TMUST-Mobile US, Inc.
Industry Telecom carriers Price 23 Oct 2026
If management hits its targets, one share in 12 months
$147 → $170
Promises vs. what happened
14 claims · 8 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
| Promise | Made in | What happened | |
|---|---|---|---|
| 2024 customer adds 5.6-5.8M (raised) | Q3 '24 | 6.07M | Held |
| 2024 EBITDA $31.6-31.8B | Q3 '24 | $31.77B | Held |
| 2024 FCF $16.7-17.0B | Q3 '24 | $17.03B | Held |
| 2025 customer adds 5.5-6.0M | Q4 '24 | 7.80M; phone churn up | Held |
| 2025 EBITDA $33.1-33.6B | Q4 '24 | $33.92B, with the deals | Held |
| 2025 FCF $17.3-18.0B | Q4 '24 | $18.00B, the top | Held |
| Leverage ~2.5x at end '25 | Q1 '25 | 2.4x; target then dropped | Held |
| Up to $14.0B returned in 2025 | Q4 '24 | $14.0B, all of it | Held |
| Up to $19.0B returned by end '24 | Q3 '24 | about $1.7B left unused | Late |
| 2025 capex ~$9.5B | Q4 '24 | $9.96B, after UScellular | Late |
| 2026 account adds 0.9-1.0M (new metric) | Q4 '25 | 494K in H1, below 1H25 | Open |
| 2026 EBITDA $37.0-37.5B | Q4 '25 | $18.8B in H1; floor raised | Open |
| 2026 FCF $18.0-18.7B | Q4 '25 | raised to $18.4-18.8B | Open |
| Up to $14.6B returned in 2026 | Q4 '25 | raised to $18.2B; $9.2B by June | Open |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'24Q4
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26
HeadlinePage one since Q3 '24
Accounts, ARPAFirst seen Q3 '24
Phone churnFirst seen Q3 '24
BroadbandFirst seen Q3 '24
DealsFirst seen Q3 '24
PricingFirst seen Q3 '24
PromotionsFirst seen Q4 '24
ReturnsFirst seen Q3 '24
RestructuringFirst seen Q4 '25
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Industry-leading customer growth (headline slide)
“Comcast and Charter do not disclose postpaid phone net customer additions.”
Deck Investor Factbook Q3 2024 (8-K EX-99.2) · EXHIBIT 99.2 ·
Industry-leading customer growth (headline slide)
“Comcast and Charter do not disclose postpaid phone net customer additions.”
Deck Investor Factbook Q4 2024 (8-K EX-99.2) · EXHIBIT 99.2 ·
Industry-leading customer growth (headline slide)
“Comcast and Charter do not disclose postpaid phone net customer additions.”
Deck Investor Factbook Q1 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Industry-leading customer growth (headline slide)
“(1) AT&T Inc. does not disclose postpaid net account additions. Comcast and Charter do not disclose postpaid phone net customer additions. Industry-leading claims are based on consensus expectations if results are not yet reported.”
Deck Investor Factbook Q2 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Industry-leading customer growth (headline slide)
“(1) AT&T Inc. does not disclose postpaid net account additions. Comcast and Charter do not disclose postpaid phone net customer additions. Industry-leading claims are based on consensus expectations if results are not yet reported.”
Deck Investor Factbook Q3 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Industry-leading customer growth (headline slide)
“(1) AT&T Inc. does not disclose postpaid net account additions. Comcast and Charter do not disclose postpaid phone net customer additions. Industry-leading claims are based on consensus expectations if results are not yet reported.”
Deck Investor Factbook Q4 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Industry-leading customer growth (headline slide)
“(1) Industry-leading claims are based on consensus expectations if results are not yet reported.”
Deck Investor Factbook Q1 2026 (8-K EX-99.2) · EXHIBIT 99.2 ·
Industry-leading customer growth (headline slide)
“(1) Industry-leading claims are based on consensus expectations if results are not yet reported.”
Deck Investor Factbook Q2 2026 (8-K EX-99.2) · EXHIBIT 99.2 ·
Postpaid account growth and ARPA
“Continued growth in Postpaid accounts with a decrease in net additions primarily due to:”
Deck Investor Factbook Q3 2024 (8-K EX-99.2) · EXHIBIT 99.2 ·
Postpaid account growth and ARPA
“Continued growth in Postpaid accounts with a decrease in net additions primarily due to:”
Deck Investor Factbook Q4 2024 (8-K EX-99.2) · EXHIBIT 99.2 ·
Postpaid account growth and ARPA
“Continued growth in Postpaid accounts with a decrease in net additions primarily due to:”
Deck Investor Factbook Q1 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Postpaid account growth and ARPA
“Continued growth in Postpaid accounts with an increase in net additions primarily due to:”
Deck Investor Factbook Q2 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Postpaid account growth and ARPA
“Continued growth in Postpaid accounts with an increase in net additions primarily due to:”
Deck Investor Factbook Q3 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Postpaid account growth and ARPA
“Continued growth in Postpaid accounts with net additions relatively flat primarily due to:”
Deck Investor Factbook Q4 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Postpaid account growth and ARPA
“Continued growth in Postpaid accounts with an increase in net additions primarily due to:”
Deck Investor Factbook Q1 2026 (8-K EX-99.2) · EXHIBIT 99.2 ·
Postpaid account growth and ARPA
“Continued growth in Postpaid accounts with a decrease in net additions primarily due to:”
Deck Investor Factbook Q2 2026 (8-K EX-99.2) · EXHIBIT 99.2 ·
Postpaid phone net adds and phone churn
“Postpaid phone churn decreased 1 basis point.”
Deck Investor Factbook Q3 2024 (8-K EX-99.2) · EXHIBIT 99.2 ·
Postpaid phone net adds and phone churn
“Postpaid phone churn decreased 4 basis points primarily due to:”
Deck Investor Factbook Q4 2024 (8-K EX-99.2) · EXHIBIT 99.2 ·
Postpaid phone net adds and phone churn
“Postpaid phone churn increased 5 basis points primarily due to:”
Deck Investor Factbook Q1 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Postpaid phone net adds and phone churn
“Postpaid phone churn increased 10 basis points primarily due to:”
Deck Investor Factbook Q2 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Postpaid phone net adds and phone churn
“Postpaid phone churn increased 3 basis points primarily due to:”
Deck Investor Factbook Q3 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Postpaid phone net adds and phone churn
“Postpaid phone churn increased 10 basis points primarily due to:”
Deck Investor Factbook Q4 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Home broadband (High Speed Internet, then 5G broadband and fiber)
“High Speed Internet net customer additions decreased primarily due to:”
Deck Investor Factbook Q3 2024 (8-K EX-99.2) · EXHIBIT 99.2 ·
Home broadband (High Speed Internet, then 5G broadband and fiber)
“High Speed Internet net customer additions decreased primarily due to:”
Deck Investor Factbook Q4 2024 (8-K EX-99.2) · EXHIBIT 99.2 ·
Home broadband (High Speed Internet, then 5G broadband and fiber)
“High Speed Internet net customer additions increased primarily due to:”
Deck Investor Factbook Q1 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Home broadband (High Speed Internet, then 5G broadband and fiber)
“5G broadband net customer additions increased primarily due to:”
Deck Investor Factbook Q2 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Home broadband (High Speed Internet, then 5G broadband and fiber)
“Total broadband net customer additions increased primarily due to:”
Deck Investor Factbook Q3 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Home broadband (High Speed Internet, then 5G broadband and fiber)
“Total broadband net customer additions increased primarily due to:”
Deck Investor Factbook Q4 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Acquisitions (Mint, UScellular, Metronet, Lumos)
“During Q2 2024, we acquired 3.5 million prepaid customers, net of certain base adjustments, through the acquisition of Mint Mobile and Ultra Mobile.”
Deck Investor Factbook Q3 2024 (8-K EX-99.2) · EXHIBIT 99.2 ·
Acquisitions (Mint, UScellular, Metronet, Lumos)
“T-Mobile’s 2025 guidance above excludes pending acquisitions of UScellular, Metronet, Lumos, and Vistar Media .”
Deck Investor Factbook Q4 2024 (8-K EX-99.2) · EXHIBIT 99.2 ·
Acquisitions (Mint, UScellular, Metronet, Lumos)
“T-Mobile’s 2025 guidance above excludes pending acquisitions of UScellular and Metronet .”
Deck Investor Factbook Q1 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Acquisitions (Mint, UScellular, Metronet, Lumos)
“T-Mobile’s 2025 guidance above reflects the inclusion of Metronet, and excludes the pending acquisition of UScellular.”
Deck Investor Factbook Q2 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Acquisitions (Mint, UScellular, Metronet, Lumos)
“During Q3 2025, we acquired 1,448,000 postpaid accounts, net of certain base adjustments, through the UScellular acquisition.”
Deck Investor Factbook Q3 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Acquisitions (Mint, UScellular, Metronet, Lumos)
“During Q3 2025, we acquired 1,448,000 postpaid accounts, net of certain base adjustments, through the UScellular acquisition.”
Deck Investor Factbook Q4 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Acquisitions (Mint, UScellular, Metronet, Lumos)
“During Q3 2025, we acquired 1,448,000 postpaid accounts, net of certain base adjustments, through the UScellular acquisition.”
Deck Investor Factbook Q1 2026 (8-K EX-99.2) · EXHIBIT 99.2 ·
Acquisitions (Mint, UScellular, Metronet, Lumos)
“During Q2 2026, Metronet agreed to repurchase certain customer accounts, resulting in a base adjustment to decrease postpaid accounts by 16,000 .”
Deck Investor Factbook Q2 2026 (8-K EX-99.2) · EXHIBIT 99.2 ·
Pricing (rate plan optimizations, tax and fee exclusive plans)
“The impact from rate plan optimizations”
Deck Investor Factbook Q3 2024 (8-K EX-99.2) · EXHIBIT 99.2 ·
Pricing (rate plan optimizations, tax and fee exclusive plans)
“The impact from rate plan optimizations”
Deck Investor Factbook Q4 2024 (8-K EX-99.2) · EXHIBIT 99.2 ·
Pricing (rate plan optimizations, tax and fee exclusive plans)
“Higher account deactivations, including the impact from a growing account base and the temporary impact of current year rate plan optimizations”
Deck Investor Factbook Q1 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Pricing (rate plan optimizations, tax and fee exclusive plans)
“The positive impact from rate plan optimizations and higher fee revenue, including from the adoption of new tax and fee exclusive plans”
Deck Investor Factbook Q2 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Pricing (rate plan optimizations, tax and fee exclusive plans)
“The positive impact from rate plan optimizations and higher fee revenue, including from the adoption of new tax and fee exclusive plans”
Deck Investor Factbook Q3 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Pricing (rate plan optimizations, tax and fee exclusive plans)
“The positive impact from rate plan optimizations and higher fee revenue, including from the adoption of new tax and fee exclusive plans”
Deck Investor Factbook Q4 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Pricing (rate plan optimizations, tax and fee exclusive plans)
“The positive impact from rate plan optimizations and higher fee revenue, including from the adoption of new tax and fee exclusive plans”
Deck Investor Factbook Q1 2026 (8-K EX-99.2) · EXHIBIT 99.2 ·
Pricing (rate plan optimizations, tax and fee exclusive plans)
“Higher fee revenue, including from the adoption of new tax and fee exclusive plans”
Deck Investor Factbook Q2 2026 (8-K EX-99.2) · EXHIBIT 99.2 ·
Promotions and bundled offerings
“Partially offset by increased promotional activity, including the success of bundled offerings”
Deck Investor Factbook Q4 2024 (8-K EX-99.2) · EXHIBIT 99.2 ·
Promotions and bundled offerings
“Partially offset by increased promotional activity, including the success of bundled offerings and continued growth in T-Mobile for Business customers with lower ARPU given large account sizes”
Deck Investor Factbook Q1 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Promotions and bundled offerings
“Partially offset by increased promotional activity, including the success of bundled offerings and continued growth in T-Mobile for Business customers with lower ARPU given larger account sizes”
Deck Investor Factbook Q2 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Promotions and bundled offerings
“Partially offset by increased promotional activity, including the success of bundled offerings”
Deck Investor Factbook Q3 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Promotions and bundled offerings
“Partially offset by increased promotional activity, including the success of bundled offerings”
Deck Investor Factbook Q4 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Promotions and bundled offerings
“Partially offset by increased promotional activity, including the success of bundled offerings”
Deck Investor Factbook Q1 2026 (8-K EX-99.2) · EXHIBIT 99.2 ·
Promotions and bundled offerings
“Partially offset by increased promotional activity, including the success of bundled offerings”
Deck Investor Factbook Q2 2026 (8-K EX-99.2) · EXHIBIT 99.2 ·
Stockholder returns
“On a cumulative basis, as of September 30, 2024, a total of 153.4 million shares were repurchased for approximately $22.7 billion.”
Deck Investor Factbook Q3 2024 (8-K EX-99.2) · EXHIBIT 99.2 ·
Stockholder returns
“On a cumulative basis, since the company initiated its stockholder return program in Q3 2022, a total of $31.4 billion has been returned to stockholders as of December 31, 2024, with 173.7 million shares repurchased for approximately $27.3 billion, and cumulative cash dividends of $4.0 billion .”
Deck Investor Factbook Q4 2024 (8-K EX-99.2) · EXHIBIT 99.2 ·
Stockholder returns
“On December 13, 2024, the Board of Directors announced a stockholder return program for up to $14.0 billion that will run through December 31, 2025, consisting of additional repurchases of shares and payment of cash dividends with the next dividend payable June 12, 2025.”
Deck Investor Factbook Q1 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Stockholder returns
“On December 13, 2024, the Board of Directors announced a stockholder return program for up to $14.0 billion that will run through December 31, 2025, consisting of additional repurchases of shares and payment of cash dividends with the next dividend payable on September 11, 2025.”
Deck Investor Factbook Q2 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Stockholder returns
“During Q3 2025, the Board of Directors increased cash dividends per share by $0.14 or 16%, declaring a cash dividend of $1.02 per share on our issued and outstanding common stock.”
Deck Investor Factbook Q3 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Stockholder returns
“On a cumulative basis, since the company initiated its stockholder return program in Q3 2022, a total of $45.4 billion has been returned to stockholders as of December 31, 2025, with 216.0 million shares repurchased for $37.2 billion, and cumulative cash dividends of $8.2 billion .”
Deck Investor Factbook Q4 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Stockholder returns
“On a cumulative basis, since the company initiated its stockholder return program in Q3 2022, a total of $51.4 billion has been returned to stockholders as of March 31, 2026, with 239.4 million shares repurchased for $42.1 billion, and cumulative cash dividends of $9.3 billion .”
Deck Investor Factbook Q1 2026 (8-K EX-99.2) · EXHIBIT 99.2 ·
Stockholder returns
“On a cumulative basis, since the company initiated its stockholder return program in Q3 2022, a total of $54.6 billion has been returned to stockholders as of June 30, 2026, with 250.8 million shares repurchased for $44.2 billion, and cumulative cash dividends of $10.4 billion .”
Deck Investor Factbook Q2 2026 (8-K EX-99.2) · EXHIBIT 99.2 ·
Cost restructuring (workforce and network)
“(3) In Q4 2025, we began implementing network restructuring initiatives as a result of recent technological advancements that enhanced our Customer-Driven Coverage insights.”
Deck Investor Factbook Q4 2025 (8-K EX-99.2) · EXHIBIT 99.2 ·
Cost restructuring (workforce and network)
“Costs associated with the network restructuring initiative, including accelerated depreciation, net of tax, of $103 million, or $0.09 per share, in Q1 2026”
Deck Investor Factbook Q1 2026 (8-K EX-99.2) · EXHIBIT 99.2 ·
Cost restructuring (workforce and network)
“Costs associated with the network restructuring initiative, including accelerated depreciation, net of tax, of $46 million, or $0.04 per share, in Q2 2026”
Deck Investor Factbook Q2 2026 (8-K EX-99.2) · EXHIBIT 99.2 ·
What they keep talking about · 11
The themes that show up deck after deck, and the ones that disappear.
- Headline
- "Industry-leading" adds in every book; the footnote named AT&T, Comcast and Charter to Q4 '25, then no rival.
- Accounts, ARPA
- The first slide after the highlights throughout; from Q1 '26 the only customer slide, and the guided metric.
- Phone churn
- Up year on year in every 2025 book: 0.86% in 2024, 0.93% in 2025, 1.02% in 4Q25. Gone from Q1 '26.
- Broadband
- Renamed 5G broadband in Q2 '25, fiber added in Q3 '25 (9.4M at end '25); no customer count from Q1 '26.
- Deals
- Each 2025 range excluded a deal until it closed; acquired customers kept out of net adds, acquired EBITDA kept in.
- Pricing
- Price rises are the first ARPA driver; Q1 and Q2 '25 also name them as a cause of higher disconnections.
- Promotions
- The standing offset to ARPA from Q4 '24 on.
- Returns
- In every book: $45.4B returned by end '25, $54.6B by Jun '26, the 2026 authorisation raised to $18.2B.
- Restructuring
- From Q4 '25: $390M of 2025 severance and a network restructuring, both Special Items outside Core Adjusted EBITDA.
- New
- Q4 '25: postpaid account churn, an account-adds guide, 2027 EBITDA of $40-41B on the call. Q1 '26: an account redefined, 18K removed.
- Quiet
- Q1 '26: phone net adds, phone churn, phone ARPU, prepaid and broadband customers. The ~2.5x leverage target last printed Q2 '25.
Every quarterly report we’ve saved · 8
The press releases and shareholder letters behind this page.
- Q2 2026 release · 8-K 23 Jul 2026
- Q1 2026 release · 8-K 28 Apr 2026
- Q4 2025 release · 8-K 11 Feb 2026
- Q3 2025 release · filed copy 23 Oct 2025
- Q2 2025 release · filed copy 23 Jul 2025
- Q1 2025 release · filed copy 24 Apr 2025
- Q4 2024 release · 8-K 29 Jan 2025
- Q3 2024 release · filed copy 23 Oct 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q3 24 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | 10% | 73% | 36% | 18% | 73% | 18% | 42% | 15% |
| Growth & sales | 15% | 33% | 45% | 36% | 18% | 14% | 50% | 46% |
| Pricing & margins | 30% | 33% | 64% | 9% | 18% | 14% | 33% | 38% |
| Guidance & outlook | 15% | 20% | 18% | 9% | 27% | 21% | 17% | 31% |
| Capacity & supply | · | 13% | 9% | 9% | 9% | 4% | · | 15% |
| Capital & financing | 25% | 47% | 18% | 18% | 45% | 11% | 17% | 15% |
| Competition | 5% | 13% | 27% | 36% | 45% | 4% | 25% | 38% |
| Products & technology | 5% | 40% | 18% | 9% | 27% | 14% | 17% | 23% |
| Macro & regulation | 5% | · | 18% | · | · | · | · | · |
| Other | 40% | 7% | · | 36% | 9% | 57% | 25% | 15% |
| Questions | 20 | 15 | 11 | 11 | 11 | 28 | 12 | 13 |
Who’s in charge, who’s selling
read from the filings · 20 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 2 · tightening
Deutsche Telekom controls the board, the CEO choice and the big decisions
54.5% of the votes at 31 Mar '26, 10M of them SoftBank's by proxy. Controlled-company exemptions: six of thirteen directors independent. Veto over deals above $1B, CEO hiring and big issuance while it holds 30%. Its direct stake rose from 52.8% to 54.2% in Feb-Jun '26 without buying a share.
Tier 2 · worsening
Pay contracted to ratchet up, and most outside holders voted against
Gopalan's contract raises salary and awards to peer percentiles each year to 2030, plus a $10M Transformation Award. Sievert took $13.3M of severance as if dismissed while staying on as vice chair at $7M a year. Say on pay drew 26.7% against, about 67% of non-DT votes (computed).
Tier 3 · ongoing
Nearly the whole top team changed in 20 months
New CEO (Nov '25), two COOs, a new CAO, the technology and business presidents gone in 2025, the product chief out in Jul '26, and CFO Osvaldik retiring Feb '27 for Jessica Uhl, ex-Shell.
Tier 3 · easing
$227M of insider sales in a year; a director's shares pledged
Claure sold $119.7M in one sale, not under a plan, and has 1.84M shares pledged under a pre-Sprint grandfather clause. Gopalan bought $2.0M five days after becoming CEO; Almeida $1.0M.
Tier 3 · stable
Deutsche Telekom on both sides of small contracts and two merger suits
An $80M-a-year capped trademark royalty, other flows under $20M each, $1.5B of debt to affiliates. Dale (antitrust) and Dinkevich (Delaware) over the Sprint merger remain open with no estimate.
Accounting rule changes 7 in 6 quarters
- Q4 '24All receivable-sale cash proceeds moved into operating cash flow from November 1, 2024
- Q1 '25Special Items widened to include UScellular merger-related costs
- Q3 '25Special Items widened to include impairment expense
- Q3 '25Broadband customers now count fiber (Lumos, Metronet) beside 5G broadband
- Q4 '25Special Items widened to include network restructuring initiative costs
- Q4 '25Customer guide changed from postpaid net customer additions to postpaid net account additions
- Q1 '26Account redefined as generally a billing account; business accounts with several numbers combined
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Say on pay (triennial)Executive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one. | — | 263.5M | 26.7% |
| Kübler (DT; Compensation)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | 150.9M | 214.2M | 21.7% |
| Illek (DT CFO; Compensation)A board seat. | 144.2M | 208.2M | 21.1% |
| Taylor (lead independent)A board seat. | 66.1M | 118.7M | 12.0% |
| Höttges (chair, DT CEO)A board seat. | 123.2M | 101.5M | 10.3% |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| Form 4s, Oct '25-Oct '26 | Sold | Note |
|---|---|---|
| Claure, director | $119.7M | 550K shares on 12 Feb, no plan |
| Deutsche Telekom, controlling holder | $63.5M | plan sales to 29 Oct '25, then none |
| Sievert, vice chair, former CEO | $30.2M | 140K shares, part under a plan |
| Osvaldik, CFO | $5.8M | 27K shares |
| Nelson, general counsel | $4.2M | mostly under a plan |