T-Mobile USA presented a broadened growth outlook at Citi's 2026 Global TMT Conference on Wednesday, projecting 15 million 5G broadband subscribers and 3 million to 4 million fiber subscribers by 2030, while also identifying potential expansion windows in the physical AI market between 2030 and 2035.
Chief Operating Officer Jon Freier said he has "never been more excited" about the company's prospects, describing T-Mobile as operating from a "position of strength rather than weakness." He added that a higher switching environment benefits the carrier, saying, "We like more jump balls and more opportunities for switching moments." The company has identified roughly 20 million "network seeker" accounts as a target universe.
T-Mobile disclosed that year-two synergies from its August 2023 acquisition of UScellular are running at approximately $1.2 billion, comprising $950 million in operating expense savings and $250 million in capital expense savings. The deal gave T-Mobile roughly a 24% rural market share across about 40% of the U.S. population.
On Q3 operating metrics, postpaid phone churn came in at 85 basis points, down 5 basis points year over year, while postpaid account net additions totaled 277,000, with approximately 250,000 reflecting temporary churn from ongoing plan shifts. Average revenue per account grew 2% year over year, or 3.7% on an organic basis. Broadband reported 18 consecutive quarters of industry-leading net additions, with total subscribers nearing 10 million.
The company also highlighted progress on its rate plan simplification, announced in June 2024 and rolled out through July and August, along with the launch of EIP Flex in early August. Its T-Life app reached 30 million monthly active users, and customer care efforts have achieved 55% progress toward a goal of reducing inbound calls by 75%.
CFO Peter Osvaldik announced he will retire at the end of his contract in mid-2025, after three and a half years of discussions with CEO Mike Sievert. Jessica Uhl, former president of GE Vernova, will succeed him. Osvaldik, who immigrated to the U.S. at age six, said he wanted to "focus on things like family, philanthropy, start giving back as a result of all the luck that I've been given." He characterized the business as entering a period of "massive opportunity" over the next five to 10 years.
Osvaldik also pushed back sharply on recent moves by SpaceX's Starlink, saying the shift in strategy demonstrated a "lack of clear direction" and questioning the economics of spending $100 billion on a fourth network while claiming AI data centers could pay back in 1 to 1.5 years.
T-Mobile's trailing twelve-month revenue stood at $92 billion, with EBITDA of $34.4 billion and free cash flow of $18.4 billion. The company, which has a market capitalization of $190 billion, pays a dividend yield of 2.25% and has raised its dividend for three consecutive years alongside aggressive share buybacks. Shares closed at $177.34 on April 9, down 2.39%.
