TELEPHONE & DATA SYSTEMS INC /DE/

For the period ended Sep 30, 2025. Filed Nov 7, 2025.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 7, 2025

TDS$32.87+1.6%Stored close · as of Nov 6, 2026

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)
☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-14157

TELEPHONE AND DATA SYSTEMS, INC.
(Exact name of Registrant as specified in its charter)
Delaware	36-2669023
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

30 North LaSalle Street, Suite 4000, Chicago, Illinois 60602

(Address of principal executive offices) (Zip code)

Registrant's telephone number, including area code:(312) 630-1900

Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol	Name of each exchange on which registered
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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.	Yes	☒	No	☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).	Yes	☒	No	☐
Large accelerated filer	☒		Accelerated filer	☐
Non-accelerated filer	☐		Smaller reporting company	☐
			Emerging growth company	☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.	☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).	Yes	☐	No	☒

The number of shares outstanding of each of the issuer's classes of common stock, as of September 30, 2025, is 108.0 million Common Shares, $.01 par value, and 7.5 million Series A Common Shares, $.01 par value.

Quarterly Report on Form 10-Q

For the Period Ended September 30, 2025

Index	Page No.
Management Discussion and Analysis of Financial Condition and Results of Operations	1
Executive Overview	1
Terms Used by TDS	4
Results of Operations – TDS Consolidated	5
TDS Telecom Operations	8
Array Operations	14
Liquidity and Capital Resources	19
Consolidated Cash Flow Analysis	23
Consolidated Balance Sheet Analysis	24
Supplemental Information Relating to Non-GAAP Financial Measures	26
Application of Critical Accounting Policies and Estimates	30
Private Securities Litigation Reform Act of 1995 Safe Harbor Cautionary Statement	31
Risk Factors	33
Quantitative and Qualitative Disclosures About Market Risk	43
Financial Statements (Unaudited)	44
Consolidated Statement of Operations	44
Consolidated Statement of Cash Flows	46
Consolidated Balance Sheet	48
Consolidated Statement of Changes in Equity	50
Notes to Consolidated Financial Statements	54
Controls and Procedures	72
Legal Proceedings	73
Unregistered Sales of Equity Securities and Use of Proceeds	74
Other Information	75
Exhibits	76
Form 10-Q Cross Reference Index	77
Signatures	78

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.