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TDS-PV

Telephone and Data Systems, Inc.

TDS-PV

Telephone and Data Systems, Inc. • NYSE
$18.85 ▼ -1.41% (-0.27)
Market Cap $4.19 B
52w High $21.50
52w Low $16.25
Dividend Yield 1.50%
P/E 21.23
Volume 99.95K
Outstanding Shares 221.32M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $308.521M ▼ $141.675M ▼ $-81.75M ▼ -26.497% ▼ $0 ▲ $140.652M ▼
Q2-2025 $1.186B ▲ $654M ▼ $12M ▲ 1.012% ▲ $-0.043 ▲ $275M ▼
Q1-2025 $1.154B ▼ $661M ▲ $7M ▲ 0.607% ▲ $-0.087 ▲ $315M ▼
Q4-2024 $1.24B ▲ $640M ▼ $6M ▲ 0.484% ▲ $-0.097 ▲ $323M ▲
Q3-2024 $1.224B $788M $-66M -5.392% $-0.73 $210M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $932.994M ▲ $8.532B ▼ $3.247B ▼ $4.467B ▼
Q2-2025 $540M ▲ $13.526B ▼ $7.695B ▲ $5.004B ▼
Q1-2025 $348M ▼ $13.536B ▼ $7.668B ▼ $5.078B ▼
Q4-2024 $364M ▼ $13.683B ▼ $7.799B ▼ $5.091B ▲
Q3-2024 $451M $13.726B $7.837B $5.075B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $57.545M ▲ $-34.687M ▼ $2.493B ▲ $-2.079B ▼ $378.192M ▲ $-10.746M ▼
Q2-2025 $18M ▲ $421M ▲ $-141M ▼ $-92M ▼ $188M ▲ $262M ▲
Q1-2025 $12M ▲ $186M ▼ $-123M ▲ $-76M ▲ $-13M ▲ $55M ▲
Q4-2024 $8M ▲ $212M ▼ $-174M ▼ $-126M ▼ $-88M ▼ $-20M ▼
Q3-2024 $-79M $307M $-115M $-66M $126M $101M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q2-2025
Product
Product
 $200.00M ▲$200.00M ▲$230.00M ▲$190.00M ▼
Service
Service
 $1.03Bn ▲$1.03Bn ▲$1.00Bn ▼$1.00Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been fairly stable over the past several years, with only a gentle drift downward more recently, suggesting a mature business facing competitive and pricing pressure. Profitability, however, has been more volatile: operating results slid from modest profits to a clear loss two years ago, then improved back toward break-even in the latest year. Cash-style earnings (before interest, taxes, and non‑cash items) remain decent, but net income has been weak, with two consecutive years in the red. Overall, the income statement shows a company in transition: the core business still generates solid service revenue, but heavy investment and competitive dynamics have weighed on margins and bottom‑line results.

Balance Sheet

Balance Sheet The balance sheet shows a sizable asset base built around telecom infrastructure, funded by a mix of debt and equity. Debt levels have edged up over time and now sit at the higher end of the company’s historical range, while equity has grown over the longer term but dipped slightly more recently. Cash on hand is modest relative to total assets and debt, so the company depends on ongoing cash generation and capital market access rather than a large cash cushion. In simple terms, the balance sheet is typical for a capital‑intensive telecom operator: asset‑heavy, reasonably capitalized, but with leverage and refinancing risk that need ongoing attention.

Cash Flow

Cash Flow Operating cash flow has been consistently healthy, which is a key strength: the business reliably converts its service revenues into cash. The main swing factor is capital spending. The company has poured a large amount of cash into network and fiber builds in recent years, which pushed free cash flow negative at times. In the most recent year, as capital intensity eased somewhat, free cash flow moved back into positive territory. This pattern is consistent with a major investment cycle: cash generation from operations is solid, but the timing and scale of network spending drive how much surplus cash is left for debt reduction, dividends, or other uses.

Competitive Edge

Competitive Edge TDS operates in a tough industry but has deliberately focused on rural and suburban markets where competition is thinner and customer relationships are stickier. Its push into fiber gives it a quality and speed advantage over legacy copper networks in those areas, and government broadband programs further support its expansion. The sale of much of its consumer wireless business shifted the company away from brutal national wireless competition and toward being more of an infrastructure and regional broadband player. Still, TDS faces ongoing threats from cable operators, larger telcos extending fiber, and fixed wireless offerings, so its regional focus and service quality will be crucial to defending and growing its niche.

Innovation and R&D

Innovation and R&D Innovation at TDS is centered less on classic R&D labs and more on network modernization and new service models. The company is aggressively rolling out fiber-to-the-home, aiming for a largely fiber-based footprint with gigabit speeds, and has repositioned itself around 5G infrastructure (towers and spectrum) rather than mass‑market wireless retail. It is layering on value‑added services such as managed IT, cloud, IoT solutions for businesses and agriculture, and a simplified “all‑in” pricing model to differentiate on customer experience, not just speed. An MVNO mobile offering rounds out bundles for households. Execution risk is meaningful: the fiber build is expensive, take‑rates must rise, and technology will keep evolving, but the strategy clearly leans into higher‑quality connectivity and service bundling as growth drivers.

Summary

TDS-PV’s underlying company, Telephone and Data Systems, is in the midst of a strategic shift from a traditional telecom operator to a fiber‑centric, infrastructure‑oriented connectivity provider. Financially, revenue is relatively steady, but profits have been pressured by competition, high depreciation, and a heavy investment cycle, leading to recent net losses even as cash earnings remain reasonable. The balance sheet reflects a typical telecom profile—large fixed assets and meaningful debt—leaving limited room for missteps but supported by stable operating cash flows. The big story is the fiber and infrastructure strategy: focusing on underserved markets, leveraging government support, and expanding value‑added services to deepen customer relationships. If TDS can keep execution on track—controlling build costs, driving customer adoption, and managing debt—it could gradually improve profitability and cash flow. At the same time, industry competition, technology changes, and financing needs remain important risks to monitor for anyone analyzing this preferred security or the broader enterprise.