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Telephone & Data Systems Inc (TDS) stock

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NYSE: TDS NYSE Wireless Telecommunication Services Next results ~November 9, 2026

Telephone & Data Systems Inc is a US-listed company in the wireless telecommunication services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: data-quality checks not passed.

Price vs value

Under review: data-quality checks not passed. We'll show the comparison once resolved.

Telephone & Data Systems Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 3 selling0 purchases and 4 sales by directors and officers, last 12 monthsInsider trades
  • Funds176 adding, 167 cuttingOf 63 active managers that changed their stake, 31 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Telephone & Data Systems files

Where Telephone & Data Systems stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.26bn, up 3.8% on a year earlier, against a decline of 42.0% a quarter earlier. Free-cash-flow margin fell to -36.0% from 87.7% a year earlier. Operating margin widened to 37.0% from -14.8%. The diluted share count is up 5.2% on a year earlier, which dilutes existing holders. It passes 5 of our 6 financial-health checks.

Our model value for Telephone & Data Systems is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 9, 2026 (estimated)

Telephone & Data Systems Inc's trailing-twelve-month revenue grew 3.8% year on year, with a free-cash-flow margin of -36.0%.

Our discounted-cash-flow model values the business at ~$50 per share in the base case (~$38–$66 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 1885% in the quarter to 2026-06-30, the 3rd beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 45.8 points higher than a quarter earlier.
  • High operating margin. 37.0% of revenue is left as operating profit.
  • Margins widening. Operating margin is up 51.8 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $1.5bn.

Things to watch

  • Results due soon. Results are expected around 6 November; the share price can move sharply on the day.
  • Burning cash. Free cash flow was -36.0% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 5.2% in a year.
  • Gross margin slipping. Gross margin is down 2.9 points on a year ago.
  • Weak cash conversion. Free cash flow was -108% of net income over the last 12 months.
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 5.3% over 90 days.

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
$2.42 against an average estimate of $0.12: beat by 1885.1%
Revenue
$309m, up 3.6% on a year earlier
Share reaction
-6.4% in the first session after the results on August 7, 2026, against +0.6% for the S&P 500
Next report
November 9, 2026

Telephone & Data Systems' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+5.2%
  • 1 week+1.2%
  • 1 month+2.0%
  • This year-11.7%
  • 1 year-6.6%
  • 5 years+108.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.3B
Operating margin
37.0%
Net margin
33.2%
EPS (TTM, diluted)
$3.50

Growth

Revenue growth
+3.8%
Change in growth rate
+45.8 pts
Share count change
+5.2%

Cash

Free cash flow (TTM)
-$452M
FCF margin
-36.0%
Stock pay % of revenue
0.7%

Earnings

Last results
August 7, 2026
Next results (est.)
November 6, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Announcement
  3. Deal
  4. Announcement
  5. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Telephone & Data Systems Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: data-quality checks not passed.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Telephone & Data Systems Inc as an operating company, with every model that fits that kind of business. Cost of equity 8.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.8 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$4.3 ~$1.1–$9.0 Left out: out of range vs price (0.12x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Telephone & Data Systems Inc with Wireless Telecommunication Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$19.29$21.98$21.66$25.90$20.72$15.68$17.57$9.62$17.91$33.86$40.88$36.10
Market value$2.1bn$2.4bn$2.4bn$3.0bn$2.4bn$1.8bn$2.0bn$1.1bn$2.0bn$3.9bn$4.8bn$4.3bn
+ Net debt (− = net cash)$1.5bn$1.5bn$1.8bn$1.5bn$1.9bn$2.0bn$2.6bn$3.4bn−$236m$2.1bn$63m−$1.5bn
Enterprise value$3.6bn$4.0bn$4.3bn$4.5bn$4.3bn$3.8bn$4.6bn$4.5bn$1.8bn$5.9bn$4.9bn$2.8bn
Multiples
Price / sales 0.4x0.5x0.5x0.6x0.5x0.3x0.4x0.2x1.5x3.0x3.9x3.4x
Price / earnings 9.7x56.7x15.9x21.9x19.9x8.0x13.1x17.7x———10.3x
Price / free cash flow —16.7x26.7x12.2x40.7x9.3x——4.1x4.9x24.3x—
EV / EBITDA 2.9x4.3x6.0x4.3x4.0x3.4x4.1x4.5x—63.0x23.8x3.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

26 /100

Weak moat

How hard Telephone & Data Systems's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 1.3% of total assets over 10 years.

  • Durability 0 / 20

    Operating margin has been a median 3.1%; its worst year was -49.7%.

  • Cash conversion 9 / 20

    Free cash flow was positive in 8 of 10 years, at a median 2.9% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 3.6% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (31 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 9, 2026, before the open. Analysts expect revenue of $309m for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.70 +661% $1.2bn +1%
Next $0.22 −94% $1.3bn +1%

Next year's EPS estimate has moved −5.3% in 90 days, across 3 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.12 $2.42 +1885.1%
Mar 2026 −$0.87 $1.09 +225.3%
Dec 2025 $0.09 $0.33 +269.5%
Sept 2025 −$0.02 −$0.85 −4150.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

3 analysts, Oct 2026
Buy267%
Hold133%
Sell00%

Monthly trend

  1. Oct 20261113
  2. Sep 20261113

Counts of recommendations published by analysts covering Telephone & Data Systems Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.5%
of tradable shares
Days to cover
2.92
at average volume
Short interest, 1 month
−21%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
8.4%
of shares
Employees
4,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −6.6%

$38.66 on October 31, 2025 to $36.10

ThenNowEffect
Revenue (last 12 months) $1.2bn $1.3bn +3.8%
P/S multiple 3.6x 3.4x −5.4%
Share count 113m 119m −5.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +92.0%

$18.80 on November 3, 2023 to $36.10

ThenNowEffect
Revenue (last 12 months) $5.3bn $1.3bn −76.3%
P/S multiple 0.4x 3.4x +761.3%
Share count 113m 119m −5.7%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
TDS+12%−45%+86%+89%+21%−12%
Industry peers (median)−13%−35%+9%+25%−6%−15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TDS42%42%33%67%67%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TDS−34%−51%−52%−30%−21%−31%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 79% from February 20, 2019 to June 1, 2023. Getting back needed a 376% gain, reached on October 30, 2024, 517 days after the low.

Price behaviour

52-week range
$32.95 – $47.45
From 52-week high
−23.9%
vs 50-day average
+2.5%
vs 200-day average
−8.6%
Volatility (1 year)
31%
Beta vs S&P 500
0.44

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
3 up, 9 down
typical move ±7.0%
After a week
3 up, 9 down
typical move ±7.6%
After a month
4 up, 8 down
typical move ±10.9%
Results releasedNext dayS&P 500 next day5 days21 days
August 7, 2026 −6.4% +0.6% −2.2% +5.4%
May 8, 2026 −4.8% +1.1% −11.0% −13.6%
February 20, 2026 −3.9% −0.3% −1.7% −5.4%
November 7, 2025 +0.6% +1.7% −0.4% −1.7%
August 11, 2025 +0.5% +0.9% +0.9% −0.1%
May 2, 2025 −15.7% +0.9% −8.1% −7.9%
February 21, 2025 −7.5% −2.2% −8.9% −5.3%
November 1, 2024 −5.6% +0.2% +7.5% +15.5%
August 2, 2024 −9.8% −4.7% −4.0% +16.7%
July 16, 2024 +3.8% −0.8% −1.6% −3.6%
May 3, 2024 −3.1% +2.3% +24.2% +41.7%
February 16, 2024 −22.0% −1.0% −21.1% −14.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Revenue (TTM) Telephone & Data Systems Inc
$0 $2B $4B $6B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $5.2B Revenue (TTM), FY23 Q4: $1.4B Revenue (TTM), FY24 Q1: $1.3B Revenue (TTM), FY24 Q2: $1.3B Revenue (TTM), FY24 Q3: $334.6M Revenue (TTM), FY24 Q4: $3.1B Revenue (TTM), FY25 Q1: $2.2B Revenue (TTM), FY25 Q2: $1.2B Revenue (TTM), FY25 Q3: $1.2B Revenue (TTM), FY25 Q4: $1.2B Revenue (TTM), FY26 Q1: $1.2B Revenue (TTM), FY26 Q2: $1.3B $1.3B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $5.2B
FY23 Q4 $1.4B
FY24 Q1 $1.3B
FY24 Q2 $1.3B
FY24 Q3 $334.6M
FY24 Q4 $3.1B
FY25 Q1 $2.2B
FY25 Q2 $1.2B
FY25 Q3 $1.2B
FY25 Q4 $1.2B
FY26 Q1 $1.2B
FY26 Q2 $1.3B
Revenue growth, TTM YoY Telephone & Data Systems Inc
-100% 0% 100% 200% 300% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -4.1% Revenue growth, TTM YoY, FY23 Q4: -75.0% Revenue growth, TTM YoY, FY24 Q1: -75.7% Revenue growth, TTM YoY, FY24 Q2: -75.8% Revenue growth, TTM YoY, FY24 Q3: -93.6% Revenue growth, TTM YoY, FY24 Q4: 130.4% Revenue growth, TTM YoY, FY25 Q1: 63.7% Revenue growth, TTM YoY, FY25 Q2: -5.7% Revenue growth, TTM YoY, FY25 Q3: 256.5% Revenue growth, TTM YoY, FY25 Q4: -60.7% Revenue growth, TTM YoY, FY26 Q1: -42.0% Revenue growth, TTM YoY, FY26 Q2: 3.8% 3.8%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -4.1%
FY23 Q4 -75.0%
FY24 Q1 -75.7%
FY24 Q2 -75.8%
FY24 Q3 -93.6%
FY24 Q4 130.4%
FY25 Q1 63.7%
FY25 Q2 -5.7%
FY25 Q3 256.5%
FY25 Q4 -60.7%
FY26 Q1 -42.0%
FY26 Q2 3.8%
Operating margin (TTM) Telephone & Data Systems Inc
-300% -200% -100% 0% 100% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 1.6% Operating margin (TTM), FY23 Q4: -50.4% Operating margin (TTM), FY24 Q1: -49.0% Operating margin (TTM), FY24 Q2: -49.7% Operating margin (TTM), FY24 Q3: -249.9% Operating margin (TTM), FY24 Q4: -0.9% Operating margin (TTM), FY25 Q1: -5.9% Operating margin (TTM), FY25 Q2: -14.8% Operating margin (TTM), FY25 Q3: -8.2% Operating margin (TTM), FY25 Q4: -7.9% Operating margin (TTM), FY26 Q1: 6.4% Operating margin (TTM), FY26 Q2: 37.0% 37.0%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 1.6%
FY23 Q4 -50.4%
FY24 Q1 -49.0%
FY24 Q2 -49.7%
FY24 Q3 -249.9%
FY24 Q4 -0.9%
FY25 Q1 -5.9%
FY25 Q2 -14.8%
FY25 Q3 -8.2%
FY25 Q4 -7.9%
FY26 Q1 6.4%
FY26 Q2 37.0%
FCF margin (TTM) Telephone & Data Systems Inc
-100% 0% 100% 200% 300% 400% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -1.8% FCF margin (TTM), FY23 Q4: 36.8% FCF margin (TTM), FY24 Q1: 58.8% FCF margin (TTM), FY24 Q2: 61.3% FCF margin (TTM), FY24 Q3: 342.2% FCF margin (TTM), FY24 Q4: 25.0% FCF margin (TTM), FY25 Q1: 42.4% FCF margin (TTM), FY25 Q2: 87.7% FCF margin (TTM), FY25 Q3: 35.6% FCF margin (TTM), FY25 Q4: 16.2% FCF margin (TTM), FY26 Q1: -0.3% FCF margin (TTM), FY26 Q2: -36.0% -36.0%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -1.8%
FY23 Q4 36.8%
FY24 Q1 58.8%
FY24 Q2 61.3%
FY24 Q3 342.2%
FY24 Q4 25.0%
FY25 Q1 42.4%
FY25 Q2 87.7%
FY25 Q3 35.6%
FY25 Q4 16.2%
FY26 Q1 -0.3%
FY26 Q2 -36.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 5,020 4,987 5,180 5,345 4,901 5,009 5,210 5,155 5,044 5,109 5,176 5,225 5,329 5,413 1,355 1,297 1,228 1,258
Gross profit 3,149 3,062 3,130 3,073 2,676 — — — — — — — — — — — — —
EBITDA 1,152 1,052 1,128 997 1,220 608 1,242 928 709 1,044 1,069 1,121 1,112 1,004 −412 94 206 774
Operating income 408 296 363 184 235 −190 431 108 −108 205 179 259 261 122 −683 −191 −97 466
Net income 191 145 201 82 142 −136 219 43 153 135 121 226 156 62 −500 −28 −6 418
Diluted EPS $1.67 $1.31 $1.83 $0.75 $1.29 −$1.26 $1.98 $0.39 $1.37 $1.17 $1.03 $1.93 $1.00 −$0.07 −$5.05 −$0.85 −$0.65 $3.50
Growth (year on year)
Revenue −1.4% −0.7% +3.9% +3.2% −8.3% +2.2% +4.0% −1.1% −2.2% +1.3% +1.3% +0.9% +2.0% +1.6% −75.0% −4.3% −5.3% +3.8%
EBITDA +31.1% −8.7% +7.3% −11.6% +22.3% −50.2% +104.3% −25.3% −23.6% +47.2% +2.4% +4.9% −0.8% −9.7% −141.0% — +118.8% +563.2%
Operating income +216.8% −27.4% +22.4% −49.3% +28.0% −180.7% — −74.9% −200.0% — −12.7% +44.7% +0.8% −53.3% −659.5% — — —
Net income — −24.3% +38.5% −59.2% — −195.8% — −80.4% — −11.8% −10.4% +86.8% −31.0% −60.3% — — — —
Diluted EPS — −21.6% +39.7% −59.0% — −197.7% — −80.3% — −14.6% −12.0% +87.4% −48.2% −107.0% — — — —
Margins
Gross margin 62.7% 61.4% 60.4% 57.5% 54.6% — — — — — — — — — — — — —
EBITDA margin 23.0% 21.1% 21.8% 18.7% 24.9% 12.1% 23.8% 18.0% 14.1% 20.4% 20.7% 21.5% 20.9% 18.5% −30.4% 7.3% 16.8% 61.5%
Operating margin 8.1% 5.9% 7.0% 3.4% 4.8% −3.8% 8.3% 2.1% −2.1% 4.0% 3.5% 5.0% 4.9% 2.3% −50.4% −14.7% −7.9% 37.0%
Net margin 3.8% 2.9% 3.9% 1.5% 2.9% −2.7% 4.2% 0.8% 3.0% 2.6% 2.3% 4.3% 2.9% 1.1% −36.9% −2.1% −0.5% 33.2%
Free-cash-flow margin 8.8% 6.8% 5.5% 2.1% −7.9% −8.1% −0.2% 2.8% 1.8% 4.7% 1.1% 3.7% −0.5% −0.1% 36.8% 60.2% 16.2% −36.0%
Cash flow
Cash from operations 1,097 1,076 1,256 1,105 495 395 790 782 776 1,017 1,016 1,532 1,103 1,155 1,141 1,146 590 106
Capital spending 658 739 972 996 884 799 801 636 685 776 957 1,338 1,131 1,161 643 365 391 558
Free cash flow 440 337 284 110 −389 −404 −11 146 91 241 59 194 −28 −6 498 780 199 −452
Stock-based pay 32 35 37 42 30 36 40 42 46 54 59 53 49 42 20 18 27 8
Free cash flow after stock pay 407 302 247 68 −420 −440 −51 104 45 187 0 141 −77 −48 479 762 172 −461
Balance sheet
Cash 674 342 563 740 830 472 985 900 619 921 465 1,429 367 360 236 364 766 2,194
Total debt 1,495 1,502 1,531 1,723 1,722 1,942 2,454 2,445 2,457 2,439 2,326 3,429 2,934 3,750 — 2,447 829 680
Net debt (negative = net cash) 821 1,160 968 982 892 1,470 1,469 1,545 1,838 1,518 1,861 2,000 2,567 3,390 −236 2,083 63 −1,514
Diluted shares 115m 110m 109m 109m 109m 108m 110m 111m 112m 114m 116m 115m 116m 114m 113m 114m 119m 119m
Returned to shareholders
Dividends 47 47 49 53 55 — 61 65 69 72 75 78 119 151 153 104 88 88
Buybacks 179 68 22 20 10 39 0 3 0 0 0 14 8 40 6 0 108 —
Total returned 225 115 70 73 65 39 61 68 69 72 75 92 127 191 158 104 196 88

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 6 checks passed · June 30, 2026
What it owns · $8.4bn
Short-term assets $2.4bnLonger-term assets $6.0bn
What it owes, and who funded it · $5.8bn
Short-term liabilities $616mShareholders' equity $5.2bn
  • Short-term assets cover short-term liabilities $2.4bn of assets due within a year against $616m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $2.2bn of cash against $671m of debt.
  • Debt below 40% of shareholders' equity Debt is 13% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 49% to 13% over five years.
  • A year's operating cash flow covers at least 20% of debt $106m of operating cash flow against $671m of debt.
  • Operating profit covers interest at least five times over Operating income of $466m against $76m of interest.

From Telephone & Data Systems Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$87.6M
Buybacks, last 3 fiscal years
$114M
Diluted share count
+5.2%
year over year
Total shareholder yield
2.1%
dividends 2.1% + buybacks 0.0% of market value
Dividend payout ratio
21%
of net income paid out
Sales & admin spending
33.7%
of revenue
Days sales outstanding
18 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in wireless telecommunication services
Last 12 months unless stated TDS SPOK ASTS ECHO SURG CHAI Median
Revenue, last 12 months $1.3bn $135m $115m $14.7bn $67m $55m $697m
Revenue growth, last 12 months 3.8% −3.3% 706.3% −5.2% 83.9% 58.6% 12.9%
Revenue growth, 3-year average −38.2% −0.8% 160.0% −6.4% −22.3% — −3.6%
Revenue growth, latest quarter 3.6% −2.6% >999% −4.0% 40.7% — 5.5%
Gross margin 54.6% 78.6% 0.0% — −19.6% −0.5% 31.5%
Operating margin 37.0% 12.9% −38.6% −112.7% −41.0% −12.9% −2.9%
Operating margin, 3-year average −9.1% 13.6% — −40.7% −58.6% — 0.7%
Net margin 33.2% 13.9% −536.7% −38.7% −47.9% −57.2% −19.8%
Cash from operations / revenue 8.4% 24.7% −125.5% −0.6% −23.0% −12.0% 3.9%
Free-cash-flow margin −36.0% 22.3% <−999% −4.9% −23.0% — −4.9%
Free-cash-flow margin, 3-year average 37.7% 19.8% <−999% −4.1% −36.1% — 18.9%
Stock pay / revenue 0.7% 4.4% 128.3% 0.5% 0.2% — 0.7%
Change in share count 5.2% 2.4% — −4.6% 14.9% — −0.9%

Median of all 8 companies we cover in wireless telecommunication services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue YoY
Total Segments $1.2B ▲ 3.4%
TDS Telecom $1B ▼ 2.1%
Other $27.3M ▼ 77.0%
Array Total $8.3M ▲ 2471.8%

These categories overlap or exclude eliminations, so shares aren't shown.

Products and services
Line of business Revenue Share YoY
Services $1B 85.0% ▼ 7.1%
Site Rental $155M 12.6% ▲ 50.7%
Products $29.7M 2.4% ▼ 57.8%

From Telephone & Data Systems Inc's 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$4B
Institutions reporting
347
Shares held vs prior quarter
▲ 5.6%
Positions opened / closed
47 / 53

Top buyers and sellers, Q2 2026: 176 institutions bought and 167 sold ; the biggest buyer was Diameter Capital Partners LP (+1.7M shares) and the biggest seller Rubric Capital Management LP (−1.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $584M 15.8M 14.8% ▲ 5.7%
Dimensional Fund Advisors LP $235M 6.3M 5.9% ▼ 2.2%
Third Point LLC $232M 6.3M 5.9% ▼ 4.9%
Vanguard Portfolio Management LLC $214M 5.8M 5.4% ▼ 7.4%
Carronade Capital Management, LP $197M 5.3M 5.0% ▲ 15.0%
Oaktree Capital Management LP $196M 5.3M 4.9% ▲ 23.1%
American Century Companies Inc $175M 4.7M 4.4% ▲ 28.0%
State Street Corp $164M 4.4M 4.1% ▲ 5.7%
Vanguard Capital Management LLC $154M 4.2M 3.9% ▼ 3.5%
Geode Capital Management, LLC $105M 2.8M 2.7% ▲ 18.4%
Goldman Sachs Group Inc $92.6M 2.5M 2.3% ▲ 13.9%
Davidson Kempner Capital Management LP $74.2M 2.0M 1.9% ▲ 42.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Telephone & Data Systems Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $3.9M 4 trades by 3 insiders · 6% under pre-set plans
Net ▼ $3.9M net selling
Insider Date Trade Shares Price Value
Carlson Leroy T Jr Vice Chair September 11, 2026 Sell 77,100 $38.45 $3M
Carlson Prudence E Director March 23, 2026 Sell pre-set plan 5,811 $42.00 $244,062
Kroll Anita J VP, Controller & CAO November 11, 2025 Sell 870 $39.16 $34,069
Kroll Anita J VP, Controller & CAO November 10, 2025 Sell 16,217 $39.02 $632,787

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 2 trades and filings

No trades in Telephone & Data Systems Inc disclosed in the last 12 months; 2 earlier trades on record.

  • Bill Flores(TX):Purchase, $1,001 - $15,000, traded May 8, 2019, filed June 13, 2019
  • Bill Flores(TX):Purchase, $1,001 - $15,000, traded March 25, 2019, filed April 4, 2019

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 6, 2026 estimated from the company's past filing pattern, not announced

  • August 7, 2026
  • May 8, 2026
  • February 20, 2026
  • November 7, 2025
  • August 11, 2025
  • May 2, 2025

Recent SEC filings

Data status

When each part of this page on Telephone & Data Systems Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Telephone & Data Systems Inc in brief

What does Telephone & Data Systems Inc do?
Telephone & Data Systems Inc is a US-listed company in the wireless telecommunication services industry. Its financial year ends in December.
What is Telephone & Data Systems Inc's stock ticker?
Telephone & Data Systems Inc trades under the ticker TDS on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Telephone & Data Systems Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Telephone & Data Systems Inc reported revenue of $1.3B, 3.8% higher than a year earlier, according to its SEC filings.
What is Telephone & Data Systems Inc's free cash flow?
Telephone & Data Systems Inc's free-cash-flow margin is -36.0% of revenue over the trailing twelve months.
Who are Telephone & Data Systems Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Dimensional Fund Advisors LP and Third Point LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Telephone & Data Systems Inc's market cap?
On November 2, 2026, Telephone & Data Systems Inc's market capitalisation was about $4.3B, with a price-to-earnings ratio of 10.3 and net debt of -$1.5B. Market figures come from third-party market data and may be delayed.
Does Telephone & Data Systems Inc pay a dividend?
Yes: Telephone & Data Systems Inc paid $87.6M in dividends over the trailing twelve months, a dividend yield of 2.11% and a payout ratio of 21.0%.
How much debt does Telephone & Data Systems Inc have?
Telephone & Data Systems Inc's debt-to-equity ratio is 13.0%, from its latest balance sheet (49.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are Telephone & Data Systems Inc's competitors?
In our Wireless Telecommunication Services peer group, the companies closest to Telephone & Data Systems Inc are Spok Holdings, Inc, AST Spacemobile, Inc., EchoStar, Surgepays, Inc. and Core AI Holdings, Inc. The side-by-side comparison below sets their revenue, margins and growth against Telephone & Data Systems Inc's.
Are insiders buying or selling Telephone & Data Systems Inc stock?
Over the last 12 months, Telephone & Data Systems Inc's directors and officers reported 0 open-market purchases and 4 sales on Form 4. The insider trading page charts every trade.
When is Telephone & Data Systems Inc's next earnings date?
Around November 9, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Telephone & Data Systems Inc announces its own schedule.