TELEPHONE & DATA SYSTEMS INC /DE/ TDS

Communication services SIC 4813 - Telephone Communications (No Radiotelephone) NAICS Information › Telecommunications › Wired and Wireless Telecommunications (except Satellite) › Wired and Wireless Telecommunications Carriers (except Satellite) › Wired Telecommunications Carriers derived NYSE

Telephone and Data Systems, Inc. (TDS) provides high-quality communications services to customers through its wholly-owned subsidiary TDS Telecommunications LLC (TDS Telecom) with 1.1 million broadband, video, voice and wireless connections at December 31, 2025. TDS leases tower space to tenants and provides ancillary services, holds noncontrolling interests in primarily wireless operating companies and holds certain wireless spectrum licenses through its majority-owned subsidiary Array Digital Infrastructure, Inc. (Array). As of December 31, 2025, TDS owned 82.0% of the combined total of the outstanding Common Shares and Series A Common Shares of Array and controlled 95.9% of the combined voting power of both classes of Array common stock. TDS Common Shares trade under the ticker symbol "TDS" on the New York Stock Exchange (NYSE). Array Common Shares trade on the NYSE under the ticker symbol "AD."

Last close 35.33 2026-10-23
Market cap $4.05B estimated share count
52-week range 30.71 - 49.12

Valuation FY2025 figures against the last close

P/S3.8x
P/E—
P/FCF20.3x
EV/EBITDA19.6x
Dividend yield—
Diluted EPS-0.65

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $1.07B$1.18B$1.23B$5.29B$5.22B$5.12B$5.08B$5.02B$5.04B$5.16B
Cost of revenue ————————$1.16B$1.19B
Gross profit ————————$3.88B$3.97B
SG&A $435.1M$486.7M$488.8M$1.77B$1.68B$1.68B$1.72B$1.69B$1.69B$1.76B
Total operating expenses $1.33B$1.49B$2.04B$5.29B$5.07B$4.97B$5.00B$4.90B$5.15B$5.05B
Operating income -$97.4M-$191.3M-$682.6M$122.0M$261.0M$259.0M$179.0M$205.0M-$108.0M$108.0M
Interest expense $112.7M$108.6M$62.2M$174.0M$232.0M$168.0M$165.0M$172.0M$170.0M$170.0M
Pre-tax income $89.0M-$103.4M-$563.5M$125.0M$221.0M$288.0M$211.0M$221.0M-$122.0M$92.0M
Income tax $62.2M$22.1M$15.8M$53.0M$33.0M$19.0M$64.0M$46.0M$279.0M$40.0M
Net income $20.2M-$26.5M-$487.3M$71.7M$188.1M$226.0M$121.0M$135.0M$153.0M$43.0M
EPS, basic -0.66-0.85-5.05-0.071.031.971.061.201.390.39
EPS, diluted -0.65-0.85-5.05-0.071.001.931.031.171.370.39
Shares, diluted (wtd. avg.) 118.6M113.7M112.8M114.0M116.0M115.0M116.0M114.0M112.0M111.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $766.0M$363.6M$269.3M$399.3M$414.0M$1.45B$474.0M$927.0M$622.0M$904.0M
Short-term investments ————$0$3.0M$0$17.0M$100.0M$0
Receivables $68.7M$57.1M$992.0M$1.07B$1.06B$1.00B$1.00B$992.0M$861.0M$753.0M
Inventory $4.1M$4.1M$208.0M$268.0M$178.0M$154.0M$169.0M$150.0M$145.0M$151.0M
Total current assets $923.5M$1.70B$1.66B$2.03B$2.04B$3.03B$1.92B$2.33B$1.97B$2.06B
Property, plant and equipment $2.97B$2.88B$5.06B$4.76B$4.36B$3.97B$3.53B$3.35B$3.42B$3.56B
Goodwill ——$0$547.0M$547.0M$547.0M$547.0M$509.0M$509.0M$766.0M
Other intangibles $131.7M$160.8M$183.0M$204.0M$197.0M$213.0M$239.0M$253.0M$279.0M$33.0M
Total assets $8.40B$13.68B$8.14B$14.55B$13.49B$12.53B$10.78B$9.78B$9.29B$9.45B
Total current liabilities $440.3M$1.09B$1.18B$1.51B$1.18B$1.15B$962.0M$879.0M$918.0M$887.0M
Retained earnings $1.69B$1.85B$2.02B$2.70B$2.81B$2.80B$2.67B$2.66B$2.52B$2.45B
Total equity $4.80B$5.09B$6.00B$6.60B$6.73B$5.59B$5.40B$5.29B$4.89B$4.75B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $589.9M$1.15B$1.14B$1.16B$1.10B$1.53B$1.02B$1.02B$776.0M$782.0M
Depreciation and amortisation $303.4M$285.4M$270.5M$882.0M$851.0M$862.0M$890.0M$839.0M$817.0M$820.0M
Stock-based compensation $27.2M$18.3M$19.6M$42.0M$49.0M$53.0M$59.0M$54.0M$46.0M$42.0M
Capital expenditure $390.5M$365.4M$643.1M$1.16B$1.13B$1.34B$957.0M$776.0M$685.0M$636.0M
Investing cash flow $2.14B-$754.5M-$1.33B-$1.78B-$2.46B-$1.51B-$1.25B-$680.0M-$981.0M-$808.0M
Financing cash flow -$2.35B-$277.5M$56.0M$613.0M$321.0M$957.0M-$220.0M-$32.0M-$77.0M-$59.0M
Buybacks $108.1M$0$5.8M$40.0M$8.0M$14.0M$0$0$0$3.0M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001051512-26-000024.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -2B 0 2B 4B 6B Revenue, FY2016: 5.2B Gross profit, FY2016: 4B Net income, FY2016: 43M Revenue, FY2017: 5B Gross profit, FY2017: 3.9B Net income, FY2017: 153M Revenue, FY2018: 5B Net income, FY2018: 135M Revenue, FY2019: 5.1B Net income, FY2019: 121M Revenue, FY2020: 5.1B Net income, FY2020: 226M Revenue, FY2021: 5.2B Net income, FY2021: 188.1M Revenue, FY2022: 5.3B Net income, FY2022: 71.7M Revenue, FY2023: 1.2B Net income, FY2023: -487.3M Revenue, FY2024: 1.2B Net income, FY2024: -26.5M Revenue, FY2025: 1.1B Net income, FY2025: 20.2M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $5.16B $5.04B $5.02B $5.08B $5.12B $5.22B $5.29B $1.23B $1.18B $1.07B
Gross profit $3.97B $3.88B — — — — — — — —
Net income $43.0M $153.0M $135.0M $121.0M $226.0M $188.1M $71.7M -$487.3M -$26.5M $20.2M

Recent filings and events

  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • Other event Item 8.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Other event Item 8.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Officer or director change Item 5.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Acquisition or disposal completed Item 2.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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