T-Mobile US Still Winning in Wireless but the Interest Is in Fixed

Why It Matters

The move from pure wireless growth to fixed‑line expansion will determine T‑Mobile’s long‑term revenue diversification and competitive standing against AT&T and Verizon.

Key Takeaways

• T‑Mobile added 962k post‑paid customers Q4 2025.
• Fibre net adds 63k Q4, far below 3‑4M target.
• Aims for 15M 5G broadband customers by 2030.
• Fixed‑wireless growth slower than earlier forecasts.
• AT&T, Verizon prioritize converged mobile‑fixed offerings.

Pulse Analysis

T‑Mobile US continues to dominate the post‑paid wireless segment, reporting 962,000 net additions in the fourth quarter and a total of 3.3 million for 2025. The figure, while short of the 981,300 analysts expected, still outpaces AT&T’s 421,000 and trails Verizon’s 616,000, underscoring the carrier’s “Un‑carrier” appeal. New CEO Srini Gopalan’s more measured earnings‑call tone reflects a shift from hyperbole to sustainable growth, as the company posted double‑digit revenue and EBITDA gains despite a dip in earnings per share. This performance keeps investors focused on the next growth frontier.

The spotlight now turns to T‑Mobile’s fixed‑line ambitions, where the carrier admits its fibre rollout is still in infancy. With only 63,000 fibre net adds in Q4 and an estimated sub‑million subscriber base, reaching the 3‑4 million target by 2030 will require a dramatic acceleration. Recent acquisitions of Lumos, Metronet and other assets have added roughly 850,000 lines, but integration and capital intensity remain hurdles. Competitors AT&T and Verizon are already leveraging bundled mobile‑fixed packages, putting pressure on T‑Mobile to close the gap before its growth narrative stalls.

Beyond fibre, T‑Mobile is betting on fixed wireless access, setting a revised goal of 15 million 5G broadband customers by 2030, up from 12 million in 2028. The company ended 2025 with 8.5 million FWA users, meaning it must add roughly 1.3 million each year to stay on track. While 5G‑based home internet offers a faster deployment path, the market is becoming crowded with rivals launching similar services. Deutsche Telekom’s decision to retain its 52.8 % stake signals confidence, yet analysts will watch whether T‑Mobile can translate its wireless strength into a sustainable fixed‑line revenue engine.