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Telephone and Data Systems Inc (TDS) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

COMMUNICATION SERVICES · TELECOM SERVICES · DATA UPDATED 2026-08-26

Telephone and Data Systems Inc (TDS) operates in the TELECOM SERVICES industry and is headquartered in Chicago, United States with about 4,000 employees. Its market capitalization is roughly $4 billion. In the fiscal year ended 2025-12-31, TDS reported $1.2B in revenue and ($6M) in net income.

Telephone and Data Systems, Inc., a telecommunications company, provides communications services to residential, commercial, and wholesale customers in the United States. It operates through two segments: TDS Telecom and Array.

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TDS Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$1.3B	$1.2B	$5.0B	$5.2B	$5.4B	$5.3B	$5.2B	$5.2B	$5.1B	$5.0B	$5.1B	$5.2B	$5.0B	$4.9B	$5.3B	$5.2B	$5.0B	$5.0B	$5.1B	$4.8B	$4.4B
Gross Profit	$361M	($62M)	$2.8B	$2.8B	$2.8B	$2.9B	$2.9B	$2.8B	$2.8B	$2.7B	$2.7B	$2.8B	$2.5B	$2.7B	$3.1B	$3.1B	$3.1B	$3.2B	$3.2B	$3.1B	$2.8B
Gross Margin %	28.7%	-5.1%	57.0%	54.8%	52.6%	53.6%	54.9%	54.9%	54.3%	53.2%	52.4%	53.3%	49.9%	54.6%	57.5%	60.6%	61.7%	62.9%	63.6%	64.9%	64.7%
Operating Income (EBIT)	$310M	($62M)	$63M	($414M)	$122M	$261M	$259M	$179M	$205M	($105M)	$60M	$397M	($190M)	$235M	$184M	$363M	$290M	$408M	$128M	$528M	$413M
Operating Margin %	24.6%	-5.1%	1.3%	-8.0%	2.2%	4.9%	5.0%	3.5%	4.0%	-2.1%	1.2%	7.7%	-3.8%	4.8%	3.4%	7.0%	5.8%	8.1%	2.5%	10.9%	9.5%
Net Income	$419M	($6M)	($28M)	($500M)	$62M	$156M	$226M	$121M	$135M	$153M	$43M	$219M	($136M)	$142M	$82M	$201M	$144M	$194M	$94M	$386M	$162M
Net Margin %	33.3%	-0.5%	-0.6%	-9.7%	1.1%	2.9%	4.3%	2.3%	2.6%	3.0%	0.8%	4.2%	-2.7%	2.9%	1.5%	3.9%	2.9%	3.9%	1.8%	8.0%	3.7%
EBITDA	$1.2B	$554M	$1.2B	$682M	$1.1B	$1.2B	$1.2B	$1.1B	$1.1B	$996M	$964M	$1.4B	$796M	$1.4B	$1.1B	$1.2B	$1.2B	$1.3B	$1.0B	$1.6B	$1.3B
Earnings Per Share (EPS)	$3.57	$-0.05	$-0.25	$-4.42	$0.54	$1.34	$1.97	$1.04	$1.18	$1.37	$0.39	$1.99	$-1.26	$1.30	$0.75	$1.69	$1.25	$1.63	$0.74	$2.98	$1.27
Shares Outstanding (M)	116M	115M	114M	113M	114M	116M	115M	116M	114M	112M	111M	110M	108M	109M	109M	119M	115M	119M	126M	129M	127M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

TDS Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$309M	$309M	$331M	$309M	$1.2B	$1.2B	$1.2B	$1.2B
Gross Profit	$180M	$99M	$8M	$74M	$694M	$696M	$676M	$708M
Gross Margin %	58.2%	32.0%	2.5%	23.9%	58.5%	60.3%	54.5%	57.8%
Operating Income (EBIT)	$373M	($4M)	$8M	($68M)	$40M	$35M	$36M	($80M)
Operating Margin %	120.7%	-1.2%	2.5%	-22.0%	3.4%	3.0%	2.9%	-6.5%
Net Income	$298M	$145M	$56M	($82M)	$12M	$7M	$6M	($66M)
Net Margin %	96.5%	47.0%	17.1%	-26.5%	1.0%	0.6%	0.5%	-5.4%
EBITDA	$548M	$325M	$187M	$141M	$275M	$315M	$323M	$210M
Earnings Per Share (EPS)	$2.57	$1.24	$0.48	$-0.71	$0.10	$0.06	$0.05	$-0.58
Shares Outstanding (M)	116M	118M	118M	115M	115M	114M	114M	114M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

TDS Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$106M	$590M	$1.1B	$1.1B	$1.2B	$1.1B	$1.5B	$1.0B	$1.0B	$776M	$782M	$790M	$395M	$495M	$1.1B	$1.3B	$1.1B	$1.1B	$849M	$941M	$887M
Capital Expenditures (CapEx)	$558M	$395M	$904M	$1.3B	$1.8B	$1.2B	$1.4B	$957M	$776M	$685M	$636M	$801M	$799M	$884M	$996M	$972M	$755M	$700M	$1.1B	$700M	$722M
Free Cash Flow (FCF)	($452M)	$195M	$241M	($199M)	($620M)	($48M)	$164M	$59M	$241M	$91M	$146M	($11M)	($405M)	($389M)	$110M	$284M	$367M	$402M	($275M)	$241M	$165M
FCF Margin %	-36.0%	15.9%	4.9%	-3.9%	-11.5%	-0.9%	3.1%	1.1%	4.7%	1.8%	2.9%	-0.2%	-8.1%	-7.9%	2.1%	5.5%	7.4%	8.0%	-5.4%	5.0%	3.8%
Dividends Paid	$88M	$88M	$104M	$153M	$151M	$119M	$78M	$75M	$72M	$69M	$65M	$61M	$58M	$55M	$53M	$65M	$67M	$47M	$47M	$46M	$43M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

TDS Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$56M	$67M	$20M	($37M)	$422M	$186M	$212M	$307M
Capital Expenditures (CapEx)	$169M	$149M	$128M	$112M	$88M	$66M	$232M	$206M
Free Cash Flow (FCF)	($113M)	($82M)	($109M)	($149M)	$333M	$119M	($20M)	$101M
FCF Margin %	-36.6%	-26.4%	-32.9%	-48.1%	28.1%	10.3%	-1.6%	8.2%
Dividends Paid	$22M	$22M	$22M	$22M	$22M	$22M	$21M	$22M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

TDS Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$8.4B	$8.4B	$13.7B	$13.9B	$14.6B	$13.5B	$12.5B	$10.8B	$9.8B	$9.3B	$9.4B	$9.4B	$8.9B	$8.9B	$8.6B	$8.2B	$7.8B	$7.6B	$7.7B	$9.9B	$10.6B
Cash & Cash Equivalents	$2.2B	$766M	$364M	$236M	$360M	$367M	$1.4B	$465M	$921M	$619M	$900M	$985M	$472M	$830M	$740M	$563M	$368M	$671M	$777M	$1.2B	$1.0B
Total Liabilities	$3.0B	$3.1B	$7.8B	$7.9B	$7.9B	$6.7B	$6.9B	$5.4B	$4.5B	$4.4B	$4.7B	$4.7B	$4.5B	$4.2B	$4.0B	$3.6B	$3.3B	$3.2B	$3.2B	$5.3B	$6.4B
Total Debt (Short + Long-Term)	$708M	$855M	$4.2B	$4.3B	$3.9B	$3.1B	$3.6B	$2.4B	$2.4B	$2.5B	$2.4B	$2.5B	$2.0B	$1.7B	$1.7B	$1.5B	$1.5B	$1.5B	$1.6B	$1.6B	$3.4B
Total Shareholders' Equity	$5.2B	$4.8B	$5.1B	$5.2B	$5.8B	$5.9B	$4.8B	$4.7B	$4.6B	$4.3B	$4.1B	$4.1B	$3.9B	$4.1B	$4.0B	$4.0B	$3.8B	$3.8B	$3.8B	$3.9B	$3.6B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive TDS viewer.

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