Overview: This report analyzes US carriers' Q4 2025 earnings and observes the current state of the highly competitive US postpaid market and Big 3 strategies. It discusses the major trends around convergence, slimming margins, smartphone upgrade rates, gross adds, promotional trends, and provides Counterpoint's expectations for the remainder of 2026. The report also includes a holistic view of promotions using a “Promotional Index Score” derived from Counterpoint’s Weekly US Smartphone Promotions Tracker.

Table of Contents:

• The impact of convergence and aggressive promotions
• Mobile service promotions remain at all-time highs with lots of parity
• 2026 expectations
• Device subsidies
• Trade-in trends and secondary market effects
• Forecasting upgrade rates and gross adds
• Convergence
• Plan changes ahead

Number of Pages: 7
Published Date: February 2026