The story
Founded by LeRoy T. Carlson in 1969.1
TDS on NYSE
Telephone and Data Systems
Logo: Telephone and Data Systems, Inc., Public domain, via Wikimedia Commons5
American telecommunications service company
Telephone and Data Systems, Inc. is an American telecommunications service company primarily providing broadband, cable, telephone, and wireless services, and radio tower leasing, through its subsidiaries TDS Telecom and Array Digital Infrastructure, the latter of which was formerly the cell phone company United States Cellular. The company began as a group of rural phone companies in Wisconsin in 1969. In 1983 it founded U.S. Cellular as a subsidiary.3 It was founded by LeRoy T. Carlson.1 Its chief executive is LeRoy T. Carlson.1 Wikipedia text CC BY-SA 4.0
Price unavailable
Last updated Oct 21, 2026.
Overview
Compare with IDT Corporation, Atlantic Tele-Network or SHENANDOAH TELECOMMUNICATIONS CO/VA/, or pick any stock.
- TickerTDS on NYSE1
- Industrytelecommunications1
- HeadquartersChicago1
- Websitewww.tdsinc.com
- Incorporated inDE7
- Business address30 North Lasalle Street, Ste 4000, Chicago, Il 606027
- Filer categoryLarge accelerated filer7
- Legal formCorporation4
- LEI5299003YZW5BE2NNLO374
- StatusActive4
- LEI statusIssued and current4
- Registered addressc/o THE CORPORATION TRUST COMPANY, CORPORATION TRUST CENTER 1209 ORANGE ST, 19801 Wilmington, United States4
- Registered withDivision of Corporations, Department of State, 27962054
See how the biggest companies compare on our leaderboards
Telephone and Data Systems, Inc. is an American telecommunications service company primarily providing broadband, cable, telephone, and wireless services, and radio tower leasing, through its subsidiaries TDS Telecom and Array Digital Infrastructure, the latter of which was formerly the cell phone company United States Cellular.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
-9.1%Operating margin6
-0.6%Net margin6
-9.0%Revenue growth, 20256
-0.1%Return on equity6
$199.4MFree cash flow6
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Service brought in 87% of the revenue Telephone and Data Systems broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Service | $1.1B | $1.1B | $1.0B |
| Site Rental | $100.4M | $102.6M | $154.7M |
Business segments
TDS Telecom brought in 86% of the revenue Telephone and Data Systems broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| TDS Telecom | $1.0B | $1.1B | $1.0B |
| Array | $100.3M | $102.8M | $162.8M |
| Array Total | $87.0K | $323.0K | $8.3M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Selling, general and admin41¢$435.1M
- Other costs43¢$461.0M
- Interest11¢$112.7M
- Income tax6¢$62.2M
Out of $1.1B in revenue.6 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Capital spending66¢$390.5M
- Share buybacks18¢$108.1M
- Kept or used elsewhere15¢$91.2M
Out of $589.9M of cash from operations.6
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total operating revenues | $1.2B | $1.3B | $1.4B |
| Selling, general and administrative | $435.1M | $486.7M | $488.8M |
| Depreciation, amortization and accretion | $351.9M | $325.7M | $310.1M |
| Loss on impairment of intangible assets | $48.6M | $137.3M | $547.0M |
| (Gain) loss on asset disposals, net | $16.8M | $13.1M | $5.3M |
| (Gain) loss on sale of business and other exit costs, net | -$23.9M | -$68.3M | $0 |
| (Gain) loss on license sales and exchanges, net | -$6.1M | $3.5M | -$2.2M |
| Total operating expenses | $1.3B | $1.5B | $2.0B |
| Operating income (loss) | -$97.4M | -$191.3M | -$682.6M |
| Equity in earnings of unconsolidated entities | $176.1M | $163.6M | $159.4M |
| Interest and dividend income | $40.3M | $27.2M | $20.0M |
| Interest expense | -$112.7M | -$108.6M | -$62.2M |
| Short-term imputed spectrum lease income | $69.0M | $0 | $0 |
| Other, net | $13.6M | $5.6M | $1.8M |
| Total other income | $186.3M | $87.9M | $119.1M |
| Income (loss) before income taxes | $89.0M | -$103.4M | -$563.5M |
| Income tax expense (benefit) | -$62.2M | -$22.1M | -$15.8M |
| Net income (loss) from continuing operations | $151.1M | -$81.3M | -$547.7M |
| Less: Net income (loss) from continuing operations attributable to noncontrolling interests, net of tax | $33.7M | -$9.2M | $2.7M |
| Net income (loss) from continuing operations attributable to TDS shareholders | $117.4M | -$72.2M | -$550.4M |
| Net income (loss) from discontinued operations | -$130.9M | $54.8M | $60.4M |
| Less: Net income from discontinued operations attributable to noncontrolling interests, net of tax | -$7.3M | $10.4M | $10.0M |
| Net income (loss) from discontinued operations attributable to TDS shareholders | -$123.6M | $44.5M | $50.4M |
| Net income (loss) | $20.2M | -$26.5M | -$487.3M |
| Less: Net income attributable to noncontrolling interests, net of tax | $26.5M | $1.2M | $12.7M |
| Net income (loss) attributable to TDS shareholders | -$6.2M | -$27.7M | -$500.0M |
| TDS Preferred Share dividends | $69.2M | $69.2M | $69.2M |
| Net income (loss) attributable to TDS common shareholders | -$75.5M | -$96.9M | -$569.2M |
| Basic weighted average shares outstanding (in shares) | 115.2M shares | 113.7M shares | 112.8M shares |
| Basic earnings (loss) per share from continuing operations attributable to TDS common shareholders | $0 | -$1 | -$6 |
| Basic earnings (loss) per share from discontinued operations attributable to TDS common shareholders | -$1 | $0 | $0 |
| Basic earnings (loss) per share attributable to TDS common shareholders | -$0.66 | -$0.85 | -$5.05 |
| Diluted weighted average shares outstanding (in shares) | 118.6M shares | 113.7M shares | 112.8M shares |
| Diluted earnings (loss) per share from continuing operations attributable to TDS common shareholders | $0 | -$1 | -$6 |
| Diluted earnings (loss) per share from discontinued operations attributable to TDS common shareholders | -$1 | $0 | $0 |
| Diluted earnings (loss) per share attributable to TDS common shareholders | -$0.65 | -$0.85 | -$5.05 |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $766.0M | $363.6M | ||
| Customers, less allowances of $3,406 and $4,367, respectively | $68.7M | $57.1M | ||
| Other, less allowances of $3,203 and $1,643, respectively | $41.2M | $41.4M | ||
| Inventory, net | $4.1M | $4.1M | ||
| Prepaid expenses | $28.2M | $32.4M | ||
| Income taxes receivable | $1.3M | $2.5M | ||
| Current assets of discontinued operations | $0 | $1.2B | ||
| Other current assets | $14.0M | $31.1M | ||
| Total current assets | $923.5M | $1.7B | ||
| Non-current assets held for sale | $1.6B | $12.0K | ||
| Non-current assets of discontinued operations | $0 | $4.5B | ||
| Licenses | $1.6B | $3.3B | ||
| Other intangible assets, net of accumulated amortization of $157,208 and $128,077, respectively | $131.7M | $160.8M | ||
| Investments in unconsolidated entities | $461.9M | $500.5M | $504.6M | |
| Property, plant and equipment, net of accumulated depreciation and amortization of $4,156,666 and $4,137,465, respectively | $3.0B | $2.9B | ||
| Operating lease right-of-use assets | $515.1M | $520.9M | ||
| Other assets and deferred charges | $159.6M | $139.4M | ||
| Current portion of long-term debt | $5.3M | $31.1M | ||
| Accounts payable | $115.8M | $74.9M | ||
| Customer deposits and deferred revenues | $125.1M | $47.0M | ||
| Accrued interest | $2.8M | $9.0M | ||
| Accrued taxes | $46.7M | $36.6M | ||
| Accrued compensation | $56.8M | $147.1M | ||
| Short-term operating lease liabilities | $26.2M | $27.5M | ||
| Current liabilities of discontinued operations | $20.2M | $671.6M | ||
| Other current liabilities | $41.3M | $45.0M | ||
| Total current liabilities | $440.3M | $1.1B | ||
| Non-current liabilities of discontinued operations | $0 | $2.3B | ||
| Deferred income tax liability, net | $743.6M | $980.8M | ||
| Long-term operating lease liabilities | $549.6M | $540.9M | ||
| Other deferred liabilities and credits | $574.0M | $460.7M | ||
| Long-term debt, net | $823.4M | $2.4B | ||
| Noncontrolling interests with redemption features | $0 | $15.8M | ||
| Authorized 290,000 shares (25,000 Series A Common and 265,000 Common Shares) Issued 133,236 shares (7,541 Series A Common and 125,695 Common Shares) and 133,229 shares (7,534 Series A Common and 125,695 Common Shares), respectively Outstanding 113,783 shares (7,541 Series A Common and 106,242 Common Shares) and 114,345 shares (7,534 Series A Common and 106,811 Common Shares), respectively | $1.3M | $1.3M | ||
| Capital in excess of par value | $2.5B | $2.6B | ||
| Preferred Shares, 279,000 shares authorized, par value $0.01 per share, 44,400 shares outstanding (16,800 Series UU and 27,600 Series VV) | $1.1B | $1.1B | ||
| Treasury shares, at cost, 19,453 and 18,884 Common Shares, respectively | -$473.1M | -$425.3M | ||
| Accumulated other comprehensive income | $21.5M | $18.2M | ||
| Retained earnings | $1.7B | $1.8B | ||
| Total TDS shareholders equity | $4.8B | $5.1B | ||
| Noncontrolling interests | $465.7M | $776.8M | ||
| Total equity | $5.3B | $5.9B | $6.0B | $6.6B |
| Total liabilities and equity | $8.4B | $13.7B | ||
| Customer and agent allowances | $3.4M | $4.4M | ||
| Other allowances | $3.2M | $1.6M | ||
| Other intangible assets accumulated amortization | $157.2M | $128.1M | ||
| Accumulated depreciation and amortization | $4.2B | $4.1B | ||
| Authorized shares (in shares) | 290.0M shares | 290.0M shares | ||
| Issued shares (in shares) | 133.2M shares | 133.2M shares | ||
| Outstanding shares (in shares) | 113.8M shares | 114.3M shares | ||
| Preferred shares authorized | 279.0M shares | 279.0M shares | ||
| Par value per share (in dollars per share) | $0.01 | $0.01 | ||
| Outstanding shares (in shares) | 44.4M shares | 44.4M shares | ||
| Assets | $8.4B | $13.7B | $8.1B |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $766.0M | $363.6M | ||
| Customers, less allowances of $3,406 and $4,367, respectively | $68.7M | $57.1M | ||
| Other, less allowances of $3,203 and $1,643, respectively | $41.2M | $41.4M | ||
| Inventory, net | $4.1M | $4.1M | ||
| Prepaid expenses | $28.2M | $32.4M | ||
| Income taxes receivable | $1.3M | $2.5M | ||
| Current assets of discontinued operations | $0 | $1.2B | ||
| Other current assets | $14.0M | $31.1M | ||
| Total current assets | $923.5M | $1.7B | ||
| Non-current assets held for sale | $1.6B | $12.0K | ||
| Non-current assets of discontinued operations | $0 | $4.5B | ||
| Licenses | $1.6B | $3.3B | ||
| Other intangible assets, net of accumulated amortization of $157,208 and $128,077, respectively | $131.7M | $160.8M | ||
| Investments in unconsolidated entities | $461.9M | $500.5M | $504.6M | |
| Property, plant and equipment, net of accumulated depreciation and amortization of $4,156,666 and $4,137,465, respectively | $3.0B | $2.9B | ||
| Operating lease right-of-use assets | $515.1M | $520.9M | ||
| Other assets and deferred charges | $159.6M | $139.4M | ||
| Current portion of long-term debt | $5.3M | $31.1M | ||
| Accounts payable | $115.8M | $74.9M | ||
| Customer deposits and deferred revenues | $125.1M | $47.0M | ||
| Accrued interest | $2.8M | $9.0M | ||
| Accrued taxes | $46.7M | $36.6M | ||
| Accrued compensation | $56.8M | $147.1M | ||
| Short-term operating lease liabilities | $26.2M | $27.5M | ||
| Current liabilities of discontinued operations | $20.2M | $671.6M | ||
| Other current liabilities | $41.3M | $45.0M | ||
| Total current liabilities | $440.3M | $1.1B | ||
| Non-current liabilities of discontinued operations | $0 | $2.3B | ||
| Deferred income tax liability, net | $743.6M | $980.8M | ||
| Long-term operating lease liabilities | $549.6M | $540.9M | ||
| Other deferred liabilities and credits | $574.0M | $460.7M | ||
| Long-term debt, net | $823.4M | $2.4B | ||
| Noncontrolling interests with redemption features | $0 | $15.8M | ||
| Authorized 290,000 shares (25,000 Series A Common and 265,000 Common Shares) Issued 133,236 shares (7,541 Series A Common and 125,695 Common Shares) and 133,229 shares (7,534 Series A Common and 125,695 Common Shares), respectively Outstanding 113,783 shares (7,541 Series A Common and 106,242 Common Shares) and 114,345 shares (7,534 Series A Common and 106,811 Common Shares), respectively | $1.3M | $1.3M | ||
| Capital in excess of par value | $2.5B | $2.6B | ||
| Preferred Shares, 279,000 shares authorized, par value $0.01 per share, 44,400 shares outstanding (16,800 Series UU and 27,600 Series VV) | $1.1B | $1.1B | ||
| Treasury shares, at cost, 19,453 and 18,884 Common Shares, respectively | -$473.1M | -$425.3M | ||
| Accumulated other comprehensive income | $21.5M | $18.2M | ||
| Retained earnings | $1.7B | $1.8B | ||
| Total TDS shareholders equity | $4.8B | $5.1B | ||
| Noncontrolling interests | $465.7M | $776.8M | ||
| Total equity | $5.3B | $5.9B | $6.0B | $6.6B |
| Total liabilities and equity | $8.4B | $13.7B | ||
| Customer and agent allowances | $3.4M | $4.4M | ||
| Other allowances | $3.2M | $1.6M | ||
| Other intangible assets accumulated amortization | $157.2M | $128.1M | ||
| Accumulated depreciation and amortization | $4.2B | $4.1B | ||
| Authorized shares (in shares) | 290.0M shares | 290.0M shares | ||
| Issued shares (in shares) | 133.2M shares | 133.2M shares | ||
| Outstanding shares (in shares) | 113.8M shares | 114.3M shares | ||
| Preferred shares authorized | 279.0M shares | 279.0M shares | ||
| Par value per share (in dollars per share) | $0.01 | $0.01 | ||
| Outstanding shares (in shares) | 44.4M shares | 44.4M shares | ||
| Assets | $8.4B | $13.7B | $8.1B |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | $20.2M | -$26.5M | -$487.3M |
| Net income (loss) from discontinued operations | -$130.9M | $54.8M | $60.4M |
| Net income (loss) from continuing operations | $151.1M | -$81.3M | -$547.7M |
| Depreciation, amortization and accretion | $351.9M | $325.7M | $310.1M |
| Bad debts expense | $8.2M | $7.4M | $8.6M |
| Stock-based compensation expense | $27.2M | $18.3M | $19.6M |
| Deferred income taxes, net | -$66.2M | -$21.0M | -$15.3M |
| Equity in earnings of unconsolidated entities | -$176.1M | -$163.6M | -$159.4M |
| Distributions from unconsolidated entities | $215.6M | $168.7M | $150.3M |
| Loss on impairment of intangible assets | $48.6M | $137.3M | $547.0M |
| (Gain) loss on asset disposals, net | $16.8M | $13.1M | $5.3M |
| (Gain) loss on sale of business and other exit costs, net | -$23.9M | -$68.3M | $0 |
| (Gain) loss on license sales and exchanges, net | -$6.1M | $3.5M | -$2.2M |
| Other operating activities | $29.6M | $4.6M | $1.3M |
| Accounts receivable | -$24.2M | $6.2M | -$16.6M |
| Inventory | -$10.0K | -$327.0K | -$1.1M |
| Accounts payable | -$9.8M | -$56.1M | -$31.6M |
| Customer deposits and deferred revenues | -$70.6M | $399.0K | $1.2M |
| Accrued taxes | -$19.8M | -$5.1M | $44.2M |
| Other assets and liabilities | -$114.0M | $6.3M | -$7.0M |
| Net cash provided by operating activities - continuing operations | $338.3M | $295.8M | $306.7M |
| Net cash provided by operating activities - discontinued operations | $251.6M | $850.1M | $834.4M |
| Net cash provided by operating activities | $589.9M | $1.1B | $1.1B |
| Cash paid for additions to property, plant and equipment | -$390.5M | -$365.4M | -$643.1M |
| Cash paid for licenses | -$4.2M | -$19.2M | -$128.6M |
| Cash received from divestitures | $72.3M | $147.3M | $1.0M |
| Other investing activities | $4.1M | $1.4M | $11.5M |
| Net cash used in investing activities - continuing operations | -$318.3M | -$235.9M | -$759.1M |
| Net cash provided by (used in) investing activities - discontinued operations | $2.5B | -$518.6M | -$568.0M |
| Net cash provided by (used in) investing activities | $2.1B | -$754.5M | -$1.3B |
| Issuance of long-term debt | $325.0M | $440.0M | $1.1B |
| Repayment of long-term debt | -$2.0B | -$455.5M | -$723.3M |
| Repayment of short-term debt | $0 | $0 | -$60.0M |
| Tax withholdings, net of cash receipts, for TDS stock-based compensation awards | -$1.3M | -$2.3M | -$3.2M |
| Tax withholdings, net of cash receipts, for Array stock-based compensation awards | -$63.4M | -$11.2M | -$5.9M |
| Repurchase of TDS Common Shares | -$108.1M | $0 | -$5.8M |
| Repurchase of Array Common Shares | -$21.4M | -$54.1M | $0 |
| Dividends paid to TDS shareholders | -$87.7M | -$104.4M | -$152.7M |
| Array dividends paid to noncontrolling public shareholders | -$358.6M | $0 | $0 |
| Payment of debt issuance costs | -$8.8M | -$16.2M | -$5.1M |
| Distributions to noncontrolling interests | -$21.9M | -$4.7M | -$3.3M |
| Cash paid for software license agreements | -$1.9M | -$1.3M | -$405.0K |
| Other financing activities | -$16.3M | -$1.1M | $369.0K |
| Net cash provided by (used in) financing activities - continuing operations | -$2.3B | -$210.8M | $121.6M |
| Net cash used in financing activities - discontinued operations | -$20.5M | -$66.6M | -$65.6M |
| Net cash provided by (used in) financing activities | -$2.3B | -$277.5M | $56.0M |
| Net increase (decrease) in cash, cash equivalents and restricted cash | $386.9M | $113.9M | -$130.0M |
No quarter-by-quarter statement was filed.
Corporate structure
Telephone and Data Systems sits at the top of its group. 183 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Telephone and Data Systems
- Trustees of Amendment & Restatement (dated as of April 22, 2005) of Voting Trust under Agreement dated as of June 30, 1989 Filed SCHEDULE 13D/A on Telephone and Data Systems, latest Sep 2, 2026 (6 filings since Aug 4, 2023)
- PICTON MAHONEY ASSET MANAGEMENT Filed SCHEDULE 13G/A on Telephone and Data Systems, latest Aug 11, 2026 (5 filings since Aug 6, 2025)
- VANGUARD PORTFOLIO MANAGEMENT LLC Filed SCHEDULE 13G on Telephone and Data Systems, latest Apr 29, 2026
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on Telephone and Data Systems, latest Mar 27, 2026 (5 filings since Jan 10, 2022)
- BlackRock Filed SCHEDULE 13G/A on Telephone and Data Systems, latest Apr 28, 2025 (7 filings since Jan 26, 2022)
- Third Point LLC Filed SCHEDULE 13G on Telephone and Data Systems, latest Dec 26, 2024
- DIMENSIONAL FUND ADVISORS LP Filed SC 13G on Telephone and Data Systems, latest Oct 31, 2024 (4 filings since Feb 8, 2022)
- Invesco Filed SC 13G/A on Telephone and Data Systems, latest Feb 1, 2024 (2 filings since Feb 8, 2023)
- State Street Corporation Filed SC 13G/A on Telephone and Data Systems, latest Jan 22, 2024 (5 filings since Feb 10, 2022)
- Telephone and Data Systems Wilmington, Delaware, United States
- BendBroadband Subsidiary · Bend
- U.S. Cellular Subsidiary · Chicago
- ARRAY DIGITAL INFRASTRUCTURE, INC. Stake · Chicago, Illinois, United States
- ADI FINANCIAL, LLC Subsidiary · Illinois, United States
- ADI HOLDING COMPANY, LLC Subsidiary · Delaware, United States
- ADI INVESTMENT COMPANY OF FRESNO Subsidiary · California, United States
- ADI INVESTMENT COMPANY OF LOS ANGELES, INC. Subsidiary · Indiana, United States
- ADI INVESTMENT COMPANY OF OKLAHOMA CITY, LLC Subsidiary · Oklahoma, United States
- ADI INVESTMENT COMPANY, LLC Subsidiary · Delaware, United States
- ADI LEASING COMPANY, LLC Subsidiary · Delaware, United States
- ADI MANAGEMENT SERVICES, LLC Subsidiary · Delaware, United States
- ADI OPERATING COMPANY, LLC Subsidiary · Delaware, United States
- ADI WIRELESS INVESTMENT, INC. Subsidiary · Delaware, United States
- ADIOC NEBRASKA/KANSAS, INC. Subsidiary · Delaware, United States
- ADIOC OF BANGOR, INC. Subsidiary · Maine, United States
- ADIOC OF CEDAR RAPIDS, INC. Subsidiary · Delaware, United States
- ADIOC OF CENTRAL ILLINOIS, LLC Subsidiary · Illinois, United States
- ADIOC OF CUMBERLAND, LLC Subsidiary · Delaware, United States
- ADIOC OF DUBUQUE, INC. Subsidiary · Iowa, United States
- ADIOC OF GREATER IOWA, LLC Subsidiary · Delaware, United States
- ADIOC OF GREATER MISSOURI, LLC Subsidiary · Delaware, United States
- ADIOC OF GREATER NORTH CAROLINA, LLC Subsidiary · Delaware, United States
- ADIOC OF GREATER OKLAHOMA, LLC Subsidiary · Oklahoma, United States
- ADIOC OF JACKSONVILLE, LLC Subsidiary · Delaware, United States
- ADIOC OF KNOXVILLE, INC. Subsidiary · Tennessee, United States
- and 157 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (1 companies). Each entity in the chart links to its source.
What it owns
What Telephone and Data Systems reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Land | $64.0M6 Dec 31, 2025 | $60.5M6 Dec 31, 2024 | +5.8% |
| Buildings and improvements | $134.4M6 Dec 31, 2025 | $140.3M6 Dec 31, 2024 | −4.2% |
| Machinery and equipment | $3.5B13 Dec 31, 2024 | $4.4B13 Dec 31, 2023 | −20.3% |
| Furniture and fixtures | $58.8M6 Dec 31, 2025 | $63.8M6 Dec 31, 2024 | −7.8% |
| Computer equipment and software | $444.4M6 Dec 31, 2025 | $423.7M6 Dec 31, 2024 | +4.9% |
| Leasehold improvements | $337.7M6 Dec 31, 2025 | $336.8M6 Dec 31, 2024 | +0.3% |
| Construction in progress | $432.2M6 Dec 31, 2025 | $385.3M6 Dec 31, 2024 | +12.2% |
| Property and equipment, before depreciation | $7.1B6 Dec 31, 2025 | $7.0B6 Dec 31, 2024 | +1.5% |
| Accumulated depreciation | $4.2B6 Dec 31, 2025 | $4.1B6 Dec 31, 2024 | +0.5% |
| Property and equipment, net | $3.0B6 Dec 31, 2025 | $2.9B6 Dec 31, 2024 | +3.1% |
| Operating-lease assets (leased space) | $515.1M6 Dec 31, 2025 | $520.9M6 Dec 31, 2024 | −1.1% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $766.0M6 Dec 31, 2025 | $363.6M6 Dec 31, 2024 | +110.7% |
| Stakes in other companies (equity method) | $433.6M6 Dec 31, 2025 | $472.0M6 Dec 31, 2024 | −8.1% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Finite-lived intangibles, gross | $288.9M6 Dec 31, 2025 | $288.9M6 Dec 31, 2024 | 0% |
| Accumulated amortization | $157.2M6 Dec 31, 2025 | $128.1M6 Dec 31, 2024 | +22.7% |
| Finite-lived intangibles, net | $131.7M6 Dec 31, 2025 | $160.8M6 Dec 31, 2024 | −18.1% |
Inventory
Properties, in its own words
TDS has properties located throughout the United States. As of December 31, 2025, the gross investment in property, plant and equipment was $5,962.3 million at TDS Telecom, $1,079.0 million at Array and $80.8 million at Parent & Other.
As of December 31, 2025, Array owns 4,450 towers in 19 states. These sites are primarily located in New England, the Mid-Atlantic, the Midwest and Great Plains, and the Pacific Northwest. Array's portfolio consists of monopole, self-support (lattice), and guyed towers. Array’s corporate headquarters is located in Chicago, IL.
The rest of Item 2
TDS Telecom owns or leases its physical assets consisting of cable and telephone distribution networks, headends, network electronic equipment, customer premise equipment, land and buildings. TDS Telecom's corporate headquarters is located in Madison, WI.
Parent and Other fixed assets consist of assets, which are either owned or leased, at TDS Corporate and Suttle-Straus.
See Note 10 — Property, Plant and Equipment in the Notes to Consolidated Financial Statements for additional information.
Item 2 of the 10-K filed Feb 24, 2026.19
Stakes and holdings (Wikidata)
Things Wikidata records the company as owning, with the share when stated.1
Leadership
Who has led Telephone and Data Systems, and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
197019801990200020102020
- FounderLeRoy T. Carlson1
- Chief executive officerWalter Cd Carlson May 22, 2025 to now20
- Chief executive officerJames W. Butman Jan 2, 2018 to May 22, 202521
- Chief executive officerLeRoy T. Carlson1
- Chief executive officerLeRoy T. Carlson, Jr.1
- PresidentAnthony J. Carlson Feb 27, 2026 to now22
- PresidentWalter Cd Carlson May 22, 2025 to Aug 7, 202520
- PresidentDouglas W. Chambers Aug 7, 2025 to Feb 27, 202623
- PresidentLaurent C. Therivel Jul 1, 2020 to Jul 1, 202024
- PresidentJames W. Butman Jan 2, 2018 to Aug 8, 201821
- PresidentKenneth R. Meyers Aug 8, 2018 to Jan 15, 202025
- PresidentMary N. Dillon Jun 2, 2010 to Jun 2, 201026
- PresidentDavid A. Wittwer Jan 8, 2007 to May 25, 201727
- PresidentJames Barr Iii. Jan 25, 2006 to Jun 26, 200728
- Chief financial officerVicki L. Villacrez Jun 2, 2022 to now29
- Chief financial officerPeter L. Sereda Jan 15, 2020 to May 23, 202230
- Chief financial officerKenneth R. Meyers Jan 9, 2007 to May 13, 201331
- Chief financial officerSandra L. Helton Jan 18, 2006 to Oct 16, 200632
Board members and other officers (43)
- VP, Controller & CAOAnita J. Kroll Jun 27, 2019 to now33
- Senior VP-Finance & CAODouglas W. Chambers May 22, 2018 to May 24, 201934
- SVP of Human ResourcesDaniel J. Dewitt Jan 23, 2017 to May 19, 202335
- SVP Corp Relations & Corp SecJane W. McCahon Mar 21, 2016 to Feb 14, 202236
- Sr VP & Corporate ControllerDouglas D. Shuma Sep 10, 2007 to May 15, 201837
- VP Human ResourcesC. Theodore Herbert Jan 17, 2006 to Aug 17, 201638
- VP- Acquisitions & Corp. DevelKenneth M. Kotylo Jan 17, 2006 to Jun 20, 200639
- VP - Internal AuditFrieda E. Ireland Jan 18, 2006 to Jun 20, 200640
- VP & Asst. Corp. ControllerJ. Timothy Kleespies Jan 18, 2006 to Jan 18, 200641
- VP-Technology Planning ServiceJoseph R. Hanley Jan 18, 2006 to now42
- VP, Corporate RelationsMark A. Steinkrauss Jan 18, 2006 to Jun 20, 200643
- VP & TreasurerPeter L. Sereda Jan 18, 2006 to Feb 14, 202244
- VP-Corporate FinanceJames W. Twesme Jan 19, 2006 to Jun 20, 200645
- Senior VP - CIOKurt B. Thaus Jan 19, 2006 to Dec 9, 202146
- Senior Vice PresidentScott H. Williamson Jan 26, 2006 to May 25, 202147
- VP-Corp. DevelopmentByron A. Wertz Feb 2, 2006 to Jun 20, 200648
- Sr. VP - Corp. ControllerD. Michael Jack Feb 7, 2006 to Jun 27, 200749
- Exec. Officer-Pres. SubsidiaryJohn E. Rooney Feb 9, 2006 to Jan 22, 201050
- VP & Assistant ControllerRandall H. Reed Jun 20, 2006 to Jun 20, 200651
- Board memberVicki L. Villacrez Mar 13, 2025 to now52
- Board memberNapoleon B. Rutledge Jr. Dec 3, 2024 to now53
- Board memberDirk S. Woessner May 20, 2022 to now54
- Board memberLaurent C. Therivel Jul 1, 2020 to Jul 1, 202024
- Board memberWade Oosterman May 29, 2019 to now55
- Board memberJames W. Butman May 24, 2018 to now56
- Board memberKimberly D. Dixon May 25, 2017 to now57
- Board memberDavid A. Wittwer Dec 23, 2014 to Mar 5, 201858
- Board memberClarence A. Davis May 21, 2009 to May 18, 202359
- Board memberGary L. Sugarman May 21, 2009 to May 12, 202160
- Board memberPrudence E. Carlson May 23, 2008 to now61
- Board memberKenneth R. Meyers Jan 9, 2007 to Jan 15, 202031
- Board memberGregory P. Josefowicz Jul 26, 2007 to Mar 2, 200962
- Board memberDonald C. Nebergall Jan 3, 2006 to Mar 4, 201463
- Board memberGeorge W. Off Jan 3, 2006 to now64
- Board memberHerbert S. Wander Jan 3, 2006 to Mar 2, 201765
- Board memberKevin A. Mundt Jan 3, 2006 to Jan 3, 200666
- Board memberLetitia G. C. Carlson Jan 3, 2006 to now67
- Board memberMartin L. Solomon Jan 3, 2006 to Jun 21, 200768
- Board memberMitchell H. Saranow Jan 3, 2006 to Mar 27, 201969
- Board memberWalter Cd Carlson Jan 3, 2006 to now70
- Board memberSandra L. Helton Jan 18, 2006 to Oct 16, 200632
- Board memberJames Barr Iii. Jan 25, 2006 to Jan 26, 200928
- Board memberChristopher D. Oleary Sep 20, 2006 to now71
Subsidiaries and ownership
Subsidiaries
Also owns
Subsidiaries (Exhibit 21)
- ADI FINANCIAL, LLC ILLINOIS8
- ADI HOLDING COMPANY, LLC DELAWARE8
- ADI INVESTMENT COMPANY OF FRESNO CALIFORNIA8
- ADI INVESTMENT COMPANY OF LOS ANGELES, INC. INDIANA8
- ADI INVESTMENT COMPANY OF OKLAHOMA CITY, LLC OKLAHOMA8
- ADI INVESTMENT COMPANY, LLC DELAWARE8
- ADI INVESTMENT CORPORATION DELAWARE8
- ADI LEASING COMPANY, LLC DELAWARE8
- ADI MANAGEMENT SERVICES, LLC DELAWARE8
- ADI OPERATING COMPANY, LLC DELAWARE8
- ADI WIRELESS INVESTMENT, INC. DELAWARE8
- ADIOC NEBRASKA/KANSAS, INC. DELAWARE8
- ADIOC NEBRASKA/KANSAS, LLC DELAWARE8
- ADIOC OF BANGOR, INC. MAINE8
- ADIOC OF CEDAR RAPIDS, INC. DELAWARE8
- ADIOC OF CENTRAL ILLINOIS, LLC ILLINOIS8
- ADIOC OF CUMBERLAND, LLC DELAWARE8
- ADIOC OF DUBUQUE, INC. IOWA8
- ADIOC OF GREATER IOWA, LLC DELAWARE8
- ADIOC OF GREATER MISSOURI, LLC DELAWARE8
- ADIOC OF GREATER NORTH CAROLINA, LLC DELAWARE8
- ADIOC OF GREATER OKLAHOMA, LLC OKLAHOMA8
- ADIOC OF JACKSONVILLE, LLC DELAWARE8
- ADIOC OF KNOXVILLE, INC. TENNESSEE8
All 183 listed subsidiaries
- ADIOC OF LACROSSE, LLC DELAWARE8
- ADIOC OF MEDFORD, INC. OREGON8
- ADIOC OF OREGON RSA # 5, INC. DELAWARE8
- ADIOC OF PENNSYLVANIA RSA NO. 10-B2, LLC DELAWARE8
- ADIOC OF RICHLAND, INC. WASHINGTON8
- ADIOC OF SOUTH CAROLINA RSA # 4, INC. SOUTH CAROLINA8
- ADIOC OF VIRGINIA RSA # 3, INC. VIRGINIA8
- ADIOC OF WASHINGTON-4, INC. DELAWARE8
- ADIOC OF YAKIMA, INC. WASHINGTON8
- ADVANTAGE SPECTRUM, L.P. DELAWARE8
- AFFILIATE FUND DELAWARE8
- AIRADIGM COMMUNICATIONS, INC. WISCONSIN8
- ARCADIA TELEPHONE COMPANY OHIO8
- ARIZONA TELEPHONE COMPANY ARIZONA8
- ARRAY DIGITAL INFRASTRUCTURE, INC. DELAWARE8
- ARVIG TELEPHONE COMPANY MINNESOTA8
- ASOTIN TELEPHONE COMPANY WASHINGTON8
- BADGER TELECOM, LLC DELAWARE8
- BANGOR CELLULAR TELEPHONE, L.P. DELAWARE8
- BLACK EARTH TELEPHONE COMPANY, LLC DELAWARE8
- BLUE RIDGE TELEPHONE COMPANY GEORGIA8
- BONDUEL TELEPHONE COMPANY, LLC DELAWARE8
- BRIDGE WATER TELEPHONE COMPANY MINNESOTA8
- BURLINGTON, BRIGHTON & WHEATLAND TELEPHONE COMPANY, LLC DELAWARE8
- BUTLER TELEPHONE COMPANY, INC. ALABAMA8
- CALHOUN CITY TELEPHONE COMPANY, INC. MISSISSIPPI8
- CALIFORNIA RURAL SERVICE AREA #1, INC. CALIFORNIA8
- CAMDEN TELEPHONE AND TELEGRAPH COMPANY, INC. GEORGIA8
- CAMDEN TELEPHONE COMPANY, INC. INDIANA8
- CEDAR RAPIDS CELLULAR TELEPHONE, L.P. DELAWARE8
- CELLVEST, INC. DELAWARE8
- CENTRAL CELLULAR TELEPHONES, LTD. ILLINOIS8
- CENTRAL STATE TELEPHONE COMPANY, LLC DELAWARE8
- CHAMPLAIN CELLULAR, INC. NEW YORK8
- CHATHAM TELEPHONE COMPANY MICHIGAN8
- COBBOSSEECONTEE TELEPHONE COMPANY MAINE8
- COMMUNICATION CORPORATION OF MICHIGAN MICHIGAN8
- COMMUNICATIONS CORPORATION OF INDIANA INDIANA8
- COMMUNICATIONS CORPORATION OF SOUTHERN INDIANA INDIANA8
- COMMUNITY CELLULAR TELEPHONE COMPANY TEXAS8
- CONTINENTAL TELEPHONE COMPANY OHIO8
- CROWN POINT CELLULAR, INC. NEW YORK8
- DEPOSIT TELEPHONE COMPANY, INC. NEW YORK8
- DICKEYVILLE TELEPHONE, LLC DELAWARE8
- DUBUQUE CELLULAR TELEPHONE, L.P. DELAWARE8
- EASTCOAST TELECOM OF WISCONSIN, LLC DELAWARE8
- EDWARDS TELEPHONE COMPANY, INC. NEW YORK8
- GRANTLAND TELECOM, LLC DELAWARE8
- HAMPDEN TELEPHONE COMPANY MAINE8
- HAPPY VALLEY TELEPHONE COMPANY CALIFORNIA8
- HARDY CELLULAR TELEPHONE COMPANY DELAWARE8
- HARTLAND & ST. ALBANS TELEPHONE COMPANY MAINE8
- HOLLIS TELEPHONE COMPANY, INC. NEW HAMPSHIRE8
- HOME TELEPHONE COMPANY, INC. INDIANA8
- HORNITOS TELEPHONE CO. CALIFORNIA8
- HUMPHREYS COUNTY TELEPHONE COMPANY TENNESSEE8
- INTERLINX COMMUNICATION, LLC DELAWARE8
- IOWA RSA # 12, INC. DELAWARE8
- IOWA RSA # 3, INC. DELAWARE8
- IOWA RSA # 9, INC. DELAWARE8
- ISLAND TELEPHONE COMPANY MICHIGAN8
- JACKSONVILLE CELLULAR PARTNERSHIP NORTH CAROLINA8
- JACKSONVILLE CELLULAR TELEPHONE COMPANY NORTH CAROLINA8
- KANSAS #15 LIMITED PARTNERSHIP DELAWARE8
- KEARSARGE TELEPHONE COMPANY NEW HAMPSHIRE8
- KENOSHA CELLULAR TELEPHONE, L.P. DELAWARE8
- KING STREET WIRELESS, L.P. DELAWARE8
- KING STREET WIRELESS, LLC DELAWARE8
- LESLIE COUNTY TELEPHONE COMPANY KENTUCKY8
- LEWIS RIVER TELEPHONE COMPANY, INC. WASHINGTON8
- LEWISPORT TELEPHONE COMPANY KENTUCKY8
- LITTLE MIAMI COMMUNICATIONS CORPORATION OHIO8
- LUDLOW TELEPHONE COMPANY VERMONT8
- MADISON CELLULAR TELEPHONE COMPANY WISCONSIN8
- MAHANOY & MAHANTANGO TELEPHONE COMPANY PENNSYLVANIA8
- MAINE RSA # 1, INC. MAINE8
- MAINE RSA # 4, INC. MAINE8
- MCCLELLANVILLE TELEPHONE COMPANY, INC. SOUTH CAROLINA8
- MCDANIEL CELLULAR TELEPHONE COMPANY DELAWARE8
- MCDANIEL TELEPHONE CO. WASHINGTON8
- MERRIMACK COUNTY TELEPHONE COMPANY NEW HAMPSHIRE8
- MID-PLAINS TELEPHONE, LLC DELAWARE8
- MID-STATE TELEPHONE COMPANY MINNESOTA8
- MIDWAY TELEPHONE COMPANY, LLC DELAWARE8
- MINNESOTA INVCO OF RSA # 7, INC. DELAWARE8
- MOSINEE TELEPHONE COMPANY, LLC DELAWARE8
- MT. VERNON TELEPHONE COMPANY, LLC DELAWARE8
- MYRTLE TELEPHONE COMPANY, INC. MISSISSIPPI8
- NATIONAL TELEPHONE & TELEGRAPH COMPANY DELAWARE8
- NELSON-BALL GROUND TELEPHONE COMPANY GEORGIA8
- NEWPORT CELLULAR, INC. NEW YORK8
- NH #1 RURAL CELLULAR, INC. NEW HAMPSHIRE8
- NORTHFIELD TELEPHONE COMPANY VERMONT8
- NORWAY TELEPHONE COMPANY, INC. SOUTH CAROLINA8
- OAKMAN TELEPHONE COMPANY, INC. ALABAMA8
- OAKWOOD TELEPHONE COMPANY OHIO8
- OREGON RSA #2, INC. OREGON8
- PCS WISCONSIN, LLC WISCONSIN8
- PEOPLES TELEPHONE COMPANY, INC. ALABAMA8
- PERKINSVILLE TELEPHONE COMPANY, INC. VERMONT8
- PORT BYRON TELEPHONE COMPANY NEW YORK8
- POTLATCH TELEPHONE COMPANY IDAHO8
- QUINCY TELEPHONE COMPANY FLORIDA8
- RACINE CELLULAR TELEPHONE COMPANY WISCONSIN8
- RIVERSIDE TELECOM, LLC DELAWARE8
- S & W TELEPHONE COMPANY, INC. INDIANA8
- SALEM TELEPHONE COMPANY KENTUCKY8
- SCANDINAVIA TELEPHONE COMPANY, LLC DELAWARE8
- SHIAWASSEE TELEPHONE COMPANY MICHIGAN8
- SOMERSET TELEPHONE COMPANY MAINE8
- SOUTHEAST MISSISSIPPI TELEPHONE COMPANY, INC. MISSISSIPPI8
- SOUTHEAST TELEPHONE CO. OF WISCONSIN, LLC DELAWARE8
- SOUTHWESTERN TELEPHONE COMPANY ARIZONA8
- ST. STEPHEN TELEPHONE COMPANY SOUTH CAROLINA8
- STOCKBRIDGE & SHERWOOD TELEPHONE COMPANY, LLC. DELAWARE8
- SUGAR VALLEY TELEPHONE COMPANY PENNSYLVANIA8
- SUNSHINE SPECTRUM, LLC DELAWARE8
- SUTTLE-STRAUS, INC. WISCONSIN8
- TDS BROADBAND LLC DELAWARE8
- TDS BROADBAND SERVICE LLC DELAWARE8
- TDS LONG DISTANCE CORPORATION DELAWARE8
- TDS METROCOM, LLC DELAWARE8
- TDS PURCO LLC DELAWARE8
- TDS TELECOM SERVICE LLC IOWA8
- TDS TELECOMMUNICATIONS LLC DELAWARE8
- TELLICO TELEPHONE COMPANY, INCORPORATED TENNESSEE8
- TENNEY TELEPHONE COMPANY, LLC DELAWARE8
- TEXAS INVCO OF RSA # 6, INC. DELAWARE8
- THE FARMERS TELEPHONE COMPANY, LLC DELAWARE8
- THE HOME TELEPHONE COMPANY OF PITTSBORO, INC. INDIANA8
- THE ISLAND TELEPHONE COMPANY MAINE8
- THE MERCHANTS AND FARMERS TELEPHONE COMPANY INDIANA8
- THE STATE LONG DISTANCE TELEPHONE COMPANY, LLC DELAWARE8
- THE VANLUE TELEPHONE COMPANY OHIO8
- THE WEST PENOBSCOT TELEPHONE & TELEGRAPH COMPANY MAINE8
- TIPTON TELEPHONE COMPANY, INC. INDIANA8
- TONAQUINT NETWORKS, LLC DELAWARE8
- TOWNSHIP CELLULAR TELEPHONE, INC. DELAWARE8
- TOWNSHIP TELEPHONE COMPANY, INC. NEW YORK8
- TRI-COUNTY COMMUNICATIONS CORPORATION INDIANA8
- TRI-COUNTY TELEPHONE COMPANY, INC. INDIANA8
- UNION TELEPHONE COMPANY NEW HAMPSHIRE8
- UTELCO, LLC DELAWARE8
- VERMONT RSA NO. 2-B2, INC. DELAWARE8
- VERNON TELEPHONE COMPANY, INC. NEW YORK8
- VIRGINIA TELEPHONE COMPANY VIRGINIA8
- WARREN TELEPHONE COMPANY MAINE8
- WASHINGTON RSA # 5, INC. WASHINGTON8
- WAUNAKEE TELEPHONE COMPANY, LLC DELAWARE8
- WEST POINT TELEPHONE COMPANY, INCORPORATED INDIANA8
- WESTELCOM CELLULAR, INC. NEW YORK8
- WESTERN SUB-RSA LIMITED PARTNERSHIP DELAWARE8
- WILLISTON TELEPHONE COMPANY SOUTH CAROLINA8
- WILTON TELEPHONE COMPANY, INC. NEW HAMPSHIRE8
- WINSTED TELEPHONE COMPANY MINNESOTA8
- WINTERHAVEN TELEPHONE COMPANY CALIFORNIA8
- WOLVERINE TELEPHONE COMPANY MICHIGAN8
- YAKIMA MSA LIMITED PARTNERSHIP DELAWARE8
- ZOLO BROADCASTING LLC DELAWARE8
From Wikidata.1 The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Timeline
- Sep 2, 20268-K Other events72
- Aug 7, 20268-K Results of operations73
- Jun 1, 20268-K Completed an acquisition or sale; Other events74
- May 26, 20268-K Shareholder vote75
- May 8, 20268-K Other events76
- May 8, 20268-K Results of operations77
- Mar 24, 20268-K Executive or director change78
- Mar 13, 20268-K Executive or director change79
- Feb 20, 20268-K Results of operations80
- Jan 13, 20268-K Completed an acquisition or sale; Other events81
- Dec 12, 20258-K Entered a material agreement82
- Nov 7, 20258-K Results of operations83
- May 22, 2025New chief executive Walter Cd Carlson becomes CEO20
- Jan 2, 2018New chief executive James W. Butman becomes CEO21
- 1969Founded Founded1
Calendar
Coming up
- Nov 6, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.07 a share, on Nov 7, 2025.84
When it reported results
- Aug 7, 2026Reported quarterly or annual results73
- May 8, 2026Reported quarterly or annual results77
- Feb 20, 2026Reported quarterly or annual results80
- Nov 7, 2025Reported quarterly or annual results83
- Aug 11, 2025Reported quarterly or annual results85
- May 2, 2025Reported quarterly or annual results86
- Feb 21, 2025Reported quarterly or annual results87
- Nov 1, 2024Reported quarterly or annual results88
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
395 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 67 major events, 209 insider forms, 36 large holders, 62 other. The latest 20:
- Sep 17, 20264 EDGAR
- Sep 15, 20264 EDGAR
- Sep 11, 2026144 EDGAR
- Sep 8, 20264 EDGAR
- Sep 8, 20264 EDGAR
- Sep 2, 20268-K EDGAR
- Sep 2, 2026SCHEDULE 13D/A EDGAR
- Aug 11, 2026SCHEDULE 13G/A EDGAR
- Aug 7, 202610-Q EDGAR
- Aug 7, 20268-K EDGAR
- Jun 15, 20264 EDGAR
- Jun 15, 20264 EDGAR
- Jun 15, 20264 EDGAR
- Jun 10, 20264 EDGAR
- Jun 2, 202611-K EDGAR
- Jun 1, 20268-K EDGAR
- May 26, 20264 EDGAR
- May 26, 20264 EDGAR
- May 26, 20264 EDGAR
- May 26, 20264 EDGAR
The 395 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
20 open-market trades by officers, directors and large owners since October 2021: 0 buys and 20 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 11, 2026 | CARLSON LEROY T JRVice Chair | Sale | 77,100 | $38.45 | $3.0M | Form 4 |
| Mar 23, 2026 | Carlson Prudence EDirector | Sale | 5,811 | $42.00 | $244.1K | Form 4 |
| Nov 11, 2025 | Kroll Anita JVP, Controller & CAO | Sale | 870 | $39.16 | $34.1K | Form 4 |
| Nov 10, 2025 | Kroll Anita JVP, Controller & CAO | Sale | 16,217 | $39.02 | $632.8K | Form 4 |
| Aug 20, 2025 | Kroll Anita JVP, Controller & CAO | Sale | 8,608 | $39.09 | $336.5K | Form 4 |
| Aug 18, 2025 | Villacrez Vicki LExecutive Vice President & CFO | Sale | 26,334 | $39.02 | $1.0M | Form 4 |
| Aug 18, 2025 | Carlson Prudence EDirector | Sale | 4,452 | $38.50 | $171.4K | Form 4 |
| Aug 18, 2025 | Hanley Joseph RSVP-Strategy & Corp Dev | Sale | 68,759 | $38.16 | $2.6M | Form 4 |
| Aug 15, 2025 | Villacrez Vicki LExecutive Vice President & CFO | Sale | 58,452 | $38.56 | $2.3M | Form 4 |
| Aug 14, 2025 | Carlson Prudence EDirector | Sale | 6,320 | $38.05 | $240.5K | Form 4 |
| Aug 13, 2025 | Villacrez Vicki LExecutive Vice President & CFO | Sale | 73,878 | $38.88 | $2.9M | Form 4 |
| Aug 13, 2025 | Kroll Anita JVP, Controller & CAO | Sale | 800 | $39.16 | $31.3K | Form 4 |
| Aug 12, 2025 | Kroll Anita JVP, Controller & CAO | Sale | 29,047 | $39.02 | $1.1M | Form 4 |
| Aug 12, 2025 | Chambers Douglas WPresident of a Subsidiary | Sale | 41,992 | $38.63 | $1.6M | Form 4 |
| Aug 12, 2025 | OLeary Christopher DDirector | Sale | 26,000 | $38.08 | $990.1K | Form 4 |
| Aug 12, 2025 | CARLSON LEROY T JRVice Chair | Sale | 111,820 | $38.15 | $4.3M | Form 4 |
| May 25, 2022 | Davis Clarence ADirector | Sale | 4,300 | $18.33 | $78.8K | Form 4 |
| Dec 8, 2021 | THAUS KURT BSenior VP - Technology | Sale | 12,702 | $19.59 | $248.8K | Form 4 |
| Dec 7, 2021 | THAUS KURT BSenior VP - Technology | Sale | 9,390 | $19.57 | $183.8K | Form 4 |
| Nov 17, 2021 | Carlson Prudence EDirector | Sale | 9,000 | $19.51 | $175.6K | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Trustees of Amendment & Restatement (dated as of April 22, 2005) of Voting Trust under Agreement dated as of June 30, 1989SCHEDULE 13D/A, 6 filings Aug 4, 2023 to Sep 2, 202689
- PICTON MAHONEY ASSET MANAGEMENTSCHEDULE 13G/A, 5 filings Aug 6, 2025 to Aug 11, 202690
- VANGUARD PORTFOLIO MANAGEMENT LLCSCHEDULE 13G, 1 filing Apr 29, 202691
- VANGUARD GROUP INCSCHEDULE 13G/A, 5 filings Jan 10, 2022 to Mar 27, 202692
- BlackRockSCHEDULE 13G/A, 7 filings Jan 26, 2022 to Apr 28, 202593
- Third Point LLCSCHEDULE 13G, 1 filing Dec 26, 202494
- DIMENSIONAL FUND ADVISORS LPSC 13G, 4 filings Feb 8, 2022 to Oct 31, 202495
- InvescoSC 13G/A, 2 filings Feb 8, 2023 to Feb 1, 202496
- State Street CorporationSC 13G/A, 5 filings Feb 10, 2022 to Jan 22, 202497
Stakes it holds
Telephone and Data Systems has told the SEC it owns more than 5% of 1 company, latest first (Schedules 13D and 13G).
- ARRAY DIGITAL INFRASTRUCTURE, INC.SCHEDULE 13D/A Aug 4, 2023 to Sep 2, 202698
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Former President and CEO of Array | $590.7K | $9.3M99 | |
| 2025 | Vice Chair and Former President and CEO of TDS | $787.9K | $7.0M99 | |
| 2025 | Former President and CEO of TDS Telecom | $444.1K | $5.5M99 | |
| 2025 | President and CEO of TDS | $735.6K | $4.8M99 | |
| 2025 | President and CEO of TDS Telecom | $392.3K | $4.1M99 | |
| 2025 | Executive VicePresident and Chief Financial Officer of TDS | $689.7K | $3.4M99 | |
| 2025 | Senior Vice PresidentStrategy and Corporate Development of TDS | $548.1K | $2.2M99 | |
| 2025 | President and CEO of Array | $244.2K | $584.8K99 | |
| 2024 | Vice Chair and Former President and CEO of TDS | $1.4M | $9.6M99 | |
| 2024 | Former President and CEO of Array | $901.9K | $7.7M99 | |
| 2024 | Former President and CEO of TDS Telecom | $741.6K | $3.7M99 | |
| 2024 | Executive VicePresident and Chief Financial Officer of TDS | $680.0K | $2.5M99 | |
| 2024 | Senior Vice PresidentStrategy and Corporate Development of TDS | $540.4K | $1.7M99 | |
| 2023 | Former President and CEO of Array | $866.9K | $10.9M99 | |
| 2023 | Vice Chair and Former President and CEO of TDS | $1.4M | $9.7M99 | |
| 2023 | Former President and CEO of TDS Telecom | $720.0K | $3.3M99 | |
| 2023 | Executive VicePresident and Chief Financial Officer of TDS | $585.1K | $2.0M99 | |
| 2023 | Senior Vice PresidentStrategy and Corporate Development of TDS | $522.1K | $1.5M99 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 15,768,166 | $583.6M | 0.0% | +845,852 |
| Dimensional Fund Advisors LP | 6,342,746 | $234.8M | 0.0% | −139,401 |
| Third Point LLC | 6,275,000 | $232.2M | 5.0% | −325,000 |
| Vanguard Portfolio Management LLC | 5,790,808 | $214.3M | 0.0% | −465,487 |
| Carronade Capital Management, LP | 5,319,175 | $196.9M | 3.4% | +695,241 |
| Oaktree Capital Management LP | 5,282,905 | $195.5M | 5.2% | +990,662 |
| American Century Companies Inc | 4,720,830 | $174.7M | 0.1% | +1,032,216 |
| State Street Corp | 4,430,551 | $164.0M | 0.0% | +239,111 |
| Vanguard Capital Management LLC | 4,154,077 | $153.7M | 0.0% | −150,665 |
| Geode Capital Management, LLC | 2,847,613 | $105.4M | 0.0% | +443,102 |
| Goldman Sachs Group Inc | 2,502,233 | $92.6M | 0.0% | +305,411 |
| Davidson Kempner Capital Management LP | 2,004,506 | $74.2M | 1.8% | +592,806 |
| UBS Group AG | 1,931,686 | $71.5M | 0.0% | +1,125,693 |
| Diameter Capital Partners LP | 1,675,955 | $62.0M | 8.2% | New |
| Morgan Stanley | 1,576,007 | $58.3M | 0.0% | −122,557 |
| Gabelli Funds LLC | 1,527,900 | $56.5M | 0.4% | +8,900 |
| Goldentree Asset Management LP | 1,518,180 | $56.1M | 3.3% | +1,002,180 |
| Gamco Investors, Inc. Et Al | 1,490,973 | $55.2M | 0.5% | −15,038 |
| Foursixthree Capital LP | 1,405,682 | $52.0M | 14.0% | +464,755 |
| Redwood Capital Management, LLC | 1,275,282 | $47.2M | 5.1% | No change |
| Aristeia Capital, L.l.c. | 1,165,593 | $43.1M | 1.4% | +565,593 |
| Charles Schwab Investment Management Inc | 1,137,756 | $42.1M | 0.0% | +666 |
| Northern Trust Corp | 1,103,740 | $40.8M | 0.0% | +64,885 |
| 140 Summer Partners LP | 968,633 | $35.8M | 2.9% | −368,098 |
| Hudson Bay Capital Management LP | 942,129 | $34.9M | 0.2% | +123,429 |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How Telephone and Data Systems is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARTELEPHONE & DATA SYSTEMS INC /DE/2
- CIK0001051512
- Employer ID (EIN)36-266902319
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company19
- Incorporated inDelaware19
- Fiscal year endsDecember 312
- Industry code (SIC)4813 Telephone Communications (No Radiotelephone)2
- SEC reviewing officeOffice of Technology, Division of Corporation Finance2
- Business address30 North Lasalle Street, Ste 4000, Chicago, IL 606022
- Phone31263019002
- Shares outstanding106,200,000 Common Class B shares; 7,500,000 Common Class A shares as of Jan 31, 202619
- AuditorPricewaterhouseCoopers LLP, Chicago, Illinois PCAOB ID 238; it also attests to the company’s internal control over financial reporting19
- On EDGAR sinceDec 18, 19972
- Filings2,786 in all: 4 (1,178), 8-K (379), 5 (240), SC 13D/A (110), SC 13G/A (99), DEFA14A (90), 10-Q (85), 424B3 (74)2
All 63 form types
SC 13G (37), 144 (35), 3 (31), DEF 14A (28), UPLOAD (27), 11-K (26), 10-K (25), S-8 (25), CORRESP (22), 5/A (17), ARS (17), 10-Q/A (16), 4/A (16), 424B5 (16), POS AM (15), SC 13D (13), S-3D (11), 8-A12B (10), S-8 POS (10), 8-K/A (8), EFFECT (8), DEFC14A (7), PREC14A (7), S-3ASR (7), SCHEDULE 13G/A (7), 15-12B (6), 25-NSE (6), NT 10-Q (6), SCHEDULE 13D/A (6), 425 (5), FWP (5), PRE 14A (5), 10-K/A (4), CERTNYS (4), PRER14A (4), PX14A6G (4), S-3DPOS (4), 10-K405 (3), 8-A12B/A (3), SCHEDULE 13G (3), 10-K405/A (2), CERT (2), CERTAMX (2), CT ORDER (2), NT 10-K (2), PRRN14A (2), S-4/A (2), 11-K/A (1), 25 (1), DEFR14A (1), DFAN14A (1), NT 11-K (1), POSASR (1), S-3 (1), S-4 (1)
- Latest filingsAnnual report (10-K) Feb 24, 2026
Quarterly report (10-Q) Aug 7, 2026
Proxy statement (DEF 14A) Apr 8, 2026
Latest 8-K (8-K) Sep 2, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Shares, $.01 par value | TDS | New York Stock Exchange |
| Depository Shares each representing a 1/1000th interest in a share of 6.625% Series UU Cumulative Redeemable Perpetual Preferred Stock $.01 par value | TDSPrU | New York Stock Exchange |
| Depository Shares each representing a 1/1000th interest in a share of 6.000% Series VV Cumulative Redeemable Perpetual Preferred Stock $.01 par value | TDSPrV | New York Stock Exchange |
From the cover page of the 10-K filed Feb 24, 2026 (Section 12(b) of the Exchange Act).19
Risk factors and legal proceedings
The risks Telephone and Data Systems names in Item 1A of its 10-K filed Feb 24, 2026: 24 risks under these headings, as written.19
- Announced Transactions and Strategic Alternatives Review Risk Factors
- 1)Closing of the T-Mobile transaction occurred on August 1, 2025, and has required substantial changes to the manner in which Array’s remaining business is conducted, which could have a material adverse effect on Array's financial condition and results of operations.
- 2)Array entered into License Purchase Agreements with Verizon and T-Mobile to sell certain wireless spectrum licenses. There is no guarantee that such transactions contemplated by the License Purchase Agreements will be consummated. Costs and uncertainties related to these transactions could have adverse effects on Array's financial condition or results of operations.
- Operational Risk Factors
- 3)An inability to monetize the remaining spectrum assets as well as the ongoing costs to retain the spectrum could adversely affect TDS’ operations.
- 4)A delay or failure by TDS to complete significant network construction and systems implementation activities as part of its plans to expand and improve the quality and capacity of its network and support systems could adversely affect its operations.
- 5)Increasing competition in the wireline and tower industries could adversely affect TDS’ revenues, negatively impact future growth and increase its costs to compete.
- 6)There are economic and business risks associated with fixed rate annual escalators on Array's colocation revenue contracts.
- 8)TDS’ lack of scale relative to larger competitors that may have greater financial and other resources than TDS could cause TDS to be unable to compete successfully, which could adversely affect its business, financial condition or results of operations.
- 9)Inability to protect TDS’ real estate rights, with respect to land leases, could have an adverse effect on TDS’ business, financial condition or results of operations.
- 10)TDS’ business, financial condition or results of operations may be adversely impacted by extreme weather events, climate-related events, natural disasters (including wildfires) and other unforeseen events.
- 11)An inability to attract people of outstanding talent throughout all levels of the organization, to develop their potential through education and assignments, and to retain them by keeping them engaged, challenged and properly rewarded could have an adverse effect on TDS' business, financial condition or results of operations.
The other 14 risks
- 12)Changes in various business factors, including changes in demand, consumer preferences and perceptions, price competition, cost increases and other factors, could have an adverse effect on TDS’ business, financial condition or results of operations.
- 13)Advances or changes in technology could render certain technologies used by TDS obsolete, could put TDS at a competitive disadvantage, could reduce TDS’ revenues or could increase its costs of doing business. Artificial intelligence advancements may put TDS at a competitive disadvantage, in particular if TDS is not able to keep pace with its competitors, which could have an adverse effect on TDS' business, financial condition or results of operations.
- 14)Costs, integration problems or other factors associated with acquisitions or divestitures and/or expansion of TDS’ businesses could have an adverse effect on TDS’ business, financial condition or results of operations.
- 15)Difficulties involving third parties TDS does business with, including changes in the relationship with TDS or financial or operational difficulties, including supply chain disruptions of key suppliers, could adversely affect TDS’ business, financial condition or results of operations.
- 16)A failure by TDS to maintain flexible and capable telecommunication networks or information technologies, or a material disruption thereof, could have an adverse effect on TDS’ business, financial condition or results of operations.
- Financial Risk Factors
- 17)Uncertainty in TDS’ or Array's future cash flow and liquidity, their level of indebtedness or their inability to access capital, deterioration in the capital markets, changes in interest rates, changes in TDS' or Array’s credit ratings or other factors could limit or restrict the availability of financing on terms and prices acceptable to TDS, which may require TDS to reduce or delay its construction, development or acquisition programs, divest assets, and/or reduce or cease share repurchases and/or the payment of common shareholder dividends.
- 18)TDS’ assets and revenue are concentrated primarily in the U.S. telecommunications industry. Consequently, its operating results may fluctuate based on factors related primarily to conditions in this industry.
- 19)TDS has significant investments in wireless operating entities that it does not control. Losses in the value of or cash flows from such investments could have an adverse effect on TDS’ financial condition, cash flows or results of operations.
- Regulatory, Legal and Governance Risk Factors
- 20)Failure by TDS to timely or fully comply with any existing applicable legislative and/or regulatory requirements or changes thereto could adversely affect TDS’ business, financial condition or results of operations.
- 21)TDS' receipt of financial support through various government programs for its deployment of telecommunications and broadband networks and services, its ability to properly calculate and pay fees and surcharges for its services, and its ability to continue to pass through and collect from its customers certain of those fees and surcharges is subject to uncertainty, the result of which could have an adverse effect on TDS’ business, financial condition or results of operations.
- 22)Settlements, judgments, restraints on its current or future manner of doing business and/or costs resulting from pending and future legal and policy proceedings could have an adverse effect on TDS’ business, financial condition or results of operations.
- 23)Certain matters, such as control by the TDS Voting Trust and provisions in the TDS Restated Certificate of Incorporation, may serve to discourage or make more difficult a change in control of TDS or have other consequences.
- General Risk Factors
- 24)TDS has experienced, and in the future expects to experience, cyber-attacks or other breaches of network or information technology security of varying degrees on a regular basis, which could have an adverse effect on TDS' business, financial condition or results of operations.
- 25)Disruption in credit or other financial markets, a deterioration of U.S. or global economic conditions or other events could, among other things, impede TDS’ access to or increase the cost of financing its operating and investment activities and/or result in reduced revenues and lower operating income and cash flows, which would have an adverse effect on TDS’ business, financial condition or results of operations.
Legal proceedings
For more information related to legal proceedings, see Note 15 — Commitments and Contingencies in the Notes to Consolidated Financial Statements.
The opening of Item 3, Legal Proceedings.19
Links
- Websitewww.tdsinc.com1
- WikipediaTelephone and Data Systems
- WikidataQ7696488
- SEC EDGARCIK 1051512
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13
- 14
- 15
- 16
- 17
- 18
- 19
- 20
- 21
- 22SEC EDGARAnthony J. Carlson, President
- 23SEC EDGARDouglas W. Chambers, President
- 24SEC EDGARLaurent C. Therivel, President
- 25SEC EDGARKenneth R. Meyers, President
- 26SEC EDGARMary N. Dillon, President
- 27SEC EDGARDavid A. Wittwer, President
- 28SEC EDGARJames Barr Iii., President
- 29
- 30
- 31
- 32
- 33SEC EDGARAnita J. Kroll, VP, Controller & CAO
- 34
- 35
- 36
- 37
- 38
- 39
- 40
- 41
- 42
- 43
- 44SEC EDGARPeter L. Sereda, VP & Treasurer
- 45
- 46SEC EDGARKurt B. Thaus, Senior VP - CIO
- 47
- 48SEC EDGARByron A. Wertz, VP-Corp. Development
- 49
- 50
- 51
- 52SEC EDGARVicki L. Villacrez, Board member
- 53
- 54SEC EDGARDirk S. Woessner, Board member
- 55SEC EDGARWade Oosterman, Board member
- 56SEC EDGARJames W. Butman, Board member
- 57SEC EDGARKimberly D. Dixon, Board member
- 58SEC EDGARDavid A. Wittwer, Board member
- 59SEC EDGARClarence A. Davis, Board member
- 60SEC EDGARGary L. Sugarman, Board member
- 61SEC EDGARPrudence E. Carlson, Board member
- 62SEC EDGARGregory P. Josefowicz, Board member
- 63SEC EDGARDonald C. Nebergall, Board member
- 64SEC EDGARGeorge W. Off, Board member
- 65SEC EDGARHerbert S. Wander, Board member
- 66SEC EDGARKevin A. Mundt, Board member
- 67SEC EDGARLetitia G. C. Carlson, Board member
- 68SEC EDGARMartin L. Solomon, Board member
- 69SEC EDGARMitchell H. Saranow, Board member
- 70SEC EDGARWalter Cd Carlson, Board member
- 71SEC EDGARChristopher D. Oleary, Board member
- 72SEC EDGAROther events
- 73SEC EDGARResults of operations
- 74
- 75SEC EDGARShareholder vote
- 76SEC EDGAROther events
- 77SEC EDGARResults of operations
- 78SEC EDGARExecutive or director change
- 79SEC EDGARExecutive or director change
- 80SEC EDGARResults of operations
- 81
- 82SEC EDGAREntered a material agreement
- 83SEC EDGARResults of operations
- 84NasdaqNasdaq calendar
- 85
- 86
- 87
- 88
- 89
- 90
- 91
- 92
- 93
- 94
- 95
- 96
- 97
- 98
- 99