Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt was as follows:


(in millions)	December 31, 2025		December 31, 2024
3.500% Senior Notes due 2025	$	—	$	3,000
4.738% Series 2018-1 A-1 Notes due 2025	—		131
1.500% Senior Notes due 2026	1,000		1,000
2.250% Senior Notes due 2026	1,800		1,800
2.625% Senior Notes due 2026	1,200		1,200
7.625% Senior Notes due 2026	—		1,500
3.750% Senior Notes due 2027	4,000		4,000
5.375% Senior Notes due 2027	—		500
2.050% Senior Notes due 2028	1,750		1,750
4.750% Senior Notes due 2028	1,500		1,500
4.750% Senior Notes to affiliates due 2028	1,500		1,500
4.800% Senior Notes due 2028	900		900
4.910% Class A Senior ABS Notes due 2025	—		570
4.950% Senior Notes due 2028	1,000		1,000
5.152% Series 2018-1 A-2 Notes due 2028	827		1,194
6.875% Senior Notes due 2028	2,475		2,475
2.400% Senior Notes due 2029	500		500
2.625% Senior Notes due 2029	1,000		1,000
3.375% Senior Notes due 2029	2,350		2,350
3.550% Senior Notes due 2029 (EUR-denominated)	705		621
4.200% Senior Notes due 2029	700		700
4.250% Class A Senior ABS Notes due 2029	500		500
4.740% Class A Senior ABS Notes due 2029	500		—
4.850% Senior Notes due 2029	1,000		1,000
5.050% Class A Senior ABS Notes due 2029	500		500
3.875% Senior Notes due 2030	7,000		7,000
4.340% Class A Senior ABS Notes due 2030	500		—
2.250% Senior Notes due 2031	1,000		1,000
2.550% Senior Notes due 2031	2,500		2,500
2.875% Senior Notes due 2031	1,000		1,000
3.500% Senior Notes due 2031	2,450		2,450
2.700% Senior Notes due 2032	1,000		1,000
3.150% Senior Notes due 2032 (EUR-denominated)	1,175		—
3.700% Senior Notes due 2032 (EUR-denominated)	881		777
5.125% Senior Notes due 2032	1,250		—
8.750% Senior Notes due 2032	2,000		2,000
4.625% Senior Notes due 2033	800		—
5.050% Senior Notes due 2033	2,600		2,600
5.200% Senior Notes due 2033	1,250		1,250
6.700% Senior Notes due 2033	489		—
5.150% Senior Notes due 2034	1,250		1,250
5.750% Senior Notes due 2034	1,000		1,000
4.700% Senior Notes due 2035	900		900
4.950% Senior Notes due 2035	1,000		—
5.300% Senior Notes due 2035	1,000		—
ECA Facility due March 2036 (1)	913		—
ECA Facility due November 2036 (1)	957		—
3.850% Senior Notes due 2036 (EUR-denominated)	764		673
3.500% Senior Notes due 2037 (EUR-denominated)	1,175		—
4.375% Senior Notes due 2040	2,000		2,000
3.000% Senior Notes due 2041	2,500		2,500
3.800% Senior Notes due 2045 (EUR-denominated)	881		—
4.500% Senior Notes due 2050	3,000		3,000
3.300% Senior Notes due 2051	3,000		3,000
3.400% Senior Notes due 2052	2,800		2,800
5.650% Senior Notes due 2053	1,750		1,750
5.750% Senior Notes due 2054	1,250		1,250
6.000% Senior Notes due 2054	1,000		1,000


5.250% Senior Notes due 2055	900		900
5.500% Senior Notes due 2055	750		750
5.875% Senior Notes due 2055	1,250		—
5.700% Senior Notes due 2056	1,000		—
3.600% Senior Notes due 2060	1,700		1,700
5.800% Senior Notes due 2062	750		750
6.250% Senior Notes due 2069	393		—
5.500% Senior Notes due March 2070	401		—
5.500% Senior Notes due June 2070	395		—
Unamortized Premium on debt to third parties	666		775
Unamortized Discount on debt to third parties	(313)		(223)
Debt issuance costs and consent fees	(352)		(278)
Total debt	86,282		78,265


Less: Current portion of Senior Notes	5,135		4,068
Total long-term debt	$	81,147	$	74,197

(1)Interest is based on the Secured Overnight Financing Rate (“SOFR”) for the interest period plus an applicable margin. The floating rate, including the applicable margin, on the ECA Facility due March 2036 was 4.927% for the interest payment made during the year ended December 31, 2025. No interest was paid on the ECA Facility due November 2036 during the year ended December 31, 2025.

Long-term debt was classified as follows:


(in millions)	December 31, 2025		December 31, 2024

Long-term debt	$	79,649	$	72,700
Long-term debt to affiliates	1,498		1,497
Total long-term debt	$	81,147	$	74,197

During the year ended December 31, 2025, we issued and borrowed the following debt:


(in millions)	Principal Issuances		Discounts and Issuance Costs, Net (1)		Net Proceeds from Issuance of Long-Term Debt		Issue Date
3.150% Senior Notes due 2032 (EUR-denominated)	$	1,036	$	(5)	$	1,031	February 11, 2025
3.500% Senior Notes due 2037 (EUR-denominated)	1,036		(8)		1,028		February 11, 2025
3.800% Senior Notes due 2045 (EUR-denominated)	777		(7)		770		February 11, 2025
5.125% Senior Notes due 2032	1,250		(7)		1,243		March 27, 2025
5.300% Senior Notes due 2035	1,000		(7)		993		March 27, 2025
5.875% Senior Notes due 2055	1,250		(15)		1,235		March 27, 2025
6.700% Senior Notes due 2033 (2)	489		56		—		August 5, 2025
6.250% Senior Notes due 2069 (2)	393		3		—		August 5, 2025
5.500% Senior Notes due March 2070 (2)	401		(42)		—		August 5, 2025
5.500% Senior Notes due June 2070 (2)	395		(42)		—		August 5, 2025
4.625% Senior Notes due 2033	800		(5)		795		October 9, 2025
4.950% Senior Notes due 2035	1,000		(9)		991		October 9, 2025
5.700% Senior Notes due 2056	1,000		(15)		985		October 9, 2025
Total of Senior Notes issued	10,827		(103)		9,071
4.740% Class A Senior ABS Notes due 2029	500		(2)		498		February 27, 2025
4.340% Class A Senior ABS Notes due 2030	500		(2)		498		August 6, 2025
Total of ABS Notes issued	1,000		(4)		996
4.927% ECA Facility due March 2036	1,000		(30)		970		March 17, 2025
4.502% ECA Facility due November 2036	500		(13)		487		November 28, 2025
4.392% ECA Facility due November 2036	500		(11)		489		December 18, 2025
Total of credit facilities borrowed	2,000		(54)		1,946
Total Issuances and Borrowings	$	13,827	$	(161)	$	12,013

(1)Includes accrued or paid issuance costs and discounts.

(2)In connection with the closing of the UScellular Acquisition, we became obligated to execute the Exchange Offers of certain senior notes of UScellular pursuant to which T-Mobile notes with an aggregate outstanding principal balance of $1.7 billion were issued with the same interest rate, interest payment dates, maturity dates and redemption terms as each corresponding series of senior notes of UScellular. See Note 2 – Business Combinations for further information regarding the UScellular Acquisition.

Schedule of Repayments

During the year ended December 31, 2025, we made the following note redemptions and repayments:


(in millions)	Principal Amount		Write-off of Issuance Cost and Consent Fees (1)		Redemption or Repayment Date	Redemption Price
3.500% Senior Notes due 2025	$	3,000	$	—	April 15, 2025	N/A
5.375% Senior Notes due 2027	500		1		September 1, 2025	100	%
7.625% Senior Notes due 2026	1,500		(13)		November 1, 2025	100	%
Total Redemptions	$	5,000	$	(12)

4.738% Secured Series 2018-1 A-1 Notes due 2025	$	131	$	—	January 13, 2025	N/A
ECA Facility due March 2036	87		—		Various	N/A
5.152% Series 2018-1 A-2 Notes due 2028	368		—		Various	N/A
4.910% Class A Senior ABS Notes due 2025	570		—		Various	N/A
ECA Facility due November 2036	43		—		November 28, 2025	N/A
Total Repayments	$	1,199	$	—

(1)Write-off of issuance costs and consent fees are included in Other (expense) income, net on our Consolidated Statements of Comprehensive Income. Write-off of issuance costs and consent fees are included in Other, net within Net cash provided by operating activities on our Consolidated Statements of Cash Flows.

Schedule of Maturities of ABS Notes

The expected maturities of our ABS Notes as of December 31, 2025, were as follows:


(in millions)	Expected Maturities

2026	$	594
2027	1,050
2028	356
Total	$	2,000

Schedule of Variable Interest Entities

The following table summarizes the carrying amounts and classification of liabilities included on our Consolidated Balance Sheets with respect to the Service BRE:


(in millions)	December 31, 2025		December 31, 2024

Other current liabilities	$	306	$	328

The following table summarizes the carrying amounts and classification of assets and liabilities included in our Consolidated Balance Sheets with respect to the ABS Entities:


(in millions)	December 31, 2025		December 31, 2024

Assets
Equipment installment plan receivables, net	$	1,865	$	1,472
Equipment installment plan receivables due after one year, net	543		352
Other current assets	232		151
Liabilities
Accounts payable and accrued liabilities	$	3	$	2
Short-term debt	594		570
Long-term debt	1,401		996

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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