight on T-Mobile US, Lowers Price Target to $230 (opens in a new tab) — Benzinga

Technicals

Evidence

Average true range (ATR): 3%
Distance to 52-week high: -24.9%
14-day change (14d): +6.0%
30-day change (30d): +6.1%
30-day relative strength: +5.7%
SPY change (30d): +0.4%
Nearest support: 190.4
Nearest resistance: 192.5
Volume accumulation ratio (14d / 46d): 0.85

Trends

Evidence

Average earnings surprise: +9.0%

April 28, 2026: actual EPS 2.77 vs estimate 2.11 (surprise +31.1%)
February 11, 2026: actual EPS 1.88 vs estimate 2.06 (surprise -8.9%)
October 23, 2025: actual EPS 2.77 vs estimate 2.57 (surprise +7.7%)
July 23, 2025: actual EPS 2.85 vs estimate 2.68 (surprise +6.1%)

Expected move

Implied move: +7.0%
Source: Options chain

Reactions over its last 20 earnings

Median move: 4.5%
75th percentile move: 5.9%
90th percentile move: 7.6%
Up / down moves: 13 / 7
Average up move: +5.2%
Average down move: -2.7%

Monitoring and close

What T-Mobile US, Inc. reported

Status: Finished

Actual EPS	2.99
EPS estimate	2.58
EPS surprise	+15.9%
Revenue	$22,791 million
Revenue estimate	$22,941 million
Revenue surprise	-0.7%

T-Mobile beat earnings estimates but revenue missed, sending shares lower. Subscriber growth slowed, maintaining a pessimistic tone.

Sources (34)

T Mobile US (TMUS) Could Be 33% Undervalued On Its Earnings Sell Off (opens in a new tab) — Simply Wall St.
Which Stocks Got Hit Hardest on the Nasdaq Today? (opens in a new tab) — The Wall Street Journal
Earnings Beat, Higher Free Cash Flow And Buybacks Could Be A Game Changer For T-Mobile US (TMUS) (opens in a new tab) — Simply Wall St.
Verizon Earnings Will Put Cost Cuts and SpaceX Fears Under the Microscope (opens in a new tab) — Barrons.com
T-Mobile Falls 5.7% Despite EPS Beat and 8% Revenue Growth (opens in a new tab) — GuruFocus.com
T-Mobile’s Churn Problem: Why Great Earnings Can’t Mask Saturated Mobile Markets (opens in a new tab) — Barrons.com
T-Mobile earnings were priced for perfection, but its Q2 revenue disappointed Wall Street (opens in a new tab) — Yahoo Finance Video
T-Mobile US Inc (TMUS) Q2 2026 Earnings Call Highlights: Strong Growth in Service Revenue and ... (opens in a new tab) — GuruFocus.com
Which Stocks Are Getting Hit Hardest on the Nasdaq Today? (opens in a new tab) — The Wall Street Journal
T-Mobile Falls Despite Earnings Beat. CEO Shoots Down Expanded Starlink Deal. (opens in a new tab) — Investor's Business Daily
Crude Oil Rises Sharply; T-Mobile Shares Fall Following Q2 Results (opens in a new tab) — Benzinga
T-Mobile Earnings Beat, Revenue Light. CEO Shoots Down Expanded Starlink Deal. (opens in a new tab) — Investor's Business Daily
TMUS Q2 Earnings Top Estimates on Strong Service Revenue Growth (opens in a new tab) — Zacks
T-Mobile’s NPS is a strength, but customer acquisition slows (opens in a new tab) — CX Dive
T-Mobile reports quarterly earnings beat, raises free cash flow outlook (opens in a new tab) — Proactive
T-Mobile Q2 2026 earnings beat estimates on premium plan growth (opens in a new tab) — Quartz
T-Mobile (TMUS) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates (opens in a new tab) — Zacks
T-Mobile US Posts Mixed Second-Quarter Results as Postpaid Account Additions Decline (opens in a new tab) — MT Newswires
T-Mobile US Q2 Earnings Call Highlights (opens in a new tab) — MarketBeat
T-Mobile Revenue Ticks Up, Though Postpaid Account Growth Has Slowed (opens in a new tab) — The Wall Street Journal
Slower Subscriber Growth Sends T-Mobile Stock Lower After Mixed Quarter (opens in a new tab) — Benzinga
T-Mobile: Market Reaction Over-Stated, Strong Earnings Keep Me At Buy (opens in a new tab) — SeekingAlpha
T-Mobile US, Inc. (TMUS) Q2 2026 Earnings Call Transcript (opens in a new tab) — SeekingAlpha
T-Mobile shares decline despite earnings beat and higher cash flow forecast (NASDAQ:TMUS) (opens in a new tab) — InvestorsHub
T Mobile US (TMUS) Stock Trades At A Premium On Its 42% Run (opens in a new tab) — Simply Wall St.
T-Mobile (TMUS) Beats Q2 Earnings and Revenue Estimates (opens in a new tab) — Zacks
T-Mobile Stock Falls. What’s Overshadowing Earnings Beat. (opens in a new tab) — Barrons.com
T-Mobile shares slide on Q2 revenue miss; free cash flow outlook raised (opens in a new tab) — Investing.com
T-Mobile Profit Ticks Up on Growth in Postpaid Sales (opens in a new tab) — The Wall Street Journal
T-Mobile raises free cash flow forecast as customers migrate to premium plans (opens in a new tab) — Reuters
T-Mobile US Q2 EPS $2.99 Beats $2.58 Estimate, Sales $22.791B Miss $22.941B Estimate (opens in a new tab) — Benzinga
T-Mobile Delivers Continued Strong Account Growth, Translating into Industry-Leading Service Revenue Growth Driven by Widening Differentiation (opens in a new tab) — Yahoo
Intel Earnings, New Home Sales: What to Watch the Rest of the Week (opens in a new tab) — The Wall Street Journal
T-Mobile US beat earnings estimates with $2.99 per share, but revenue of $22.791B fell short of expectations. — Benzinga

Pre-market second reading after the results

Verdict: Mixed results

Heading into the open, the figures overturn the prior optimistic scenario. In the 418 past cases with a similar move, the close held that direction 94% of the time.

How the stock reacted

Outcome: Missed
Consolidated: -10.8%
Max favorable move (MFE): 0%
Max adverse move (MAE): 11%