TELEPHONE & DATA SYSTEMS INC /DE/

For the period ended Mar 31, 2026. Filed May 8, 2026.

About this filing

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.

Mar 31, 2026 · Filed May 8, 2026

TDS$32.77-3.2%Stored close · as of Nov 10, 2026

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Contents

Results of Operations – TDS Consolidated

	Three Months EndedMarch 31,
	2026	2025	2026 vs. 2025
(Dollars in thousands)
Operating revenues
TDS Telecom	$249,572	$257,360	(3)%
Array	52,012	26,984	93%
All Other1	7,866	6,089	29%
Total operating revenues	309,450	290,433	7%
Operating expenses
TDS Telecom	253,304	257,501	(2)%
Array	(108,773)	56,611	N/M
All Other1	21,101	10,255	N/M
Total operating expenses	165,632	324,367	(49)%
Operating income (loss)
TDS Telecom	(3,732)	(141)	N/M
Array	160,785	(29,627)	N/M
All Other1	(13,235)	(4,166)	N/M
Total operating income (loss)	143,818	(33,934)	N/M
Other income (expense)
Equity in earnings of unconsolidated entities	41,902	36,518	15%
Interest and dividend income	13,786	6,270	N/M
Interest expense	(5,321)	(23,909)	78%
Short-term imputed spectrum lease income	34,200	—	N/M
Other, net	5,450	2,725	N/M
Total other income	90,017	21,604	N/M
Income (loss) before income taxes	233,835	(12,330)	N/M
Income tax expense (benefit)	54,408	(8,123)	N/M
Net income (loss) from continuing operations	179,427	(4,207)	N/M
Less: Net income from continuing operations attributable to noncontrolling interests, net of tax	32,813	1,724	N/M
Net income (loss) from continuing operations attributable to TDS shareholders	146,614	(5,931)	N/M
Net income (loss) from discontinued operations	(2,389)	16,171	N/M
Less: Net income (loss) from discontinued operations attributable to noncontrolling interests, net of tax	(369)	2,770	N/M
Net income (loss) from discontinued operations attributable to TDS shareholders	(2,020)	13,401	N/M
Net income	177,038	11,964	N/M
Less: Net income attributable to noncontrolling interests, net of tax	32,444	4,494	N/M
Net income attributable to TDS shareholders	144,594	7,470	N/M
TDS Preferred Share dividends	17,306	17,306	—
Net income (loss) attributable to TDS common shareholders	$127,288	$(9,836)	N/M
Adjusted OIBDA from continuing operations (Non-GAAP)2	$83,403	$51,486	62%
Adjusted EBITDA from continuing operations (Non-GAAP)2	$144,541	$96,999	49%
Capital expenditures from continuing operations3	$136,229	$64,143	N/M

1 Consists of corporate and other operations and intercompany eliminations.

2 Refer to Supplemental Information Relating to Non-GAAP Financial Measures within this MD&A for a reconciliation of this measure.

3 Refer to Liquidity and Capital Resources within this MD&A for additional information on Capital expenditures.

Refer to individual segment discussions in this MD&A for additional details on operating revenues and expenses at the segment level.

Equity in earnings of unconsolidated entities

Equity in earnings of unconsolidated entities represents TDS' share of net income from entities in which it has a noncontrolling interest and that are accounted for using the equity method or the net asset value practical expedient. See Note 7 — Investments in Unconsolidated Entities in the Notes to Consolidated Financial Statements for additional information.

Interest expense

Interest expense decreased for thethree months ended March 31, 2026 due primarily to the repayment of TDS debt facilities in August 2025 and January 2026, partially offset by the new term loan that Array entered into in August 2025 and a decrease in capitalized interest. Interest expense from continuing operations excludes interest costs in all periods associated with Array term loans repaid, and Array debt exchanged, in conjunction with the sale of Array's wireless operations to T-Mobile. See Market Risk for additional information regarding maturities of long-term debt and weighted average interest rates.

Income tax expense (benefit)

Income tax expense on continuing operations increased for the three months ended March 31, 2026, due primarily to the increase in Income before income taxes.

Net income from continuing operations attributable to noncontrolling interests, net of tax

	Three Months EndedMarch 31,
	2026	2025
(Dollars in thousands)
Array noncontrolling public shareholders’	$32,494	$786
Noncontrolling shareholders’ or partners’	319	938
Net income from continuing operations attributable to noncontrolling interests, net of tax	$32,813	$1,724

Net income from continuing operations attributable to noncontrolling interests, net of tax includes the noncontrolling public shareholders’ share of Array’s net income from continuing operations, the noncontrolling shareholders’ or partners’ share of certain Array subsidiaries’ net income from continuing operations and other TDS noncontrolling interests.

Net income (loss) from discontinued operations attributable to TDS shareholders

See Note 2 —Discontinued Operationsin the Notes to Consolidated Financial Statements for additional information related to the components of Net income (loss) from discontinued operations.

Earnings

Three Months Ended

Net income increased due primarily to higher operating revenues, lower operating expenses, short-term imputed spectrum lease income and lower interest expense, partially offset by higher income tax expense.

Adjusted EBITDA increased due primarily to higher operating revenues and lower operating expenses.

*Represents a non-GAAP financial measure. Refer to Supplemental Information Relating to Non-GAAP Financial Measures within this MD&A for a reconciliation of this measure.

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