T-Mobile has just posted its results for the second quarter of the year, which included 1.6 million net adds. That continues T-Mobile's streak of adding over one million connections each quarter. Which now goes back over five years (21 quarters). There were one million total branded postpaid net adds, 686,000 branded postpaid phone net adds, and 91,000 branded prepaid net adds. T-Mobile is also boasting its record-low 0.95% postpaid phone churn rate, which is down 15 basis points year-over-year. T-Mobile's CEO also noted on the conference call that porting with Verizon is now 2 to 1. Meaning that there are two Verizon customers coming over for every T-Mobile customer leaving for Verizon.
On the financials side of things, service revenue came in at $7.9 billion, which is a 7-percent increase compared to the same period a year ago. T-Mobile is also leading the industry in service revenue growth for the 17th consecutive quarter. Total revenues were $10.6 billion, and that's up 4-percent year-over-year. Net income was $782 million, with diluted earnings per share or EPS being $0.92. Adjusted EBITDA was $3.2 billion, up 7-percent from the same period a year ago. And free cash flow was up 61-percent year-over-year to $774 million. T-Mobile also continued to expand its network during the quarter, boasting that its 4G LTE network now covers 323 million Americans, and it is targeting 325 million by the end of 2018. T-Mobile is also continuing its aggressive deployment of 600MHz spectrum, and is also boasting the fact that it has the fastest LTE network according to Ookla.
As of the end of the second quarter - which was June 30 - T-Mobile now has 75.6 million customers on its network. That is 6 million more than it had at the same time last year. So the company is still growing at a pretty rapid pace, after five years of adding over a million customers each quarter, many thought that T-Mobile might be slowing down, but it doesn't appear to be doing that anytime soon. This quarter was the best second quarter that T-Mobile has ever had, which is saying something since the second quarter is usually the slowest in the wireless space.