Telephone and Data Systems, Inc. (TDS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.12	$2.42	+1916.7%	—	$309.3M	—
Q4 25	$0.09	$0.33	+266.7%	—	$330.7M	—
Q3 25	-$0.02	-$0.85	-4150.0%	—	$308.5M	—
Q2 25	-$0.02	-$0.05	-150.0%	—	$1.2B	—
Q1 25	-$0.01	-$0.09	-800.0%	—	$1.2B	—
Q4 24	-$0.34	-$0.1	+70.6%	—	$1.2B	—
Q3 24	-$0.15	-$0.73	-386.7%	—	$1.2B	—
Q2 24	-$0.13	-$0.13	0.0%	—	$1.2B	—
Q1 24	-$0.11	$0.1	+190.9%	—	$1.3B	—
Q4 23	-$0.12	-$4.64	-3766.7%	—	$1.3B	—
Q3 23	-$0.12	-$0.16	-33.3%	—	$1.3B	—
Q2 23	-$0.02	-$0.17	-750.0%	—	$1.3B	—
Q1 23	$0.04	-$0.08	-300.0%	—	$1.3B	—
Q4 22	-$0.36	-$0.38	-5.6%	—	$1.4B	—
Q3 22	$0.03	-$0.22	-833.3%	—	$1.4B	—
Q2 22	$0.06	$0.15	+150.0%	—	$1.3B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$0.66	—	—	$1.2B	—
FY24	—	-$0.85	—	—	$5B	—
FY23	—	-$5.05	—	—	$5.2B	—
FY22	—	-$0.07	—	—	$5.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$5.2B	$5B	$5.1B	$5.2B	$5.2B	$5.3B	$5.4B	$5.2B	$5B	$1.2B
YoY change	-1.06%	-2.15%	+1.29%	+1.31%	+0.95%	+1.99%	+1.58%	-4.67%	-3.8%	-75.3%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	5.2B	5B	5.1B	5.2B	5.2B	5.3B	5.4B	5.2B	5B	1.2B
Cost of revenue	2.4B	2.4B	2.3B	2.3B	2.4B	2.5B	2.6B	2.3B	2.1B	503.3M
Gross profit	2.7B	2.7B	2.8B	2.8B	2.9B	2.9B	2.8B	2.8B	2.8B	724.9M
Gross margin	52.9%	53.2%	54.3%	54.8%	54.9%	53.6%	52.6%	54.8%	57%	59%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.8B	1.7B	1.7B	1.7B	1.7B	1.7B	1.8B	1.8B	1.7B	435.1M
Operating expenses	1.8B	1.7B	1.7B	1.7B	1.7B	1.7B	1.8B	1.8B	1.7B	435.1M
Operating income	114M	152M	196M	190M	281M	285M	151M	158M	165M	-62M
Operating margin	2.21%	3.01%	3.84%	3.67%	5.38%	5.35%	2.79%	3.06%	3.32%	-5.05%
Non-operating income, net	137M	-119M	171M	157M	160M	157M	131M	-411M	67M	223.3M
Pretax income	92M	-122M	221M	211M	288M	221M	125M	-477M	-20M	89M
Income tax	40M	-279M	46M	64M	19M	33M	53M	10M	6M	-62.2M
Net income	52M	157M	175M	147M	269M	188M	72M	-487M	-26M	20.2M
Net margin	1.01%	3.11%	3.43%	2.84%	5.15%	3.53%	1.33%	-9.44%	-0.52%	1.65%
EBITDA	1.1B	1.2B	1.3B	1.3B	1.4B	1.4B	1.3B	1.3B	1.3B	588.9M
EPS	0.39	1.39	1.2	1.06	1.97	1.03	-0.07	-5.05	-0.85	-0.66
Diluted EPS	0.39	1.37	1.17	1.03	1.93	1	-0.07	-5.06	-0.85	-0.66

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.3B	1.3B	1.3B	1.2B	1.2B	1.2B	1.2B	1.2B	308.5M	330.7M	309.4M	309.3M
Cost of revenue	567M	607M	531M	523M	516M	564M	458M	492M	128.6M	128.9M	124.5M	129.3M
Gross profit	711M	705M	731M	715M	708M	676M	696M	694M	179.9M	201.8M	185M	180M
Gross margin	55.6%	53.7%	57.9%	57.8%	57.8%	54.5%	60.3%	58.5%	58.3%	61%	59.8%	58.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	432M	445M	424M	426M	422M	450M	425M	421M	106.2M	103.9M	102.7M	111.5M
Operating expenses	432M	445M	424M	426M	422M	450M	425M	421M	106.2M	103.9M	102.7M	111.5M
Operating income	54M	26M	73M	56M	48M	-13M	37M	37M	-18M	8.2M	-3.7M	-20.3M
Operating margin	4.23%	1.98%	5.78%	4.52%	3.92%	-1.05%	3.21%	3.12%	-5.85%	2.47%	-1.19%	-6.56%
Non-operating income, net	34M	-512M	37M	23M	-84M	90M	38M	48M	55.7M	77.2M	229.1M	459.8M
Pretax income	31M	-548M	58M	13M	-104M	13M	20M	21M	6M	85.3M	233.8M	447.7M
Income tax	27M	-45M	20M	6M	-25M	5M	8M	3M	-72.8M	22.9M	54.4M	106.4M
Net income	4M	-503M	38M	7M	-79M	8M	12M	18M	-73.1M	63.6M	177M	366.4M
Net margin	0.31%	-38.3%	3.01%	0.57%	-6.45%	0.65%	1.04%	1.52%	-23.7%	19.2%	57.2%	118.5%
EBITDA	324M	302M	355M	336M	338M	274M	317M	475.7M	195M	178.7M	177.6M	154.4M
EPS	-0.16	—	0.11	-0.13	-0.73	-0.1	-0.09	-0.05	-0.85	0.34	1.12	2.45
Diluted EPS	-0.16	—	0.1	-0.13	-0.73	-0.1	-0.09	-0.05	-0.85	0.33	1.09	2.42

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	3.2B	3.1B	3.6B	2.9B	2.1B	2.3B	1.2B	2.1B	3.9B	4.7B	4B
Enterprise value	4.7B	4.8B	5.1B	5.8B	5.2B	6B	5.6B	7B	8.6B	5.4B	4.5B
Shares outstanding	110M	111M	112M	114M	114M	115M	114M	113M	114M	115.2M	115.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	61.1	19.7	20.8	19.7	7.87	12.3	16.6	—	—	233.3	8.74
P/S	0.62	0.61	0.71	0.56	0.41	0.43	0.22	0.4	0.78	3.84	3.2
P/B	0.67	0.63	0.69	0.54	0.38	0.34	0.18	0.35	0.66	0.9	0.98
EV/EBITDA	4.22	4.19	4.06	4.4	3.74	4.36	4.49	5.57	6.62	9.1	13.9
EV/Sales	0.92	0.96	1.01	1.12	0.99	1.12	1.04	1.35	1.74	4.36	3.57
Earnings yield	1.64%	5.09%	4.8%	5.07%	12.7%	8.11%	6.02%	—	—	0.43%	11.4%
FCF yield	4.6%	2.95%	6.56%	1.86%	7.75%	-58.5%	-51.8%	-9.6%	6.2%	4.13%	15%
PEG	—	—	—	—	—	—	—	—	—	—	-0

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	52.9%	53.2%	54.3%	54.8%	54.9%	53.6%	52.6%	54.8%	57%	59%	58.2%
Operating margin	2.21%	3.01%	3.84%	3.67%	5.38%	5.35%	2.79%	3.06%	3.32%	-5.05%	-6.56%
Net margin	1.01%	3.11%	3.43%	2.84%	5.15%	3.53%	1.33%	-9.44%	-0.52%	1.65%	33.2%
ROE	1.09%	3.21%	3.3%	2.71%	4.8%	2.79%	1.09%	-8.11%	-0.44%	0.38%	11.8%
ROA	0.55%	1.69%	1.79%	1.36%	2.15%	1.39%	0.49%	-3.5%	-0.19%	0.24%	-0.19%
ROIC	1.02%	2.29%	2.28%	1.59%	3.03%	2.33%	0.79%	1.45%	1.55%	-1.05%	-0.65%
Return on tangible assets	1.46%	4.82%	4.52%	3.46%	4.7%	4.93%	1.97%	-11.7%	-0.62%	0.42%	10.8%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.32	2.14	2.65	2	2.62	1.73	1.34	1.4	1.56	2.1	3.82
Quick ratio	2.15	1.98	2.48	1.82	2.49	1.58	1.16	1.23	1.39	2.09	3.81
Debt / equity	0.51	0.5	0.46	0.62	0.8	0.6	0.73	0.86	0.87	0.27	0.23
Debt / assets	0.26	0.26	0.25	0.31	0.36	0.3	0.33	0.37	0.37	0.17	0.15
Net debt / EBITDA	1.38	1.51	1.18	2.2	2.21	2.67	3.54	3.91	3.63	1.08	-1.34
Interest coverage	1.54	0.28	2.28	2.28	2.71	1.95	1.72	-0.95	0.93	1.79	11.1
Effective tax rate	43.5%	0%	20.8%	30.3%	6.6%	14.9%	42.4%	0%	0%	0%	14.4%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	46.9	45.4	45.6	45.4	45.8	46.3	47.5	45.7	43.5	10.7	11
EPS (basic)	0.39	1.39	1.2	1.06	1.97	1.03	-0.07	-5.05	-0.85	-0.66	-0.66
EPS (diluted)	0.39	1.37	1.17	1.03	1.93	1	-0.07	-5.06	-0.85	-0.66	4
Book value per share	43.2	44.1	47.4	47.5	49.1	58.7	58	53.2	51.6	45.7	35.6
FCF per share	1.33	0.82	2.13	0.47	1.44	-11.8	-5.44	-1.76	2.11	1.69	-3.89
Cash per share	8.18	6.48	8.38	4.08	12.6	3.19	3.16	2.09	3.19	6.65	19.1
Capex per share	5.78	6.17	6.93	8.39	11.7	9.83	10.2	10.7	7.75	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	12.3%	13.6%	15.2%	18.5%	25.6%	21.2%	21.4%	23.5%	17.8%	—	—
Capex / operating cash flow	96.4%	177.9%	80.7%	104.5%	86.5%	105.7%	132.7%	289.7%	94.4%	—	—
Payout ratio	125%	43.9%	41.1%	51%	29%	63.3%	209.7%	-31.4%	-400%	433.1%	4%
Dividend yield	2.05%	2.24%	1.98%	2.59%	3.68%	5.14%	12.6%	7.38%	2.67%	1.86%	0.46%

Yield

0.46%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.04

ex-dividend Sep 15, 2026

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 15, 2026	$0.04
Jun 16, 2026	$0.04
Mar 16, 2026	$0.04

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.3B	$1.3B	$1.3B	$1.2B	$1.2B	$1.2B	$1.2B	$1.2B	$308.5M	$330.7M	$309.4M	$309.3M
YoY change	-8.19%	-3.32%	-3.15%	-2.29%	-4.23%	-5.49%	-8.56%	-4.2%	-74.8%	-73.3%	-73.2%	-73.9%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	900M	719M	938M	465M	1.4B	367M	360M	236M	364M	766M
Receivables	753M	861M	992M	1B	1B	1.1B	1.1B	992M	962M	68.7M
Inventory	151M	145M	150M	169M	154M	178M	268M	208M	183M	4.1M
Total current assets	2.1B	2B	2.3B	1.9B	3B	2B	2B	1.7B	1.7B	923.5M
Property, plant & equipment	3B	2.9B	2.8B	4B	4.4B	4.9B	5.2B	5.5B	5.6B	3.3B
Goodwill & intangibles	5.9B	6B	5.9B	6.5B	6.8B	9.7B	10.9B	9.8B	9.5B	3.5B
Total assets	9.4B	9.3B	9.8B	10.8B	12.5B	13.5B	14.6B	13.9B	13.7B	8.4B
Accounts payable	365M	368M	365M	374M	508M	481M	506M	360M	280M	115.8M
Short-term debt	12M	20M	21M	126M	134M	147M	165M	173M	184M	31.5M
Total current liabilities	887M	918M	879M	962M	1.2B	1.2B	1.5B	1.2B	1.1B	440.3M
Long-term debt	2.4B	2.4B	2.4B	3.2B	4.4B	3.9B	4.6B	5B	4.9B	1.4B
Total liabilities	4.7B	4.4B	4.5B	5.4B	6.9B	6.7B	7.9B	7.9B	7.8B	3.1B
Shareholders' equity	4.8B	4.9B	5.3B	5.4B	5.6B	6.7B	6.6B	6B	5.9B	5.3B
Total debt	2.4B	2.5B	2.4B	3.4B	4.5B	4B	4.8B	5.1B	5.1B	1.4B
Net debt	1.5B	1.8B	1.5B	2.9B	3.1B	3.7B	4.4B	4.9B	4.7B	638.5M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	256M	236M	249M	322M	451M	364M	348M	540M	933M	766M	1.4B	2.2B
Receivables	988M	992M	955M	951M	929M	962M	921M	920M	59.3M	68.7M	63.4M	63.3M
Inventory	181M	208M	184M	148M	167M	183M	182M	130M	4M	4.1M	3.7M	3.8M
Total current assets	1.7B	1.7B	1.6B	1.6B	1.8B	1.7B	1.7B	1.8B	1.1B	923.5M	1.5B	2.4B
Property, plant & equipment	6B	5.5B	6B	6B	6B	5.6B	5.8B	5.8B	3.4B	3.3B	3.5B	3.6B
Goodwill & intangibles	10.9B	9.8B	9.8B	9.8B	9.5B	9.5B	9.5B	9.5B	3.6B	3.5B	3.5B	3.4B
Total assets	14.4B	13.9B	13.9B	13.9B	13.7B	13.7B	13.5B	13.5B	8.5B	8.4B	8.2B	8.4B
Accounts payable	550M	360M	302M	327M	334M	280M	247M	268M	121M	115.8M	97.1M	130.3M
Short-term debt	171M	173M	173M	174M	180M	184M	186M	185M	29.7M	31.5M	33.8M	37.1M
Total current liabilities	1.3B	1.2B	1B	1.1B	1.1B	1.1B	965M	1B	571.4M	440.3M	443.7M	615.6M
Long-term debt	4.7B	5B	5B	5B	5B	4.9B	4.9B	4.9B	1.4B	1.4B	1.2B	1.2B
Total liabilities	7.9B	7.9B	7.8B	7.9B	7.8B	7.8B	7.7B	7.7B	3.2B	3.1B	2.9B	3B
Shareholders' equity	6.5B	6B	6B	6B	5.9B	5.9B	5.9B	5.8B	5.3B	5.3B	5.3B	5.4B
Total debt	4.9B	5.1B	5.2B	5.2B	5.1B	5.1B	5.1B	5.1B	1.4B	1.4B	1.3B	1.2B
Net debt	4.7B	4.9B	5B	4.8B	4.7B	4.7B	4.7B	4.5B	477.1M	638.5M	-111.7M	-945M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	52M	157M	175M	147M	269M	188M	72M	-487M	-26M	151.1M
Depreciation & amortization	850M	844M	883M	932M	909M	895M	929M	915M	943M	351.9M
Stock-based compensation	42M	46M	54M	59M	53M	49M	42M	41M	71M	27.2M
Change in working capital	-305M	-296M	-188M	-260M	123M	-175M	-225M	-67M	-64M	-218.6M
Operating cash flow	660M	385M	961M	916M	1.5B	1.1B	875M	418M	936M	589.9M
Capital expenditure	-636M	-685M	-776M	-957M	-1.3B	-1.1B	-1.2B	-1.2B	-884M	—
Investing cash flow	-808M	-981M	-678M	-1.2B	-1.5B	-2.4B	-1.8B	-1.2B	-734M	76.4M
Dividends paid	-65M	-69M	-72M	-75M	-78M	-119M	-151M	-153M	-104M	-87.7M
Share repurchases	-8M	-1M	0	-21M	-37M	-39M	-83M	-6M	-54M	-129.5M
Financing cash flow	-59M	-78M	-32M	-205M	971M	342M	572M	5M	-264M	-2.3B
Net change in cash	-207M	-674M	251M	-538M	1B	-1B	-328M	-774M	-62M	-1.7B
Free cash flow	146M	91M	239M	54M	164M	-1.4B	-620M	-199M	241M	195.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	4M	-503M	38M	7M	-79M	8M	12M	34.2M	78.8M	62.4M	179.4M	341.3M
Depreciation & amortization	225M	234M	234M	233M	237M	239M	234M	387.7M	91.7M	89.8M	85.9M	88.8M
Stock-based compensation	13M	14M	14M	15M	19M	23M	28M	31.3M	4.8M	4.8M	4.2M	4.3M
Change in working capital	117M	-70M	-107M	87M	11M	-55M	-104M	103.9M	-47.8M	-107.5M	-87.4M	-18.2M
Operating cash flow	375M	-351M	194M	348M	158M	236M	179M	421.4M	-37M	19.6M	67.5M	55.6M
Capital expenditure	-277M	-305M	-235M	-216M	-204M	-229M	-129M	—	—	—	—	—
Investing cash flow	-277M	-299M	-235M	-216M	-113M	-171M	-121M	17.9M	5.9M	43.9M	1B	1.2B
Dividends paid	-38M	-39M	-39M	-22M	-22M	-21M	-22M	-22.1M	-22M	-21.9M	-21.9M	-21.9M
Share repurchases	0	0	0	0	-26M	-28M	-21M	360K	-40.7M	-67.4M	0	0
Financing cash flow	-107M	163M	31M	-116M	-88M	-113M	-76M	-40.9M	-2.1B	-102M	-334.6M	-232.6M
Net change in cash	-9M	-487M	-10M	16M	-43M	-48M	-18M	398.4M	-2.1B	-38.6M	749.7M	996.3M
Free cash flow	116M	-192M	-22M	182M	101M	-20M	55M	197.9M	-148.6M	-108.9M	-81.6M	-113.3M

Date	Ratio
Jan 25, 2012	1087:1000
May 16, 2005	10000:5125
Dec 19, 1988	3:2
Mar 18, 1988	3:2

Telephone and Data Systems, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history