CHICAGO, Nov. 7, 2025 /PRNewswire/ --
As previously announced, TDS will hold a teleconference on November 7, 2025, at 9:00 a.m. CST. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.
Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues from continuing operations of $308.5 million for the third quarter of 2025, versus $327.5 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share from continuing operations were $40.2 million and $0.33, respectively, for the third quarter of 2025 compared to $(100.4) million and $(0.88), respectively, in the same period one year ago.
Recent Highlights*
TDS
Repurchased over one million TDS Common Shares during the third quarter
Board approved new $500 million share repurchase program, additive to current authorization balance
TDS Telecom
Executing on fiber broadband strategy
Delivered 42,000 marketable fiber services addresses in Q3 2025
Grew fiber connections, 11,200 residential fiber net additions
TDS Telecom revenues down 3%, impacted by $6 million due to divestitures of non-strategic assets
Array
Closed on the sale of wireless operations and select spectrum assets to T-Mobile on August 1, 2025
Paid a $23 per share special dividend on August 19, 2025
Commenced T-Mobile MLA on August 1, 2025, helping to drive a 68% increase in Site rental revenues, excluding non-cash amortization
Entered into additional spectrum sales expected to result in aggregate proceeds of $178 million
Announced appointment of Anthony Carlson as President and CEO effective November 16, 2025
*Comparisons are 3Q'24 to 3Q'25 unless otherwise noted. Note that in September 2024, TDS sold its Hosted and Managed Services (HMS) operations. This 2024 transaction affects year-over-year revenue comparisons at the consolidated level. HMS operating revenues were $34 million in Q3 2024.
"With a strong portfolio and increased financial flexibility, we see tremendous opportunities ahead for the TDS enterprise," said Walter Carlson, TDS President and CEO. "We crossed the 1 million fiber passings milestone at TDS Telecom in the quarter and are continuing to execute on our robust fiber strategy through ongoing fiber expansion and E-ACAM programs.
"Now that we have Array established as a standalone tower company, we are ready to announce its next step in leadership, selecting Anthony Carlson to be Array's President and CEO. Anthony's substantial and increasing responsibilities at UScellular and TDS Telecom over the past six years provide him with the right foundation to lead Array's growing tower business and provide strategic vision to its operations.
"We are extremely grateful to Doug Chambers for his nearly two decades of contributions, most recently overseeing the successful launch of Array as a new tower business. We wish Doug great success in his new endeavors.
"Further, the TDS Board adopted a $500 million share repurchase program as part of our overall capital allocation plan. The timing will be determined at the Company's discretion and dependent upon successful closings of the announced spectrum transactions. This authorization reflects the Board's confidence in the Company's long-term strategy and demonstrates our balanced approach to capital allocation."
2025 Estimated ResultsTDS' current estimates of full-year 2025 results for TDS Telecom are shown below. Such estimates represent management's view as of November 7, 2025 and should not be assumed to be current as of any future date. TDS undertakes no duty to update such estimates, whether as a result of new information, future events, or otherwise. There can be no assurance that final results will not differ materially from estimated results.
2025 Estimated Results
TDS Telecom
Previous
Current
(Dollars in millions)
Total operating revenues
$1,030-$1,050
Unchanged
Adjusted OIBDA1 (Non-GAAP)
$310-$340
Unchanged
Adjusted EBITDA1 (Non-GAAP)
$320-$350
Unchanged
Capital expenditures
$375-$425
Unchanged
The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2025 estimated results, TDS has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, TDS believes that the impact of income taxes cannot be reasonably predicted; therefore, TDS is unable to provide such guidance.
2025 Estimated Results
Actual Results
TDS Telecom
Nine Months Ended
September 30, 2025
Year Ended
December 31, 2024
(Estimated Results in millions; Actual Results in thousands)
Net income (GAAP)
N/A
$ 19,329
$ 84,901
Add back:
Income tax expense
N/A
561
35,040
Income before income taxes (GAAP)
$20-$50
$ 19,890
$ 119,941
Add back:
Interest expense
—
(4,168)
(5,197)
Depreciation, amortization and accretion expense
300
223,478
270,660
EBITDA (Non-GAAP)1
$320-$350
$ 239,200
$ 385,404
Add back or deduct:
Expenses related to strategic alternatives review
—
3,497
—
Loss on impairment of intangible assets
—
—
1,103
(Gain) loss on asset disposals, net
—
7,890
12,376
(Gain) loss on sale of business and other exit costs, net
—
(5,235)
(49,108)
Adjusted EBITDA (Non-GAAP)1
$320-$350
$ 245,352
$ 349,775
Deduct:
Equity in earnings of unconsolidated entities
—
4
(7)
Interest and dividend income
5
4,918
5,483
Other, net
5
5,262
3,959
Adjusted OIBDA (Non-GAAP)1
$310-$340
$ 235,168
$ 340,340
1
EBITDA, Adjusted EBITDA and Adjusted OIBDA are defined as net income adjusted for the items set forth in the reconciliation above. EBITDA, Adjusted EBITDA and Adjusted OIBDA are not measures of financial performance under Generally Accepted Accounting Principles in the United States (GAAP) and should not be considered as alternatives to Net income or Cash flows from operating activities, as indicators of cash flows or as measures of liquidity. TDS does not intend to imply that any such items set forth in the reconciliation above are infrequent or unusual; such items may occur in the future. Management uses Adjusted EBITDA and Adjusted OIBDA as measurements of profitability, and therefore reconciliations to Net income are deemed appropriate. Management believes Adjusted EBITDA and Adjusted OIBDA are useful measures of TDS' operating results before significant recurring non-cash charges, nonrecurring expenses, gains and losses, and other items as presented above as they provide additional relevant and useful information to investors and other users of TDS' financial data in evaluating the effectiveness of its operations and underlying business trends in a manner that is consistent with management's evaluation of business performance. Adjusted EBITDA shows adjusted earnings before interest, taxes, depreciation, amortization and accretion, gains and losses, while Adjusted OIBDA reduces this measure further to exclude Equity in earnings of unconsolidated entities and Interest and dividend income in order to more effectively show the performance of operating activities excluding investment activities. The table above reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measure, Net income or Income before income taxes.
Stock RepurchaseDuring the third quarter, TDS repurchased 1,077,564 Common Shares for $40.7 million. In addition, the TDS Board authorized a new share repurchase program under which the Company may repurchase up to $500 million of its outstanding Common stock. This new repurchase program does not have an expiration and is additive to the existing share repurchase authorization.
Conference Call InformationTDS will hold a conference call on November 7, 2025 at 9:00 a.m. Central Time.
Access the live call on the Events & Presentations page of investors.tdsinc.com or athttps://events.q4inc.com/attendee/604881005
Before the call, certain financial and statistical information to be discussed during the call will be posted to investors.tdsinc.com. The call will be archived on the Events & Presentations page of investors.tdsinc.com.
About TDSTelephone and Data Systems, Inc. (TDS) provides broadband, video, voice and wireless services through its TDS Telecom business. Array leases tower space to tenants and provides ancillary services, holds noncontrolling interests in primarily wireless operating companies and holds certain wireless spectrum licenses. Founded in 1969, TDS is headquartered in Chicago.
Visit investors.tdsinc.com for comprehensive financial information, including earnings releases, quarterly and annual filings, shareholder information and more.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the company's plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: the manner in which Array's remaining business is conducted; whether the additional spectrum license sales to T-Mobile and the previously announced spectrum license sales to Verizon and AT&T will be consummated and the impact of the ongoing government shutdown on timing of closing these transactions; whether Array can monetize its remaining spectrum assets; strategic decisions regarding the tower business; intense competition; high inflation may increase costs beyond what TDS can recover through price increases; Array's reliance on a small number of tenants for a substantial portion of its revenues; the ability to attract people of outstanding talent throughout all levels of the organization; TDS' lack of scale relative to larger competitors; changes in demand, consumer preferences and perceptions, price competition, or churn rates; advances in technology; impacts of costs, integration problems or other factors associated with acquisitions, divestitures or exchanges of properties and/or expansion of TDS' businesses; the ability of the company to successfully construct and manage its networks; difficulties involving third parties with which TDS does business; uncertainties in TDS' future cash flows and liquidity and access to the capital markets; the ability to make payments on TDS and Array indebtedness or comply with the terms of debt covenants; conditions in the U.S. telecommunications industry; the value of assets and investments, including significant investments in wireless operating entities Array does not control; the state and federal regulatory environment, including changes in regulatory support received and the ability to pass through certain regulatory fees to customers; pending and future litigation; cyber-attacks or other breaches of network or information technology security; control by the TDS Voting Trust; disruption in credit or other financial markets; deterioration of U.S. or global economic conditions; extreme weather events; and the impact, duration and severity of public health emergencies. Investors are encouraged to consider these and other risks and uncertainties that are more fully described under "Risk Factors" in the most recent filing of TDS' Form 10-K, as updated by any TDS Form 10-Q filed subsequent to such Form 10-K.
For more information about TDS and its subsidiaries, visit:TDS: www.tdsinc.com TDS Telecom: www.tdstelecom.comArray: investors.arrayinc.com
Array Digital Infrastructure, Inc.
Summary Operating Data (Unaudited)
Three Months EndedSeptember 30, 2025
Capital expenditures from continuing operations (thousands)
$ 7,927
Owned towers
4,449
Number of colocations1
4,517
Tower tenancy rate2
1.02
1
Represents instances where a third-party rents or leases space on a company-owned tower. Excludes Interim Sites whereby T-Mobile is leasing up to 1,800 sites for a period of up to 30 months subject to the terms and conditions of the MLA.
2
Calculated as total number of colocations divided by total number of towers. Excludes Interim Sites whereby T-Mobile is leasing up to 1,800 sites for a period of up to 30 months subject to the terms and conditions of the MLA.
TDS Telecom
Summary Operating Data (Unaudited)
As of or for the Quarter Ended
9/30/2025
6/30/2025
3/31/2025
12/31/2024
9/30/2024
Residential connections
Broadband
Incumbent Fiber
123,500
121,200
119,700
118,500
115,900
Incumbent Copper
102,000
106,500
112,600
116,900
125,600
Expansion Fiber
150,700
141,800
133,200
126,100
115,300
Cable
186,100
188,200
190,200
191,500
195,900
Total Broadband
562,400
557,700
555,800
553,000
552,700
Video
114,300
116,500
118,700
121,000
122,100
Voice
242,200
248,700
256,900
261,600
271,300
Wireless
2,200
1,600
900
100
—
Total Residential connections
921,100
924,500
932,300
935,700
946,100
Commercial connections
180,300
184,300
187,600
190,500
197,200
Total connections1
1,101,300
1,108,800
1,119,900
1,126,300
1,143,300
Total residential fiber net adds
11,200
10,300
8,300
13,600
10,400
Total residential broadband net adds
4,600
3,900
2,800
7,900
2,700
Residential fiber churn2
1.5 %
1.1 %
0.9 %
1.0 %
1.3 %
Total residential broadband churn
1.7 %
1.5 %
1.3 %
1.4 %
1.7 %
Residential revenue per connection3
$ 65.66
$ 65.85
$ 65.67
$ 64.72
$ 65.41
Capital expenditures (thousands)
$ 102,429
$ 90,187
$ 58,870
$ 81,743
$ 77,904
Numbers may not foot due to rounding.
1
Q3 2024 total connections include 22,600 connections that were part of subsequent divestitures.
2
Residential fiber churn represents the percentage of incumbent and expansion fiber connections that disconnected service each month. These rates represent the average monthly churn rate for each respective period.
3
Total residential revenue per connection is calculated by dividing total residential revenue by the average number of residential connections and by the number of months in the period.
Telephone and Data Systems, Inc.
Consolidated Statement of Operations Highlights
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
2025
vs. 2024
2025
2024
2025
vs. 2024
(Dollars and shares in thousands, except per share amounts)
Operating revenues
TDS Telecom
$ 255,111
$ 262,662
(3) %
$ 777,403
$ 796,562
(2) %
Array
47,119
25,739
83 %
102,632
76,845
34 %
All Other1
6,291
39,096
(84) %
17,460
128,223
(86) %
308,521
327,497
(6) %
897,495
1,001,630
(10) %
Operating expenses
TDS Telecom
Expenses excluding depreciation, amortization and accretion
181,636
182,132
—
545,732
533,416
2 %
Depreciation, amortization and accretion
78,901
67,664
17 %
223,478
198,947
12 %
(Gain) loss on asset disposals, net
22
2,680
(99) %
7,890
8,344
(5) %
(Gain) loss on sale of business and other exit costs, net
2,844
—
N/M
(5,235)
—
N/M
263,403
252,476
4 %
771,865
740,707
4 %
Array
Expenses excluding depreciation, amortization and accretion
41,501
39,439
5 %
125,725
131,819
(5) %
Depreciation, amortization and accretion
11,868
12,237
(3) %
35,860
35,058
2 %
Loss on impairment of licenses
47,679
136,234
(65) %
47,679
136,234
(65) %
(Gain) loss on asset disposals, net
707
196
N/M
620
590
5 %
(Gain) loss on license sales and exchanges, net
(1,323)
(2,200)
40 %
(6,123)
4,360
N/M
100,432
185,906
(46) %
203,761
308,061
(34) %
All Other1
Expenses excluding depreciation and amortization
11,683
49,648
(76) %
34,110
165,894
(79) %
Depreciation and amortization
977
981
—
2,757
6,875
(60) %
(Gain) loss on asset disposals, net
—
(53)
99 %
14
(36)
N/M
(Gain) loss on sale of business and other exit costs, net
—
(11,733)
N/M
