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TMUST-Mobile US

Communication · Wireless Telecom · Nasdaq
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The 10-K against last year's

221 changes: 78 added, 25 removed, 114 reworded, 4 quiet changes

10-K Feb 11, 2026 vs Jan 31, 2025
Risk FactorsRedline ↓
15.8%
of the text changed · 10,414 words now
30.8%
of the text changed · 13,524 words now
Legal ProceedingsRedline ↓
24.6%
of the text changed · 2,473 words now
Accounting PoliciesRedline ↓
11.4%
of the text changed · 8,216 words now

10-K 0001283699-26-000010 (2026-02-11) vs 10-K 0001283699-25-000012 (2025-01-31)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

MD&A 137 words changed in this paragraph; it is 36% similar to last year's version.
(2) Customers impacted by the decommissioning of the legacy Sprint CDMA and LTE and T-Mobile UMTS networks have been excluded from our customer base resulting in the removal of 212,000 postpaid phone customers and 349,000 postpaid other customers in the first quarter of 2022 and 284,000 postpaid phone customers, 946,000 postpaid other customers and 28,000 prepaid customers in the second quarter of 2022. In (5)In the fourth quarter of 2023, we recognized an additional a base adjustment to increase postpaid phone customers by 20,000 and increase postpaid other customers by 150,000 due to fewer customers than expected whose service was deactivated as a result of the network shut-downs. In connection with our acquisition of companies, we included a base adjustment in the first quarter of 2022 to increase postpaid phone customers by 17,000 and reduce postpaid other customers by 14,000. Certain customers now serviced through reseller contracts were removed from our reported postpaid customer base resulting in the removal of 42,000 postpaid phone customers and 20,000 postpaid other customers in the second quarter of 2022. shutdowns.

Source: Item 7, 10-K 0001283699-26-000010 vs Item 7, 10-K 0001283699-25-000012

Risk Factors 134 words changed in this paragraph; it is 39% similar to last year's version.
Our Certificate of Incorporation provides that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or employee of the Company to the Company or its stockholders, (iii) any action asserting a claim arising pursuant to any provision of the General Corporation Law of the State of Delaware, the Certificate of Incorporation or the Company's bylaws or (iv) any other action asserting a claim arising under, in connection with, and governed by the internal affairs doctrine. This choice of forum provision does not waive our compliance with our obligations under the federal securities laws and the rules and regulations thereunder. Moreover, the provision does not apply to suits brought to enforce a duty or liability created by the Exchange Act or by the Securities Act of 1933, as amended.

Source: Item 1A, 10-K 0001283699-26-000010 vs Item 1A, 10-K 0001283699-25-000012

Accounting Policies 100 words changed in this paragraph; it is 82% similar to last year's version.
When assessing goodwill for impairment we may elect to first perform a qualitative assessment to determine if the quantitative impairment test is necessary. If we do not perform a qualitative assessment, or if the qualitative assessment indicates it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we perform a quantitative test. We recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized would not exceed the total amount of goodwill allocated to that reporting unit. We employ a qualitative approach to assess the wireless our reporting unit. units. The fair value of the wireless each reporting unit is determined using both a market approach, which is based on approach and an income approach. We utilize market capitalization. capitalization, discounted cash flow model and a market multiples approach to estimate the fair value of our reporting units. We recognize that the market capitalization is of T-Mobile and the trading multiples of the comparable public companies are subject to volatility and will monitor changes in market capitalization and the trading multiples of the comparable public companies to determine whether declines, if any, necessitate an interim impairment review. In the event market capitalization does or the indicated value from market multiples of comparable public companies indicate a decline in fair value below its book value, the carrying value of each reporting unit, we will consider the length, severity and reasons for the decline when assessing whether potential impairment exists, including considering whether a control premium should be added to the market capitalization. We believe short-term fluctuations in share price may not necessarily reflect the underlying aggregate fair value. No events or change changes in circumstances have occurred that indicate the fair value of the wireless our reporting unit units may be below its their carrying amount at December 31, 2024. 2025.

Source: Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0001283699-26-000010 vs Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0001283699-25-000012

Legal Proceedings 98 words changed in this paragraph; it is 44% similar to last year's version.
On April 1, 2020, in connection with the closing of the Sprint Merger, we assumed the contingencies and litigation matters of Sprint. Those matters include a wide variety of disputes, claims, government agency investigations and enforcement actions, and other proceedings. These matters include, among other things, certain ongoing FCC and state government agency investigations into Sprint’s Lifeline program. In September 2019, Sprint notified the FCC that it had claimed monthly subsidies for serving subscribers, even though these subscribers may not have met usage requirements under Sprint's usage policy for the Lifeline program, due to an inadvertent coding issue in the system used to identify qualifying subscriber usage that occurred in July 2017 while the system was being updated. Sprint has made a number of payments to reimburse the federal government and certain states for excess subsidy payments.

Source: Item 3, via Note 18 – Commitments and Contingencies, 10-K 0001283699-26-000010 vs Item 3, via Note 18 – Commitments and Contingencies, 10-K 0001283699-25-000012

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of TMUS's Risk Factors and MD&A, 10-K 2026-02-11 against 10-K 2025-01-31. Each links to the text at sec.gov.

AddedRisk Factors
The successful execution of our digital transformation depends not only on the effective development and deployment of new technologies, but also on the willingness and ability of customers and employees to adopt digital-first channels and processes. Even where technical capabilities are successfully implemented, customer and employee adoption may lag expectations or revert to supported channels, which could limit the anticipated improvements in efficiency, service quality, and revenue generation. If adoption does not occur at the scale or pace anticipated, the intended benefits of these initiatives may not be fully realized.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedRisk Factors
As a result, failure to effectively execute our digital transformation efforts, including driving meaningful customer and employee adoption, could materially and adversely affect our competitive position, financial performance, and brand reputation.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedRisk Factors
Both external factors, such as fluctuations in economic and industry conditions, changes in U.S. immigration policies, regulatory changes, political forces, and the competitive landscape, and internal factors, such as employee tolerance for changes

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedRisk Factors
•to the extent any acquired business has international operations, potential exposures to risks associated with maintaining and expanding such operations, including unfavorable and uncertain regulatory, political, economic, tax, and labor conditions;

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedRisk Factors
Our restructuring and integration activities associated with the UScellular Acquisition are expected to occur over the next two years and may involve risks related to network integration and customer migration, including potential service disruptions, delays in transitioning customer accounts and systems, and challenges in maintaining customer experience during the integration period.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedRisk Factors
Changes to trade policies, including higher tariffs, restrictions, and other economic disincentives to trade, may lead to operational delays, higher procurement and operational costs, and increased regulatory and compliance complexities, resulting in supply chain disruptions and higher prices, and lower demand for devices and services we sell.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedRisk Factors
As a provider of telecommunications services, we depend on suppliers to provide us, directly or through other suppliers, with items such as equipment for our network, handsets, tablets, accessories, other mobile communication devices, other components and raw materials. Changes or proposed changes in U.S. or other countries’ trade policies that result in higher tariffs, restrictions, and other economic disincentives to international trade have occurred in the past, and in the future may occur, which may materially increase the costs we incur in developing, deploying and maintaining our network and offering products and services to our customers. A certain portion of the increased costs may be absorbed by certain suppliers, but some suppliers may struggle to absorb the increased costs, especially over the long term, potentially leading to supply disruptions or cost pass-throughs to us that may require us to increase the prices we charge our customers. In addition, rapid changes in trade policies may negatively affect procurement timelines and supplier relationships and may introduce new compliance requirements. We may face delays in sourcing critical equipment due to customs clearance and supply chain bottlenecks, and material changes to cost structures could pressure our expenses and customer pricing.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedRisk Factors
Our attempts to mitigate potential disruptions to our supply chain and offset procurement and operational cost pressures, such as through alternative sourcing and/or increases in the selling prices of some of our products and services, may not be successful. Higher product or service prices for our customers may make it more difficult to attract new customers or increase customer churn. Furthermore, we may not be able to offset any cost increases through productivity and cost-saving initiatives. To the extent that cost increases result in significant increases in our expenditures, or if our price increases are not sufficient to offset these increased costs adequately or in a timely manner, and/or if our revenues decrease, our business, financial condition or operating results may be adversely affected.

Read it in 10-K 2026-02-11 at sec.gov ↗

Show the other 16
AddedRisk Factors
and adoption may be slower than anticipated or may not occur at all. Should these new products and services fail to gain traction, achieve sufficient customer adoption, generate expected financial returns, or deliver value to customers, we could incur substantial expenses without offsetting revenue gains, adversely affecting our business, financial condition, operating results and competitive position.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedRisk Factors
In addition, we operate under agreements with U.S. government agencies, including a mitigation agreement with the Committee on Foreign Investment in the United States, under which we are required to implement and maintain certain security measures and practices to address national security. Our national security obligations may limit our control over certain U.S. facilities, contracts, personnel, vendor selection, and operations, which could adversely affect our business, financial condition, and operating results. Any failure to fulfill our obligations could result in additional compliance cost, substantial fines, penalties, or other legal and administrative actions, liabilities, and reputational harm.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedRisk Factors
damages for contract breaches, and other significant costs, penalties, and other liabilities, as well as harm to our reputation and market position.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedRisk Factors
Outside of the United States, as a result of our business acquisitions, we are subject to an expanding set of privacy, data protection, and related regulatory requirements in jurisdictions where we conduct operations or process personal data. These laws may apply based on factors such as our establishment or operations in a jurisdiction or data processing activities conducted there. Certain international data protection regimes, including those in the European Union and the United Kingdom, impose specific obligations on the collection, use, sharing, and transfer of personal data. Compliance with these obligations may increase operational complexity and costs, limit our ability to use or transfer data across jurisdictions, or require changes to our products, services, or business practices. Enforcement approaches and penalties vary by jurisdiction and may include significant fines or other sanctions, as well as reputational harm.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedMD&A
On May 23, 2025, we launched exchange offers (the “Exchange Offers”) for any and all of certain outstanding senior notes of UScellular for new notes of T-Mobile with the same interest rate, interest payment dates, maturity dates and redemption terms as each corresponding series of senior notes of UScellular. In conjunction with the Exchange Offers, we also solicited consents for each series of the outstanding senior notes of UScellular to effect a number of amendments to the applicable indenture under which each such series of notes were issued and are governed (the “Consent Solicitations”). The consummation of the Exchange Offers and Consent Solicitations were subject to the closing of the UScellular Acquisition (as defined below), which occurred on August 1, 2025.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedMD&A
On July 22, 2025, we entered into asset purchase agreements for the acquisition of substantially all of the wireless operations assets (together with UScellular’s wireless operations and select spectrum assets, the “UScellular Wireless Business”) of each of Farmers Cellular Telephone Company, Inc., Iowa RSA No. 9 Limited Partnership, and Iowa RSA No. 12 Limited Partnership (collectively, the “Iowa Entities”) for an aggregate purchase price of $175 million payable in cash. Prior to our acquisition of the Iowa Entities, UScellular held a minority interest in each of the Iowa Entities.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedMD&A
The UScellular Wireless Business offers a comprehensive range of wireless communications products and services. As a combined company, we expect to increase competition in the telecommunications industry, achieve synergies and enhance our rural 5G coverage with our combined network footprint. Following the closing of the transactions, UScellular and the Iowa Entities will retain ownership of their other spectrum licenses, as well as their towers.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedMD&A
On August 1, 2025, upon the completion of certain customary closing conditions, including the receipt of certain regulatory approvals (the “UScellular Acquisition Date”), we completed the acquisition of the UScellular Wireless Business, and as a result, the UScellular Wireless Business became wholly owned by T-Mobile. In exchange, on the UScellular Acquisition Date, we transferred cash of $2.8 billion. Additionally, the closing of the UScellular Acquisition obligated us to execute the Exchange Offers. On August 5, 2025, we executed the Exchange Offers of certain senior notes of UScellular with an aggregate outstanding principal balance of $1.7 billion for T-Mobile notes with the same interest rate, interest payment dates, maturity dates and redemption terms as each corresponding series of senior notes of UScellular.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedMD&A
UScellular merger-related costs are presented below:(in millions) Year Ended December 31, Change 2025 2024 $ % UScellular merger-related costs Cost of services, exclusive of depreciation and amortization $31 $ — $31 NM Cost of equipment sales, exclusive of depreciation and amortization 10 — 10 NM Selling, general and administrative 222 26 196 754% Total UScellular merger-related costs $263 $ 26 $237 912% Net cash payments for UScellular merger-related costs $139 $ 22 $117 532%

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedMD&A
As a result of our UScellular Acquisition restructuring and integration activities, we expect to realize cost efficiencies by eliminating redundancies within our combined network as well as other business processes and operations. 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, with costs to achieve expected to be approximately $2.6 billion.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedMD&A
Our restructuring and integration activities associated with the UScellular Acquisition are expected to occur over the next two years with substantially all costs incurred and associated cash payments made by the end of fiscal year 2027. We are evaluating additional restructuring initiatives associated with the UScellular Acquisition, which are dependent on consultations and negotiations with certain counterparties and the expected impact on our business operations, which could affect the amount or timing of the costs and related payments.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedMD&A
Upon the completion of certain customary closing conditions, including the receipt of certain regulatory approvals, on February 3, 2025 (the “Vistar Acquisition Date”), we completed the Vistar Acquisition, and as a result, Vistar became a wholly owned subsidiary of T-Mobile. In exchange, we transferred cash of $621 million.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedMD&A
On February 18, 2025, we entered into a share purchase agreement for the acquisition of 100% of the outstanding capital stock of Blis Holdco Limited (“Blis”), a provider of advertising solutions (the “Blis Acquisition”).

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedMD&A
Upon the completion of certain customary closing conditions, including the receipt of certain regulatory approvals, on March 3, 2025 (the “Blis Acquisition Date”), we completed the Blis Acquisition, and as a result, Blis became a wholly owned subsidiary of T-Mobile. In exchange, we transferred cash of $180 million.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedMD&A
(in millions) Year Ended December 31, 2025 Versus 2024 2024 Versus 2023 2025 2024 2023 $ Change % Change $ Change % Change Sprint Merger-related costs Cost of services, exclusive of depreciation and amortization $ — $ 180 $652 $ (180) (100)% $ (472) (72)% Cost of equipment sales, exclusive of depreciation and amortization — — (12) 0 NM 12 (100)% Selling, general and administrative — (59) 394 59 (100)% (453) (115)% Total Sprint Merger-related costs $ — $ 121 $1,034 $ (121) (100)% $ (913) (88)% Net cash payments for Sprint Merger-related costs $ 219 $ 767 $1,973 $ (548) (71)% $ (1,206) (61)%

Read it in 10-K 2026-02-11 at sec.gov ↗

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