NYSE · Financial Statements

Telephone and Data Systems, Inc. (TDS) Financial Statements

$35.33 NYSE: TDS Market Cap $3.80B

Telephone and Data Systems, Inc. most recently reported annual revenue of $1.2B, a net loss of $6.0M. Revenue declined at an average annual rate of 25.1% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Telephone and Data Systems, Inc.: Revenue fell from $5.1B in 2016 to $1.2B in 2025, a change of -75.9% over 9 years; net profit was positive in 7 of 10 reported years; operating margin moved from 1.2% to -5.0%, a shift of -6.2 percentage points; the most recent year shows a net loss of $6.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$5.1B$5.0B$5.1B$5.2B$5.2B$5.3B$5.4B$5.2B$5.0B$1.2B
Operating Expenses$5.0B$5.1B$4.9B$5.0B$5.0B$5.1B$5.3B$5.6B$4.9B$1.3B
Operating Profit$60.0M$-105.0M$205.0M$179.0M$259.0M$261.0M$122.0M$-414.0M$63.0M$-62.0M
Operating Margin1.2%-2.1%4.0%3.5%5.0%4.9%2.3%-8.0%1.3%-5.0%
Other Income$-16.0M$-14.0M$16.0M$32.0M$29.0M$-40.0M$3.0M$-63.0M$-83.0M$151.0M
Interest$170.0M$170.0M$172.0M$165.0M$168.0M$232.0M$174.0M$244.0M$279.0M$113.0M
Depreciation$850.0M$844.0M$883.0M$932.0M$909.0M$895.0M$929.0M$915.0M$943.0M$352.0M
Profit Before Tax$92.0M$-122.0M$221.0M$211.0M$288.0M$221.0M$125.0M$-477.0M$-20.0M$89.0M
Tax$43.5M$228.7M$20.8M$30.3M$6.6M$14.9M$42.4M$-2.1M$-30.0M$-69.9M
Net Profit$43.0M$153.0M$135.0M$121.0M$226.0M$156.0M$62.0M$-500.0M$-28.0M$-6.0M
EPS$0.39$1.37$1.18$1.03$1.93$1.00$-0.07$-5.04$-0.85$-0.66
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$1.3B$1.3B$1.3B$1.2B$1.2B$1.2B$1.2B$1.2B$309.0M$331.0M$309.0M$309.0M
Operating Expenses$1.2B$1.8B$1.2B$1.2B$1.3B$1.2B$1.1B$1.1B$376.0M$323.0M$313.0M$-64.0M
Operating Profit$48.0M$-524.0M$67.0M$39.0M$-80.0M$36.0M$35.0M$40.0M$-68.0M$8.0M$-4.0M$373.0M
Operating Margin3.8%-39.9%5.3%3.1%-6.5%2.9%3.0%3.4%-22.0%2.5%-1.2%120.7%
Interest$62.0M$66.0M$57.0M$73.0M$76.0M$71.0M$61.0M$70.0M$47.0M$12.0M$5.0M$11.0M
Profit Before Tax$31.0M$-548.0M$58.0M$13.0M$-104.0M$13.0M$20.0M$21.0M$6.0M$85.0M$234.0M$448.0M
Tax$87.1M$8.2M$34.5M$46.1M$24.0M$38.5M$40.0M$14.3M$-1.2B$26.9M$23.3M$23.8M
Net Profit$0$-506.0M$29.0M$3.0M$-66.0M$6.0M$7.0M$12.0M$-82.0M$56.0M$145.0M$298.0M
EPS$-0.16$-4.64$0.10$-0.12$-0.73$-0.10$-0.09$-0.04$0.35$0.33$1.08$2.42

Over the 10 years reported for Telephone and Data Systems, Inc., borrowings decreased from $2.4B in 2016 to $2.0B in 2025, cash stood at $766.0M in the latest year, shareholders' equity was $1.0M, current assets covered current liabilities 2.10 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$9.4B$9.3B$9.8B$10.8B$12.5B$13.5B$14.6B$13.9B$13.7B$8.4B
Current Assets$2.1B$2.0B$2.3B$1.9B$3.0B$2.1B$2.0B$1.7B$1.7B$923.0M
Cash$900.0M$619.0M$921.0M$465.0M$1.4B$367.0M$360.0M$236.0M$364.0M$766.0M
Inventory$151.0M$145.0M$150.0M$169.0M$154.0M$178.0M$268.0M$208.0M$183.0M$4.0M
Receivables$861.0M$963.0M$1.1B$1.2B$1.3B$1.3B$1.2B$1.1B$1.0B$111.0M
Fixed Assets$3.6B$3.4B$3.3B$4.5B$5.0B$5.4B$5.8B$6.0B$6.0B$3.5B
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$452.0M$553.0M$497.0M$488.0M$480.0M$479.0M$495.0M$505.0M$500.0M$462.0M
Other Assets$766.0M$509.0M$509.0M$547.0M$547.0M$547.0M$547.0M$0$0$0
Total Liabilities$4.7B$4.4B$4.5B$5.4B$6.9B$6.7B$7.9B$7.9B$7.8B$3.1B
Current Liabilities$887.0M$918.0M$879.0M$962.0M$1.2B$1.2B$1.5B$1.2B$1.1B$440.0M
Borrowings$2.4B$2.5B$2.4B$3.4B$4.5B$4.0B$4.8B$5.1B$5.1B$2.0B
Other Liabilities$2.3B$1.9B$2.0B$2.0B$2.4B$2.7B$3.1B$2.8B$2.7B$1.2B
Equity$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M
Reserves$4.1B$4.3B$4.6B$4.7B$4.8B$5.9B$5.8B$5.2B$5.1B$4.8B

For Telephone and Data Systems, Inc., operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $195.0M; free cash flow was positive in 7 of 10 years; financing activities used $622.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$782.0M$776.0M$1.0B$1.0B$1.5B$1.1B$1.2B$1.1B$1.1B$590.0M
Investing Cash Flow$-1.4B$-1.7B$-1.3B$-2.2B$-2.9B$-3.6B$-3.6B$-2.7B$-1.7B$1.7B
Financing Cash Flow$1.0M$3.0M$60.0M$-27.0M$-105.0M$-132.0M$-109.0M$-89.0M$-157.0M$-622.0M
Net Cash Flow$-85.0M$-282.0M$305.0M$-453.0M$978.0M$-1.0B$-15.0M$-129.0M$114.0M$387.0M
Free Cash Flow$146.0M$91.0M$241.0M$59.0M$164.0M$-48.0M$-620.0M$-199.0M$241.0M$195.0M

Valuation & Return Ratios

MetricValue
PEG Ratio0.00
EV / EBITDA2.35
FCF Yield-12.02%
Quick Ratio3.81
Interest Coverage4.06
Return 1Y-16.96%
Return 3Y88.59%
Return 5Y71.82%

Telephone and Data Systems, Inc. (TDS) financials — frequently asked questions

What is Telephone and Data Systems, Inc.'s annual revenue?

Telephone and Data Systems, Inc. (TDS) reported annual revenue of $1.2B in its most recent fiscal year.

What is Telephone and Data Systems, Inc.'s net profit?

Telephone and Data Systems, Inc. (TDS) reported a net loss of $6.0M in its most recent fiscal year.

What is TDS EV/EBITDA?

Telephone and Data Systems, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is 2.35.

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