Deutsche Telekom earnings date and guidance
MyStockButler's October 2026 analysis: Deutsche Telekom's next results are expected on November 5, 2026. For Deutsche Telekom, the key watch is whether customer growth, earnings and cash arrive together.
What has Deutsche Telekom guided for 2026?
For 2026, management guides to €47.5 billion of adjusted EBITDA after leases and €20 billion of free cash flow after leases. It also guides to adjusted EPS of €2.20 and group cash capex before spectrum of €17 billion. Relative debt should be no higher than 2.8x.
| Period | Low | High | Given on | |
|---|---|---|---|---|
| Adjusted EBITDA AL — Group (EUR billions) | Year to Dec 2026 | 47.5 | 47.5 | May 13, 2026 |
| Cash capex (before spectrum investment) — Group (EUR billions) | Year to Dec 2026 | 17 | 17 | Feb 19, 2026 |
| Free cash flow AL (EUR billions) | Year to Dec 2026 | 20 | 20 | Aug 6, 2026 |
| Earnings per share (adjusted for special factors) (EUR) | Year to Dec 2026 | 2.20 | 2.20 | Feb 19, 2026 |
| Equity ratio (%) | Year to Dec 2026 | 25.0% | 35.0% | Feb 19, 2026 |
| Relative debt | Year to Dec 2026 | 2.8x | Feb 19, 2026 | |
| Equity ratio (%) | Year to Dec 2027 | 25.0% | 35.0% | Feb 19, 2026 |
| Relative debt | Year to Dec 2027 | 2.8x | Feb 19, 2026 |
What this means. Relative debt of 2.8 times means the company’s net debt is about 2.8 times its yearly operating earnings, not 2.8 euros of debt.
Did Deutsche Telekom keep its promises?
Telekom forecast adjusted earnings per share above €1.75 and later reported €1.90. It also promised up to €2 billion of buybacks in February 2025 and spent €2,000 million during 2025. These are concrete deliveries, but the new downside rules still have to show that they change actual pay.
| What management forecast | Checked | Above | Within | Below |
|---|---|---|---|---|
| Adjusted EBITDA AL | 5 years | 5 | 0 | 0 |
| Free cash flow AL (before dividend payments and spectrum investment) | 5 years | 5 | 0 | 0 |
| Service revenue | 5 years | 0 | 5 | 0 |
What is Deutsche Telekom's revenue and profit trend?
Revenue and operating income rose against the prior-year quarter, while net income and diluted EPS fell. The result improved on March’s weaker comparison, but December 2024 remains a demanding benchmark because accounting gains affected that period.
Cash gives a steadier test. Quarterly operating cash flow and both free-cash-flow measures improved, although higher tax, interest, workforce-transformation and integration payments absorbed part of the gain. World Cup viewing also helped German revenue and MagentaTV sign-ups, but flexible plans may produce less durable subscription revenue. Fiber additions occurred alongside a decline in total broadband customers.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 29,933 | 29,870 | 31,720 | 28,935 | 28,671 | 29,755 | 30,931 | 28,501 |
| Operating income | 6,863 | 5,843 | 5,387 | 6,027 | 6,642 | 6,766 | 8,474 | 6,137 |
| Net income | 2,450 | 2,043 | 1,723 | 2,427 | 2,615 | 2,845 | 4,182 | 2,957 |
| EPS, diluted | 0.51 | 0.42 | 0.35 | 0.50 | 0.54 | 0.58 | 0.85 | 0.60 |
What this means. Free cash flow here also subtracts lease payments, so it is lower than a simple calculation that subtracts only spending on equipment and buildings.
What should I watch in Deutsche Telekom's next results?
T-Mobile US reports on October 28, 2026, followed by Deutsche Telekom on November 5, 2026. The sequence lets investors examine America, the group’s largest earnings driver, before seeing whether Germany and Europe support it. Strong customer additions will matter less if acquisition or integration spending absorbs their benefit.