TELEPHONE & DATA SYSTEMS INC /DE/ (TDS) Company Report

TDS received a $1.6 billion special dividend from Array in August 2025, which facilitated substantial debt paydown and supports the fiber expansion program. Concurrently, TDS's board authorized a $500 million increase to its existing share repurchase program in Q3 2025.
TDS Telecom achieved a significant milestone of 1 million fiber addresses in Q3 2025, delivering 42,000 fiber addresses in the quarter and progressing towards its goal of 150,000 service addresses for the full year.
Array Digital Infrastructure, now an independent tower company, has monetized 70% of its spectrum holdings to date, including pending agreements with AT&T and Verizon for $1 billion each.
In Q3 2025, total operating revenues for TDS were down 3% year-over-year, and Adjusted EBITDA also decreased by 3%, primarily impacted by divestitures and declines in legacy revenue streams.

Nov 7, 2025, 3:00 PM

TDS Reports Q3 2025 Results, Highlights T-Mobile Transaction Close and Fiber Expansion

TDS

Earnings

M&A

New Projects/Investments

TDS successfully closed the T-Mobile transaction on August 1, 2025, repaid substantial debt, and paid a $23 per share special dividend on August 19, 2025.
TDS Telecom deployed 42,000 new marketable fiber addresses in Q3 2025, exceeding 1 million total fiber addresses during the quarter, and reported 11,200 net broadband adds from fiber markets.
For Q3 2025, TDS Telecom's total operating revenues were $255 million, a 3% decrease year-over-year, and Adjusted EBITDA was $80 million, also a 3% decrease.
Array Digital Infrastructure reported total operating revenues of $47,119 thousand in Q3 2025, an 83% increase from Q3 2024, and Adjusted EBITDA of $85,081 thousand.
TDS Telecom's 2025 guidance for total operating revenues ($1,030-$1,050 million) and Adjusted EBITDA ($320-$350 million) remains unchanged.

Nov 7, 2025, 3:00 PM

TDS Reports Third Quarter 2025 Results and Announces New Share Repurchase Program

TDS

Earnings

Share Buyback

CEO Change

For the third quarter of 2025, TDS reported total operating revenues from continuing operations of $308.5 million, a decrease from $327.5 million in the same period one year ago. Net income attributable to TDS common shareholders was $40.2 million ($0.33 diluted EPS), significantly improved from a net loss of $(100.4) million ($(0.88) diluted EPS) in Q3 2024.
The Board approved a new $500 million share repurchase program, which is additive to the current authorization, and the company repurchased over one million TDS Common Shares during Q3 2025.
TDS Telecom continued its fiber broadband strategy, delivering 42,000 marketable fiber services addresses and achieving 11,200 residential fiber net additions in Q3 2025.
Array closed the sale of wireless operations and select spectrum assets to T-Mobile on August 1, 2025, and subsequently paid a $23 per share special dividend on August 19, 2025.
Anthony Carlson was appointed President and CEO of Array, with an effective date of November 16, 2025.

Nov 7, 2025, 12:38 PM

TDS Reports Third Quarter 2025 Results, Announces New Share Repurchase Program, and Array Strategic Moves

TDS

Earnings

Share Buyback

M&A

Telephone and Data Systems, Inc. (TDS) reported total operating revenues from continuing operations of $308.5 million for the third quarter of 2025, compared to $327.5 million for the same period one year ago. Net income attributable to TDS common shareholders and diluted earnings per share from continuing operations were $40.2 million and $0.33, respectively, for Q3 2025, a significant improvement from $(100.4) million and $(0.88) in Q3 2024.
The Board of Directors approved a new $500 million share repurchase program, which is additive to the current authorization balance. During the third quarter of 2025, TDS repurchased over one million TDS Common Shares.
Array closed the sale of its wireless operations and select spectrum assets to T-Mobile on August 1, 2025, and subsequently paid a $23 per share special dividend on August 19, 2025. Additionally, Anthony Carlson was announced as Array's new President and CEO, effective November 16, 2025.
TDS Telecom continued its fiber broadband strategy, delivering 42,000 marketable fiber services addresses and achieving 11,200 residential fiber net additions in Q3 2025, crossing the 1 million fiber passings milestone.

Nov 7, 2025, 12:30 PM

Array Digital Infrastructure Discusses Strategic Focus, Growth Drivers, and Financial Outlook

TDS

Dividends

Revenue Acceleration/Inflection

New Projects/Investments

Array Digital Infrastructure, a legacy from UScellular, operates with 4,400 owned towers, retained spectrum, and minority-owned partnership investments generating $150 million to $160 million of annual income and distributions.
The company anticipates a 50% increase in cash revenue from August 1 due to T-Mobile's commitment to colocate on 2,015 sites.
Colocation demand is robust, with applications increasing over 100% in the first half of 2025 compared to the first half of 2024, driven by its rural footprint.
Array expects to close its AT&T spectrum deal before the end of 2025 and the Verizon spectrum transaction in Q3 2026, with special dividends anticipated upon each closing.
The company is not currently a REIT due to asset and income test impediments but is actively exploring structuring options for a potential future conversion.

Sep 16, 2025, 2:30 PM

TDS Under Investigation by Johnson Fistel, PLLP

TDS

Legal Proceedings

Shareholder rights law firm Johnson Fistel, PLLP is investigating Telephone and Data Systems, Inc. (TDS) for potential violations of federal and state securities laws by certain officers and directors.
The investigation is relevant for current, long-term shareholders who have continuously held shares since before May 6, 2022.
A previous class action lawsuit against TDS alleged that the company made false statements and/or concealed that UScellular's promotional activities were ineffective at reducing its postpaid churn rate, and that UScellular's profitability substantially declined due to heavy promotions.

Sep 12, 2025, 12:11 PM

TDS Telecom Exceeds 1 Million Fiber Passings

TDS

New Projects/Investments

Guidance Update

TDS Telecommunications LLC (TDS Telecom) has achieved a major milestone, exceeding 1 million fiber passings as it transforms into a fiber-first broadband provider.
The company has set a long-term fiber target of 1.8 million addresses and aims to deliver approximately 150,000 marketable fiber service addresses in 2025.
Fiber growth is expanding across 31 states and nearly 100 communities, supported by private investment and the federal Enhanced Alternative Connect America Cost Model (E-ACAM) program.
TDS Telecom's Internal Construction crews are expected to deliver over one-third of the new fiber addresses this year, contributing to cost-effective and high-quality expansion.