TELEPHONE & DATA SYSTEMS INC /DE/ TDS
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."
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -0.07 | 1.03 | 1.97 | 1.06 | 1.20 | 1.39 | 0.39 |
| EPS, diluted | -0.65 | -0.85 | -5.05 | -0.07 | 1.00 | 1.93 | 1.03 | 1.17 | 1.37 | 0.39 |
| Shares, diluted (wtd. avg.) | $118.6M | $113.7M | $112.8M | $114.0M | $116.0M | $115.0M | $116.0M | $114.0M | $112.0M | $111.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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