United States Cellular (USM) Financials

$68.87 +0.17 (+0.25%)

As of 12:29 PM Eastern

Annual Income Statements for United States Cellular

This table shows United States Cellular's 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
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	241	48	12	150	127	229	155	30	54	-39
Consolidated Net Income / (Loss)	247	49	15	164	133	233	160	35	58	-32
Net Income / (Loss) Continuing Operations	247	49	15	164	133	233	160	35	58	-32
Total Pre-Tax Income	404	82	-272	215	185	250	180	72	111	-22
Total Operating Income	347	48	-304	158	112	173	170	69	139	-12
Total Gross Profit	2,203	2,149	2,087	2,178	2,238	2,244	2,214	2,198	2,178	2,140
Total Revenue	4,031	3,990	3,890	3,967	4,022	4,037	4,122	4,169	3,906	3,770
Operating Revenue	4,031	3,990	3,890	3,967	4,022	4,037	4,122	4,169	3,906	3,770
Total Cost of Revenue	1,828	1,841	1,803	1,789	1,784	1,793	1,908	1,971	1,728	1,630
Operating Cost of Revenue	1,828	1,841	1,803	1,789	1,784	1,793	1,908	1,971	1,728	1,630
Total Operating Expenses	1,856	2,101	2,391	2,020	2,126	2,071	2,044	2,129	2,039	2,152
Selling, General & Admin Expense	1,494	1,480	1,412	1,388	1,406	1,368	1,345	1,408	1,368	1,330
Depreciation Expense	607	618	615	640	702	683	678	700	656	665
Other Operating Expenses / (Income)	-	-	-1.00	0.00	-1.00	0.00	-2.00	-1.00	0.00	0.00
Impairment Charge	0.00	0.00	370	-	-	0.00	0.00	3.00	0.00	136
Other Special Charges / (Income)	-245	3.00	-5.00	-8.00	19	20	23	19	15	21
Total Other Income / (Expense), net	57	34	32	57	73	77	10	3.00	-28	-10
Interest Expense	86	113	113	116	110	112	175	163	196	183
Interest & Investment Income	142	146	145	174	183	189	185	166	168	173
Other Income / (Expense), net	1.00	1.00	0.00	-1.00	0.00	0.00	0.00	0.00	0.00	0.00
Income Tax Expense	157	33	-287	51	52	17	20	37	53	10
Net Income / (Loss) Attributable to Noncontrolling Interest	6.00	1.00	3.00	14	6.00	4.00	5.00	5.00	4.00	7.00
Basic Earnings per Share	$2.86	$0.56	$0.14	$1.75	$1.47	$2.66	$1.80	$0.35	$0.64	($0.46)
Weighted Average Basic Shares Outstanding	84M	85M	85M	86M	86M	86M	86M	85M	85M	86M
Diluted Earnings per Share	$2.84	$0.56	$0.14	$1.72	$1.44	$2.62	$1.77	$0.35	$0.63	($0.46)
Weighted Average Diluted Shares Outstanding	85M	85M	86M	87M	88M	87M	87M	86M	87M	86M
Weighted Average Basic & Diluted Shares Outstanding	84.30M	85.70M	85.70M	85.70M	86.15M	86.09M	85.88M	84.69M	85M	85M

This table shows United States Cellular's 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	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-12	-28	13	5.00	23	13	18	17	-79	5.00	18
Consolidated Net Income / (Loss)	-12	-27	14	5.00	23	16	24	18	-78	4.00	20
Net Income / (Loss) Continuing Operations	-12	-27	14	5.00	23	16	24	18	-78	4.00	20
Total Pre-Tax Income	-15	-37	25	24	50	12	52	32	-92	-14	40
Total Operating Income	-15	-27	26	34	57	22	51	36	-90	-9.00	41
Total Gross Profit	532	538	551	539	550	538	552	536	539	513	537
Total Revenue	1,083	1,049	986	957	963	1,000	950	927	922	971	891
Operating Revenue	1,083	1,049	986	957	963	1,000	950	927	922	971	891
Total Cost of Revenue	551	511	435	418	413	462	398	391	383	458	354
Operating Cost of Revenue	551	511	435	418	413	462	398	391	383	458	354
Total Operating Expenses	547	565	525	505	493	516	501	500	629	522	496
Selling, General & Admin Expense	369	375	345	341	333	349	331	322	324	353	332
Depreciation Expense	177	180	170	161	159	166	165	165	167	168	163
Other Special Charges / (Income)	1.00	11	10	3.00	1.00	1.00	5.00	13	2.00	1.00	1.00
Total Other Income / (Expense), net	0.00	-10	-1.00	-10	-7.00	-10	1.00	-4.00	-2.00	-5.00	-1.00
Interest Expense	42	48	47	51	50	48	43	45	49	46	40
Interest & Investment Income	42	38	46	41	43	38	44	41	47	41	39
Income Tax Expense	-3.00	-10	11	19	27	-4.00	28	14	-14	-18	20
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	1.00	1.00	0.00	0.00	3.00	6.00	1.00	1.00	-1.00	2.00
Basic Earnings per Share	($0.15)	($0.32)	$0.15	$0.05	$0.26	$0.18	$0.21	$0.20	($0.92)	$0.05	$0.21
Weighted Average Basic Shares Outstanding	85M	85M	85M	85M	85M	85M	85M	86M	86M	86M	85M
Diluted Earnings per Share	($0.15)	($0.32)	$0.15	$0.05	$0.26	$0.17	$0.20	$0.20	($0.92)	$0.06	$0.21
Weighted Average Diluted Shares Outstanding	85M	86M	86M	86M	86M	87M	88M	88M	86M	86M	88M
Weighted Average Basic & Diluted Shares Outstanding	85.22M	84.69M	84.72M	85.27M	85M	85M	85M	86M	86M	85M	85M

This table details how cash moves in and out of United States Cellular's 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
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	502	-129	-234	231	-292	1,000	-1,092	109	-129	-20
Net Cash From Operating Activities	555	501	469	709	724	1,237	802	832	866	883
Net Cash From Continuing Operating Activities	555	501	469	703	724	1,237	802	832	866	883
Net Income / (Loss) Continuing Operations	247	49	15	164	133	233	160	35	58	-32
Consolidated Net Income / (Loss)	247	49	15	-164	133	233	160	35	58	-32
Depreciation Expense	607	618	615	640	702	683	678	700	656	665
Non-Cash Adjustments To Reconcile Net Income	-194	78	484	451	161	132	101	164	134	317
Changes in Operating Assets and Liabilities, net	-107	-244	-645	-218	-272	189	-137	-67	18	-67
Net Cash From Investing Activities	-550	-618	-683	-464	-864	-1,163	-2,036	-1,179	-721	-556
Net Cash From Continuing Investing Activities	-550	-618	-683	-464	-864	-1,163	-2,036	-1,179	-721	-556
Purchase of Property, Plant & Equipment	-581	-443	-465	-512	-650	-989	-724	-602	-608	-537
Acquisitions	-286	-53	-	-2.00	-271	-201	-1,322	-585	-130	-20
Divestitures	317	21	21	24	41	26	0.00	0.00	0.00	0.00
Other Investing Activities, net	0.00	-143	-189	-7.00	-2.00	1.00	10	8.00	17	1.00
Net Cash From Financing Activities	497	-12	-20	-14	-152	926	142	456	-274	-347
Net Cash From Continuing Financing Activities	497	-12	-20	-14	-152	926	142	456	-274	-347
Repayment of Debt	-14	-12	-17	-26	-118	-146	-1,141	-381	-514	-251
Repurchase of Common Equity	-8.00	-5.00	0.00	0.00	-21	-23	-31	-48	-6.00	-54
Payment of Dividends	-6.00	-1.00	-4.00	-6.00	-4.00	-6.00	-3.00	-3.00	-3.00	-5.00
Issuance of Debt	525	-	-	0.00	0.00	1,125	1,342	910	315	40
Other Financing Activities, net	-2.00	-	-	0.00	-9.00	-24	-25	-22	-66	-77

This table details how cash moves in and out of United States Cellular's 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	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-66	19	-108	24	-39	-6.00	31	5.00	73	-129	42
Net Cash From Operating Activities	74	180	41	349	329	147	203	313	245	122	160
Net Cash From Continuing Operating Activities	74	180	41	349	329	147	203	313	245	122	160
Net Income / (Loss) Continuing Operations	-12	-27	14	6.00	23	15	24	18	-79	5.00	20
Consolidated Net Income / (Loss)	-12	-27	14	6.00	23	15	24	18	-79	5.00	20
Depreciation Expense	178	180	170	160	160	166	165	164	170	166	163
Non-Cash Adjustments To Reconcile Net Income	26	64	12	53	11	58	27	62	150	78	13
Changes in Operating Assets and Liabilities, net	-118	-37	-155	130	135	-92	-13	69	4.00	-127	-36
Net Cash From Investing Activities	-125	-203	-192	-153	-119	-257	-144	-140	-131	-141	-74
Net Cash From Continuing Investing Activities	-125	-203	-192	-153	-119	-257	-144	-140	-131	-141	-74
Purchase of Property, Plant & Equipment	-121	-193	-196	-155	-103	-154	-133	-137	-129	-138	-72
Acquisitions	-11	-10	-5.00	-3.00	-16	-106	-11	-4.00	-2.00	-3.00	-2.00
Other Investing Activities, net	7.00	-	9.00	5.00	-	3.00	0.00	1.00	-	-	0.00
Net Cash From Financing Activities	-15	42	43	-172	-249	104	-28	-168	-41	-110	-44
Net Cash From Continuing Financing Activities	-15	42	43	-172	-249	104	-28	-168	-41	-110	-44
Repayment of Debt	-152	-1.00	-64	-153	-240	-57	-57	-144	-4.00	-46	-5.00
Repurchase of Common Equity	-10	-20	0.00	-	-	-6.00	0.00	-	-26	-28	-21
Payment of Dividends	-1.00	-	-1.00	-1.00	-	-1.00	-2.00	-1.00	-1.00	-1.00	-2.00
Issuance of Debt	150	75	115	-	-	200	40	-	-	-	0.00
Other Financing Activities, net	-2.00	-12	-7.00	-18	-9.00	-32	-9.00	-23	-10	-35	-16

This table presents United States Cellular's 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
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	7,060	7,110	6,841	7,274	8,164	9,681	10,341	11,119	10,750	10,449
Total Current Assets	1,672	1,558	1,483	1,812	1,573	2,623	1,605	1,723	1,400	1,345
Cash & Equivalents	715	586	352	580	285	1,271	156	273	150	144
Accounts Receivable	672	727	843	976	1,010	998	1,046	1,072	957	955
Inventories, net	149	138	138	142	162	146	173	261	199	179
Prepaid Expenses	81	84	79	63	50	51	58	68	57	46
Current Deferred & Refundable Income Taxes	-	-	-	15	46	125	123	4.00	1.00	0.00
Other Current Assets	55	23	21	19	20	29	49	45	36	21
Plant, Property, & Equipment, net	2,649	2,470	2,320	2,202	2,207	2,466	2,606	2,624	2,576	2,502
Plant, Property & Equipment, gross	7,669	7,712	7,628	7,778	8,293	8,785	9,056	9,334	9,560	8,387
Accumulated Depreciation	5,020	5,242	5,308	5,576	6,086	6,319	6,450	6,710	6,984	5,885
Total Noncurrent Assets	2,739	3,082	3,038	3,260	4,384	4,592	6,130	6,772	6,774	6,602
Long-Term Investments	363	413	415	441	447	435	439	452	461	454
Intangible Assets	1,834	1,886	2,223	2,186	2,471	2,629	4,088	4,690	4,693	4,579
Other Noncurrent Operating Assets	172	405	390	633	1,466	1,526	1,585	1,604	1,605	1,569
Other Noncurrent Nonoperating Assets	-	8.00	10	-	-	2.00	18	26	15	0.00
Total Liabilities & Shareholders' Equity	7,060	7,110	6,841	7,274	8,164	9,681	10,341	11,119	10,750	10,449
Total Liabilities	3,489	3,465	3,154	3,196	3,943	5,245	5,767	6,537	6,096	5,841
Total Current Liabilities	748	718	733	691	750	871	903	1,195	901	884
Short-Term Debt	11	11	18	19	8.00	2.00	3.00	13	20	22
Accounts Payable	275	309	302	304	296	377	346	356	248	242
Current Deferred Revenue	251	190	185	157	148	151	191	239	229	238
Current Deferred & Payable Income Tax Liabilities	28	39	56	30	30	48	33	35	32	30
Current Employee Benefit Liabilities	68	73	74	78	76	82	83	84	83	93
Other Current Liabilities	115	96	98	103	192	211	247	468	289	259
Total Noncurrent Liabilities	2,741	2,747	2,421	2,505	3,193	4,374	4,864	5,342	5,195	4,957
Long-Term Debt	1,629	1,618	1,622	1,605	1,502	2,489	2,728	3,187	3,044	2,837
Noncurrent Deferred & Payable Income Tax Liabilities	821	826	461	510	507	633	674	708	755	728
Other Noncurrent Operating Liabilities	291	303	338	389	1,184	1,251	1,462	1,447	1,396	1,392
Commitments & Contingencies	-	-	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	3,571	3,645	3,687	4,067	4,210	4,426	4,563	4,570	4,642	4,592
Total Preferred & Common Equity	3,561	3,634	3,677	4,057	4,197	4,411	4,547	4,554	4,626	4,577
Total Common Equity	3,561	3,634	3,677	4,057	4,197	4,411	4,547	4,554	4,626	4,577
Common Stock	1,585	1,610	1,640	1,678	1,717	1,739	1,766	1,791	1,814	1,871
Retained Earnings	2,133	2,160	2,157	2,444	2,550	2,739	2,849	2,861	2,892	2,818
Treasury Stock	-157	-136	-120	-65	-70	-67	-68	-98	-80	-112
Noncontrolling Interest	10	11	10	10	13	15	16	16	16	15

This table presents United States Cellular's 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	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	11,056	10,997	10,889	10,749	10,704	10,639	10,516	10,365
Total Current Assets	1,675	1,562	1,500	1,393	1,395	1,374	1,427	1,373
Cash & Equivalents	254	154	186	153	185	195	272	182
Accounts Receivable	1,075	1,009	984	959	932	952	918	925
Inventories, net	243	262	210	175	175	143	161	178
Prepaid Expenses	61	76	69	64	71	58	55	63
Other Current Assets	41	57	47	40	32	26	21	25
Other Current Nonoperating Assets	-	-	-	-	0.00	0.00	0.00	1.00
Plant, Property, & Equipment, net	2,631	2,658	2,640	2,593	2,540	2,540	2,504	2,394
Plant, Property & Equipment, gross	9,410	9,440	9,491	9,571	8,321	8,294	8,402	8,417
Accumulated Depreciation	6,779	6,782	6,851	6,978	5,781	5,754	5,898	6,023
Total Noncurrent Assets	6,750	6,777	6,749	6,763	6,769	6,725	6,585	6,597
Long-Term Investments	461	477	457	477	482	461	478	479
Intangible Assets	4,680	4,692	4,694	4,690	4,711	4,715	4,576	4,581
Other Noncurrent Operating Assets	1,580	1,590	1,582	1,580	1,576	1,549	1,531	1,537
Total Liabilities & Shareholders' Equity	11,056	10,997	10,889	10,749	10,704	10,639	10,516	10,365
Total Liabilities	6,451	6,402	6,288	6,118	6,015	5,933	5,902	5,750
Total Current Liabilities	1,099	953	1,008	1,031	837	886	909	807
Short-Term Debt	11	15	54	18	20	20	20	26
Accounts Payable	340	206	240	406	229	268	272	207
Current Deferred Revenue	218	229	231	222	235	236	225	231
Current Deferred & Payable Income Tax Liabilities	36	33	32	35	49	41	63	57
Current Employee Benefit Liabilities	62	44	54	61	32	57	66	33
Other Current Liabilities	432	426	388	283	272	264	263	253
Total Noncurrent Liabilities	5,352	5,449	5,280	5,087	5,178	5,047	4,993	4,943
Long-Term Debt	3,115	3,297	3,105	2,903	3,029	2,887	2,882	2,829
Noncurrent Deferred & Payable Income Tax Liabilities	705	715	732	749	758	765	719	720
Other Noncurrent Operating Liabilities	1,532	1,437	1,443	1,435	1,391	1,395	1,392	1,394
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	12	12	12	16	16	16	16
Total Equity & Noncontrolling Interests	4,605	4,583	4,589	4,619	4,673	4,690	4,598	4,599
Total Preferred & Common Equity	4,589	4,568	4,573	4,603	4,658	4,675	4,582	4,585
Total Common Equity	4,589	4,568	4,573	4,603	4,658	4,677	4,582	4,585
Common Stock	1,784	1,792	1,798	1,805	1,828	1,840	1,852	1,888
Retained Earnings	2,890	2,872	2,855	2,878	2,910	2,893	2,813	2,822
Treasury Stock	-85	-96	-80	-80	-80	-56	-83	-125
Noncontrolling Interest	16	15	16	16	15	15	16	14

This table displays calculated financial ratios and metrics derived from United States Cellular's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.54%	-1.02%	-2.51%	1.98%	1.39%	0.37%	2.11%	1.14%	-6.31%	-3.48%
EBITDA Growth	106.70%	-30.30%	-53.37%	156.27%	2.13%	5.16%	-0.93%	-9.32%	3.38%	-17.86%
EBIT Growth	341.67%	-85.92%	-720.41%	151.64%	-28.66%	54.46%	-1.73%	-59.41%	101.45%	-108.63%
NOPAT Growth	311.94%	-86.48%	-841.90%	156.64%	-33.19%	100.25%	-6.28%	-77.80%	116.54%	-111.57%
Net Income Growth	625.53%	-80.16%	-69.39%	993.33%	-18.90%	75.19%	-31.33%	-78.13%	65.71%	-155.17%
EPS Growth	656.86%	-80.28%	-75.00%	1,128.57%	-16.28%	81.94%	-32.44%	-80.23%	80.00%	-173.02%
Operating Cash Flow Growth	222.67%	-9.73%	-6.39%	51.17%	2.12%	70.86%	-35.17%	3.74%	4.09%	1.96%
Free Cash Flow Firm Growth	74.41%	-27.01%	-323.29%	90.02%	-469.89%	77.61%	-2,232.27%	76.93%	103.81%	1,745.13%
Invested Capital Growth	7.69%	3.24%	5.46%	3.67%	7.16%	4.36%	28.27%	5.07%	0.87%	-3.14%
Revenue Q/Q Growth	0.30%	-0.37%	0.57%	0.56%	0.05%	0.55%	-0.12%	-0.48%	-1.24%	-0.76%
EBITDA Q/Q Growth	8.88%	-3.89%	3.32%	1.53%	1.37%	-0.47%	0.12%	-2.53%	4.61%	-4.53%
EBIT Q/Q Growth	21.32%	-32.88%	3.49%	3.29%	-4.27%	4.22%	0.00%	-31.68%	54.44%	-163.16%
NOPAT Q/Q Growth	22.09%	-33.74%	3.49%	-20.71%	-3.96%	0.30%	11.91%	-53.51%	233.56%	91.16%
Net Income Q/Q Growth	8.42%	-3.92%	105.70%	-60.67%	-0.75%	-4.90%	15.11%	-61.11%	286.67%	-60.00%
EPS Q/Q Growth	8.81%	-5.08%	104.49%	-63.33%	-2.04%	-5.07%	16.45%	-64.29%	350.00%	-31.43%
Operating Cash Flow Q/Q Growth	40.02%	20.72%	-2.29%	5.04%	-9.05%	25.33%	-15.93%	5.72%	-3.67%	-2.75%
Free Cash Flow Firm Q/Q Growth	71.24%	15.88%	-266.91%	77.54%	-3.39%	71.93%	-10.23%	34.85%	-87.98%	320.78%
Invested Capital Q/Q Growth	3.36%	2.40%	10.62%	5.59%	5.31%	2.09%	3.82%	0.63%	2.60%	1.52%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	54.65%	53.86%	53.65%	54.90%	55.64%	55.59%	53.71%	52.72%	55.76%	56.76%
EBITDA Margin	23.74%	16.72%	7.99%	20.09%	20.24%	21.20%	20.57%	18.45%	20.35%	17.32%
Operating Margin	8.61%	1.20%	-7.81%	3.98%	2.78%	4.29%	4.12%	1.66%	3.56%	-0.32%
EBIT Margin	8.63%	1.23%	-7.81%	3.96%	2.78%	4.29%	4.12%	1.66%	3.56%	-0.32%
Profit (Net Income) Margin	6.13%	1.23%	0.39%	4.13%	3.31%	5.77%	3.88%	0.84%	1.48%	-0.85%
Tax Burden Percent	61.14%	59.76%	-5.51%	76.28%	71.89%	93.20%	88.89%	48.61%	52.25%	145.45%
Interest Burden Percent	116.09%	167.35%	89.47%	136.94%	165.18%	144.51%	105.88%	104.35%	79.86%	183.33%
Effective Tax Rate	38.86%	40.24%	0.00%	23.72%	28.11%	6.80%	11.11%	51.39%	47.75%	0.00%
Return on Invested Capital (ROIC)	5.32%	0.68%	-4.85%	2.63%	1.67%	3.16%	2.54%	0.49%	1.03%	-0.12%
ROIC Less NNEP Spread (ROIC-NNEP)	11.73%	4.11%	26.89%	8.84%	9.36%	12.36%	3.15%	0.55%	0.43%	-1.12%
Return on Net Nonoperating Assets (RNNOA)	1.85%	0.68%	5.26%	1.59%	1.54%	2.23%	1.01%	0.28%	0.23%	-0.57%
Return on Equity (ROE)	7.18%	1.36%	0.41%	4.22%	3.21%	5.38%	3.55%	0.76%	1.26%	-0.69%
Cash Return on Invested Capital (CROIC)	-2.08%	-2.51%	-10.17%	-0.97%	-5.25%	-1.11%	-22.23%	-4.45%	0.16%	3.07%
Operating Return on Assets (OROA)	5.15%	0.69%	-4.36%	2.22%	1.45%	1.94%	1.70%	0.64%	1.27%	-0.11%
Return on Assets (ROA)	3.65%	0.69%	0.22%	2.32%	1.72%	2.61%	1.60%	0.33%	0.53%	-0.30%
Return on Common Equity (ROCE)	7.16%	1.35%	0.41%	4.21%	3.19%	5.35%	3.53%	0.76%	1.25%	-0.69%
Return on Equity Simple (ROE_SIMPLE)	6.94%	1.35%	0.41%	4.04%	3.17%	5.28%	3.52%	0.77%	1.25%	-0.70%
Net Operating Profit after Tax (NOPAT)	212	29	-213	121	81	161	151	34	73	-8.40
NOPAT Margin	5.26%	0.72%	-5.47%	3.04%	2.00%	3.99%	3.67%	0.80%	1.86%	-0.22%
Net Nonoperating Expense Percent (NNEP)	-6.41%	-3.43%	-31.75%	-6.21%	-7.69%	-9.21%	-0.61%	-0.06%	0.60%	1.00%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	0.43%	0.94%	-0.11%
Cost of Revenue to Revenue	45.35%	46.14%	46.35%	45.10%	44.36%	44.41%	46.29%	47.28%	44.24%	43.24%
SG&A Expenses to Revenue	37.06%	37.09%	36.30%	34.99%	34.96%	33.89%	32.63%	33.77%	35.02%	35.28%
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	46.04%	52.66%	61.47%	50.92%	52.86%	51.30%	49.59%	51.07%	52.20%	57.08%
Earnings before Interest and Taxes (EBIT)	348	49	-304	157	112	173	170	69	139	-12
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	957	667	311	797	814	856	848	769	795	653
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.97	1.02	0.87	1.10	0.74	0.60	0.60	0.39	0.76	1.18
Price to Tangible Book Value (P/TBV)	2.53	2.69	2.20	2.38	1.81	1.48	5.92	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.85	0.93	0.82	1.12	0.78	0.65	0.66	0.43	0.90	1.43
Price to Earnings (P/E)	14.27	77.26	266.93	29.74	24.58	11.53	17.53	59.23	65.39	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	7.01%	1.29%	0.37%	3.36%	4.07%	8.67%	5.70%	1.69%	1.53%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.97	1.02	0.90	1.09	0.78	0.66	0.73	0.61	0.85	1.12
Enterprise Value to Revenue (EV/Rev)	1.00	1.09	1.04	1.28	0.98	0.85	1.18	1.03	1.54	2.04
Enterprise Value to EBITDA (EV/EBITDA)	4.19	6.52	12.98	6.36	4.82	4.03	5.75	5.57	7.56	11.77
Enterprise Value to EBIT (EV/EBIT)	11.53	88.76	0.00	32.28	35.03	19.93	28.71	62.03	43.25	0.00
Enterprise Value to NOPAT (EV/NOPAT)	18.91	151.63	0.00	42.06	48.72	21.38	32.29	127.60	82.77	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	7.23	8.68	8.61	7.15	5.42	2.79	6.08	5.14	6.94	8.70
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	516.90	35.82
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.46	0.45	0.44	0.40	0.36	0.56	0.60	0.70	0.66	0.62
Long-Term Debt to Equity	0.46	0.44	0.44	0.39	0.36	0.56	0.60	0.70	0.65	0.62
Financial Leverage	0.16	0.16	0.20	0.18	0.16	0.18	0.32	0.50	0.53	0.51
Leverage Ratio	1.96	1.96	1.90	1.82	1.86	2.06	2.22	2.34	2.37	2.29
Compound Leverage Factor	2.28	3.29	1.70	2.49	3.07	2.98	2.35	2.45	1.89	4.20
Debt to Total Capital	31.47%	30.89%	30.79%	28.48%	26.35%	35.96%	37.39%	41.12%	39.70%	38.29%
Short-Term Debt to Total Capital	0.21%	0.21%	0.34%	0.33%	0.14%	0.03%	0.04%	0.17%	0.26%	0.29%
Long-Term Debt to Total Capital	31.26%	30.68%	30.45%	28.15%	26.21%	35.93%	37.34%	40.95%	39.44%	37.99%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.19%	0.21%	0.19%	0.37%	0.42%	0.36%	0.37%	0.36%	0.36%	0.42%
Common Equity to Total Capital	68.34%	68.90%	69.03%	71.15%	73.23%	63.68%	62.25%	58.52%	59.94%	61.30%
Debt to EBITDA	1.71	2.44	5.27	2.04	1.86	2.91	3.22	4.16	3.85	4.38
Net Debt to EBITDA	0.59	0.94	2.65	0.74	0.96	0.91	2.52	3.22	3.09	3.46
Long-Term Debt to EBITDA	1.70	2.43	5.22	2.01	1.85	2.91	3.22	4.14	3.83	4.34
Debt to NOPAT	7.73	56.79	-7.71	13.47	18.75	15.45	18.07	95.40	42.19	-340.36
Net Debt to NOPAT	2.65	21.96	-3.87	4.86	9.66	4.85	14.14	73.79	33.77	-269.17
Long-Term Debt to NOPAT	7.68	56.41	-7.62	13.32	18.65	15.44	18.05	95.02	41.91	-337.74
Altman Z-Score	1.91	1.79	1.60	2.11	1.57	1.39	1.20	0.98	1.19	1.34
Noncontrolling Interest Sharing Ratio	0.30%	0.29%	0.29%	0.40%	0.54%	0.57%	0.58%	0.60%	0.61%	0.64%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.24	2.17	2.02	2.62	2.10	3.01	1.78	1.44	1.55	1.52
Quick Ratio	1.85	1.83	1.70	2.28	1.73	2.61	1.33	1.13	1.23	1.24
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-83	-105	-446	-44	-253	-57	-1,324	-305	12	215
Operating Cash Flow to CapEx	95.53%	113.09%	100.86%	138.48%	111.38%	125.08%	110.77%	138.21%	142.43%	164.43%
Free Cash Flow to Firm to Interest Expense	-0.96	-0.93	-3.95	-0.38	-2.30	-0.51	-7.57	-1.87	0.06	1.17
Operating Cash Flow to Interest Expense	6.45	4.43	4.15	6.11	6.58	11.04	4.58	5.10	4.42	4.83
Operating Cash Flow Less CapEx to Interest Expense	-0.30	0.51	0.04	1.70	0.67	2.21	0.45	1.41	1.32	1.89
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.60	0.56	0.56	0.56	0.52	0.45	0.41	0.39	0.36	0.36
Accounts Receivable Turnover	6.56	5.70	4.96	4.36	4.05	4.02	4.03	3.94	3.85	3.94
Inventory Turnover	8.79	12.83	13.07	12.78	11.74	11.64	11.96	9.08	7.51	8.62
Fixed Asset Turnover	1.50	1.56	1.62	1.75	1.82	1.73	1.63	1.59	1.50	1.48
Accounts Payable Turnover	6.28	6.30	5.90	5.90	5.95	5.33	5.28	5.62	5.72	6.65
Days Sales Outstanding (DSO)	55.64	63.99	73.66	83.68	90.12	90.78	90.50	92.72	94.80	92.56
Days Inventory Outstanding (DIO)	41.54	28.45	27.94	28.56	31.10	31.35	30.51	40.19	48.58	42.32
Days Payable Outstanding (DPO)	58.09	57.89	61.85	61.82	61.38	68.50	69.15	65.00	63.79	54.86
Cash Conversion Cycle (CCC)	39.09	34.55	39.75	50.43	59.84	53.62	51.85	67.90	79.59	80.02
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,133	4,267	4,500	4,665	4,999	5,217	6,692	7,031	7,092	6,869
Invested Capital Turnover	1.01	0.95	0.89	0.87	0.83	0.79	0.69	0.61	0.55	0.54
Increase / (Decrease) in Invested Capital	295	134	233	165	334	218	1,475	339	61	-223
Enterprise Value (EV)	4,012	4,349	4,036	5,069	3,923	3,447	4,880	4,280	6,012	7,686
Market Capitalization	3,440	3,708	3,203	4,462	3,121	2,640	2,717	1,777	3,531	5,394
Book Value per Share	$42.25	$42.84	$43.20	$47.26	$48.72	$51.27	$52.75	$53.44	$54.42	$53.22
Tangible Book Value per Share	$16.10	$16.25	$17.08	$21.79	$20.04	$20.71	$5.32	($1.60)	($0.79)	($0.02)
Total Capital	5,211	5,274	5,327	5,702	5,731	6,927	7,305	7,782	7,718	7,467
Total Debt	1,640	1,629	1,640	1,624	1,510	2,491	2,731	3,200	3,064	2,859
Total Long-Term Debt	1,629	1,618	1,622	1,605	1,502	2,489	2,728	3,187	3,044	2,837
Net Debt	562	630	823	586	778	782	2,136	2,475	2,453	2,261
Capital Expenditures (CapEx)	581	443	465	512	650	989	724	602	608	537
Debt-free, Cash-free Net Working Capital (DFCFNWC)	220	265	366	543	546	480	549	268	369	339
Debt-free Net Working Capital (DFNWC)	935	851	768	1,140	831	1,754	705	541	519	483
Net Working Capital (NWC)	924	840	750	1,121	823	1,752	702	528	499	461
Net Nonoperating Expense (NNE)	-35	-20	-228	-43	-52	-72	-8.89	-1.46	15	24
Net Nonoperating Obligations (NNO)	562	622	813	587	778	781	2,118	2,449	2,438	2,261
Total Depreciation and Amortization (D&A)	609	618	615	640	702	683	678	700	656	665
Debt-free, Cash-free Net Working Capital to Revenue	5.46%	6.64%	9.41%	13.69%	13.58%	11.89%	13.32%	6.43%	9.45%	8.99%
Debt-free Net Working Capital to Revenue	23.20%	21.33%	19.74%	28.74%	20.66%	43.45%	17.10%	12.98%	13.29%	12.81%
Net Working Capital to Revenue	22.92%	21.05%	19.28%	28.26%	20.46%	43.40%	17.03%	12.66%	12.78%	12.23%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.86	$0.56	$0.14	$1.75	$1.47	$2.66	$1.80	$0.35	$0.64	($0.46)
Adjusted Weighted Average Basic Shares Outstanding	84.25M	85M	85M	86M	86M	86M	86M	85M	85M	86M
Adjusted Diluted Earnings per Share	$2.84	$0.56	$0.14	$1.72	$1.44	$2.62	$1.77	$0.35	$0.63	($0.46)
Adjusted Weighted Average Diluted Shares Outstanding	84.89M	85M	86M	87M	88M	87M	87M	86M	87M	86M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$1.75	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	84.32M	84.85M	85.13M	86.31M	86.15M	86.09M	85.88M	84.69M	85M	85M
Normalized Net Operating Profit after Tax (NOPAT)	62	30	43	114	94	180	172	64	80	102
Normalized NOPAT Margin	1.55%	0.76%	1.10%	2.88%	2.34%	4.46%	4.16%	1.53%	2.06%	2.69%
Pre Tax Income Margin	10.02%	2.06%	-6.99%	5.42%	4.60%	6.19%	4.37%	1.73%	2.84%	-0.58%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.05	0.43	-2.69	1.35	1.02	1.54	0.97	0.42	0.71	-0.07
NOPAT to Interest Expense	2.47	0.25	-1.88	1.04	0.73	1.44	0.86	0.21	0.37	-0.05
EBIT Less CapEx to Interest Expense	-2.71	-3.49	-6.81	-3.06	-4.89	-7.29	-3.17	-3.27	-2.39	-3.00
NOPAT Less CapEx to Interest Expense	-4.29	-3.67	-6.00	-3.37	-5.18	-7.39	-3.27	-3.49	-2.73	-2.98
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	2.43%	2.04%	26.67%	3.66%	3.01%	2.58%	1.88%	8.57%	5.17%	-15.63%
Augmented Payout Ratio	5.67%	12.24%	26.67%	3.66%	18.80%	12.45%	21.25%	145.71%	15.52%	-184.38%

This table displays calculated financial ratios and metrics derived from United States Cellular's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.59%	-1.87%	-2.38%	-6.82%	-11.08%	-4.67%	-3.65%	-3.13%	-4.26%	-2.90%	-6.21%
EBITDA Growth	-20.49%	-11.56%	-19.01%	-8.06%	33.13%	22.88%	10.20%	3.09%	-63.13%	-16.49%	-5.56%
EBIT Growth	-133.33%	-640.00%	-63.38%	-15.00%	480.00%	181.48%	96.15%	5.88%	-257.89%	-140.91%	-19.61%
NOPAT Growth	-132.67%	-329.50%	-66.87%	-67.80%	349.71%	255.20%	61.67%	185.88%	-340.27%	-121.48%	-12.91%
Net Income Growth	-134.29%	-196.43%	-73.08%	-77.27%	291.67%	159.26%	71.43%	260.00%	-439.13%	-75.00%	-16.67%
EPS Growth	-139.47%	-203.23%	-73.68%	-80.00%	273.33%	153.13%	33.33%	300.00%	-453.85%	-64.71%	5.00%
Operating Cash Flow Growth	-75.66%	33.33%	-86.82%	30.71%	344.59%	-18.33%	395.12%	-10.32%	-25.53%	-17.01%	-21.18%
Free Cash Flow Firm Growth	57.70%	75.60%	63.85%	73.84%	118.35%	91.15%	219.33%	248.18%	-18.00%	784.32%	34.65%
Invested Capital Growth	8.39%	5.07%	2.70%	1.78%	-1.07%	0.87%	-2.58%	-2.15%	-2.11%	-3.14%	-3.72%
Revenue Q/Q Growth	5.45%	-3.14%	-6.01%	-2.94%	0.63%	3.84%	-5.00%	-2.42%	-0.54%	5.31%	-8.24%
EBITDA Q/Q Growth	-22.75%	-6.14%	28.10%	-1.02%	11.86%	-13.36%	14.89%	-7.41%	-60.00%	96.25%	29.94%
EBIT Q/Q Growth	-137.50%	-80.00%	196.30%	30.77%	67.65%	-61.40%	131.82%	-29.41%	-350.00%	90.00%	555.56%
NOPAT Q/Q Growth	-147.73%	-80.00%	177.04%	-51.35%	270.16%	11.87%	-19.76%	-13.97%	-411.11%	90.00%	425.40%
Net Income Q/Q Growth	-154.55%	-125.00%	151.85%	-64.29%	360.00%	-30.43%	50.00%	-25.00%	-533.33%	105.13%	400.00%
EPS Q/Q Growth	-160.00%	-113.33%	146.88%	-66.67%	420.00%	-34.62%	17.65%	0.00%	-560.00%	106.52%	250.00%
Operating Cash Flow Q/Q Growth	-72.28%	143.24%	-77.22%	751.22%	-5.73%	-55.32%	38.10%	54.19%	-21.73%	-50.20%	31.15%
Free Cash Flow Firm Q/Q Growth	-23.38%	35.10%	50.70%	33.74%	186.57%	-131.29%	764.86%	-17.71%	-52.09%	161.08%	30.83%
Invested Capital Q/Q Growth	0.01%	0.63%	3.23%	-2.04%	-2.78%	2.60%	-0.30%	-1.61%	-2.75%	1.52%	-0.89%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	49.12%	51.29%	55.88%	56.32%	57.11%	53.80%	58.11%	57.82%	58.46%	52.83%	60.27%
EBITDA Margin	15.05%	14.59%	19.88%	20.27%	22.53%	18.80%	22.74%	21.58%	8.68%	16.17%	22.90%
Operating Margin	-1.39%	-2.57%	2.64%	3.55%	5.92%	2.20%	5.37%	3.88%	-9.76%	-0.93%	4.60%
EBIT Margin	-1.39%	-2.57%	2.64%	3.55%	5.92%	2.20%	5.37%	3.88%	-9.76%	-0.93%	4.60%
Profit (Net Income) Margin	-1.11%	-2.57%	1.42%	0.52%	2.39%	1.60%	2.53%	1.94%	-8.46%	0.41%	2.24%
Tax Burden Percent	80.00%	72.97%	56.00%	20.83%	46.00%	133.33%	46.15%	56.25%	84.78%	-28.57%	50.00%
Interest Burden Percent	100.00%	137.04%	96.15%	70.59%	87.72%	54.55%	101.96%	88.89%	102.22%	155.56%	97.56%
Effective Tax Rate	0.00%	0.00%	44.00%	79.17%	54.00%	-33.33%	53.85%	43.75%	0.00%	0.00%	50.00%
Return on Invested Capital (ROIC)	-0.60%	-1.09%	0.85%	0.43%	1.55%	1.62%	1.34%	1.19%	-3.80%	-0.35%	1.23%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.67%	-1.45%	0.83%	0.34%	1.41%	1.08%	1.36%	1.10%	-4.47%	0.09%	1.21%
Return on Net Nonoperating Assets (RNNOA)	-0.32%	-0.72%	0.46%	0.18%	0.71%	0.57%	0.74%	0.56%	-2.14%	0.04%	0.59%
Return on Equity (ROE)	-0.92%	-1.82%	1.32%	0.61%	2.26%	2.19%	2.08%	1.75%	-5.94%	-0.31%	1.82%
Cash Return on Invested Capital (CROIC)	-6.98%	-4.45%	-2.74%	-1.58%	1.39%	0.16%	3.74%	3.48%	0.75%	3.07%	3.57%
Operating Return on Assets (OROA)	-0.55%	-1.00%	1.00%	1.32%	2.15%	0.79%	1.91%	1.39%	-3.49%	-0.33%	1.62%
Return on Assets (ROA)	-0.44%	-1.00%	0.54%	0.19%	0.87%	0.57%	0.90%	0.69%	-3.02%	0.15%	0.79%
Return on Common Equity (ROCE)	-0.92%	-1.81%	1.31%	0.60%	2.25%	2.18%	2.06%	1.74%	-5.90%	-0.30%	1.81%
Return on Equity Simple (ROE_SIMPLE)	1.96%	0.00%	-0.07%	-0.44%	0.33%	0.00%	1.46%	1.73%	-0.44%	0.00%	-0.79%
Net Operating Profit after Tax (NOPAT)	-11	-19	15	7.08	26	29	24	20	-63	-6.30	21
NOPAT Margin	-0.97%	-1.80%	1.48%	0.74%	2.72%	2.93%	2.48%	2.18%	-6.83%	-0.65%	2.30%
Net Nonoperating Expense Percent (NNEP)	0.07%	0.35%	0.02%	0.09%	0.14%	0.55%	-0.02%	0.09%	0.68%	-0.44%	0.02%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.24%	-	-	-	0.38%	-	-	-	-0.08%	0.28%
Cost of Revenue to Revenue	50.88%	48.71%	44.12%	43.68%	42.89%	46.20%	41.89%	42.18%	41.54%	47.17%	39.73%
SG&A Expenses to Revenue	34.07%	35.75%	34.99%	35.63%	34.58%	34.90%	34.84%	34.74%	35.14%	36.35%	37.26%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	50.51%	53.86%	53.25%	52.77%	51.19%	51.60%	52.74%	53.94%	68.22%	53.76%	55.67%
Earnings before Interest and Taxes (EBIT)	-15	-27	26	34	57	22	51	36	-90	-9.00	41
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	163	153	196	194	217	188	216	200	80	157	204
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.49	0.39	0.38	0.33	0.80	0.76	0.67	1.01	1.03	1.18	1.28
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	783.32	0.00	1,469.44
Price to Revenue (P/Rev)	0.53	0.43	0.42	0.37	0.93	0.90	0.80	1.24	1.24	1.43	1.58
Price to Earnings (P/E)	26.51	59.23	0.00	0.00	281.86	65.39	52.58	66.83	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.77%	1.69%	0.00%	0.00%	0.35%	1.53%	1.90%	1.50%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.67	0.61	0.62	0.57	0.87	0.85	0.78	1.01	1.02	1.12	1.19
Enterprise Value to Revenue (EV/Rev)	1.11	1.03	1.08	0.99	1.51	1.54	1.43	1.83	1.81	2.04	2.18
Enterprise Value to EBITDA (EV/EBITDA)	5.90	5.57	6.17	5.72	7.87	7.56	6.77	8.56	10.06	11.77	12.64
Enterprise Value to EBIT (EV/EBIT)	46.08	62.03	185.98	224.31	66.48	43.25	33.63	42.33	362.31	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	64.51	127.60	0.00	320.44	274.78	82.77	68.25	76.30	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	5.91	5.14	7.94	6.27	6.66	6.94	5.37	7.08	7.58	8.70	9.64
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	61.83	516.90	20.59	28.67	134.98	35.82	32.72
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.68	0.70	0.72	0.69	0.63	0.66	0.65	0.62	0.63	0.62	0.62
Long-Term Debt to Equity	0.68	0.70	0.72	0.67	0.63	0.65	0.65	0.61	0.62	0.62	0.61
Financial Leverage	0.47	0.50	0.55	0.53	0.50	0.53	0.54	0.51	0.48	0.51	0.49
Leverage Ratio	2.32	2.34	2.37	2.37	2.36	2.37	2.34	2.31	2.30	2.29	2.26
Compound Leverage Factor	2.32	3.21	2.28	1.67	2.07	1.29	2.38	2.06	2.35	3.56	2.21
Debt to Total Capital	40.43%	41.12%	41.89%	40.71%	38.68%	39.70%	39.40%	38.18%	38.61%	38.29%	38.22%
Short-Term Debt to Total Capital	0.14%	0.17%	0.19%	0.70%	0.24%	0.26%	0.26%	0.26%	0.27%	0.29%	0.35%
Long-Term Debt to Total Capital	40.29%	40.95%	41.70%	40.01%	38.44%	39.44%	39.14%	37.92%	38.34%	37.99%	37.87%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.21%	0.36%	0.34%	0.36%	0.37%	0.36%	0.40%	0.41%	0.43%	0.42%	0.40%
Common Equity to Total Capital	59.36%	58.52%	57.77%	58.93%	60.95%	59.94%	60.20%	61.43%	60.96%	61.30%	61.38%
Debt to EBITDA	3.96	4.16	4.58	4.47	3.84	3.85	3.74	3.54	4.24	4.38	4.45
Net Debt to EBITDA	3.06	3.22	3.71	3.56	3.01	3.09	2.92	2.74	3.15	3.46	3.42
Long-Term Debt to EBITDA	3.95	4.14	4.56	4.40	3.82	3.83	3.72	3.52	4.21	4.34	4.41
Debt to NOPAT	43.33	95.40	-598.00	250.71	134.15	42.19	37.73	31.56	-30.55	-340.36	-185.39
Net Debt to NOPAT	33.42	73.79	-484.07	199.68	105.22	33.77	29.48	24.44	-22.65	-269.17	-142.47
Long-Term Debt to NOPAT	43.18	95.02	-595.29	246.43	133.32	41.91	37.48	31.35	-30.34	-337.74	-183.70
Altman Z-Score	1.01	0.95	0.98	0.95	1.16	1.15	1.13	1.29	1.24	1.34	1.43
Noncontrolling Interest Sharing Ratio	0.35%	0.60%	0.60%	0.61%	0.48%	0.61%	0.62%	0.61%	0.65%	0.64%	0.66%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.52	1.44	1.64	1.49	1.35	1.55	1.67	1.55	1.57	1.52	1.70
Quick Ratio	1.21	1.13	1.22	1.16	1.08	1.23	1.33	1.29	1.31	1.24	1.37
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-552	-358	-176	-117	101	-32	211	173	83	217	284
Operating Cash Flow to CapEx	61.16%	93.26%	20.92%	225.16%	319.42%	95.45%	152.63%	228.47%	189.92%	88.41%	222.22%
Free Cash Flow to Firm to Interest Expense	-13.13	-7.46	-3.75	-2.29	2.02	-0.66	4.90	3.85	1.69	4.71	7.09
Operating Cash Flow to Interest Expense	1.76	3.75	0.87	6.84	6.58	3.06	4.72	6.96	5.00	2.65	4.00
Operating Cash Flow Less CapEx to Interest Expense	-1.12	-0.27	-3.30	3.80	4.52	-0.15	1.63	3.91	2.37	-0.35	2.20
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.40	0.39	0.38	0.37	0.36	0.36	0.36	0.36	0.36	0.36	0.35
Accounts Receivable Turnover	4.08	3.94	4.09	4.02	3.89	3.85	3.99	3.97	4.05	3.94	4.00
Inventory Turnover	10.50	9.08	8.95	9.21	8.50	7.51	7.74	9.43	9.73	8.62	8.99
Fixed Asset Turnover	1.65	1.59	1.58	1.53	1.51	1.50	1.49	1.48	1.49	1.48	1.50
Accounts Payable Turnover	5.65	5.62	8.22	6.91	4.76	5.72	7.77	6.55	4.82	6.65	7.28
Days Sales Outstanding (DSO)	89.44	92.72	89.33	90.82	93.86	94.80	91.53	92.01	90.17	92.56	91.32
Days Inventory Outstanding (DIO)	34.78	40.19	40.79	39.64	42.93	48.58	47.16	38.72	37.53	42.32	40.62
Days Payable Outstanding (DPO)	64.60	65.00	44.42	52.80	76.62	63.79	46.95	55.72	75.73	54.86	50.17
Cash Conversion Cycle (CCC)	59.62	67.90	85.71	77.67	60.17	79.59	91.75	75.01	51.97	80.02	81.77
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,987	7,031	7,258	7,110	6,912	7,092	7,071	6,957	6,766	6,869	6,808
Invested Capital Turnover	0.62	0.61	0.58	0.58	0.57	0.55	0.54	0.55	0.56	0.54	0.53
Increase / (Decrease) in Invested Capital	541	339	191	124	-75	61	-187	-153	-146	-223	-263
Enterprise Value (EV)	4,654	4,280	4,464	4,038	5,983	6,012	5,516	7,027	6,884	7,686	8,102
Market Capitalization	2,227	1,777	1,756	1,494	3,664	3,531	3,103	4,745	4,700	5,394	5,878
Book Value per Share	$53.63	$53.44	$53.94	$53.98	$53.98	$54.42	$54.80	$55.02	$53.28	$53.22	$53.94
Tangible Book Value per Share	($1.06)	($1.60)	($1.46)	($1.43)	($1.02)	($0.79)	($0.62)	($0.45)	$0.07	($0.02)	$0.05
Total Capital	7,731	7,782	7,907	7,760	7,552	7,718	7,738	7,613	7,516	7,467	7,470
Total Debt	3,126	3,200	3,312	3,159	2,921	3,064	3,049	2,907	2,902	2,859	2,855
Total Long-Term Debt	3,115	3,187	3,297	3,105	2,903	3,044	3,029	2,887	2,882	2,837	2,829
Net Debt	2,411	2,475	2,681	2,516	2,291	2,453	2,382	2,251	2,152	2,261	2,194
Capital Expenditures (CapEx)	121	193	196	155	103	154	133	137	129	138	72
Debt-free, Cash-free Net Working Capital (DFCFNWC)	333	268	470	360	227	369	393	313	266	339	410
Debt-free Net Working Capital (DFNWC)	587	541	624	546	380	519	578	508	538	483	592
Net Working Capital (NWC)	576	528	609	492	362	499	558	488	518	461	566
Net Nonoperating Expense (NNE)	1.50	8.10	0.56	2.08	3.22	13	-0.46	2.25	15	-10	0.50
Net Nonoperating Obligations (NNO)	2,382	2,449	2,663	2,509	2,281	2,438	2,382	2,251	2,152	2,261	2,193
Total Depreciation and Amortization (D&A)	178	180	170	160	160	166	165	164	170	166	163
Debt-free, Cash-free Net Working Capital to Revenue	7.95%	6.43%	11.34%	8.83%	5.74%	9.45%	10.16%	8.15%	7.00%	8.99%	11.05%
Debt-free Net Working Capital to Revenue	14.01%	12.98%	15.05%	13.40%	9.61%	13.29%	14.94%	13.23%	14.16%	12.81%	15.95%
Net Working Capital to Revenue	13.75%	12.66%	14.69%	12.07%	9.15%	12.78%	14.42%	12.71%	13.64%	12.23%	15.25%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.15)	($0.32)	$0.15	$0.05	$0.26	$0.18	$0.21	$0.20	($0.92)	$0.05	$0.21
Adjusted Weighted Average Basic Shares Outstanding	85M	85M	85M	85M	85M	85M	85M	86M	86M	86M	85M
Adjusted Diluted Earnings per Share	($0.15)	($0.32)	$0.15	$0.05	$0.26	$0.17	$0.20	$0.20	($0.92)	$0.06	$0.21
Adjusted Weighted Average Diluted Shares Outstanding	85M	86M	86M	86M	86M	87M	88M	88M	86M	86M	88M
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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	85.22M	84.69M	84.72M	85.27M	85M	85M	85M	86M	86M	85M	85M
Normalized Net Operating Profit after Tax (NOPAT)	-9.80	-11	20	26	41	16	39	28	34	-5.60	21
Normalized NOPAT Margin	-0.90%	-1.07%	2.04%	2.71%	4.22%	1.61%	4.13%	2.97%	3.64%	-0.58%	2.36%
Pre Tax Income Margin	-1.39%	-3.53%	2.54%	2.51%	5.19%	1.20%	5.47%	3.45%	-9.98%	-1.44%	4.49%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.36	-0.56	0.55	0.67	1.14	0.46	1.19	0.80	-1.84	-0.20	1.03
NOPAT to Interest Expense	-0.25	-0.39	0.31	0.14	0.52	0.61	0.55	0.45	-1.29	-0.14	0.51
EBIT Less CapEx to Interest Expense	-3.24	-4.58	-3.62	-2.37	-0.92	-2.75	-1.91	-2.24	-4.47	-3.20	-0.78
NOPAT Less CapEx to Interest Expense	-3.13	-4.41	-3.86	-2.90	-1.54	-2.60	-2.55	-2.59	-3.92	-3.14	-1.29
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	4.44%	8.57%	-100.00%	-15.00%	13.33%	5.17%	5.88%	4.94%	-25.00%	-15.63%	-13.89%
Augmented Payout Ratio	46.67%	145.71%	-1,200.00%	-140.00%	113.33%	15.52%	5.88%	4.94%	-155.00%	-184.38%	-222.22%

Key Financial Trends

United States Cellular (NYSE: USM) reported mixed Q1 2025 results, with revenue and net income down Y/Y while free cash flow surged. Below are the key takeaways:

Free Cash Flow to Firm of $283.5 M, up 35% Y/Y driven by lower capex and solid cash from operations
CapEx in Q1 fell to $72 M vs. $133 M a year ago, boosting operating cash flow to capex coverage to 222% (vs. 153% in Q1 2024)
Gross margin expanded to 60.3% from 58.1% in Q1 2024, reflecting improved network‐cost efficiency
EPS held at $0.21 (basic and diluted), in line with a year ago despite Y/Y profit dip
Net debt/EBITDA remains elevated at 3.42x, unchanged from Q4 2024 levels, with total debt of ~$2.85 B
Q/Q, EBITDA rose 29.9% and operating cash flow jumped 31.1%, partially seasonal
Total revenue declined 6.2% Y/Y to $891 M as subscriber growth pressures persist
Net income of $20 M fell 16.7% Y/Y, and operating income margin dipped to 4.6% vs. 5.4% a year ago
Leverage remains high with debt/EBITDA at 4.45x; interest coverage (EBIT/interest) barely above parity at 1.03x
ROIC of 1.23% trails cost of capital, reflecting modest returns on invested capital

Overall, USM continues to generate strong cash flows and improve network efficiency, but ongoing revenue declines and high leverage warrant close monitoring.

07/17/25 11:30 AMAI Generated. May Contain Errors.

Frequently Asked Questions About United States Cellular's Financials

When does United States Cellular's financial year end?

According to the most recent income statement we have on file, United States Cellular's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has United States Cellular's net income changed over the last 9 years?

United States Cellular's net income appears to be on a downward trend, with a most recent value of -$32 million in 2024, falling from $247 million in 2015. The previous period was $58 million in 2023. Check out United States Cellular's forecast to explore projected trends and price targets.

What is United States Cellular's operating income?

United States Cellular's total operating income in 2024 was -$12 million, based on the following breakdown:

Total Gross Profit: $2.14 billion
Total Operating Expenses: $2.15 billion

How has United States Cellular's revenue changed over the last 9 years?

Over the last 9 years, United States Cellular's total revenue changed from $4.03 billion in 2015 to $3.77 billion in 2024, a change of -6.5%.

How much debt does United States Cellular have?

United States Cellular's total liabilities were at $5.84 billion at the end of 2024, a 4.2% decrease from 2023, and a 67.4% increase since 2015.

How much cash does United States Cellular have?

In the past 9 years, United States Cellular's cash and equivalents has ranged from $144 million in 2024 to $1.27 billion in 2020, and is currently $144 million as of their latest financial filing in 2024.

How has United States Cellular's book value per share changed over the last 9 years?

Over the last 9 years, United States Cellular's book value per share changed from 42.25 in 2015 to 53.22 in 2024, a change of 26.0%.

Related Companies

This page (NYSE:USM) was last updated on 7/17/2025 by MarketBeat.com Staff

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United States Cellular (USM) Financials

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United States Cellular (USM) Financials

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