T-Mobile Fell 11% on an Earnings Beat, Then Rebounded 6% the Next Day. Here's What's Going On.

T-Mobile experienced significant volatility following its Q2 earnings report on July 23-24, 2026. The stock initially fell 10.75% despite beating profit expectations, then rebounded 5.67% the next day. While the company reported 9% service revenue growth and raised its free cash flow guidance to $18.4-18.8 billion, investors were concerned about slower expected account additions in Q3 due to planned rate plan migrations. The author argues the rebound was justified, as the company's core fundamentals—service revenue growth, 10% EBITDA growth, and improved cash forecasts—remain intact.