T-Mobile's Q4 results reflected strong operational momentum offset by workforce restructuring costs. Service revenue climbed 10% YoY to $18.7 billion, driven by postpaid service revenue growth of 13.9%. Operating cash flow surged 20% to $6.65 billion, while adjusted free cash flow reached $4.2 billion. The earnings miss stemmed from $390 million in severance costs ($293 million after-tax) tied to workforce transformation initiatives. Without this charge, operational performance remained robust, with full-year 2025 core adjusted EBITDA hitting $33.9 billion.
Bristol Myers' Growth Portfolio surged 16% to $7.4 billion in Q4, demonstrating the company's successful product diversification strategy. Key contributors included Opdivo at $2.69 billion (+9%), Eliquis at $3.45 billion (+8%), and standout performers Breyanzi at $392 million (+49%) and Camzyos at $353 million (+59%). However, the Legacy Portfolio declined 15% to $5.1 billion as generic competition intensified. Revlimid plummeted 55%, while Sprycel dropped 60%, reflecting the patent cliff challenges facing the company.