What Just Happened To T-Mobile Stock

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T-Mobile US (TMUS) shares fell 7.7% on Friday, October 23, 2026, while the S&P 500 slipped 0.5%. The company did not report earnings that day. Instead, news reports linked the fall to a report that SpaceX is seeking at least 80,000 U.S. cell sites to build a fourth nationwide wireless carrier. That carrier is only a plan for now, so why did it weigh on T-Mobile on Friday?

How SpaceX Could Compete With T-Mobile

According to news reports, the plan raised the prospect of fierce competition between SpaceX and the industry's big three carriers. SpaceX bought extra cellphone spectrum for its satellites earlier in October 2026, news reports said, and the company now wants to lease ground cell towers.

Such a rival could compete for the monthly bill-paying customers that T-Mobile has relied upon for growth. On the July 23, 2026 call, management said postpaid service revenue rose 13% in the second quarter.

Did T-Mobile Fall With Other Carriers?

Yes, although not all of them fell as hard. AT&T dropped 8.0%, falling about as much as T-Mobile, while Verizon lost 1.2%. Four of the five companies in T-Mobile's Trefis peer group ended the day lower, and the SPDR fund for the communication services sector, XLC, fell 1.8%. T-Mobile fell alongside most of its peers, but only AT&T dropped as far.

Where Does T-Mobile Stock Stand Now?

A fall this large is not new for T-Mobile. Over the prior 365 days, the stock recorded two sessions with a drop at least this big, the latest being a 13.3% fall on October 9, 2026.

If you bought T-Mobile on October 22, 2025, you are down 34.2% including dividends, while the S&P 500 returned 15.1%. The slide has continued lately, with the shares losing 16.8% from July 27 to October 23, 2026, while the index gained 3.1%. Friday's close of $146.54 was the stock's lowest in a year. Since October 23, 2025, its highest close was $221.98 on February 24, 2026.

At that price, T-Mobile trades at 1.7 times its sales over the last twelve months, compared with 3.2 times for the S&P 500.

T-Mobile reports its third-quarter results later in October 2026. Management expected net postpaid account additions of about 250,000 for that quarter, held back by a temporary rise in account churn from its rate plan modernization. That figure is the number to watch in the report.

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