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MARKETS / NYSE / TDS
NYSE · TELEPHONE COMMUNICATIONS (NO RADIOTELEPHONE) · LARGE CAP

Telephone & Data Systems Inc. TDS

18 fiscal years on record · USD · FY2025 reported · SEC filings only
$1.1B
▼ 9.0% YoY
$-6.2M
$199.4M
▼ 74.5% YoY
In brief

What this company does

Telephone and Data Systems, Inc. provides communications services to customers through its wholly-owned subsidiary TDS Telecom, serving 1.1 million broadband, video, voice and wireless connections as of December 31, 2025. It also leases tower space to tenants and provides ancillary services, holds noncontrolling interests in wireless operating companies, and holds wireless spectrum licenses through its majority-owned subsidiary Array Digital Infrastructure, Inc. TDS had approximately 4,000 full-time and part-time associates as of December 31, 2025. TDS has two reportable segments, TDS Telecom and Array, and its operations also include its wholly-owned subsidiary Suttle-Straus, Inc. TDS Telecom provides communications services in 30 states through its fiber, coaxial and copper networks, operating in one reportable segment across small to mid-sized urban, suburban and rural communities in the United States. Array leases tower space to tenants and provides ancillary services, and owned 4,450 towers in 19 states as of December 31, 2025. United States Cellular Corporation changed its name to Array Digital Infrastructure, Inc. on August 1, 2025.

Written from the business description in TELEPHONE AND DATA SYSTEMS, INC.'s annual report to the U.S. Securities and Exchange Commission, filed 24 February 2026. Every sentence was checked against that document before publication.

Growth
USD 1.1B
Revenue, FY2025 · full 18-year series below
Revenue $B Net income $B
FY2025 · Revenue 1.1 · Net income -0.0
2B4B2008201120142017202020232025
Compound annual growth
−41.3%
−26.9%
−14.6%
−9.7%
−39.4%
−25.1%
−11.8%
−6.7%
+39.3%
+50.5%
−0.4%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at −26.9% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
2 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating -9.1% · Net 1.9%
5%-20%-40%2008201120142017202020232025
ROE
FY2025 · ROE -0.1%
2%4%-5%2008201120142017202020232025

Each USD of equity lost 0 cents this year.

Cash & shareholders
USD 108.1M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 199.4
400M-200M-400M2008201120142017202020232025
Net buybacks $M Dividends $M
FY2025 · Dividends — · Net buybacks 108.1
100M200MDividendsNet buybacks2008201120142017202020232025

USD 108.1M in buybacks went back to shareholders in a year without profit.

Total assetsUSD 8.4B
EquityUSD 4.8B
CashUSD 766.0M
Gross debtUSD 823.4M
Net debtUSD 57.4M
Current ratio2.10×

Net debt stands at 1% of equity.

The 18-year record
18 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative
Metric 202520242023202220212020201920182017201620152014201320122011201020092008
Revenue $B1.11.21.25.35.25.15.15.05.05.25.25.04.95.35.25.05.05.1
Operating income $B−0.1−0.2−0.70.10.30.30.20.2−0.10.10.4−0.20.20.20.40.30.40.1
EBITDA $B0.20.1−0.41.01.11.11.11.00.70.91.20.61.21.01.11.11.20.9
Income tax $B−0.1−0.0−0.00.10.00.00.10.0−0.30.00.2−0.00.10.10.10.10.10.0
Net income $B−0.0−0.0−0.50.10.20.20.10.10.20.00.2−0.10.10.10.20.10.20.1
Free cash flow $B0.20.80.5−0.0−0.00.20.10.20.10.1−0.0−0.4−0.40.10.30.30.40.1
EPS, diluted $−0.65−0.85−5.05−0.071.001.931.031.171.370.391.98−1.261.290.751.831.311.670.76
Dividend / sh $0.160.310.740.720.700.680.660.640.620.590.560.540.510.490.470.450.430.41
Payout %············396524332453
ROE %−0.1−0.5−9.01.12.94.82.63.13.61.05.4−3.43.52.15.23.85.1·
Shares out B0.110.110.110.110.120.110.120.110.110.110.110.110.110.110.110.100.11·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Compare

This company against its peers

Provenance
Company facts, as filed
How we verify · 0 failures in 70 reconciliationsAUDITED

Reconciled in 18 of 19 fiscal years. 15 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityTelephone Communications (No Radiotelephone)
Listed onNYSE
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2008

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