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
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 ↗
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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
Merger-related costs associated with the UScellular Acquisition to date include:
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 ↗