Telephone & Data Systems (TDS) FY2025 results: revenue $1.2 billion, down 5.3% on the year
Telephone & Data Systems Inc. (TDS) reported revenue of $1.2 billion for fiscal 2025, the year ended 31 December 2025, down 5.3% on the year before. Net income was -$6 million, and diluted earnings per share $-0.65. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.
Revenue
$1.2 billion
-5.3% on the year
FY2018FY2025
Operating margin
-7.9%
-14.7% a year earlier
FY2018FY2025
Net income
-$6 million
FY2018FY2025
Diluted EPS
-$0.65
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 raised, 8 new.
Quarterly revenue rose on Array: Total operating revenues were $330.7 million in the fourth quarter, up from $295.3 million a year earlier. Array's quarterly revenue rose from $26.1 million to $60.3 million. Full-year revenue was $1,228.2 million.
Quarterly diluted EPS was positive: Diluted EPS from continuing operations was $0.32 in the fourth quarter, against $0.01 a year earlier, on net income attributable to TDS common shareholders of $37.2 million.
TDS Telecom revenue fell on divestitures: TDS Telecom operating revenues were $260,956 thousand in the quarter, down 1%, and $1,038,358 thousand for 2025, down 2%. Management said the 2025 divestitures affect year-over-year comparisons.
Array site rental revenue rose 51%: Array site rental revenue was $54,990 thousand in the quarter, against $26,019 thousand a year earlier. For 2025, Array total operating revenues were $162,961 thousand, up 58%.
Fiber net adds rose in quarter: Residential fiber net additions were 15,100 in the fourth quarter, against 13,600 a year earlier. The company reported 44,900 fiber net additions for 2025.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
590
1,145
1,142
-48.5%
Capital expenditure
391
365
643
+6.9%
Free cash flow
199
780
499
-74.4%
Free cash flow margin
16.2%
60.1%
36.8%
Cash from investing
2,144
-754
-1,327
Cash from financing
-2,347
-277
56.0
Depreciation and amortisation
303
285
270
+6.3%
Share-based compensation
27.2
18.3
19.6
+48.2%
Buybacks
108
0.0
5.8
Dividends paid
87.7
104
153
-16.0%
Dividend per share
$0.16
$0.31
$0.74
-48.4%
Diluted shares, weighted
119m
114m
113m
+4.0%
Shares outstanding at period end
114m
114m
113m
-0.2%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
4,802
5,091
5,202
-5.7%
Non-controlling interest
466
777
794
-40.1%
Redeemable equity
1.2
6.0
6.0
-80.0%
Debt
829
2,447
4,080
-66.1%
Operating lease liabilities
550
541
890
+1.6%
Other liabilities
1,751
4,820
n/a
-63.7%
Total liabilities and equity
8,398
13,682
8,135
-38.6%
Fixed assets
2,965
2,876
5,062
+3.1%
Goodwill
0.0
n/a
0.0
Intangible assets
132
161
183
-18.2%
Cash and equivalents
766
364
236
+110.4%
Receivables
68.7
57.1
992
+20.3%
Inventory
4.1
4.1
208
+0.2%
Other assets
4,462
10,220
1,454
-56.3%
Total assets
8,398
13,682
8,135
-38.6%
10-K for the year ended 31 December 2025, filed 24 February 2026: the filing.