Telephone & Data Systems Inc (TDS) Financial Statements
Industry: Telephone Communications (No Radiotelephone)
In fiscal 2025, Telephone & Data Systems reported revenue of $1.23B, down 75.3% from $4.96B the year before. Net income was -$6.2M (a -0.5% net margin), or -$0.65 per diluted share. Gross margin was 98.0% and operating margin was -7.9%. Operating activities generated $589.9M of cash, leaving $199.4M of free cash flow. At fiscal year end, Telephone & Data Systems held $8.40B in total assets against $3.60B in total liabilities, including $766.0M of cash and equivalents.
Open the full interactive Telephone & Data Systems financials → Quarterly statements, key ratios, valuation history and price charts.
Telephone & Data Systems Key Stats
| Share Price | $34.74 |
|---|---|
| Market Cap | $4.04B |
| Revenue YoY Growth | -75.3% |
| 52-Week Range | $32.95 – $47.45 |
| Shares Outstanding | 114.5 million (basic, 2026 Q2) |
Telephone & Data Systems Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $5.22B | $5.33B | $5.41B | $5.16B | $4.96B | $1.23B |
| Cost of Goods Sold | $1.11B | $1.21B | $1.32B | $1.09B | $961.0M | $24.4M |
| Gross Profit | $4.12B | $4.12B | $4.09B | $4.07B | $4.00B | $1.20B |
| Operating Income | $259.0M | $261.0M | $122.0M | -$414.0M | $63.0M | -$97.4M |
| Pre-Tax Income | $288.0M | $221.0M | $125.0M | -$477.0M | -$20.0M | $89.0M |
| Income Tax | $19.0M | $33.0M | $53.0M | $10.0M | $6.0M | -$62.2M |
| Net Income | $226.0M | $156.0M | $62.0M | -$500.0M | -$28.0M | -$6.2M |
| Diluted EPS | $1.93 | $1.00 | -$0.07 | -$5.06 | -$0.85 | -$0.65 |
Telephone & Data Systems Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $308.5M | — | $309.4M | $309.3M |
| Net Income | -$81.8M | $56.5M | $144.6M | $298.4M |
| Diluted EPS | -$0.84 | $0.48 | $1.09 | $2.42 |
Telephone & Data Systems Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.43B | $367.0M | $360.0M | $236.0M | $364.0M | $766.0M |
| Current Assets | $3.03B | $2.04B | $2.03B | $1.66B | $1.70B | $923.5M |
| Total Assets | $12.53B | $13.49B | $14.55B | $13.92B | $13.68B | $8.40B |
| Current Liabilities | $1.15B | $1.18B | $1.51B | $1.18B | $1.09B | $440.3M |
| Total Long-Term Debt | $3.43B | $2.93B | $3.75B | $4.11B | $4.08B | $828.6M |
| Total Liabilities | $7.72B | $7.57B | $8.70B | $8.72B | $8.59B | $3.60B |
| Shareholders' Equity | $4.80B | $5.93B | $5.85B | $5.20B | $5.09B | $4.80B |
Telephone & Data Systems Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $1.53B | $1.10B | $1.16B | $1.14B | $1.15B | $589.9M |
| Cash From Investing | -$1.51B | -$2.46B | -$1.78B | -$1.33B | -$754.0M | $2.14B |
| Cash From Financing | $957.0M | $321.0M | $613.0M | $56.0M | -$277.0M | -$2.35B |
| Free Cash Flow | $194.0M | -$28.0M | -$6.0M | -$69.0M | $261.0M | $199.4M |
Figures from Telephone & Data Systems' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Telephone & Data Systems financials page for every line item.
Telephone & Data Systems Company Profile
| Ticker | TDS |
|---|---|
| Exchange | NYSE |
| Industry | Telephone Communications (No Radiotelephone) |
| Headquarters | Chicago, Illinois |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001051512 |
Frequently Asked Questions
What was Telephone & Data Systems' revenue in fiscal 2025?
Telephone & Data Systems (TDS) reported revenue of $1.23B for fiscal 2025.
What is Telephone & Data Systems' annual revenue history?
Telephone & Data Systems' annual revenue by fiscal year: 2020: $5.22B; 2021: $5.33B; 2022: $5.41B; 2023: $5.16B; 2024: $4.96B; 2025: $1.23B.
What was Telephone & Data Systems' net income in fiscal 2025?
Telephone & Data Systems reported net income of -$6.2M for fiscal 2025.
What was Telephone & Data Systems' earnings per share (EPS) in fiscal 2025?
Telephone & Data Systems' diluted EPS was -$0.65 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Telephone & Data Systems generate in fiscal 2025?
Telephone & Data Systems generated $199.4M of free cash flow in fiscal 2025.
What was Telephone & Data Systems' revenue last quarter?
In its most recent reported quarter (2026 Q2), Telephone & Data Systems reported revenue of $309.3M.
How much debt does Telephone & Data Systems have?
Telephone & Data Systems reported $828.6M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Telephone & Data Systems are outstanding?
Telephone & Data Systems reported a weighted average of 114.5 million basic shares outstanding in 2026 Q2.
What is Telephone & Data Systems' market cap?
Based on its latest closing price, Telephone & Data Systems (TDS) has a market capitalization of about $4.04B.
When does Telephone & Data Systems' fiscal year end?
Telephone & Data Systems' fiscal year end, as registered with the SEC, is December 31.
Where is Telephone & Data Systems headquartered?
Telephone & Data Systems lists its business address in Chicago, Illinois in its SEC filings.