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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 |
| 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 |
| Operating Income | - | 151 | -132.52 | -105.67 | -62 |
| EBITDA | - | 1,228 | -191.23 | 330.88 | 553.52 |
| EBIT | - | 299 | -501.30 | 5.19 | 201.63 |
| Pretax Income | - | 125 | -563.48 | -103.39 | 88.96 |
| Tax Provision | - | 53 | -15.80 | -22.07 | -62.18 |
| Net Income | - | 62 | -500.01 | -27.70 | -6.24 |
| Net Income Common Stockholders | - | -7 | -569.23 | -96.93 | -75.46 |
| Total Expenses | - | 5,262 | 1,487.63 | 1,402.65 | 1,290.21 |
| Interest Expense | - | 174 | 62.18 | 108.58 | 112.67 |
| Interest Income | - | 17 | 20.01 | 27.20 | 40.31 |
| Selling General And Administration | - | 1,768 | 488.84 | 486.70 | 435.06 |
| Normalized EBITDA | - | 1,257 | 358.82 | 416.47 | 588.90 |
| Normalized Income | - | 84.91 | -25.78 | -15.22 | 152.62 |
| Market Cap | 5,146.88 | 5,146.88 | 5,146.88 | 5,146.88 | 5,146.88 |
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 | - | -825.35 | 1.38 | -0.2% | 10.45 |
| Versant Media Group, Inc. | VSNT | $5.6B | 5.89 | 0.53 | 9.0% | 2.85 |
| Sphere Entertainment Co. | SPHR | $4.7B | 139.63 | 2.09 | 1.5% | 11.03 |
| Iridium Communications Inc. | IRDM | $4.2B | 36.02 | 8.90 | 24.7% | 13.05 |
| Cinemark Holdings, Inc. | CNK |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $3.3B |
| 24.07 |
| 8.21 |
| 34.1% |
| 11.50 |
| John Wiley & Sons, Inc. | WLY | $2.2B | 25.05 | 2.80 | 11.2% | 8.50 |
| Madison Square Garden Sports Corp. | MSGS | - | -357.53 | -28.50 | 8.0% | 1192.73 |
| Lumen Technologies, Inc. | LUMN | - | -5.24 | -8.15 | 155.7% | 19.60 |
| IAC Inc. | IAC | - | -32.02 | 0.70 | -2.2% | 22.50 |
| Peer Median | - | 14.98 | 1.40 | 10.1% | 12.27 | |