Built to lead
2023 Annual Report
2023 A historic year
2023 was a historic year for T‑Mobile with record financial results, incredible business momentum, and significant returns for stockholders.
We delivered best-in-industry customer growth with more people than ever continuing to choose T‑Mobile—including large-scale enterprises and people across urban, suburban, and smaller markets. This growth was enabled by both the value we deliver customers and our industry-leading network, which has been recognized by independent experts as the best OVERALL network in the U.S.
We did it all while effectively completing the integration of the biggest, most successful telecommunications merger in the world.
More customers choose T‑Mobile
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5.7MPostpaid Net Customer Additions Best-in-industry for 9th year in a row
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3.1MPostpaid Phone Net Customer Additions Highest gross additions and lowest churn in company history
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1.3MPostpaid Net Account Additions Best-in-industry*
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2.1MHigh-Speed Internet Net Customer Additions Best-in-industry and highest in company history
At T‑Mobile, we’re hyper-focused on delivering what our customers across the country are expecting from us: the best overall network combined with the best value.
In 2023, we had 5.7M postpaid net customer additions—leading the industry for the ninth year in a row, while also adding 1.3M postpaid net accounts. We also added 3.1M postpaid phone customers, our highest share of total industry growth since the merger! At the same time, our net promoter scores continue to increase year-over-year and we achieved the lowest full-year postpaid phone churn in company history at 0.87%, proving that not only are customers coming to
We also added over 2.1M High-Speed Internet customers in 2023, our biggest growth year yet, and more than all our competitors combined. That’s what happens when customers get more value for their money on the leading 5G network in America.
Growth leadership that delivers
In 2023, not only did we deliver industry-leading customer growth—we also translated that into best-in-class financial growth—through strong execution, and all while accelerating and effectively completing the merger integration.
Our focus on driving profitable growth scored record results across many of the most critical metrics including Service Revenues (up 3% to $63.2B), Postpaid Service Revenues (up 6% to $48.7B), Core Adjusted EBITDA (up 10% to $29.1B), and Adjusted Free Cash Flow (up 77% to 13.6B). These results enabled us to execute on our substantial stockholder return model which delivered $14B to stockholders, including our first-ever quarterly dividend in Q4.
At a time when customers are winning from healthy competition that delivers more value and better networks,
As we look ahead to 2024, we expect yet another profitable year as we continue delivering on our unique combination of best network, best value, and best customer experiences, all while executing on our differentiated growth strategies to reach more people in more places. A win-win all around for customers, employees, and stockholders!
2023 Financial Results
- Service Revenues 63.2B Industry-leading growth of 3% YoY*
- Postpaid Service Revenues 48.7B Industry-leading growth of 6% YoY*
- Net Income 8.3B Industry-leading growth of 221% YoY*
- Adjusted Free Cash Flow 13.6B Industry-leading growth of 77% YoY*
- Core Adjusted EBITDA 29.1B Industry-leading growth of 10% YoY*
- Stockholder Returns 14.0B Including first dividend ever*
*FY 2023
Core Adjusted EBITDA and Adjusted Free Cash Flow are non-GAAP financial measures. Definitions, explanations, and reconciliations to the most directly comparable GAAP measures are provided in our annual report on Form 10-K for the year ended December 31, 2023.
The leader in 5G with the country's largest, fastest and most awarded 5G network
- #1 in every single overall network experience category by OpenSignal
- Swept every category, every quarter, for overall network performance by Ookla
Fastest: Based on analysis by Ookla® of Speedtest Intelligence® data of national Speed Score results incorporating 5G download and upload speeds for 2H 2024. See 5G device, coverage, & access details at
Our superpower is 5G
At the end of 2023,
There’s good reason why customers choose us.
On top of all that, our 5G dominance has put us in a position to completely transform the internet landscape. We’ve become the fastest-growing internet provider in the country, welcoming more home broadband customers in 2023 than Comcast, Charter, AT&T, and Verizon combined.
Our network now has a differentiated competitive advantage that complements our well-established value leadership. With the largest, fastest, and most awarded 5G network in the U.S., we’re committed to maintaining our network leadership in 2024 and beyond.
The 5G future is bright
In 2023, with the most advanced 5G network in the world powering our programmable network as a service platform, we launched an array of innovative new products and services. These included fresh
We also saw great success across our innovation programs. In 2023, we launched our second
Our
At the third annual T Challenge, a global competition focused on driving Web3 innovation, we honored six trailblazing companies who demonstrated powerful solutions to reshape how people engage with the internet. The winners split over $500,000 and the opportunity to further develop and implement their technologies with
We also launched the first ever 5G network slicing beta program for developers with an initial focus on advancing video calling application technology.
Creating Brand Love
In 2023,
Last year marked 10 years since the Un-carrier movement was first launched. In 2013, we announced our first industry-rocking Un-carrier move—eliminating annual service contracts. And, through the steady drumbeat of big, bold moves that followed, we changed wireless for good and forced the competition to follow. In 2023, we continued shaking up the status quo. With Phone Freedom, we unveiled our Go5G Plus plan, giving customers the ability to upgrade their phone every 2 years (vs. the competitors’ 3-year wait), while also guaranteeing the same great device deals for both new and existing customers—now and in the future. Soon after that, we launched our premium Go5G Next plan, giving customers the freedom to upgrade every year.
With the launch of our Nada Yada Yada campaign for Metro by
And 2023 was a big year for unlocking the power of 5G for sports organizations and fans. Through our ongoing partnership with Major League Baseball,
Merger completed. History made.
In 2023 we effectively completed the biggest and most successful telecommunications merger integration in the world.Just three years later (and ahead of schedule), we’ve done what many said was impossible: effectively completing the integration of the biggest telecommunications merger in the world, and creating more competition, more choice, and more value for consumers and businesses. We realized synergies bigger and faster than even our own ambitious goals, accelerating 5G investment in the U.S. and delivering industry-leading growth and record low churn.
There is a reason why International Data Corporation (IDC), the premier global provider of market intelligence for the telecommunications industry, called this merger one of the most successful in wireless! At every step of our integration journey, we’ve always had a relentless focus on customers, which allowed us to bring competition and a 5G network to America that would not have ever been possible without this merger.
In 2023, the team drove unprecedented execution and completion of major integration milestones including billing migration to simplify frontline operations and customer care, and transitioning customers from device leasing to EIP and retail rationalization.
Most of all, we realized the dream of what this merger was always about—we smashed THE biggest pain point in the history of wireless by finally giving customers both the best network AND the best value.
Empowering our people and customers
In the ever-evolving telecommunications landscape,
As part of our innovative retail strategy, we continued transforming our approach to better serve customers in a digital-first era. We’re focused on providing people with customized experiences using seamless integration of digital technologies and diverse store formats—that meet their needs and how they want to shop. And by expanding our store presence in small towns, we’re giving even more people across America the opportunity to get the
The Un-carrier was recognized for its stellar customer experience—winning the top spot for customer care among U.S. mobile network operators for the 12th consecutive time by J.D. Power. By the end of 2023,
Along with a year of milestones and recognition,
Leading 5G enterprise solutions
Along with securing the highest business postpaid phone net adds in company history, our small and medium business teams also delivered their highest total net adds (across all products) in 2023—while also taking #1 in customer satisfaction by J.D. Power in Q3.
Our enterprise business saw notable growth in key verticals like healthcare, supporting mission-critical use cases with the launch of healthcare’s first-ever hybrid 5G network solution at Boston Children’s Hospital. We also grew our business in the federal, state, and local space and added new education customers as well. In Q2, the U.S. Department of Veterans Affairs selected
On top of seeing massive success in 2023, we also launched
And through our 5G Advanced Network Solutions (ANS), we continued to innovate and literally change the game in 2023. We became the PGA of America’s official 5G innovation partner to enhance how fans experience the game and improve gameplay for coaches with real-time analytics and AR-enabled visual aids, all using our Hybrid 5G network. We also worked with SailGP to deliver reliable communications including 125 IoT sensors on catamarans and 5G-enabled cameras. With the low latency and high capacity of
We successfully demonstrated the commercial application of network slicing at the Las Vegas Grand Prix, one of the largest global sporting events of the year. Our network slice enabled seamless transactions across 230 point-of-sale (POS) terminals for 100,000 fans daily. With 5G ANS, we’re uniquely positioned as a solutions leader who can meet the needs of Chief Information Officers with the only nationwide 5G tri-band SA network for slicing, the most distributed network, and a suite of advanced technology solutions that are redefining what’s possible.
A force for good
As the Un‑carrier, we’re committed to using our network, scale, and resources for good while building a more connected, equitable, and sustainable future for all.
Bridging the Digital Divide With Purpose
Connectivity is essential in today’s digital-first world, so we’re doing our part to help close the digital divide. In 2020 T‑Mobile launched Project 10Million, a $10.7B initiative offering free internet connectivity to students who lack equal access. By the end of 2023, T‑Mobile connected nearly 6M students across the U.S. and invested $6.4B through Project 10Million and other education initiatives.
We also support Welcome.US, a digital equity initiative that connects immigrants and refugees with crucial supplies and services needed to start their new lives in the U.S. We have pledged to provide up to 200,000 lines of free talk and text service for refugees and partnered with Google to offer wireless devices.
Strength in Who We Are
We embed Diversity, Equity, and Inclusion (DE&I) into everything we do, from hiring and developing talent to embracing a diverse workforce that fuels our Un‑carrier spirit.
Our Equity in Action (EIA) plan serves as our five-year roadmap for prioritizing our people first and placing DE&I at the center of everything we do. By the end of 2023, we successfully met 80% of our 54 EIA promises and are on track to complete the remaining promises by 2025.
Recognized as a military-friendly employer, we’re dedicated to hiring and building lasting careers for those who have served, and by the end of 2023, we met our goal of hiring 10,000 veterans and military spouses.
And in recognition of creating an equitable workplace, T‑Mobile received a score of 100% on the Human Rights Campaign’s 2023-2024 Corporate Equality Index and on the Disability:IN 2023 Disability Index.
In 2023, T‑Mobile was accepted into the Billion Dollar Roundtable, a nonprofit that recognizes corporations for efforts to create supply chain diversity.
Prioritizing Our Planet
T‑Mobile was the first in U.S. wireless to set a goal to achieve net-zero emissions target (validated by the Science Based Targets initiative) across the company’s entire footprint by 2040.
In 2023, we continued to make progress toward net-zero emissions and have reduced total scope 1, 2, and 3 emissions by 30% since 2020. In recognition of this work, JUST Capital ranked T‑Mobile #31 overall on its 2024 list of America’s most JUST companies—and we ranked #1 in the telecommunications industry for environmental impact.
T‑Mobile also received an A- on our 2023 CDP Climate Change response, ranking number one out of 400 companies
Room to run
As we continue into the next chapter of the Un‑carrier, our mission remains the same: to be the best in the world at connecting customers to their world.
Our 2023 results are proof that it’s better over here at T‑Mobile—for customers, employees, and investors.
We’re winning share at record rates, and we will continue to take advantage of our momentum to keep growing and delivering profitable results—while acting as a champion for customers and the industry.
The pace of innovation right now is incredible and what customers want and need is changing rapidly. As we look ahead to 2024 and beyond, T‑Mobile will continue to deliver new, innovative, high-value experiences for consumers and businesses—all powered by the leading overall network in the country. We also remain fiercely committed to building a connected and sustainable future where everyone can thrive.
We’re entering a period of enormous value creation, driven by our continued growth and network leadership, and building on the completion and success of our historic merger. This is our time to lead the industry where no one has gone before, and T‑Mobile is uniquely positioned to do it at scale—and earn customers for life.
This 2023 Annual Report includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements subject to risks and uncertainties that may cause actual results to differ materially. For more information, please see “Cautionary Statement Regarding Forward-Looking Statements” in our annual report on Form 10-K for the year ended December 31, 2023.