Telephone & Data Systems Inc (TDS)

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. The company offers internet connections and all-home Wi-Fi services, fiber internet, security, and support services; advanced home TV entertainment combined with a digital video recording (DVR) services; TDS TV+, an integrated cloud TV platform that combines linear and on-demand programming, mobile device interfaces, personalized recommendations, and network-based DVR; digital television; local and long-distance telephone service, voice over internet protocol, and enhanced services; wireless services to customers; broadband, IP-based services, and hosted voice and video collaboration services to small- and medium-sized businesses; carrying data and voice traffic services; wholesale services; and communication services in underserved areas. The company is also leases tower spaces to tenants; provides ancillary services. The company sells and distributes its products through third-party direct sales, retail stores, sales agents, and an online platform to sell services and products. Telephone and Data Systems, Inc. was incorporated in 1968 and is headquartered in Chicago, Illinois.

Ticker
TDS
Exchange
NYSE
Sector
Communication Services
Industry
Telecom Services
Market cap
$3.59B
52-week range
$30.71 - $49.12

Valuation

Share price
$32.87 (close of Nov 6, 2026)
P/E (TTM)
7.92x
Price to book
0.69x
Price to free cash flow
-5.89x
Enterprise value
$3.19B
Book value per share
$47.82

Price performance

PeriodChange
1 day+1.58%
5 days-4.17%
1 month-6.49%
3 months-8.69%
6 months-27.79%
Year to date-19.83%
1 year-14.60%
3 years+80.21%
5 years+68.05%
10 years+29.82%
All time+1,991.49%

Short interest

As of
Oct 15, 2026
Short % of float
9.31%
Shares short
6.32M
Days to cover
3.06
Change since prior report
+33.01%
Source
FINRA consolidated short interest

Profitability and growth

Return on equity
-0.12%
Return on invested capital
-0.73%
Return on assets
-0.07%
Return on capital employed
-1.22%
Gross margin
27.49%
Net margin
-0.51%
EBITDA margin
20.72%
Revenue growth
-5.30%
Free cash flow growth
-74.46%

Cash flow and balance sheet

Free cash flow yield (TTM)
-16.97%
Current ratio
4.01x
Net debt to EBITDA
-0.35x

Latest reported year

Period end
Dec 31, 2025
Fiscal year
2025
Revenue
$1.23B
Cost of revenue
$890.53M
Gross profit
$337.68M
EBITDA
$254.50M
Net income
-$6.24M
Earnings per share
$-0.66
Interest expense
$112.67M
Shares outstanding
115.18M

Income statement by year

Period endRevenueGross profitNet incomeEPS
2025-12-31$1.23B$337.68M-$6.24M-$0.66
2024-12-31$1.30B$295.44M-$27.70M-$0.85
2023-12-31$1.36B--$500.01M-$5.05
2022-12-31$5.41B$1.89B$62.00M-$0.07
2021-12-31$5.33B$1.94B$156.00M$1.03
2020-12-31$5.22B$1.94B$226.00M$1.97
2019-12-31$5.18B$1.90B$121.00M$1.06
2018-12-31$5.11B$1.90B$135.00M$1.20
2017-12-31$5.04B$1.58B$153.00M$1.39
2016-12-31$5.16B$1.87B$43.00M$0.39

Margins and returns by year

Period endGross marginNet marginReturn on equityReturn on capital
2025-12-3127.49%-0.51%-0.12%-0.73%
2024-12-3122.78%-2.14%-0.47%-1.90%
2023-12-31--36.90%-8.34%-5.99%
2022-12-3134.92%1.15%0.94%0.60%
2021-12-3136.37%2.93%2.32%2.12%
2020-12-3137.13%4.33%4.04%2.38%
2019-12-3136.63%2.34%2.24%1.31%
2018-12-3137.17%2.64%2.55%2.06%
2017-12-3131.34%3.03%3.13%-0.73%
2016-12-3136.28%0.83%0.91%0.95%

Cash and debt by year

Period endCashDebt
2025-12-31$765.95M$823.36M
2024-12-31$363.61M$2.42B
2023-12-31$236.00M$4.08B
2022-12-31$360.00M$3.73B
2021-12-31$367.00M$2.93B
2020-12-31$1.43B$3.42B
2019-12-31$465.00M$2.32B
2018-12-31$938.00M$2.42B
2017-12-31$719.00M$2.44B
2016-12-31$900.00M$2.43B

Free cash flow by year

Period endFree cash flowStock-based compensation
2025-12-31$199.36M$27.17M
2024-12-31$780.43M$18.34M
2023-12-31$498.09M$19.58M
2022-12-31-$6.00M$42.00M
2021-12-31-$28.00M$49.00M
2020-12-31$194.00M$53.00M
2019-12-31$59.00M$59.00M
2018-12-31$241.00M$54.00M
2017-12-31$91.00M$46.00M
2016-12-31$146.00M$42.00M

Dividend history

Most recent payment
Sep 15, 2026
Paid in the last twelve months
$0.16
Payment dateDividend per share
2026-09-15$0.04
2026-06-16$0.04
2026-03-16$0.04
2025-12-15$0.04
2025-09-15$0.04
2025-06-16$0.04
2025-03-17$0.04
2024-12-16$0.04

Investor relations

Past earnings dates

ReportedFiscal periodEPS estimate
2026-11-06Sep 2026$0.10
2026-08-07Jun 2026$0.09
2026-05-08Mar 2026-$0.87
2026-02-20Dec 2025$0.09
2025-11-07Sep 2025-$0.06
2025-08-11Jun 2025-$0.01
2025-05-02Mar 2025-$0.02
2025-02-21Dec 2024-$0.32

Filings and sources

Company website
tdsinc.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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Price-to-earnings ratio · Short interest · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart

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