TELEPHONE & DATA SYSTEMS INC /DE/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TELEPHONE & DATA SYSTEMS INC /DE/ files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	5,155	5,044	5,109	5,176	5,225	5,329	5,413	1,355	1,297	1,228
Cost of revenue	1,240	1,195
Gross profit	3,915	3,849
Selling, general and administrative	1,762	1,689	1,694	1,717	1,681	1,677	1,768	489	487	435
Operating expenses	5,047	5,152	4,904	4,997	4,966	5,068	5,291	2,038	1,488	1,326
Operating income	108	-108	205	179	259	261	122	-683	-191	-97.4
Interest expense	170	170	172	165	168	232	174	62.2	109	113
Interest income	11	15	26	29	15	11	17	20	27.2	40.3
Other non-operating income	-16	-14	16	32	29	-40	3	119	87.9	186
Pre-tax income	92	-122	221	211	288	221	125	-563	-103	89
Income tax	40	-279	46	64	19	33	53	-15.8	-22.1	-62.2
Income from continuing operations								-550	-72.2	117
Net income to minority interests	9	4	40	26	43	32	10	12.7	1.22	26.5
Net income	43	153	135	121	226	156	62	-500	-27.7	-6.24
EBITDA	928	709	1,044	1,069	1,121	1,112	1,004	-412	94.1	206
EPS, basic	0.39	1.39	1.20	1.06	1.97	1.03	-0.07	-5.05	-0.85	-0.66
EPS, diluted	0.39	1.37	1.17	1.03	1.93	1.00	-0.07	-5.05	-0.85	-0.65
Shares, basic (weighted)	110	111	112	114	114	115	114	113	114	115
Shares, diluted (weighted)	111	112	114	116	115	116	114	113	114	119
Dividend per share	0.59	0.62	0.64	0.66	0.68	0.70	0.72	0.74	0.31	0.16

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	900	619	921	465	1,429	367	360	236	364	766
Short-term investments	0	100	17	0	3	0
Receivables	753	861	992	1,005	1,004	1,058	1,069	992	57.1	68.7
Inventory	151	145	150	169	154	178	268	208	4.05	4.06
Other current assets	32	27	28	29	36	61	58	52	31.1	14
Total current assets	2,059	1,966	2,330	1,921	3,026	2,044	2,028	1,660	1,695	923
Property, plant and equipment	3,555	3,424	3,346	3,527	3,972	4,361	4,760	5,062	2,876	2,965
Lease right-of-use assets			0	972	998	1,040	995	987	521	515
Goodwill	766	509	509	547	547	547	547	0		0
Intangible assets	33	279	253	239	213	197	204	183	161	132
Other non-current assets	434	422	616	607	652	710	796	807	139	160
Total assets	9,446	9,295	9,783	10,781	12,525	13,493	14,550	8,135	13,682	8,398
Accounts payable	365	368	365	374	508	481	506	360	74.9	116
Accrued liabilities	127	126	127	121	132	137	144	149	147	56.8
Deferred revenue		223	197	189	193	236	285	277	47	125
Short-term debt	12	20	21	10	5	6	19	26	31.1	5.27
Total current liabilities	887	918	879	962	1,153	1,180	1,514	1,184	1,090	440
Long-term debt	2,433	2,437	2,418	2,316	3,424	2,928	3,731	4,080	2,416	823
Lease liabilities			0	931	940	960	908	890	541	550
Other non-current liabilities	453	495	541	481	541	759	813	784	461	574
Total liabilities	4,696	4,403	4,490	5,377	6,932	6,759	7,947	7,925	7,814	3,131
Total debt	2,445	2,457	2,439	2,326	3,429	2,934	3,750	4,106	2,447	829
Paid-in capital	2,386	2,413	2,432	2,468	2,482	2,496	2,551	2,558	2,574	2,484
Retained earnings	2,454	2,525	2,656	2,672	2,802	2,812	2,699	2,023	1,849	1,694
Treasury stock	-698	-669	-519	-479	-477	-461	-481	-465	-425	-473
Other comprehensive income	1	-1	-10	-9	-4	5	5	11	18.2	21.5
Shareholders' equity	4,144	4,269	4,560	4,653	4,804	5,927	5,849	5,202	5,091	4,802
Minority interests	605	623	733	751	789	807	754	794	777	466
Total equity	4,750	4,892	5,293	5,404	5,593	6,734	6,603	5,996	5,868	5,267
Total liabilities and equity	9,446	9,295	9,783	10,781	12,525	13,493	14,550	13,921	13,682	8,398
Shares outstanding	110	111	114	115	114	115	112	113	114	114

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	52	157	175	147	269	188	72	-487	-26.5	20.2
Depreciation and amortization	820	817	839	890	862	851	882	271	285	303
Stock-based compensation	42	46	54	59	53	49	42	19.6	18.3	27.2
Deferred income tax	22	-369	33	34	190	52	47	-15.3	-21	-66.2
Change in receivables	-23	-61	-39	-49	-16	-22	-69	-16.6	6.19	-24.2
Change in inventory	4	6	-5	-19	12	-25	-90	-1.11	-0.33	-0.01
Cash from operations	782	776	1,017	1,016	1,532	1,103	1,155	1,141	1,146	590
Capital expenditures	-636	-685	-776	-957	-1,338	-1,131	-1,161	-643	-365	-391
Purchases of investments	0	-100	-17	-11	-3	0
Cash from investing	-808	-981	-680	-1,249	-1,511	-2,462	-1,783	-1,327	-755	2,144
Debt issued			0	0	1,250	1,543	1,154	1,081	440	325
Debt repaid	-12	-17	-20	-118	-110	-2,081	-332	-723	-456	-1,962
Share buybacks	-3	0	0	0	-14	-8	-40	-5.81	0	-108
Dividends paid	-65	-69	-72	-75	-78	-119	-151	-153	-104	-87.7
Cash from financing	-59	-77	-32	-220	957	321	613	56	-277	-2,347
Net change in cash	-85	-282	305	-453	978	-1,038	-15	-130	114	387
Free cash flow	146	91	241	59	194	-28	-6	498	780	199
Interest paid	168	167	168	162	160	177	164	60.7	99.7	97.7
Income taxes paid	-39	56	40	44	-23	6	-119	-50.5	4.27	91.6

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $32.77 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	40.1%	Operating income / revenue.
EBITDA margin	68.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	63.8%	Pre-tax income / revenue.
Net margin	43.4%	Net income / revenue.
FCF margin	-48.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.8%	Cash from operations / revenue.
Effective tax rate	19.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.8%	Net income / average total assets.
Return on invested capital (ROIC)	10.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	34.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	51.3%	Capital expenditures / revenue.
D&A / revenue	28.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-5.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-39.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-25.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	118.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-41.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-28.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-48.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-20.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-17.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-74.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	0.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-48.4%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-39.4%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-25.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-5.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-6.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-0.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-38.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-16.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-7.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	4.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.01x	Current assets / current liabilities.
Quick ratio	3.80x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	3.66x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.14x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	8.4%	Total debt / total assets.
Liabilities / assets	35.2%	Total liabilities / total assets.
Net debt	-$957.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-1.12x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	12.4x	Operating income / interest expense.
Working capital	$1.35B	Current assets - current liabilities.
Goodwill and intangibles / assets	1.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$4.86B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.16x	Revenue / average total assets.
Fixed asset turnover	0.38x	Revenue / average property, plant and equipment.
Receivables turnover	19.5x	Revenue / average receivables.
Days sales outstanding	19 days	365 x average receivables / revenue.
FCF conversion	-111.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1,853.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.74	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$10.92	Revenue / diluted weighted shares.
FCF per share	-$5.30	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.30	Cash from operations / diluted weighted shares.
Book value per share	$45.59	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$44.52	Tangible book value / shares outstanding.
Cash per share	$14.97	(Cash + short-term investments) / shares outstanding.
Payout ratio	16.0%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.77B	Share price x shares outstanding.
Enterprise value	$2.81B	Market cap + total debt - cash - short-term investments.
P/E	6.92x	Market cap / net income. Only when net income is positive.
P/S	3.00x	Market cap / revenue.
P/B	0.76x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.78x	Market cap / tangible book value, when positive.
P/OCF	109x	Market cap / cash from operations, when positive.
EV/Sales	2.24x	Enterprise value / revenue.
EV/EBIT	5.59x	Enterprise value / operating income, when both are positive.
EV/EBITDA	3.28x	Enterprise value / EBITDA, when both are positive.
FCF yield	-16.2%	Free cash flow / market cap.
Earnings yield	14.5%	Net income / market cap (the inverse of P/E).
Dividend yield	2.3%	Dividends paid over the period / market cap.
Shareholder yield	2.3%	(Dividends paid + share buybacks) / market cap.

What was TELEPHONE & DATA SYSTEMS INC /DE/'s revenue in fiscal 2025?

TELEPHONE & DATA SYSTEMS INC /DE/ reported revenue of $1.23B for fiscal 2025, 5.3% lower than the year before.

Was TELEPHONE & DATA SYSTEMS INC /DE/ profitable in fiscal 2025?

No. It reported a net loss of $6.2M.

How much free cash flow did TELEPHONE & DATA SYSTEMS INC /DE/ generate in fiscal 2025?

Cash from operations of $589.9M minus capital expenditures of $390.5M left free cash flow of $199.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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