T-Mobile (TMUS) Stock: Merger Buzz, Fiber Deals, and Earnings — All at Once

TLDR

• T-Mobile reports Q1 earnings after market close Tuesday; analysts expect $2.01 adjusted EPS on $22.98 billion in revenue
• Deutsche Telekom is reportedly weighing a merger with T-Mobile, though talks are early and need government backing from both Germany and the U.S.
• TMUS stock dropped 1.5% on April 21 after the merger report and is down 8.8% this year
• T-Mobile announced two fiber joint ventures — with Oak Hill Capital and Wren House — adding over 1 million homes to its fiber network
• AT&T and Verizon both beat expectations in Q1, raising the bar ahead of T-Mobile’s report

T-Mobile is set to report first-quarter earnings after the bell on Tuesday, and investors have more than just the numbers to focus on.

T-Mobile US, Inc., TMUS

Analysts surveyed by FactSet expect the company to post adjusted earnings of $2.01 a share, on revenue of $22.98 billion. Wall Street is also watching for T-Mobile to add around 393,100 net postpaid phone subscribers in the quarter.

AT&T and Verizon have already reported their Q1 results. Both beat expectations on earnings and postpaid net phone additions, which sets a competitive backdrop heading into T-Mobile’s report.

One of the bigger storylines is merger speculation. Bloomberg reported on April 21 that Deutsche Telekom is considering a full merger with T-Mobile. The report described talks as early-stage, and noted any deal would need political support from both the German and U.S. governments.

TMUS stock fell 1.5% the day the Bloomberg report dropped.

The stock is now down 8.8% in 2026. Some of that pressure comes from fears of a price war with AT&T and Verizon. Those concerns could grow if a foldable iPhone launch pushes carriers into aggressive promotional activity to move high-priced devices.

Fiber Push With Two New Joint Ventures

On Tuesday morning, T-Mobile announced two separate joint ventures to expand its fiber footprint.

The first pairs T-Mobile with Oak Hill Capital. The deal combines two of Oak Hill’s fiber portfolio companies — GoNetspeed and Greenlight — into a single joint venture. T-Mobile plans to invest roughly $2 billion for a 50% stake. That deal is expected to close in the first half of 2027.

The second venture involves global infrastructure manager Wren House and centers on the acquisition of i3 Broadband, a regional fiber provider operating in Illinois, Missouri, and Rhode Island. T-Mobile expects to invest around $700 million for a 50% stake, with the deal expected to close in the second half of 2026.

Together, the two deals would add more than 1 million homes to T-Mobile’s fiber network.

Broadband Goals in Focus

The fiber expansion ties directly into T-Mobile’s longer-term broadband targets. The company has set a goal of reaching 18 million to 19 million broadband customers by 2030.

That total includes a target of 3 million to 4 million fiber customers — a segment T-Mobile has been building toward through a mix of organic growth and partnership deals like these two.

Tuesday’s earnings call is likely to give more color on how the fiber strategy fits alongside the merger speculation and competitive pressures the company is navigating.

T-Mobile’s Q1 results are due after the U.S. stock market closes Tuesday.

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