電話數據公司受惠頻譜出售季度淨收入飆升至2.81億美元 惟固網業務續偏軟

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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 June 30, 2026 
OR

☐
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 classTrading SymbolName of each exchange on which registered
Common Shares, $.01 par valueTDSNew York Stock Exchange
Depositary Shares each representing a 1/1000th interest in a share of 6.625% Series UU Cumulative Redeemable Perpetual Preferred Stock, $.01 par valueTDSPrUNew York Stock Exchange
Depositary Shares each representing a 1/1000th interest in a share of 6.000% Series VV Cumulative Redeemable Perpetual Preferred Stock, $.01 par valueTDSPrVNew York Stock Exchange

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☐

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.
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 June 30, 2026, is 107.6 million Common Shares, $.01 par value, and 7.5 million Series A Common Shares, $.01 par value.

Telephone and Data Systems, Inc.
Quarterly Report on Form 10-Q
For the Period Ended June 30, 2026 

IndexPage No.

Management's 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
22

Consolidated Balance Sheet Analysis
23

Supplemental Information Relating to Non-GAAP Financial Measures
24

Application of Critical Accounting Policies and Estimates
28

Private Securities Litigation Reform Act of 1995 Safe Harbor Cautionary Statement
29

Risk Factors
31

Quantitative and Qualitative Disclosures About Market Risk
32

Financial Statements (Unaudited)
33

Consolidated Statement of Operations
33

Consolidated Statement of Cash Flows
35

Consolidated Balance Sheet
37

Consolidated Statement of Changes in Equity
39

Notes to Consolidated Financial Statements
43

Controls and Procedures
56

Legal Proceedings
57

Unregistered Sales of Equity Securities and Use of Proceeds
58

Other Information
59

Exhibits
60

Form 10-Q Cross Reference Index
61

Signatures
62

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Telephone and Data Systems, Inc.
Management’s Discussion and Analysis of
Financial Condition and Results of Operations

Executive Overview
The following discussion and analysis compares Telephone and Data Systems, Inc.’s (TDS) financial results for the three and six months ended June 30, 2026, to the three and six months ended June 30, 2025. It should be read in conjunction with TDS’ interim consolidated financial statements and notes included herein, and with the description of TDS’ business, its audited consolidated financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) included in TDS’ Annual Report on Form 10-K (Form 10-K) for the year ended December 31, 2025. Certain numbers included herein are rounded to thousands or millions for ease of presentation; however, certain calculated amounts and percentages are determined using the unrounded numbers. 
This report contains statements that are not based on historical facts, which may be identified by words such as “believes,” “anticipates,” “estimates,” “expects,” “plans,” “intends,” “projects,” “will” and similar expressions. These statements constitute and represent “forward looking statements” as this term is defined in the Private Securities Litigation Reform Act of 1995. Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be significantly different from any future results, events or developments expressed or implied by such forward looking statements. See the disclosure under the heading Private Securities Litigation Reform Act of 1995 Safe Harbor Cautionary Statement elsewhere in this report for additional information.
The accounting policies of TDS conform to accounting principles generally accepted in the United States of America (GAAP). However, TDS uses certain “non-GAAP financial measures” in the MD&A and the business segment information. A discussion of the reasons TDS determines these metrics to be useful and reconciliations of these measures to their most directly comparable measures determined in accordance with GAAP are included in the disclosure under the heading Supplemental Information Relating to Non-GAAP Financial Measures within the MD&A of this report.
General
TDS is a diversified telecommunications company that provides high-quality communications services. TDS provides broadband, video, voice and wireless services through its wholly-owned subsidiary, TDS Telecommunications LLC (TDS Telecom). Array Digital Infrastructure, Inc. (Array), an 81.9%-owned subsidiary of TDS, leases tower space to tenants and provides ancillary services, holds noncontrolling interests in primarily wireless operating companies and holds certain wireless spectrum licenses. TDS operates entirely in the United States. See Note 11 — Business Segment Information in the Notes to Consolidated Financial Statements for additional information about TDS' segments. 

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TDS Mission and Strategy
TDS’ mission is to provide outstanding communications services to its customers and meet the needs of its shareholders, its people, and its communities. In pursuing this mission, TDS seeks to grow its businesses, create opportunities for its associates, support the communities it serves, and build and return value for its shareholders. Since its founding, TDS has been committed to bringing high-quality communications services to rural and underserved communities.
TDS’ strategy has been to re-invest the majority of its operating capital in its businesses to strengthen their competitive positions and financial performance, while also returning value to TDS shareholders. 
TDS plans to build shareholder value by continuing to execute on its strategies to build strong, competitive businesses providing high-quality, data-focused services and products. Strategic efforts include:
▪TDS Telecom strives to provide high-quality broadband services in its markets with the ability to provide value-added bundling with video, voice and wireless service options.
▪TDS Telecom seeks to drive growth by investing in fiber deployment and growing its operations by creating clusters of markets in attractive, growing locations and may seek to acquire and/or divest of assets to support its strategy.
▪Array seeks to grow tower revenue primarily through increasing colocations on existing towers and amendments to existing colocations. Array seeks to provide unique tower locations, attractive terms and streamlined implementation to wireless network operators, internet service providers, government and public safety agencies, broadcast and media companies, and other businesses. 
▪Array holds noncontrolling interests in primarily wireless operating companies that generate material amounts of income and cash distributions.
▪Array holds wireless spectrum that is subject to sale agreements described below, and additional wireless spectrum not subject to pending sale agreements that Array seeks to opportunistically monetize.
Strategic Alternatives Review
On August 1, 2025, Array sold its wireless operations and select spectrum assets to T-Mobile US, Inc. (T-Mobile) under a Securities Purchase Agreement (Securities Purchase Agreement). Total consideration received was $4,293.8 million after adjustments which included a combination of $2,628.8 million in cash proceeds and $1,665.0 million in debt assumed by T-Mobile through an exchange offer made to Array's debtholders. The final cash proceeds are subject to adjustment according to the terms and conditions of the Securities Purchase Agreement. As of June 30, 2026, Array recorded an estimated purchase price true-up payable to T-Mobile of $24.9 million. The wireless operations and select spectrum assets sold to T-Mobile are presented as discontinued operations throughout this report. See Note 2 — Discontinued Operations in the Notes to Consolidated Financial Statements for additional information.
In addition to the sale of Array's wireless operations and select spectrum assets to T-Mobile pursuant to the Securities Purchase Agreement, Array also separately entered into the following material agreements to sell spectrum assets.

Spectrum LicensesBuyerPurchase PriceSigning DateClose Date
(Dollars in thousands)
AWS, Cellular and PCSVerizon$1,000,000 October 17, 2024June 1, 2026
3.45 GHz and 700 MHzAT&T$1,018,044 November 6, 2024January 13, 2026
700 MHz1
T-Mobile$74,800 August 29, 2025May 5, 2026
700 MHz1
T-Mobile$10,200 August 29, 2025 Estimated 2026
600 MHzT-Mobile$86,387 October 7, 2025May 12, 2026
600 MHz2
T-Mobile$19,613 June 5, 2026Estimated 2026

1     This license transaction involves multiple closing dates. The first group of spectrum licenses received regulatory approval and closed on May 5, 2026. The additional spectrum licenses remain subject to regulatory approval and other customary closing conditions.
2    This license transaction remains subject to regulatory approval and other customary closing conditions.
See Note 6 — Acquisitions and Divestitures in the Notes to Consolidated Financial Statements for additional information related to the spectrum license transactions. 
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The strategic alternatives review process is ongoing as Array works toward closing the remaining T-Mobile spectrum transactions signed during 2025 and 2026. Array also continues to seek to opportunistically monetize its remaining spectrum assets that are not subject to executed agreements.
Recent Development
On May 7, 2026, TDS delivered to the Array Board of Directors a letter setting forth a non-binding proposal to acquire all of the outstanding Array Common Shares that are not owned by TDS (the “Array Proposal”). A special committee of independent and disinterested directors of the Array Board of Directors has been formed to evaluate this proposal. For additional information on the Array Proposal, see TDS’ Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission on May 8, 2026. 
In addition to the spectrum transactions at Array and the Array Proposal, TDS continues to explore opportunities to transform its business operations given the change in scale of the overall TDS organization following the divestiture of the wireless operations. Together, these initiatives are referred to as the strategic alternatives review throughout this report. TDS incurred third-party expenses related to the strategic alternatives review of $8.6 million and $9.8 million for the three and six months ended June 30, 2026, respectively, and $0.8 million and $2.1 million for the three and six months ended June 30, 2025, respectively, which are included in Selling, general and administrative expenses for continuing operations and excluded from Adjusted OIBDA and Adjusted EBITDA non-GAAP financial measures.
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Terms Used by TDS
The following is a list of definitions of certain industry terms that are used throughout this document:
▪Adjusted EBITDA – non-GAAP metric referring to earnings before interest, taxes, depreciation, amortization and accretion, gains and losses and other specified items. See Supplemental Information Relating to Non-GAAP Financial Measures within this MD&A for additional information.
▪Adjusted OIBDA – non-GAAP measure referring to operating income before depreciation, amortization and accretion, gains and losses and other specified items. See Supplemental Information Relating to Non-GAAP Financial Measures within this MD&A for additional information.
▪Broadband Connections – refers to the individual customers provided internet access through various transmission technologies, including fiber, coaxial and copper.
▪Cable Markets – markets where TDS provides service as the cable provider using coaxial cable and fiber technologies.
▪Colocations – represents instances where a third-party leases space on a company-owned tower.
▪Enhanced Alternative Connect America Cost Model (E-ACAM) – a USF support mechanism for certain carriers, which provides revenue support through 2038. This support comes with an obligation to provide 100 megabits per second (Mbps) of download speed and 20 Mbps of upload speed (100/20 Mbps) to a certain number of locations.
▪Expansion Markets – markets utilizing fiber networks in areas where TDS does not serve as the cable or incumbent service provider.
▪Free Cash Flow – non-GAAP metric defined as Cash flows from operating activities less Cash paid for additions to property, plant and equipment and less Cash paid for software license agreements. See Supplemental Information Relating to Non-GAAP Financial Measures within this MD&A for additional information.
▪Incumbent Markets – markets where TDS is positioned as the traditional local telephone company.
▪IPTV – internet protocol television.
▪Residential Revenue per Connection – metric which is calculated by dividing total residential revenue by the average number of residential connections and by the number of months in the period.
▪Residential Fiber Churn Rate – represents the percentage of incumbent and expansion fiber connections that disconnected service each month. These rates represent the average monthly churn rate for each respective period.
▪Service Addresses – number of single residence homes, multi-dwelling units, and business locations that are capable of being connected to the TDS network, based on best available information.
▪Tower Tenancy Rate – calculated as total number of colocations divided by total number of towers.
▪Universal Service Fund (USF) – a system of telecommunications collected fees and support payments managed by the Federal Communications Commission (FCC) intended to promote universal access to telecommunications services in the United States.
▪Video Connections – represents the individual customers provided video services.
▪Voice Connections – refers to customer services that provide voice calling capability with the public switched telephone network, including both traditional wireline voice services and interconnected VoIP services delivered over broadband.
▪Wireless Connections – refers to an individual mobile line provisioned through TDS' mobile virtual network operator (MVNO) arrangement and delivered under the TDS-branded wireless offering.
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Results of Operations — TDS Consolidated
The following discussion and analysis compares financial results for the three and six months ended June 30, 2026, to the three and six months ended June 30, 2025.

Three Months Ended
June 30,Six Months Ended
June 30,
202620252026 vs. 2025202620252026 vs. 2025
(Dollars in thousands)

Operating revenues
TDS Telecom$248,406 $264,931 (6)%$497,978 $522,291 (5)%
Array54,070 28,529 90 %106,082 55,513 91 %
All Other1
6,805 5,081 34 %14,671 11,170 31 %
Total operating revenues309,281 298,541 4 %618,731 588,974 5 %
Operating expenses
TDS Telecom256,684 250,959 2 %509,988 508,460 —
Array(345,193)46,719 N/M(453,966)103,329 N/M
All Other1
24,578 13,170 87 %45,679 23,426 95 %
Total operating expenses(63,931)310,848 N/M101,701 635,215 (84)%
Operating income (loss)
TDS Telecom(8,278)13,972 N/M(12,010)13,831 N/M
Array399,263 (18,190)N/M560,048 (47,816)N/M
All Other1
(17,773)(8,089)N/M(31,008)(12,256)N/M
Total operating income (loss)373,212 (12,307)N/M517,030 (46,241)N/M
Other income (expense)
Equity in earnings of unconsolidated entities37,126 42,952 (14)%79,028 79,471 (1)%
Interest and dividend income19,631 6,110 N/M33,417 12,381 N/M

Interest expense(11,388)(29,166)61 %(16,709)(53,074)69 %
Short-term imputed spectrum lease income23,770 — N/M57,970 — N/M
Other, net5,346 2,395 N/M10,796 5,117 N/M
Total other income74,485 22,291 N/M164,502 43,895 N/M

Income (loss) before income taxes447,697 9,984 N/M681,532 (2,346)N/M
Income tax expense (benefit)106,410 (4,224)N/M160,819 (12,347)N/M
Net income from continuing operations341,287 14,208 N/M520,713 10,001 N/M
Less: Net income from continuing operations attributable to noncontrolling interests, net of tax63,332 2,943 N/M96,143 4,667 N/M
Net income from continuing operations attributable to TDS shareholders277,955 11,265 N/M424,570 5,334 N/M

Net income from discontinued operations25,071 3,578 N/M22,683 19,749 15 %
Less: Net income from discontinued operations attributable to noncontrolling interests, net of tax4,660 3,272 42 %4,292 6,041 (29)%
Net income from discontinued operations attributable to TDS shareholders20,411 306 N/M18,391 13,708 34 %

Net income366,358 17,786 N/M543,396 29,750 N/M
Less: Net income attributable to noncontrolling interests, net of tax67,992 6,215 N/M100,435 10,708 N/M
Net income attributable to TDS shareholders298,366 11,571 N/M442,961 19,042 N/M
TDS Preferred Share dividends17,306 17,306 —34,613 34,613 —
Net income (loss) attributable to TDS common shareholders$281,060 $(5,735)N/M$408,348 $(15,571)N/M

Adjusted OIBDA from continuing operations (Non-GAAP)2
$77,126 $68,800 12 %$160,529 $120,285 33 %
Adjusted EBITDA from continuing operations (Non-GAAP)2
$139,229 $120,257 16 %$283,770 $217,254 31 %
Capital expenditures from continuing operations3
$183,633 $94,588 94 %$319,862 $158,731 N/M

1Consists of corporate and other operations and intercompany eliminations.
2Refer to Supplemental Information Relating to Non-GAAP Financial Measures within this MD&A for a reconciliation of this measure.
3Refer 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.
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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 the three and six months ended June 30, 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 associa