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T-Mobile US, Inc. reported second quarter 2023 results, delivering industry-best growth in postpaid customers driven by growth in postpaid phone gross additions coupled with the lowest postpaid phone churn in the industry for the first time ever – attributable to the company’s unique combination of network and value leadership.

Total service revenues of $15.7 billion increased 3% year-over-year and postpaid service revenues of $12.1 billion increased 5% year-over-year.

Net income of $2.2 billion increased $2.3 billion year-over-year, which included lower merger-related costs, net of tax, of $207 million and a non-cash impairment expense of $358 million in the prior year related to the Wireline Business. Diluted EPS of $1.86 per share increased $1.95 per share year-over-year.

Core Adjusted EBITDA of $7.3 billion increased 11% year-over-year, primarily due to Service revenue growth and increased synergy realization.

Net cash provided by operating activities of $4.4 billion increased 3% year-over-year, which included cash payments for Merger-related costs of $728 million.

Cash purchases of property and equipment, including capitalized interest, of $2.8 billion decreased 22% year-over-year, driven by increased capital efficiencies from accelerated investments in the nationwide 5G network in 2022.

Adjusted Free Cash Flow of $2.9 billion increased 64% year-over-year, which included cash payments for Merger-related costs of $728 million.

“If you were wondering how T-Mobile would perform if growth in our category moderated, I think you’ll find the answer in our latest results — including our best Q2 postpaid phone net adds in eight years, the lowest postpaid phone churn in the industry for the first-time ever, and industry-leading financial growth,” said Mike Sievert, CEO of T-Mobile. “We’ve set audacious goals and delivered a durable and differentiated plan that is working just as we said it would. And now, fueled by our unique growth opportunities, the momentum of our latest Un-carrier moves, and an unquenchable desire to be the very best at delivering for customers, we are the one to watch — with no plans to slow down.”