TDS (TDS) financial statements
TDS reported revenue of $1.2B in fiscal 2025, down 14.7% a year over 9 years.
Net income was -$6M and the operating margin -7.9%, against 2.1% in 2016.
Free cash flow was $199M, and the company returned $108M in net buybacks.
The diluted share count rose 7% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from TDS's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.2B | $5.0B | $5.1B | $5.2B | $5.2B | $5.3B | $5.4B | $1.4B | $1.3B | $1.2B |
| Cost of revenue | $1.2B | $1.2B | — | — | — | — | — | — | — | — |
| Gross profit | $3.9B | $3.8B | — | — | — | — | — | — | — | — |
| Selling, general and admin | $1.8B | $1.7B | $1.7B | $1.7B | $1.7B | $1.7B | $1.8B | $489M | $487M | $435M |
| Operating income | $108M | -$108M | $205M | $179M | $259M | $261M | $122M | -$683M | -$191M | -$97M |
| Interest expense | $170M | $170M | $172M | $165M | $168M | $232M | $174M | $62M | $109M | $113M |
| Pre-tax income | $92M | -$122M | $221M | $211M | $288M | $221M | $125M | -$563M | -$103M | $89M |
| Income tax | $40M | -$279M | $46M | $64M | $19M | $33M | $53M | -$16M | -$22M | -$62M |
| Net income | $43M | $153M | $135M | $121M | $226M | $156M | $62M | -$500M | -$28M | -$6M |
| EPS (diluted) | $0.39 | $1.37 | $1.17 | $1.03 | $1.93 | $1.00 | -$0.07 | -$5.05 | -$0.85 | -$0.65 |
| Diluted shares | 111M | 112M | 114M | 116M | 115M | 116M | 114M | 113M | 114M | 119M |
| Gross margin | 75.9% | 76.3% | — | — | — | — | — | — | — | — |
| Operating margin | 2.1% | -2.1% | 4.0% | 3.5% | 5.0% | 4.9% | 2.3% | -50.4% | -14.7% | -7.9% |
| Net margin | 0.8% | 3.0% | 2.6% | 2.3% | 4.3% | 2.9% | 1.1% | -36.9% | -2.1% | -0.5% |
Balance sheet
Fiscal years, from TDS's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $900M | $719M | $938M | $465M | $1.4B | $367M | $360M | $236M | $364M | $766M |
| Receivables | $753M | $861M | $992M | $1.0B | $1.0B | $1.1B | $1.1B | $992M | $57M | $69M |
| Inventory | $151M | $145M | $150M | $169M | $154M | $178M | $268M | $208M | $4M | $4M |
| Total current assets | $2.1B | $2.0B | $2.3B | $1.9B | $3.0B | $2.0B | $2.0B | $1.7B | $1.7B | $923M |
| Property, plant and equipment | $3.6B | $3.4B | $3.3B | $3.5B | $4.0B | $4.4B | $4.8B | $5.1B | $2.9B | $3.0B |
| Goodwill | $766M | $509M | $509M | $547M | $547M | $547M | $547M | $0 | — | — |
| Total assets | $9.4B | $9.3B | $9.8B | $10.8B | $12.5B | $13.5B | $14.6B | $8.1B | $13.7B | $8.4B |
| Total current liabilities | $887M | $918M | $879M | $962M | $1.2B | $1.2B | $1.5B | $1.2B | $1.1B | $440M |
| Long-term debt | $2.4B | $2.4B | $2.4B | $2.3B | $3.4B | $2.9B | $3.7B | $4.1B | $2.4B | $823M |
| Total liabilities | $4.7B | $4.4B | $4.5B | $5.4B | $6.9B | $6.8B | $7.9B | $7.9B | $7.8B | $3.1B |
| Shareholders' equity | $4.1B | $4.3B | $4.6B | $4.7B | $4.8B | $5.9B | $5.8B | $5.2B | $5.1B | $4.8B |
| Net debt | $1.5B | $1.8B | $1.5B | $1.9B | $2.0B | $2.6B | $3.4B | $3.8B | $2.1B | $57M |
Cash flow
Fiscal years, from TDS's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $782M | $776M | $1.0B | $1.0B | $1.5B | $1.1B | $1.2B | $1.1B | $1.1B | $590M |
| Capital spending | $636M | $685M | $776M | $957M | $1.3B | $1.1B | $1.2B | $643M | $365M | $391M |
| Free cash flow | $146M | $91M | $241M | $59M | $194M | -$28M | -$6M | $498M | $780M | $199M |
| Stock-based compensation | $42M | $46M | $54M | $59M | $53M | $49M | $42M | $20M | $18M | $27M |
| Share buybacks (net) | -$3M | $0 | $0 | $0 | -$14M | -$8M | -$40M | -$6M | $0 | -$108M |
| Net borrowing | -$12M | -$17M | -$20M | -$118M | $1.1B | -$538M | $822M | $358M | -$16M | -$1.6B |
| Free cash flow margin | 2.8% | 1.8% | 4.7% | 1.1% | 3.7% | -0.5% | -0.1% | 36.8% | 60.2% | 16.2% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for TDS.
Open TDS in InvestinglyQuestions
What was TDS's revenue in 2025?
$1.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does TDS generate?
$199M in fiscal 2025 (operating cash flow minus capital spending).
From TDS's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.