U.S. Cellular Corporation (USM) 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 %
Q3 25	$0.33	$0.36	+9.1%	—	—	—
Q2 25	$0.34	$0.21	-38.2%	—	—	—
Q1 25	$1.7	$0.05	-97.1%	—	—	—
Q4 24	$1.27	$0.26	-79.5%	—	—	—
Q3 24	$0.22	$0.2	-9.1%	—	—	—
Q2 24	$1.1	$0.23	-79.1%	—	—	—
Q1 24	$0.95	$0.23	-75.8%	—	—	—
Q4 23	$0.06	$0.29	+383.3%	—	—	—
Q3 23	$0.2	$0.05	-75.0%	—	—	—
Q2 23	$0.27	$0.15	-44.4%	—	—	—
Q1 23	-$0.33	-$0.33	0.0%	—	—	—
Q4 22	$0.22	-$0.15	-168.2%	—	—	—
Q3 22	$0.31	$0.25	-19.4%	—	—	—
Q2 22	$0.48	$0.57	+18.7%	—	—	—
Q1 22	$0.17	$0.31	+82.4%	—	—	—
Q4 21	$0.43	$0.38	-11.6%	—	—	—

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 %
FY24	—	-$0.46	—	—	$3.8B	—
FY23	—	$0.64	—	—	$3.9B	—
FY22	—	$0.35	—	—	$4.2B	—
FY21	—	$1.8	—	—	$4.1B	—

Total revenue

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

Period	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24
Revenue	$4B	$4B	$3.9B	$4B	$4B	$4B	$4.1B	$4.2B	$3.9B	$3.8B
YoY change	+3.54%	-1.02%	-2.51%	+1.98%	+1.39%	+0.37%	+2.11%	+1.14%	-6.31%	-3.48%

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	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24
Revenue	4B	4B	3.9B	4B	4B	4B	4.1B	4.2B	3.9B	3.8B
Cost of revenue	1.8B	1.8B	1.8B	1.8B	1.8B	1.8B	1.9B	2B	1.7B	1.6B
Gross profit	2.2B	2.1B	2.1B	2.2B	2.2B	2.2B	2.2B	2.2B	2.2B	2.1B
Gross margin	54.7%	53.9%	53.7%	54.9%	55.6%	55.6%	53.7%	52.7%	55.8%	56.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.5B	1.5B	1.4B	1.4B	1.4B	1.4B	1.3B	1.4B	1.4B	1.3B
Operating expenses	1.5B	1.5B	1.4B	1.4B	1.4B	1.4B	1.3B	1.4B	1.4B	1.3B
Operating income	102M	51M	60M	150M	130M	193M	191M	90M	154M	145M
Operating margin	2.53%	1.28%	1.54%	3.78%	3.23%	4.78%	4.63%	2.16%	3.94%	3.85%
Non-operating income, net	386M	138M	-227M	166M	148M	161M	158M	137M	143M	4M
Pretax income	404M	82M	-272M	215M	185M	250M	180M	72M	111M	-22M
Income tax	157M	33M	-287M	51M	52M	17M	20M	37M	53M	10M
Net income	247M	49M	15M	164M	133M	233M	160M	35M	58M	-32M
Net margin	6.13%	1.23%	0.39%	4.13%	3.31%	5.77%	3.88%	0.84%	1.48%	-0.85%
EBITDA	852M	816M	820M	963M	1B	1.1B	1.1B	956M	978M	983M
EPS	2.86	0.56	0.14	1.75	1.47	2.66	1.8	0.35	0.64	-0.46
Diluted EPS	2.84	0.56	0.14	1.72	1.44	2.62	1.77	0.35	0.63	-0.46

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 22	Q4 22	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25
Revenue	1.1B	1B	986M	957M	963M	1B	950M	927M	922M	971M	891M	916M
Cost of revenue	551M	510M	435M	418M	413M	463M	398M	391M	383M	458M	354M	392M
Gross profit	532M	539M	551M	539M	550M	537M	552M	536M	539M	513M	537M	524M
Gross margin	49.1%	51.4%	55.9%	56.3%	57.1%	53.7%	58.1%	57.8%	58.5%	52.8%	60.3%	57.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	369M	376M	345M	341M	333M	348M	331M	322M	324M	353M	332M	328M
Operating expenses	369M	376M	345M	341M	333M	348M	331M	322M	324M	353M	332M	328M
Operating income	-14M	-17M	36M	37M	58M	23M	56M	49M	48M	-6M	42M	33M
Operating margin	-1.29%	-1.62%	3.65%	3.87%	6.02%	2.3%	5.89%	5.29%	5.21%	-0.62%	4.71%	3.6%
Non-operating income, net	39M	26M	34M	35M	39M	36M	37M	25M	-95M	35M	35M	44M
Pretax income	-15M	-36M	25M	24M	50M	12M	52M	32M	-92M	-14M	40M	36M
Income tax	-3M	-9M	11M	19M	27M	-3M	28M	14M	-14M	-19M	20M	4M
Net income	-12M	-27M	14M	5M	23M	15M	24M	18M	-78M	5M	20M	32M
Net margin	-1.11%	-2.57%	1.42%	0.52%	2.39%	1.5%	2.53%	1.94%	-8.46%	0.51%	2.24%	3.49%
EBITDA	206M	202M	252M	239M	261M	228M	265M	255M	265M	201M	244M	242M
EPS	-0.15	-0.33	0.15	0.05	0.26	0.17	0.21	0.2	-0.92	0.05	0.21	0.37
Diluted EPS	-0.15	-0.33	0.15	0.05	0.26	0.16	0.2	0.2	-0.92	0.05	0.21	0.36

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	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	Current
Market cap	3.4B	3.7B	3.2B	4.5B	3.1B	2.6B	2.7B	1.8B	3.5B	5.4B	2.9B
Enterprise value	4.4B	4.8B	4.4B	5.5B	5.3B	4.8B	6.3B	5.7B	7.4B	9.1B	10B
Shares outstanding	84.2M	85M	85M	86M	86M	86M	86M	85M	85M	86M	86M

Valuation

Metric	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	Current
P/E	13.9	75.8	213.2	27.3	23.4	11.3	16.9	50.6	60.9	—	74.3
P/S	0.85	0.93	0.82	1.13	0.77	0.65	0.66	0.43	0.9	1.43	1.79
P/B	0.96	1.02	0.87	1.1	0.74	0.59	0.59	0.39	0.76	1.17	1.44
EV/EBITDA	5.12	5.83	5.41	5.71	5.23	4.56	5.98	5.94	7.58	9.23	12.9
EV/Sales	1.08	1.19	1.14	1.39	1.32	1.2	1.53	1.36	1.9	2.41	2.7
Earnings yield	7.18%	1.32%	0.47%	3.67%	4.27%	8.83%	5.9%	1.97%	1.64%	—	1.35%
FCF yield	-9.07%	0.13%	-5.78%	4.18%	-6.32%	1.78%	-45.9%	-20%	3.63%	6.04%	7.89%
PEG	—	—	—	—	—	—	—	—	—	—	0.87

Profitability

Metric	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	Current
Gross margin	54.7%	53.9%	53.7%	54.9%	55.6%	55.6%	53.7%	52.7%	55.8%	56.8%	57.2%
Operating margin	2.53%	1.28%	1.54%	3.78%	3.23%	4.78%	4.63%	2.16%	3.94%	3.85%	3.6%
Net margin	6.13%	1.23%	0.39%	4.13%	3.31%	5.77%	3.88%	0.84%	1.48%	-0.85%	-0.65%
ROE	6.91%	1.34%	0.41%	4.02%	3.15%	5.25%	3.5%	0.76%	1.25%	-0.69%	-0.47%
ROA	3.5%	0.69%	0.22%	2.25%	1.63%	2.41%	1.55%	0.31%	0.54%	-0.31%	0.68%
ROIC	1.39%	0.65%	1.22%	2.24%	1.46%	2.71%	2.08%	0.52%	0.94%	1.75%	1.45%
Return on tangible assets	9.31%	1.89%	0.63%	5.65%	4.13%	5.27%	7.39%	2.01%	4.25%	-2.48%	-1.73%

Financial health

Metric	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	Current
Current ratio	2.24	2.17	2.02	2.62	2.1	3.01	1.78	1.44	1.55	1.52	1.87
Quick ratio	2.04	1.98	1.83	2.42	1.88	2.84	1.59	1.22	1.33	1.32	1.71
Debt / equity	0.46	0.45	0.44	0.4	0.59	0.78	0.82	0.91	0.87	0.83	0.82
Debt / assets	0.23	0.23	0.24	0.22	0.3	0.36	0.36	0.38	0.37	0.37	0.37
Net debt / EBITDA	1.09	1.28	1.51	1.07	2.16	2.08	3.41	4.08	3.97	3.74	3.6
Interest coverage	5.7	1.73	-1.41	2.85	2.68	3.23	2.03	1.44	1.57	0.88	0.83
Effective tax rate	38.9%	40.2%	0%	23.7%	28.1%	6.8%	11.1%	51.4%	47.7%	0%	0%

Per share

Metric	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	Current
Revenue per share	47.8	46.9	45.8	46.1	46.8	46.9	47.9	49	46	43.8	43
EPS (basic)	2.86	0.56	0.14	1.75	1.47	2.66	1.8	0.35	0.64	-0.46	-0.46
EPS (diluted)	2.84	0.56	0.14	1.72	1.44	2.62	1.77	0.35	0.63	-0.46	-0.29
Book value per share	42.4	42.9	43.4	47.4	49.1	51.6	53.2	53.9	54.8	53.6	53.5
FCF per share	-3.7	0.06	-2.18	2.17	-2.29	0.55	-14.5	-4.18	1.51	3.79	4.88
Cash per share	8.49	6.89	4.73	6.94	3.31	14.8	1.81	3.21	1.76	1.67	4.49
Capex per share	6.9	5.21	5.47	5.95	7.56	11.5	8.42	7.08	7.15	6.24	4.7

Capital allocation

Metric	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	Current
Capex / revenue	14.4%	11.1%	12%	12.9%	16.2%	24.5%	17.6%	14.4%	15.6%	14.2%	11.2%
Capex / operating cash flow	78.9%	108.3%	-5.2K%	76.6%	103.8%	82.8%	94.1%	105.4%	80.5%	85.9%	67.3%
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Yield

—

trailing twelve months

Frequency

—

Last dividend

$5.75

ex-dividend Jun 7, 2013

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
Jun 7, 2013	$5.75

Period	Q3 22	Q4 22	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25
Revenue	$1.1B	$1B	$986M	$957M	$963M	$1B	$950M	$927M	$922M	$971M	$891M	$916M
YoY change	+6.59%	-1.87%	-2.38%	-6.82%	-11.1%	-4.67%	-3.65%	-3.13%	-4.26%	-2.9%	-6.21%	-1.19%

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	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24
Cash & short-term investments	715M	586M	402M	597M	285M	1.3B	156M	273M	150M	144M
Receivables	608M	658M	775M	908M	919M	915M	976M	985M	900M	905M
Inventory	149M	138M	138M	142M	162M	146M	173M	261M	199M	179M
Total current assets	1.7B	1.6B	1.5B	1.8B	1.6B	2.6B	1.6B	1.7B	1.4B	1.3B
Property, plant & equipment	2.4B	2.2B	2B	1.9B	2.8B	3.1B	3.3B	3.3B	3.2B	3.1B
Goodwill & intangibles	4.4B	4.5B	4.4B	4.4B	4.9B	5.3B	8.2B	9.4B	9.4B	9.2B
Total assets	7.1B	7.1B	6.8B	7.3B	8.2B	9.7B	10.3B	11.1B	10.8B	10.4B
Accounts payable	275M	309M	302M	304M	296M	377M	346M	344M	241M	232M
Short-term debt	11M	11M	18M	19M	113M	118M	132M	146M	155M	163M
Total current liabilities	748M	718M	733M	691M	750M	871M	903M	1.2B	901M	884M
Long-term debt	1.6B	1.6B	1.6B	1.6B	2.4B	3.4B	3.6B	4B	3.9B	3.7B
Total liabilities	3.5B	3.5B	3.2B	3.2B	3.9B	5.2B	5.8B	6.5B	6.1B	5.8B
Shareholders' equity	3.6B	3.6B	3.7B	4.1B	4.2B	4.4B	4.6B	4.6B	4.7B	4.6B
Total debt	1.6B	1.6B	1.6B	1.6B	2.5B	3.5B	3.7B	4.2B	4B	3.8B
Net debt	925M	1B	1.3B	1B	2.2B	2.2B	3.6B	3.9B	3.9B	3.7B

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 22	Q4 22	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25
Cash & short-term investments	254M	273M	154M	186M	153M	150M	185M	195M	272M	144M	182M	386M
Receivables	987M	985M	940M	917M	890M	900M	877M	891M	871M	905M	863M	861M
Inventory	243M	261M	262M	210M	175M	199M	175M	143M	161M	179M	178M	126M
Total current assets	1.7B	1.7B	1.6B	1.5B	1.4B	1.4B	1.4B	1.4B	1.4B	1.3B	1.4B	1.5B
Property, plant & equipment	3.6B	3.3B	3.6B	3.6B	3.5B	3.2B	3.5B	3.4B	3.4B	3.1B	3.3B	3.2B
Goodwill & intangibles	9.4B	9.4B	9.4B	9.4B	9.4B	9.4B	9.4B	9.4B	9.2B	9.2B	9.2B	9.2B
Total assets	11.1B	11.1B	11B	10.9B	10.7B	10.8B	10.7B	10.6B	10.5B	10.4B	10.4B	10.4B
Accounts payable	340M	344M	206M	240M	406M	241M	224M	261M	266M	232M	198M	204M
Short-term debt	144M	146M	148M	188M	153M	155M	154M	154M	159M	163M	166M	165M
Total current liabilities	1.1B	1.2B	953M	1B	1B	901M	837M	886M	909M	884M	807M	808M
Long-term debt	4B	4B	4.1B	3.9B	3.7B	3.9B	3.9B	3.7B	3.7B	3.7B	3.7B	3.6B
Total liabilities	6.4B	6.5B	6.4B	6.3B	6.1B	6.1B	6B	5.9B	5.9B	5.8B	5.8B	5.7B
Shareholders' equity	4.6B	4.6B	4.6B	4.6B	4.6B	4.7B	4.7B	4.7B	4.6B	4.6B	4.6B	4.6B
Total debt	4.1B	4.2B	4.3B	4.1B	3.9B	4B	4B	3.9B	3.9B	3.8B	3.8B	3.8B
Net debt	3.9B	3.9B	4.1B	3.9B	3.7B	3.9B	3.8B	3.7B	3.6B	3.7B	3.6B	3.4B

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	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24
Net income	247M	49M	15M	164M	133M	233M	160M	35M	58M	-32M
Depreciation & amortization	607M	618M	615M	640M	702M	683M	678M	700M	656M	665M
Stock-based compensation	25M	26M	30M	37M	41M	32M	27M	24M	23M	55M
Change in working capital	-200M	-290M	-306M	-173M	-249M	114M	-170M	-230M	-35M	-41M
Operating cash flow	736M	409M	-9M	668M	626M	1.2B	769M	571M	755M	625M
Capital expenditure	-581M	-443M	-465M	-512M	-650M	-989M	-724M	-602M	-608M	-537M
Investing cash flow	-263M	-565M	-494M	-454M	-593M	-962M	-708M	-586M	-591M	-536M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-6M	-5M	0	0	-21M	-23M	-31M	-43M	0	-54M
Financing cash flow	497M	-12M	-20M	-14M	-143M	937M	158M	411M	-328M	-336M
Net change in cash	970M	-168M	-523M	200M	-110M	1.2B	219M	396M	-164M	-247M
Free cash flow	-312M	5M	-185M	187M	-197M	47M	-1.2B	-355M	128M	326M

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 22	Q4 22	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25
Net income	-12M	-27M	14M	6M	23M	15M	24M	18M	-79M	5M	20M	32M
Depreciation & amortization	178M	180M	170M	160M	160M	166M	165M	164M	170M	166M	163M	162M
Stock-based compensation	4M	6M	0	6M	8M	9M	13M	12M	12M	18M	17M	12M
Change in working capital	-129M	-19M	-174M	121M	99M	-81M	-50M	73M	15M	-79M	-67M	90M
Operating cash flow	44M	145M	19M	312M	307M	117M	157M	276M	72M	120M	126M	297M
Capital expenditure	-121M	-193M	-196M	-155M	-103M	-154M	-133M	-137M	-129M	-138M	-72M	-75M
Investing cash flow	-107M	-193M	-187M	-150M	-103M	-151M	-133M	-137M	-129M	-138M	-72M	-75M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-5M	-15M	0	-6M	6M	0	—	—	-26M	-28M	-21M	0
Financing cash flow	-60M	42M	-17M	-178M	-243M	104M	-28M	-168M	-41M	-99M	-44M	-49M
Net change in cash	-123M	-6M	-185M	-16M	-39M	70M	-4M	-29M	-98M	-117M	10M	173M
Free cash flow	-58M	-23M	-160M	191M	210M	-113M	59M	172M	114M	-19M	86M	248M

U.S. Cellular Corporation 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