Telephone & Data Systems Inc (TDS)
Telephone & Data Systems Inc brought in $1.3B of revenue over the twelve months to September 30, 2026. Net income was $545.3M, a net margin of 43.4%. Operating cash flow minus capital spending left $199.4M of free cash flow in fiscal 2025. At September 30, 2026 it held $1.6B in cash against $678M of debt. Its latest periodic report to the SEC is the quarterly report (10-Q) filed on November 6, 2026.
Key facts about Telephone & Data Systems Inc
- Net worth
- Telephone & Data Systems Inc has a market value (market cap) of $3.8B at the latest share price, and shareholders' equity of $5B on its balance sheet at September 30, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
- Revenue and profit
- In fiscal 2025 revenue was $1.2B (-5.3% year on year), with a net loss of $6.2M. Over the 12 months to September 30, 2026: revenue $1.3B, net income $545.3M.
- Cash flow
- In fiscal 2025 operations brought in $589.9M of cash; after $390.5M of capital spending, free cash flow was $199.4M.
- Latest report
- The latest periodic report (quarterly report, 10-Q) was filed with the SEC on November 6, 2026 and covers the period to September 30, 2026. Open on SEC EDGAR
- Next earnings report
- Telephone & Data Systems Inc's next report is expected around February 19, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
- Dividend
- Telephone & Data Systems Inc declared dividends of $0.16 per share in fiscal 2025, a yield of 0.49% at the current price.
What Telephone & Data Systems Inc does
Telephone & Data Systems Inc is registered with the SEC under industry code SIC 4813 (Telephone Communications (No Radiotelephone)). Its shares trade on NYSE under the ticker TDS.
Revenue and profit by year
Key figures
| Fiscal year | Revenue | Net income | Diluted EPS | Free cash flow |
|---|---|---|---|---|
| 2025 | $1.2B | -$6.2M | -$0.65 | $199.4M |
| 2024 | $1.3B | -$27.7M | -$0.85 | $780.4M |
| 2023 | $1.4B | -$500M | -$5.05 | $498.1M |
| 2022 | $5.4B | $62M | -$0.07 | -$6M |
| 2021 | $5.3B | $156M | $1.00 | -$28M |
| 2020 | $5.2B | $226M | $1.93 | $194M |
Earnings: every quarter and the next report date
Full financial statements: income, balance sheet and cash flow
Where TDS ranks in Telecommunications
Dividends
Telephone & Data Systems Inc declared $0.16 per share in fiscal 2025. At the current price that is a yield of 0.49%. It paid out $87.7M in cash dividends.
| Fiscal year | Per share | Paid out | Of profit |
|---|---|---|---|
| 2025 | $0.16 | $87.7M | n/a |
| 2024 | $0.31 | $104.4M | n/a |
| 2023 | $0.74 | $152.7M | n/a |
| 2022 | $0.72 | $151M | 244% |
| 2021 | $0.70 | $119M | 76% |
| 2020 | $0.68 | $78M | 35% |
Latest SEC filings
What Telephone & Data Systems Inc has filed recently, newest first. Each links to the original document on SEC EDGAR.
- November 6, 2026Quarterly report 10-Q · period to September 30, 2026Revenue fell 0.6% to $306.7M versus the same quarter last year; diluted EPS $0.25 versus -$0.84.
- November 6, 2026
- September 2, 2026Activist stake changed SCHEDULE 13D/A
- September 2, 2026Activist stake changed SCHEDULE 13D/A
- September 2, 2026Other event 8-K
- August 11, 2026Passive stake changed SCHEDULE 13G/A
- August 7, 2026Quarterly report 10-Q · period to June 30, 2026Revenue rose 3.6% to $309.3M versus the same quarter last year; diluted EPS $2.42 versus -$0.05.
- August 7, 2026
- June 2, 2026
- June 1, 2026
What is TDS worth? A DCF from its reported cash flow
Insider trades
What the people running Telephone & Data Systems Inc did with its shares, from the Form 4 filings they must send the SEC within two business days.
Insiders sold $3M worth of shares in the last 90 days and bought none on the open market.
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| September 16, 2026 | Carlson Leroy T JrVice Chair, Director | Gave as a gift | 227,190 | - |
| September 11, 2026 | Carlson Leroy T JrVice Chair, Director | Exercised options | 77,100 | $1.5M |
| September 11, 2026 | Carlson Leroy T JrVice Chair, Director | Sold | 77,100 | $3M |
| September 3, 2026 | Carlson Leroy T JrVice Chair, Director | Gave as a gift | 144,599 | - |
| September 3, 2026 | Carlson Leroy T JrVice Chair, Director | Gave as a giftindirect | 140,000 | - |
| September 3, 2026 | Carlson Leroy T JrVice Chair, Director | Gave as a giftindirect | 116,374 | - |
| September 3, 2026 | Carlson Leroy T JrVice Chair, Director | Gave as a giftindirect | 116,374 | - |
| September 3, 2026 | Carlson Leroy T JrVice Chair, Director | Gave as a giftindirect | 112,407 | - |
Who owns TDS
Three views from three kinds of SEC filings, each with its own date. They overlap and are not added up.
5% holders
| Holder | Of class | Filed |
|---|---|---|
| Telephone and Data Systems, Inc.13D, may seek influence with 1 related filers | 81.9% | September 2, 2026 |
| The Trustees of Amendment and Restatement (dated as of April 22, 2005) of Voting Trust under Agreement dated as of June 30, 198913D, may seek influence | 11.7% | September 2, 2026 |
| Picton Mahoney Asset Management13G, passive | 11.2% | August 11, 2026 |
| Vanguard Portfolio Management13G, passive | 5.92% | April 29, 2026 |
| Third Point LLC13G, passive with 1 related filers | 5.7% | December 26, 2024 |
Largest institutional holders
Positions that investment managers reported on Form 13F for the quarter ended June 30, 2026, largest first, with the change on the quarter ended March 31, 2026. Managers file 13F up to 45 days after a quarter ends. 350 managers reported a position.
| Holder | Shares | Change on quarter |
|---|---|---|
| BlackRock, Inc. | 15,768,166 | +845,852 |
| Dimensional Fund Advisors LP | 6,342,746 | -139,401 |
| Third Point LLC | 6,275,000 | -325,000 |
| Vanguard Portfolio Management LLC | 5,790,808 | -465,487 |
| Carronade Capital Management, LP | 5,319,175 | +695,241 |
| Oaktree Capital Management LP | 5,282,905 | +990,662 |
| American Century Companies Inc | 4,720,830 | +1,032,216 |
| State Street Corp | 4,430,551 | +239,111 |
| Vanguard Capital Management LLC | 4,154,077 | -150,665 |
| Geode Capital Management, LLC | 2,847,613 | +443,102 |
| Goldman Sachs Group Inc | 2,502,233 | +305,411 |
| Davidson Kempner Capital Management LP | 2,004,506 | +592,806 |
| UBS Group AG | 1,931,686 | +1,125,693 |
| Diameter Capital Partners LP | 1,675,955 | new |
| Morgan Stanley | 1,576,007 | -122,557 |
| Gabelli Funds LLC | 1,527,900 | +8,900 |
| Goldentree Asset Management LP | 1,518,180 | +1,002,180 |
| Gamco Investors, Inc. ET AL | 1,490,973 | -15,038 |
| Foursixthree Capital LP | 1,405,682 | +464,755 |
| Redwood Capital Management, LLC | 1,275,282 | 0 |
Insiders
15 insiders reported holding 1,549,536 shares in total, about $50.8M at the last price.
| Holder | Shares |
|---|---|
| Carlson Leroy T JrVice Chair, Director | 338,32085,150 held indirectly |
| Carlson Prudence EDirector | 308,539 |
| Carlson Walter CdPresident and CEO, Director | 228,609 |
| Carlson Letitia G CDirector | 195,692 |
| Hanley Joseph RSVP-Strategy & Corp Dev | 113,963 |
| Off George WDirector | 78,807 |
| Villacrez Vicki LExecutive Vice President & CFO, Director | 72,425 |
| OLeary Christopher DDirector | 48,088 |
| Dixon Kimberly DDirector | 45,703 |
| Oosterman WadeDirector | 42,223 |
Questions about TDS
What does Telephone & Data Systems Inc do?
Telephone & Data Systems Inc is a company in the Telecommunications sector, listed on NYSE as TDS. Its shares trade on NYSE under the ticker TDS.
What is Telephone & Data Systems Inc's net worth?
Telephone & Data Systems Inc has a market value (market cap) of $3.8B at the latest share price, and shareholders' equity of $5B on its balance sheet at September 30, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
Is Telephone & Data Systems Inc profitable?
Yes. Over the twelve months to September 30, 2026 it reported net income of $545.3M on revenue of $1.3B, a net margin of 43.4%.
How much revenue does Telephone & Data Systems Inc make?
Over the twelve months to September 30, 2026 Telephone & Data Systems Inc reported revenue of $1.3B.
When did Telephone & Data Systems Inc last report?
Its most recent periodic report is the quarterly report (10-Q) filed on November 6, 2026. It covers the period to September 30, 2026.
When is Telephone & Data Systems Inc's next earnings report?
Telephone & Data Systems Inc's next report is expected around February 19, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
Does Telephone & Data Systems Inc pay a dividend?
Yes. Telephone & Data Systems Inc declared dividends of $0.16 per share in fiscal 2025, a yield of 0.49% at the current price.
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Where the numbers come from
Financial figures are the values Telephone & Data Systems Inc tagged in its own SEC filings (XBRL), taken from the latest filing for each period, so restatements replace older figures. Revenue, profit and cash flow are for full fiscal years unless marked as the last twelve months, which is the sum of the four most recent quarters. Where a company reports only the full year, the fourth quarter is the year minus the first three.
Prices are delayed end-of-day market data in the listing currency, and market cap moves with the price. P/E is shown only when earnings per share are positive. Nothing here is investment advice.