Telephone and Data Systems (TDS) Financials

$42.19 -0.57 (-1.33%)

Closing price 05/13/2026 03:59 PM Eastern

Extended Trading

$42.28 +0.09 (+0.20%)

As of 07:06 AM 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	219	43	153	135	121	226	117	-7.00	-569	-97	-75
Consolidated Net Income / (Loss)	263	52	157	175	147	269	188	72	-487	-26	20
Net Income / (Loss) Continuing Operations	263	52	157	175	147	269	188	72	-548	-81	151
Total Pre-Tax Income	435	92	-122	221	211	288	221	125	-563	-103	89
Total Operating Income	431	108	-108	205	179	259	261	122	-683	-191	-97
Total Gross Profit	2,795	1,621	1,620	2,773	2,839	2,871	2,857	2,848	666	707	725
Total Revenue	5,210	4,050	3,979	5,109	5,176	5,225	5,329	5,413	1,355	1,297	1,228
Operating Revenue	5,210	4,050	3,979	5,109	5,176	5,225	5,329	5,413	1,355	1,297	1,228
Total Cost of Revenue	2,415	2,429	2,359	2,336	2,337	2,354	2,472	2,565	689	590	503
Operating Cost of Revenue	2,415	2,429	2,359	2,336	2,337	2,354	2,472	2,565	689	590	503
Total Operating Expenses	2,364	1,513	1,728	2,568	2,660	2,612	2,596	2,726	1,349	898	822
Selling, General & Admin Expense	1,781	1,762	1,689	1,694	1,717	1,681	1,677	1,768	489	487	435
Depreciation Expense	844	850	844	883	932	909	895	929	310	326	352
Other Operating Expenses / (Income)	-	-1,105	-1,065	0.00	-1.00	0.00	-2.00	-1.00	0.00	-68	-24
Impairment Charge	0.00	0.00	262	0.00	0.00	0.00	0.00	3.00	547	137	49
Other Special Charges / (Income)	-261	6.00	-2.00	-9.00	12	22	26	27	3.10	17	11
Total Other Income / (Expense), net	4.00	-16	-14	16	32	29	-40	3.00	119	88	186
Interest Expense	142	170	170	172	165	168	232	174	62	109	113
Interest & Investment Income	145	151	152	186	197	198	193	176	179	191	216
Other Income / (Expense), net	1.00	3.00	4.00	2.00	0.00	-1.00	-1.00	1.00	1.84	5.62	83
Income Tax Expense	172	40	-279	46	64	19	33	53	-16	-22	-62
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-	60	55	-131
Preferred Stock Dividends Declared	-	0.00	-	-	0.00	0.00	39	69	69	69	69
Net Income / (Loss) Attributable to Noncontrolling Interest	44	9.00	4.00	40	26	43	32	10	15	2.45	53
Basic Earnings per Share	$2.02	$0.39	$1.39	$1.20	$1.06	$1.97	$1.03	($0.07)	($5.05)	($0.85)	($0.66)
Weighted Average Basic Shares Outstanding	109M	110M	111M	112M	114M	114M	115M	114M	112.75M	113.71M	115.18M
Diluted Earnings per Share	$1.98	$0.39	$1.37	$1.17	$1.03	$1.93	$1.00	($0.07)	($5.05)	($0.85)	($0.65)
Weighted Average Diluted Shares Outstanding	110M	111M	112M	114M	116M	115M	116M	114M	112.75M	113.71M	118.56M
Weighted Average Basic & Diluted Shares Outstanding	108.40M	110.30M	110.10M	112.50M	114.20M	114.37M	114.59M	112.46M	113M	114M	113.70M
Cash Dividends to Common per Share	$0.56	$0.59	$0.62	$0.64	$0.66	$0.68	$0.70	$0.72	$0.74	$0.31	$0.16

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-17	-524	12	-14	-83	-12	-9.84	-5.00	-99	39	127
Consolidated Net Income / (Loss)	4.00	-503	38	7.00	-79	8.00	12	18	-73	63	177
Net Income / (Loss) Continuing Operations	4.00	-503	38	7.00	-183	8.00	-4.21	18	79	42	179
Total Pre-Tax Income	31	-548	58	13	-130	13	-12	21	6.01	42	234
Total Operating Income	48	-524	67	39	-150	37	-34	40	-68	-104	144
Total Gross Profit	711	705	731	715	173	675	167	694	180	-845	185
Total Revenue	1,278	1,312	1,262	1,238	327	1,240	290	1,186	309	-1,420	309
Operating Revenue	1,278	1,312	1,262	1,238	327	1,240	290	1,186	309	-1,420	309
Total Cost of Revenue	567	607	531	523	155	565	124	492	129	-575	124
Operating Cost of Revenue	567	607	531	523	155	565	124	492	129	-575	124
Total Operating Expenses	663	1,229	664	676	323	638	201	654	248	-741	41
Selling, General & Admin Expense	432	446	424	426	117	449	116	421	106	-517	103
Depreciation Expense	225	233	234	233	81	238	84	236	92	-210	86
Other Operating Expenses / (Income)	0.00	-	0.00	0.00	-12	-	-1.00	-8.00	2.84	-18	1.56
Impairment Charge	0.00	547	0.00	0.00	136	1.00	0.00	0.00	48	0.90	0.00
Other Special Charges / (Income)	6.00	3.00	6.00	17	0.62	6.00	0.79	5.00	-0.59	3.32	-149
Total Other Income / (Expense), net	-17	-24	-9.00	-26	20	-24	22	-19	74	146	90
Interest Expense	62	67	57	73	33	73	24	70	47	-66	5.32
Interest & Investment Income	45	41	47	46	51	47	43	49	86	39	56
Other Income / (Expense), net	0.00	2.00	1.00	1.00	1.04	2.00	2.73	2.00	36	42	40
Income Tax Expense	27	-45	20	6.00	-31	5.00	-8.12	3.00	-73	-0.41	54
Preferred Stock Dividends Declared	17	18	17	17	17	18	17	17	17	18	17
Net Income / (Loss) Attributable to Noncontrolling Interest	4.00	3.00	9.00	4.00	-13	2.00	6.22	6.00	30	12	65
Basic Earnings per Share	($0.16)	($4.64)	$0.11	($0.13)	($0.73)	($0.10)	($0.09)	($0.05)	($0.85)	$0.33	$1.12
Weighted Average Basic Shares Outstanding	113M	113M	113M	114M	114.03M	114M	114.58M	115M	116.13M	115.18M	113.88M
Diluted Earnings per Share	($0.16)	($4.65)	$0.10	($0.13)	($0.73)	($0.09)	($0.09)	($0.05)	($0.84)	$0.33	$1.09
Weighted Average Diluted Shares Outstanding	113M	113M	117M	114M	114.03M	114M	114.58M	115M	118.84M	118.56M	116.65M
Weighted Average Basic & Diluted Shares Outstanding	113M	113M	113M	113M	113M	114M	114M	115M	115.50M	113.70M	113.80M
Cash Dividends to Common per Share	$0.19	-	$0.19	$0.04	$0.04	-	$0.04	$0.04	$0.04	-	$0.04

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	508	-85	-282	305	-453	978	-1,038	-15	-130	114	1,104
Net Cash From Operating Activities	790	782	776	1,017	1,016	1,532	1,103	1,155	1,141	1,146	590
Net Cash From Continuing Operating Activities	790	782	776	1,017	1,016	1,532	1,103	1,155	307	296	338
Net Income / (Loss) Continuing Operations	263	52	157	175	147	269	188	72	-548	-81	151
Consolidated Net Income / (Loss)	263	52	157	175	147	269	188	72	-487	-26	20
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-	60	55	-131
Depreciation Expense	844	850	844	883	932	909	895	929	310	326	352
Non-Cash Adjustments To Reconcile Net Income	-190	103	403	139	176	158	131	195	569	116	110
Changes in Operating Assets and Liabilities, net	-130	-223	-628	-180	-239	196	-111	-41	-25	-65	-275
Net Cash From Discontinued Operating Activities	-	-	-	-	-	-	-	-	834	850	252
Net Cash From Investing Activities	-743	-808	-981	-680	-1,249	-1,511	-2,462	-1,783	-1,327	-755	2,144
Net Cash From Continuing Investing Activities	-743	-808	-981	-680	-1,249	-1,511	-2,462	-1,783	-759	-236	-318
Purchase of Property, Plant & Equipment	-801	-636	-685	-776	-957	-1,338	-1,131	-1,161	-643	-365	-391
Divestitures	343	21	21	29	41	26	0.00	8.00	1.00	147	72
Other Investing Activities, net	2.00	-140	1.00	0.00	-5.00	3.00	-3.00	-16	12	1.45	-0.11
Net Cash From Discontinued Investing Activities	-	-	-	-	-	-	-	-	-568	-519	2,462
Net Cash From Financing Activities	461	-59	-77	-32	-220	957	321	613	56	-277	-2,347
Net Cash From Continuing Financing Activities	461	-59	-77	-32	-220	957	321	613	122	-211	-2,327
Repayment of Debt	-14	-12	-17	-22	-118	-108	-2,079	-380	-783	-457	-1,962
Repurchase of Common Equity	-6.00	-8.00	0.00	0.00	-28	-78	-101	-94	-11	-70	-138
Payment of Dividends	-67	-66	-73	-78	-79	-80	-122	-154	-156	-109	249
Issuance of Debt	537	12	8.00	8.00	14	1,250	1,543	1,264	1,081	440	309
Other Financing Activities, net	-4.00	-	-	18	-9.00	-27	-30	-23	-9.51	-15	-67
Net Cash From Discontinued Financing Activities	-	-	-	-	-	-	-	-	-66	-67	-21

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-	-23	8.00	68	126	-88	-12	188	1,096	-167	601
Net Cash From Operating Activities	409	219	224	402	307	212	186	421	-37	20	67
Net Cash From Continuing Operating Activities	409	219	224	402	307	212	-42	421	-382	113	68
Net Income / (Loss) Continuing Operations	4.00	-503	38	7.00	-79	8.00	-4.21	18	59	62	179
Consolidated Net Income / (Loss)	4.00	-503	38	7.00	-79	8.00	12	18	-73	64	177
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	16	-	-	1.25	-2.39
Depreciation Expense	225	234	234	233	237	239	84	238	-210	90	86
Non-Cash Adjustments To Reconcile Net Income	22	614	31	70	151	32	-11	71	-23	37	-163
Changes in Operating Assets and Liabilities, net	158	-126	-79	92	-2.00	-67	-111	94	-208	-76	-34
Net Cash From Discontinued Operating Activities	-	-	-	-	-	-	228	-	-	-94	-0.63
Net Cash From Investing Activities	-293	-405	-246	-219	-115	-174	-123	-141	2,493	-85	868
Net Cash From Continuing Investing Activities	-293	-405	-246	-219	-115	-174	-58	-141	30	-85	868
Purchase of Property, Plant & Equipment	-277	-305	-235	-216	-204	-229	-64	-157	24	-128	-149
Acquisitions	-16	-106	-11	-4.00	-2.00	-3.00	-2.07	-2.00	-0.18	-	0.00
Divestitures	-	1.00	0.00	-	91	56	8.04	16	5.39	43	1,016
Other Investing Activities, net	-	5.00	0.00	1.00	-	2.00	0.08	2.00	1.17	-3.28	0.40
Net Cash From Discontinued Investing Activities	-	-	-	-	-	-	-64	-	-	-	0.00
Net Cash From Financing Activities	-116	163	30	-115	-66	-126	-75	-92	-2,077	-102	-335
Net Cash From Continuing Financing Activities	-116	163	30	-115	-66	-126	-66	-92	-2,057	-102	-335
Repayment of Debt	-459	-55	-59	-359	-7.00	-33	-8.19	-12	-1,948	6.19	-150
Repurchase of Common Equity	-	-14	0.00	-	-26	-44	-21	-	-41	-76	0.00
Payment of Dividends	-38	-40	-41	-23	-23	-22	-24	-22	318	-23	-182
Issuance of Debt	390	300	140	300	-	-	0.00	-	318	-8.78	1.30
Other Financing Activities, net	-9.00	-28	-10	-33	-10	-27	-13	-58	15	-0.48	-3.25
Net Cash From Discontinued Financing Activities	-	-	-	-	-	-	-8.83	-	-	-	0.00

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	9,422	9,446	9,295	9,783	10,781	12,525	13,493	14,550	13,921	13,682	8,398
Total Current Assets	2,158	2,059	1,966	2,330	1,921	3,026	2,044	2,028	1,660	1,695	923
Cash & Equivalents	985	900	619	921	465	1,429	367	360	236	364	766
Accounts Receivable	803	851	961	1,099	1,124	1,112	1,151	1,181	1,074	99	110
Inventories, net	158	151	145	150	169	154	178	268	208	4.05	4.06
Prepaid Expenses	112	115	112	103	98	105	103	102	86	32	28
Current Deferred & Refundable Income Taxes	70	10	2.00	12	36	187	184	59	4.00	2.49	1.29
Other Current Assets	30	32	27	28	29	36	61	58	52	31	14
Other Current Nonoperating Assets	-	-	-	-	0.00	-	-	-	-	1,163	0.00
Plant, Property, & Equipment, net	3,764	3,555	3,424	3,346	3,527	3,972	4,361	4,760	5,062	2,876	2,965
Total Noncurrent Assets	3,500	3,832	3,905	4,107	5,333	5,527	7,088	7,762	7,199	9,111	4,509
Long-Term Investments	402	452	453	480	488	477	479	495	505	500	462
Intangible Assets	2,135	2,172	2,511	2,448	2,719	2,851	4,294	4,903	4,885	3,450	1,775
Other Noncurrent Operating Assets	197	434	422	616	1,579	1,650	1,750	1,791	1,794	660	2,273
Other Noncurrent Nonoperating Assets	-	8.00	10	54	-	2.00	18	26	15	4,500	0.00
Total Liabilities & Shareholders' Equity	9,422	9,446	9,295	9,783	10,781	12,525	13,493	14,550	13,921	13,682	8,398
Total Liabilities	4,718	4,696	4,403	4,479	5,366	6,922	6,748	7,935	7,913	7,798	3,131
Total Current Liabilities	944	887	918	879	962	1,153	1,180	1,514	1,184	1,090	440
Short-Term Debt	14	12	20	21	10	5.00	6.00	19	26	31	5.27
Accounts Payable	349	365	368	365	374	508	481	506	360	75	116
Current Deferred Revenue	288	229	223	197	189	193	236	285	277	47	125
Current Deferred & Payable Income Tax Liabilities	41	44	64	44	41	69	45	46	43	37	47
Current Employee Benefit Liabilities	113	127	126	127	121	132	137	144	149	147	57
Other Current Liabilities	127	99	106	114	216	230	265	502	317	73	68
Other Current Nonoperating Liabilities	-	-	-	-	-	-	10	12	12	681	23
Total Noncurrent Liabilities	3,774	3,809	3,485	3,600	4,404	5,769	5,568	6,421	6,729	6,709	2,691
Long-Term Debt	2,440	2,433	2,437	2,418	2,316	3,424	2,928	3,731	4,080	2,416	823
Noncurrent Deferred & Payable Income Tax Liabilities	900	922	552	640	676	863	921	969	975	981	744
Other Noncurrent Operating Liabilities	434	454	496	541	1,412	1,481	1,719	1,721	1,674	1,002	1,124
Other Noncurrent Nonoperating Liabilities	-	-	0.00	1.00	0.00	1.00	0.00	0.00	0.00	2,311	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	11	11	10	11	12	12	16	0.00
Total Equity & Noncontrolling Interests	4,704	4,750	4,892	5,293	5,404	5,593	6,734	6,603	5,996	5,868	5,267
Total Preferred & Common Equity	4,126	4,144	4,269	4,560	4,653	4,804	5,927	5,849	5,202	5,091	4,802
Preferred Stock	1.00	1.00	-	-	-	0.00	1,074	1,074	1,074	1,074	1,074
Total Common Equity	4,126	4,144	4,269	4,560	4,653	4,804	4,853	4,775	4,128	4,017	3,728
Common Stock	2,366	2,387	2,414	2,433	2,469	2,483	2,497	2,552	2,559	2,575	2,485
Retained Earnings	2,487	2,454	2,525	2,656	2,672	2,802	2,812	2,699	2,023	1,849	1,694
Treasury Stock	-727	-698	-669	-519	-479	-477	-461	-481	-465	-425	-473
Accumulated Other Comprehensive Income / (Loss)	-	1.00	-1.00	-10	-9.00	-4.00	5.00	5.00	11	18	22
Noncontrolling Interest	577	605	623	733	751	789	807	754	794	777	466

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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	14,479	14,539	14,406	14,414	13,866	13,872	13,726	13,536	13,526	8,532	8,211
Total Current Assets	2,086	1,903	1,746	1,680	1,628	1,641	1,746	1,673	1,786	1,080	1,520
Cash & Equivalents	442	259	251	256	249	322	451	348	540	933	1,367
Accounts Receivable	1,181	1,131	1,107	1,081	1,036	1,037	997	1,004	1,006	98	103
Inventories, net	252	269	216	181	184	148	167	182	130	4.04	3.75
Prepaid Expenses	94	113	104	99	107	88	88	98	76	29	34
Current Deferred & Refundable Income Taxes	60	60	5.00	3.00	3.00	4.00	3.00	3.00	2.00	0.00	0.00
Other Current Assets	57	71	63	60	49	42	40	38	32	16	13
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	0.00	0.00
Plant, Property, & Equipment, net	4,647	4,872	4,932	4,998	5,052	4,988	4,987	4,871	4,808	2,884	3,025
Total Noncurrent Assets	7,746	7,764	7,728	7,736	7,186	7,243	6,993	6,992	6,932	4,569	3,666
Long-Term Investments	503	519	500	520	526	507	524	527	493	501	486
Intangible Assets	4,899	4,901	4,897	4,888	4,898	4,897	4,754	4,744	4,738	1,789	1,767
Other Noncurrent Operating Assets	1,768	1,779	1,768	1,765	1,762	1,719	1,698	1,707	1,701	2,279	1,413
Other Noncurrent Nonoperating Assets	29	18	16	16	0.00	120	17	14	0.00	0.00	0.00
Total Liabilities & Shareholders' Equity	14,479	14,539	14,406	14,414	13,866	13,872	13,726	13,536	13,526	8,532	8,211
Total Liabilities	7,777	7,952	7,857	7,885	7,846	7,874	7,837	7,668	7,695	3,247	2,948
Total Current Liabilities	1,409	1,225	1,278	1,327	1,031	1,086	1,098	960	1,001	571	444
Short-Term Debt	16	20	60	24	26	29	29	35	37	3.19	7.52
Accounts Payable	506	344	364	550	302	327	334	247	268	121	97
Current Deferred Revenue	266	277	278	270	284	282	270	276	270	165	84
Current Deferred & Payable Income Tax Liabilities	48	45	45	51	44	43	49	41	39	139	138
Current Employee Benefit Liabilities	107	78	104	110	59	94	107	62	97	52	28
Other Current Liabilities	446	440	415	302	295	294	283	274	275	66	65
Other Current Nonoperating Liabilities	20	21	12	20	21	17	26	25	15	26	24
Total Noncurrent Liabilities	6,368	6,727	6,579	6,558	6,815	6,788	6,739	6,708	6,694	2,676	2,505
Long-Term Debt	3,608	4,040	3,872	3,840	4,164	4,103	4,097	4,042	4,030	825	673
Noncurrent Deferred & Payable Income Tax Liabilities	967	974	987	1,003	988	992	961	987	982	715	699
Other Noncurrent Operating Liabilities	1,793	1,713	1,720	1,715	1,663	1,659	1,674	1,674	1,682	1,132	1,133
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	34	7.00	5.00	0.00	3.60	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	12	12	12	12	16	16	16	16	16	0.00	0.00
Total Equity & Noncontrolling Interests	6,690	6,575	6,537	6,517	6,004	5,982	5,873	5,852	5,815	5,285	5,263
Total Preferred & Common Equity	5,904	5,816	5,752	5,726	5,204	5,148	5,075	5,078	5,004	4,467	4,924
Preferred Stock	1,074	1,074	1,074	1,074	1,074	1,074	1,074	1,074	1,074	1,074	1,074
Total Common Equity	4,830	4,742	4,678	4,652	4,130	4,074	4,001	4,004	3,930	3,393	3,850
Common Stock	2,528	2,553	2,533	2,545	2,571	2,543	2,558	2,582	2,536	2,480	2,487
Retained Earnings	2,763	2,658	2,606	2,567	2,008	1,957	1,865	1,818	1,765	1,301	1,814
Treasury Stock	-468	-474	-466	-465	-460	-437	-433	-414	-389	-405	-471
Accumulated Other Comprehensive Income / (Loss)	7.00	5.00	5.00	5.00	11	11	11	18	18	17	21
Noncontrolling Interest	786	759	785	791	800	834	798	774	811	818	339

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.01%	-22.26%	-1.75%	28.40%	1.31%	0.95%	1.99%	1.58%	-4.67%	-3.80%	-5.30%
EBITDA Growth	97.07%	-24.86%	-23.00%	47.30%	1.93%	5.04%	-1.03%	-8.92%	-52.19%	100.99%	140.69%
EBIT Growth	327.37%	-74.31%	-193.69%	299.04%	-13.53%	44.13%	0.78%	-52.69%	-434.96%	116.50%	92.04%
NOPAT Growth	295.93%	-76.57%	-223.85%	314.72%	-23.18%	93.99%	-8.22%	-68.35%	-512.40%	115.22%	-23.58%
Net Income Growth	278.91%	-80.23%	201.92%	11.47%	-16.00%	82.99%	-30.11%	-61.70%	-776.39%	94.66%	176.44%
EPS Growth	257.14%	-80.30%	251.28%	-14.60%	-11.97%	87.38%	-48.19%	-107.00%	-7,128.57%	83.20%	23.53%
Operating Cash Flow Growth	100.00%	-1.01%	-0.77%	31.06%	-0.10%	50.79%	-28.00%	4.71%	-1.13%	0.26%	-48.52%
Free Cash Flow Firm Growth	119.44%	-101.78%	-20,732.89%	114.07%	-782.53%	75.19%	-1,408.93%	58.99%	72.73%	280.77%	-105.89%
Invested Capital Growth	2.68%	1.09%	5.68%	1.70%	8.21%	4.99%	23.63%	7.60%	-1.33%	-2.69%	2.00%
Revenue Q/Q Growth	0.22%	-21.68%	35.57%	152.92%	-27.75%	-15.45%	-19.89%	31.70%	-0.86%	-1.43%	-74.33%
EBITDA Q/Q Growth	6.21%	-2.93%	3.21%	0.28%	0.82%	0.17%	0.17%	-3.84%	-49.95%	127.19%	-69.92%
EBIT Q/Q Growth	16.19%	-17.78%	19.38%	-2.82%	-2.72%	5.31%	0.39%	-30.90%	-579.07%	113.79%	-109.44%
NOPAT Q/Q Growth	18.33%	-25.43%	16.28%	-65.07%	-5.20%	4.61%	6.77%	-42.41%	-791.69%	112.65%	-191.24%
Net Income Q/Q Growth	7.95%	-8.77%	186.26%	-64.07%	-3.92%	0.00%	12.57%	-47.45%	-3,646.15%	95.16%	156.89%
EPS Q/Q Growth	7.03%	-4.88%	208.73%	-67.77%	-2.83%	1.05%	-0.99%	-117.07%	-548.72%	84.29%	39.25%
Operating Cash Flow Q/Q Growth	26.24%	11.55%	1.44%	5.17%	-5.84%	17.13%	-10.25%	1.23%	-2.97%	-0.61%	-24.59%
Free Cash Flow Firm Q/Q Growth	142.99%	-234.50%	-2,127.32%	80.50%	-82.47%	65.91%	-11.15%	18.93%	41.81%	36.83%	-105.77%
Invested Capital Q/Q Growth	1.82%	1.49%	8.61%	2.65%	5.13%	2.22%	3.71%	1.32%	-2.61%	0.68%	3.87%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	53.65%	40.02%	40.71%	54.28%	54.85%	54.95%	53.61%	52.61%	54.77%	56.99%	59.02%
EBITDA Margin	24.55%	23.73%	18.60%	21.33%	21.46%	22.33%	21.67%	19.43%	9.75%	20.37%	27.45%
Operating Margin	8.27%	2.67%	-2.71%	4.01%	3.46%	4.96%	4.90%	2.25%	-8.02%	1.27%	-7.93%
EBIT Margin	8.29%	2.74%	-2.61%	4.05%	3.46%	4.94%	4.88%	2.27%	-7.98%	1.37%	-1.20%
Profit (Net Income) Margin	5.05%	1.28%	3.95%	3.43%	2.84%	5.15%	3.53%	1.33%	-9.44%	-0.52%	1.65%
Tax Burden Percent	60.46%	56.52%	-128.69%	79.19%	69.67%	93.40%	85.07%	57.60%	102.10%	130.00%	22.75%
Interest Burden Percent	100.69%	82.88%	117.31%	106.76%	117.88%	111.63%	85.00%	101.63%	115.78%	-29.41%	-601.99%
Effective Tax Rate	39.54%	43.48%	0.00%	20.81%	30.33%	6.60%	14.93%	42.40%	0.00%	0.00%	-69.90%
Return on Invested Capital (ROIC)	4.57%	1.05%	-1.26%	2.61%	1.91%	3.47%	2.78%	0.77%	-3.07%	0.48%	-3.42%
ROIC Less NNEP Spread (ROIC-NNEP)	4.78%	0.22%	18.27%	3.72%	3.79%	5.33%	0.90%	0.84%	-9.39%	-1.65%	-28.77%
Return on Net Nonoperating Assets (RNNOA)	1.18%	0.05%	4.51%	0.83%	0.84%	1.41%	0.26%	0.31%	-4.64%	-0.91%	3.78%
Return on Equity (ROE)	5.74%	1.10%	3.26%	3.43%	2.74%	4.88%	3.05%	1.08%	-7.72%	-0.44%	0.36%
Cash Return on Invested Capital (CROIC)	1.93%	-0.03%	-6.78%	0.92%	-5.98%	-1.39%	-18.35%	-6.56%	-1.74%	3.20%	-5.40%
Operating Return on Assets (OROA)	4.73%	1.18%	-1.11%	2.17%	1.74%	2.21%	2.00%	0.88%	-2.89%	0.49%	-0.13%
Return on Assets (ROA)	2.88%	0.55%	1.68%	1.83%	1.43%	2.31%	1.45%	0.51%	-3.42%	-0.19%	0.18%
Return on Common Equity (ROCE)	5.05%	0.96%	2.84%	2.97%	2.36%	4.19%	2.38%	0.78%	-5.44%	-0.30%	0.25%
Return on Equity Simple (ROE_SIMPLE)	6.37%	1.25%	3.68%	3.84%	3.16%	5.60%	3.17%	1.23%	-9.36%	-0.51%	0.00%
Net Operating Profit after Tax (NOPAT)	261	61	-76	162	125	242	222	70	-290	44	-165
NOPAT Margin	5.00%	1.51%	-1.90%	3.18%	2.41%	4.63%	4.17%	1.30%	-5.62%	0.89%	-13.47%
Net Nonoperating Expense Percent (NNEP)	-0.21%	0.83%	-19.53%	-1.12%	-1.89%	-1.86%	1.88%	-0.07%	6.32%	2.13%	25.35%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	0.68%	-2.87%	0.44%	-2.71%
Cost of Revenue to Revenue	46.35%	59.98%	59.29%	45.72%	45.15%	45.05%	46.39%	47.39%	45.23%	43.01%	40.98%
SG&A Expenses to Revenue	34.18%	43.51%	42.45%	33.16%	33.17%	32.17%	31.47%	32.66%	33.97%	34.67%	35.42%
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	45.37%	37.36%	43.43%	50.26%	51.39%	49.99%	48.71%	50.36%	62.79%	55.72%	66.95%
Earnings before Interest and Taxes (EBIT)	432	111	-104	207	179	258	260	123	-412	68	-15
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,279	961	740	1,090	1,111	1,167	1,155	1,052	503	1,011	337
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.51	0.59	0.57	0.65	0.52	0.38	0.42	0.23	0.49	0.96	1.27
Price to Tangible Book Value (P/TBV)	1.73	2.02	1.94	1.84	1.73	1.29	169.67	0.00	0.00	0.00	2.42
Price to Revenue (P/Rev)	0.41	0.60	0.61	0.58	0.46	0.35	0.38	0.20	0.40	0.78	3.86
Price to Earnings (P/E)	9.68	56.77	15.84	21.88	19.84	8.01	17.40	0.00	0.00	0.00	0.00
Dividend Yield	2.89%	2.67%	2.83%	2.45%	3.15%	4.29%	3.94%	7.43%	4.10%	0.91%	0.39%
Earnings Yield	10.33%	1.76%	6.31%	4.57%	5.04%	12.48%	5.75%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.65	0.71	0.70	0.75	0.67	0.58	0.68	0.61	0.78	0.98	1.20
Enterprise Value to Revenue (EV/Rev)	0.72	1.02	1.09	0.92	0.88	0.79	1.13	1.08	1.41	1.80	4.78
Enterprise Value to EBITDA (EV/EBITDA)	2.94	4.31	5.85	4.33	4.08	3.54	5.21	5.55	14.48	8.84	17.43
Enterprise Value to EBIT (EV/EBIT)	8.71	37.30	0.00	22.80	25.34	16.01	23.14	47.44	0.00	131.46	0.00
Enterprise Value to NOPAT (EV/NOPAT)	14.45	67.82	0.00	29.07	36.38	17.07	27.10	83.04	0.00	202.71	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	4.77	5.29	5.58	4.64	4.46	2.70	5.45	5.05	6.38	7.81	9.96
Enterprise Value to Free Cash Flow (EV/FCFF)	34.26	0.00	0.00	82.32	0.00	0.00	0.00	0.00	0.00	30.19	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.52	0.51	0.50	0.46	0.43	0.61	0.44	0.57	0.68	0.69	0.16
Long-Term Debt to Equity	0.52	0.51	0.50	0.46	0.43	0.61	0.43	0.56	0.68	0.69	0.16
Financial Leverage	0.25	0.23	0.25	0.22	0.22	0.26	0.29	0.37	0.49	0.55	-0.13
Leverage Ratio	2.00	2.00	1.94	1.87	1.92	2.12	2.11	2.10	2.26	2.32	1.98
Compound Leverage Factor	2.01	1.65	2.28	2.00	2.26	2.36	1.79	2.13	2.61	-0.68	-11.92
Debt to Total Capital	34.28%	33.98%	33.43%	31.50%	30.05%	37.97%	30.31%	36.18%	40.60%	40.96%	13.59%
Short-Term Debt to Total Capital	0.20%	0.17%	0.27%	0.27%	0.13%	0.06%	0.06%	0.18%	0.26%	0.31%	0.09%
Long-Term Debt to Total Capital	34.09%	33.82%	33.16%	31.23%	29.92%	37.91%	30.25%	36.00%	40.34%	40.65%	13.51%
Preferred Equity to Total Capital	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	11.10%	10.36%	10.62%	10.78%	17.62%
Noncontrolling Interests to Total Capital	8.06%	8.41%	8.48%	9.61%	9.84%	8.85%	8.45%	7.39%	7.97%	7.96%	7.64%
Common Equity to Total Capital	57.64%	57.60%	58.09%	58.89%	60.11%	53.19%	50.14%	46.07%	40.81%	40.31%	61.15%
Debt to EBITDA	1.92	2.54	3.32	2.24	2.09	2.94	2.54	3.56	8.16	4.04	2.46
Net Debt to EBITDA	0.83	1.14	1.74	0.94	1.24	1.30	1.81	2.75	6.69	3.18	-1.18
Long-Term Debt to EBITDA	1.91	2.53	3.29	2.22	2.08	2.93	2.54	3.55	8.11	4.01	2.44
Debt to NOPAT	9.42	40.05	-32.50	15.02	18.65	14.17	13.21	53.36	-14.17	92.56	-5.01
Net Debt to NOPAT	4.09	17.91	-17.00	6.29	11.01	6.28	9.40	41.20	-11.61	72.97	2.41
Long-Term Debt to NOPAT	9.36	39.86	-32.24	14.90	18.57	14.15	13.19	53.09	-14.08	91.86	-4.98
Altman Z-Score	1.50	1.29	1.24	1.55	1.26	1.13	1.01	0.79	0.67	0.92	1.40
Noncontrolling Interest Sharing Ratio	12.08%	12.52%	12.75%	13.41%	14.05%	14.17%	21.79%	27.93%	29.47%	31.51%	30.55%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.29	2.32	2.14	2.65	2.00	2.62	1.73	1.34	1.40	1.56	2.10
Quick Ratio	1.89	1.97	1.83	2.32	1.65	2.21	1.29	1.02	1.11	1.29	1.99
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	110	-1.96	-408	57	-391	-97	-1,465	-601	-164	296	-261
Operating Cash Flow to CapEx	98.63%	122.96%	113.28%	131.06%	106.17%	114.50%	97.52%	99.48%	94.30%	129.52%	151.05%
Free Cash Flow to Firm to Interest Expense	0.77	-0.01	-2.40	0.33	-2.37	-0.58	-6.31	-3.45	-0.67	1.06	-2.32
Operating Cash Flow to Interest Expense	5.56	4.60	4.56	5.91	6.16	9.12	4.75	6.64	4.68	4.10	5.24
Operating Cash Flow Less CapEx to Interest Expense	-0.08	0.86	0.54	1.40	0.36	1.15	-0.12	-0.03	-0.28	0.94	1.77
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.57	0.43	0.42	0.54	0.50	0.45	0.41	0.39	0.36	0.36	0.11
Accounts Receivable Turnover	7.01	4.90	4.39	4.96	4.66	4.67	4.71	4.64	4.58	4.69	11.78
Inventory Turnover	11.19	15.72	15.94	15.84	14.65	14.58	14.89	11.50	9.81	10.92	124.05
Fixed Asset Turnover	1.37	1.11	1.14	1.51	1.51	1.39	1.28	1.19	1.05	0.99	0.42
Accounts Payable Turnover	6.56	6.80	6.44	6.37	6.32	5.34	5.00	5.20	5.39	6.67	5.28
Days Sales Outstanding (DSO)	52.08	74.53	83.11	73.59	78.38	78.10	77.50	78.62	79.76	77.76	30.99
Days Inventory Outstanding (DIO)	32.62	23.22	22.90	23.05	24.91	25.04	24.51	31.73	37.22	33.42	2.94
Days Payable Outstanding (DPO)	55.63	53.65	56.71	57.27	57.71	68.38	73.01	70.23	67.71	54.71	69.15
Cash Conversion Cycle (CCC)	29.07	44.10	49.30	39.37	45.58	34.76	29.00	40.13	49.26	56.47	-35.22
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,783	5,846	6,178	6,283	6,799	7,138	8,825	9,496	9,370	9,118	4,891
Invested Capital Turnover	0.91	0.70	0.66	0.82	0.79	0.75	0.67	0.59	0.55	0.54	0.25
Increase / (Decrease) in Invested Capital	151	63	332	105	516	339	1,687	671	-126	-252	96
Enterprise Value (EV)	3,765	4,140	4,332	4,719	4,536	4,130	6,016	5,835	7,284	8,939	5,876
Market Capitalization	2,120	2,441	2,424	2,954	2,401	1,811	2,036	1,100	2,039	3,854	4,736
Book Value per Share	$37.94	$37.69	$38.53	$40.38	$40.57	$42.02	$42.31	$42.05	$36.53	$35.55	$32.27
Tangible Book Value per Share	$11.26	$10.97	$11.27	$14.20	$12.09	$12.30	$0.10	($5.94)	($6.70)	($6.48)	$16.91
Total Capital	7,158	7,195	7,349	7,743	7,741	9,032	9,679	10,365	10,114	9,966	6,096
Total Debt	2,454	2,445	2,457	2,439	2,326	3,429	2,934	3,750	4,106	4,082	829
Total Long-Term Debt	2,440	2,433	2,437	2,418	2,316	3,424	2,928	3,731	4,080	4,051	823
Net Debt	1,067	1,093	1,285	1,021	1,373	1,520	2,088	2,895	3,365	3,218	-399
Capital Expenditures (CapEx)	801	636	685	776	957	1,338	1,131	1,161	1,211	884	391
Debt-free, Cash-free Net Working Capital (DFCFNWC)	243	284	349	534	504	446	503	173	266	272	-278
Debt-free Net Working Capital (DFNWC)	1,228	1,184	1,068	1,472	969	1,878	870	533	502	636	488
Net Working Capital (NWC)	1,214	1,172	1,048	1,451	959	1,873	864	514	476	605	483
Net Nonoperating Expense (NNE)	-2.42	9.04	-233	-13	-22	-27	34	-1.73	197	70	-186
Net Nonoperating Obligations (NNO)	1,079	1,096	1,286	979	1,384	1,535	2,080	2,881	3,362	3,234	-376
Total Depreciation and Amortization (D&A)	847	850	844	883	932	909	895	929	915	943	352
Debt-free, Cash-free Net Working Capital to Revenue	4.66%	7.01%	8.77%	10.45%	9.74%	8.54%	9.44%	3.20%	5.16%	5.48%	-22.60%
Debt-free Net Working Capital to Revenue	23.57%	29.23%	26.84%	28.81%	18.72%	35.94%	16.33%	9.85%	9.73%	12.81%	39.77%
Net Working Capital to Revenue	23.30%	28.94%	26.34%	28.40%	18.53%	35.85%	16.21%	9.50%	9.22%	12.19%	39.34%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.02	$0.39	$1.39	$1.20	$1.06	$1.97	$1.03	($0.07)	($5.05)	($0.85)	($0.66)
Adjusted Weighted Average Basic Shares Outstanding	108.65M	110M	111M	112M	114M	114M	115M	114M	113M	114M	115.18M
Adjusted Diluted Earnings per Share	$1.98	$0.39	$1.37	$1.17	$1.03	$1.93	$1.00	($0.07)	($5.06)	($0.85)	($0.65)
Adjusted Weighted Average Diluted Shares Outstanding	109.91M	111M	112M	114M	116M	115M	116M	114M	113M	114M	118.56M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$1.20	$1.06	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	108.86M	110.17M	111.12M	113.82M	114.78M	114.37M	114.59M	112.46M	113M	114M	113.70M
Normalized Net Operating Profit after Tax (NOPAT)	103	64	106	155	133	262	244	88	111	163	-27
Normalized NOPAT Margin	1.97%	1.59%	2.67%	3.04%	2.57%	5.02%	4.58%	1.62%	2.14%	3.29%	-2.17%
Pre Tax Income Margin	8.35%	2.27%	-3.07%	4.33%	4.08%	5.51%	4.15%	2.31%	-9.24%	-0.40%	7.24%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.04	0.65	-0.61	1.20	1.08	1.54	1.12	0.71	-1.69	0.24	-0.13
NOPAT to Interest Expense	1.84	0.36	-0.44	0.94	0.76	1.44	0.96	0.40	-1.19	0.16	-1.47
EBIT Less CapEx to Interest Expense	-2.60	-3.09	-4.64	-3.31	-4.72	-6.43	-3.75	-5.97	-6.65	-2.92	-3.60
NOPAT Less CapEx to Interest Expense	-3.81	-3.38	-4.47	-3.57	-5.04	-6.52	-3.92	-6.27	-6.15	-3.01	-4.93
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	25.48%	126.92%	46.50%	44.57%	53.74%	29.74%	64.89%	213.89%	-32.03%	-419.23%	-1,230.00%
Augmented Payout Ratio	27.76%	142.31%	46.50%	44.57%	72.79%	58.74%	118.62%	344.44%	-36.14%	-688.46%	-546.68%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	113,800,000.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	113,800,000.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.12
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-8.19%	-3.32%	-3.15%	-2.29%	-4.23%	-5.49%	-8.56%	-4.20%	-5.79%	7.20%	6.55%
EBITDA Growth	21.88%	-234.58%	15.71%	6.23%	-42.12%	196.53%	-9.93%	2.56%	35.40%	145.28%	407.17%
EBIT Growth	536.36%	-2,075.00%	134.48%	21.21%	-264.58%	107.47%	-44.12%	5.00%	78.34%	56.84%	687.87%
NOPAT Growth	180.44%	-1,996.00%	215.35%	0.00%	-1,004.17%	106.21%	-52.16%	63.27%	-750.28%	-2.10%	564.58%
Net Income Growth	140.00%	-1,634.48%	216.67%	0.00%	-2,075.00%	101.59%	-68.42%	157.14%	6.90%	797.70%	1,379.76%
EPS Growth	27.27%	-1,156.76%	225.00%	23.53%	-356.25%	98.06%	-190.00%	61.54%	-15.07%	466.67%	1,311.11%
Operating Cash Flow Growth	144.91%	-13.78%	386.96%	-14.10%	-24.94%	-3.20%	-16.96%	4.73%	-111.95%	-90.80%	-63.65%
Free Cash Flow Firm Growth	72.11%	65.03%	182.26%	213.94%	309.63%	214.11%	-14.98%	-24.99%	651.00%	-104.50%	1,367.83%
Invested Capital Growth	2.66%	-1.33%	-4.21%	-5.08%	-5.87%	-2.69%	-3.91%	-3.81%	-48.00%	2.00%	-54.72%
Revenue Q/Q Growth	0.87%	2.66%	-3.81%	-1.90%	-1.13%	1.31%	-6.94%	2.77%	-73.99%	-560.36%	121.79%
EBITDA Q/Q Growth	6.23%	-205.49%	204.86%	-9.60%	-42.12%	75.95%	-2.16%	2.94%	-186.47%	111.24%	889.54%
EBIT Q/Q Growth	45.45%	-1,187.50%	113.03%	-41.18%	-297.50%	149.37%	-2.56%	10.53%	-176.70%	-94.21%	393.25%
NOPAT Q/Q Growth	0.00%	-6,022.29%	111.97%	-52.16%	-366.67%	140.66%	-7.77%	63.27%	-2,699.26%	88.17%	204.66%
Net Income Q/Q Growth	0.00%	-12,675.00%	107.55%	-81.58%	-1,228.57%	110.13%	50.00%	50.00%	-506.21%	186.65%	179.42%
EPS Q/Q Growth	5.88%	-2,806.25%	102.15%	-230.00%	-461.54%	87.67%	0.00%	44.44%	-1,580.00%	139.29%	230.30%
Operating Cash Flow Q/Q Growth	-12.61%	-46.45%	2.28%	79.46%	-23.63%	-30.94%	-12.26%	126.34%	-108.71%	153.36%	244.61%
Free Cash Flow Firm Q/Q Growth	46.28%	0.83%	290.99%	11.98%	-1.17%	-46.02%	42.30%	-1.21%	794.69%	-105.83%	2,623.18%
Invested Capital Q/Q Growth	-1.08%	-2.61%	0.92%	-2.37%	-1.91%	0.68%	-0.35%	-2.27%	-46.97%	3.87%	-15.89%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	55.63%	53.73%	57.92%	57.75%	57.84%	54.44%	60.31%	58.52%	58.31%	0.00%	59.77%
EBITDA Margin	21.36%	-21.95%	23.93%	22.05%	12.91%	22.42%	23.57%	23.61%	-78.48%	0.00%	87.06%
Operating Margin	3.76%	-39.94%	5.31%	3.15%	-6.54%	2.98%	3.03%	3.37%	-22.03%	0.00%	46.48%
EBIT Margin	3.76%	-39.79%	5.39%	3.23%	-6.45%	3.15%	3.29%	3.54%	-10.44%	0.00%	59.29%
Profit (Net Income) Margin	0.31%	-38.34%	3.01%	0.57%	-6.45%	0.65%	1.04%	1.52%	-23.70%	0.00%	57.21%
Tax Burden Percent	12.90%	91.79%	65.52%	53.85%	75.96%	61.54%	60.00%	85.71%	-1,216.81%	151.03%	75.71%
Interest Burden Percent	64.58%	104.98%	85.29%	32.50%	131.65%	33.33%	52.63%	50.00%	-18.65%	-67.06%	127.45%
Effective Tax Rate	87.10%	0.00%	34.48%	46.15%	0.00%	38.46%	40.00%	14.29%	-1,211.05%	-0.98%	23.27%
Return on Invested Capital (ROIC)	0.27%	-15.29%	1.84%	0.91%	-2.47%	0.99%	0.95%	1.53%	-200.83%	0.00%	6.74%
ROIC Less NNEP Spread (ROIC-NNEP)	0.19%	-19.66%	1.67%	0.47%	-3.20%	0.54%	0.68%	1.02%	-137.68%	0.00%	13.18%
Return on Net Nonoperating Assets (RNNOA)	0.08%	-9.72%	0.89%	0.24%	-1.61%	0.30%	0.38%	0.54%	-31.92%	0.00%	2.45%
Return on Equity (ROE)	0.35%	-25.01%	2.73%	1.15%	-4.08%	1.28%	1.34%	2.07%	-232.75%	0.00%	9.19%
Cash Return on Invested Capital (CROIC)	-2.96%	-1.74%	1.58%	2.48%	2.32%	3.20%	4.23%	4.13%	65.80%	-5.40%	76.55%
Operating Return on Assets (OROA)	1.35%	-14.42%	1.94%	1.16%	-2.31%	1.13%	1.17%	1.24%	-4.49%	0.00%	6.80%
Return on Assets (ROA)	0.11%	-13.90%	1.09%	0.20%	-2.31%	0.23%	0.37%	0.53%	-10.19%	0.00%	6.56%
Return on Common Equity (ROCE)	0.25%	-17.64%	1.92%	0.80%	-2.84%	0.88%	0.91%	1.40%	-154.02%	0.00%	6.48%
Return on Equity Simple (ROE_SIMPLE)	-0.23%	0.00%	-8.86%	-8.82%	-10.58%	0.00%	-1.02%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	6.19	-367	44	21	-56	23	21	34	-891	-105	110
NOPAT Margin	0.48%	-27.96%	3.48%	1.70%	-4.58%	1.84%	1.82%	2.89%	-288.85%	0.00%	35.66%
Net Nonoperating Expense Percent (NNEP)	0.08%	4.36%	0.18%	0.44%	0.73%	0.45%	0.27%	0.52%	-63.15%	23.05%	-6.45%
Return On Investment Capital (ROIC_SIMPLE)	-	-3.63%	-	-	-	0.23%	0.21%	0.35%	-14.58%	-1.73%	1.86%
Cost of Revenue to Revenue	44.37%	46.27%	42.08%	42.25%	42.16%	45.56%	39.69%	41.48%	41.69%	0.00%	40.23%
SG&A Expenses to Revenue	33.80%	33.99%	33.60%	34.41%	34.48%	36.21%	36.83%	35.50%	34.42%	0.00%	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	51.88%	93.67%	52.61%	54.60%	64.38%	51.45%	57.28%	55.14%	80.34%	0.00%	13.30%
Earnings before Interest and Taxes (EBIT)	48	-522	68	40	-79	39	38	42	-32	-63	183
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	273	-288	302	273	158	278	272	280	-242	27	269
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.43	0.49	0.44	0.58	0.66	0.96	1.10	1.03	1.33	1.27	1.24
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.81	2.42	2.30
Price to Revenue (P/Rev)	0.39	0.40	0.35	0.46	0.52	0.78	0.91	0.84	0.94	3.86	3.84
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	77.63
Dividend Yield	4.12%	4.10%	4.66%	2.89%	1.96%	0.91%	0.41%	0.45%	0.41%	0.39%	0.38%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.29%
Enterprise Value to Invested Capital (EV/IC)	0.73	0.78	0.75	0.82	0.85	0.98	1.04	1.01	1.23	1.20	1.22
Enterprise Value to Revenue (EV/Rev)	1.34	1.41	1.39	1.49	1.52	1.80	1.95	1.87	1.21	4.78	4.03
Enterprise Value to EBITDA (EV/EBITDA)	6.94	14.48	13.07	13.52	17.23	8.84	9.67	9.10	5.17	17.43	9.08
Enterprise Value to EBIT (EV/EBIT)	81.14	0.00	0.00	0.00	0.00	131.46	249.54	224.78	37.06	0.00	25.15
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	202.71	436.98	401.39	31.98	0.00	62.61
Enterprise Value to Operating Cash Flow (EV/OCF)	5.93	6.38	5.39	6.04	6.65	7.81	8.57	7.99	7.41	9.96	10.66
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	46.54	32.21	35.43	30.19	24.21	24.01	1.28	0.00	1.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.59	0.68	0.70	0.69	0.70	0.69	0.69	0.70	0.16	0.16	0.13
Long-Term Debt to Equity	0.59	0.68	0.69	0.68	0.70	0.69	0.69	0.69	0.16	0.16	0.13
Financial Leverage	0.44	0.49	0.53	0.51	0.50	0.55	0.56	0.53	0.23	-0.13	0.19
Leverage Ratio	2.18	2.26	2.25	2.25	2.27	2.32	2.31	2.32	1.99	1.98	1.95
Compound Leverage Factor	1.41	2.37	1.92	0.73	2.98	0.77	1.21	1.16	-0.37	-1.33	2.49
Debt to Total Capital	37.18%	40.60%	41.04%	40.79%	41.20%	40.96%	41.00%	41.09%	13.55%	13.59%	11.45%
Short-Term Debt to Total Capital	0.23%	0.26%	0.25%	0.29%	0.29%	0.31%	0.35%	0.37%	0.05%	0.09%	0.13%
Long-Term Debt to Total Capital	36.95%	40.34%	40.78%	40.50%	40.91%	40.65%	40.64%	40.72%	13.50%	13.51%	11.32%
Preferred Equity to Total Capital	10.33%	10.62%	10.52%	10.60%	10.72%	10.78%	10.80%	10.85%	17.57%	17.62%	18.07%
Noncontrolling Interests to Total Capital	7.73%	7.97%	7.99%	8.39%	8.13%	7.96%	7.94%	8.36%	13.38%	7.64%	5.70%
Common Equity to Total Capital	44.76%	40.81%	40.45%	40.22%	39.95%	40.31%	40.26%	39.71%	55.50%	61.15%	64.79%
Debt to EBITDA	3.84	8.16	7.70	7.38	9.27	4.04	4.16	4.12	0.74	2.46	1.23
Net Debt to EBITDA	3.07	6.69	6.28	5.90	7.08	3.18	3.26	3.07	-0.54	-1.18	-2.12
Long-Term Debt to EBITDA	3.82	8.11	7.65	7.33	9.21	4.01	4.12	4.08	0.74	2.44	1.22
Debt to NOPAT	-118.89	-14.17	-15.92	-15.95	-11.84	92.56	187.88	181.56	4.57	-5.01	8.47
Net Debt to NOPAT	-95.02	-11.61	-12.97	-12.75	-9.04	72.97	147.56	135.45	-3.34	2.41	-14.60
Long-Term Debt to NOPAT	-118.15	-14.08	-15.82	-15.84	-11.75	91.86	186.27	179.91	4.55	-4.98	8.38
Altman Z-Score	0.80	0.65	0.78	0.80	0.80	0.91	0.96	0.93	1.67	1.38	1.67
Noncontrolling Interest Sharing Ratio	28.34%	29.47%	29.63%	30.25%	30.32%	31.51%	31.58%	32.34%	33.83%	0.00%	29.44%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.27	1.40	1.58	1.51	1.59	1.56	1.74	1.78	1.89	2.10	3.43
Quick Ratio	1.01	1.11	1.25	1.25	1.32	1.29	1.41	1.54	1.80	1.99	3.31
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-243	-241	460	515	509	275	391	386	3,456	-201	5,082
Operating Cash Flow to CapEx	147.65%	71.80%	95.32%	186.11%	150.49%	92.58%	144.19%	268.15%	0.00%	15.24%	45.26%
Free Cash Flow to Firm to Interest Expense	-3.92	-3.59	8.07	7.05	6.70	3.76	6.41	5.52	73.10	0.00	955.14
Operating Cash Flow to Interest Expense	6.60	3.27	3.93	5.51	4.04	2.90	3.05	6.01	-0.78	0.00	12.68
Operating Cash Flow Less CapEx to Interest Expense	2.13	-1.28	-0.19	2.55	1.36	-0.23	0.93	3.77	-0.27	0.00	-15.33
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.36	0.36	0.36	0.36	0.36	0.36	0.35	0.35	0.43	0.11	0.11
Accounts Receivable Turnover	4.60	4.58	4.72	4.75	4.85	4.69	4.76	4.70	8.74	11.78	2.25
Inventory Turnover	11.03	9.81	10.04	12.24	12.51	10.92	11.27	14.61	23.44	124.05	5.43
Fixed Asset Turnover	1.08	1.05	1.03	1.03	1.01	0.99	0.98	0.98	1.22	0.42	0.32
Accounts Payable Turnover	4.52	5.39	7.04	6.45	4.93	6.67	7.51	6.83	8.81	5.28	2.93
Days Sales Outstanding (DSO)	79.31	79.76	77.26	76.87	75.30	77.76	76.67	77.61	41.75	30.99	161.96
Days Inventory Outstanding (DIO)	33.08	37.22	36.37	29.82	29.17	33.42	32.39	24.98	15.57	2.94	67.27
Days Payable Outstanding (DPO)	80.67	67.71	51.87	56.60	74.11	54.71	48.59	53.47	41.42	69.15	124.61
Cash Conversion Cycle (CCC)	31.72	49.26	61.76	50.09	30.37	56.47	60.47	49.13	15.91	-35.22	104.63
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,621	9,370	9,456	9,232	9,056	9,118	9,086	8,880	4,709	4,891	4,114
Invested Capital Turnover	0.55	0.55	0.53	0.54	0.54	0.54	0.52	0.53	0.70	0.25	0.19
Increase / (Decrease) in Invested Capital	249	-126	-416	-494	-565	-252	-370	-352	-4,347	96	-4,972
Enterprise Value (EV)	6,978	7,284	7,112	7,569	7,666	8,939	9,482	8,991	5,799	5,876	5,027
Market Capitalization	2,013	2,039	1,807	2,342	2,627	3,854	4,416	4,056	4,513	4,736	4,787
Book Value per Share	$41.26	$36.53	$36.55	$36.05	$35.41	$35.55	$35.12	$34.47	$29.51	$32.27	$33.86
Tangible Book Value per Share	($6.94)	($6.70)	($6.80)	($7.28)	($6.66)	($6.48)	($6.49)	($7.09)	$13.95	$16.91	$18.32
Total Capital	10,393	10,114	10,210	10,130	10,015	9,966	9,945	9,898	6,113	6,096	5,943
Total Debt	3,864	4,106	4,190	4,132	4,126	4,082	4,077	4,067	828	829	680
Total Long-Term Debt	3,840	4,080	4,164	4,103	4,097	4,051	4,042	4,030	825	823	673
Net Debt	3,088	3,365	3,415	3,303	3,151	3,218	3,202	3,034	-605	-399	-1,173
Capital Expenditures (CapEx)	277	305	235	216	204	229	129	157	-24	128	149
Debt-free, Cash-free Net Working Capital (DFCFNWC)	121	266	374	262	226	272	400	282	-421	-278	-283
Debt-free Net Working Capital (DFNWC)	377	502	623	584	677	636	748	822	512	488	1,084
Net Working Capital (NWC)	353	476	597	555	648	605	713	785	508	483	1,076
Net Nonoperating Expense (NNE)	2.19	136	5.90	14	23	15	9.00	16	-818	-169	-67
Net Nonoperating Obligations (NNO)	3,092	3,362	3,436	3,234	3,167	3,234	3,218	3,049	-576	-376	-1,149
Total Depreciation and Amortization (D&A)	225	234	234	233	237	239	234	238	-210	90	86
Debt-free, Cash-free Net Working Capital to Revenue	2.32%	5.16%	7.31%	5.15%	4.49%	5.48%	8.24%	5.87%	-8.81%	-22.60%	-22.67%
Debt-free Net Working Capital to Revenue	7.24%	9.73%	12.17%	11.47%	13.44%	12.81%	15.40%	17.11%	10.69%	39.77%	86.91%
Net Working Capital to Revenue	6.78%	9.22%	11.66%	10.90%	12.87%	12.19%	14.68%	16.34%	10.62%	39.34%	86.30%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.16)	($4.64)	$0.11	($0.13)	($0.73)	($0.10)	($0.09)	($0.05)	($0.85)	$0.33	$1.12
Adjusted Weighted Average Basic Shares Outstanding	113M	113M	113M	114M	114M	114M	115M	115M	116.13M	115.18M	113.88M
Adjusted Diluted Earnings per Share	($0.16)	($4.65)	$0.10	($0.13)	($0.73)	($0.09)	($0.09)	($0.05)	($0.84)	$0.33	$1.09
Adjusted Weighted Average Diluted Shares Outstanding	113M	113M	117M	114M	114M	114M	115M	115M	118.84M	118.56M	116.65M
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	113M	113M	113M	113M	113M	114M	114M	115M	115.50M	113.70M	113.80M
Normalized Net Operating Profit after Tax (NOPAT)	38	18	48	30	42	27	23	39	-15	-70	-4.03
Normalized NOPAT Margin	2.96%	1.39%	3.79%	2.44%	3.43%	2.18%	1.98%	3.25%	-4.74%	0.00%	-1.30%
Pre Tax Income Margin	2.43%	-41.77%	4.60%	1.05%	-8.50%	1.05%	1.73%	1.77%	1.95%	0.00%	75.56%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.77	-7.79	1.19	0.55	-1.04	0.53	0.62	0.60	-0.68	0.00	34.48
NOPAT to Interest Expense	0.10	-5.47	0.77	0.29	-0.74	0.31	0.34	0.49	-18.85	0.00	20.74
EBIT Less CapEx to Interest Expense	-3.69	-12.34	-2.93	-2.41	-3.72	-2.60	-1.49	-1.64	-0.18	0.00	6.47
NOPAT Less CapEx to Interest Expense	-4.37	-10.03	-3.35	-2.67	-3.42	-2.83	-1.77	-1.75	-18.34	0.00	-7.27
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-1,176.92%	-32.03%	-34.27%	-31.28%	-23.65%	-419.23%	-176.92%	-221.95%	700.44%	-1,230.00%	-48.63%
Augmented Payout Ratio	-1,469.23%	-36.14%	-36.01%	-32.38%	-29.42%	-688.46%	-351.92%	-443.90%	401.31%	-546.68%	14.48%

Financials Breakdown Chart

Telephone and Data Systems Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Telephone and Data Systems' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Telephone and Data Systems' net income appears to be on a downward trend, with a most recent value of $20.24 million in 2025, falling from $263 million in 2015. The previous period was -$26.48 million in 2024. See Telephone and Data Systems' forecast for analyst expectations on what's next for the company.

Telephone and Data Systems' total operating income in 2025 was -$97.39 million, based on the following breakdown:

Total Gross Profit: $724.95 million
Total Operating Expenses: $822.33 million

Over the last 10 years, Telephone and Data Systems' total revenue changed from $5.21 billion in 2015 to $1.23 billion in 2025, a change of -76.4%.

Telephone and Data Systems' total liabilities were at $3.13 billion at the end of 2025, a 59.9% decrease from 2024, and a 33.6% decrease since 2015.

In the past 10 years, Telephone and Data Systems' cash and equivalents has ranged from $236 million in 2023 to $1.43 billion in 2020, and is currently $765.95 million as of their latest financial filing in 2025.

Over the last 10 years, Telephone and Data Systems' book value per share changed from 37.94 in 2015 to 32.27 in 2025, a change of -14.9%.

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Financial statements for NYSE:TDS last updated on 5/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Telephone and Data Systems (TDS) Financials

Financials Breakdown Chart

Telephone and Data Systems Financials - Frequently Asked Questions

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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

Financials Breakdown Chart

Telephone and Data Systems Financials - Frequently Asked Questions

When does Telephone and Data Systems' fiscal year end?

How has Telephone and Data Systems' net income changed over the last 10 years?

What is Telephone and Data Systems' operating income?

How has Telephone and Data Systems' revenue changed over the last 10 years?

How much debt does Telephone and Data Systems have?

How much cash does Telephone and Data Systems have?

How has Telephone and Data Systems' book value per share changed over the last 10 years?

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