TELEPHONE & DATA SYSTEMS INC /DE/
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 24, 2026
TDS$32.77-3.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statement of Cash Flows
| Telephone and Data Systems, Inc. | |||
|---|---|---|---|
| Consolidated Statement of Cash Flows | |||
| Year Ended December 31, | 2025 | 2024 | 2023 |
| (Dollars in thousands) | |||
| Cash flows from operating activities | |||
| Net income (loss) | $20,242 | $(26,481) | $(487,287) |
| Net income (loss) from discontinued operations | (130,904) | 54,840 | 60,395 |
| Net income (loss) from continuing operations | 151,146 | (81,321) | (547,682) |
| Add (deduct) adjustments to reconcile net income (loss) to net cash flows from operating activities | |||
| Depreciation, amortization and accretion | 351,885 | 325,697 | 310,071 |
| Bad debts expense | 8,172 | 7,424 | 8,638 |
| Stock-based compensation expense | 27,174 | 18,335 | 19,584 |
| Deferred income taxes, net | (66,190) | (20,978) | (15,276) |
| Equity in earnings of unconsolidated entities | (176,101) | (163,623) | (159,409) |
| Distributions from unconsolidated entities | 215,599 | 168,701 | 150,290 |
| Loss on impairment of intangible assets | 48,579 | 137,337 | 546,951 |
| (Gain) loss on asset disposals, net | 16,847 | 13,141 | 5,269 |
| (Gain) loss on sale of business and other exit costs, net | (23,918) | (68,350) | — |
| (Gain) loss on license sales and exchanges, net | (6,123) | 3,460 | (2,170) |
| Other operating activities | 29,617 | 4,576 | 1,321 |
| Changes in assets and liabilities from operations | |||
| Accounts receivable | (24,189) | 6,185 | (16,579) |
| Inventory | (10) | (327) | (1,112) |
| Accounts payable | (9,830) | (56,066) | (31,631) |
| Customer deposits and deferred revenues | (70,569) | 399 | 1,204 |
| Accrued taxes | (19,837) | (5,105) | 44,226 |
| Other assets and liabilities | (113,968) | 6,295 | (6,965) |
| Net cash provided by operating activities - continuing operations | 338,284 | 295,780 | 306,730 |
| Net cash provided by operating activities - discontinued operations | 251,605 | 850,093 | 834,421 |
| Net cash provided by operating activities | 589,889 | 1,145,873 | 1,141,151 |
| Cash flows from investing activities | |||
| Cash paid for additions to property, plant and equipment | (390,529) | (365,446) | (643,065) |
| Cash paid for licenses | (4,175) | (19,198) | (128,597) |
| Cash received from divestitures | 72,342 | 147,267 | 1,000 |
| Other investing activities | 4,067 | 1,449 | 11,523 |
| Net cash used in investing activities - continuing operations | (318,295) | (235,928) | (759,139) |
| Net cash provided by (used in) investing activities - discontinued operations | 2,462,399 | (518,572) | (568,026) |
| Net cash provided by (used in) investing activities | $2,144,104 | $(754,500) | $(1,327,165) |
| Telephone and Data Systems, Inc. | |||
|---|---|---|---|
| Consolidated Statement of Cash Flows | |||
| Year Ended December 31, | 2025 | 2024 | 2023 |
| (Dollars in thousands) | |||
| Cash flows from financing activities | |||
| Issuance of long-term debt | $325,000 | $440,000 | $1,080,984 |
| Repayment of long-term debt | (1,962,116) | (455,548) | (723,300) |
| Repayment of short-term debt | — | — | (60,000) |
| Tax withholdings, net of cash receipts, for TDS stock-based compensation awards | (1,275) | (2,308) | (3,232) |
| Tax withholdings, net of cash receipts, for Array stock-based compensation awards | (63,446) | (11,246) | (5,870) |
| Repurchase of TDS Common Shares | (108,129) | — | (5,813) |
| Repurchase of Array Common Shares | (21,360) | (54,091) | — |
| Dividends paid to TDS shareholders | (87,670) | (104,383) | (152,657) |
| Array dividends paid to noncontrolling public shareholders | (358,579) | — | — |
| Payment of debt issuance costs | (8,830) | (16,170) | (5,124) |
| Distributions to noncontrolling interests | (21,932) | (4,716) | (3,312) |
| Cash paid for software license agreements | (1,933) | (1,251) | (405) |
| Other financing activities | (16,258) | (1,115) | 369 |
| Net cash provided by (used in) financing activities - continuing operations | (2,326,528) | (210,828) | 121,640 |
| Net cash used in financing activities - discontinued operations | (20,537) | (66,631) | (65,601) |
| Net cash provided by (used in) financing activities | (2,347,065) | (277,459) | 56,039 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 386,928 | 113,914 | (129,975) |
| Cash, cash equivalents and restricted cash | |||
| Beginning of period | 383,222 | 269,308 | 399,283 |
| End of period | $770,150 | $383,222 | $269,308 |
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