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United States Cellular (USM) Financials

Annual Income Statements for United States Cellular

This table shows United States Cellular's 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	241	48	12	150	127	229	155	30	54	-39	49
Consolidated Net Income / (Loss)	247	49	15	164	133	233	160	35	58	-32	69
Net Income / (Loss) Continuing Operations	247	49	15	164	133	233	160	35	8.38	-80	172
Total Pre-Tax Income	404	82	-272	215	185	250	180	72	41	-100	141
Total Operating Income	347	48	-304	158	112	173	170	69	-112	-260	-93
Total Gross Profit	2,203	2,149	2,087	2,178	2,238	2,244	2,214	2,198	33	30	83
Total Revenue	4,031	3,990	3,890	3,967	4,022	4,037	4,122	4,169	100	103	163
Operating Revenue	4,031	3,990	3,890	3,967	4,022	4,037	4,122	4,169	100	103	163
Total Cost of Revenue	1,828	1,841	1,803	1,789	1,784	1,793	1,908	1,971	68	73	79
Operating Cost of Revenue	1,828	1,841	1,803	1,789	1,784	1,793	1,908	1,971	68	73	79
Total Operating Expenses	1,856	2,101	2,391	2,020	2,126	2,071	2,044	2,129	145	290	176
Selling, General & Admin Expense	1,494	1,480	1,412	1,388	1,406	1,368	1,345	1,408	101	103	84
Depreciation Expense	607	618	615	640	702	683	678	700	50	47	48
Impairment Charge	0.00	0.00	370	-	-	0.00	0.00	3.00	0.00	136	48
Other Special Charges / (Income)	-245	3.00	-5.00	-8.00	19	20	23	19	-6.59	4.27	-4.38
Total Other Income / (Expense), net	57	34	32	57	73	77	10	3.00	153	161	234
Other Income / (Expense), net	1.00	1.00	0.00	-1.00	0.00	0.00	0.00	0.00	-0.01	0.00	234
Income Tax Expense	157	33	-287	51	52	17	20	37	33	-19	-31
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-	50	49	-103
Net Income / (Loss) Attributable to Noncontrolling Interest	6.00	1.00	3.00	14	6.00	4.00	5.00	5.00	6.92	16	41
Basic Earnings per Share	$2.86	$0.56	$0.14	$1.75	$1.47	$2.66	$1.80	$0.35	$0.64	($0.46)	$0.57
Weighted Average Basic Shares Outstanding	84M	85M	85M	86M	86M	86M	86M	85M	85.19M	85.63M	85.91M
Diluted Earnings per Share	$2.84	$0.56	$0.14	$1.72	$1.44	$2.62	$1.77	$0.35	$0.63	($0.46)	$0.56
Weighted Average Diluted Shares Outstanding	85M	85M	86M	87M	88M	87M	87M	86M	86.73M	85.63M	87.29M
Weighted Average Basic & Diluted Shares Outstanding	84.30M	85.70M	85.70M	85.70M	86.15M	86.09M	85.88M	84.69M	85M	85M	86.40M
Cash Dividends to Common per Share	-	-	-	-	-	-	-	-	-	-	$23.00

This table shows United States Cellular's 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	23	13	18	17	-79	5.00	18	31	-38	38	178
Consolidated Net Income / (Loss)	23	16	24	18	-78	4.00	20	32	-21	38	178
Net Income / (Loss) Continuing Operations	23	16	24	18	-96	4.00	5.48	32	110	10	180
Total Pre-Tax Income	50	12	52	32	-118	-14	5.29	36	47	18	232
Total Operating Income	57	22	51	36	-160	-9.00	-30	35	-53	-115	161
Total Gross Profit	550	538	552	536	7.48	513	11	524	26	-1,004	30
Total Revenue	963	1,000	950	927	26	971	27	916	47	-1,691	52
Operating Revenue	963	1,000	950	927	26	971	27	916	47	-1,691	52
Total Cost of Revenue	413	462	398	391	18	458	16	392	21	-687	22
Operating Cost of Revenue	413	462	398	391	18	458	16	392	21	-687	22
Total Operating Expenses	493	516	501	500	168	522	40	489	79	-888	-130
Selling, General & Admin Expense	333	349	331	322	21	353	29	328	21	-596	13
Depreciation Expense	159	166	165	165	12	168	12	163	12	-290	13
Impairment Charge	0.00	-	-	0.00	136	-	0.00	0.00	48	-	0.00
Other Special Charges / (Income)	1.00	1.00	5.00	13	-2.00	1.00	-0.87	-2.00	-0.62	-2.76	-156
Total Other Income / (Expense), net	-7.00	-10	1.00	-4.00	42	-5.00	35	1.00	101	133	72
Other Income / (Expense), net	-	-	-	-	0.00	-	0.00	-	31	-	72
Income Tax Expense	27	-4.00	28	14	-22	-18	-0.19	4.00	-63	7.55	52
Net Income / (Loss) Discontinued Operations	-	-	-	-	17	-	14	-	-130	-	-2.04
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	3.00	6.00	1.00	0.98	-1.00	2.88	1.00	19	19	0.39
Basic Earnings per Share	$0.26	$0.18	$0.21	$0.20	($0.92)	$0.05	$0.21	$0.37	($0.45)	$0.44	$2.06
Weighted Average Basic Shares Outstanding	85M	85M	85M	86M	85.83M	86M	85.14M	86M	86.25M	85.91M	86.42M
Diluted Earnings per Share	$0.26	$0.17	$0.20	$0.20	($0.92)	$0.06	$0.21	$0.36	($0.44)	$0.43	$2.06
Weighted Average Diluted Shares Outstanding	86M	87M	88M	88M	85.83M	86M	88.17M	88M	86.85M	87.29M	86.49M
Weighted Average Basic & Diluted Shares Outstanding	85M	85M	85M	86M	86M	85M	85M	86M	86.40M	86.40M	86.40M

This table details how cash moves in and out of United States Cellular's 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	502	-129	-234	231	-292	1,000	-1,092	109	-128	-21	3,880
Net Cash From Operating Activities	555	501	469	709	724	1,237	802	832	867	882	201
Net Cash From Continuing Operating Activities	555	501	469	703	724	1,237	802	832	49	38	75
Net Income / (Loss) Continuing Operations	247	49	15	164	133	233	160	35	8.38	-80	172
Consolidated Net Income / (Loss)	247	49	15	-164	133	233	160	35	58	-32	69
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-	50	49	-103
Depreciation Expense	607	618	615	640	702	683	678	700	50	47	48
Non-Cash Adjustments To Reconcile Net Income	-194	78	484	451	161	132	101	164	-12	149	41
Changes in Operating Assets and Liabilities, net	-107	-244	-645	-218	-272	189	-137	-67	3.18	-77	-234
Net Cash From Discontinued Operating Activities	-	-	-	-	-	-	-	-	818	844	126
Net Cash From Investing Activities	-550	-618	-683	-464	-864	-1,163	-2,036	-1,179	-721	-556	2,438
Net Cash From Continuing Investing Activities	-550	-618	-683	-464	-864	-1,163	-2,036	-1,179	-153	-38	-25
Purchase of Property, Plant & Equipment	-581	-443	-465	-512	-650	-989	-724	-602	-41	-18	-27
Acquisitions	-286	-53	-	-2.00	-271	-201	-1,322	-585	-129	-19	-4.18
Divestitures	317	21	21	24	41	26	0.00	0.00	1.00	0.00	5.44
Other Investing Activities, net	0.00	-143	-189	-7.00	-2.00	1.00	10	8.00	15	0.00	1.30
Net Cash From Discontinued Investing Activities	-	-	-	-	-	-	-	-	-568	-519	2,462
Net Cash From Financing Activities	497	-12	-20	-14	-152	926	142	456	-274	-347	-2,684
Net Cash From Continuing Financing Activities	497	-12	-20	-14	-152	926	142	456	-209	-280	-2,664
Repayment of Debt	-14	-12	-17	-26	-118	-146	-1,141	-381	-515	-250	-882
Repurchase of Common Equity	-8.00	-5.00	0.00	0.00	-21	-23	-31	-48	0.00	-54	-21
Payment of Dividends	-6.00	-1.00	-4.00	-6.00	-4.00	-6.00	-3.00	-3.00	-3.31	-4.72	1,959
Issuance of Debt	525	-	-	0.00	0.00	1,125	1,342	910	315	40	317
Other Financing Activities, net	-2.00	-	-	0.00	-9.00	-24	-25	-22	-5.87	-11	-63
Net Cash From Discontinued Financing Activities	-	-	-	-	-	-	-	-	-66	-67	-21

This table details how cash moves in and out of United States Cellular's 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	-39	-6.00	31	5.00	73	-129	41	200	-40	3,678	140
Net Cash From Operating Activities	329	147	203	313	245	122	159	325	-82	-202	24
Net Cash From Continuing Operating Activities	329	147	203	313	245	122	-71	325	-462	53	24
Net Income / (Loss) Continuing Operations	23	15	24	18	-79	5.00	5.48	32	209	-89	180
Consolidated Net Income / (Loss)	23	15	24	18	-79	5.00	20	32	110	-93	178
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	14	-	-	-3.88	-2.04
Depreciation Expense	160	166	165	164	170	166	12	162	-289	12	13
Non-Cash Adjustments To Reconcile Net Income	11	58	27	62	150	78	-24	68	-129	89	-178
Changes in Operating Assets and Liabilities, net	135	-92	-13	69	4.00	-127	-64	63	-219	-43	9.65
Net Cash From Discontinued Operating Activities	-	-	-	-	-	-	230	-	-	-255	-0.65
Net Cash From Investing Activities	-119	-257	-144	-140	-131	-141	-74	-76	2,596	-8.60	1,004
Net Cash From Continuing Investing Activities	-119	-257	-144	-140	-131	-141	-9.59	-76	134	-8.60	1,004
Purchase of Property, Plant & Equipment	-103	-154	-133	-137	-129	-138	-7.51	-75	128	-8.60	-14
Acquisitions	-16	-106	-11	-4.00	-2.00	-3.00	-2.07	-2.00	-0.18	-	0.00
Divestitures	-	-	-	-	-	-	0.00	-	-	-	1,018
Other Investing Activities, net	-	3.00	0.00	1.00	-	-	0.00	1.00	0.30	-	0.00
Net Cash From Discontinued Investing Activities	-	-	-	-	-	-	-64	-	-	-	0.00
Net Cash From Financing Activities	-249	104	-28	-168	-41	-110	-44	-49	-2,590	-1.56	-888
Net Cash From Continuing Financing Activities	-249	104	-28	-168	-41	-110	-35	-49	-2,569	-1.56	-888
Repayment of Debt	-240	-57	-57	-144	-4.00	-46	-5.59	-9.00	-864	-4.16	0.00
Repurchase of Common Equity	-	-6.00	0.00	-	-26	-28	-21	-	-0.36	-	0.00
Payment of Dividends	-	-1.00	-2.00	-1.00	-1.00	-1.00	-1.64	-	-2,012	3,973	-886
Issuance of Debt	-	200	40	-	-	-	0.00	-	325	-8.00	0.00
Other Financing Activities, net	-9.00	-32	-9.00	-23	-10	-35	-6.58	-40	-7.51	0.06	-1.37
Net Cash From Discontinued Financing Activities	-	-	-	-	-	-	-8.83	-	-	-	0.00

This table presents United States Cellular's 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	7,060	7,110	6,841	7,274	8,164	9,681	10,341	11,119	10,750	10,449	4,678
Total Current Assets	1,672	1,558	1,483	1,812	1,573	2,623	1,605	1,723	1,400	1,345	145
Cash & Equivalents	715	586	352	580	285	1,271	156	273	150	144	113
Accounts Receivable	672	727	843	976	1,010	998	1,046	1,072	957	13	22
Inventories, net	149	138	138	142	162	146	173	261	199	0.00	0.00
Prepaid Expenses	81	84	79	63	50	51	58	68	57	7.06	3.22
Current Deferred & Refundable Income Taxes	-	-	-	15	46	125	123	4.00	1.00	0.00	0.00
Other Current Assets	55	23	21	19	20	29	49	45	36	18	6.52
Other Current Nonoperating Assets	-	-	-	-	0.00	-	-	-	-	1,163	0.00
Plant, Property, & Equipment, net	2,649	2,470	2,320	2,202	2,207	2,466	2,606	2,624	2,576	384	389
Total Noncurrent Assets	2,739	3,082	3,038	3,260	4,384	4,592	6,130	6,772	6,774	8,720	4,144
Long-Term Investments	363	413	415	441	447	435	439	452	461	454	413
Intangible Assets	1,834	1,886	2,223	2,186	2,471	2,629	4,088	4,690	4,693	3,282	1,642
Other Noncurrent Operating Assets	172	405	390	633	1,466	1,526	1,585	1,604	1,605	486	2,090
Other Noncurrent Nonoperating Assets	-	8.00	10	-	-	2.00	18	26	15	4,499	0.00
Total Liabilities & Shareholders' Equity	7,060	7,110	6,841	7,274	8,164	9,681	10,341	11,119	10,750	10,449	4,678
Total Liabilities	3,489	3,465	3,154	3,196	3,943	5,245	5,767	6,537	6,096	5,841	2,104
Total Current Liabilities	748	718	733	691	750	871	903	1,195	901	884	200
Short-Term Debt	11	11	18	19	8.00	2.00	3.00	13	20	22	4.06
Accounts Payable	275	309	302	304	296	377	346	356	248	36	38
Current Deferred Revenue	251	190	185	157	148	151	191	239	229	1.72	86
Current Deferred & Payable Income Tax Liabilities	28	39	56	30	30	48	33	35	32	27	17
Current Employee Benefit Liabilities	68	73	74	78	76	82	83	84	83	89	4.32
Other Current Liabilities	115	96	98	103	192	211	247	468	289	35	30
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	672	20
Total Noncurrent Liabilities	2,741	2,747	2,421	2,505	3,193	4,374	4,864	5,342	5,195	4,958	1,904
Long-Term Debt	1,629	1,618	1,622	1,605	1,502	2,489	2,728	3,187	3,044	1,202	670
Noncurrent Deferred & Payable Income Tax Liabilities	821	826	461	510	507	633	674	708	755	728	387
Other Noncurrent Operating Liabilities	291	303	338	389	1,184	1,251	1,462	1,447	1,396	717	846
Other Noncurrent Nonoperating Liabilities	-	-	0.00	1.00	0.00	1.00	-	-	-	2,311	0.00
Commitments & Contingencies	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	11	11	10	11	12	12	16	0.00
Total Equity & Noncontrolling Interests	3,571	3,645	3,687	4,067	4,210	4,426	4,563	4,570	4,642	4,592	2,575
Total Preferred & Common Equity	3,561	3,634	3,677	4,057	4,197	4,411	4,547	4,554	4,626	4,577	2,568
Total Common Equity	3,561	3,634	3,677	4,057	4,197	4,411	4,547	4,554	4,626	4,577	2,568
Common Stock	1,585	1,610	1,640	1,678	1,717	1,739	1,766	1,791	1,814	1,870	1,883
Retained Earnings	2,133	2,160	2,157	2,444	2,550	2,739	2,849	2,861	2,892	2,818	770
Treasury Stock	-157	-136	-120	-65	-70	-67	-68	-98	-80	-112	-86
Noncontrolling Interest	10	11	10	10	13	15	16	16	16	15	6.93

This table presents United States Cellular's 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	11,056	10,997	10,889	10,749	10,704	10,639	10,516	10,365	10,377	4,918	3,965
Total Current Assets	1,675	1,562	1,500	1,393	1,395	1,374	1,427	1,373	1,509	352	274
Cash & Equivalents	254	154	186	153	185	195	272	182	386	326	254
Accounts Receivable	1,075	1,009	984	959	932	952	918	925	922	20	13
Inventories, net	243	262	210	175	175	143	161	178	126	0.00	0.00
Prepaid Expenses	61	76	69	64	71	58	55	63	53	2.98	3.27
Current Deferred & Refundable Income Taxes	1.00	4.00	4.00	2.00	0.00	0.00	0.00	-	1.00	0.00	0.00
Other Current Assets	41	57	47	40	32	26	21	25	21	3.95	3.81
Other Current Nonoperating Assets	-	-	-	-	0.00	0.00	0.00	1.00	0.00	0.00	0.00
Plant, Property, & Equipment, net	2,631	2,658	2,640	2,593	2,540	2,540	2,504	2,394	2,313	387	387
Total Noncurrent Assets	6,750	6,777	6,749	6,763	6,769	6,725	6,585	6,597	6,555	4,179	3,304
Long-Term Investments	461	477	457	477	482	461	478	479	444	452	435
Intangible Assets	4,680	4,692	4,694	4,690	4,711	4,715	4,576	4,581	4,583	1,649	1,642
Other Noncurrent Operating Assets	1,580	1,590	1,582	1,580	1,576	1,549	1,531	1,537	1,528	2,078	1,227
Other Noncurrent Nonoperating Assets	29	18	16	16	-	-	-	-	-	0.00	0.00
Total Liabilities & Shareholders' Equity	11,056	10,997	10,889	10,749	10,704	10,639	10,516	10,365	10,377	4,918	3,965
Total Liabilities	6,451	6,402	6,288	6,118	6,015	5,933	5,902	5,750	5,747	2,381	2,100
Total Current Liabilities	1,099	953	1,008	1,031	837	886	909	807	808	539	266
Short-Term Debt	11	15	54	18	20	20	20	26	28	2.03	6.09
Accounts Payable	340	206	240	406	229	268	272	207	218	69	32
Current Deferred Revenue	218	229	231	222	235	236	225	231	225	122	45
Current Deferred & Payable Income Tax Liabilities	36	33	32	35	49	41	63	57	37	290	132
Current Employee Benefit Liabilities	62	44	54	61	32	57	66	33	54	4.62	0.56
Other Current Liabilities	432	426	388	283	272	264	263	253	246	31	29
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	20	20
Total Noncurrent Liabilities	5,352	5,449	5,280	5,087	5,178	5,047	4,993	4,943	4,939	1,842	1,834
Long-Term Debt	3,115	3,297	3,105	2,903	3,029	2,887	2,882	2,829	2,819	672	668
Noncurrent Deferred & Payable Income Tax Liabilities	705	715	732	749	758	765	719	720	719	321	321
Other Noncurrent Operating Liabilities	1,532	1,437	1,443	1,435	1,391	1,395	1,392	1,394	1,401	850	845
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	0.00	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	12	12	12	16	16	16	16	16	0.00	0.00
Total Equity & Noncontrolling Interests	4,605	4,583	4,589	4,619	4,673	4,690	4,598	4,599	4,614	2,537	1,865
Total Preferred & Common Equity	4,589	4,568	4,573	4,603	4,658	4,675	4,582	4,585	4,600	2,530	1,859
Total Common Equity	4,589	4,568	4,573	4,603	4,658	4,677	4,582	4,585	4,600	2,701	1,859
Common Stock	1,784	1,792	1,798	1,805	1,828	1,840	1,852	1,888	1,900	1,883	1,884
Retained Earnings	2,890	2,872	2,855	2,878	2,910	2,893	2,813	2,822	2,802	732	59
Treasury Stock	-85	-96	-80	-80	-80	-56	-83	-125	-102	86	-84
Noncontrolling Interest	16	15	16	16	15	15	16	14	14	7.33	6.16

This table displays calculated financial ratios and metrics derived from United States Cellular's 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
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	86,400,000.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	86,400,000.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.56
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.54%	-1.02%	-2.51%	1.98%	1.39%	0.37%	2.11%	1.14%	-6.31%	-3.48%	58.32%
EBITDA Growth	106.70%	-30.30%	-53.37%	156.27%	2.13%	5.16%	-0.93%	-9.32%	3.38%	-17.86%	188.86%
EBIT Growth	341.67%	-85.92%	-720.41%	151.64%	-28.66%	54.46%	-1.73%	-59.41%	101.45%	-108.63%	154.21%
NOPAT Growth	311.94%	-86.48%	-841.90%	156.64%	-33.19%	100.25%	-6.28%	-77.80%	116.54%	-111.57%	38.02%
Net Income Growth	625.53%	-80.16%	-69.39%	993.33%	-18.90%	75.19%	-31.33%	-78.13%	65.71%	-155.17%	319.12%
EPS Growth	656.86%	-80.28%	-75.00%	1,128.57%	-16.28%	81.94%	-32.44%	-80.23%	80.00%	-173.02%	221.74%
Operating Cash Flow Growth	222.67%	-9.73%	-6.39%	51.17%	2.12%	70.86%	-35.17%	3.74%	4.09%	1.96%	-77.24%
Free Cash Flow Firm Growth	74.41%	-27.01%	-323.29%	90.02%	-469.89%	77.61%	-2,232.27%	76.93%	103.81%	1,745.13%	-106.94%
Invested Capital Growth	7.69%	3.24%	5.46%	3.67%	7.16%	4.36%	28.27%	5.07%	0.87%	-3.14%	7.42%
Revenue Q/Q Growth	0.30%	-0.37%	0.57%	0.56%	0.05%	0.55%	-0.12%	-0.48%	-1.24%	-0.76%	-95.62%
EBITDA Q/Q Growth	8.88%	-3.89%	3.32%	1.53%	1.37%	-0.47%	0.12%	-2.53%	4.61%	-4.53%	-74.74%
EBIT Q/Q Growth	21.32%	-32.88%	3.49%	3.29%	-4.27%	4.22%	0.00%	-31.68%	54.44%	-163.16%	68.29%
NOPAT Q/Q Growth	22.09%	-33.74%	3.49%	-20.71%	-3.96%	0.30%	11.91%	-53.51%	233.56%	91.16%	-199.01%
Net Income Q/Q Growth	8.42%	-3.92%	105.70%	-60.67%	-0.75%	-4.90%	15.11%	-61.11%	286.67%	-60.00%	93.23%
EPS Q/Q Growth	8.81%	-5.08%	104.49%	-63.33%	-2.04%	-5.07%	16.45%	-64.29%	350.00%	-31.43%	194.74%
Operating Cash Flow Q/Q Growth	40.02%	20.72%	-2.29%	5.04%	-9.05%	25.33%	-15.93%	5.72%	-3.67%	-2.75%	-61.70%
Free Cash Flow Firm Q/Q Growth	71.24%	15.88%	-266.91%	77.54%	-3.39%	71.93%	-10.23%	34.85%	-87.98%	320.78%	-106.83%
Invested Capital Q/Q Growth	3.36%	2.40%	10.62%	5.59%	5.31%	2.09%	3.82%	0.63%	2.60%	1.52%	11.80%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	54.65%	53.86%	53.65%	54.90%	55.64%	55.59%	53.71%	52.72%	55.76%	56.76%	51.22%
EBITDA Margin	23.74%	16.72%	7.99%	20.09%	20.24%	21.20%	20.57%	18.45%	20.35%	17.32%	116.21%
Operating Margin	8.61%	1.20%	-7.81%	3.98%	2.78%	4.29%	4.12%	1.66%	3.56%	-0.32%	-56.78%
EBIT Margin	8.63%	1.23%	-7.81%	3.96%	2.78%	4.29%	4.12%	1.66%	3.56%	-0.32%	86.60%
Profit (Net Income) Margin	6.13%	1.23%	0.39%	4.13%	3.31%	5.77%	3.88%	0.84%	1.48%	-0.85%	42.46%
Tax Burden Percent	61.14%	59.76%	-5.51%	76.28%	71.89%	93.20%	88.89%	48.61%	52.25%	145.45%	49.03%
Interest Burden Percent	116.09%	167.35%	89.47%	136.94%	165.18%	144.51%	105.88%	104.35%	79.86%	183.33%	100.00%
Effective Tax Rate	38.86%	40.24%	0.00%	23.72%	28.11%	6.80%	11.11%	51.39%	47.75%	0.00%	-22.07%
Return on Invested Capital (ROIC)	5.32%	0.68%	-4.85%	2.63%	1.67%	3.16%	2.54%	0.49%	1.03%	-0.12%	-4.27%
ROIC Less NNEP Spread (ROIC-NNEP)	11.73%	4.11%	26.89%	8.84%	9.36%	12.36%	3.15%	0.55%	0.43%	-1.12%	-23.59%
Return on Net Nonoperating Assets (RNNOA)	1.85%	0.68%	5.26%	1.59%	1.54%	2.23%	1.01%	0.28%	0.23%	-0.57%	6.19%
Return on Equity (ROE)	7.18%	1.36%	0.41%	4.22%	3.21%	5.38%	3.55%	0.76%	1.26%	-0.69%	1.93%
Cash Return on Invested Capital (CROIC)	-2.08%	-2.51%	-10.17%	-0.97%	-5.25%	-1.11%	-22.23%	-4.45%	0.16%	3.07%	-11.42%
Operating Return on Assets (OROA)	5.15%	0.69%	-4.36%	2.22%	1.45%	1.94%	1.70%	0.64%	1.27%	-0.11%	1.87%
Return on Assets (ROA)	3.65%	0.69%	0.22%	2.32%	1.72%	2.61%	1.60%	0.33%	0.53%	-0.30%	0.91%
Return on Common Equity (ROCE)	7.16%	1.35%	0.41%	4.21%	3.19%	5.35%	3.53%	0.76%	1.25%	-0.69%	1.92%
Return on Equity Simple (ROE_SIMPLE)	6.94%	1.35%	0.41%	4.04%	3.17%	5.28%	3.52%	0.77%	1.25%	-0.70%	0.00%
Net Operating Profit after Tax (NOPAT)	212	29	-213	121	81	161	151	34	73	-8.40	-113
NOPAT Margin	5.26%	0.72%	-5.47%	3.04%	2.00%	3.99%	3.67%	0.80%	1.86%	-0.22%	-69.31%
Net Nonoperating Expense Percent (NNEP)	-6.41%	-3.43%	-31.75%	-6.21%	-7.69%	-9.21%	-0.61%	-0.06%	0.60%	1.00%	19.32%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	0.43%	0.94%	-0.11%	-3.48%
Cost of Revenue to Revenue	45.35%	46.14%	46.35%	45.10%	44.36%	44.41%	46.29%	47.28%	44.24%	43.24%	48.78%
SG&A Expenses to Revenue	37.06%	37.09%	36.30%	34.99%	34.96%	33.89%	32.63%	33.77%	35.02%	35.28%	51.82%
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	46.04%	52.66%	61.47%	50.92%	52.86%	51.30%	49.59%	51.07%	52.20%	57.08%	108.01%
Earnings before Interest and Taxes (EBIT)	348	49	-304	157	112	173	170	69	139	-12	141
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	957	667	311	797	814	856	848	769	795	653	189
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.97	1.02	0.87	1.10	0.74	0.60	0.60	0.39	0.76	1.18	1.50
Price to Tangible Book Value (P/TBV)	2.53	2.69	2.20	2.38	1.81	1.48	5.92	0.00	0.00	0.00	4.15
Price to Revenue (P/Rev)	0.85	0.93	0.82	1.12	0.78	0.65	0.66	0.43	0.90	1.43	23.59
Price to Earnings (P/E)	14.27	77.26	266.93	29.74	24.58	11.53	17.53	59.23	65.39	0.00	78.86
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	51.68%
Earnings Yield	7.01%	1.29%	0.37%	3.36%	4.07%	8.67%	5.70%	1.69%	1.53%	0.00%	1.27%
Enterprise Value to Invested Capital (EV/IC)	0.97	1.02	0.90	1.09	0.78	0.66	0.73	0.61	0.85	1.12	1.46
Enterprise Value to Revenue (EV/Rev)	1.00	1.09	1.04	1.28	0.98	0.85	1.18	1.03	1.54	2.04	24.55
Enterprise Value to EBITDA (EV/EBITDA)	4.19	6.52	12.98	6.36	4.82	4.03	5.75	5.57	7.56	11.77	21.12
Enterprise Value to EBIT (EV/EBIT)	11.53	88.76	0.00	32.28	35.03	19.93	28.71	62.03	43.25	0.00	28.35
Enterprise Value to NOPAT (EV/NOPAT)	18.91	151.63	0.00	42.06	48.72	21.38	32.29	127.60	82.77	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	7.23	8.68	8.61	7.15	5.42	2.79	6.08	5.14	6.94	8.70	19.92
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	516.90	35.82	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.46	0.45	0.44	0.40	0.36	0.56	0.60	0.70	0.66	0.62	0.26
Long-Term Debt to Equity	0.46	0.44	0.44	0.39	0.36	0.56	0.60	0.70	0.65	0.62	0.26
Financial Leverage	0.16	0.16	0.20	0.18	0.16	0.18	0.32	0.50	0.53	0.51	-0.26
Leverage Ratio	1.96	1.96	1.90	1.82	1.86	2.06	2.22	2.34	2.37	2.29	2.11
Compound Leverage Factor	2.28	3.29	1.70	2.49	3.07	2.98	2.35	2.45	1.89	4.20	2.11
Debt to Total Capital	31.47%	30.89%	30.79%	28.48%	26.35%	35.96%	37.39%	41.12%	39.70%	38.29%	20.76%
Short-Term Debt to Total Capital	0.21%	0.21%	0.34%	0.33%	0.14%	0.03%	0.04%	0.17%	0.26%	0.29%	0.13%
Long-Term Debt to Total Capital	31.26%	30.68%	30.45%	28.15%	26.21%	35.93%	37.34%	40.95%	39.44%	37.99%	20.63%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.19%	0.21%	0.19%	0.37%	0.42%	0.36%	0.37%	0.36%	0.36%	0.42%	0.21%
Common Equity to Total Capital	68.34%	68.90%	69.03%	71.15%	73.23%	63.68%	62.25%	58.52%	59.94%	61.30%	79.03%
Debt to EBITDA	1.71	2.44	5.27	2.04	1.86	2.91	3.22	4.16	3.85	4.38	3.56
Net Debt to EBITDA	0.59	0.94	2.65	0.74	0.96	0.91	2.52	3.22	3.09	3.46	0.78
Long-Term Debt to EBITDA	1.70	2.43	5.22	2.01	1.85	2.91	3.22	4.14	3.83	4.34	3.54
Debt to NOPAT	7.73	56.79	-7.71	13.47	18.75	15.45	18.07	95.40	42.19	-340.36	-5.97
Net Debt to NOPAT	2.65	21.96	-3.87	4.86	9.66	4.85	14.14	73.79	33.77	-269.17	-1.31
Long-Term Debt to NOPAT	7.68	56.41	-7.62	13.32	18.65	15.44	18.05	95.02	41.91	-337.74	-5.93
Altman Z-Score	1.91	1.79	1.60	2.11	1.57	1.39	1.20	0.98	1.19	1.34	1.45
Noncontrolling Interest Sharing Ratio	0.30%	0.29%	0.29%	0.40%	0.54%	0.57%	0.58%	0.60%	0.61%	0.64%	0.53%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.24	2.17	2.02	2.62	2.10	3.01	1.78	1.44	1.55	1.52	0.72
Quick Ratio	1.85	1.83	1.70	2.28	1.73	2.61	1.33	1.13	1.23	1.24	0.68
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-83	-105	-446	-44	-253	-57	-1,324	-305	12	215	-302
Operating Cash Flow to CapEx	95.53%	113.09%	100.86%	138.48%	111.38%	125.08%	110.77%	138.21%	142.43%	164.43%	738.37%
Free Cash Flow to Firm to Interest Expense	-0.96	-0.93	-3.95	-0.38	-2.30	-0.51	-7.57	-1.87	0.06	1.17	0.00
Operating Cash Flow to Interest Expense	6.45	4.43	4.15	6.11	6.58	11.04	4.58	5.10	4.42	4.83	0.00
Operating Cash Flow Less CapEx to Interest Expense	-0.30	0.51	0.04	1.70	0.67	2.21	0.45	1.41	1.32	1.89	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.60	0.56	0.56	0.56	0.52	0.45	0.41	0.39	0.36	0.36	0.02
Accounts Receivable Turnover	6.56	5.70	4.96	4.36	4.05	4.02	4.03	3.94	3.85	3.94	9.48
Inventory Turnover	8.79	12.83	13.07	12.78	11.74	11.64	11.96	9.08	7.51	8.62	0.00
Fixed Asset Turnover	1.50	1.56	1.62	1.75	1.82	1.73	1.63	1.59	1.50	1.48	0.42
Accounts Payable Turnover	6.28	6.30	5.90	5.90	5.95	5.33	5.28	5.62	5.72	6.65	2.12
Days Sales Outstanding (DSO)	55.64	63.99	73.66	83.68	90.12	90.78	90.50	92.72	94.80	92.56	38.51
Days Inventory Outstanding (DIO)	41.54	28.45	27.94	28.56	31.10	31.35	30.51	40.19	48.58	42.32	0.00
Days Payable Outstanding (DPO)	58.09	57.89	61.85	61.82	61.38	68.50	69.15	65.00	63.79	54.86	171.86
Cash Conversion Cycle (CCC)	39.09	34.55	39.75	50.43	59.84	53.62	51.85	67.90	79.59	80.02	-133.35
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,133	4,267	4,500	4,665	4,999	5,217	6,692	7,031	7,092	6,869	2,743
Invested Capital Turnover	1.01	0.95	0.89	0.87	0.83	0.79	0.69	0.61	0.55	0.54	0.06
Increase / (Decrease) in Invested Capital	295	134	233	165	334	218	1,475	339	61	-223	189
Enterprise Value (EV)	4,012	4,349	4,036	5,069	3,923	3,447	4,880	4,280	6,012	7,686	4,000
Market Capitalization	3,440	3,708	3,203	4,462	3,121	2,640	2,717	1,777	3,531	5,394	3,845
Book Value per Share	$42.25	$42.84	$43.20	$47.26	$48.72	$51.27	$52.75	$53.44	$54.42	$53.22	$29.72
Tangible Book Value per Share	$16.10	$16.25	$17.08	$21.79	$20.04	$20.71	$5.32	($1.60)	($0.79)	($0.02)	$10.71
Total Capital	5,211	5,274	5,327	5,702	5,731	6,927	7,305	7,782	7,718	7,467	3,249
Total Debt	1,640	1,629	1,640	1,624	1,510	2,491	2,731	3,200	3,064	2,859	674
Total Long-Term Debt	1,629	1,618	1,622	1,605	1,502	2,489	2,728	3,187	3,044	2,837	670
Net Debt	562	630	823	586	778	782	2,136	2,475	2,453	2,261	148
Capital Expenditures (CapEx)	581	443	465	512	650	989	724	602	608	537	27
Debt-free, Cash-free Net Working Capital (DFCFNWC)	220	265	366	543	546	480	549	268	369	339	-165
Debt-free Net Working Capital (DFNWC)	935	851	768	1,140	831	1,754	705	541	519	483	-51
Net Working Capital (NWC)	924	840	750	1,121	823	1,752	702	528	499	461	-55
Net Nonoperating Expense (NNE)	-35	-20	-228	-43	-52	-72	-8.89	-1.46	15	24	-182
Net Nonoperating Obligations (NNO)	562	622	813	587	778	781	2,118	2,449	2,438	2,261	169
Total Depreciation and Amortization (D&A)	609	618	615	640	702	683	678	700	656	665	48
Debt-free, Cash-free Net Working Capital to Revenue	5.46%	6.64%	9.41%	13.69%	13.58%	11.89%	13.32%	6.43%	9.45%	8.99%	-100.97%
Debt-free Net Working Capital to Revenue	23.20%	21.33%	19.74%	28.74%	20.66%	43.45%	17.10%	12.98%	13.29%	12.81%	-31.38%
Net Working Capital to Revenue	22.92%	21.05%	19.28%	28.26%	20.46%	43.40%	17.03%	12.66%	12.78%	12.23%	-33.87%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.86	$0.56	$0.14	$1.75	$1.47	$2.66	$1.80	$0.35	$0.64	($0.46)	$0.57
Adjusted Weighted Average Basic Shares Outstanding	84.25M	85M	85M	86M	86M	86M	86M	85M	85M	86M	85.91M
Adjusted Diluted Earnings per Share	$2.84	$0.56	$0.14	$1.72	$1.44	$2.62	$1.77	$0.35	$0.63	($0.46)	$0.56
Adjusted Weighted Average Diluted Shares Outstanding	84.89M	85M	86M	87M	88M	87M	87M	86M	87M	86M	87.29M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$1.75	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	84.32M	84.85M	85.13M	86.31M	86.15M	86.09M	85.88M	84.69M	85M	85M	86.40M
Normalized Net Operating Profit after Tax (NOPAT)	62	30	43	114	94	180	172	64	80	102	-34
Normalized NOPAT Margin	1.55%	0.76%	1.10%	2.88%	2.34%	4.46%	4.16%	1.53%	2.06%	2.69%	-21.15%
Pre Tax Income Margin	10.02%	2.06%	-6.99%	5.42%	4.60%	6.19%	4.37%	1.73%	2.84%	-0.58%	86.60%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.05	0.43	-2.69	1.35	1.02	1.54	0.97	0.42	0.71	-0.07	0.00
NOPAT to Interest Expense	2.47	0.25	-1.88	1.04	0.73	1.44	0.86	0.21	0.37	-0.05	0.00
EBIT Less CapEx to Interest Expense	-2.71	-3.49	-6.81	-3.06	-4.89	-7.29	-3.17	-3.27	-2.39	-3.00	0.00
NOPAT Less CapEx to Interest Expense	-4.29	-3.67	-6.00	-3.37	-5.18	-7.39	-3.27	-3.49	-2.73	-2.98	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	2.43%	2.04%	26.67%	3.66%	3.01%	2.58%	1.88%	8.57%	5.17%	-15.63%	-2,831.37%
Augmented Payout Ratio	5.67%	12.24%	26.67%	3.66%	18.80%	12.45%	21.25%	145.71%	15.52%	-184.38%	-2,800.50%

This table displays calculated financial ratios and metrics derived from United States Cellular's 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	-	-	-	-	-	-	-	86,000,000.00	86,400,000.00	86,400,000.00	86,400,000.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	86,000,000.00	86,400,000.00	86,400,000.00	86,400,000.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	0.36	-0.45	0.44	2.06
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-11.08%	-4.67%	-3.65%	-3.13%	-4.26%	-2.90%	-6.21%	-1.19%	83.06%	6.04%	92.75%
EBITDA Growth	33.13%	22.88%	10.20%	3.09%	-63.13%	-16.49%	-5.56%	-1.50%	31.34%	41.25%	1,489.51%
EBIT Growth	480.00%	181.48%	96.15%	5.88%	-257.89%	-140.91%	-19.61%	-2.78%	85.86%	38.44%	884.49%
NOPAT Growth	349.71%	255.20%	61.67%	185.88%	-340.27%	-121.48%	-12.91%	53.64%	-10.69%	49.17%	505.63%
Net Income Growth	291.67%	159.26%	71.43%	260.00%	-439.13%	-75.00%	-16.67%	77.78%	73.75%	686.28%	804.18%
EPS Growth	273.33%	153.13%	33.33%	300.00%	-453.85%	-64.71%	5.00%	80.00%	52.17%	616.67%	880.95%
Operating Cash Flow Growth	344.59%	-18.33%	395.12%	-10.32%	-25.53%	-17.01%	-21.18%	3.83%	-133.45%	-267.02%	-85.04%
Free Cash Flow Firm Growth	118.35%	91.15%	219.33%	248.18%	-18.00%	784.32%	34.65%	96.89%	12,261.23%	-105.81%	2,078.82%
Invested Capital Growth	-1.07%	0.87%	-2.58%	-2.15%	-2.11%	-3.14%	-3.72%	-4.46%	-63.74%	7.42%	-72.51%
Revenue Q/Q Growth	0.63%	3.84%	-5.00%	-2.42%	-0.54%	5.31%	-8.24%	2.81%	-94.86%	-3,689.12%	103.08%
EBITDA Q/Q Growth	11.86%	-13.36%	14.89%	-7.41%	-60.00%	96.25%	29.94%	-3.43%	-258.27%	67.02%	338.31%
EBIT Q/Q Growth	67.65%	-61.40%	131.82%	-29.41%	-350.00%	90.00%	555.56%	-14.63%	-164.70%	-408.78%	301.72%
NOPAT Q/Q Growth	270.16%	11.87%	-19.76%	-13.97%	-411.11%	90.00%	425.40%	51.76%	-498.91%	46.33%	286.99%
Net Income Q/Q Growth	360.00%	-30.43%	50.00%	-25.00%	-533.33%	105.13%	400.00%	60.00%	-164.29%	283.57%	371.30%
EPS Q/Q Growth	420.00%	-34.62%	17.65%	0.00%	-560.00%	106.52%	250.00%	71.43%	-222.22%	197.73%	379.07%
Operating Cash Flow Q/Q Growth	-5.73%	-55.32%	38.10%	54.19%	-21.73%	-50.20%	31.15%	103.13%	-125.26%	-146.11%	111.79%
Free Cash Flow Firm Q/Q Growth	186.57%	-131.29%	764.86%	-17.71%	-52.09%	161.08%	30.83%	20.32%	1,127.86%	-106.11%	2,076.79%
Invested Capital Q/Q Growth	-2.78%	2.60%	-0.30%	-1.61%	-2.75%	1.52%	-0.89%	-2.36%	-63.09%	11.80%	-31.79%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	57.11%	53.80%	58.11%	57.82%	58.46%	52.83%	60.27%	57.21%	55.48%	0.00%	58.45%
EBITDA Margin	22.53%	18.80%	22.74%	21.58%	8.68%	16.17%	22.90%	21.51%	-661.70%	0.00%	471.10%
Operating Margin	5.92%	2.20%	5.37%	3.88%	-9.76%	-0.93%	4.60%	3.82%	-113.15%	0.00%	309.13%
EBIT Margin	5.92%	2.20%	5.37%	3.88%	-9.76%	-0.93%	4.60%	3.82%	-48.06%	0.00%	446.86%
Profit (Net Income) Margin	2.39%	1.60%	2.53%	1.94%	-8.46%	0.41%	2.24%	3.49%	-43.66%	0.00%	342.21%
Tax Burden Percent	46.00%	133.33%	46.15%	56.25%	84.78%	-28.57%	50.00%	88.89%	-43.57%	210.98%	76.58%
Interest Burden Percent	87.72%	54.55%	101.96%	88.89%	102.22%	155.56%	97.56%	102.86%	-208.51%	-15.54%	100.00%
Effective Tax Rate	54.00%	-33.33%	53.85%	43.75%	0.00%	0.00%	50.00%	11.11%	-132.79%	42.20%	22.54%
Return on Invested Capital (ROIC)	1.55%	1.62%	1.34%	1.19%	-3.80%	-0.35%	1.23%	1.85%	-212.63%	0.00%	10.37%
ROIC Less NNEP Spread (ROIC-NNEP)	1.41%	1.08%	1.36%	1.10%	-4.47%	0.09%	1.21%	1.89%	-202.62%	0.00%	15.23%
Return on Net Nonoperating Assets (RNNOA)	0.71%	0.57%	0.74%	0.56%	-2.14%	0.04%	0.59%	0.86%	-58.60%	0.00%	5.17%
Return on Equity (ROE)	2.26%	2.19%	2.08%	1.75%	-5.94%	-0.31%	1.82%	2.71%	-271.23%	0.00%	15.54%
Cash Return on Invested Capital (CROIC)	1.39%	0.16%	3.74%	3.48%	0.75%	3.07%	3.57%	4.32%	96.03%	-11.42%	115.89%
Operating Return on Assets (OROA)	2.15%	0.79%	1.91%	1.39%	-3.49%	-0.33%	1.62%	1.35%	-23.18%	0.00%	11.72%
Return on Assets (ROA)	0.87%	0.57%	0.90%	0.69%	-3.02%	0.15%	0.79%	1.23%	-21.05%	0.00%	8.98%
Return on Common Equity (ROCE)	2.25%	2.18%	2.06%	1.74%	-5.90%	-0.30%	1.81%	2.69%	-276.24%	0.00%	15.46%
Return on Equity Simple (ROE_SIMPLE)	0.33%	0.00%	1.46%	1.73%	-0.44%	0.00%	-0.79%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	26	29	24	20	-63	-6.30	21	31	-124	-67	125
NOPAT Margin	2.72%	2.93%	2.48%	2.18%	-6.83%	-0.65%	2.30%	3.40%	-263.39%	0.00%	239.44%
Net Nonoperating Expense Percent (NNEP)	0.14%	0.55%	-0.02%	0.09%	0.68%	-0.44%	0.02%	-0.04%	-10.01%	11.07%	-4.86%
Return On Investment Capital (ROIC_SIMPLE)	-	0.38%	-	-	-	-0.08%	0.28%	0.42%	-3.86%	-2.05%	4.90%
Cost of Revenue to Revenue	42.89%	46.20%	41.89%	42.18%	41.54%	47.17%	39.73%	42.79%	44.52%	0.00%	41.55%
SG&A Expenses to Revenue	34.58%	34.90%	34.84%	34.74%	35.14%	36.35%	37.26%	35.81%	43.56%	0.00%	24.50%
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	51.19%	51.60%	52.74%	53.94%	68.22%	53.76%	55.67%	53.38%	168.63%	0.00%	-250.68%
Earnings before Interest and Taxes (EBIT)	57	22	51	36	-90	-9.00	41	35	-23	-115	232
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	217	188	216	200	80	157	204	197	-312	-103	245
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.80	0.76	0.67	1.01	1.03	1.18	1.28	1.18	1.59	1.50	2.14
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	783.32	0.00	1,469.44	319.85	4.09	4.15	18.38
Price to Revenue (P/Rev)	0.93	0.90	0.80	1.24	1.24	1.43	1.58	1.47	1.16	23.59	21.21
Price to Earnings (P/E)	281.86	65.39	52.58	66.83	0.00	0.00	0.00	0.00	274.17	78.86	19.14
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	45.99%	51.68%	72.06%
Earnings Yield	0.35%	1.53%	1.90%	1.50%	0.00%	0.00%	0.00%	0.00%	0.36%	1.27%	5.23%
Enterprise Value to Invested Capital (EV/IC)	0.87	0.85	0.78	1.01	1.02	1.12	1.19	1.13	1.71	1.46	2.13
Enterprise Value to Revenue (EV/Rev)	1.51	1.54	1.43	1.83	1.81	2.04	2.18	2.02	1.13	24.55	21.16
Enterprise Value to EBITDA (EV/EBITDA)	7.87	7.56	6.77	8.56	10.06	11.77	12.64	11.73	5.61	21.12	8.80
Enterprise Value to EBIT (EV/EBIT)	66.48	43.25	33.63	42.33	362.31	0.00	0.00	0.00	50.14	28.35	9.87
Enterprise Value to NOPAT (EV/NOPAT)	274.78	82.77	68.25	76.30	0.00	0.00	0.00	0.00	36.85	0.00	43.16
Enterprise Value to Operating Cash Flow (EV/OCF)	6.66	6.94	5.37	7.08	7.58	8.70	9.64	8.78	8.02	19.92	60.84
Enterprise Value to Free Cash Flow (EV/FCFF)	61.83	516.90	20.59	28.67	134.98	35.82	32.72	25.47	0.95	0.00	0.79
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.63	0.66	0.65	0.62	0.63	0.62	0.62	0.61	0.27	0.26	0.36
Long-Term Debt to Equity	0.63	0.65	0.65	0.61	0.62	0.62	0.61	0.61	0.26	0.26	0.36
Financial Leverage	0.50	0.53	0.54	0.51	0.48	0.51	0.49	0.46	0.29	-0.26	0.34
Leverage Ratio	2.36	2.37	2.34	2.31	2.30	2.29	2.26	2.25	2.16	2.11	2.21
Compound Leverage Factor	2.07	1.29	2.38	2.06	2.35	3.56	2.21	2.32	-4.50	-0.33	2.21
Debt to Total Capital	38.68%	39.70%	39.40%	38.18%	38.61%	38.29%	38.22%	38.08%	20.99%	20.76%	26.56%
Short-Term Debt to Total Capital	0.24%	0.26%	0.26%	0.26%	0.27%	0.29%	0.35%	0.37%	0.06%	0.13%	0.24%
Long-Term Debt to Total Capital	38.44%	39.44%	39.14%	37.92%	38.34%	37.99%	37.87%	37.70%	20.92%	20.63%	26.32%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.37%	0.36%	0.40%	0.41%	0.43%	0.42%	0.40%	0.40%	0.23%	0.21%	0.24%
Common Equity to Total Capital	60.95%	59.94%	60.20%	61.43%	60.96%	61.30%	61.38%	61.52%	84.12%	79.03%	73.20%
Debt to EBITDA	3.84	3.85	3.74	3.54	4.24	4.38	4.45	4.46	0.90	3.56	1.49
Net Debt to EBITDA	3.01	3.09	2.92	2.74	3.15	3.46	3.42	3.16	-0.14	0.78	-0.03
Long-Term Debt to EBITDA	3.82	3.83	3.72	3.52	4.21	4.34	4.41	4.42	0.90	3.54	1.48
Debt to NOPAT	134.15	42.19	37.73	31.56	-30.55	-340.36	-185.39	-176.83	5.91	-5.97	7.32
Net Debt to NOPAT	105.22	33.77	29.48	24.44	-22.65	-269.17	-142.47	-125.28	-0.91	-1.31	-0.15
Long-Term Debt to NOPAT	133.32	41.91	37.48	31.35	-30.34	-337.74	-183.70	-175.09	5.89	-5.93	7.25
Altman Z-Score	1.16	1.15	1.13	1.29	1.24	1.34	1.43	1.39	1.99	1.27	1.40
Noncontrolling Interest Sharing Ratio	0.48%	0.61%	0.62%	0.61%	0.65%	0.64%	0.66%	0.63%	-1.84%	0.00%	0.56%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.35	1.55	1.67	1.55	1.57	1.52	1.70	1.87	0.65	0.72	1.03
Quick Ratio	1.08	1.23	1.33	1.29	1.31	1.24	1.37	1.62	0.64	0.68	1.01
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	101	-32	211	173	83	217	284	341	4,188	-256	5,061
Operating Cash Flow to CapEx	319.42%	95.45%	152.63%	228.47%	189.92%	88.41%	222.22%	433.33%	0.00%	-2,348.74%	172.38%
Free Cash Flow to Firm to Interest Expense	2.02	-0.66	4.90	3.85	1.69	4.71	7.09	7.58	472.99	0.00	0.00
Operating Cash Flow to Interest Expense	6.58	3.06	4.72	6.96	5.00	2.65	4.00	7.22	-9.27	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	4.52	-0.15	1.63	3.91	2.37	-0.35	2.20	5.56	5.23	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.36	0.36	0.36	0.36	0.36	0.36	0.35	0.35	0.48	0.02	0.03
Accounts Receivable Turnover	3.89	3.85	3.99	3.97	4.05	3.94	4.00	3.95	7.94	9.48	0.40
Inventory Turnover	8.50	7.51	7.74	9.43	9.73	8.62	8.99	11.80	0.00	0.00	0.00
Fixed Asset Turnover	1.51	1.50	1.49	1.48	1.49	1.48	1.50	1.52	2.57	0.42	0.14
Accounts Payable Turnover	4.76	5.72	7.77	6.55	4.82	6.65	7.28	6.53	9.32	2.12	0.71
Days Sales Outstanding (DSO)	93.86	94.80	91.53	92.01	90.17	92.56	91.32	92.43	45.98	38.51	910.94
Days Inventory Outstanding (DIO)	42.93	48.58	47.16	38.72	37.53	42.32	40.62	30.93	0.00	0.00	0.00
Days Payable Outstanding (DPO)	76.62	63.79	46.95	55.72	75.73	54.86	50.17	55.89	39.17	171.86	515.40
Cash Conversion Cycle (CCC)	60.17	79.59	91.75	75.01	51.97	80.02	81.77	67.48	6.82	-133.35	395.54
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,912	7,092	7,071	6,957	6,766	6,869	6,808	6,647	2,454	2,743	1,871
Invested Capital Turnover	0.57	0.55	0.54	0.55	0.56	0.54	0.53	0.54	0.81	0.06	0.04
Increase / (Decrease) in Invested Capital	-75	61	-187	-153	-146	-223	-263	-310	-4,312	189	-4,937
Enterprise Value (EV)	5,983	6,012	5,516	7,027	6,884	7,686	8,102	7,484	4,204	4,000	3,979
Market Capitalization	3,664	3,531	3,103	4,745	4,700	5,394	5,878	5,437	4,301	3,845	3,986
Book Value per Share	$53.98	$54.42	$54.80	$55.02	$53.28	$53.22	$53.94	$54.12	$31.41	$29.72	$21.51
Tangible Book Value per Share	($1.02)	($0.79)	($0.62)	($0.45)	$0.07	($0.02)	$0.05	$0.20	$12.24	$10.71	$2.51
Total Capital	7,552	7,718	7,738	7,613	7,516	7,467	7,470	7,477	3,211	3,249	2,540
Total Debt	2,921	3,064	3,049	2,907	2,902	2,859	2,855	2,847	674	674	675
Total Long-Term Debt	2,903	3,044	3,029	2,887	2,882	2,837	2,829	2,819	672	670	668
Net Debt	2,291	2,453	2,382	2,251	2,152	2,261	2,194	2,017	-104	148	-14
Capital Expenditures (CapEx)	103	154	133	137	129	138	72	75	-128	8.60	14
Debt-free, Cash-free Net Working Capital (DFCFNWC)	227	369	393	313	266	339	410	343	-510	-165	-239
Debt-free Net Working Capital (DFNWC)	380	519	578	508	538	483	592	729	-185	-51	15
Net Working Capital (NWC)	362	499	558	488	518	461	566	701	-187	-55	8.46
Net Nonoperating Expense (NNE)	3.22	13	-0.46	2.25	15	-10	0.50	-0.89	-104	-104	-53
Net Nonoperating Obligations (NNO)	2,281	2,438	2,382	2,251	2,152	2,261	2,193	2,017	-84	169	6.14
Total Depreciation and Amortization (D&A)	160	166	165	164	170	166	163	162	-289	12	13
Debt-free, Cash-free Net Working Capital to Revenue	5.74%	9.45%	10.16%	8.15%	7.00%	8.99%	11.05%	9.27%	-13.71%	-100.97%	-127.18%
Debt-free Net Working Capital to Revenue	9.61%	13.29%	14.94%	13.23%	14.16%	12.81%	15.95%	19.70%	-4.96%	-31.38%	7.74%
Net Working Capital to Revenue	9.15%	12.78%	14.42%	12.71%	13.64%	12.23%	15.25%	18.95%	-5.02%	-33.87%	4.50%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.26	$0.18	$0.21	$0.20	($0.92)	$0.05	$0.21	$0.37	($0.45)	$0.44	$2.06
Adjusted Weighted Average Basic Shares Outstanding	85M	85M	85M	86M	86M	86M	85M	86M	86.25M	85.91M	86.42M
Adjusted Diluted Earnings per Share	$0.26	$0.17	$0.20	$0.20	($0.92)	$0.06	$0.21	$0.36	($0.44)	$0.43	$2.06
Adjusted Weighted Average Diluted Shares Outstanding	86M	87M	88M	88M	86M	86M	88M	88M	86.85M	87.29M	86.49M
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	85M	85M	85M	86M	86M	85M	85M	86M	86.40M	86.40M	86.40M
Normalized Net Operating Profit after Tax (NOPAT)	41	16	39	28	34	-5.60	21	29	-4.38	-68	3.91
Normalized NOPAT Margin	4.22%	1.61%	4.13%	2.97%	3.64%	-0.58%	2.36%	3.20%	-9.29%	0.00%	7.53%
Pre Tax Income Margin	5.19%	1.20%	5.47%	3.45%	-9.98%	-1.44%	4.49%	3.93%	100.21%	0.00%	446.86%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.14	0.46	1.19	0.80	-1.84	-0.20	1.03	0.78	-2.56	0.00	0.00
NOPAT to Interest Expense	0.52	0.61	0.55	0.45	-1.29	-0.14	0.51	0.69	-14.02	0.00	0.00
EBIT Less CapEx to Interest Expense	-0.92	-2.75	-1.91	-2.24	-4.47	-3.20	-0.78	-0.89	11.94	0.00	0.00
NOPAT Less CapEx to Interest Expense	-1.54	-2.60	-2.55	-2.59	-3.92	-3.14	-1.29	-0.98	0.49	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	13.33%	5.17%	5.88%	4.94%	-25.00%	-15.63%	-13.89%	-18.18%	5,625.60%	-2,831.37%	-472.23%
Augmented Payout Ratio	113.33%	15.52%	5.88%	4.94%	-155.00%	-184.38%	-222.22%	-359.09%	5,764.48%	-2,800.50%	-472.23%

Financials Breakdown Chart

Key Financial Trends

The data you provided appears to reflect United States Cellular Corp (ticker AD in your dataset), not Array Digital Infrastructure (AD). If you intended Array Digital Infrastructure, please share the correct figures. Below is a concise, bulleted trend summary based on the latest four years of quarterly data in the dataset you supplied.

Q4 2025: Net income attributable to common shareholders of $38.22 million, with basic earnings per share of $0.44 and diluted earnings per share of $0.43.
Q4 2025 cash flow from continuing operating activities: $52.62 million, indicating positive cash generation from core operations in the quarter.
Q4 2025 the company posted a strong end-of-year cash position: net change in cash and equivalents of +$3.678 billion.
Q4 2025 earnings per share improved to $0.44 (basic) and $0.43 (diluted) versus Q3 2025 levels (Q3 2025 basic $0.37, diluted $0.36).
Late 2025 balance sheet shows a solid base: Total assets about $4.92 billion and estimated equity around $2.54 billion, implying a stable capital structure.
Revenue figures in the data are shown with negative signs due to the dataset’s reporting convention; this does not necessarily reflect a decline in underlying revenue and should be interpreted with caution.
Investing cash flows are typically negative across quarters, reflecting ongoing capital investments; in Q4 2025 investing cash outflow was modest relative to the overall size of the balance sheet.
Dividend per share reported for Q4 2025 is $23.00, indicating ongoing shareholder returns as part of capital allocation, a neutral factor for liquidity depending on cash flow sufficiency.
Net income from continuing operations in Q4 2025 was negative (-$88.74 million), showing earnings pressure within the core business despite positive overall net income.
Net cash from discontinued operating activities in Q4 2025 was -$254.68 million, a sizable drag on quarterly cash flow and a potential focal point for investors assessing ongoing profitability vs. legacy components.

05/25/26 01:11 AM ETAI Generated. May Contain Errors.

United States Cellular Financials - Frequently Asked Questions

According to the most recent income statement we have on file, United States Cellular's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

United States Cellular's net income appears to be on a downward trend, with a most recent value of $69.19 million in 2025, falling from $247 million in 2015. The previous period was -$31.58 million in 2024.

United States Cellular's total operating income in 2025 was -$92.53 million, based on the following breakdown:

Total Gross Profit: $83.48 million
Total Operating Expenses: $176.01 million

Over the last 10 years, United States Cellular's total revenue changed from $4.03 billion in 2015 to $162.96 million in 2025, a change of -96.0%.

United States Cellular's total liabilities were at $2.10 billion at the end of 2025, a 64.0% decrease from 2024, and a 39.7% decrease since 2015.

In the past 10 years, United States Cellular's cash and equivalents has ranged from $113.40 million in 2025 to $1.27 billion in 2020, and is currently $113.40 million as of their latest financial filing in 2025.

Over the last 10 years, United States Cellular's book value per share changed from 42.25 in 2015 to 29.72 in 2025, a change of -29.7%.

Related Companies

Financial statements for NYSE:USM last updated on 5/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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United States Cellular (USM) Financials

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United States Cellular (USM) Financials

Annual Income Statements for United States Cellular

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United States Cellular Financials - Frequently Asked Questions

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How has United States Cellular's net income changed over the last 10 years?

What is United States Cellular's operating income?

How has United States Cellular's revenue changed over the last 10 years?

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How has United States Cellular's book value per share changed over the last 10 years?

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