T-Mobile US, Inc. Citi’s 2026 Global TMT Conference

Thank you for having us.

Thank you for having us.

Sure. Let me. Before I jump in, of course, we're going to make forward-looking statements subject to risks and uncertainties, speak about non-GAAP financials, and please refer to our SEC filings for risks and the reconciliation. Sorry, I have to do that or I get in a lot of trouble. I think it's important partly to always frame up what's a motivator of individual decisions. For me, retirement goes way back to I immigrated with my parents to this country when I was six from a communist country. We definitely lived very frugally. I'm more than grateful for all the opportunities that I've had and been given.

Then for me, what was really important, and I started talking to Mike Sievert about this about 3 and a half years ago, is I'd like to step away from the totality of the corporate world, otherwise I'd be right here, and focus on things like family, philanthropy, start giving back as a result of all the luck that I've been given. That wasn't a very successful discussion. As you can see, Mike is a great salesman. Here I was. But we did put in place a 3-year contract with the intent that it would be a retirement post then. When we knew that there was a CEO transition happening, I had worked with Srini in the context of the board knew him well. I was super excited to have him join.

I think he's exactly the right person for this next era of growth, which is going to be even more exciting. I'm sure we'll talk about that a lot. It was I convinced my family, and we extended a year. That's been it. We've chatted a lot. Srini's tried to get another extension out of me and, if I was staying anywhere, it would definitely be right here because you can see we love the team. We actually loved working together and how we tackle problems, and that's a big part of if you're working long hours, you better like the people you're working with and be successful. That was primarily the motivator. But there were two things as I step back that we'll get into today that were very important for me.

One of those being the business had to be in a place that I saw massive opportunity for the next 5 and 10 years to continue the growth that we've been seeing. The second one, of course, is you've got to have the right person to come in and be the successor. I think in Jessica, we found somebody absolutely fabulous. Yes, outside of a telco, but a lot of parallels in terms of thoughtful capital allocation, the way we do it around spectrum and network builds. She's very much a proponent of the culture. I think these guys have spent a lot of time with her to make sure she meshes because of how we work together, and she brings also, just as importantly, more than just a CFO skill set.

She's been a president at GE Vernova, scaled smaller scale businesses to something more significant, was focused on AI adoption. Those are the things that I think really endeared her to. This is going to work great because we work as one team. It's a lot different than other teams in the telco space. I think Jessica's going to be fabulous. Those were the motivators for me. I know we'll get into the business side of it a little bit more. I'm not going to pop up anywhere else, I can guarantee you that, not in a full-time role. Else I'd be right here.

Yeah. I definitely acknowledge the overhangs that are sitting on the industry, but from where we're sitting, we don't see those as being real overhangs. It really hasn't changed the nature of how we're operating or what the strategy is. We'll get into Dish, obviously, and EchoStar. That's put to the side and bed, and we'll get, I'm sure, into SpaceX in a little more detail as to why we're so convinced that this really isn't a competitive threat, particularly in the wireless space. What we're continuing to focus on is what sounds really simple, but is actually uniquely differentiated. We keep repeating it because it's really just a consistent approach to deliver the best network, the product, at the best value, what you get for what you pay, and make sure you're doing it with a focus on the best customer experiences.

When you focus on those three things, which are really actually difficult to achieve, and there's very few instances where you have the best product at the best value with the highest customer NPS score, as we do in this industry. But we're leveraging those to really focus on where the growth opportunities are for T-Mobile. If you think about the core business itself, one of the things that we've been able to unlock with the leadership in 5G and the consumer perception around network quality starting to dramatically change and will be a tailwind for a long time, is what we call network seekers. We've sized this opportunity based on all of our work at about 20 million families and accounts. Sorry, business accounts. So that's accounts not lines.

Obviously way more than that in terms of lines, but 20 million accounts where their top motivator for switching and selecting a wireless provider is network quality. Of course, they want value, and they want the experience, but the top motivation is network quality. That's exactly where we're going. We're there. The consumer sentiment is catching up. We've got all the ingredients to continue this leadership across not only the balance of 5G but also accelerate it into 6G. That's going to be a tremendous tailwind for us. Of course, you've got beyond just network seekers, the continued opportunity in smaller markets from rural areas, which about 40% of the U.S. population that were now roughly last reported at about a 24% share. That includes the UScellular acquisition, but continue to see significant growth with what Jon and team are doing there. That's the core business. We've got T-Mobile for Business, where we were always a stalking horse, kind of not taken seriously in enterprise and government.

But when you suddenly bring completely differentiated network capabilities that do more than connectivity, they solve real business problems. We've got a lot of examples around, PGA of America is a great recent one that we did. When they suddenly they don't have to show up at courses for weeks in advance and run cabling everywhere and be stuck with, "This is the place I've got to take my camera shots from." No, I can actually have a 5G network slice quality of service that's guaranteed. Come in there, change the angle. So you've solved the problem for me. You've taken cost out of my business. That means not only will I pay you for that, but I can then give you the core connectivity side of the house.