Telephone and Data Systems (TDS) Financials

$36.66 +1.19 (+3.34%)

As of 04/24/2025 03:53 PM Eastern

Annual Income Statements for Telephone and Data Systems

This table shows Telephone and Data Systems' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	219	43	153	135	121	226	117	-7.00	-569	-97
Consolidated Net Income / (Loss)	263	52	157	175	147	269	188	72	-487	-26
Net Income / (Loss) Continuing Operations	263	52	157	175	147	269	188	72	-487	-26
Total Pre-Tax Income	435	92	-122	221	211	288	221	125	-477	-20
Total Operating Income	431	108	-108	205	179	259	261	122	-414	63
Total Gross Profit	2,795	1,621	1,620	2,773	2,839	2,871	2,857	2,848	2,826	2,829
Total Revenue	5,210	4,050	3,979	5,109	5,176	5,225	5,329	5,413	5,160	4,964
Operating Revenue	5,210	4,050	3,979	5,109	5,176	5,225	5,329	5,413	5,160	4,964
Total Cost of Revenue	2,415	2,429	2,359	2,336	2,337	2,354	2,472	2,565	2,334	2,135
Operating Cost of Revenue	2,415	2,429	2,359	2,336	2,337	2,354	2,472	2,565	2,334	2,135
Total Operating Expenses	2,364	1,513	1,728	2,568	2,660	2,612	2,596	2,726	3,240	2,766
Selling, General & Admin Expense	1,781	1,762	1,689	1,694	1,717	1,681	1,677	1,768	1,753	1,721
Depreciation Expense	844	850	844	883	932	909	895	929	915	943
Other Operating Expenses / (Income)	-	-1,105	-1,065	0.00	-1.00	0.00	-2.00	-1.00	0.00	-68
Impairment Charge	0.00	0.00	262	0.00	0.00	0.00	0.00	3.00	547	137
Other Special Charges / (Income)	-261	6.00	-2.00	-9.00	12	22	26	27	25	33
Total Other Income / (Expense), net	4.00	-16	-14	16	32	29	-40	3.00	-63	-83
Interest Expense	142	170	170	172	165	168	232	174	244	279
Interest & Investment Income	145	151	152	186	197	198	193	176	179	191
Other Income / (Expense), net	1.00	3.00	4.00	2.00	0.00	-1.00	-1.00	1.00	2.00	5.00
Income Tax Expense	172	40	-279	46	64	19	33	53	10	6.00
Preferred Stock Dividends Declared	-	0.00	-	-	0.00	0.00	39	69	69	69
Net Income / (Loss) Attributable to Noncontrolling Interest	44	9.00	4.00	40	26	43	32	10	13	2.00
Basic Earnings per Share	$2.02	$0.39	$1.39	$1.20	$1.06	$1.97	$1.03	($0.07)	($5.05)	($0.85)
Weighted Average Basic Shares Outstanding	109M	110M	111M	112M	114M	114M	115M	114M	113M	114M
Diluted Earnings per Share	$1.98	$0.39	$1.37	$1.17	$1.03	$1.93	$1.00	($0.07)	($5.06)	($0.85)
Weighted Average Diluted Shares Outstanding	110M	111M	112M	114M	116M	115M	116M	114M	113M	114M
Weighted Average Basic & Diluted Shares Outstanding	108.40M	110.30M	110.10M	112.50M	114.20M	114.37M	114.59M	112.46M	113M	114M
Cash Dividends to Common per Share	$0.56	$0.59	$0.62	$0.64	$0.66	$0.68	$0.70	$0.72	$0.74	$0.31

This table shows Telephone and Data Systems' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	-25	-44	-9.00	-19	-17	-524	12	-14	-83	-12
Consolidated Net Income / (Loss)	-10	-29	12	0.00	4.00	-503	38	7.00	-79	8.00
Net Income / (Loss) Continuing Operations	-10	-29	12	0.00	4.00	-503	38	7.00	-79	8.00
Total Pre-Tax Income	-13	-37	25	15	31	-548	58	13	-104	13
Total Operating Income	-11	-25	29	33	48	-524	67	39	-80	37
Total Gross Profit	689	695	711	699	711	705	731	715	708	675
Total Revenue	1,392	1,357	1,303	1,267	1,278	1,312	1,262	1,238	1,224	1,240
Operating Revenue	1,392	1,357	1,303	1,267	1,278	1,312	1,262	1,238	1,224	1,240
Total Cost of Revenue	703	662	592	568	567	607	531	523	516	565
Operating Cost of Revenue	703	662	592	568	567	607	531	523	516	565
Total Operating Expenses	700	720	682	666	663	1,229	664	676	788	638
Selling, General & Admin Expense	462	469	439	436	432	446	424	426	422	449
Depreciation Expense	234	237	232	225	225	233	234	233	238	238
Impairment Charge	0.00	-	0.00	0.00	0.00	547	0.00	0.00	136	1.00
Other Special Charges / (Income)	4.00	14	11	5.00	6.00	3.00	6.00	17	4.00	6.00
Total Other Income / (Expense), net	-2.00	-12	-4.00	-18	-17	-24	-9.00	-26	-24	-24
Interest Expense	46	55	53	62	62	67	57	73	76	73
Interest & Investment Income	44	42	49	44	45	41	47	46	51	47
Other Income / (Expense), net	0.00	1.00	0.00	0.00	0.00	2.00	1.00	1.00	1.00	2.00
Income Tax Expense	-3.00	-8.00	13	15	27	-45	20	6.00	-25	5.00
Preferred Stock Dividends Declared	17	18	17	17	17	18	17	17	17	18
Net Income / (Loss) Attributable to Noncontrolling Interest	-2.00	-3.00	4.00	2.00	4.00	3.00	9.00	4.00	-13	2.00
Basic Earnings per Share	($0.22)	($0.38)	($0.08)	($0.17)	($0.16)	($4.64)	$0.11	($0.13)	($0.73)	($0.10)
Weighted Average Basic Shares Outstanding	114M	114M	113M	113M	113M	113M	113M	114M	114M	114M
Diluted Earnings per Share	($0.22)	($0.37)	($0.08)	($0.17)	($0.16)	($4.65)	$0.10	($0.13)	($0.73)	($0.09)
Weighted Average Diluted Shares Outstanding	114M	114M	113M	113M	113M	113M	117M	114M	114M	114M
Weighted Average Basic & Diluted Shares Outstanding	113.57M	112.46M	112.57M	112.76M	113M	113M	113M	113M	113M	114M

This table details how cash moves in and out of Telephone and Data Systems' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	508	-85	-282	305	-453	978	-1,038	-15	-129	114
Net Cash From Operating Activities	790	782	776	1,017	1,016	1,532	1,103	1,155	1,142	1,145
Net Cash From Continuing Operating Activities	790	782	776	1,017	1,016	1,532	1,103	1,155	1,142	1,145
Net Income / (Loss) Continuing Operations	263	52	157	175	147	269	188	72	-487	-26
Consolidated Net Income / (Loss)	263	52	157	175	147	269	188	72	-487	-26
Depreciation Expense	844	850	844	883	932	909	895	929	915	943
Non-Cash Adjustments To Reconcile Net Income	-190	103	403	139	176	158	131	195	715	284
Changes in Operating Assets and Liabilities, net	-130	-223	-628	-180	-239	196	-111	-41	-1.00	-56
Net Cash From Investing Activities	-743	-808	-981	-680	-1,249	-1,511	-2,462	-1,783	-1,327	-754
Net Cash From Continuing Investing Activities	-743	-808	-981	-680	-1,249	-1,511	-2,462	-1,783	-1,327	-754
Purchase of Property, Plant & Equipment	-801	-636	-685	-776	-957	-1,338	-1,131	-1,161	-1,211	-884
Acquisitions	-287	-53	-218	-16	-346	-202	-1,328	-614	-130	-20
Divestitures	343	21	21	29	41	26	0.00	8.00	1.00	147
Other Investing Activities, net	2.00	-140	1.00	0.00	-5.00	3.00	-3.00	-16	13	3.00
Net Cash From Financing Activities	461	-59	-77	-32	-220	957	321	613	56	-277
Net Cash From Continuing Financing Activities	461	-59	-77	-32	-220	957	321	613	56	-277
Repayment of Debt	-14	-12	-17	-22	-118	-108	-2,079	-380	-783	-458
Repurchase of Common Equity	-6.00	-8.00	0.00	0.00	-28	-78	-101	-94	-20	-70
Payment of Dividends	-67	-66	-73	-78	-79	-80	-122	-154	-156	-109
Issuance of Debt	537	12	8.00	8.00	14	1,250	1,543	1,264	1,081	440
Other Financing Activities, net	-4.00	-	-	18	-9.00	-27	-30	-23	-66	-80

This table details how cash moves in and out of Telephone and Data Systems' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-24	-82	-90	-16	-	-23	8.00	68	126	-88
Net Cash From Operating Activities	167	254	46	468	409	219	224	402	307	212
Net Cash From Continuing Operating Activities	167	254	46	468	409	219	224	402	307	212
Net Income / (Loss) Continuing Operations	-10	-29	12	-	4.00	-503	38	7.00	-79	8.00
Consolidated Net Income / (Loss)	-10	-29	12	-	4.00	-503	38	7.00	-79	8.00
Depreciation Expense	235	238	232	224	225	234	234	233	237	239
Non-Cash Adjustments To Reconcile Net Income	36	73	17	62	22	614	31	70	151	32
Changes in Operating Assets and Liabilities, net	-94	-28	-215	182	158	-126	-79	92	-2.00	-67
Net Cash From Investing Activities	-286	-375	-334	-295	-293	-405	-246	-219	-115	-174
Net Cash From Continuing Investing Activities	-286	-375	-334	-295	-293	-405	-246	-219	-115	-174
Purchase of Property, Plant & Equipment	-268	-367	-331	-298	-277	-305	-235	-216	-204	-229
Acquisitions	-17	-11	-5.00	-3.00	-16	-106	-11	-4.00	-2.00	-3.00
Divestitures	-	8.00	0.00	-	-	1.00	0.00	-	91	56
Other Investing Activities, net	-1.00	-5.00	2.00	6.00	-	5.00	0.00	1.00	-	2.00
Net Cash From Financing Activities	95	39	198	-189	-116	163	30	-115	-66	-126
Net Cash From Continuing Financing Activities	95	39	198	-189	-116	163	30	-115	-66	-126
Repayment of Debt	-150	-1.00	-66	-203	-459	-55	-59	-359	-7.00	-33
Repurchase of Common Equity	-15	-41	-3.00	-3.00	-	-14	0.00	-	-26	-44
Payment of Dividends	-39	-37	-39	-39	-38	-40	-41	-23	-23	-22
Other Financing Activities, net	-2.00	-9.00	-10	-19	-9.00	-28	-10	-33	-10	-27

This table presents Telephone and Data Systems' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	9,422	9,446	9,295	9,783	10,781	12,525	13,493	14,550	13,921	13,682
Total Current Assets	2,158	2,059	1,966	2,330	1,921	3,026	2,044	2,028	1,660	1,695
Cash & Equivalents	985	900	619	921	465	1,429	367	360	236	364
Accounts Receivable	803	851	961	1,099	1,124	1,112	1,151	1,181	1,074	1,041
Inventories, net	158	151	145	150	169	154	178	268	208	183
Prepaid Expenses	112	115	112	103	98	105	103	102	86	72
Current Deferred & Refundable Income Taxes	70	10	2.00	12	36	187	184	59	4.00	2.00
Other Current Assets	30	32	27	28	29	36	61	58	52	33
Plant, Property, & Equipment, net	3,764	3,555	3,424	3,346	3,527	3,972	4,361	4,760	5,062	4,994
Plant, Property & Equipment, gross	11,520	11,679	11,742	12,074	12,864	13,659	14,265	14,971	15,612	14,363
Accumulated Depreciation	7,756	8,124	8,318	8,728	9,337	9,687	9,904	10,211	10,550	9,369
Total Noncurrent Assets	3,500	3,832	3,905	4,107	5,333	5,527	7,088	7,762	7,199	6,993
Long-Term Investments	402	452	453	480	488	477	479	495	505	500
Intangible Assets	2,135	2,172	2,511	2,448	2,719	2,851	4,294	4,903	4,885	4,749
Other Noncurrent Operating Assets	197	434	422	616	1,579	1,650	1,750	1,791	1,794	1,744
Other Noncurrent Nonoperating Assets	-	8.00	10	54	-	2.00	18	26	15	0.00
Total Liabilities & Shareholders' Equity	9,422	9,446	9,295	9,783	10,781	12,525	13,493	14,550	13,921	13,682
Total Liabilities	4,718	4,696	4,403	4,479	5,366	6,922	6,748	7,935	7,913	7,798
Total Current Liabilities	944	887	918	879	962	1,153	1,180	1,514	1,184	1,090
Short-Term Debt	14	12	20	21	10	5.00	6.00	19	26	31
Accounts Payable	349	365	368	365	374	508	481	506	360	280
Current Deferred Revenue	288	229	223	197	189	193	236	285	277	283
Current Deferred & Payable Income Tax Liabilities	41	44	64	44	41	69	45	46	43	39
Current Employee Benefit Liabilities	113	127	126	127	121	132	137	144	149	150
Other Current Liabilities	127	99	106	114	216	230	265	502	317	291
Other Current Nonoperating Liabilities	-	-	-	-	-	-	10	12	12	16
Total Noncurrent Liabilities	3,774	3,809	3,485	3,600	4,404	5,769	5,568	6,421	6,729	6,708
Long-Term Debt	2,440	2,433	2,437	2,418	2,316	3,424	2,928	3,731	4,080	4,051
Noncurrent Deferred & Payable Income Tax Liabilities	900	922	552	640	676	863	921	969	975	981
Other Noncurrent Operating Liabilities	434	454	496	541	1,412	1,481	1,719	1,721	1,674	1,676
Other Noncurrent Nonoperating Liabilities	-	-	0.00	1.00	0.00	1.00	0.00	0.00	0.00	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	11	11	10	11	12	12	16
Total Equity & Noncontrolling Interests	4,704	4,750	4,892	5,293	5,404	5,593	6,734	6,603	5,996	5,868
Total Preferred & Common Equity	4,126	4,144	4,269	4,560	4,653	4,804	5,927	5,849	5,202	5,091
Preferred Stock	1.00	1.00	-	-	-	0.00	1,074	1,074	1,074	1,074
Total Common Equity	4,126	4,144	4,269	4,560	4,653	4,804	4,853	4,775	4,128	4,017
Common Stock	2,366	2,387	2,414	2,433	2,469	2,483	2,497	2,552	2,559	2,575
Retained Earnings	2,487	2,454	2,525	2,656	2,672	2,802	2,812	2,699	2,023	1,849
Treasury Stock	-727	-698	-669	-519	-479	-477	-461	-481	-465	-425
Accumulated Other Comprehensive Income / (Loss)	-	1.00	-1.00	-10	-9.00	-4.00	5.00	5.00	11	18
Noncontrolling Interest	577	605	623	733	751	789	807	754	794	777

This table presents Telephone and Data Systems' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Total Assets	14,479	14,539	14,406	14,414	13,866	13,872	13,726
Total Current Assets	2,086	1,903	1,746	1,680	1,628	1,641	1,746
Cash & Equivalents	442	259	251	256	249	322	451
Accounts Receivable	1,181	1,131	1,107	1,081	1,036	1,037	997
Inventories, net	252	269	216	181	184	148	167
Prepaid Expenses	94	113	104	99	107	88	88
Current Deferred & Refundable Income Taxes	60	60	5.00	3.00	3.00	4.00	3.00
Other Current Assets	57	71	63	60	49	42	40
Plant, Property, & Equipment, net	4,647	4,872	4,932	4,998	5,052	4,988	4,987
Plant, Property & Equipment, gross	14,928	15,183	15,322	15,497	14,452	14,224	14,409
Accumulated Depreciation	10,281	10,311	10,390	10,499	9,400	9,236	9,422
Total Noncurrent Assets	7,746	7,764	7,728	7,736	7,186	7,243	6,993
Long-Term Investments	503	519	500	520	526	507	524
Intangible Assets	4,899	4,901	4,897	4,888	4,898	4,897	4,754
Other Noncurrent Operating Assets	1,768	1,779	1,768	1,765	1,762	1,719	1,698
Other Noncurrent Nonoperating Assets	29	18	16	16	0.00	120	17
Total Liabilities & Shareholders' Equity	14,479	14,539	14,406	14,414	13,866	13,872	13,726
Total Liabilities	7,777	7,952	7,857	7,885	7,846	7,874	7,837
Total Current Liabilities	1,409	1,225	1,278	1,327	1,031	1,086	1,098
Short-Term Debt	16	20	60	24	26	29	29
Accounts Payable	506	344	364	550	302	327	334
Current Deferred Revenue	266	277	278	270	284	282	270
Current Deferred & Payable Income Tax Liabilities	48	45	45	51	44	43	49
Current Employee Benefit Liabilities	107	78	104	110	59	94	107
Other Current Liabilities	446	440	415	302	295	294	283
Other Current Nonoperating Liabilities	20	21	12	20	21	17	26
Total Noncurrent Liabilities	6,368	6,727	6,579	6,558	6,815	6,788	6,739
Long-Term Debt	3,608	4,040	3,872	3,840	4,164	4,103	4,097
Noncurrent Deferred & Payable Income Tax Liabilities	967	974	987	1,003	988	992	961
Other Noncurrent Operating Liabilities	1,793	1,713	1,720	1,715	1,663	1,659	1,674
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	34	7.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	12	12	12	12	16	16	16
Total Equity & Noncontrolling Interests	6,690	6,575	6,537	6,517	6,004	5,982	5,873
Total Preferred & Common Equity	5,904	5,816	5,752	5,726	5,204	5,148	5,075
Preferred Stock	1,074	1,074	1,074	1,074	1,074	1,074	1,074
Total Common Equity	4,830	4,742	4,678	4,652	4,130	4,074	4,001
Common Stock	2,528	2,553	2,533	2,545	2,571	2,543	2,558
Retained Earnings	2,763	2,658	2,606	2,567	2,008	1,957	1,865
Treasury Stock	-468	-474	-466	-465	-460	-437	-433
Accumulated Other Comprehensive Income / (Loss)	7.00	5.00	5.00	5.00	11	11	11
Noncontrolling Interest	786	759	785	791	800	834	798

This table displays calculated financial ratios and metrics derived from Telephone and Data Systems' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.01%	-22.26%	-1.75%	28.40%	1.31%	0.95%	1.99%	1.58%	-4.67%	-3.80%
EBITDA Growth	97.07%	-24.86%	-23.00%	47.30%	1.93%	5.04%	-1.03%	-8.92%	-52.19%	100.99%
EBIT Growth	327.37%	-74.31%	-193.69%	299.04%	-13.53%	44.13%	0.78%	-52.69%	-434.96%	116.50%
NOPAT Growth	295.93%	-76.57%	-223.85%	314.72%	-23.18%	93.99%	-8.22%	-68.35%	-512.40%	115.22%
Net Income Growth	278.91%	-80.23%	201.92%	11.47%	-16.00%	82.99%	-30.11%	-61.70%	-776.39%	94.66%
EPS Growth	257.14%	-80.30%	251.28%	-14.60%	-11.97%	87.38%	-48.19%	-107.00%	-7,128.57%	83.20%
Operating Cash Flow Growth	100.00%	-1.01%	-0.77%	31.06%	-0.10%	50.79%	-28.00%	4.71%	-1.13%	0.26%
Free Cash Flow Firm Growth	119.44%	-101.78%	-20,732.89%	114.07%	-782.53%	75.19%	-1,408.93%	58.99%	72.73%	280.77%
Invested Capital Growth	2.68%	1.09%	5.68%	1.70%	8.21%	4.99%	23.63%	7.60%	-1.33%	-2.69%
Revenue Q/Q Growth	0.22%	-21.68%	35.57%	152.92%	-27.75%	-15.45%	-19.89%	31.70%	-0.86%	-1.43%
EBITDA Q/Q Growth	6.21%	-2.93%	3.21%	0.28%	0.82%	0.17%	0.17%	-3.84%	-49.95%	127.19%
EBIT Q/Q Growth	16.19%	-17.78%	19.38%	-2.82%	-2.72%	5.31%	0.39%	-30.90%	-579.07%	113.79%
NOPAT Q/Q Growth	18.33%	-25.43%	16.28%	-65.07%	-5.20%	4.61%	6.77%	-42.41%	-791.69%	112.65%
Net Income Q/Q Growth	7.95%	-8.77%	186.26%	-64.07%	-3.92%	0.00%	12.57%	-47.45%	-3,646.15%	95.16%
EPS Q/Q Growth	7.03%	-4.88%	208.73%	-67.77%	-2.83%	1.05%	-0.99%	-117.07%	-548.72%	84.29%
Operating Cash Flow Q/Q Growth	26.24%	11.55%	1.44%	5.17%	-5.84%	17.13%	-10.25%	1.23%	-2.97%	-0.61%
Free Cash Flow Firm Q/Q Growth	142.99%	-234.50%	-2,127.32%	80.50%	-82.47%	65.91%	-11.15%	18.93%	41.81%	36.83%
Invested Capital Q/Q Growth	1.82%	1.49%	8.61%	2.65%	5.13%	2.22%	3.71%	1.32%	-2.61%	0.68%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	53.65%	40.02%	40.71%	54.28%	54.85%	54.95%	53.61%	52.61%	54.77%	56.99%
EBITDA Margin	24.55%	23.73%	18.60%	21.33%	21.46%	22.33%	21.67%	19.43%	9.75%	20.37%
Operating Margin	8.27%	2.67%	-2.71%	4.01%	3.46%	4.96%	4.90%	2.25%	-8.02%	1.27%
EBIT Margin	8.29%	2.74%	-2.61%	4.05%	3.46%	4.94%	4.88%	2.27%	-7.98%	1.37%
Profit (Net Income) Margin	5.05%	1.28%	3.95%	3.43%	2.84%	5.15%	3.53%	1.33%	-9.44%	-0.52%
Tax Burden Percent	60.46%	56.52%	-128.69%	79.19%	69.67%	93.40%	85.07%	57.60%	102.10%	130.00%
Interest Burden Percent	100.69%	82.88%	117.31%	106.76%	117.88%	111.63%	85.00%	101.63%	115.78%	-29.41%
Effective Tax Rate	39.54%	43.48%	0.00%	20.81%	30.33%	6.60%	14.93%	42.40%	0.00%	0.00%
Return on Invested Capital (ROIC)	4.57%	1.05%	-1.26%	2.61%	1.91%	3.47%	2.78%	0.77%	-3.07%	0.48%
ROIC Less NNEP Spread (ROIC-NNEP)	4.78%	0.22%	18.27%	3.72%	3.79%	5.33%	0.90%	0.84%	-9.39%	-1.65%
Return on Net Nonoperating Assets (RNNOA)	1.18%	0.05%	4.51%	0.83%	0.84%	1.41%	0.26%	0.31%	-4.64%	-0.91%
Return on Equity (ROE)	5.74%	1.10%	3.26%	3.43%	2.74%	4.88%	3.05%	1.08%	-7.72%	-0.44%
Cash Return on Invested Capital (CROIC)	1.93%	-0.03%	-6.78%	0.92%	-5.98%	-1.39%	-18.35%	-6.56%	-1.74%	3.20%
Operating Return on Assets (OROA)	4.73%	1.18%	-1.11%	2.17%	1.74%	2.21%	2.00%	0.88%	-2.89%	0.49%
Return on Assets (ROA)	2.88%	0.55%	1.68%	1.83%	1.43%	2.31%	1.45%	0.51%	-3.42%	-0.19%
Return on Common Equity (ROCE)	5.05%	0.96%	2.84%	2.97%	2.36%	4.19%	2.38%	0.78%	-5.44%	-0.30%
Return on Equity Simple (ROE_SIMPLE)	6.37%	1.25%	3.68%	3.84%	3.16%	5.60%	3.17%	1.23%	-9.36%	-0.51%
Net Operating Profit after Tax (NOPAT)	261	61	-76	162	125	242	222	70	-290	44
NOPAT Margin	5.00%	1.51%	-1.90%	3.18%	2.41%	4.63%	4.17%	1.30%	-5.62%	0.89%
Net Nonoperating Expense Percent (NNEP)	-0.21%	0.83%	-19.53%	-1.12%	-1.89%	-1.86%	1.88%	-0.07%	6.32%	2.13%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	0.68%	-2.87%	0.44%
Cost of Revenue to Revenue	46.35%	59.98%	59.29%	45.72%	45.15%	45.05%	46.39%	47.39%	45.23%	43.01%
SG&A Expenses to Revenue	34.18%	43.51%	42.45%	33.16%	33.17%	32.17%	31.47%	32.66%	33.97%	34.67%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	45.37%	37.36%	43.43%	50.26%	51.39%	49.99%	48.71%	50.36%	62.79%	55.72%
Earnings before Interest and Taxes (EBIT)	432	111	-104	207	179	258	260	123	-412	68
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,279	961	740	1,090	1,111	1,167	1,155	1,052	503	1,011
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.51	0.59	0.57	0.65	0.52	0.38	0.42	0.23	0.49	0.96
Price to Tangible Book Value (P/TBV)	1.73	2.02	1.94	1.84	1.73	1.29	169.67	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.41	0.60	0.61	0.58	0.46	0.35	0.38	0.20	0.40	0.78
Price to Earnings (P/E)	9.68	56.77	15.84	21.88	19.84	8.01	17.40	0.00	0.00	0.00
Dividend Yield	2.89%	2.67%	2.83%	2.45%	3.15%	4.29%	3.94%	7.43%	4.10%	0.91%
Earnings Yield	10.33%	1.76%	6.31%	4.57%	5.04%	12.48%	5.75%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.65	0.71	0.70	0.75	0.67	0.58	0.68	0.61	0.78	0.98
Enterprise Value to Revenue (EV/Rev)	0.72	1.02	1.09	0.92	0.88	0.79	1.13	1.08	1.41	1.80
Enterprise Value to EBITDA (EV/EBITDA)	2.94	4.31	5.85	4.33	4.08	3.54	5.21	5.55	14.48	8.84
Enterprise Value to EBIT (EV/EBIT)	8.71	37.30	0.00	22.80	25.34	16.01	23.14	47.44	0.00	131.46
Enterprise Value to NOPAT (EV/NOPAT)	14.45	67.82	0.00	29.07	36.38	17.07	27.10	83.04	0.00	202.71
Enterprise Value to Operating Cash Flow (EV/OCF)	4.77	5.29	5.58	4.64	4.46	2.70	5.45	5.05	6.38	7.81
Enterprise Value to Free Cash Flow (EV/FCFF)	34.26	0.00	0.00	82.32	0.00	0.00	0.00	0.00	0.00	30.19
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.52	0.51	0.50	0.46	0.43	0.61	0.44	0.57	0.68	0.69
Long-Term Debt to Equity	0.52	0.51	0.50	0.46	0.43	0.61	0.43	0.56	0.68	0.69
Financial Leverage	0.25	0.23	0.25	0.22	0.22	0.26	0.29	0.37	0.49	0.55
Leverage Ratio	2.00	2.00	1.94	1.87	1.92	2.12	2.11	2.10	2.26	2.32
Compound Leverage Factor	2.01	1.65	2.28	2.00	2.26	2.36	1.79	2.13	2.61	-0.68
Debt to Total Capital	34.28%	33.98%	33.43%	31.50%	30.05%	37.97%	30.31%	36.18%	40.60%	40.96%
Short-Term Debt to Total Capital	0.20%	0.17%	0.27%	0.27%	0.13%	0.06%	0.06%	0.18%	0.26%	0.31%
Long-Term Debt to Total Capital	34.09%	33.82%	33.16%	31.23%	29.92%	37.91%	30.25%	36.00%	40.34%	40.65%
Preferred Equity to Total Capital	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	11.10%	10.36%	10.62%	10.78%
Noncontrolling Interests to Total Capital	8.06%	8.41%	8.48%	9.61%	9.84%	8.85%	8.45%	7.39%	7.97%	7.96%
Common Equity to Total Capital	57.64%	57.60%	58.09%	58.89%	60.11%	53.19%	50.14%	46.07%	40.81%	40.31%
Debt to EBITDA	1.92	2.54	3.32	2.24	2.09	2.94	2.54	3.56	8.16	4.04
Net Debt to EBITDA	0.83	1.14	1.74	0.94	1.24	1.30	1.81	2.75	6.69	3.18
Long-Term Debt to EBITDA	1.91	2.53	3.29	2.22	2.08	2.93	2.54	3.55	8.11	4.01
Debt to NOPAT	9.42	40.05	-32.50	15.02	18.65	14.17	13.21	53.36	-14.17	92.56
Net Debt to NOPAT	4.09	17.91	-17.00	6.29	11.01	6.28	9.40	41.20	-11.61	72.97
Long-Term Debt to NOPAT	9.36	39.86	-32.24	14.90	18.57	14.15	13.19	53.09	-14.08	91.86
Altman Z-Score	1.50	1.29	1.24	1.55	1.26	1.13	1.01	0.79	0.67	0.92
Noncontrolling Interest Sharing Ratio	12.08%	12.52%	12.75%	13.41%	14.05%	14.17%	21.79%	27.93%	29.47%	31.51%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.29	2.32	2.14	2.65	2.00	2.62	1.73	1.34	1.40	1.56
Quick Ratio	1.89	1.97	1.83	2.32	1.65	2.21	1.29	1.02	1.11	1.29
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	110	-1.96	-408	57	-391	-97	-1,465	-601	-164	296
Operating Cash Flow to CapEx	98.63%	122.96%	113.28%	131.06%	106.17%	114.50%	97.52%	99.48%	94.30%	129.52%
Free Cash Flow to Firm to Interest Expense	0.77	-0.01	-2.40	0.33	-2.37	-0.58	-6.31	-3.45	-0.67	1.06
Operating Cash Flow to Interest Expense	5.56	4.60	4.56	5.91	6.16	9.12	4.75	6.64	4.68	4.10
Operating Cash Flow Less CapEx to Interest Expense	-0.08	0.86	0.54	1.40	0.36	1.15	-0.12	-0.03	-0.28	0.94
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.57	0.43	0.42	0.54	0.50	0.45	0.41	0.39	0.36	0.36
Accounts Receivable Turnover	7.01	4.90	4.39	4.96	4.66	4.67	4.71	4.64	4.58	4.69
Inventory Turnover	11.19	15.72	15.94	15.84	14.65	14.58	14.89	11.50	9.81	10.92
Fixed Asset Turnover	1.37	1.11	1.14	1.51	1.51	1.39	1.28	1.19	1.05	0.99
Accounts Payable Turnover	6.56	6.80	6.44	6.37	6.32	5.34	5.00	5.20	5.39	6.67
Days Sales Outstanding (DSO)	52.08	74.53	83.11	73.59	78.38	78.10	77.50	78.62	79.76	77.76
Days Inventory Outstanding (DIO)	32.62	23.22	22.90	23.05	24.91	25.04	24.51	31.73	37.22	33.42
Days Payable Outstanding (DPO)	55.63	53.65	56.71	57.27	57.71	68.38	73.01	70.23	67.71	54.71
Cash Conversion Cycle (CCC)	29.07	44.10	49.30	39.37	45.58	34.76	29.00	40.13	49.26	56.47
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,783	5,846	6,178	6,283	6,799	7,138	8,825	9,496	9,370	9,118
Invested Capital Turnover	0.91	0.70	0.66	0.82	0.79	0.75	0.67	0.59	0.55	0.54
Increase / (Decrease) in Invested Capital	151	63	332	105	516	339	1,687	671	-126	-252
Enterprise Value (EV)	3,765	4,140	4,332	4,719	4,536	4,130	6,016	5,835	7,284	8,939
Market Capitalization	2,120	2,441	2,424	2,954	2,401	1,811	2,036	1,100	2,039	3,854
Book Value per Share	$37.94	$37.69	$38.53	$40.38	$40.57	$42.02	$42.31	$42.05	$36.53	$35.55
Tangible Book Value per Share	$11.26	$10.97	$11.27	$14.20	$12.09	$12.30	$0.10	($5.94)	($6.70)	($6.48)
Total Capital	7,158	7,195	7,349	7,743	7,741	9,032	9,679	10,365	10,114	9,966
Total Debt	2,454	2,445	2,457	2,439	2,326	3,429	2,934	3,750	4,106	4,082
Total Long-Term Debt	2,440	2,433	2,437	2,418	2,316	3,424	2,928	3,731	4,080	4,051
Net Debt	1,067	1,093	1,285	1,021	1,373	1,520	2,088	2,895	3,365	3,218
Capital Expenditures (CapEx)	801	636	685	776	957	1,338	1,131	1,161	1,211	884
Debt-free, Cash-free Net Working Capital (DFCFNWC)	243	284	349	534	504	446	503	173	266	272
Debt-free Net Working Capital (DFNWC)	1,228	1,184	1,068	1,472	969	1,878	870	533	502	636
Net Working Capital (NWC)	1,214	1,172	1,048	1,451	959	1,873	864	514	476	605
Net Nonoperating Expense (NNE)	-2.42	9.04	-233	-13	-22	-27	34	-1.73	197	70
Net Nonoperating Obligations (NNO)	1,079	1,096	1,286	979	1,384	1,535	2,080	2,881	3,362	3,234
Total Depreciation and Amortization (D&A)	847	850	844	883	932	909	895	929	915	943
Debt-free, Cash-free Net Working Capital to Revenue	4.66%	7.01%	8.77%	10.45%	9.74%	8.54%	9.44%	3.20%	5.16%	5.48%
Debt-free Net Working Capital to Revenue	23.57%	29.23%	26.84%	28.81%	18.72%	35.94%	16.33%	9.85%	9.73%	12.81%
Net Working Capital to Revenue	23.30%	28.94%	26.34%	28.40%	18.53%	35.85%	16.21%	9.50%	9.22%	12.19%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.02	$0.39	$1.39	$1.20	$1.06	$1.97	$1.03	($0.07)	($5.05)	($0.85)
Adjusted Weighted Average Basic Shares Outstanding	108.65M	110M	111M	112M	114M	114M	115M	114M	113M	114M
Adjusted Diluted Earnings per Share	$1.98	$0.39	$1.37	$1.17	$1.03	$1.93	$1.00	($0.07)	($5.06)	($0.85)
Adjusted Weighted Average Diluted Shares Outstanding	109.91M	111M	112M	114M	116M	115M	116M	114M	113M	114M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$1.20	$1.06	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	108.86M	110.17M	111.12M	113.82M	114.78M	114.37M	114.59M	112.46M	113M	114M
Normalized Net Operating Profit after Tax (NOPAT)	103	64	106	155	133	262	244	88	111	163
Normalized NOPAT Margin	1.97%	1.59%	2.67%	3.04%	2.57%	5.02%	4.58%	1.62%	2.14%	3.29%
Pre Tax Income Margin	8.35%	2.27%	-3.07%	4.33%	4.08%	5.51%	4.15%	2.31%	-9.24%	-0.40%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.04	0.65	-0.61	1.20	1.08	1.54	1.12	0.71	-1.69	0.24
NOPAT to Interest Expense	1.84	0.36	-0.44	0.94	0.76	1.44	0.96	0.40	-1.19	0.16
EBIT Less CapEx to Interest Expense	-2.60	-3.09	-4.64	-3.31	-4.72	-6.43	-3.75	-5.97	-6.65	-2.92
NOPAT Less CapEx to Interest Expense	-3.81	-3.38	-4.47	-3.57	-5.04	-6.52	-3.92	-6.27	-6.15	-3.01
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	25.48%	126.92%	46.50%	44.57%	53.74%	29.74%	64.89%	213.89%	-32.03%	-419.23%
Augmented Payout Ratio	27.76%	142.31%	46.50%	44.57%	72.79%	58.74%	118.62%	344.44%	-36.14%	-688.46%

This table displays calculated financial ratios and metrics derived from Telephone and Data Systems' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.82%	2,412.96%	-0.91%	-6.08%	-8.19%	-3.32%	-3.15%	-2.29%	-4.23%	-5.49%
EBITDA Growth	-20.57%	-16.41%	-19.44%	-11.38%	21.88%	-234.58%	15.71%	6.23%	-42.12%	196.53%
EBIT Growth	-115.94%	-177.42%	-69.47%	-47.62%	536.36%	-2,075.00%	134.48%	21.21%	-264.58%	107.47%
NOPAT Growth	-115.67%	-160.76%	-77.82%	-100.00%	180.44%	-1,996.00%	215.35%	0.00%	-1,004.17%	106.21%
Net Income Growth	-121.28%	-180.56%	-83.33%	-100.00%	140.00%	-1,634.48%	216.67%	0.00%	-2,075.00%	101.59%
EPS Growth	-191.67%	-436.36%	-121.62%	-213.33%	27.27%	-1,156.76%	225.00%	23.53%	-356.25%	98.06%
Operating Cash Flow Growth	-56.28%	5.83%	-87.93%	32.58%	144.91%	-13.78%	386.96%	-14.10%	-24.94%	-3.20%
Free Cash Flow Firm Growth	41.04%	58.48%	20.50%	35.50%	72.11%	65.03%	182.26%	213.94%	309.63%	214.11%
Invested Capital Growth	10.14%	7.60%	6.16%	4.87%	2.66%	-1.33%	-4.21%	-5.08%	-5.87%	-2.69%
Revenue Q/Q Growth	3.19%	-2.51%	-3.98%	-2.76%	0.87%	2.66%	-3.81%	-1.90%	-1.13%	1.31%
EBITDA Q/Q Growth	-22.76%	-4.46%	21.96%	-1.53%	6.23%	-205.49%	204.86%	-9.60%	-42.12%	75.95%
EBIT Q/Q Growth	-117.46%	-118.18%	220.83%	13.79%	45.45%	-1,187.50%	113.03%	-41.18%	-297.50%	149.37%
NOPAT Q/Q Growth	-120.68%	-127.27%	179.54%	-100.00%	0.00%	-6,022.29%	111.97%	-52.16%	-366.67%	140.66%
Net Income Q/Q Growth	-125.64%	-190.00%	141.38%	-100.00%	0.00%	-12,675.00%	107.55%	-81.58%	-1,228.57%	110.13%
EPS Q/Q Growth	-246.67%	-68.18%	78.38%	-112.50%	5.88%	-2,806.25%	102.15%	-230.00%	-461.54%	87.67%
Operating Cash Flow Q/Q Growth	-52.69%	52.10%	-81.89%	917.39%	-12.61%	-46.45%	2.28%	79.46%	-23.63%	-30.94%
Free Cash Flow Firm Q/Q Growth	-24.25%	20.93%	18.80%	19.15%	46.28%	0.83%	290.99%	11.98%	-1.17%	-46.02%
Invested Capital Q/Q Growth	1.06%	1.32%	3.96%	-1.48%	-1.08%	-2.61%	0.92%	-2.37%	-1.91%	0.68%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	49.50%	51.22%	54.57%	55.17%	55.63%	53.73%	57.92%	57.75%	57.84%	54.44%
EBITDA Margin	16.09%	15.77%	20.03%	20.28%	21.36%	-21.95%	23.93%	22.05%	12.91%	22.42%
Operating Margin	-0.79%	-1.84%	2.23%	2.60%	3.76%	-39.94%	5.31%	3.15%	-6.54%	2.98%
EBIT Margin	-0.79%	-1.77%	2.23%	2.60%	3.76%	-39.79%	5.39%	3.23%	-6.45%	3.15%
Profit (Net Income) Margin	-0.72%	-2.14%	0.92%	0.00%	0.31%	-38.34%	3.01%	0.57%	-6.45%	0.65%
Tax Burden Percent	76.92%	78.38%	48.00%	0.00%	12.90%	91.79%	65.52%	53.85%	75.96%	61.54%
Interest Burden Percent	118.18%	154.17%	86.21%	45.45%	64.58%	104.98%	85.29%	32.50%	131.65%	33.33%
Effective Tax Rate	0.00%	0.00%	52.00%	100.00%	87.10%	0.00%	34.48%	46.15%	0.00%	38.46%
Return on Invested Capital (ROIC)	-0.25%	-0.76%	0.60%	0.00%	0.27%	-15.29%	1.84%	0.91%	-2.47%	0.99%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.36%	-1.23%	0.54%	0.00%	0.19%	-19.66%	1.67%	0.47%	-3.20%	0.54%
Return on Net Nonoperating Assets (RNNOA)	-0.12%	-0.46%	0.23%	0.00%	0.08%	-9.72%	0.89%	0.24%	-1.61%	0.30%
Return on Equity (ROE)	-0.37%	-1.22%	0.84%	0.00%	0.35%	-25.01%	2.73%	1.15%	-4.08%	1.28%
Cash Return on Invested Capital (CROIC)	-8.29%	-6.56%	-5.81%	-4.57%	-2.96%	-1.74%	1.58%	2.48%	2.32%	3.20%
Operating Return on Assets (OROA)	-0.23%	-0.68%	0.84%	0.97%	1.35%	-14.42%	1.94%	1.16%	-2.31%	1.13%
Return on Assets (ROA)	-0.21%	-0.83%	0.35%	0.00%	0.11%	-13.90%	1.09%	0.20%	-2.31%	0.23%
Return on Common Equity (ROCE)	-0.27%	-0.88%	0.60%	0.00%	0.25%	-17.64%	1.92%	0.80%	-2.84%	0.88%
Return on Equity Simple (ROE_SIMPLE)	2.32%	0.00%	0.21%	-0.47%	-0.23%	0.00%	-8.86%	-8.82%	-10.58%	0.00%
Net Operating Profit after Tax (NOPAT)	-7.70	-18	14	0.00	6.19	-367	44	21	-56	23
NOPAT Margin	-0.55%	-1.29%	1.07%	0.00%	0.48%	-27.96%	3.48%	1.70%	-4.58%	1.84%
Net Nonoperating Expense Percent (NNEP)	0.10%	0.46%	0.07%	0.00%	0.08%	4.36%	0.18%	0.44%	0.73%	0.45%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.17%	-	-	-	-3.63%	-	-	-	0.23%
Cost of Revenue to Revenue	50.50%	48.78%	45.43%	44.83%	44.37%	46.27%	42.08%	42.25%	42.16%	45.56%
SG&A Expenses to Revenue	33.19%	34.56%	33.69%	34.41%	33.80%	33.99%	33.60%	34.41%	34.48%	36.21%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	50.29%	53.06%	52.34%	52.57%	51.88%	93.67%	52.61%	54.60%	64.38%	51.45%
Earnings before Interest and Taxes (EBIT)	-11	-24	29	33	48	-522	68	40	-79	39
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	224	214	261	257	273	-288	302	273	158	278
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.30	0.23	0.24	0.19	0.43	0.49	0.44	0.58	0.66	0.96
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.35	0.20	0.21	0.17	0.39	0.40	0.35	0.46	0.52	0.78
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	5.65%	7.43%	7.32%	9.18%	4.12%	4.10%	4.66%	2.89%	1.96%	0.91%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.64	0.61	0.63	0.61	0.73	0.78	0.75	0.82	0.85	0.98
Enterprise Value to Revenue (EV/Rev)	1.46	1.08	1.16	1.12	1.34	1.41	1.39	1.49	1.52	1.80
Enterprise Value to EBITDA (EV/EBITDA)	5.48	5.55	6.31	6.22	6.94	14.48	13.07	13.52	17.23	8.84
Enterprise Value to EBIT (EV/EBIT)	33.66	47.44	109.49	220.27	81.14	0.00	0.00	0.00	0.00	131.46
Enterprise Value to NOPAT (EV/NOPAT)	49.11	83.04	380.79	326.77	0.00	0.00	0.00	0.00	0.00	202.71
Enterprise Value to Operating Cash Flow (EV/OCF)	5.25	5.05	7.61	6.36	5.93	6.38	5.39	6.04	6.65	7.81
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	46.54	32.21	35.43	30.19
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.54	0.57	0.62	0.60	0.59	0.68	0.70	0.69	0.70	0.69
Long-Term Debt to Equity	0.54	0.56	0.61	0.59	0.59	0.68	0.69	0.68	0.70	0.69
Financial Leverage	0.33	0.37	0.44	0.43	0.44	0.49	0.53	0.51	0.50	0.55
Leverage Ratio	2.08	2.10	2.15	2.15	2.18	2.26	2.25	2.25	2.27	2.32
Compound Leverage Factor	2.46	3.24	1.85	0.98	1.41	2.37	1.92	0.73	2.98	0.77
Debt to Total Capital	35.10%	36.18%	38.13%	37.52%	37.18%	40.60%	41.04%	40.79%	41.20%	40.96%
Short-Term Debt to Total Capital	0.15%	0.18%	0.19%	0.57%	0.23%	0.26%	0.25%	0.29%	0.29%	0.31%
Long-Term Debt to Total Capital	34.94%	36.00%	37.95%	36.94%	36.95%	40.34%	40.78%	40.50%	40.91%	40.65%
Preferred Equity to Total Capital	10.40%	10.36%	10.09%	10.25%	10.33%	10.62%	10.52%	10.60%	10.72%	10.78%
Noncontrolling Interests to Total Capital	7.73%	7.39%	7.24%	7.60%	7.73%	7.97%	7.99%	8.39%	8.13%	7.96%
Common Equity to Total Capital	46.78%	46.07%	44.54%	44.63%	44.76%	40.81%	40.45%	40.22%	39.95%	40.31%
Debt to EBITDA	3.31	3.56	4.11	4.11	3.84	8.16	7.70	7.38	9.27	4.04
Net Debt to EBITDA	2.45	2.75	3.32	3.33	3.07	6.69	6.28	5.90	7.08	3.18
Long-Term Debt to EBITDA	3.30	3.55	4.08	4.05	3.82	8.11	7.65	7.33	9.21	4.01
Debt to NOPAT	29.70	53.36	247.71	216.04	-118.89	-14.17	-15.92	-15.95	-11.84	92.56
Net Debt to NOPAT	21.96	41.20	200.24	174.78	-95.02	-11.61	-12.97	-12.75	-9.04	72.97
Long-Term Debt to NOPAT	29.57	53.09	246.49	212.75	-118.15	-14.08	-15.82	-15.84	-11.75	91.86
Altman Z-Score	0.72	0.75	0.77	0.74	0.80	0.65	0.78	0.80	0.80	0.91
Noncontrolling Interest Sharing Ratio	28.02%	27.93%	27.93%	28.27%	28.34%	29.47%	29.63%	30.25%	30.32%	31.51%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.48	1.34	1.55	1.37	1.27	1.40	1.58	1.51	1.59	1.56
Quick Ratio	1.15	1.02	1.13	1.06	1.01	1.11	1.25	1.25	1.32	1.29
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-871	-689	-559	-452	-243	-241	460	515	509	275
Operating Cash Flow to CapEx	62.31%	69.21%	13.90%	157.05%	147.65%	71.80%	95.32%	186.11%	150.49%	92.58%
Free Cash Flow to Firm to Interest Expense	-18.93	-12.52	-10.55	-7.29	-3.92	-3.59	8.07	7.05	6.70	3.76
Operating Cash Flow to Interest Expense	3.63	4.62	0.87	7.55	6.60	3.27	3.93	5.51	4.04	2.90
Operating Cash Flow Less CapEx to Interest Expense	-2.20	-2.05	-5.38	2.74	2.13	-1.28	-0.19	2.55	1.36	-0.23
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.29	0.39	0.38	0.37	0.36	0.36	0.36	0.36	0.36	0.36
Accounts Receivable Turnover	3.63	4.64	4.79	4.71	4.60	4.58	4.72	4.75	4.85	4.69
Inventory Turnover	13.07	11.50	11.38	11.77	11.03	9.81	10.04	12.24	12.51	10.92
Fixed Asset Turnover	0.94	1.19	1.17	1.12	1.08	1.05	1.03	1.03	1.01	0.99
Accounts Payable Turnover	5.30	5.20	7.04	6.26	4.52	5.39	7.04	6.45	4.93	6.67
Days Sales Outstanding (DSO)	100.53	78.62	76.16	77.58	79.31	79.76	77.26	76.87	75.30	77.76
Days Inventory Outstanding (DIO)	27.94	31.73	32.08	31.01	33.08	37.22	36.37	29.82	29.17	33.42
Days Payable Outstanding (DPO)	68.92	70.23	51.84	58.33	80.67	67.71	51.87	56.60	74.11	54.71
Cash Conversion Cycle (CCC)	59.55	40.13	56.40	50.26	31.72	49.26	61.76	50.09	30.37	56.47
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,372	9,496	9,872	9,726	9,621	9,370	9,456	9,232	9,056	9,118
Invested Capital Turnover	0.46	0.59	0.56	0.56	0.55	0.55	0.53	0.54	0.54	0.54
Increase / (Decrease) in Invested Capital	863	671	573	452	249	-126	-416	-494	-565	-252
Enterprise Value (EV)	5,992	5,835	6,241	5,947	6,978	7,284	7,112	7,569	7,666	8,939
Market Capitalization	1,441	1,100	1,114	895	2,013	2,039	1,807	2,342	2,627	3,854
Book Value per Share	$42.41	$42.05	$42.17	$41.56	$41.26	$36.53	$36.55	$36.05	$35.41	$35.55
Tangible Book Value per Share	($5.41)	($5.94)	($6.28)	($6.80)	($6.94)	($6.70)	($6.80)	($7.28)	($6.66)	($6.48)
Total Capital	10,326	10,365	10,647	10,481	10,393	10,114	10,210	10,130	10,015	9,966
Total Debt	3,624	3,750	4,060	3,932	3,864	4,106	4,190	4,132	4,126	4,082
Total Long-Term Debt	3,608	3,731	4,040	3,872	3,840	4,080	4,164	4,103	4,097	4,051
Net Debt	2,679	2,895	3,282	3,181	3,088	3,365	3,415	3,303	3,151	3,218
Capital Expenditures (CapEx)	268	367	331	298	277	305	235	216	204	229
Debt-free, Cash-free Net Working Capital (DFCFNWC)	251	173	439	277	121	266	374	262	226	272
Debt-free Net Working Capital (DFNWC)	693	533	698	528	377	502	623	584	677	636
Net Working Capital (NWC)	677	514	678	468	353	476	597	555	648	605
Net Nonoperating Expense (NNE)	2.30	12	1.92	0.00	2.19	136	5.90	14	23	15
Net Nonoperating Obligations (NNO)	2,670	2,881	3,285	3,177	3,092	3,362	3,436	3,234	3,167	3,234
Total Depreciation and Amortization (D&A)	235	238	232	224	225	234	234	233	237	239
Debt-free, Cash-free Net Working Capital to Revenue	6.11%	3.20%	8.13%	5.21%	2.32%	5.16%	7.31%	5.15%	4.49%	5.48%
Debt-free Net Working Capital to Revenue	16.86%	9.85%	12.92%	9.93%	7.24%	9.73%	12.17%	11.47%	13.44%	12.81%
Net Working Capital to Revenue	16.47%	9.50%	12.55%	8.80%	6.78%	9.22%	11.66%	10.90%	12.87%	12.19%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.22)	($0.38)	($0.08)	($0.17)	($0.16)	($4.64)	$0.11	($0.13)	($0.73)	($0.10)
Adjusted Weighted Average Basic Shares Outstanding	114M	114M	113M	113M	113M	113M	113M	114M	114M	114M
Adjusted Diluted Earnings per Share	($0.22)	($0.37)	($0.08)	($0.17)	($0.16)	($4.65)	$0.10	($0.13)	($0.73)	($0.09)
Adjusted Weighted Average Diluted Shares Outstanding	114M	114M	113M	113M	113M	113M	117M	114M	114M	114M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	113.57M	112.46M	112.57M	112.76M	113M	113M	113M	113M	113M	114M
Normalized Net Operating Profit after Tax (NOPAT)	-4.90	-7.70	28	27	38	18	48	30	42	27
Normalized NOPAT Margin	-0.35%	-0.57%	2.15%	2.10%	2.96%	1.39%	3.79%	2.44%	3.43%	2.18%
Pre Tax Income Margin	-0.93%	-2.73%	1.92%	1.18%	2.43%	-41.77%	4.60%	1.05%	-8.50%	1.05%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.24	-0.44	0.55	0.53	0.77	-7.79	1.19	0.55	-1.04	0.53
NOPAT to Interest Expense	-0.17	-0.32	0.26	0.00	0.10	-5.47	0.77	0.29	-0.74	0.31
EBIT Less CapEx to Interest Expense	-6.07	-7.11	-5.70	-4.27	-3.69	-12.34	-2.93	-2.41	-3.72	-2.60
NOPAT Less CapEx to Interest Expense	-5.99	-6.99	-5.98	-4.81	-4.37	-10.03	-3.35	-2.67	-3.42	-2.83
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	113.87%	213.89%	1,283.33%	-570.37%	-1,176.92%	-32.03%	-34.27%	-31.28%	-23.65%	-419.23%
Augmented Payout Ratio	164.96%	344.44%	1,900.00%	-766.67%	-1,469.23%	-36.14%	-36.01%	-32.38%	-29.42%	-688.46%

Frequently Asked Questions About Telephone and Data Systems' Financials

When does Telephone and Data Systems's fiscal year end?

According to the most recent income statement we have on file, Telephone and Data Systems' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Telephone and Data Systems' net income changed over the last 9 years?

Telephone and Data Systems' net income appears to be on a downward trend, with a most recent value of -$26 million in 2024, falling from $263 million in 2015. The previous period was -$487 million in 2023.

What is Telephone and Data Systems's operating income?

Telephone and Data Systems's total operating income in 2024 was $63 million, based on the following breakdown:

Total Gross Profit: $2.83 billion
Total Operating Expenses: $2.77 billion

How has Telephone and Data Systems revenue changed over the last 9 years?

Over the last 9 years, Telephone and Data Systems' total revenue changed from $5.21 billion in 2015 to $4.96 billion in 2024, a change of -4.7%.

How much debt does Telephone and Data Systems have?

Telephone and Data Systems' total liabilities were at $7.80 billion at the end of 2024, a 1.5% decrease from 2023, and a 65.3% increase since 2015.

How much cash does Telephone and Data Systems have?

In the past 9 years, Telephone and Data Systems' cash and equivalents has ranged from $236 million in 2023 to $1.43 billion in 2020, and is currently $364 million as of their latest financial filing in 2024.

How has Telephone and Data Systems' book value per share changed over the last 9 years?

Over the last 9 years, Telephone and Data Systems' book value per share changed from 37.94 in 2015 to 35.55 in 2024, a change of -6.3%.

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This page (NYSE:TDS) was last updated on 4/25/2025 by MarketBeat.com Staff

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Telephone and Data Systems (TDS) Financials

Frequently Asked Questions About Telephone and Data Systems' Financials

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Telephone and Data Systems (TDS) Financials

Annual Income Statements for Telephone and Data Systems

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