United States Cellular Corp (USM) Financial Statements
Industry: Radiotelephone Communications
In fiscal 2025, United States Cellular reported revenue of $163.0M, down 95.7% from $3.77B the year before. Net income was $48.8M (a 29.9% net margin), or $0.56 per diluted share. Gross margin was 51.2% and operating margin was -56.8%. Operating activities generated $200.8M of cash, leaving $173.6M of free cash flow. At fiscal year end, United States Cellular held $4.68B in total assets against $2.11B in total liabilities, including $113.4M of cash and equivalents.
Open the full interactive United States Cellular financials → Quarterly statements, key ratios, valuation history and price charts.
United States Cellular Key Stats
| Share Price | $33.60 |
|---|---|
| Market Cap | $2.91B |
| P/E Ratio | 60.0 |
| Revenue YoY Growth | -95.7% |
| 52-Week Range | $29.14 – $44.05 |
| Shares Outstanding | 86.5 million (basic, 2026 Q2) |
United States Cellular Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $4.04B | $4.12B | $4.17B | $3.91B | $3.77B | $163.0M |
| Cost of Goods Sold | $1.01B | $1.12B | $1.22B | $988.0M | $906.0M | $79.5M |
| Gross Profit | $3.03B | $3.00B | $2.95B | $2.92B | $2.86B | $83.5M |
| Operating Income | $173.0M | $170.0M | $69.0M | $139.0M | -$12.0M | -$92.5M |
| Pre-Tax Income | $250.0M | $180.0M | $72.0M | $111.0M | -$22.0M | $141.1M |
| Income Tax | $17.0M | $20.0M | $37.0M | $53.0M | $10.0M | -$31.1M |
| Net Income | $229.0M | $155.0M | $30.0M | $54.0M | -$39.0M | $48.8M |
| Diluted EPS | $2.62 | $1.77 | $0.35 | $0.63 | -$0.46 | $0.56 |
United States Cellular Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $47.1M | — | $52.0M | $54.1M |
| Net Income | -$38.5M | $38.2M | $177.8M | $358.7M |
| Diluted EPS | -$0.44 | $0.44 | $2.06 | $4.15 |
United States Cellular Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.27B | $156.0M | $273.0M | $150.0M | $144.0M | $113.4M |
| Current Assets | $2.62B | $1.60B | $1.72B | $1.40B | $1.34B | $144.8M |
| Total Assets | $9.68B | $10.34B | $11.12B | $10.75B | $10.45B | $4.68B |
| Current Liabilities | $871.0M | $903.0M | $1.20B | $901.0M | $884.0M | $200.0M |
| Total Long-Term Debt | $2.49B | $2.73B | $3.20B | $3.06B | $2.86B | $674.3M |
| Total Liabilities | $5.27B | $5.79B | $6.57B | $6.12B | $5.87B | $2.11B |
| Shareholders' Equity | $4.41B | $4.55B | $4.55B | $4.63B | $4.58B | $2.57B |
United States Cellular Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $1.24B | $802.0M | $832.0M | $866.0M | $883.0M | $200.8M |
| Cash From Investing | -$1.16B | -$2.04B | -$1.18B | -$721.0M | -$556.0M | $2.44B |
| Cash From Financing | $926.0M | $142.0M | $456.0M | -$274.0M | -$347.0M | -$2.68B |
| Free Cash Flow | $248.0M | $78.0M | $230.0M | $258.0M | $346.0M | $173.6M |
Figures from United States Cellular's 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 United States Cellular financials page for every line item.
United States Cellular Company Profile
| Ticker | USM |
|---|---|
| Exchange | NYSE |
| Industry | Radiotelephone Communications |
| Headquarters | Chicago, Illinois |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0000821130 |
Frequently Asked Questions
What was United States Cellular's revenue in fiscal 2025?
United States Cellular (USM) reported revenue of $163.0M for fiscal 2025.
What is United States Cellular's annual revenue history?
United States Cellular's annual revenue by fiscal year: 2020: $4.04B; 2021: $4.12B; 2022: $4.17B; 2023: $3.91B; 2024: $3.77B; 2025: $163.0M.
What was United States Cellular's net income in fiscal 2025?
United States Cellular reported net income of $48.8M for fiscal 2025.
What was United States Cellular's earnings per share (EPS) in fiscal 2025?
United States Cellular's diluted EPS was $0.56 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did United States Cellular generate in fiscal 2025?
United States Cellular generated $173.6M of free cash flow in fiscal 2025.
What was United States Cellular's revenue last quarter?
In its most recent reported quarter (2026 Q2), United States Cellular reported revenue of $54.1M.
How much debt does United States Cellular have?
United States Cellular reported $674.3M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of United States Cellular are outstanding?
United States Cellular reported a weighted average of 86.5 million basic shares outstanding in 2026 Q2.
What is United States Cellular's market cap?
Based on its latest closing price, United States Cellular (USM) has a market capitalization of about $2.91B.
When does United States Cellular's fiscal year end?
United States Cellular's fiscal year end, as registered with the SEC, is December 31.
Where is United States Cellular headquartered?
United States Cellular lists its business address in Chicago, Illinois in its SEC filings.