Telephone and Data Systems, Inc.

TDS

$37.82

+5.44%

2026-09-03 16:00:02 EDT+$1.95

Communication Services

Telecommunications Services

NYSE

Active Trading

Telephone and Data Systems, Inc., a telecommunications company, provides communications services to residential, commercial, and wholesale customers in the United States. It ...

Price Action of TDS

$37.82

+5.44%+$1.95

High—

Low—

52W High-22.9%

Rel. vol—

Interval

Range6.5h

Volume—SMA5SMA10

—

Telephone and Data Systems, Inc. (TDS) is a diversified telecommunications company headquartered in Chicago, Illinois, founded in 1969 by LeRoy T. Carlson. The company operates through two key segments: TDS Telecom and Array. TDS Telecom offers high-speed internet, fiber-optic broadband, video services, and voice solutions to residential and business customers ...Telephone and Data Systems, Inc. (TDS) is a diversified telecommunications company headquartered in Chicago, Illinois, founded in 1969 by LeRoy T. Carlson. The company operates through two key segments: TDS Telecom and Array. TDS Telecom offers high-speed internet, fiber-optic broadband, video services, and voice solutions to residential and business customers in rural and suburban areas, leveraging its extensive network of fiber and copper infrastructure. Array focuses on wireless infrastructure, leasing tower space to wireless carriers and providing ancillary services. TDS also provides services to underserved areas, contributing to digital inclusion. The company's business model emphasizes high-quality connectivity and customer service, with a strategy of investing in fiber expansion and enhancing its product portfolio. As of 2025, TDS employs approximately 4,000 people, with TDS Telecom being the largest segment. TDS has faced financial fluctuations, with revenue around $1.26 billion, and has demonstrated resilience despite market challenges, with a market cap of $3.5 billion. Key leadership includes Walter Carlson, who became president and CEO in February 2025, succeeding LeRoy T. Carlson Jr., who served for decades. TDS is committed to advancing connectivity nationwide, with a focus on innovation and community development. The company's future direction involves expanding its fiber network and enhancing its wireless infrastructure to meet growing data demands.ExpandCollapse

Founded

1969

Employees

4000

CEO

Walter Carlson

Full Name

Telephone and Data Systems, Inc.

Sector

Communication Services

Industry

Telecommunications Services

ROE

8.65%

Market Cap

$4.02B

Current Ratio

3.82

WACC

5.39%

ROIC

10.28%

Contact Information

https://www.tdsinc.com

312 630 1900

30 North LaSalle Street, Suite 4000, Chicago, IL 60602

Key Metrics of TDS

Snapshot

Latest / TTM · 6 periods

Market Cap

$4.02B

ROCE

4.0%

EV / EBITDA

2.56x

+4.8% YoY

FCF Yield

-11.3%

-15.4% YoY

Cash Conversion Cycle

-20.8d

Current Ratio

3.82

Quick take

TTM —

No major risk flags in selected headline metrics.

Financial Highlights of TDS

Profitability trend

Latest / TTM · 6 periods

Gross Margin

28.7%

Net Margin

33.3%

P/E Ratio

8.90x

n/a

Debt / Equity

0.24

n/a

Current Ratio

3.82

Dividend Yield

27.5%

Understanding

TTM —

No major balance sheet stress in these headline ratios.

Calendar of TDS

Upcoming

Sep 15, 2026In 11 days
Ex-dividend date
$0.16 per share
Sep 30, 2026In 26 days
Dividend payment
$0.16 per share
Sep 30, 2026In 26 days
Q3 FY2026 · Estimated results
Est. EPS $0.11 · Revenue $309.14M · 2 analysts
Dec 30, 2026
Q4 FY2026 · Estimated results
Est. EPS $0.12 · Revenue $313.46M · 2 analysts

Recent history

Aug 7, 2026
Q2 FY2026 · Results reported
EPS $2.42 · Revenue $309.28M
View filing
May 8, 2026
Q1 FY2026 · Results reported
EPS $1.08 · Revenue $309.45M
View filing
Feb 24, 2026
FY2025 · Annual results
EPS $-0.66 · Revenue $1.23B
View filing
Nov 7, 2025
Q3 FY2025 · Results reported
EPS $0.35 · Revenue $308.52M
View filing
Aug 11, 2025
Q2 FY2025 · Results reported
EPS $-0.04 · Revenue $1.19B
View filing
Mar 31, 2025
Q1 FY2025 · Results reported
EPS $-0.09 · Revenue $1.15B

Financial Statements of TDS

5Y Trend (Revenue, Earnings, FCF)

Metric	Latest	YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.	QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).	$1.2B	-75.3%	-0.1%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.	$-6.2M	+77.7%	+105.1%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.	-5.0%	-108.9%	+81.8%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).	-5.0%	-497.8%	+10225.2%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.	-0.5%	+10.0%	+105.2%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.	$195.2M	-19.0%	-38.9%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.	+15.9%	+227.3%	-39.0%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.	40.7%	-59.4%	-5.2%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.	2.10x	+34.9%	+11.4%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.	$8.4B	-38.6%	+2.1%

Actual vs Estimate

A Dec 31Q Sep 30

Metric	Annual (A vs E)	Annual Surprise	Quarter (A vs E)	Quarter Surprise
EPS Surprise	-0.66 vs -1.19	+44.4%	2.42 vs 0.11	+2008.2%
Revenue Surprise	$1.2B vs $1.8B	-32.7%	$309.3M vs $309.1M	+0.0%

Insider Transactions of TDS

Acquisitions (A)

Since Jun 9, 2026

Disposals (D)

Since Jun 9, 2026

Monthly shares of acquisitions/disposals with close price trend (shared daily price source)

Insider Trading Snapshot

Date	Executive	Title	Security	Side	Shares	Price
Jun 11, 2026	Villacrez Vicki L	director, officer: Executive Vice President & CFO	Common Shares	A	10,170	$40.03
Jun 11, 2026	Villacrez Vicki L	director, officer: Executive Vice President & CFO	Common Shares	D	4,780	$40.03
Jun 11, 2026	Villacrez Vicki L	director, officer: Executive Vice President & CFO	Restricted Stock Units	D	0	—
Jun 11, 2026	Kroll Anita J	officer: VP, Controller & CAO	Common Shares	A	2,716	$40.03
Jun 11, 2026	Kroll Anita J	officer: VP, Controller & CAO	Common Shares	D	1,277	$40.03

Earnings Call Transcript of TDS

1 transcript segments

Q2 2026

Unknown Speaker

Operator: Ladies and gentlemen, thank you for joining us, and welcome to the TDS and Array Second Quarter 2026 Operating Results Conference Call. [Operator Instructions] I will now hand the conference over to John Toomey, Treasurer, Vice President and Head of Corporate Relations. Please go ahead. John Toomey: Good morning, and thank you for joining us. The presentation we prepared to accompany our comments this morning can be found on the Investor Relations sections of the TDS and Array websites. With me today and offering prepared comments are -- on behalf of TDS, Walter Carlson, President and CEO; Vicki Villacrez, Executive Vice President and Chief Financial Officer. On behalf of TDS Telecom, Ken Dixon, President and CEO of TDS Telecom; Kris Bothfeld, Vice President of Financial Analysis and Strategic Planning of TDS. On behalf of Array Digital Infrastructure, Anthony Carlson, President and CEO of Array. This call is being simultaneously webcast on the TDS and Array Investor Relations websites. Please see the websites for the slides referenced on this call, including non-GAAP reconciliations. TDS and Array filed their SEC Forms 8-K, including the press releases earlier this morning. As shown on Slide 2, the information set forth in the presentation and discussed during this call contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. Please review the safe harbor paragraphs in our press releases and the full description of risk factors included in our SEC filings. I will now turn the call over to TDS President and CEO, Walter Carlson. Walter? Walter C.D. Carlson: Thanks, John, and good morning, everyone. Today, we are pleased to share the second quarter results for TDS and Array Digital Infrastructure. Before we get to those results, I wanted to note that we will not be providing an update today on the status of TDS' previously announced offer to acquire the minority interest of Array in an all-stock transaction. That process is ongoing. TDS will not be commenting further or taking questions on this topic during today's call. Now turning to our 2026 enterprise priorities, we are at the midpoint of the year, and we continue to make steady progress across each of these 5 focus areas. As I've noted previously, our focus remains on advancing our strategy with financial and operational discipline. In addition, both business units continue to advance their individual operational goals. TDS Telecom added meaningful fiber addresses and customers during the quarter. Array increased tower tenancy quarter-over-quarter and has now successfully completed transactions to monetize virtually all of its spectrum outside of the C-band. I continue to be pleased with the progress each business unit is making and by the work underway to strengthen our culture during this period of transformation. I would like to personally thank every associate across the enterprise for their continued …

Leadership Team of TDS

11 executives

Name	Title	Compensation	Gender	Year Born	Status
Walter Carlson	Chairman, President & Chief Executive Officer	USD 4,840,669	Male	1954	Active
Laurent C. Therivel	President & Chief Executive Officer of UScellular	USD 2,236,349	Male	1975	Active
Anthony J. Carlson	President of Array & CEO of Array	USD 2,116,295	Male	1987	Active
Vicki L. Villacrez	Executive Vice President, Chief Financial Officer & Director	USD 1,794,158	Female	1962	Active
Joseph R. Hanley	Senior Vice President of Strategy & Corporate Development	USD 1,216,218	Male	1967	Active
John Toomey	Vice President of Corporate Relations & Treasurer	—	Male	1964	Active
Anita J. Kroll	Chief Accounting Officer, Vice President & Controller	—	Female	—	Active
AnnMarie Kreitzer	Senior Vice President of Human Resources & Chief Human Resources Officer	—	Female	—	Active
John Kelsh	General Counsel & Assistant Secretary	—	—	—	Active
Karen Samples	Corporate Finance & Investor Relations Senior Manager	—	—	—	Active
Bill Case	Senior VP & Chief Information Officer	—	Male	1971	Active

Recent News of TDS

Seeking Alpha8/7/2026Neutral

Telephone and Data Systems, Inc. (TDS) Q2 2026 Earnings Call Transcript

Zacks Investment Research8/7/2026Neutral

Compared to Estimates, TDS (TDS) Q2 Earnings: A Look at Key Metrics

The headline numbers for TDS (TDS) give insight into how the company performed in the quarter ended June 2026, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.

PRNewsWire8/7/2026Neutral

TDS reports second quarter 2026 results

TDS Telecom and Array both update guidance for 2026 CHICAGO, Aug. 7, 2026 /PRNewswire/ -- As previously announced, TDS will hold a teleconference on August 7, 2026, at 9:00 a.m. CT. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.

PRNewsWire7/31/2026Neutral

TDS and Array to release second quarter operating results and host conference call on August 7, 2026

CHICAGO, July 31, 2026 /PRNewswire/ -- Telephone and Data Systems, Inc. (NYSE: TDS) and Array Digital Infrastructure, Inc.(NYSE: AD) will webcast their second quarter operating results conference call on August 7, 2026, at 9:00 a.m. Central Time.

Seeking Alpha5/28/2026Neutral

Telephone and Data Systems Preferreds: High Qualified Yield And Improving Credit Profile

Telephone and Data Systems preferred shares offer a ~7.5% qualified yield, supported by recent deleveraging and strong liquidity. TDS.PR.V stands out with a 20% discount to par, offering superior capital appreciation potential and lower call risk versus TDS.PR.U. Recent asset monetization and debt reduction have materially improved TDS's credit profile, enhancing preferred holders' safety and upside.

Historical Employee Count of TDS

Current

4,000

Change

-49.37%

Minimum

4,000

Maximum

9,300

Recent Filings

Report Date	Employees	Form Type	Filing Date	SEC Filing
Dec 31, 2025	4,000	10-K	Feb 24, 2026	View
Dec 31, 2024	7,900	10-K	Feb 21, 2025	View
Dec 31, 2023	8,800	10-K	Feb 16, 2024	View
Dec 31, 2022	9,300	10-K	Feb 16, 2023	View
Dec 31, 2021	8,800	10-K	Feb 17, 2022	View

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Telephone and Data Systems, Inc.