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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.2B | $554M | $-6M | $195M | -0.2% | -5.3% | -77.5% |
| 2024 | $1.3B | $331M | $-28M | $761M | -0.7% | -4.3% | -94.5% |
| 2023 | $1.4B | $-191M | $-500M | $369M | -12.1% | -75.0% | -906.5% |
| 2022 | $5.4B | $1.2B | $62M | $-620M | 1.3% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 5,413 | 1,355.11 | 1,296.98 | 1,228.21 |
| Operating Revenue | - | 5,413 | 1,355.11 | 1,296.98 | 1,228.21 |
| Cost Of Revenue | - | 2,565 | 688.72 | 590.26 | 503.26 |
| Gross Profit | - | 2,848 | 666.39 | 706.72 | 724.95 |
| Operating Expense | - | 2,697 | 798.91 | 812.39 | 786.95 |
| Selling General And Administration | - | 1,768 | 488.84 | 486.70 | 435.06 |
| Total Expenses | - | 5,262 | 1,487.63 | 1,402.65 | 1,290.21 |
| Operating Income | - | 151 | -132.52 | -105.67 | -62 |
| Total Operating Income As Reported | - | 122 | -682.57 | -191.26 | -97.38 |
| EBITDA | - | 1,228 | -191.23 | 330.88 | 553.52 |
| Normalized EBITDA | - | 1,257 | 358.82 | 416.47 | 588.90 |
| EBIT | - | 299 | -501.30 | 5.19 | 201.63 |
| Interest Income | - | 17 | 20.01 | 27.20 | 40.31 |
| Interest Expense | - | 174 | 62.18 | 108.58 | 112.67 |
| Net Interest Income | - | -157 | -42.16 | -81.37 | -72.36 |
| Other Non Operating Income Expenses | - | 1 | 1.84 | 5.62 | 82.61 |
| Other Income Expense | - | 131 | -388.80 | 83.66 | 223.32 |
| Interest Income Non Operating | - | 17 | 20.01 | 27.20 | 40.31 |
| Interest Expense Non Operating | - | 174 | 62.18 | 108.58 | 112.67 |
| Net Non Operating Interest Income Expense | - | -157 | -42.16 | -81.37 | -72.36 |
| Pretax Income | - | 125 | -563.48 | -103.39 | 88.96 |
| Tax Provision | - | 53 | -15.80 | -22.07 | -62.18 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -6.09 | -15.42 | -18.27 | -7.43 |
| Net Income Continuous Operations | - | 72 | -547.68 | -81.32 | 151.15 |
| Net Income From Continuing And Discontinued Operation | - | 62 | -500.01 | -27.70 | -6.24 |
| Net Income From Continuing Operation Net Minority Interest | - | 62 | -560.40 | -82.54 | 124.67 |
| Net Income | - | 62 | -500.01 | -27.70 | -6.24 |
| Net Income Common Stockholders | - | -7 | -569.23 | -96.93 | -75.46 |
| Net Income Including Noncontrolling Interests | - | 72 | -487.29 | -26.48 | 20.24 |
| Normalized Income | - | 84.91 | -25.78 | -15.22 | 152.62 |
| Diluted NI Availto Com Stockholders | - | -8 | -569.34 | -96.93 | -77.65 |
| Basic Average Shares | - | 114 | 112.75 | 114 | 115.18 |
| Diluted Average Shares | - | 114 | 112.75 | 114 | 118.56 |
| Reconciled Depreciation | - | 929 | 310.07 | 325.70 | 351.88 |
| Reconciled Cost Of Revenue | - | 2,565 | 688.72 | 590.26 | 503.26 |
| Total Unusual Items | - | -29 | -550.05 | -85.59 | -35.38 |
| Total Unusual Items Excluding Goodwill | - | -29 | -550.05 | -85.59 | -35.38 |
| Preferred Stock Dividends | - | 69 | 69.22 | 69.22 | 69.22 |
| Minority Interests | - | -10 | -12.72 | -1.22 | -26.48 |
| Net Income Discontinuous Operations | - | - | 60.40 | 54.84 | -130.90 |
| Special Income Charges | - | -29 | -550.05 | -85.59 | -35.38 |
| Gain On Sale Of Business | - | 1 | 0 | 68.35 | 23.92 |
| Write Off | 0 | 3 | - | - | - |
| Impairment Of Capital Assets | - | 3 | 546.95 | 137.34 | 48.58 |
| Gain On Sale Of Security | -1 | 1 | 2 | - | - |
| Depreciation Amortization Depletion Income Statement | - | 929 | 310.07 | 325.70 | 351.88 |
| Depreciation And Amortization In Income Statement | - | 929 | 310.07 | 325.70 | 351.88 |
| Gain On Sale Of Ppe | - | -27 | -3.10 | -16.60 | -10.72 |
| Earnings From Equity Interest | - | 159 | 159.41 | 163.62 | 176.10 |
| Average Dilution Earnings | - | -1 | -0.10 | 0 | -2.19 |
Communication Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Telephone and Data Systems, Inc.this co. | TDS | $4.5B | -724.07 | 1.21 | -0.2% | 9.31 |
| Lumen Technologies, Inc. | LUMN | $10.2B | -5.87 | -9.13 | 155.7% | 20.43 |
| Madison Square Garden Sports Corp. | MSGS | $9.3B | -413.16 | -32.94 | 8.0% | 1357.01 |
| Versant Media Group, Inc. | VSNT | $5.7B | 6.12 | 0.55 | 9.0% | 2.94 |
| Iridium Communications Inc. |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| IRDM |
| $5.5B |
| 48.13 |
| 11.90 |
| 24.7% |
| 16.17 |
| Sphere Entertainment Co. | SPHR | $5.1B | 152.34 | 2.28 | 1.5% | 11.94 |
| Cinemark Holdings, Inc. | CNK | $3.6B | 26.04 | 8.88 | 34.1% | 12.02 |
| IAC Inc. | IAC | $3.1B | -30.21 | 0.66 | -2.2% | 21.38 |
| John Wiley & Sons, Inc. | WLY | $2.3B | 26.88 | 3.01 | 11.2% | 8.95 |
| Peer Median | - | 16.08 | 1.47 | 10.1% | 14.10 | |