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
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheet
Consolidated Balance Sheet — Assets
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| (Dollars in thousands) | ||
| Current assets | ||
| Cash and cash equivalents | $932,994 | $363,612 |
| Accounts receivable | ||
| Customers, less allowances of $3,382 and $4,367, respectively | 59,313 | 57,139 |
| Other, less allowances of $3,184 and $1,643, respectively | 38,424 | 41,413 |
| Inventory, net | 4,039 | 4,052 |
| Prepaid expenses | 29,382 | 32,367 |
| Income taxes receivable | — | 2,487 |
| Current assets held for sale | 1,633 | — |
| Current assets of discontinued operations | — | 1,163,032 |
| Other current assets | 13,959 | 31,088 |
| Total current assets | 1,079,744 | 1,695,190 |
| Non-current assets held for sale | 1,617,872 | 12 |
| Non-current assets of discontinued operations | — | 4,499,561 |
| Licenses | 1,650,288 | 3,289,648 |
| Other intangible assets, net of accumulated amortization of $149,925 and $128,077, respectively | 138,956 | 160,804 |
| Investments in unconsolidated entities | 500,997 | 500,471 |
| Property, plant and equipment | ||
| In service and under construction | 7,009,334 | 7,013,679 |
| Less: Accumulated depreciation and amortization | 4,125,805 | 4,137,465 |
| Property, plant and equipment, net | 2,883,529 | 2,876,214 |
| Operating lease right-of-use assets | 523,104 | 520,902 |
| Other assets and deferred charges | 137,888 | 139,430 |
| Total assets1 | $8,532,378 | $13,682,232 |
Consolidated Balance Sheet — Liabilities and Equity
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| (Dollars and shares in thousands, except per share amounts) | ||
| Current liabilities | ||
| Current portion of long-term debt | $3,186 | $31,131 |
| Accounts payable | 120,996 | 74,866 |
| Customer deposits and deferred revenues | 164,582 | 46,992 |
| Accrued interest | 4,224 | 8,999 |
| Accrued taxes | 138,688 | 36,561 |
| Accrued compensation | 51,945 | 147,061 |
| Short-term operating lease liabilities | 26,481 | 27,529 |
| Current liabilities held for sale | 1,228 | — |
| Current liabilities of discontinued operations | 20,242 | 671,575 |
| Other current liabilities | 39,786 | 44,980 |
| Total current liabilities | 571,358 | 1,089,694 |
| Non-current liabilities held for sale | 3,599 | — |
| Non-current liabilities of discontinued operations | — | 2,310,660 |
| Deferred liabilities and credits | ||
| Deferred income tax liability, net | 715,086 | 980,769 |
| Long-term operating lease liabilities | 555,101 | 540,904 |
| Other deferred liabilities and credits | 576,947 | 460,676 |
| Long-term debt, net | 825,312 | 2,415,686 |
| Commitments and contingencies | ||
| Noncontrolling interests with redemption features | — | 15,831 |
| Equity | ||
| TDS shareholders’ equity | ||
| Series A Common and Common Shares | ||
| Authorized 290,000 shares (25,000 Series A Common and 265,000 Common Shares) | ||
| Issued 133,235 shares (7,540 Series A Common and 125,695 Common Shares) and 133,229 shares (7,534 Series A Common and 125,695 Common Shares), respectively | ||
| Outstanding 115,544 shares (7,540 Series A Common and 108,004 Common Shares) and 114,345 shares (7,534 Series A Common and 106,811 Common Shares), respectively | ||
| Par Value ($0.01 per share) | 1,332 | 1,332 |
| Capital in excess of par value | 2,478,916 | 2,574,042 |
| 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) | 1,073,963 | 1,073,963 |
| Treasury shares, at cost, 17,691 and 18,884 Common Shares, respectively | (405,489) | (425,342) |
| Accumulated other comprehensive income | 17,274 | 18,238 |
| Retained earnings | 1,301,051 | 1,849,009 |
| Total TDS shareholders' equity | 4,467,047 | 5,091,242 |
| Noncontrolling interests | 817,928 | 776,770 |
| Total equity | 5,284,975 | 5,868,012 |
| Total liabilities and equity1 | $8,532,378 | $13,682,232 |
1 The consolidated total assets as of September 30, 2025 and December 31, 2024, include assets held by current consolidated variable interest entities (VIEs) of $34.9 million and $165.7 million, respectively, which are not available to be used to settle the obligations of TDS. The consolidated total liabilities as of September 30, 2025 and December 31, 2024, include certain liabilities of current consolidated VIEs of $9.5 million and $21.6 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of TDS. See Note 12 — Variable Interest Entities for additional information.
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