Loading financials from SEC filings…
Telecom services · Communication Services · Fiscal year ends Dec 31
Telephone & Data Systems reported revenue of $1.1B in the fiscal year ended Dec 2025, down 9.0% from the year before. Operating income was −$97M, an operating margin of −9.1%, and net income was −$6M. Operating cash flow of $590M less capital expenditure of $391M left free cash flow of $199M. Net debt was $57M.
Ranks among the 31 telecom services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 5,220 | 5,293 | 1,228 | 1,177 | 1,071 |
| Selling, general & admin | 1,677 | 1,768 | 489 | 487 | 435 |
| Operating income | 261 | 122 | −683 | −191 | −97.4 |
| Interest expense | 232 | 174 | 62.2 | 109 | 113 |
| Pre-tax income | 221 | 125 | −563 | −103 | 89.0 |
| Income tax | 33.0 | 53.0 | −15.8 | −22.1 | −62.2 |
| Net income | 156 | 62.0 | −500 | −27.7 | −6.2 |
| Diluted EPS | 1.00 | −0.07 | −5.05 | −0.85 | −0.65 |
| Diluted shares | 116 | 114 | 113 | 114 | 119 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 367 | 360 | 236 | 364 | 766 |
| Receivables | 1,058 | 1,069 | 992 | 57.1 | 68.7 |
| Inventory | 178 | 268 | 208 | 4.1 | 4.1 |
| Current assets | 2,044 | 2,028 | 1,660 | 1,695 | 923 |
| Net PP&E | 4,361 | 4,760 | 5,062 | 2,876 | 2,965 |
| Goodwill | 547 | 547 | 0.0 | – | – |
| Total assets | 13,493 | 14,550 | 8,135 | 13,682 | 8,398 |
| Payables | 481 | 506 | 360 | 74.9 | 116 |
| Deferred revenue | 236 | 285 | 277 | 47.0 | 125 |
| Current liabilities | 1,180 | 1,514 | 1,184 | 1,090 | 440 |
| Long-term debt | 2,928 | 3,731 | 4,080 | 2,416 | 823 |
| Total liabilities | 6,759 | 7,947 | 2,139 | 7,814 | 3,131 |
| Shareholders' equity | 5,927 | 5,849 | 5,202 | 5,091 | 4,802 |
| Backlog (remaining obligations) | 694 | 689 | 596 | 523 | 74.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 1,103 | 1,155 | 1,141 | 1,146 | 590 |
| Capital expenditure | 1,131 | 1,161 | 643 | 365 | 391 |
| Free cash flow | −28.0 | −6.0 | 498 | 780 | 199 |
| Depreciation & amortisation | 851 | 882 | 271 | 285 | 303 |
| Stock-based compensation | 49.0 | 42.0 | 19.6 | 18.3 | 27.2 |
| Share buybacks | 8.0 | 40.0 | 5.8 | 0.0 | 108 |
| Dividend per share | 0.70 | 0.72 | 0.74 | 0.31 | 0.16 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 1.4% | −76.8% | −4.2% | −9.0% |
| Operating income growth (YoY) | – | −53.3% | −659.5% | – | – |
| EPS growth (YoY) | – | −107.0% | – | – | – |
| Operating margin | 5.0% | 2.3% | −55.6% | −16.3% | −9.1% |
| Net margin | 3.0% | 1.2% | −40.7% | −2.4% | −0.6% |
| Return on equityBlank when equity is negative | 2.6% | 1.1% | −9.6% | −0.5% | −0.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 2.1% | 0.9% | −9.8% | −1.5% | −1.2% |
| Free cash flow margin | −0.5% | −0.1% | 40.6% | 66.3% | 18.6% |
| Cash conversion (CFO ÷ net income) | 7.07x | 18.6x | −2.28x | −41.4x | −94.6x |
| Receivable days | 74 | 74 | 295 | 18 | 23 |
| Interest cover | 1.13x | 0.70x | −11.0x | −1.76x | −0.86x |
| Debt ÷ equity | 0.49x | 0.64x | 0.78x | 0.47x | 0.17x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,561 | 3,371 | 3,844 | 2,052 | 57.4 |
| Current ratio | 1.73x | 1.34x | 1.40x | 1.56x | 2.10x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.