Telephone and Data Systems (TDS) Financials

$34.51 -0.13 (-0.38%)

As of 05/20/2025 03:59 PM Eastern

Annual Income Statements for Telephone and Data Systems

This table shows Telephone and Data Systems' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	-97	-569	-7.00	117	226	121	135	153	43	219
Consolidated Net Income / (Loss)	-26	-487	72	188	269	147	175	157	52	263
Net Income / (Loss) Continuing Operations	-26	-487	72	188	269	147	175	157	52	263
Total Pre-Tax Income	-20	-477	125	221	288	211	221	-122	92	435
Total Operating Income	63	-414	122	261	259	179	205	-108	108	431
Total Gross Profit	2,829	2,826	2,848	2,857	2,871	2,839	2,773	1,620	1,621	2,795
Total Revenue	4,964	5,160	5,413	5,329	5,225	5,176	5,109	3,979	4,050	5,210
Operating Revenue	4,964	5,160	5,413	5,329	5,225	5,176	5,109	3,979	4,050	5,210
Total Cost of Revenue	2,135	2,334	2,565	2,472	2,354	2,337	2,336	2,359	2,429	2,415
Operating Cost of Revenue	2,135	2,334	2,565	2,472	2,354	2,337	2,336	2,359	2,429	2,415
Total Operating Expenses	2,766	3,240	2,726	2,596	2,612	2,660	2,568	1,728	1,513	2,364
Selling, General & Admin Expense	1,721	1,753	1,768	1,677	1,681	1,717	1,694	1,689	1,762	1,781
Depreciation Expense	943	915	929	895	909	932	883	844	850	844
Other Operating Expenses / (Income)	-68	0.00	-1.00	-2.00	0.00	-1.00	0.00	-1,065	-1,105	-
Impairment Charge	137	547	3.00	0.00	0.00	0.00	0.00	262	0.00	0.00
Other Special Charges / (Income)	33	25	27	26	22	12	-9.00	-2.00	6.00	-261
Total Other Income / (Expense), net	-83	-63	3.00	-40	29	32	16	-14	-16	4.00
Interest Expense	279	244	174	232	168	165	172	170	170	142
Interest & Investment Income	191	179	176	193	198	197	186	152	151	145
Other Income / (Expense), net	5.00	2.00	1.00	-1.00	-1.00	0.00	2.00	4.00	3.00	1.00
Income Tax Expense	6.00	10	53	33	19	64	46	-279	40	172
Preferred Stock Dividends Declared	69	69	69	39	0.00	0.00	-	-	0.00	-
Net Income / (Loss) Attributable to Noncontrolling Interest	2.00	13	10	32	43	26	40	4.00	9.00	44
Basic Earnings per Share	($0.85)	($5.05)	($0.07)	$1.03	$1.97	$1.06	$1.20	$1.39	$0.39	$2.02
Weighted Average Basic Shares Outstanding	114M	113M	114M	115M	114M	114M	112M	111M	110M	109M
Diluted Earnings per Share	($0.85)	($5.06)	($0.07)	$1.00	$1.93	$1.03	$1.17	$1.37	$0.39	$1.98
Weighted Average Diluted Shares Outstanding	114M	113M	114M	116M	115M	116M	114M	112M	111M	110M
Weighted Average Basic & Diluted Shares Outstanding	114M	113M	112.46M	114.59M	114.37M	114.20M	112.50M	110.10M	110.30M	108.40M
Cash Dividends to Common per Share	$0.31	$0.74	$0.72	$0.70	$0.68	$0.66	$0.64	$0.62	$0.59	$0.56

This table shows Telephone and Data Systems' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	-10	-12	-83	-14	12	-524	-17	-19	-9.00	-44	-25
Consolidated Net Income / (Loss)	12	8.00	-79	7.00	38	-503	4.00	0.00	12	-29	-10
Net Income / (Loss) Continuing Operations	12	8.00	-79	7.00	38	-503	4.00	0.00	12	-29	-10
Total Pre-Tax Income	20	13	-104	13	58	-548	31	15	25	-37	-13
Total Operating Income	35	37	-80	39	67	-524	48	33	29	-25	-11
Total Gross Profit	696	675	708	715	731	705	711	699	711	695	689
Total Revenue	1,154	1,240	1,224	1,238	1,262	1,312	1,278	1,267	1,303	1,357	1,392
Operating Revenue	1,154	1,240	1,224	1,238	1,262	1,312	1,278	1,267	1,303	1,357	1,392
Total Cost of Revenue	458	565	516	523	531	607	567	568	592	662	703
Operating Cost of Revenue	458	565	516	523	531	607	567	568	592	662	703
Total Operating Expenses	661	638	788	676	664	1,229	663	666	682	720	700
Selling, General & Admin Expense	425	449	422	426	424	446	432	436	439	469	462
Depreciation Expense	234	238	238	233	234	233	225	225	232	237	234
Other Operating Expenses / (Income)	-1.00	-	-12	-	0.00	-	0.00	-	0.00	-	0.00
Impairment Charge	0.00	1.00	136	0.00	0.00	547	0.00	0.00	0.00	-	0.00
Other Special Charges / (Income)	3.00	6.00	4.00	17	6.00	3.00	6.00	5.00	11	14	4.00
Total Other Income / (Expense), net	-15	-24	-24	-26	-9.00	-24	-17	-18	-4.00	-12	-2.00
Interest Expense	61	73	76	73	57	67	62	62	53	55	46
Interest & Investment Income	43	47	51	46	47	41	45	44	49	42	44
Other Income / (Expense), net	3.00	2.00	1.00	1.00	1.00	2.00	0.00	0.00	0.00	1.00	0.00
Income Tax Expense	8.00	5.00	-25	6.00	20	-45	27	15	13	-8.00	-3.00
Preferred Stock Dividends Declared	17	18	17	17	17	18	17	17	17	18	17
Net Income / (Loss) Attributable to Noncontrolling Interest	5.00	2.00	-13	4.00	9.00	3.00	4.00	2.00	4.00	-3.00	-2.00
Basic Earnings per Share	($0.09)	($0.10)	($0.73)	($0.13)	$0.11	($4.64)	($0.16)	($0.17)	($0.08)	($0.38)	($0.22)
Weighted Average Basic Shares Outstanding	115M	114M	114M	114M	113M	113M	113M	113M	113M	114M	114M
Diluted Earnings per Share	($0.09)	($0.09)	($0.73)	($0.13)	$0.10	($4.65)	($0.16)	($0.17)	($0.08)	($0.37)	($0.22)
Weighted Average Diluted Shares Outstanding	115M	114M	114M	114M	117M	113M	113M	113M	113M	114M	114M
Weighted Average Basic & Diluted Shares Outstanding	114M	114M	113M	113M	113M	113M	113M	112.76M	112.57M	112.46M	113.57M
Cash Dividends to Common per Share	$0.04	-	$0.04	$0.04	$0.19	-	$0.19	$0.19	$0.19	-	$0.18

This table details how cash moves in and out of Telephone and Data Systems' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	114	-129	-15	-1,038	978	-453	305	-282	-85	508
Net Cash From Operating Activities	1,145	1,142	1,155	1,103	1,532	1,016	1,017	776	782	790
Net Cash From Continuing Operating Activities	1,145	1,142	1,155	1,103	1,532	1,016	1,017	776	782	790
Net Income / (Loss) Continuing Operations	-26	-487	72	188	269	147	175	157	52	263
Consolidated Net Income / (Loss)	-26	-487	72	188	269	147	175	157	52	263
Depreciation Expense	943	915	929	895	909	932	883	844	850	844
Non-Cash Adjustments To Reconcile Net Income	284	715	195	131	158	176	139	403	103	-190
Changes in Operating Assets and Liabilities, net	-56	-1.00	-41	-111	196	-239	-180	-628	-223	-130
Net Cash From Investing Activities	-754	-1,327	-1,783	-2,462	-1,511	-1,249	-680	-981	-808	-743
Net Cash From Continuing Investing Activities	-754	-1,327	-1,783	-2,462	-1,511	-1,249	-680	-981	-808	-743
Purchase of Property, Plant & Equipment	-884	-1,211	-1,161	-1,131	-1,338	-957	-776	-685	-636	-801
Acquisitions	-20	-130	-614	-1,328	-202	-346	-16	-218	-53	-287
Divestitures	147	1.00	8.00	0.00	26	41	29	21	21	343
Other Investing Activities, net	3.00	13	-16	-3.00	3.00	-5.00	0.00	1.00	-140	2.00
Net Cash From Financing Activities	-277	56	613	321	957	-220	-32	-77	-59	461
Net Cash From Continuing Financing Activities	-277	56	613	321	957	-220	-32	-77	-59	461
Repayment of Debt	-458	-783	-380	-2,079	-108	-118	-22	-17	-12	-14
Repurchase of Common Equity	-70	-20	-94	-101	-78	-28	0.00	0.00	-8.00	-6.00
Payment of Dividends	-109	-156	-154	-122	-80	-79	-78	-73	-66	-67
Issuance of Debt	440	1,081	1,264	1,543	1,250	14	8.00	8.00	12	537
Other Financing Activities, net	-80	-66	-23	-30	-27	-9.00	18	-	-	-4.00

This table details how cash moves in and out of Telephone and Data Systems' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-13	-88	126	68	8.00	-23	-	-16	-90	-82	-24
Net Cash From Operating Activities	186	212	307	402	224	219	409	468	46	254	167
Net Cash From Continuing Operating Activities	186	212	307	402	224	219	409	468	46	254	167
Net Income / (Loss) Continuing Operations	12	8.00	-79	7.00	38	-503	4.00	-	12	-29	-10
Consolidated Net Income / (Loss)	12	8.00	-79	7.00	38	-503	4.00	-	12	-29	-10
Depreciation Expense	234	239	237	233	234	234	225	224	232	238	235
Non-Cash Adjustments To Reconcile Net Income	25	32	151	70	31	614	22	62	17	73	36
Changes in Operating Assets and Liabilities, net	-85	-67	-2.00	92	-79	-126	158	182	-215	-28	-94
Net Cash From Investing Activities	-123	-174	-115	-219	-246	-405	-293	-295	-334	-375	-286
Net Cash From Continuing Investing Activities	-123	-174	-115	-219	-246	-405	-293	-295	-334	-375	-286
Purchase of Property, Plant & Equipment	-129	-229	-204	-216	-235	-305	-277	-298	-331	-367	-268
Acquisitions	-2.00	-3.00	-2.00	-4.00	-11	-106	-16	-3.00	-5.00	-11	-17
Divestitures	8.00	56	91	-	0.00	1.00	-	-	0.00	8.00	-
Other Investing Activities, net	0.00	2.00	-	1.00	0.00	5.00	-	6.00	2.00	-5.00	-1.00
Net Cash From Financing Activities	-76	-126	-66	-115	30	163	-116	-189	198	39	95
Net Cash From Continuing Financing Activities	-76	-126	-66	-115	30	163	-116	-189	198	39	95
Repayment of Debt	-8.00	-33	-7.00	-359	-59	-55	-459	-203	-66	-1.00	-150
Repurchase of Common Equity	-21	-44	-26	-	0.00	-14	-	-3.00	-3.00	-41	-15
Payment of Dividends	-24	-22	-23	-23	-41	-40	-38	-39	-39	-37	-39
Issuance of Debt	0.00	-	-	300	140	300	390	75	316	127	301
Other Financing Activities, net	-23	-27	-10	-33	-10	-28	-9.00	-19	-10	-9.00	-2.00

This table presents Telephone and Data Systems' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	13,682	13,921	14,550	13,493	12,525	10,781	9,783	9,295	9,446	9,422
Total Current Assets	1,695	1,660	2,028	2,044	3,026	1,921	2,330	1,966	2,059	2,158
Cash & Equivalents	364	236	360	367	1,429	465	921	619	900	985
Accounts Receivable	1,041	1,074	1,181	1,151	1,112	1,124	1,099	961	851	803
Inventories, net	183	208	268	178	154	169	150	145	151	158
Prepaid Expenses	72	86	102	103	105	98	103	112	115	112
Current Deferred & Refundable Income Taxes	2.00	4.00	59	184	187	36	12	2.00	10	70
Other Current Assets	33	52	58	61	36	29	28	27	32	30
Plant, Property, & Equipment, net	4,994	5,062	4,760	4,361	3,972	3,527	3,346	3,424	3,555	3,764
Plant, Property & Equipment, gross	14,363	15,612	14,971	14,265	13,659	12,864	12,074	11,742	11,679	11,520
Accumulated Depreciation	9,369	10,550	10,211	9,904	9,687	9,337	8,728	8,318	8,124	7,756
Total Noncurrent Assets	6,993	7,199	7,762	7,088	5,527	5,333	4,107	3,905	3,832	3,500
Long-Term Investments	500	505	495	479	477	488	480	453	452	402
Intangible Assets	4,749	4,885	4,903	4,294	2,851	2,719	2,448	2,511	2,172	2,135
Other Noncurrent Operating Assets	1,744	1,794	1,791	1,750	1,650	1,579	616	422	434	197
Other Noncurrent Nonoperating Assets	0.00	15	26	18	2.00	-	54	10	8.00	-
Total Liabilities & Shareholders' Equity	13,682	13,921	14,550	13,493	12,525	10,781	9,783	9,295	9,446	9,422
Total Liabilities	7,798	7,913	7,935	6,748	6,922	5,366	4,479	4,403	4,696	4,718
Total Current Liabilities	1,090	1,184	1,514	1,180	1,153	962	879	918	887	944
Short-Term Debt	31	26	19	6.00	5.00	10	21	20	12	14
Accounts Payable	280	360	506	481	508	374	365	368	365	349
Current Deferred Revenue	283	277	285	236	193	189	197	223	229	288
Current Deferred & Payable Income Tax Liabilities	39	43	46	45	69	41	44	64	44	41
Current Employee Benefit Liabilities	150	149	144	137	132	121	127	126	127	113
Other Current Liabilities	291	317	502	265	230	216	114	106	99	127
Other Current Nonoperating Liabilities	16	12	12	10	-	-	-	-	-	-
Total Noncurrent Liabilities	6,708	6,729	6,421	5,568	5,769	4,404	3,600	3,485	3,809	3,774
Long-Term Debt	4,051	4,080	3,731	2,928	3,424	2,316	2,418	2,437	2,433	2,440
Noncurrent Deferred & Payable Income Tax Liabilities	981	975	969	921	863	676	640	552	922	900
Other Noncurrent Operating Liabilities	1,676	1,674	1,721	1,719	1,481	1,412	541	496	454	434
Other Noncurrent Nonoperating Liabilities	0.00	0.00	0.00	0.00	1.00	0.00	1.00	0.00	-	-
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	16	12	12	11	10	11	11	-	-	-
Total Equity & Noncontrolling Interests	5,868	5,996	6,603	6,734	5,593	5,404	5,293	4,892	4,750	4,704
Total Preferred & Common Equity	5,091	5,202	5,849	5,927	4,804	4,653	4,560	4,269	4,144	4,126
Preferred Stock	1,074	1,074	1,074	1,074	0.00	-	-	-	1.00	1.00
Total Common Equity	4,017	4,128	4,775	4,853	4,804	4,653	4,560	4,269	4,144	4,126
Common Stock	2,575	2,559	2,552	2,497	2,483	2,469	2,433	2,414	2,387	2,366
Retained Earnings	1,849	2,023	2,699	2,812	2,802	2,672	2,656	2,525	2,454	2,487
Treasury Stock	-425	-465	-481	-461	-477	-479	-519	-669	-698	-727
Accumulated Other Comprehensive Income / (Loss)	18	11	5.00	5.00	-4.00	-9.00	-10	-1.00	1.00	-
Noncontrolling Interest	777	794	754	807	789	751	733	623	605	577

This table presents Telephone and Data Systems' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	13,536	13,726	13,872	13,866	14,414	14,406	14,539	14,479
Total Current Assets	1,673	1,746	1,641	1,628	1,680	1,746	1,903	2,086
Cash & Equivalents	348	451	322	249	256	251	259	442
Accounts Receivable	1,004	997	1,037	1,036	1,081	1,107	1,131	1,181
Inventories, net	182	167	148	184	181	216	269	252
Prepaid Expenses	98	88	88	107	99	104	113	94
Current Deferred & Refundable Income Taxes	3.00	3.00	4.00	3.00	3.00	5.00	60	60
Other Current Assets	38	40	42	49	60	63	71	57
Plant, Property, & Equipment, net	4,871	4,987	4,988	5,052	4,998	4,932	4,872	4,647
Plant, Property & Equipment, gross	14,357	14,409	14,224	14,452	15,497	15,322	15,183	14,928
Accumulated Depreciation	9,486	9,422	9,236	9,400	10,499	10,390	10,311	10,281
Total Noncurrent Assets	6,992	6,993	7,243	7,186	7,736	7,728	7,764	7,746
Long-Term Investments	527	524	507	526	520	500	519	503
Intangible Assets	4,744	4,754	4,897	4,898	4,888	4,897	4,901	4,899
Other Noncurrent Operating Assets	1,707	1,698	1,719	1,762	1,765	1,768	1,779	1,768
Other Noncurrent Nonoperating Assets	14	17	120	0.00	16	16	18	29
Total Liabilities & Shareholders' Equity	13,536	13,726	13,872	13,866	14,414	14,406	14,539	14,479
Total Liabilities	7,668	7,837	7,874	7,846	7,885	7,857	7,952	7,777
Total Current Liabilities	960	1,098	1,086	1,031	1,327	1,278	1,225	1,409
Short-Term Debt	35	29	29	26	24	60	20	16
Accounts Payable	247	334	327	302	550	364	344	506
Current Deferred Revenue	276	270	282	284	270	278	277	266
Current Deferred & Payable Income Tax Liabilities	41	49	43	44	51	45	45	48
Current Employee Benefit Liabilities	62	107	94	59	110	104	78	107
Other Current Liabilities	274	283	294	295	302	415	440	446
Other Current Nonoperating Liabilities	25	26	17	21	20	12	21	20
Total Noncurrent Liabilities	6,708	6,739	6,788	6,815	6,558	6,579	6,727	6,368
Long-Term Debt	4,042	4,097	4,103	4,164	3,840	3,872	4,040	3,608
Noncurrent Deferred & Payable Income Tax Liabilities	987	961	992	988	1,003	987	974	967
Other Noncurrent Operating Liabilities	1,674	1,674	1,659	1,663	1,715	1,720	1,713	1,793
Other Noncurrent Nonoperating Liabilities	5.00	7.00	34	-	-	-	-	-
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	16	16	16	16	12	12	12	12
Total Equity & Noncontrolling Interests	5,852	5,873	5,982	6,004	6,517	6,537	6,575	6,690
Total Preferred & Common Equity	5,078	5,075	5,148	5,204	5,726	5,752	5,816	5,904
Preferred Stock	1,074	1,074	1,074	1,074	1,074	1,074	1,074	1,074
Total Common Equity	4,004	4,001	4,074	4,130	4,652	4,678	4,742	4,830
Common Stock	2,582	2,558	2,543	2,571	2,545	2,533	2,553	2,528
Retained Earnings	1,818	1,865	1,957	2,008	2,567	2,606	2,658	2,763
Treasury Stock	-414	-433	-437	-460	-465	-466	-474	-468
Accumulated Other Comprehensive Income / (Loss)	18	11	11	11	5.00	5.00	5.00	7.00
Noncontrolling Interest	774	798	834	800	791	785	759	786

This table displays calculated financial ratios and metrics derived from Telephone and Data Systems' official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-3.80%	-4.67%	1.58%	1.99%	0.95%	1.31%	28.40%	-1.75%	-22.26%	4.01%
EBITDA Growth	100.99%	-52.19%	-8.92%	-1.03%	5.04%	1.93%	47.30%	-23.00%	-24.86%	97.07%
EBIT Growth	116.50%	-434.96%	-52.69%	0.78%	44.13%	-13.53%	299.04%	-193.69%	-74.31%	327.37%
NOPAT Growth	115.22%	-512.40%	-68.35%	-8.22%	93.99%	-23.18%	314.72%	-223.85%	-76.57%	295.93%
Net Income Growth	94.66%	-776.39%	-61.70%	-30.11%	82.99%	-16.00%	11.47%	201.92%	-80.23%	278.91%
EPS Growth	83.20%	-7,128.57%	-107.00%	-48.19%	87.38%	-11.97%	-14.60%	251.28%	-80.30%	257.14%
Operating Cash Flow Growth	0.26%	-1.13%	4.71%	-28.00%	50.79%	-0.10%	31.06%	-0.77%	-1.01%	100.00%
Free Cash Flow Firm Growth	280.77%	72.73%	58.99%	-1,408.93%	75.19%	-782.53%	114.07%	-20,732.89%	-101.78%	119.44%
Invested Capital Growth	-2.69%	-1.33%	7.60%	23.63%	4.99%	8.21%	1.70%	5.68%	1.09%	2.68%
Revenue Q/Q Growth	-1.43%	-0.86%	31.70%	-19.89%	-15.45%	-27.75%	152.92%	35.57%	-21.68%	0.22%
EBITDA Q/Q Growth	127.19%	-49.95%	-3.84%	0.17%	0.17%	0.82%	0.28%	3.21%	-2.93%	6.21%
EBIT Q/Q Growth	113.79%	-579.07%	-30.90%	0.39%	5.31%	-2.72%	-2.82%	19.38%	-17.78%	16.19%
NOPAT Q/Q Growth	112.65%	-791.69%	-42.41%	6.77%	4.61%	-5.20%	-65.07%	16.28%	-25.43%	18.33%
Net Income Q/Q Growth	95.16%	-3,646.15%	-47.45%	12.57%	0.00%	-3.92%	-64.07%	186.26%	-8.77%	7.95%
EPS Q/Q Growth	84.29%	-548.72%	-117.07%	-0.99%	1.05%	-2.83%	-67.77%	208.73%	-4.88%	7.03%
Operating Cash Flow Q/Q Growth	-0.61%	-2.97%	1.23%	-10.25%	17.13%	-5.84%	5.17%	1.44%	11.55%	26.24%
Free Cash Flow Firm Q/Q Growth	36.83%	41.81%	18.93%	-11.15%	65.91%	-82.47%	80.50%	-2,127.32%	-234.50%	142.99%
Invested Capital Q/Q Growth	0.68%	-2.61%	1.32%	3.71%	2.22%	5.13%	2.65%	8.61%	1.49%	1.82%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	56.99%	54.77%	52.61%	53.61%	54.95%	54.85%	54.28%	40.71%	40.02%	53.65%
EBITDA Margin	20.37%	9.75%	19.43%	21.67%	22.33%	21.46%	21.33%	18.60%	23.73%	24.55%
Operating Margin	1.27%	-8.02%	2.25%	4.90%	4.96%	3.46%	4.01%	-2.71%	2.67%	8.27%
EBIT Margin	1.37%	-7.98%	2.27%	4.88%	4.94%	3.46%	4.05%	-2.61%	2.74%	8.29%
Profit (Net Income) Margin	-0.52%	-9.44%	1.33%	3.53%	5.15%	2.84%	3.43%	3.95%	1.28%	5.05%
Tax Burden Percent	130.00%	102.10%	57.60%	85.07%	93.40%	69.67%	79.19%	-128.69%	56.52%	60.46%
Interest Burden Percent	-29.41%	115.78%	101.63%	85.00%	111.63%	117.88%	106.76%	117.31%	82.88%	100.69%
Effective Tax Rate	0.00%	0.00%	42.40%	14.93%	6.60%	30.33%	20.81%	0.00%	43.48%	39.54%
Return on Invested Capital (ROIC)	0.48%	-3.07%	0.77%	2.78%	3.47%	1.91%	2.61%	-1.26%	1.05%	4.57%
ROIC Less NNEP Spread (ROIC-NNEP)	-1.65%	-9.39%	0.84%	0.90%	5.33%	3.79%	3.72%	18.27%	0.22%	4.78%
Return on Net Nonoperating Assets (RNNOA)	-0.91%	-4.64%	0.31%	0.26%	1.41%	0.84%	0.83%	4.51%	0.05%	1.18%
Return on Equity (ROE)	-0.44%	-7.72%	1.08%	3.05%	4.88%	2.74%	3.43%	3.26%	1.10%	5.74%
Cash Return on Invested Capital (CROIC)	3.20%	-1.74%	-6.56%	-18.35%	-1.39%	-5.98%	0.92%	-6.78%	-0.03%	1.93%
Operating Return on Assets (OROA)	0.49%	-2.89%	0.88%	2.00%	2.21%	1.74%	2.17%	-1.11%	1.18%	4.73%
Return on Assets (ROA)	-0.19%	-3.42%	0.51%	1.45%	2.31%	1.43%	1.83%	1.68%	0.55%	2.88%
Return on Common Equity (ROCE)	-0.30%	-5.44%	0.78%	2.38%	4.19%	2.36%	2.97%	2.84%	0.96%	5.05%
Return on Equity Simple (ROE_SIMPLE)	-0.51%	-9.36%	1.23%	3.17%	5.60%	3.16%	3.84%	3.68%	1.25%	6.37%
Net Operating Profit after Tax (NOPAT)	44	-290	70	222	242	125	162	-76	61	261
NOPAT Margin	0.89%	-5.62%	1.30%	4.17%	4.63%	2.41%	3.18%	-1.90%	1.51%	5.00%
Net Nonoperating Expense Percent (NNEP)	2.13%	6.32%	-0.07%	1.88%	-1.86%	-1.89%	-1.12%	-19.53%	0.83%	-0.21%
Return On Investment Capital (ROIC_SIMPLE)	0.44%	-2.87%	0.68%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	43.01%	45.23%	47.39%	46.39%	45.05%	45.15%	45.72%	59.29%	59.98%	46.35%
SG&A Expenses to Revenue	34.67%	33.97%	32.66%	31.47%	32.17%	33.17%	33.16%	42.45%	43.51%	34.18%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	55.72%	62.79%	50.36%	48.71%	49.99%	51.39%	50.26%	43.43%	37.36%	45.37%
Earnings before Interest and Taxes (EBIT)	68	-412	123	260	258	179	207	-104	111	432
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,011	503	1,052	1,155	1,167	1,111	1,090	740	961	1,279
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.96	0.49	0.23	0.42	0.38	0.52	0.65	0.57	0.59	0.51
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	169.67	1.29	1.73	1.84	1.94	2.02	1.73
Price to Revenue (P/Rev)	0.78	0.40	0.20	0.38	0.35	0.46	0.58	0.61	0.60	0.41
Price to Earnings (P/E)	0.00	0.00	0.00	17.40	8.01	19.84	21.88	15.84	56.77	9.68
Dividend Yield	0.91%	4.10%	7.43%	3.94%	4.29%	3.15%	2.45%	2.83%	2.67%	2.89%
Earnings Yield	0.00%	0.00%	0.00%	5.75%	12.48%	5.04%	4.57%	6.31%	1.76%	10.33%
Enterprise Value to Invested Capital (EV/IC)	0.98	0.78	0.61	0.68	0.58	0.67	0.75	0.70	0.71	0.65
Enterprise Value to Revenue (EV/Rev)	1.80	1.41	1.08	1.13	0.79	0.88	0.92	1.09	1.02	0.72
Enterprise Value to EBITDA (EV/EBITDA)	8.84	14.48	5.55	5.21	3.54	4.08	4.33	5.85	4.31	2.94
Enterprise Value to EBIT (EV/EBIT)	131.46	0.00	47.44	23.14	16.01	25.34	22.80	0.00	37.30	8.71
Enterprise Value to NOPAT (EV/NOPAT)	202.71	0.00	83.04	27.10	17.07	36.38	29.07	0.00	67.82	14.45
Enterprise Value to Operating Cash Flow (EV/OCF)	7.81	6.38	5.05	5.45	2.70	4.46	4.64	5.58	5.29	4.77
Enterprise Value to Free Cash Flow (EV/FCFF)	30.19	0.00	0.00	0.00	0.00	0.00	82.32	0.00	0.00	34.26
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.69	0.68	0.57	0.44	0.61	0.43	0.46	0.50	0.51	0.52
Long-Term Debt to Equity	0.69	0.68	0.56	0.43	0.61	0.43	0.46	0.50	0.51	0.52
Financial Leverage	0.55	0.49	0.37	0.29	0.26	0.22	0.22	0.25	0.23	0.25
Leverage Ratio	2.32	2.26	2.10	2.11	2.12	1.92	1.87	1.94	2.00	2.00
Compound Leverage Factor	-0.68	2.61	2.13	1.79	2.36	2.26	2.00	2.28	1.65	2.01
Debt to Total Capital	40.96%	40.60%	36.18%	30.31%	37.97%	30.05%	31.50%	33.43%	33.98%	34.28%
Short-Term Debt to Total Capital	0.31%	0.26%	0.18%	0.06%	0.06%	0.13%	0.27%	0.27%	0.17%	0.20%
Long-Term Debt to Total Capital	40.65%	40.34%	36.00%	30.25%	37.91%	29.92%	31.23%	33.16%	33.82%	34.09%
Preferred Equity to Total Capital	10.78%	10.62%	10.36%	11.10%	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%
Noncontrolling Interests to Total Capital	7.96%	7.97%	7.39%	8.45%	8.85%	9.84%	9.61%	8.48%	8.41%	8.06%
Common Equity to Total Capital	40.31%	40.81%	46.07%	50.14%	53.19%	60.11%	58.89%	58.09%	57.60%	57.64%
Debt to EBITDA	4.04	8.16	3.56	2.54	2.94	2.09	2.24	3.32	2.54	1.92
Net Debt to EBITDA	3.18	6.69	2.75	1.81	1.30	1.24	0.94	1.74	1.14	0.83
Long-Term Debt to EBITDA	4.01	8.11	3.55	2.54	2.93	2.08	2.22	3.29	2.53	1.91
Debt to NOPAT	92.56	-14.17	53.36	13.21	14.17	18.65	15.02	-32.50	40.05	9.42
Net Debt to NOPAT	72.97	-11.61	41.20	9.40	6.28	11.01	6.29	-17.00	17.91	4.09
Long-Term Debt to NOPAT	91.86	-14.08	53.09	13.19	14.15	18.57	14.90	-32.24	39.86	9.36
Altman Z-Score	0.92	0.67	0.79	1.01	1.13	1.26	1.55	1.24	1.29	1.50
Noncontrolling Interest Sharing Ratio	31.51%	29.47%	27.93%	21.79%	14.17%	14.05%	13.41%	12.75%	12.52%	12.08%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.56	1.40	1.34	1.73	2.62	2.00	2.65	2.14	2.32	2.29
Quick Ratio	1.29	1.11	1.02	1.29	2.21	1.65	2.32	1.83	1.97	1.89
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	296	-164	-601	-1,465	-97	-391	57	-408	-1.96	110
Operating Cash Flow to CapEx	129.52%	94.30%	99.48%	97.52%	114.50%	106.17%	131.06%	113.28%	122.96%	98.63%
Free Cash Flow to Firm to Interest Expense	1.06	-0.67	-3.45	-6.31	-0.58	-2.37	0.33	-2.40	-0.01	0.77
Operating Cash Flow to Interest Expense	4.10	4.68	6.64	4.75	9.12	6.16	5.91	4.56	4.60	5.56
Operating Cash Flow Less CapEx to Interest Expense	0.94	-0.28	-0.03	-0.12	1.15	0.36	1.40	0.54	0.86	-0.08
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.36	0.36	0.39	0.41	0.45	0.50	0.54	0.42	0.43	0.57
Accounts Receivable Turnover	4.69	4.58	4.64	4.71	4.67	4.66	4.96	4.39	4.90	7.01
Inventory Turnover	10.92	9.81	11.50	14.89	14.58	14.65	15.84	15.94	15.72	11.19
Fixed Asset Turnover	0.99	1.05	1.19	1.28	1.39	1.51	1.51	1.14	1.11	1.37
Accounts Payable Turnover	6.67	5.39	5.20	5.00	5.34	6.32	6.37	6.44	6.80	6.56
Days Sales Outstanding (DSO)	77.76	79.76	78.62	77.50	78.10	78.38	73.59	83.11	74.53	52.08
Days Inventory Outstanding (DIO)	33.42	37.22	31.73	24.51	25.04	24.91	23.05	22.90	23.22	32.62
Days Payable Outstanding (DPO)	54.71	67.71	70.23	73.01	68.38	57.71	57.27	56.71	53.65	55.63
Cash Conversion Cycle (CCC)	56.47	49.26	40.13	29.00	34.76	45.58	39.37	49.30	44.10	29.07
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,118	9,370	9,496	8,825	7,138	6,799	6,283	6,178	5,846	5,783
Invested Capital Turnover	0.54	0.55	0.59	0.67	0.75	0.79	0.82	0.66	0.70	0.91
Increase / (Decrease) in Invested Capital	-252	-126	671	1,687	339	516	105	332	63	151
Enterprise Value (EV)	8,939	7,284	5,835	6,016	4,130	4,536	4,719	4,332	4,140	3,765
Market Capitalization	3,854	2,039	1,100	2,036	1,811	2,401	2,954	2,424	2,441	2,120
Book Value per Share	$35.55	$36.53	$42.05	$42.31	$42.02	$40.57	$40.38	$38.53	$37.69	$37.94
Tangible Book Value per Share	($6.48)	($6.70)	($5.94)	$0.10	$12.30	$12.09	$14.20	$11.27	$10.97	$11.26
Total Capital	9,966	10,114	10,365	9,679	9,032	7,741	7,743	7,349	7,195	7,158
Total Debt	4,082	4,106	3,750	2,934	3,429	2,326	2,439	2,457	2,445	2,454
Total Long-Term Debt	4,051	4,080	3,731	2,928	3,424	2,316	2,418	2,437	2,433	2,440
Net Debt	3,218	3,365	2,895	2,088	1,520	1,373	1,021	1,285	1,093	1,067
Capital Expenditures (CapEx)	884	1,211	1,161	1,131	1,338	957	776	685	636	801
Debt-free, Cash-free Net Working Capital (DFCFNWC)	272	266	173	503	446	504	534	349	284	243
Debt-free Net Working Capital (DFNWC)	636	502	533	870	1,878	969	1,472	1,068	1,184	1,228
Net Working Capital (NWC)	605	476	514	864	1,873	959	1,451	1,048	1,172	1,214
Net Nonoperating Expense (NNE)	70	197	-1.73	34	-27	-22	-13	-233	9.04	-2.42
Net Nonoperating Obligations (NNO)	3,234	3,362	2,881	2,080	1,535	1,384	979	1,286	1,096	1,079
Total Depreciation and Amortization (D&A)	943	915	929	895	909	932	883	844	850	847
Debt-free, Cash-free Net Working Capital to Revenue	5.48%	5.16%	3.20%	9.44%	8.54%	9.74%	10.45%	8.77%	7.01%	4.66%
Debt-free Net Working Capital to Revenue	12.81%	9.73%	9.85%	16.33%	35.94%	18.72%	28.81%	26.84%	29.23%	23.57%
Net Working Capital to Revenue	12.19%	9.22%	9.50%	16.21%	35.85%	18.53%	28.40%	26.34%	28.94%	23.30%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.85)	($5.05)	($0.07)	$1.03	$1.97	$1.06	$1.20	$1.39	$0.39	$2.02
Adjusted Weighted Average Basic Shares Outstanding	114M	113M	114M	115M	114M	114M	112M	111M	110M	108.65M
Adjusted Diluted Earnings per Share	($0.85)	($5.06)	($0.07)	$1.00	$1.93	$1.03	$1.17	$1.37	$0.39	$1.98
Adjusted Weighted Average Diluted Shares Outstanding	114M	113M	114M	116M	115M	116M	114M	112M	111M	109.91M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$1.06	$1.20	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	114M	113M	112.46M	114.59M	114.37M	114.78M	113.82M	111.12M	110.17M	108.86M
Normalized Net Operating Profit after Tax (NOPAT)	163	111	88	244	262	133	155	106	64	103
Normalized NOPAT Margin	3.29%	2.14%	1.62%	4.58%	5.02%	2.57%	3.04%	2.67%	1.59%	1.97%
Pre Tax Income Margin	-0.40%	-9.24%	2.31%	4.15%	5.51%	4.08%	4.33%	-3.07%	2.27%	8.35%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.24	-1.69	0.71	1.12	1.54	1.08	1.20	-0.61	0.65	3.04
NOPAT to Interest Expense	0.16	-1.19	0.40	0.96	1.44	0.76	0.94	-0.44	0.36	1.84
EBIT Less CapEx to Interest Expense	-2.92	-6.65	-5.97	-3.75	-6.43	-4.72	-3.31	-4.64	-3.09	-2.60
NOPAT Less CapEx to Interest Expense	-3.01	-6.15	-6.27	-3.92	-6.52	-5.04	-3.57	-4.47	-3.38	-3.81
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-419.23%	-32.03%	213.89%	64.89%	29.74%	53.74%	44.57%	46.50%	126.92%	25.48%
Augmented Payout Ratio	-688.46%	-36.14%	344.44%	118.62%	58.74%	72.79%	44.57%	46.50%	142.31%	27.76%

This table displays calculated financial ratios and metrics derived from Telephone and Data Systems' official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-8.56%	-5.49%	-4.23%	-2.29%	-3.15%	-3.32%	-8.19%	-6.08%	-0.91%	2,412.96%	4.82%
EBITDA Growth	-9.93%	196.53%	-42.12%	6.23%	15.71%	-234.58%	21.88%	-11.38%	-19.44%	-16.41%	-20.57%
EBIT Growth	-44.12%	107.47%	-264.58%	21.21%	134.48%	-2,075.00%	536.36%	-47.62%	-69.47%	-177.42%	-115.94%
NOPAT Growth	-52.16%	106.21%	-1,004.17%	0.00%	215.35%	-1,996.00%	180.44%	-100.00%	-77.82%	-160.76%	-115.67%
Net Income Growth	-68.42%	101.59%	-2,075.00%	0.00%	216.67%	-1,634.48%	140.00%	-100.00%	-83.33%	-180.56%	-121.28%
EPS Growth	-190.00%	98.06%	-356.25%	23.53%	225.00%	-1,156.76%	27.27%	-213.33%	-121.62%	-436.36%	-191.67%
Operating Cash Flow Growth	-16.96%	-3.20%	-24.94%	-14.10%	386.96%	-13.78%	144.91%	32.58%	-87.93%	5.83%	-56.28%
Free Cash Flow Firm Growth	-14.98%	214.11%	309.63%	213.94%	182.26%	65.03%	72.11%	35.50%	20.50%	58.48%	41.04%
Invested Capital Growth	-3.91%	-2.69%	-5.87%	-5.08%	-4.21%	-1.33%	2.66%	4.87%	6.16%	7.60%	10.14%
Revenue Q/Q Growth	-6.94%	1.31%	-1.13%	-1.90%	-3.81%	2.66%	0.87%	-2.76%	-3.98%	-2.51%	3.19%
EBITDA Q/Q Growth	-2.16%	75.95%	-42.12%	-9.60%	204.86%	-205.49%	6.23%	-1.53%	21.96%	-4.46%	-22.76%
EBIT Q/Q Growth	-2.56%	149.37%	-297.50%	-41.18%	113.03%	-1,187.50%	45.45%	13.79%	220.83%	-118.18%	-117.46%
NOPAT Q/Q Growth	-7.77%	140.66%	-366.67%	-52.16%	111.97%	-6,022.29%	0.00%	-100.00%	179.54%	-127.27%	-120.68%
Net Income Q/Q Growth	50.00%	110.13%	-1,228.57%	-81.58%	107.55%	-12,675.00%	0.00%	-100.00%	141.38%	-190.00%	-125.64%
EPS Q/Q Growth	0.00%	87.67%	-461.54%	-230.00%	102.15%	-2,806.25%	5.88%	-112.50%	78.38%	-68.18%	-246.67%
Operating Cash Flow Q/Q Growth	-12.26%	-30.94%	-23.63%	79.46%	2.28%	-46.45%	-12.61%	917.39%	-81.89%	52.10%	-52.69%
Free Cash Flow Firm Q/Q Growth	42.30%	-46.02%	-1.17%	11.98%	290.99%	0.83%	46.28%	19.15%	18.80%	20.93%	-24.25%
Invested Capital Q/Q Growth	-0.35%	0.68%	-1.91%	-2.37%	0.92%	-2.61%	-1.08%	-1.48%	3.96%	1.32%	1.06%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	60.31%	54.44%	57.84%	57.75%	57.92%	53.73%	55.63%	55.17%	54.57%	51.22%	49.50%
EBITDA Margin	23.57%	22.42%	12.91%	22.05%	23.93%	-21.95%	21.36%	20.28%	20.03%	15.77%	16.09%
Operating Margin	3.03%	2.98%	-6.54%	3.15%	5.31%	-39.94%	3.76%	2.60%	2.23%	-1.84%	-0.79%
EBIT Margin	3.29%	3.15%	-6.45%	3.23%	5.39%	-39.79%	3.76%	2.60%	2.23%	-1.77%	-0.79%
Profit (Net Income) Margin	1.04%	0.65%	-6.45%	0.57%	3.01%	-38.34%	0.31%	0.00%	0.92%	-2.14%	-0.72%
Tax Burden Percent	60.00%	61.54%	75.96%	53.85%	65.52%	91.79%	12.90%	0.00%	48.00%	78.38%	76.92%
Interest Burden Percent	52.63%	33.33%	131.65%	32.50%	85.29%	104.98%	64.58%	45.45%	86.21%	154.17%	118.18%
Effective Tax Rate	40.00%	38.46%	0.00%	46.15%	34.48%	0.00%	87.10%	100.00%	52.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.95%	0.99%	-2.47%	0.91%	1.84%	-15.29%	0.27%	0.00%	0.60%	-0.76%	-0.25%
ROIC Less NNEP Spread (ROIC-NNEP)	0.68%	0.54%	-3.20%	0.47%	1.67%	-19.66%	0.19%	0.00%	0.54%	-1.23%	-0.36%
Return on Net Nonoperating Assets (RNNOA)	0.38%	0.30%	-1.61%	0.24%	0.89%	-9.72%	0.08%	0.00%	0.23%	-0.46%	-0.12%
Return on Equity (ROE)	1.34%	1.28%	-4.08%	1.15%	2.73%	-25.01%	0.35%	0.00%	0.84%	-1.22%	-0.37%
Cash Return on Invested Capital (CROIC)	4.23%	3.20%	2.32%	2.48%	1.58%	-1.74%	-2.96%	-4.57%	-5.81%	-6.56%	-8.29%
Operating Return on Assets (OROA)	1.17%	1.13%	-2.31%	1.16%	1.94%	-14.42%	1.35%	0.97%	0.84%	-0.68%	-0.23%
Return on Assets (ROA)	0.37%	0.23%	-2.31%	0.20%	1.09%	-13.90%	0.11%	0.00%	0.35%	-0.83%	-0.21%
Return on Common Equity (ROCE)	0.91%	0.88%	-2.84%	0.80%	1.92%	-17.64%	0.25%	0.00%	0.60%	-0.88%	-0.27%
Return on Equity Simple (ROE_SIMPLE)	-1.02%	0.00%	-10.58%	-8.82%	-8.86%	0.00%	-0.23%	-0.47%	0.21%	0.00%	2.32%
Net Operating Profit after Tax (NOPAT)	21	23	-56	21	44	-367	6.19	0.00	14	-18	-7.70
NOPAT Margin	1.82%	1.84%	-4.58%	1.70%	3.48%	-27.96%	0.48%	0.00%	1.07%	-1.29%	-0.55%
Net Nonoperating Expense Percent (NNEP)	0.27%	0.45%	0.73%	0.44%	0.18%	4.36%	0.08%	0.00%	0.07%	0.46%	0.10%
Return On Investment Capital (ROIC_SIMPLE)	0.21%	0.23%	-	-	-	-3.63%	-	-	-	-0.17%	-
Cost of Revenue to Revenue	39.69%	45.56%	42.16%	42.25%	42.08%	46.27%	44.37%	44.83%	45.43%	48.78%	50.50%
SG&A Expenses to Revenue	36.83%	36.21%	34.48%	34.41%	33.60%	33.99%	33.80%	34.41%	33.69%	34.56%	33.19%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	57.28%	51.45%	64.38%	54.60%	52.61%	93.67%	51.88%	52.57%	52.34%	53.06%	50.29%
Earnings before Interest and Taxes (EBIT)	38	39	-79	40	68	-522	48	33	29	-24	-11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	272	278	158	273	302	-288	273	257	261	214	224
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.10	0.96	0.66	0.58	0.44	0.49	0.43	0.19	0.24	0.23	0.30
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.91	0.78	0.52	0.46	0.35	0.40	0.39	0.17	0.21	0.20	0.35
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.41%	0.91%	1.96%	2.89%	4.66%	4.10%	4.12%	9.18%	7.32%	7.43%	5.65%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.04	0.98	0.85	0.82	0.75	0.78	0.73	0.61	0.63	0.61	0.64
Enterprise Value to Revenue (EV/Rev)	1.95	1.80	1.52	1.49	1.39	1.41	1.34	1.12	1.16	1.08	1.46
Enterprise Value to EBITDA (EV/EBITDA)	9.67	8.84	17.23	13.52	13.07	14.48	6.94	6.22	6.31	5.55	5.48
Enterprise Value to EBIT (EV/EBIT)	249.54	131.46	0.00	0.00	0.00	0.00	81.14	220.27	109.49	47.44	33.66
Enterprise Value to NOPAT (EV/NOPAT)	436.98	202.71	0.00	0.00	0.00	0.00	0.00	326.77	380.79	83.04	49.11
Enterprise Value to Operating Cash Flow (EV/OCF)	8.57	7.81	6.65	6.04	5.39	6.38	5.93	6.36	7.61	5.05	5.25
Enterprise Value to Free Cash Flow (EV/FCFF)	24.21	30.19	35.43	32.21	46.54	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.69	0.69	0.70	0.69	0.70	0.68	0.59	0.60	0.62	0.57	0.54
Long-Term Debt to Equity	0.69	0.69	0.70	0.68	0.69	0.68	0.59	0.59	0.61	0.56	0.54
Financial Leverage	0.56	0.55	0.50	0.51	0.53	0.49	0.44	0.43	0.44	0.37	0.33
Leverage Ratio	2.31	2.32	2.27	2.25	2.25	2.26	2.18	2.15	2.15	2.10	2.08
Compound Leverage Factor	1.21	0.77	2.98	0.73	1.92	2.37	1.41	0.98	1.85	3.24	2.46
Debt to Total Capital	41.00%	40.96%	41.20%	40.79%	41.04%	40.60%	37.18%	37.52%	38.13%	36.18%	35.10%
Short-Term Debt to Total Capital	0.35%	0.31%	0.29%	0.29%	0.25%	0.26%	0.23%	0.57%	0.19%	0.18%	0.15%
Long-Term Debt to Total Capital	40.64%	40.65%	40.91%	40.50%	40.78%	40.34%	36.95%	36.94%	37.95%	36.00%	34.94%
Preferred Equity to Total Capital	10.80%	10.78%	10.72%	10.60%	10.52%	10.62%	10.33%	10.25%	10.09%	10.36%	10.40%
Noncontrolling Interests to Total Capital	7.94%	7.96%	8.13%	8.39%	7.99%	7.97%	7.73%	7.60%	7.24%	7.39%	7.73%
Common Equity to Total Capital	40.26%	40.31%	39.95%	40.22%	40.45%	40.81%	44.76%	44.63%	44.54%	46.07%	46.78%
Debt to EBITDA	4.16	4.04	9.27	7.38	7.70	8.16	3.84	4.11	4.11	3.56	3.31
Net Debt to EBITDA	3.26	3.18	7.08	5.90	6.28	6.69	3.07	3.33	3.32	2.75	2.45
Long-Term Debt to EBITDA	4.12	4.01	9.21	7.33	7.65	8.11	3.82	4.05	4.08	3.55	3.30
Debt to NOPAT	187.88	92.56	-11.84	-15.95	-15.92	-14.17	-118.89	216.04	247.71	53.36	29.70
Net Debt to NOPAT	147.56	72.97	-9.04	-12.75	-12.97	-11.61	-95.02	174.78	200.24	41.20	21.96
Long-Term Debt to NOPAT	186.27	91.86	-11.75	-15.84	-15.82	-14.08	-118.15	212.75	246.49	53.09	29.57
Altman Z-Score	0.96	0.91	0.80	0.80	0.78	0.65	0.80	0.74	0.77	0.75	0.72
Noncontrolling Interest Sharing Ratio	31.58%	31.51%	30.32%	30.25%	29.63%	29.47%	28.34%	28.27%	27.93%	27.93%	28.02%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.74	1.56	1.59	1.51	1.58	1.40	1.27	1.37	1.55	1.34	1.48
Quick Ratio	1.41	1.29	1.32	1.25	1.25	1.11	1.01	1.06	1.13	1.02	1.15
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	391	275	509	515	460	-241	-243	-452	-559	-689	-871
Operating Cash Flow to CapEx	144.19%	92.58%	150.49%	186.11%	95.32%	71.80%	147.65%	157.05%	13.90%	69.21%	62.31%
Free Cash Flow to Firm to Interest Expense	6.41	3.76	6.70	7.05	8.07	-3.59	-3.92	-7.29	-10.55	-12.52	-18.93
Operating Cash Flow to Interest Expense	3.05	2.90	4.04	5.51	3.93	3.27	6.60	7.55	0.87	4.62	3.63
Operating Cash Flow Less CapEx to Interest Expense	0.93	-0.23	1.36	2.55	-0.19	-1.28	2.13	2.74	-5.38	-2.05	-2.20
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.35	0.36	0.36	0.36	0.36	0.36	0.36	0.37	0.38	0.39	0.29
Accounts Receivable Turnover	4.76	4.69	4.85	4.75	4.72	4.58	4.60	4.71	4.79	4.64	3.63
Inventory Turnover	11.27	10.92	12.51	12.24	10.04	9.81	11.03	11.77	11.38	11.50	13.07
Fixed Asset Turnover	0.98	0.99	1.01	1.03	1.03	1.05	1.08	1.12	1.17	1.19	0.94
Accounts Payable Turnover	7.51	6.67	4.93	6.45	7.04	5.39	4.52	6.26	7.04	5.20	5.30
Days Sales Outstanding (DSO)	76.67	77.76	75.30	76.87	77.26	79.76	79.31	77.58	76.16	78.62	100.53
Days Inventory Outstanding (DIO)	32.39	33.42	29.17	29.82	36.37	37.22	33.08	31.01	32.08	31.73	27.94
Days Payable Outstanding (DPO)	48.59	54.71	74.11	56.60	51.87	67.71	80.67	58.33	51.84	70.23	68.92
Cash Conversion Cycle (CCC)	60.47	56.47	30.37	50.09	61.76	49.26	31.72	50.26	56.40	40.13	59.55
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,086	9,118	9,056	9,232	9,456	9,370	9,621	9,726	9,872	9,496	9,372
Invested Capital Turnover	0.52	0.54	0.54	0.54	0.53	0.55	0.55	0.56	0.56	0.59	0.46
Increase / (Decrease) in Invested Capital	-370	-252	-565	-494	-416	-126	249	452	573	671	863
Enterprise Value (EV)	9,482	8,939	7,666	7,569	7,112	7,284	6,978	5,947	6,241	5,835	5,992
Market Capitalization	4,416	3,854	2,627	2,342	1,807	2,039	2,013	895	1,114	1,100	1,441
Book Value per Share	$35.12	$35.55	$35.41	$36.05	$36.55	$36.53	$41.26	$41.56	$42.17	$42.05	$42.41
Tangible Book Value per Share	($6.49)	($6.48)	($6.66)	($7.28)	($6.80)	($6.70)	($6.94)	($6.80)	($6.28)	($5.94)	($5.41)
Total Capital	9,945	9,966	10,015	10,130	10,210	10,114	10,393	10,481	10,647	10,365	10,326
Total Debt	4,077	4,082	4,126	4,132	4,190	4,106	3,864	3,932	4,060	3,750	3,624
Total Long-Term Debt	4,042	4,051	4,097	4,103	4,164	4,080	3,840	3,872	4,040	3,731	3,608
Net Debt	3,202	3,218	3,151	3,303	3,415	3,365	3,088	3,181	3,282	2,895	2,679
Capital Expenditures (CapEx)	129	229	204	216	235	305	277	298	331	367	268
Debt-free, Cash-free Net Working Capital (DFCFNWC)	400	272	226	262	374	266	121	277	439	173	251
Debt-free Net Working Capital (DFNWC)	748	636	677	584	623	502	377	528	698	533	693
Net Working Capital (NWC)	713	605	648	555	597	476	353	468	678	514	677
Net Nonoperating Expense (NNE)	9.00	15	23	14	5.90	136	2.19	0.00	1.92	12	2.30
Net Nonoperating Obligations (NNO)	3,218	3,234	3,167	3,234	3,436	3,362	3,092	3,177	3,285	2,881	2,670
Total Depreciation and Amortization (D&A)	234	239	237	233	234	234	225	224	232	238	235
Debt-free, Cash-free Net Working Capital to Revenue	8.24%	5.48%	4.49%	5.15%	7.31%	5.16%	2.32%	5.21%	8.13%	3.20%	6.11%
Debt-free Net Working Capital to Revenue	15.40%	12.81%	13.44%	11.47%	12.17%	9.73%	7.24%	9.93%	12.92%	9.85%	16.86%
Net Working Capital to Revenue	14.68%	12.19%	12.87%	10.90%	11.66%	9.22%	6.78%	8.80%	12.55%	9.50%	16.47%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.09)	($0.10)	($0.73)	($0.13)	$0.11	($4.64)	($0.16)	($0.17)	($0.08)	($0.38)	($0.22)
Adjusted Weighted Average Basic Shares Outstanding	115M	114M	114M	114M	113M	113M	113M	113M	113M	114M	114M
Adjusted Diluted Earnings per Share	($0.09)	($0.09)	($0.73)	($0.13)	$0.10	($4.65)	($0.16)	($0.17)	($0.08)	($0.37)	($0.22)
Adjusted Weighted Average Diluted Shares Outstanding	115M	114M	114M	114M	117M	113M	113M	113M	113M	114M	114M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	114M	114M	113M	113M	113M	113M	113M	112.76M	112.57M	112.46M	113.57M
Normalized Net Operating Profit after Tax (NOPAT)	23	27	42	30	48	18	38	27	28	-7.70	-4.90
Normalized NOPAT Margin	1.98%	2.18%	3.43%	2.44%	3.79%	1.39%	2.96%	2.10%	2.15%	-0.57%	-0.35%
Pre Tax Income Margin	1.73%	1.05%	-8.50%	1.05%	4.60%	-41.77%	2.43%	1.18%	1.92%	-2.73%	-0.93%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.62	0.53	-1.04	0.55	1.19	-7.79	0.77	0.53	0.55	-0.44	-0.24
NOPAT to Interest Expense	0.34	0.31	-0.74	0.29	0.77	-5.47	0.10	0.00	0.26	-0.32	-0.17
EBIT Less CapEx to Interest Expense	-1.49	-2.60	-3.72	-2.41	-2.93	-12.34	-3.69	-4.27	-5.70	-7.11	-6.07
NOPAT Less CapEx to Interest Expense	-1.77	-2.83	-3.42	-2.67	-3.35	-10.03	-4.37	-4.81	-5.98	-6.99	-5.99
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-176.92%	-419.23%	-23.65%	-31.28%	-34.27%	-32.03%	-1,176.92%	-570.37%	1,283.33%	213.89%	113.87%
Augmented Payout Ratio	-351.92%	-688.46%	-29.42%	-32.38%	-36.01%	-36.14%	-1,469.23%	-766.67%	1,900.00%	344.44%	164.96%

Frequently Asked Questions About Telephone and Data Systems' Financials

When does Telephone and Data Systems's financial year end?

According to the most recent income statement we have on file, Telephone and Data Systems' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Telephone and Data Systems' net income changed over the last 9 years?

Telephone and Data Systems' net income appears to be on a downward trend, with a most recent value of -$26 million in 2024, falling from $263 million in 2015. The previous period was -$487 million in 2023. See where experts think Telephone and Data Systems is headed by visiting Telephone and Data Systems' forecast page.

What is Telephone and Data Systems's operating income?

Telephone and Data Systems's total operating income in 2024 was $63 million, based on the following breakdown:

Total Gross Profit: $2.83 billion
Total Operating Expenses: $2.77 billion

How has Telephone and Data Systems revenue changed over the last 9 years?

Over the last 9 years, Telephone and Data Systems' total revenue changed from $5.21 billion in 2015 to $4.96 billion in 2024, a change of -4.7%.

How much debt does Telephone and Data Systems have?

Telephone and Data Systems' total liabilities were at $7.80 billion at the end of 2024, a 1.5% decrease from 2023, and a 65.3% increase since 2015.

How much cash does Telephone and Data Systems have?

In the past 9 years, Telephone and Data Systems' cash and equivalents has ranged from $236 million in 2023 to $1.43 billion in 2020, and is currently $364 million as of their latest financial filing in 2024.

How has Telephone and Data Systems' book value per share changed over the last 9 years?

Over the last 9 years, Telephone and Data Systems' book value per share changed from 37.94 in 2015 to 35.55 in 2024, a change of -6.3%.

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This page (NYSE:TDS) was last updated on 5/21/2025 by MarketBeat.com Staff

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Telephone and Data Systems (TDS) Financials

Frequently Asked Questions About Telephone and Data Systems' Financials

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Telephone and Data Systems (TDS) Financials

Annual Income Statements for Telephone and Data Systems

Quarterly Income Statements for Telephone and Data Systems

Annual Cash Flow Statements for Telephone and Data Systems

Quarterly Cash Flow Statements for Telephone and Data Systems

Annual Balance Sheets for Telephone and Data Systems

Quarterly Balance Sheets for Telephone and Data Systems

Annual Metrics And Ratios for Telephone and Data Systems

Quarterly Metrics And Ratios for Telephone and Data Systems

Frequently Asked Questions About Telephone and Data Systems' Financials

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