TELEPHONE & DATA SYSTEMS INC /DE/
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
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Consolidated Balance Sheet – Liabilities and Equity
| December 31, | 2025 | 2024 |
|---|---|---|
| (Dollars and shares in thousands, except per share amounts) | ||
| Current liabilities | ||
| Current portion of long-term debt | $5,274 | $31,131 |
| Accounts payable | 115,822 | 74,866 |
| Customer deposits and deferred revenues | 125,140 | 46,992 |
| Accrued interest | 2,836 | 8,999 |
| Accrued taxes | 46,721 | 36,561 |
| Accrued compensation | 56,774 | 147,061 |
| Short-term operating lease liabilities | 26,180 | 27,529 |
| Current liabilities of discontinued operations | 20,242 | 671,575 |
| Other current liabilities | 41,322 | 44,980 |
| Total current liabilities | 440,311 | 1,089,694 |
| Non-current liabilities of discontinued operations | — | 2,310,660 |
| Deferred liabilities and credits | ||
| Deferred income tax liability, net | 743,633 | 980,769 |
| Long-term operating lease liabilities | 549,617 | 540,904 |
| Other deferred liabilities and credits | 574,025 | 460,676 |
| Long-term debt, net | 823,364 | 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 133,236 shares (7,541 Series A Common and 125,695 Common Shares) and 133,229 shares (7,534 Series A Common and 125,695 Common Shares), respectively | ||
| Outstanding 113,783 shares (7,541 Series A Common and 106,242 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 | 2,483,654 | 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, 19,453 and 18,884 Common Shares, respectively | (473,072) | (425,342) |
| Accumulated other comprehensive income | 21,506 | 18,238 |
| Retained earnings | 1,694,224 | 1,849,009 |
| Total TDS shareholders’ equity | 4,801,607 | 5,091,242 |
| Noncontrolling interests | 465,746 | 776,770 |
| Total equity | 5,267,353 | 5,868,012 |
| Total liabilities and equity1 | $8,398,303 | $13,682,232 |
1 The consolidated total assets as of December 31, 2025 and 2024, include assets held by current consolidated variable interest entities (VIEs) of $35.5 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 December 31, 2025 and 2024, include certain liabilities of current consolidated VIEs of $9.6 million and $21.6 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of TDS. See Note 16 — Variable Interest Entities for additional information.
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