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Telephone and Data Systems, Inc.

TDS Communication Services Telecom Services

Telephone and Data Systems, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, down 75.3% from fiscal 2024.

Revenue
+3.60%
EPS
+5,000.0%
Free cash flow
−134.0%
Total debt
−83.3%

Quarter to June 2026, against a year earlier

32.49 3.52 −9.78%
Market cap
$3.5B
P/E
10.6×
Fwd P/E
9.3×
Dividend yield
0.49%
F-score
6/9
Altman Z
1.36
Beneish M
−0.96
Dividend safety
16/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 3.21
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — 1 — — — — — 1 — —
Insider Ownership 12.82%

Capital & Financial Ratios $m

Size
Market Cap 3,480.00
Revenue ttm 1,257.96
Net income ttm 533.89
Free cash flow ttm (452.31)
Net debt Q (1,513.92)
Valuation
P/E 10.62
Forward P/E 9.27
Price / sales 2.96
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.86
Financial health
Current ratio Q 3.82 (at or above 1.5: strong)
Debt / equity Q 0.13 (at or below 0.5: strong)
Interest coverage Q 32.77
Growth
Revenue growth Q +3.60% (above 0%: growing)
Operating income growth Q +3,132.52% (above 0%: growing)
EPS, this year +669.37% (at or above 15%: strong)
EPS, next year A −94.16% (below 0%: weak)
Revenue, next year A +1.04%
EPS, past 5 yrs —
EPS, next 5 yrs A +56.11% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.8×, against a ten-year median of 1.0×; over the ten years it ranged from 0.7× in 2020 to 4.3× in 2026.
P/E against its own 10 years 9.34%
10-year low 10-year high
P/S against its own 10 years 92.19%
10-year low 10-year high
P/B against its own 10 years 86.18%
10-year low 10-year high
EV/Sales against its own 10 years 85.22%
10-year low 10-year high

Dividends

Yield
0.49%
Annual rate
0.16
Payout ratio
5.33%
Growth, 2017–25
−15.6%/yr
  1. 0.62 ’17
  2. 0.64 ’18 +3
  3. 0.66 ’19 +3
  4. 0.68 ’20 +3
  5. 0.70 ’21 +3
  6. 0.72 ’22 +3
  7. 0.74 ’23 +3
  8. 0.31 ’24 −58
  9. 0.16 ’25 −48
  10. 0.17 ’26e +4
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 236 364 766 2,194
Receivables 1,078 99 110 106
Inventory 208 4 4 4
Other 52 34 15 13
1,660 1,695 923 2,351
2023 2024 2025 Q'26
Payables 360 75 116 130
ST’ Debt 26 31 5 9
Other 447 92 166 121
1,184 1,090 440 616

Compound Annual Growth %

10y 5y 3y
Sales (13.45%) (25.14%) (39.01%)
Cash Flow (2.88%) (17.38%) (20.07%)
Earnings 0.00% 0.00% 0.00%
Book Value 1.14% (1.19%) (7.26%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −999,900.00 Actual 2.24

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −0.06 0.07 Beat by 0.13
Q4 FY25 0.09 0.32 Beat by 0.23
Q1 FY26 −0.87 1.11 Beat by 1.98
Q2 FY26 −999,900.00 2.24 Beat by 999,902.24
Q3 FY26 0.10 — Reports 6 November 2026

EPS $

Mar Jun Sep Dec Year
’26 1.09 2.42 — — —
’25 (0.09) (0.05) (0.84) 0.33 (0.65)
’24 0.10 (0.13) (0.73) (0.10) (0.85)
’23 (0.08) (0.17) (0.16) (4.64) (5.06)
’22 0.37 0.15 (0.22) (0.38) (0.07)
’21 0.48 0.17 0.24 0.11 1.00
’20 0.59 0.56 0.66 0.12 1.93
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 309 309 — — —
’25 290 299 309 331 1,228
’24 1,262 1,238 1,224 1,240 4,964
’23 1,303 1,267 1,278 1,312 1,355
’22 1,315 1,349 1,392 1,357 5,413
’21 1,318 1,311 1,328 1,372 5,329
’20 1,261 1,263 1,324 1,377 5,225
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 67 56 — — —
’25 186 422 (37) 20 590
’24 224 402 307 213 1,146
’23 46 468 409 218 1,141
’22 381 353 167 254 1,155
’21 165 316 382 240 1,103
’20 367 439 360 366 1,532
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (82) (113) — — —
’25 119 333 (149) (109) 195
’24 (22) 182 487 114 761
’23 (290) 167 116 376 369
’22 (458) 80 (118) (124) (620)
’21 (1,316) 76 89 (205) (1,356)
’20 (36) 72 47 81 164
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 5,155 5,044 5,109 5,176 5,225 5,329 5,413 1,355 4,964 1,228 1,258 (14.7%) 1,241 1,254 1,297 +1.8%
Gross margin, % 52.88 53.23 54.28 54.85 54.95 53.61 52.61 49.18 14.24 59.02 59.35 +6.1 pt
EBT 92 (122) 221 211 288 221 125 (563) (103) 89 773 (0.4%)
EBT margin, % 1.78 (2.42) 4.33 4.08 5.51 4.15 2.31 (41.58) (2.08) 7.24 61.44 +5.5 pt
Net income 52 157 175 147 269 188 72 (487) (26) 20 534 (10.0%)
Per share, $
Per share, $ Revenue 46.86 45.44 45.62 45.40 45.83 46.34 47.48 12.02 43.65 10.66 10.99 (15.2%)
Earnings 0.39 1.39 1.20 1.06 1.97 1.03 (0.07) (5.05) (0.85) (0.66) 3.06 n/m
Cash flow 7.11 6.99 9.08 8.91 13.44 9.59 10.13 10.12 10.08 5.12 0.92 (3.6%)
Capex (5.78) (6.17) (7.09) (8.44) (12.00) (21.38) (15.57) (6.84) (3.38) (3.43) (4.87) (5.6%)
Free cash flow 1.33 0.82 1.99 0.47 1.44 (11.79) (5.44) 3.28 6.69 1.69 (3.95) +2.8%
Book value 43.18 44.07 47.26 47.40 49.06 58.56 57.92 53.18 51.60 45.73 47.18 +0.6%
Shares, m 110 111 112 114 114 115 114 113 114 115 115 +0.5%
Valuation, ×
Valuation, × P/E 77.95 20.23 27.12 23.99 9.43 19.56 0.00 0.00 0.00 0.00 10.62 17.8
P/S 0.65 0.61 0.71 0.56 0.41 0.43 0.23 0.40 0.78 3.84 2.96 0.9
P/B 0.70 0.63 0.69 0.54 0.38 0.41 0.23 0.42 0.81 1.13 0.86 0.6
EV/Sales 0.95 0.96 1.01 0.92 0.79 0.92 0.86 1.15 1.20 3.90 1.75 1.3
EV/FCF 33.49 53.16 21.35 88.15 25.09 (3.60) (7.49) 16.02 7.83 24.52 (4.85) 25.8
Cash, $m
Cash, $m Operating cash flow 782 776 1,017 1,016 1,532 1,103 1,155 1,141 1,146 590 106 (3.1%)
Capex (636) (685) (794) (962) (1,368) (2,459) (1,775) (772) (385) (395) (558) (5.2%)
Free cash flow 146 91 223 54 164 (1,356) (620) 369 761 195 (452) +3.3%
Balance, $m
Balance, $m Working capital 1,172 1,048 1,451 959 1,873 864 514 476 605 483 1,735 (9.4%)
Net debt 1,545 1,738 1,501 1,861 1,997 2,567 3,390 3,870 2,083 63 (1,514) (30.0%)
Shareholders’ equity 4,750 4,892 5,293 5,404 5,593 6,734 6,603 5,996 5,868 5,267 5,402 +1.2%
Returns, %
Returns, % ROA 0.46 1.63 1.42 1.18 1.94 0.90 (0.05) (4.00) (0.70) (0.68) 3.18 (1.1) pt
ROIC 1.07 (1.02) 1.89 1.54 2.13 1.75 0.76 (4.32) (1.50) (1.14) 7.49 (2.2) pt
ROE 0.91 3.17 2.65 2.26 4.11 2.08 (0.13) (10.89) (2.00) (1.68) 7.68 (2.6) pt
People
People Employees 10,300 9,900 9,400 9,400 9,200 8,800 9,300 8,800 7,900 4,000 — (10.0%)
Revenue/emp, $m 0.50 0.51 0.54 0.55 0.57 0.61 0.58 0.15 0.63 0.31 — (5.3%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Telephone and Data Systems, Inc. vs peers in Telecom Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
VEON VEON Ltd. $4.8B 90.0× 12.5× +16.93% (above 0%: growing) −79.56% (below 0%: shrinking) +431.58% (above 0%: growing) 86.55% 27.46% Compare
IRDM Iridium Communications Inc $4.5B 27.9× 30.8× +8.28% (above 0%: growing) +180.00% (above 0%: growing) −13.57% (below 0%: shrinking) 70.59% 12.87% Compare
LUMN Lumen Technologies, Inc. $4.1B — (loss-making) — (loss-making) −12.05% (below 0%: shrinking) n/m −123.67% (below 0%: shrinking) 47.26% (6.15%) Compare
TKC Turkcell Iletisim Hizmetleri AS $4.0B 9.4× — +15.43% (above 0%: growing) +8.33% (above 0%: growing) −58.09% (below 0%: shrinking) 25.36% 12.41% Compare
PHI PLDT Inc. $3.9B 8.6× 7.7× −5.84% (below 0%: shrinking) −24.00% (below 0%: shrinking) +78.48% (above 0%: growing) 57.86% 20.01% Compare
TDS Telephone and Data Systems, Inc. $3.5B 10.6× 9.3× +3.60% (above 0%: growing) n/m −133.98% (below 0%: shrinking) 58.19% 120.67%
LBTYK Liberty Global Ltd $3.2B — (loss-making) — −7.65% (below 0%: shrinking) n/m +429.69% (above 0%: growing) 50.62% 0.26% Compare
LBTYA Liberty Global Ltd $3.2B — (loss-making) — (loss-making) −7.65% (below 0%: shrinking) n/m +429.69% (above 0%: growing) 50.62% 0.26% Compare
KYIV Kyivstar Group Ltd. $3.0B 19.3× 9.3× +19.37% (above 0%: growing) −16.71% (below 0%: shrinking) +29.21% (above 0%: growing) 88.79% 37.46% Compare
Median of peers $4.0B 19.3× 10.9× +1.22% −16.71% +53.85% 54.24% 12.64%

All 55 Telecom Services stocks →

Pay and ownership Proxy statement filed 8 April 2026

Ownership

Directors and executive officers, together 3.50% of Common Shares
BlackRock, Inc. 6.00% of Common Shares
The Vanguard Group 4.60% of Common Shares
Walter C. D. Carlson, Letitia G. Carlson, M.D., Prudence E. Carlson and Anthony J. M. Carlson 2.60% of Common Shares
Third Point LLC 2.40% of Common Shares
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Telephone and Data Systems, Inc. (TDS) Latest News

23 Oct

Impact 3 · · Trefis

16 Oct

Impact 4 · · Insider Monkey

30 Sep

Impact 4 · · Insider Monkey

28 Sep

Impact 4 · · Insider Monkey

25 Aug

Impact 4 ·

19 Aug

Impact 3 · · Trefis

18 Aug

Impact 3 ·

13 Aug

Impact 3 ·

12 Aug

Impact 3 ·
Impact 3 ·
Impact 3 ·

10 Aug

Impact 4 ·

9 Aug

Impact 3 · · MarketBeat

7 Aug

Impact 3 · · Moby transcript
Impact 3 · transcript
Impact 3 ·

1 Jun

Impact 4 · · PR Newswire

17 May

Impact 3 · · Simply Wall St.

15 May

Impact 3 · · MarketBeat

13 May

Impact 4 ·

11 May

Impact 3 · · Zacks

8 May

Impact 4 · · The Motley Fool transcript
Impact 4 · · Zacks
Impact 4 · · PR Newswire
Impact 4 ·
Impact 4 · · PR Newswire
Impact 3 · · Moby

5 May

Impact 3 · · Simply Wall St.

20 Mar

Impact 3 · · The Motley Fool

15 Mar

Impact 3 · · The Motley Fool

TDS metrics, ten years each

stockrow.com/TDS · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com