TELEPHONE & DATA SYSTEMS INC /DE/

Listed Company

TDS-PVCIK 0001051512NYSELarge AcceleratedTelephone Communications (No Radiotelephone)DelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.23B

Net Income

$-6.24M

Total Assets

$8.40B

Equity

$4.80B

Shares Out

113.78M

Op. Cash Flow

$589.89M

Business

TELEPHONE & DATA SYSTEMS INC /DE/ provides communications services through majority-owned UScellular and its wholly owned TDS Telecom, delivering wireless, broadband, video and voice connectivity. It offers wireless postpaid and prepaid plans, devices, IoT solutions, fixed wireless home internet, fiber/coax broadband, video, VoIP voice services, tower leasing and related managed services. The company reports three segments: UScellular Wireless, UScellular Towers and TDS Telecom, and also operates certain subsidiary businesses. All operations and sales channels are located in the United States and serve customers via retail stores, digital platforms, direct and indirect sales, telesales and wholesale relationships.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total operating revenues	1,228	1,297	1,355	5,413	5,329
Selling, general and administrative	435	487	489	1,768	1,677
Depreciation, amortization and accretion	352	326	310	929	895
Loss on impairment of intangible assets	49	137	547	3	0
(Gain) loss on asset disposals, net	17	13	5	27	26
(Gain) loss on sale of business and other exit costs, net	−24	−68	0	−1	−2
(Gain) loss on license sales and exchanges, net	−6	3	−2	0	0
Total operating expenses	1,326	1,488	2,038	5,291	5,068
Operating income (loss)	−97	−191	−683	122	261
Equity in earnings of unconsolidated entities	176	164	159	159	182
Interest and dividend income	40	27	20	17	11
Interest expense	−113	−109	−62	−174	−232
Short-term imputed spectrum lease income	69	0	0	—	—
Other, net	14	6	2	1	−1
Total other income	186	88	119	3	−40
Income (loss) before income taxes	89	−103	−563	125	221
Income tax expense (benefit)	−62	−22	−16	53	33
Net income (loss) from continuing operations	151	−81	−548	—	—
Less: Net income (loss) from continuing operations attributable to noncontrolling interests, net of tax	34	−9	3	—	—
Net income (loss) from continuing operations attributable to TDS shareholders	117	−72	−550	—	—
Net income (loss) from discontinued operations	−131	55	60	—	—
Less: Net income from discontinued operations attributable to noncontrolling interests, net of tax	−7	10	10	—	—
Net income (loss) from discontinued operations attributable to TDS shareholders	−124	44	50	—	—
Net income (loss)	20	−26	−487	72	188
Less: Net income attributable to noncontrolling interests, net of tax	26	1	13	10	32
Net income (loss) attributable to TDS shareholders	−6	−28	−500	62	156
TDS Preferred Share dividends	69	69	69	69	39
Net income (loss) attributable to TDS common shareholders	−75	−97	−569	−7	117
Basic weighted average shares outstanding (in shares)	115	114	113	114	115
Basic earnings (loss) per share from continuing operations attributable to TDS common shareholders	0.42	−1.24	−5.5	—	—
Basic earnings (loss) per share from discontinued operations attributable to TDS common shareholders	−1.08	0.39	0.45	—	—
Basic earnings (loss) per share attributable to TDS common shareholders	−0.66	−0.85	−5.05	−0.07	1.03
Diluted weighted average shares outstanding (in shares)	119	114	113	114	116
Diluted earnings (loss) per share from continuing operations attributable to TDS common shareholders	0.39	−1.24	−5.5	—	—
Diluted earnings (loss) per share from discontinued operations attributable to TDS common shareholders	−1.04	0.39	0.45	—	—
Diluted earnings (loss) per share attributable to TDS common shareholders	−0.65	−0.85	−5.05	−0.07	1

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	766	364	236	360	367
Customers, less allowances of $3,406 and $4,367, respectively	69	57	992	1,069	1,058
Other, less allowances of $3,203 and $1,643, respectively	41	41	82	112	93
Inventory, net	4	4	208	268	178
Prepaid expenses	28	32	86	102	103
Income taxes receivable	1	2	4	59	184
Current assets of discontinued operations	0	1,163	—	—	18
Other current assets	14	31	52	58	61
Total current assets	923	1,695	1,660	2,028	2,044
Non-current assets held for sale	1,598	12,000	—	—	—
Non-current assets of discontinued operations	0	4,500	15	26	18
Licenses	1,643	3,290	4,702	4,699	4,097
Other intangible assets, net of accumulated amortization of $157,208 and $128,077, respectively	132	161	183	204	197
Investments in unconsolidated entities	462	500	505	495	479
Property, plant and equipment, net of accumulated depreciation and amortization of $4,156,666 and $4,137,465, respectively	2,965	2,876	5,062	4,760	4,361
Operating lease right-of-use assets	515	521	987	995	1,040
Other assets and deferred charges	160	139	807	796	710
Total assets	8,398	13,682	8,135	14,550	13,493
Current portion of long-term debt	5	31	26	19	6
Accounts payable	116	75	360	506	481
Customer deposits and deferred revenues	125	47	277	285	236
Accrued interest	3	9	12	12	10
Accrued taxes	47	37	43	46	45
Accrued compensation	57	147	149	144	137
Short-term operating lease liabilities	26	28	147	146	141
Current liabilities of discontinued operations	20	672	—	—	—
Other current liabilities	41	45	170	356	124
Total current liabilities	440	1,090	1,184	1,514	1,180
Non-current liabilities of discontinued operations	0	2,311	—	—	0
Deferred income tax liability, net	744	981	975	969	921
Long-term operating lease liabilities	550	541	890	908	960
Other deferred liabilities and credits	574	461	784	813	759
Long-term debt, net	823	2,416	4,080	3,731	2,928
Commitments and contingencies	—	—	—	—	—
Noncontrolling interests with redemption features	0	16	12	12	11
Authorized 290,000 shares (25,000 Series A Common and 265,000 Common Shares) Issued 133,236 shares (7,541 Series A Common and 125,695 Common Shares) and 133,229 shares (7,534 Series A Common and 125,695 Common Shares), respectively Outstanding 113,783 shares (7,541 Series A Common and 106,242 Common Shares) and 114,345 shares (7,534 Series A Common and 106,811 Common Shares), respectively	1	1	1	1	1
Capital in excess of par value	2,484	2,574	2,558	2,551	2,496
Preferred Shares, 279,000 shares authorized, par value $0.01 per share, 44,400 shares outstanding (16,800 Series UU and 27,600 Series VV)	1,074	1,074	1,074	1,074	1,074
Treasury shares, at cost, 19,453 and 18,884 Common Shares, respectively	−473	−425	−465	−481	−461
Accumulated other comprehensive income	22	18	11	5	5
Retained earnings	1,694	1,849	2,023	2,699	2,812
Total TDS shareholders equity	4,802	5,091	5,202	5,849	5,927
Noncontrolling interests	466	777	794	754	807
Total equity	5,267	5,868	5,996	6,603	6,734
Total liabilities and equity	8,398	13,682	13,921	14,550	13,493

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Bad debts expense	8	7	9	138	60
Stock-based compensation expense	27	18	20	42	49
Deferred income taxes, net	−66	−21	−15	47	52
Distributions from unconsolidated entities	216	169	150	145	180
Other operating activities	30	5	1	10	61
Accounts receivable	−24	6	−17	−69	−22
Inventory	−10,000	−327,000	−1	−90	−25
Accounts payable	−10	−56	−32	32	−69
Customer deposits and deferred revenues	−71	399,000	1	48	43
Accrued taxes	−20	−5	44	127	−49
Other assets and liabilities	−114	6	−7	53	14
Net cash provided by operating activities - continuing operations	338	296	307	—	—
Net cash provided by operating activities - discontinued operations	252	850	834	—	—
Net cash provided by operating activities	590	1,146	1,141	1,155	1,103
Cash paid for additions to property, plant and equipment	−391	−365	−643	−1,161	−1,131
Cash paid for licenses	−4	−19	−129	−614	−1,308
Cash received from divestitures	72	147	1	8	3
Other investing activities	4	1	12	−16	−3
Net cash used in investing activities - continuing operations	−318	−236	−759	—	—
Net cash provided by (used in) investing activities - discontinued operations	2,462	−519	−568	—	—
Net cash provided by (used in) investing activities	2,144	−755	−1,327	−1,783	−2,462
Issuance of long-term debt	325	440	1,081	1,154	1,543
Repayment of long-term debt	−1,962	−456	−723	−332	−2,081
Repayment of short-term debt	0	0	−60	−50	0
Tax withholdings, net of cash receipts, for TDS stock-based compensation awards	−1	−2	−3	−4	—
Tax withholdings, net of cash receipts, for Array stock-based compensation awards	−63	−11	−6	−5	—
Repurchase of TDS Common Shares	−108	0	−6	−40	−8
Repurchase of Array Common Shares	−21	−54	0	−43	−31
Dividends paid to TDS shareholders	−88	−104	−153	−151	−119
Array dividends paid to noncontrolling public shareholders	−359	0	0	—	—
Payment of debt issuance costs	−9	−16	−5	−2	−62
Distributions to noncontrolling interests	−22	−5	−3	−3	−3
Cash paid for software license agreements	−2	−1	−405,000	−23	−9
Other financing activities	−16	−1	369,000	2	2
Net cash provided by (used in) financing activities - continuing operations	−2,327	−211	122	—	—
Net cash used in financing activities - discontinued operations	−21	−67	−66	—	—
Net cash provided by (used in) financing activities	−2,347	−277	56	613	321
Net increase (decrease) in cash, cash equivalents and restricted cash	387	114	−130	−15	−1,038

Filings

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