Q2 RESULTSBecause Sprint does not predict special items that might occur in the future, and our forecasts are developed at a level of detail different than that used to prepare GAAP-based

Q2FY 2018

RESULTSOctober 31st, 2018Conference Call

2©2018 Sprint. This information is subject to Sprint policies regarding use and is the property of Sprint and/or its relevant affiliates and may contain restricted, confidential or privileged materials intended for the sole use of the intended recipient. Any review, use, distribution or disclosure is prohibited without authorization.

Cautionary StatementSAFE HARBOR

This release includes “forward-looking statements” within the meaning of the securities laws. The words “may,” “could,” “should,” “estimate,”“project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “target,” “plan”, “outlook,” “providing guidance,” and similar expressions areintended to identify information that is not historical in nature. All statements that address operating performance, events or developmentsthat we expect or anticipate will occur in the future — including statements relating to our network, cost reductions, connections growth,and liquidity; and statements expressing general views about future operating results — are forward-looking statements. Forward-lookingstatements are estimates and projections reflecting management’s judgment based on currently available information and involve a numberof risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Withrespect to these forward-looking statements, management has made assumptions regarding, among other things, the development anddeployment of new technologies and services; efficiencies and cost savings of new technologies and services; customer and network usage;connection growth and retention; service, speed, coverage and quality; availability of devices; availability of various financings, including anyleasing transactions; the timing of various events and the economic environment. Sprint believes these forward-looking statements arereasonable; however, you should not place undue reliance on forward-looking statements, which are based on current expectations andspeak only as of the date when made. Sprint undertakes no obligation to publicly update or revise any forward-looking statements, whetheras a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject tocertain risks and uncertainties that could cause actual results to differ materially from our company's historical experience and our presentexpectations or projections. Factors that might cause such differences include, but are not limited to, those discussed in SprintCorporation’s Annual Report on Form 10-K for the fiscal year ended March 31, 2018. You should understand that it is not possible to predictor identify all such factors. Consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.


*Non-GAAP Financial Measures* FINANCIAL MEASURES

Sprint provides financial measures determined in accordance with GAAP and adjusted GAAP (non-GAAP). The non-GAAP financial measures reflect industry conventions, or standard measures of liquidity,profitability or performance commonly used by the investment community for comparability purposes. These measurements should be considered in addition to, but not as a substitute for, financial informationprepared in accordance with GAAP. We have defined below each of the non-GAAP measures we use, but these measures may not be synonymous to similar measurement terms used by other companies.

Sprint provides reconciliations of these non-GAAP measures in its financial reporting. Because Sprint does not predict special items that might occur in the future, and our forecasts are developed at a level ofdetail different than that used to prepare GAAP-based financial measures, Sprint does not provide reconciliations to GAAP of its forward-looking financial measures.

The measures used in this release include the following:

EBITDA is operating income/(loss) before depreciation and amortization. Adjusted EBITDA is EBITDA excluding severance, exit costs, and other special items. Adjusted EBITDA Margin represents AdjustedEBITDA divided by non-equipment net operating revenues for Wireless and Adjusted EBITDA divided by net operating revenues for Wireline. We believe that Adjusted EBITDA and Adjusted EBITDA Margin provideuseful information to investors because they are an indicator of the strength and performance of our ongoing business operations. While depreciation and amortization are considered operating costs underGAAP, these expenses primarily represent non-cash current period costs associated with the use of long-lived tangible and definite-lived intangible assets. Adjusted EBITDA and Adjusted EBITDA Margin arecalculations commonly used as a basis for investors, analysts and credit rating agencies to evaluate and compare the periodic and future operating performance and value of companies within thetelecommunications industry.

Postpaid ABPA is average billings per account and calculated by dividing postpaid service revenue earned from postpaid customers plus billings from installment plans and non-operating leases, as well asequipment rentals, by the sum of the monthly average number of postpaid accounts during the period. We believe that ABPA provides useful information to investors, analysts and our management to evaluateaverage postpaid customer billings per account as it approximates the expected cash collections, including billings from installment plans and non-operating leases, as well as equipment rentals, per postpaidaccount each month.

Postpaid Phone ABPU is average billings per postpaid phone user and calculated by dividing service revenue earned from postpaid phone customers plus billings from installment plans and non-operating leases,as well as equipment rentals by the sum of the monthly average number of postpaid phone connections during the period. We believe that ABPU provides useful information to investors, analysts and ourmanagement to evaluate average postpaid phone customer billings as it approximates the expected cash collections, including billings from installment plans and non-operating leases, as well as equipmentrentals, per postpaid phone user each month.

Free Cash Flow is the cash provided by operating activities less the cash used in investing activities other than short-term investments and equity method investments. Adjusted Free Cash Flow is Free CashFlow plus the proceeds from device financings and sales of receivables, net of repayments. We believe that Free Cash Flow and Adjusted Free Cash Flow provide useful information to investors, analysts and ourmanagement about the cash generated by our core operations and net proceeds obtained to fund certain leased devices, respectively, after interest and dividends, if any, and our ability to fund scheduled debtmaturities and other financing activities, including discretionary refinancing and retirement of debt and purchase or sale of investments.

Net Debt is consolidated debt, including current maturities, less cash and cash equivalents and short-term investments. We believe that Net Debt provides useful information to investors, analysts and credit ratingagencies about the capacity of the company to reduce the debt load and improve its capital structure.


FY2Q 2018 HighlightsAdjusted EBITDA*

fiscal second quarter in twelve years

HIGHEST

Digital

Net Income

Operating Income

delivered for the 4th

consecutive quarter

delivered for the 11th consecutive quarter

Wireless ServiceRevenue[1]

year-over-year for the first time in nearly five years

GREW

[1] excluding the impact of the new revenue standard

Postpaid gross additions in digital channels increased nearly 60 percent year-over-year

Network capex nearly doubled year-over-year

Adjusted Free Cash Flow*

six of the last seven quarters

POSITIVE


168

123 109

Q217 Q118 Q218

Postpaid Net AddsResults in Thousands

5 consecutive quarters of

GROWTH

Balancing Growth & Profitability

Q217 Q218

Postpaid Consumer Phone GAVA(New Account Gross adds * Customer Lifetime Value)

delivers asuperior financial

outcome over the long-term

offsets

Higher CLV Lower

Gross Adds


LTEADVANCED Faster

2xUP TO

NetworkBuilt For Unlimited

Tri-Band Existing Sites800 MHz, 1.9 GHz, 2.5 GHz

Outdoor Small Cells

2.5 GHz deployed on roughly 70% of our macro sites

21K on air

Sprint’s Network is the fastest in average download speeds in

123cities!

Analysis by Ookla of Speedtest Intelligence data average download speeds from 7/1/18 to 9/30/18 for all mobile results.

4X4 MIMO 3X CarrierAggregation

256 QAM

MassiveM I M O

The Customer Experience

TURBOC H A R G I N G

Analysis by Ookla of Speedtest Intelligence data comparing average download speeds from September 2017 to September 2018 for all mobile results.


Premium Extras

Bundled Extras

Mobile Hotspot 500MB LTE 15GB LTE 50GB LTE

Video Streaming DVD-quality Streaming (480p) HD Streaming (1080p) Full HD Streaming

Canada/Mexico Roaming Unlimited talk, text, 5GBof 4G LTE data

Unlimited talk, text, 10GBof 4G LTE data

Unlimited talk, text, and Unlimited 4G LTE data

Global RoamingText & Data in over 185

worldwide destinationsText & Data in over 185

worldwide destinationsText & Data in over 185

worldwide destinations

Unlimited for All


DigitalLeveraging digital capabilities and advanced analytics and artificial

intelligence to further optimize our business structure

Transformation

01Increase Digital

Revenue

02Intelligent Customer

Experience

03Improve Digital Engagement


Growing Revenue

[1] excluding the impact of the new revenue standard

Grew year-over-year First time in nearly 5 years [1]

Grew sequentially

Second quarterin a row

Q217 Q118 Q218 Q217 Q118 Q218

Wireless Service RevenueDollars in Billions

Postpaid Average Revenue per User (ARPU)*

New revenue standard impactNew revenue standard impact

$5.6

$5.5 $5.5

$5.6 $5.7

$46.00

$43.55 $43.99

$44.57 $44.99


$7.4

$7.2

$7.0

$2.7

$3.3 $3.3

$3.1 $3.0

Improving ProfitabilityAdjusted EBITDA*Dollars in Billions

fiscal second quarter in 12 yearsHIGHEST

Q217 Q118 Q218

New revenue standard impact

YTD17 YTD18

year-over-year reductions [1]$200M

Cost of Services + SG&A ExpensesDollars in Billions

Roughly

[1] excluding the impact of the new revenue standard and merger costs



$0.6

$0.8 $0.8

$0.6 $0.6

Operating IncomeDollars in Billions

Generating Income

quarters of operating income11CONSECUTIVE

Q217 Q118 Q218


Net IncomeDollars in Millions

quarters ofnet income

CONSECUTIVE

Q217 Q118 Q218


4

($48)

$176 $196

$24 $18


$0.7

$1.1 $1.3

$420

$8

$525

DOUBLED

Investing & Delivering FCFAdjusted Free Cash Flow*

Dollars in Billions Dollars in Millions

[1] excludes capitalized device leases

Cash Capex[1]

6 out of last 7 quartersPOSITIVE

Nearly

Q217 Q118 Q218 Q217 Q118 Q218

year-over-year


2018Guidance

FISCAL YEAR

excluding leased devices $11.7B-$12.0B excluding the

impact of the new revenue standard

As Reported

CashCapex

AdjustedEBITDA*

$12.4 billion to$12.7 billion

$5.0 billion to$5.5 billion


QUESTIONS&ANSWERS

Appendix


Impact of New Revenue Standard (ASC 606)(Millions, except per share data)

As reported

Balances without adoption

of Topic 606 Change As reported

Balances without adoption

of Topic 606 ChangeNet operating revenues

Service revenue 5,762$ 5,935$ (173)$ 11,502$ 11,818$ (316)$ Equipment sales 1,418 1,067 351 2,591 1,959 632 Equipment rentals 1,253 1,270 (17) 2,465 2,498 (33)

Total net operating revenues 8,433 8,272 161 16,558 16,275 283 Net operating expenses

Cost of services (exclusive of depreciation and amortization below) 1,694 1,714 (20) 3,371 3,402 (31) Cost of equipment sales 1,517 1,468 49 2,787 2,716 71 Cost of equipment rentals (exclusive of depreciation below) 151 151 - 275 275 - Selling, general and administrative 1,861 1,954 (93) 3,728 3,902 (174) Depreciation - network and other 1,021 1,021 - 2,044 2,044 - Depreciation - equipment rentals 1,181 1,181 - 2,317 2,317 - Amortization 159 159 - 330 330 - Other, net 71 71 - 113 113 -

Total net operating expenses 7,655 7,719 (64) 14,965 15,099 (134) Operating income 778 553 225 1,593 1,176 417 Total other expense (554) (554) - (1,149) (1,149) - Income (loss) before income taxes 224 (1) 225 444 27 417 Income tax (expense) benefit (17) 30 (47) (64) 23 (87) Net income 207 29 178 380 50 330

Less: Net income attributable to noncontrolling interests (11) (11) - (8) (8) - Net income attributable to Sprint Corporation 196$ 18$ 178$ 372$ 42$ 330$

Basic net income per common share attributable to Sprint Corporation 0.05$ -$ 0.05$ 0.09$ 0.01$ 0.08$ Diluted net income per common share attributable to Sprint Corporation 0.05$ -$ 0.05$ 0.09$ 0.01$ 0.08$ Basic weighted average common shares outstanding 4,061 4,061 - 4,036 4,036 - Diluted weighted average common shares outstanding 4,124 4,124 - 4,095 4,095 -

Three Months Ended September 30, 2018 Six Months Ended September 30, 2018

RECONCILIATION OF ADJUSTMENTS FROM THE ADOPTION OF TOPIC 606 RELATIVE TO TOPIC 605 ON CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

Documents

Q2 RESULTSBecause Sprint does not predict special items that might occur in the future, and our forecasts are developed at a level of detail different than that used to prepare GAAP-based