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It remained weak at -6.6% in 2025 and -9.2% in 2026. The supply side (avg +18%) leads the stock (-9.2%), with spending rippling down to suppliers first. It procures devices and network equipment, leases tower and fiber capacity, and invests in communications assets and joint ventures to extend wireless coverage and fixed broadband reach.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"Metronet","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-11","basis":"Metronet 합작사 지분 50%와 광가입자 71만 3,000명 취득을 위한 T-모바일 투자액","value":4600000000,"period":"Q3_2025","basis_en":"T-Mobile investment for a 50% interest in the Metronet joint venture and 713,000 fiber customers","qualifier":null},"note":"T-모바일은 KKR과 함께 Metronet을 인수하는 합작사를 세우고 2025년 7월 거래를 마쳤다. T-모바일은 46억 달러를 투자해 합작사 지분 50%와 광가입자 71만 3,000명을 확보했다.","note_en":"T-Mobile formed a joint venture with KKR to acquire Metronet and closed the transaction in July 2025. It invested $4.6 billion for a 50% equity interest in the venture and 713,000 fiber customers.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-11","url":"https://www.sec.gov/Archives/edgar/data/1283699/000128369926000010/tmus-20251231.htm","title":"T-Mobile US, Inc. 2025 회계연도 Form 10-K","title_en":"T-Mobile US, Inc. 2025 Form 10-K","excerpt":"T-모바일은 46억 달러를 투자해 Metronet 합작사 지분 50%와 광가입자 71만 3,000명을 취득했다.","excerpt_en":"invested $4.6 billion to acquire a 50% equity interest in the joint venture and 713,000 fiber customers"}]},{"direction":"investment","counterparty":"UScellular Wireless Business","counterparty_slug":null,"confidence":"high","metric":{"type":"contract_value","unit":"USD","as_of":"2026-02-11","basis":"UScellular 무선사업과 일부 주파수 자산의 계약상 총 인수가격","value":4400000000,"period":"acquisition_completed_2025-08-01","basis_en":"Aggregate agreed purchase price for the UScellular wireless operations and selected spectrum assets","qualifier":"approximately_includes_cash_and_debt_exchange"},"note":"T-모바일은 UScellular의 무선사업과 일부 주파수 자산을 현금 및 채무교환 조건을 포함한 약 44억 달러에 인수하기로 계약했고 2025년 8월 거래를 마쳤다. 인수 뒤 해당 무선사업은 T-모바일의 완전자회사가 됐다.","note_en":"T-Mobile agreed to acquire UScellular's wireless operations and selected spectrum assets for approximately $4.4 billion, including cash and debt-exchange consideration, and closed the transaction in August 2025. The acquired wireless business became wholly owned by T-Mobile.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-11","url":"https://www.sec.gov/Archives/edgar/data/1283699/000128369926000010/tmus-20251231.htm","title":"T-Mobile US, Inc. 2025 회계연도 Form 10-K","title_en":"T-Mobile US, Inc. 2025 Form 10-K","excerpt":"T-모바일은 UScellular 무선사업 인수 계약의 총가격을 약 44억 달러로 공시했다.","excerpt_en":"an aggregate purchase price of approximately $4.4 billion"},{"stance":"confirms","publisher":"한국경제","publisher_en":"The Korea Economic Daily","kind":"news","lang":"ko","published_at":"2024-05-28","url":"https://www.hankyung.com/article/202405289587i","title":"美통신사 T모바일, US셀룰러 사업권 44억달러에 인수","title_en":"T-Mobile to Acquire UScellular Wireless Operations for $4.4 Billion","excerpt":"T모바일이 지역 이동통신사 US셀룰러의 일부 사업권과 주파수 사용권을 44억달러에 인수한다고 발표했다.","excerpt_en":"T-Mobile announced that it would acquire part of UScellular's operations and spectrum rights for $4.4 billion."}]},{"direction":"cost","counterparty":"크라운 캐슬","counterparty_slug":"crown-castle","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-11","basis":"크라운 캐슬 타워 계약에 연결된 T-모바일의 타워 의무 잔액","value":3532000000,"period":"FY2025_year_end","basis_en":"T-Mobile tower-obligation balance associated with the Crown Castle arrangements","qualifier":"balance_sheet_obligation"},"note":"T-모바일은 크라운 캐슬이 관리하는 타워 공간을 다시 임차하고 계약상 리스백 대금을 지급한다. 2025년 말 관련 타워 의무 잔액은 35억 3,200만 달러였으며, 크라운 캐슬도 T-모바일이 2025년 사이트 임대매출의 40%를 차지한 최대 임차인이라고 공시했다.","note_en":"T-Mobile leases back space on towers managed by Crown Castle and makes contractual leaseback payments. The related tower-obligation balance was $3.532 billion at year-end 2025, while Crown Castle reported that T-Mobile generated 40% of its 2025 site-rental revenue.","sources":[{"stance":"confirms","publisher":"크라운 캐슬","publisher_en":"Crown Castle","kind":"filing","lang":"en","published_at":"2026-02-23","url":"https://investor.crowncastle.com/static-files/68fb84e1-1dac-440d-96b4-55b9603e10dd","title":"Crown Castle Inc. 2025 회계연도 Form 10-K","title_en":"Crown Castle Inc. 2025 Form 10-K","excerpt":"크라운 캐슬은 T-모바일이 2025년 사이트 임대매출의 40%를 차지했다고 공시했다.","excerpt_en":"T-Mobile: 40%"},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-11","url":"https://www.sec.gov/Archives/edgar/data/1283699/000128369926000010/tmus-20251231.htm","title":"T-Mobile US, Inc. 2025 회계연도 Form 10-K","title_en":"T-Mobile US, Inc. 2025 Form 10-K","excerpt":"T-모바일은 계약상 리스백 대금을 크라운 캐슬에 지급한다고 공시했다.","excerpt_en":"contractual leaseback payments made by us to CCI"}]},{"direction":"revenue","counterparty":"에코스타","counterparty_slug":"echostar","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-03-02","basis":"에코스타가 T-모바일에 지급한 MVNO 무선망 이용료","value":null,"period":"FY2025","basis_en":"MVNO network-service fees paid by EchoStar to T-Mobile","qualifier":"confirmed_no_disclosed_value"},"note":"에코스타는 Boost Mobile 가입자에게 서비스를 제공하기 위해 T-모바일 무선망을 구매한다. 양사 공시는 계약과 최소구매약정을 확인하지만 에코스타가 지급한 개별 금액은 공개하지 않는다.","note_en":"EchoStar purchases access to T-Mobile's wireless network to serve Boost Mobile subscribers. Both companies disclose the agreement and minimum purchase commitment, but neither reports EchoStar's standalone payments.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-02","url":"https://www.sec.gov/Archives/edgar/data/1415404/000110465926021817/tmb-20251231x10k.htm","title":"EchoStar CORP 10-K (2026-03-02)","title_en":"EchoStar CORP 10-K (2026-03-02)","excerpt":"에코스타는 T-모바일과 무선망 서비스 계약을 맺고 최소구매약정을 부담한다고 공시했다.","excerpt_en":"Under the MNSA, we agreed to a minimum purchase commitment to T-Mobile"},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-11","url":"https://www.sec.gov/Archives/edgar/data/1283699/000128369926000010/tmus-20251231.htm","title":"T-Mobile US, Inc. 2025 회계연도 Form 10-K","title_en":"T-Mobile US, Inc. 2025 Form 10-K","excerpt":"T-모바일은 2025년 MVNO 매출 감소 요인에 에코스타 매출 감소를 명시했다.","excerpt_en":"Lower MVNO revenues, including lower EchoStar and TracFone MVNO revenues"}]},{"direction":"revenue","counterparty":"TracFone Wireless","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-11","basis":"TracFone Wireless가 T-모바일에 지급한 MVNO 무선망 이용료","value":null,"period":"FY2025","basis_en":"MVNO network-service fees paid by TracFone Wireless to T-Mobile","qualifier":"confirmed_no_disclosed_value"},"note":"버라이즌 자회사 TracFone Wireless는 T-모바일의 MVNO 무선망 도매 고객이다. T-모바일은 2025년 TracFone 관련 MVNO 매출 감소를 공시했지만 상대별 금액은 공개하지 않았다.","note_en":"Verizon subsidiary TracFone Wireless is a wholesale MVNO customer of T-Mobile. T-Mobile disclosed lower TracFone MVNO revenue in 2025 but did not report the counterparty-specific amount.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-11","url":"https://www.sec.gov/Archives/edgar/data/1283699/000128369926000010/tmus-20251231.htm","title":"T-Mobile US, Inc. 2025 회계연도 Form 10-K","title_en":"T-Mobile US, Inc. 2025 Form 10-K","excerpt":"T-모바일은 2025년 도매 및 기타 서비스 매출 감소 요인으로 TracFone MVNO 매출 감소를 들었다.","excerpt_en":"Lower MVNO revenues, including lower EchoStar and TracFone MVNO revenues"}]},{"direction":"cost","counterparty":"Metronet","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-11","basis":"T-모바일이 Metronet 합작사에 지급한 광섬유망 접속 도매 원가","value":null,"period":"FY2025","basis_en":"Wholesale fiber network-access costs paid by T-Mobile to the Metronet joint venture","qualifier":"confirmed_no_disclosed_value"},"note":"Metronet 합작사는 광섬유망을 구축·운영하고 T-모바일은 고객 관계와 소매 서비스를 맡는다. T-모바일은 망 접속 대가를 도매 원가로 지급하지만 개별 비용은 공개하지 않았다.","note_en":"The Metronet joint venture builds and operates the fiber network while T-Mobile owns the customer relationship and retail service. T-Mobile pays wholesale network-access costs to the venture, but the standalone expense is not disclosed.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-11","url":"https://www.sec.gov/Archives/edgar/data/1283699/000128369926000010/tmus-20251231.htm","title":"T-Mobile US, Inc. 2025 회계연도 Form 10-K","title_en":"T-Mobile US, Inc. 2025 Form 10-K","excerpt":"T-모바일은 합작사에 지급한 망 접속 도매 원가를 서비스 원가로 인식한다.","excerpt_en":"the related wholesale costs paid to the joint ventures for network access"}]},{"direction":"cost","counterparty":"Apple","counterparty_slug":"apple","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2026-02-11","basis":"T-모바일의 Apple 단말 조달액","value":null,"period":"FY2025","basis_en":"T-Mobile procurement spending on Apple devices","qualifier":"confirmed_no_disclosed_value"},"note":"T-모바일은 Apple 단말을 판매 채널에 공급받아 고객에게 판매한다. 회사 공시는 무선기기를 구매의무의 주요 항목으로 설명하고 Counterpoint는 T-모바일 채널의 Apple 판매 증가를 확인하지만, Apple별 조달액은 공개되지 않았다.","note_en":"T-Mobile sources Apple devices for resale through its customer channels. The company identifies wireless devices as a major purchase-obligation category, and Counterpoint confirms Apple sales through T-Mobile, but Apple-specific procurement is not disclosed.","sources":[{"stance":"mentions","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-11","url":"https://www.sec.gov/Archives/edgar/data/1283699/000128369926000010/tmus-20251231.htm","title":"T-Mobile US, Inc. 2025 회계연도 Form 10-K","title_en":"T-Mobile US, Inc. 2025 Form 10-K","excerpt":"T-모바일은 구매의무에 무선기기 조달 약정이 주로 포함된다고 공시했다.","excerpt_en":"purchase obligations reflected in the table above are primarily commitments to purchase spectrum licenses, wireless devices"},{"stance":"confirms","publisher":"카운터포인트 리서치","publisher_en":"Counterpoint Research","kind":"research","lang":"en","published_at":"2026-02-09","url":"https://counterpointresearch.com/en/reports/us-smartphone-sales-increase-1-percent-yoy-in-q4-2025","title":"2025년 4분기 미국 스마트폰 판매 전년 대비 1% 증가","title_en":"US Smartphone Sales Increase 1% YoY in Q4 2025","excerpt":"Counterpoint는 2025년 4분기 미국 3대 이동통신사 모두에서 Apple 판매 비중이 늘었다고 분석했다.","excerpt_en":"Apple sales share also increased at each of the Big 3 carriers"}]}]}