v3.26.3
Debt
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Debt
Note 8 – Debt

The following table sets forth the debt balances and activity as of, and for the nine months ended, September 30, 2026:
(in millions)December 31,
2025		Proceeds from Issuances and Borrowings
Redemptions, Repayments, and Repurchases (1)
Reclassifications (1)
Other (2)
September 30,
2026
Short-term debt$5,135 $— $(4,962)$6,167 $3 $6,343 
Long-term debt79,649 6,891 (2,715)(6,167)(335)77,323 
Total debt to third parties84,784 6,891 (7,677)— (332)83,666 
Long-term debt to affiliates1,498 — (1,498)— — — 
Total debt$86,282 $6,891 $(9,175)$— $(332)$83,666 
(1)Note redemptions, repurchases and reclassifications are recorded net of accrued or paid issuance costs and discounts.
(2)Other includes the amortization of premiums, discounts, debt issuance costs and consent fees and the impact from changes in foreign currency exchange rates.

Our effective interest rate, excluding the impact of derivatives and capitalized interest, was 4.3% and 4.2% on weighted-average debt outstanding of $84.4 billion and $83.2 billion for the three months ended September 30, 2026 and 2025, respectively, and 4.3% and 4.1% on weighted-average debt outstanding of $85.4 billion and $82.1 billion for the nine months ended September 30, 2026 and 2025, respectively. The weighted-average debt outstanding was calculated by applying an average of the monthly ending balances of total short-term and long-term debt to third parties and short-term and long-term debt to affiliates, net of unamortized premiums, discounts, debt issuance costs and consent fees.
Issuances and Borrowings

During the nine months ended September 30, 2026, we issued and borrowed the following debt:
(in millions)Principal IssuancesDiscounts and Issuance CostsNet Proceeds from Issuance of DebtIssue Date
5.000% Senior Notes due 2036
$1,150 $(8)$1,142 January 12, 2026
5.850% Senior Notes due 2056
850 (8)842 January 12, 2026
3.200% Senior Notes due 2032 (EUR-denominated)
881 (5)876 February 19, 2026
3.625% Senior Notes due 2035 (EUR-denominated)
881 (5)876 February 19, 2026
3.900% Senior Notes due 2038 (EUR-denominated)
1,175 (12)1,163 February 19, 2026
Total of Senior Notes issued4,937 (38)4,899 
4.250% Class A Senior ABS Notes due 2030
500 (2)498 March 20, 2026
4.740% Class A Senior ABS Notes due 2031
500 (2)498 August 14, 2026
Total of ABS Notes issued1,000 (4)996 
4.557% MRFA due 2027
1,000 (4)996 February 5, 2026
Total borrowings1,000 (4)996 
Total issuances and borrowings$6,937 $(46)$6,891 

Redemptions, Repayments and Repurchases

During the nine months ended September 30, 2026, we made the following redemptions, repayments and repurchases:
(in millions)Principal Amount
Write-off of Premium, Discount, Fees and Repurchase Gains / Losses (1)
Redemption, Repayment or Repurchase DateRedemption or Repurchase Price
4.750% Senior Notes due 2028
$1,500 $3 February 1, 2026100 %
4.750% Senior Notes to affiliates due 2028
1,500 2 February 1, 2026100 %
1.500% Senior Notes due 2026
1,000 — February 15, 2026N/A
2.250% Senior Notes due 2026
1,800 — February 15, 2026N/A
5.050% Class A Senior ABS Notes due 2029
500 — March 20, 2026100 %
2.625% Senior Notes due 2026
1,200 — April 15, 2026N/A
Total redemptions7,500 5 
ECA Facility due March 203687 — VariousN/A
5.152% Series 2018-1 A-2 Notes due 2028
275 — VariousN/A
ECA Facility due November 203644 — VariousN/A
Total repayments406 — 
Open market repurchases of our various Senior Notes (2)
1,259 (26)Various$1,249 
Total repurchases1,259 (26)
Total redemptions, repayments and repurchases$9,165 $(21)
(1)Write-off of issuance costs and consent fees are included in Other expense, net on our Condensed 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 Condensed Consolidated Statements of Cash Flows.
(2)Gains and losses associated with open market repurchases are included within Other expense, net on our Condensed Consolidated Statements of Comprehensive Income. Payments associated with principal repurchases are included in Repayments of long-term debt, and repurchase premiums and fees to extinguish debt are included in Other, net within Net cash used in financing activities on our Condensed Consolidated Statements of Cash Flows.

Asset-backed Notes

As of September 30, 2026, $2.5 billion of our ABS Notes were secured in total by $3.3 billion of gross EIP receivables and future collections on such receivables. Our ABS Notes and the assets securing this debt are included on our Condensed Consolidated Balance Sheets.
The expected maturities of our ABS Notes as of September 30, 2026, were as follows:
(in millions)Expected Maturities
2026$136 
20271,008 
2028985 
2029371 
Total$2,500 

Variable Interest Entities

In connection with our ABS Notes issuances, we formed a wholly owned subsidiary, which qualifies as a bankruptcy remote entity (the “ABS BRE”), and a trust (the “ABS Trust” and together with the ABS BRE, the “ABS Entities”) in which the ABS BRE holds a residual interest. Each of the ABS Entities meets the definition of a VIE for which we have determined that we are the primary beneficiary, as we have the power to direct the activities of the ABS Entities that most significantly impact their performance. Accordingly, we include the balances and results of operations of the ABS Entities on our condensed consolidated financial statements.

The following table summarizes the carrying amounts and classification of assets and liabilities included on our Condensed Consolidated Balance Sheets with respect to the ABS Entities:
(in millions)September 30,
2026		December 31,
2025
Assets
Equipment installment plan receivables, net$2,203 $1,865 
Equipment installment plan receivables due after one year, net784 543 
Other current assets310 232 
Liabilities
Accounts payable and accrued liabilities$3 $3 
Short-term debt861 594 
Long-term debt1,632 1,401 

See Note 4 – Receivables and Related Allowance for Credit Losses for additional information on the EIP receivables used to secure the ABS Notes.

Credit Facilities

On January 5, 2026, we entered into a Second Amended and Restated Credit Agreement (the “January 2026 Credit Agreement”) with certain financial institutions named therein. The January 2026 Credit Agreement amends and restates in its entirety the Amended and Restated Credit Agreement, dated as of October 17, 2022, and provides for a $10.0 billion revolving credit facility, including a letter of credit sub-facility of up to $1.5 billion and a swingline loan sub-facility of up to $500 million. Commitments under the January 2026 Credit Agreement will mature on January 5, 2031, except as otherwise extended or replaced. Borrowings under the January 2026 Credit Agreement will bear interest based upon the applicable benchmark rate, depending on the type of loan and, in some cases, at our election, plus a margin that is determined by reference to the credit rating of T-Mobile USA’s senior unsecured long-term debt. The January 2026 Credit Agreement contains customary representations, warranties and covenants, including a financial maintenance covenant of 4.5x with respect to T-Mobile USA, Inc.’s Leverage Ratio (as defined therein). As of September 30, 2026, we did not have an outstanding balance under this facility.

Master Receivables Financing Agreement

On February 5, 2026, we entered into a master receivables financing agreement with certain third parties that provides for a revolving loan facility secured by pledged service customer relationships, which include current as well as future monthly service receivables, during the borrowing period (the “MRFA”). Concurrently with the execution of the MRFA, we borrowed $1.0 billion with a floating interest rate indexed to the Secured Overnight Financing Rate (“SOFR”) plus an applicable margin, with an initial scheduled expiry date of February 5, 2027, and principal paydowns beginning thereafter. The net proceeds are presented in Proceeds from issuance of long-term debt on our Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2026.
As of September 30, 2026, $1.0 billion of borrowings are secured by approximately $200 million of outstanding service accounts receivable, the related customer service account contracts and future monthly service receivables. The borrowings related to the MRFA and assets securing these borrowings are included on our Condensed Consolidated Balance Sheets.

Restricted Cash

Certain provisions of our debt agreements require us to maintain specified cash collateral balances. Amounts associated with these balances are considered to be restricted cash. See Note 16 – Additional Financial Information for our reconciliation of Cash and cash equivalents, including restricted cash.