What is Telephone and Data Systems Inc.'s earnings per share (EPS)?

Telephone and Data Systems Inc. (TDS) reported diluted earnings per share of -$0.65 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Telephone and Data Systems Inc. (TDS) Financials

TDS

Trailing 12 months to June 30, 2026

Revenue $1.3B YoY not available

Net Income $417.7M YoY not available

EPS (Diluted) $3.01 n/m YoY

Free Cash Flow -$452.3M -164.7% YoY

Market Cap $3.8B as of Oct 21, 2026

Price / Sales 3.0x on $1.3B revenue, trailing 12 months to June 30, 2026

Price / Earnings 9.1x on $417.7M net income, trailing 12 months to June 30, 2026

Price / Book 0.7x on $5.2B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 21, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 7, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TDS SEC filings page.

Telephone and Data Systems Inc. (TDS) reported $1.3B in revenue over the twelve months to Jun 30, 2026. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI TDS FY2025 2026-10-22

FY2025 shows a smaller, less leveraged business: reported net income turned positive, but operating profitability and cash generation remained uneven.

The reported profit is not yet the cash story: net income of $20.2M sat beside operating cash flow of $589.9M, pointing to substantial non-cash or working-capital effects. Yet free cash flow fell 74.5% to $199.4M in FY2025, so cash left after reinvestment weakened even as earnings turned positive.

Revenue fell 5.3%, yet operating margin improved 6.8 percentage points to -7.9%. This improvement coincided with SG&A falling 10.6%, making cost reduction a clearer explanation than growth-led leverage.

Debt-to-equity fell from 0.5x to 0.2x between FY2024 and FY2025, reducing the balance sheet's debt burden. Current ratio rose to 2.1x as current liabilities fell 59.6%, indicating improved short-term coverage came largely from a smaller obligation base.

Financial Health Signals

Financial Health Score 47/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Telephone and Data Systems Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Telephone and Data Systems Inc. has an operating margin of -7.9%, meaning the company loses $8 on every $100 of revenue. This results in a profitability score of 15/100. This is up from -14.8% the prior year.

Growth

Telephone and Data Systems Inc.'s revenue declined 5.3% year-over-year, from $1.3B to $1.2B. This contraction results in a growth score of 17/100.

Leverage

Telephone and Data Systems Inc. carries a low D/E ratio of 0.17, meaning only $0.17 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 71/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Telephone and Data Systems Inc.'s current ratio of 2.10 indicates adequate short-term liquidity, earning a score of 61/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Telephone and Data Systems Inc. converts 16.2% of revenue into free cash flow ($199.4M). This strong cash generation earns a score of 95/100.

Returns

Telephone and Data Systems Inc. posts a -0.1% return on equity (ROE), meaning it loses less than $1 for every $100 of shareholders' equity. This results in a returns score of 22/100. This is up from -0.5% the prior year.

Altman Z-Score Distress

1.10

Telephone and Data Systems Inc. scores 1.10, below the 1.81 distress threshold. The score is pulled down most by an operating loss of $97.4M against total assets of $8.4B. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

7/8

Telephone and Data Systems Inc. passes 7 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) passes.

Earnings Quality Mixed

N/A

Telephone and Data Systems Inc. reported a net loss of $6.2M while generating $589.9M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

Telephone and Data Systems Inc. reported an operating loss of $97.4M against $112.7M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

$309.3M

YoY+3.6%

QoQ-0.1%

Telephone and Data Systems Inc. generated $309.3M in revenue in Q2 2026. This represents an increase of 3.6% from the same quarter a year earlier. Against the prior quarter it is down 0.1%.

EBITDA

$462.0M

YoY+526.7%

QoQ+101.1%

Telephone and Data Systems Inc.'s EBITDA was $462.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 526.7% from the same quarter a year earlier. Against the prior quarter it is up 101.1%.

Net Income

$298.4M

YoY+2478.6%

QoQ+106.3%

Telephone and Data Systems Inc. reported $298.4M in net income in Q2 2026. This represents an increase of 2478.6% from the same quarter a year earlier. Against the prior quarter it is up 106.3%.

EPS (Diluted)

$2.42

YoYn/m

QoQ+122.0%

Telephone and Data Systems Inc. earned $2.42 per diluted share (EPS) in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is up 122.0%.

Cash & Balance Sheet

Free Cash Flow

-$113.3M

YoY-133.8%

QoQn/m

Telephone and Data Systems Inc. recorded an outflow of $113.3M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 133.8% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.

Cash & Debt

$2.2B

YoY+306.3%

QoQ+60.5%

5Y CAGR+41.6%

10Y CAGR+9.3%

Telephone and Data Systems Inc. held $2.2B in cash against $670.6M in long-term debt as of Q2 2026.

Dividends Per Share

$0.04

YoY0.0%

QoQ0.0%

Telephone and Data Systems Inc. paid $0.04 per share in dividends in Q2 2026. That is unchanged from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

115M

YoY+0.1%

QoQ+1.1%

Telephone and Data Systems Inc. had 115M shares outstanding in Q2 2026. This represents an increase of 0.1% from the same quarter a year earlier. Against the prior quarter it is up 1.1%.

Margins & Returns

Net Margin

96.5%

YoY+92.6pp

QoQ+49.7pp

Telephone and Data Systems Inc.'s net profit margin was 96.5% in Q2 2026, showing the share of revenue converted to profit. This is up 92.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 49.7 percentage points.

Return on Equity

5.8%

YoY+5.5pp

QoQ+2.8pp

Telephone and Data Systems Inc.'s quarterly ROE was 5.8% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is up 5.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.8 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not shown for Q2 2026: the reported ratio is above 100.0% of revenue, so it does not read as a share of revenue.

Capital Allocation

Capital Expenditures

$168.9M

YoY+96.2%

QoQ+13.3%

5Y CAGR-6.6%

10Y CAGR+3.3%

Telephone and Data Systems Inc. invested $168.9M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 96.2% from the same quarter a year earlier. Against the prior quarter it is up 13.3%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

TDS Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

TDS quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$1.3B	$1.2B-5.3%	$1.3B-4.3%	$1.4B-75.0%	$5.4B+1.6%	$5.3B+2.0%	$5.2B+0.9%	$5.2B+1.3%	$5.1B+1.3%	$5.0B-2.2%	$5.2B-1.1%	$5.2B+3.8%	$5.0B+2.4%	$4.9B-8.3%	$5.3B+3.2%	$5.2B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$1.2B-3.6%	$1.2B+1.3%	$1.2B-9.1%	$1.3B-39.5%	$2.2B-2.1%	$2.3B+10.8%	$2.1B
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$3.8B-1.7%	$3.9B-1.8%	$4.0B+8.6%	$3.7B+37.2%	$2.7B-12.9%	$3.1B-1.8%	$3.1B
SG&A Expenses	$424.2M	$435.1M-10.6%	$486.7M-0.4%	$488.8M-72.4%	$1.8B+5.4%	$1.7B-0.2%	$1.7B-2.1%	$1.7B+1.4%	$1.7B+0.3%	$1.7B-4.1%	$1.8B-1.1%	$1.8B-4.5%	$1.9B-4.2%	$1.9B-4.2%	$2.0B+1.6%	$2.0B
Operating Income	$465.9M	-$97.4Mn/m	-$191.3Mn/m	-$682.6M-659.5%	$122.0M-53.3%	$261.0M+0.8%	$259.0M+44.7%	$179.0M-12.7%	$205.0Mn/m	-$108.0M-200.0%	$108.0M-74.9%	$431.0Mn/m	-$181.0M-176.9%	$235.4M+28.0%	$183.9M-49.3%	$362.5M
EBITDA	N/A	$206.0M+118.8%	$94.1Mn/m	-$412.1M-141.0%	$1.0B-9.7%	$1.1B-0.8%	$1.1B+4.9%	$1.1B+2.4%	$1.0B+47.2%	$709.0M-23.6%	$928.0M-25.3%	$1.2B+101.3%	$617.0M-49.4%	$1.2B+22.3%	$997.5M-11.6%	$1.1B
Interest Expense	$76.3M	$112.7M+3.8%	$108.6M+74.6%	$62.2M-64.3%	$174.0M-25.0%	$232.0M+38.1%	$168.0M+1.8%	$165.0M-4.1%	$172.0M+1.2%	$170.0M0.0%	$170.0M+19.7%	$142.0M+27.9%	$111.0M+12.3%	$98.8M+13.9%	$86.7M-26.6%	$118.2M
Income Tax	$111.0M	-$62.2Mn/m	-$22.1Mn/m	-$15.8M-129.8%	$53.0M+60.6%	$33.0M+73.7%	$19.0M-70.3%	$64.0M+39.1%	$46.0Mn/m	-$279.0M-797.5%	$40.0M-76.7%	$172.0Mn/m	-$5.0M-104.0%	$126.0M+71.3%	$73.6M-35.2%	$113.5M
Net Income	$417.7M	-$6.2Mn/m	-$27.7Mn/m	-$500.0M-906.5%	$62.0M-60.3%	$156.0M-31.0%	$226.0M+86.8%	$121.0M-10.4%	$135.0M-11.8%	$153.0M+255.8%	$43.0M-80.4%	$219.0Mn/m	-$136.0M-195.8%	$141.9M+73.4%	$81.9M-59.2%	$200.6M
EPS (Basic)	N/A	-$0.66	-$0.85	-$5.05n/m	-$0.07-106.8%	$1.03-47.7%	$1.97+85.8%	$1.06-11.7%	$1.20-13.7%	$1.39+256.4%	$0.39-80.7%	$2.02n/m	-$1.26-196.2%	$1.31+74.7%	$0.75-59.5%	$1.85
EPS (Diluted)	$3.01	-$0.65	-$0.85	-$5.05n/m	-$0.07-107.0%	$1.00-48.2%	$1.93+87.4%	$1.03-12.0%	$1.17-14.6%	$1.37+251.3%	$0.39-80.3%	$1.98n/m	-$1.26-197.7%	$1.29+72.0%	$0.75-59.0%	$1.83
Diluted Shares (Avg)	N/A	119M	114M	113M-1.1%	114M-1.7%	116M+0.9%	115M-0.9%	116M+1.8%	114M+1.8%	112M+0.9%	111M+0.9%	110M+1.9%	108M-1.0%	109M+0.2%	109M-0.1%	109M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$309.3M+3.6%	$309.4M+6.5%	$330.7M	$308.5M-5.8%	$298.5M-75.9%	$290.4M-77.0%	N/A	$327.5M-74.4%
SG&A Expenses	$111.5M+2.6%	$102.7M-11.8%	$103.9M	$106.2M-8.9%	$108.6M-74.5%	$116.4M-72.5%	N/A	$116.6M-73.0%
Operating Income	$373.2Mn/m	$143.8Mn/m	$16.8M	-$68.0Mn/m	-$12.3M-131.6%	-$33.9M-150.6%	N/A	-$149.7M-411.9%
EBITDA	$462.0M+526.7%	$229.8M+355.9%	$58.1M	$23.8Mn/m	$73.7M-72.9%	$50.4M-83.3%	N/A	-$68.8M-125.2%
Interest Expense	$11.4M-61.0%	$5.3M-77.7%	$12.3M	$47.3M+44.6%	$29.2M-60.0%	$23.9M-58.1%	N/A	$32.7M-47.3%
Income Tax	$106.4Mn/m	$54.4Mn/m	$22.9M	-$72.8Mn/m	-$4.2M-170.4%	-$8.1M-140.6%	N/A	-$30.7M-213.5%
Net Income	$298.4M+2478.6%	$144.6M+1835.7%	$56.5M	-$81.8Mn/m	$11.6M+285.7%	$7.5M-74.2%	N/A	-$65.7Mn/m
EPS (Basic)	$2.45n/m	$1.12n/m	$0.33n/m	-$0.85n/m	-$0.05n/m	-$0.09-181.8%	-$0.10n/m	-$0.73n/m
EPS (Diluted)	$2.42n/m	$1.09n/m	$0.34n/m	-$0.84n/m	-$0.05n/m	-$0.09-190.0%	-$0.10n/m	-$0.73n/m
Diluted Shares (Avg)	116M+0.9%	117M+1.8%	N/A	119M+4.2%	115M+1.1%	115M-2.1%	N/A	114M+0.9%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.

TDS Balance Sheet

TDS quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$8.4B-38.6%	$13.7B+68.2%	$8.1B-44.1%	$14.6B+7.8%	$13.5B+7.7%	$12.5B+16.2%	$10.8B+10.2%	$9.8B+5.3%	$9.3B-1.6%	$9.4B+0.3%	$9.4B+6.4%	$8.9B-0.1%	$8.9B+2.7%	$8.6B+5.2%	$8.2B
Current Assets	$923.5M-45.5%	$1.7B+2.1%	$1.7B-18.1%	$2.0B-0.8%	$2.0B-32.5%	$3.0B+57.5%	$1.9B-17.6%	$2.3B+18.5%	$2.0B-4.5%	$2.1B-4.6%	$2.2B+22.1%	$1.8B-15.3%	$2.1B+18.4%	$1.8B+3.4%	$1.7B
Cash & Equivalents	$766.0M+110.7%	$363.6M+54.1%	$236.0M-34.4%	$360.0M-1.9%	$367.0M-74.3%	$1.4B+207.3%	$465.0M-49.5%	$921.0M+48.8%	$619.0M-31.2%	$900.0M-8.6%	$985.0M+108.7%	$472.0M-43.1%	$830.0M+12.1%	$740.5M+31.5%	$563.3M
Short-Term Investments	$0n/m	$0n/m	$0n/m	$0n/m	$0-100.0%	$3.0Mn/m	$0-100.0%	$17.0M-83.0%	$100.0Mn/m	$0n/m	$0n/m	$0-100.0%	$50.1M-56.7%	$115.7M-53.0%	$246.3M
Inventory	$4.1M+0.2%	$4.1M-98.1%	$208.0M-22.4%	$268.0M+50.6%	$178.0M+15.6%	$154.0M-8.9%	$169.0M+12.7%	$150.0M+3.4%	$145.0M-4.0%	$151.0M-4.4%	$158.0M-42.3%	$273.7M+11.9%	$244.6M+52.2%	$160.7M+23.6%	$130.0M
Accounts Receivable	$68.7M+20.3%	$57.1M-94.2%	$992.0M-7.2%	$1.1B+1.0%	$1.1B+5.4%	$1.0B-0.1%	$1.0B+1.3%	$992.0M+15.2%	$861.0M+14.3%	$753.0M+6.8%	$705.0M+28.5%	$548.5M-0.6%	$551.6M+34.6%	$409.7M+4.0%	$394.0M
Long-Term Investments	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0	N/A	N/A	N/A	$1.0M+62.3%	$616K+21.3%	$508K-20.7%	$641K-98.7%	$50.3M+11.4%	$45.1M
Goodwill	N/A	N/A	$0-100.0%	$547.0M0.0%	$547.0M0.0%	$547.0M0.0%	$547.0M+7.5%	$509.0M0.0%	$509.0M-33.6%	$766.0M0.0%	$766.0M-0.7%	$771.4M-7.8%	$836.8M+5.0%	$797.2M0.0%	$797.1M
Total Liabilities	$3.6B-58.1%	$8.6B+192.9%	$2.9B-66.3%	$8.7B+15.0%	$7.6B-2.0%	$7.7B+26.0%	$6.1B+17.3%	$5.2B+3.9%	$5.0B-5.2%	$5.3B+0.1%	$5.3B+7.5%	$4.9B+3.9%	$4.7B+2.8%	$4.6B+8.8%	$4.2B
Current Liabilities	$440.3M-59.6%	$1.1B-8.0%	$1.2B-21.8%	$1.5B+28.3%	$1.2B+2.3%	$1.2B+19.9%	$962.0M+9.4%	$879.0M-4.2%	$918.0M+3.5%	$887.0M-6.0%	$944.0M-11.2%	$1.1B-10.8%	$1.2B+28.9%	$924.6M+5.8%	$874.1M
Non-Current Liabilities	$3.2B-57.9%	$7.5B+328.9%	$1.7B-75.7%	$7.2B+12.5%	$6.4B-2.8%	$6.6B+27.1%	$5.2B+18.9%	$4.3B+5.7%	$4.1B-7.0%	$4.4B+1.4%	$4.4B+12.6%	$3.9B+8.8%	$3.6B-3.7%	$3.7B+9.6%	$3.4B
Long-Term Debt	$823.4M-65.9%	$2.4B	N/A	$3.7B+27.4%	$2.9B-14.5%	$3.4B+47.8%	$2.3B-4.2%	$2.4B-0.8%	$2.4B+0.2%	$2.4B-0.3%	$2.4B+25.7%	$1.9B+12.8%	$1.7B-0.1%	$1.7B+12.5%	$1.5B
Total Equity	$4.8B-5.7%	$5.1B-2.1%	$5.2B-11.1%	$5.8B-1.3%	$5.9B+23.4%	$4.8B+3.2%	$4.7B+2.0%	$4.6B+6.8%	$4.3B+3.0%	$4.1B+0.4%	$4.1B+5.1%	$3.9B-4.7%	$4.1B+2.6%	$4.0B+1.2%	$4.0B
Retained Earnings	$1.7B-8.4%	$1.8B-8.6%	$2.0B-25.0%	$2.7B-4.0%	$2.8B+0.4%	$2.8B+4.9%	$2.7B+0.6%	$2.7B+5.2%	$2.5B+2.9%	$2.5B-1.3%	$2.5B+6.7%	$2.3B-7.9%	$2.5B+2.7%	$2.5B+0.5%	$2.5B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$8.4B+2.6%	$8.2B+2.2%	$8.4B-38.6%	$8.5B-37.8%	$8.2B-41.1%	$8.0B-42.0%	$13.7B+68.2%	$13.7B-4.8%
Current Assets	$2.4B+31.6%	$1.5B-9.1%	$923.5M-45.5%	$1.1B-38.2%	$1.8B+8.8%	$1.7B+2.8%	$1.7B+2.1%	$1.7B+3.9%
Cash & Equivalents	$2.2B+306.3%	$1.4B+292.7%	$766.0M+110.7%	$933.0M+106.9%	$540.0M+67.7%	$348.0M+39.8%	$363.6M+54.1%	$451.0M+76.2%
Short-Term Investments	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m
Inventory	$3.8M-97.1%	$3.7M-97.9%	$4.1M+0.2%	$4.0M-97.6%	$130.0M-12.2%	$182.0M-1.1%	$4.1M-98.1%	$167.0M-7.7%
Accounts Receivable	$63.3M-93.1%	$63.4M-93.1%	$68.7M+20.3%	$59.3M-93.6%	$920.0M-3.3%	$921.0M-3.6%	$57.1M-94.2%	$929.0M-6.0%
Long-Term Investments	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m
Total Liabilities	$3.2B+1.3%	$3.3B+11.1%	$3.6B-58.1%	$4.1B-53.0%	$3.2B-63.7%	$3.0B-65.8%	$8.6B+192.9%	$8.7B-0.4%
Current Liabilities	$615.6M-38.5%	$443.7M-53.8%	$440.3M-59.6%	$571.4M-48.0%	$1.0B-7.8%	$960.0M-6.9%	$1.1B-8.0%	$1.1B-17.3%
Non-Current Liabilities	$2.6B+19.7%	$2.8B+42.3%	$3.2B-57.9%	$3.5B-53.7%	$2.2B-71.6%	$2.0B-73.8%	$7.5B+328.9%	$7.6B+2.6%
Long-Term Debt	$670.6M	$672.7M	$823.4M-65.9%	$825.3M-79.9%	N/A	N/A	$2.4B	$4.1B+6.7%
Total Equity	$5.2B+3.3%	$4.9B-3.0%	$4.8B-5.7%	$4.5B-12.0%	$5.0B-2.8%	$5.1B-2.4%	$5.1B-2.1%	$5.1B-11.4%
Retained Earnings	$2.0B+14.6%	$1.8B-0.2%	$1.7B-8.4%	$1.3B-30.2%	$1.8B-9.8%	$1.8B-9.5%	$1.8B-8.6%	$1.9B-27.3%

Not reported in any period shown, so not listed: Goodwill.

TDS Cash Flow Statement

TDS quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$105.7M	$589.9M-48.5%	$1.1B+0.4%	$1.1B-1.2%	$1.2B+4.7%	$1.1B-28.0%	$1.5B+50.8%	$1.0B-0.1%	$1.0B+31.1%	$776.0M-0.8%	$782.0M-1.0%	$790.0M+100.0%	$395.0M-20.1%	$494.6M-55.2%	$1.1B-12.0%	$1.3B
Depreciation & Amortization	N/A	$303.4M+6.3%	$285.4M+5.5%	$270.5M-69.3%	$882.0M+3.6%	$851.0M-1.3%	$862.0M-3.1%	$890.0M+6.1%	$839.0M+2.7%	$817.0M-0.4%	$820.0M+1.1%	$811.0M+1.6%	$798.0M-18.9%	$984.4M+21.0%	$813.6M+6.2%	$765.8M
Stock-Based Compensation	N/A	$27.2M+48.2%	$18.3M-6.4%	$19.6M-53.4%	$42.0M-14.3%	$49.0M-7.5%	$53.0M-10.2%	$59.0M+9.3%	$54.0M+17.4%	$46.0M+9.5%	$42.0M+5.0%	$40.0M+11.1%	$36.0M+18.7%	$30.3M-27.5%	$41.9M+13.7%	$36.8M
Capital Expenditures	$558.0M	$390.5M+6.9%	$365.4M-43.2%	$643.1M-44.6%	$1.2B+2.7%	$1.1B-15.5%	$1.3B+39.8%	$957.0M+23.3%	$776.0M+13.3%	$685.0M+7.7%	$636.0M-20.6%	$801.0M+0.3%	$799.0M-9.6%	$883.8M-11.2%	$995.5M+2.4%	$971.8M
Free Cash Flow	-$452.3M	$199.4M-74.5%	$780.4M+56.7%	$498.1Mn/m	-$6.0Mn/m	-$28.0M-114.4%	$194.0M+228.8%	$59.0M-75.5%	$241.0M+164.8%	$91.0M-37.7%	$146.0Mn/m	-$11.0Mn/m	-$404.0Mn/m	-$389.2M-454.9%	$109.7M-61.4%	$284.0M
Investing Cash Flow	$4.3B	$2.1Bn/m	-$754.5Mn/m	-$1.3Bn/m	-$1.8Bn/m	-$2.5Bn/m	-$1.5Bn/m	-$1.2Bn/m	-$680.0Mn/m	-$981.0Mn/m	-$808.0Mn/m	-$743.0M	N/A	N/A	-$998.1Mn/m	-$866.1M
Financing Cash Flow	-$2.7B	-$2.3Bn/m	-$277.5M-595.1%	$56.0M-90.9%	$613.0M+91.0%	$321.0M-66.5%	$957.0Mn/m	-$220.0Mn/m	-$32.0Mn/m	-$77.0Mn/m	-$59.0M-112.8%	$461.0M	N/A	N/A	$70.1Mn/m	-$168.0M
Dividends Paid	$87.6M	$87.7M-16.0%	$104.4M-31.6%	$152.7M+1.1%	$151.0M+26.9%	$119.0M+52.6%	$78.0M+4.0%	$75.0M+4.2%	$72.0M+4.3%	$69.0M+6.2%	$65.0M+6.6%	$61.0M	N/A	$55.2M+4.0%	$53.1M+9.3%	$48.6M
Share Buybacks	N/A	$108.1Mn/m	$0-100.0%	$5.8M-85.5%	$40.0M+400.0%	$8.0M-42.9%	$14.0Mn/m	$0n/m	$0n/m	$0-100.0%	$3.0Mn/m	$0-100.0%	$39.0M+302.4%	$9.7M-51.6%	$20.0M-6.9%	$21.5M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$55.6M-86.8%	$67.5M-63.7%	$19.6M-90.8%	-$37.0M-112.0%	$421.7M+4.9%	$185.6M-17.1%	$212.8M-2.5%	$307.1M-24.9%
Depreciation & Amortization	$88.8M+3.2%	$85.9M+1.9%	$41.3M	$91.7M+13.4%	$86.0M-63.1%	$84.3M-64.0%	N/A	$80.9M-64.1%
Stock-Based Compensation	N/A	$4.2M-67.4%	N/A	N/A	N/A	$12.7M-8.9%	N/A	N/A
Capital Expenditures	$168.9M+96.2%	$149.0M+131.5%	$128.5M+33.5%	$111.6M-38.6%	$86.1M-60.1%	$64.4M-72.6%	$96.2M-63.4%	-$181.8M-34.4%
Free Cash Flow	-$113.3M-133.8%	-$81.6M-167.3%	-$108.9M-193.5%	-$148.5M-218.5%	$335.6M+80.4%	$121.2Mn/m	$116.5Mn/m	$125.3M-5.1%
Investing Cash Flow	$1.0Bn/m	$867.8Mn/m	-$84.6Mn/m	$2.5Bn/m	-$140.8Mn/m	-$122.7Mn/m	-$174.8Mn/m	-$114.7Mn/m
Financing Cash Flow	-$232.6Mn/m	-$334.6Mn/m	-$102.0Mn/m	-$2.1Bn/m	-$92.7Mn/m	-$75.0M-349.9%	-$126.3M-177.5%	-$66.2Mn/m
Dividends Paid	$21.9M-0.1%	$21.9M-0.2%	$21.9M-0.1%	$22.0M+2.2%	$21.9M-0.3%	$21.9M-43.9%	$21.9M-43.4%	$21.5M-43.4%
Share Buybacks	N/A	N/A	$67.4Mn/m	N/A	N/A	N/A	$0-100.0%	$0n/m

TDS Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

TDS quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	76.3%+0.4pp	75.9%-0.6pp	76.5%+3.3pp	73.2%+18.6pp	54.6%-2.9pp	57.5%-2.9pp	60.4%
Operating Margin	-7.9%+6.8pp	-14.8%+35.6pp	-50.4%-52.6pp	2.3%-2.7pp	4.9%-0.1pp	5.0%+1.5pp	3.5%-0.5pp	4.0%+6.2pp	-2.1%-4.2pp	2.1%-6.2pp	8.3%+11.9pp	-3.6%-8.4pp	4.8%+1.4pp	3.4%-3.6pp	7.0%
Net Margin	-0.5%+1.6pp	-2.1%+34.8pp	-36.9%-38.0pp	1.1%-1.8pp	2.9%-1.4pp	4.3%+2.0pp	2.3%-0.3pp	2.6%-0.4pp	3.0%+2.2pp	0.8%-3.4pp	4.2%+6.9pp	-2.7%-5.6pp	2.9%+1.4pp	1.5%-2.3pp	3.9%
Return on Equity	-0.1%+0.4pp	-0.5%+9.1pp	-9.6%-10.7pp	1.1%-1.6pp	2.6%-2.1pp	4.7%+2.1pp	2.6%-0.4pp	3.0%-0.6pp	3.6%+2.5pp	1.0%-4.3pp	5.3%+8.8pp	-3.5%-6.9pp	3.5%+1.4pp	2.0%-3.0pp	5.1%
Return on Assets	-0.1%+0.1pp	-0.2%+5.9pp	-6.2%-6.6pp	0.4%-0.7pp	1.2%-0.6pp	1.8%+0.7pp	1.1%-0.3pp	1.4%-0.3pp	1.7%+1.2pp	0.5%-1.9pp	2.3%+3.9pp	-1.5%-3.1pp	1.6%+0.7pp	0.9%-1.5pp	2.5%
Current Ratio	2.10+0.5x	1.56+0.2x	1.40+0.1x	1.34-0.4x	1.73-0.9x	2.62+0.6x	2.00-0.7x	2.65+0.5x	2.14-0.2x	2.320.0x	2.29+0.6x	1.66-0.1x	1.75-0.2x	1.910.0x	1.95
Debt-to-Equity	0.17-0.3x	0.47	N/A	0.64+0.1x	0.49-0.2x	0.71+0.2x	0.500.0x	0.530.0x	0.570.0x	0.590.0x	0.59+0.1x	0.49+0.1x	0.420.0x	0.430.0x	0.39
Liabilities-to-Equity	0.75-0.9x	1.69+1.1x	0.56-0.9x	1.49+0.2x	1.28-0.3x	1.61+0.3x	1.32+0.2x	1.150.0x	1.18-0.1x	1.280.0x	1.280.0x	1.26+0.1x	1.150.0x	1.15+0.1x	1.07
Asset Turnover	0.15+0.1x	0.09-0.1x	0.17-0.2x	0.370.0x	0.390.0x	0.42-0.1x	0.480.0x	0.520.0x	0.540.0x	0.550.0x	0.550.0x	0.570.0x	0.55-0.1x	0.620.0x	0.63
FCF Margin	16.2%-43.9pp	60.2%+23.4pp	36.8%+36.9pp	-0.1%+0.4pp	-0.5%-4.2pp	3.7%+2.6pp	1.1%-3.6pp	4.7%+2.9pp	1.8%-1.0pp	2.8%+3.0pp	-0.2%+7.8pp	-8.1%-0.1pp	-7.9%-10.0pp	2.1%-3.4pp	5.5%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Margin	120.7%	46.5%+58.2pp	5.1%	-22.0%+23.7pp	-4.1%-7.3pp	-11.7%-17.0pp	N/A	-45.7%-49.5pp
Net Margin	96.5%+92.6pp	46.7%+44.2pp	17.1%	-26.5%-6.4pp	3.9%+3.6pp	2.6%+0.3pp	N/A	-20.1%-20.1pp
Return on Equity	5.8%+5.5pp	2.9%+2.8pp	1.2%	-1.8%-0.5pp	0.2%+0.2pp	0.1%-0.4pp	N/A	-1.3%-1.3pp
Return on Assets	3.6%+3.4pp	1.8%+1.7pp	0.7%	-1.0%-0.5pp	0.1%+0.1pp	0.1%-0.1pp	N/A	-0.5%-0.5pp
Current Ratio	3.82+2.0x	3.43+1.7x	2.10+0.5x	1.89+0.3x	1.78+0.3x	1.74+0.2x	1.56+0.2x	1.59+0.3x
Debt-to-Equity	0.13	0.14	0.17-0.3x	0.18-0.6x	N/A	N/A	0.47	0.81+0.1x
Liabilities-to-Equity	0.620.0x	0.67+0.1x	0.75-0.9x	0.91-0.8x	0.63-1.1x	0.58-1.1x	1.69+1.1x	1.70+0.2x
Asset Turnover	0.040.0x	0.040.0x	0.04	0.040.0x	0.04-0.1x	0.04-0.1x	N/A	0.02-0.1x
FCF Margin	-36.6%	-26.4%-68.1pp	-32.9%	-48.1%-86.4pp	112.4%	41.7%+42.6pp	N/A	38.3%+27.9pp

Not reported in any period shown, so not listed: Gross Margin.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Telephone and Data Systems Inc. TDS	FY2025	$1.2B	-$6.2M	-0.5%	$3.8B	47/100
Liberty Global Ltd. LBTYA	FY2025	$4.9B	-$7.1B	N/A	$2.7B	36/100
Liberty Global Ltd. LBTYB	FY2025	$4.9B	-$7.1B	N/A	$4.1B	36/100
Liberty Global Ltd. LBTYK	FY2025	$4.9B	-$7.1B	N/A	$2.6B	36/100
VEON Ltd. VEON	FY2025	$4.4B	$591.0M	13.4%	$5.7B	62/100

Where Telephone and Data Systems Inc. Ranks

Frequently Asked Questions

What is Telephone and Data Systems Inc.'s annual revenue?

Telephone and Data Systems Inc. (TDS) reported $1.2B in total revenue for fiscal year 2025. This represents a -5.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Telephone and Data Systems Inc.'s revenue growing?

Telephone and Data Systems Inc. (TDS) revenue declined by 5.3% year-over-year, from $1.3B to $1.2B in fiscal year 2025.

Is Telephone and Data Systems Inc. profitable?

Yes, Telephone and Data Systems Inc. (TDS) reported a net income of $417.7M over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net loss of $6.2M, with a net profit margin of -0.5%.

What is Telephone and Data Systems Inc.'s EBITDA?

Telephone and Data Systems Inc. (TDS) had EBITDA of $206.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Telephone and Data Systems Inc. have?

As of fiscal year 2025, Telephone and Data Systems Inc. (TDS) had $766.0M in cash and equivalents against $823.4M in long-term debt.

What is Telephone and Data Systems Inc.'s operating margin?

Telephone and Data Systems Inc. (TDS) had an operating margin of -7.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Telephone and Data Systems Inc.'s net profit margin?

Telephone and Data Systems Inc. (TDS) had a net profit margin of -0.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Telephone and Data Systems Inc. pay dividends?

Yes, Telephone and Data Systems Inc. (TDS) paid $0.16 per share in dividends during fiscal year 2025.

What is Telephone and Data Systems Inc.'s return on equity (ROE)?

Telephone and Data Systems Inc. (TDS) has a return on equity of -0.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Telephone and Data Systems Inc.'s free cash flow?

Telephone and Data Systems Inc. (TDS) generated $199.4M in free cash flow during fiscal year 2025. This represents a -74.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Telephone and Data Systems Inc.'s operating cash flow?

Telephone and Data Systems Inc. (TDS) generated $589.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Telephone and Data Systems Inc.'s total assets?

Telephone and Data Systems Inc. (TDS) had $8.4B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Telephone and Data Systems Inc.'s capital expenditures?

Telephone and Data Systems Inc. (TDS) invested $390.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Telephone and Data Systems Inc. buy back shares?

Yes, Telephone and Data Systems Inc. (TDS) spent $108.1M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Telephone and Data Systems Inc. have outstanding?

Telephone and Data Systems Inc. (TDS) had 114M shares outstanding as of fiscal year 2025.

What is Telephone and Data Systems Inc.'s current ratio?

Telephone and Data Systems Inc. (TDS) had a current ratio of 2.10 as of fiscal year 2025, which is generally considered healthy.

What is Telephone and Data Systems Inc.'s debt-to-equity ratio?

Telephone and Data Systems Inc. (TDS) had a debt-to-equity ratio of 0.17 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.

What is Telephone and Data Systems Inc.'s liabilities-to-equity ratio?

Telephone and Data Systems Inc. (TDS) had a liabilities-to-equity ratio of 0.75 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.

What is Telephone and Data Systems Inc.'s return on assets (ROA)?

Telephone and Data Systems Inc. (TDS) had a return on assets of -0.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Telephone and Data Systems Inc.'s P/E ratio?

Telephone and Data Systems Inc. (TDS) trades at 9.1x earnings, its market capitalization divided by $417.7M net income, trailing 12 months to June 30, 2026. The market capitalization is $3.8B as of Oct 21, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Telephone and Data Systems Inc.'s price-to-sales ratio?

Telephone and Data Systems Inc. (TDS) trades at 3.0x sales, its market capitalization divided by $1.3B revenue, trailing 12 months to June 30, 2026. The market capitalization is $3.8B as of Oct 21, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Telephone and Data Systems Inc.'s Altman Z-Score?

Telephone and Data Systems Inc. (TDS) has an Altman Z-Score of 1.10, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Telephone and Data Systems Inc.'s Piotroski F-Score?

Telephone and Data Systems Inc. (TDS) has a Piotroski F-Score of 7 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Telephone and Data Systems Inc.'s earnings high quality?

Telephone and Data Systems Inc. (TDS) reported a net loss of $6.2M while generating $589.9M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Telephone and Data Systems Inc. cover its interest payments?

Telephone and Data Systems Inc. (TDS) reported an operating loss of $97.4M against $112.7M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Telephone and Data Systems Inc.?

Telephone and Data Systems Inc. (TDS) scores 47 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.