TELEPHONE & DATA SYSTEMS INC /DE/, 10-Q filed on 5/8/2026
Quarterly Report
v3.26.1
Document And Entity Information
shares in Millions
 3 Months Ended
Mar. 31, 2026
shares
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Mar. 31, 2026
Document Transition Report false
Entity File Number 001-14157
Entity Registrant Name TELEPHONE AND DATA SYSTEMS, INC.
Entity Central Index Key 0001051512
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2026
Document Fiscal Period Focus Q1
Amendment Flag false
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 36-2669023
Entity Address, Address Line One 30 North LaSalle Street, Suite 4000
Entity Address, City or Town Chicago
Entity Address, State or Province IL
Entity Address, Postal Zip Code 60602
City Area Code (312)
Local Phone Number 630-1900
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Smaller Reporting Company false
Emerging Growth Company false
Entity Shell Company false
Common Shares  
Title of 12(b) Security Common Shares, $.01 par value
Trading Symbol TDS
Security Exchange Name NYSE
Entity Common Stock, Shares Outstanding 106.3
Depository Shares each representing a 1/1000th interest in a share of 6.625% Series UU Cumulative Redeemable Perpetual Preferred Stock, $.01 par value  
Title of 12(b) Security Depository Shares each representing a 1/1000th interest in a share of 6.625% Series UU Cumulative Redeemable Perpetual Preferred Stock, $.01 par value
Trading Symbol TDSPrU
Security Exchange Name NYSE
Depository Shares each representing a 1/1000th interest in a share of 6.000% Series VV Cumulative Redeemable Perpetual Preferred Stock, $.01 par value  
Title of 12(b) Security Depository Shares each representing a 1/1000th interest in a share of 6.000% Series VV Cumulative Redeemable Perpetual Preferred Stock, $.01 par value
Trading Symbol TDSPrV
Security Exchange Name NYSE
Series A Common Shares  
Entity Common Stock, Shares Outstanding 7.5
v3.26.1
Consolidated Statement of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating revenues    
Total operating revenues $ 309,450 $ 290,433
Operating expenses    
Selling, general and administrative 102,708 116,415
Depreciation, amortization and accretion 85,943 84,329
(Gain) loss on asset disposals, net 1,810 1,888
(Gain) loss on sale of business and other exit costs, net 1,562 (998)
(Gain) loss on license sales and exchanges, net (150,878) (1,100)
Total operating expenses 165,632 324,367
Operating income (loss) 143,818 (33,934)
Other income (expense)    
Equity in earnings of unconsolidated entities 41,902 36,518
Interest and dividend income 13,786 6,270
Interest expense (5,321) (23,909)
Short-term imputed spectrum lease income 34,200 0
Other, net 5,450 2,725
Total other income 90,017 21,604
Income (loss) before income taxes 233,835 (12,330)
Income tax expense (benefit) 54,408 (8,123)
Net income (loss) from continuing operations 179,427 (4,207)
Less: Net income from continuing operations attributable to noncontrolling interests, net of tax 32,813 1,724
Net income (loss) from continuing operations attributable to TDS shareholders 146,614 (5,931)
Net income (loss) from discontinued operations (2,389) 16,171
Less: Net income (loss) from discontinued operations attributable to noncontrolling interests, net of tax (369) 2,770
Net income (loss) from discontinued operations attributable to TDS shareholders (2,020) 13,401
Net income 177,038 11,964
Less: Net income attributable to noncontrolling interests, net of tax 32,444 4,494
Net income attributable to TDS shareholders 144,594 7,470
TDS Preferred Share dividends 17,306 17,306
Net income (loss) attributable to TDS common shareholders $ 127,288 $ (9,836)
Basic weighted average shares outstanding (in shares) 113,882 114,582
Basic earnings (loss) per share from continuing operations attributable to TDS common shareholders $ 1.14 $ (0.20)
Basic earnings (loss) per share from discontinued operations attributable to TDS common shareholders (0.02) 0.11
Basic earnings (loss) per share attributable to TDS common shareholders $ 1.12 $ (0.09)
Diluted weighted average shares outstanding (in shares) 116,651 114,582
Diluted earnings (loss) per share from continuing operations attributable to TDS common shareholders $ 1.11 $ (0.20)
Diluted earnings (loss) per share from discontinued operations attributable to TDS common shareholders (0.02) 0.11
Diluted earnings (loss) per share attributable to TDS common shareholders $ 1.09 $ (0.09)
Service    
Operating revenues    
Total operating revenues $ 250,421 $ 256,616
Operating expenses    
Cost of goods and services 118,741 117,206
Equipment and product sales    
Operating revenues    
Total operating revenues 8,005 7,222
Operating expenses    
Cost of goods and services 5,746 6,627
Site rental    
Operating revenues    
Total operating revenues $ 51,024 $ 26,595
v3.26.1
Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income $ 177,038 $ 11,964
Net income (loss) from discontinued operations (2,389) 16,171
Net income (loss) from continuing operations 179,427 (4,207)
Add (deduct) adjustments to reconcile net income (loss) to net cash flows from operating activities    
Depreciation, amortization and accretion 85,943 84,329
Bad debts expense 3,383 1,380
Stock-based compensation expense 4,159 12,749
Deferred income taxes, net (38,825) (6,519)
Equity in earnings of unconsolidated entities (41,902) (36,518)
Distributions from unconsolidated entities 18,373 11,254
(Gain) loss on asset disposals, net 1,810 1,888
(Gain) loss on sale of business and other exit costs, net 1,562 (998)
(Gain) loss on license sales and exchanges, net (150,878) (1,100)
Other operating activities 42 1,141
Changes in assets and liabilities from operations    
Accounts receivable 2,787 (12,530)
Inventory 316 (229)
Accounts payable (7,881) 1,844
Customer deposits and deferred revenues (33,593) 108
Accrued taxes 91,865 (264)
Accrued interest 580 343
Other assets and liabilities (49,074) (95,131)
Net cash provided by (used in) operating activities - continuing operations 68,094 (42,460)
Net cash provided by (used in) operating activities - discontinued operations (633) 228,069
Net cash provided by operating activities 67,461 185,609
Cash flows from investing activities    
Cash paid for additions to property, plant and equipment (149,041) (64,391)
Cash paid for licenses 0 (2,072)
Cash received from divestitures 1,016,478 8,042
Other investing activities 396 80
Net cash provided by (used in) investing activities - continuing operations 867,833 (58,341)
Net cash used in investing activities - discontinued operations 0 (64,337)
Net cash provided by (used in) investing activities 867,833 (122,678)
Cash flows from financing activities    
Issuance of long-term debt 1,300 0
Repayment of long-term debt (150,314) (7,736)
Tax withholdings, net of cash receipts, for TDS stock-based compensation awards (1,710) (5,639)
Tax withholdings, net of cash receipts, for Array stock-based compensation awards (1,373) (6,579)
Repurchase of Array Common Shares 0 (21,360)
Dividends paid to TDS shareholders (21,860) (21,896)
Array dividends paid to noncontrolling public shareholders (159,890) 0
Distributions to noncontrolling interests (638) (1,639)
Cash paid for software license agreements (166) (839)
Other financing activities 9 (452)
Net cash used in financing activities - continuing operations (334,642) (66,140)
Net cash used in financing activities - discontinued operations 0 (8,826)
Net cash used in financing activities (334,642) (74,966)
Net increase (decrease) in cash, cash equivalents and restricted cash 600,652 (12,035)
Cash, cash equivalents and restricted cash    
Beginning of period 770,150 383,222
End of period $ 1,370,802 $ 371,187
v3.26.1
Consolidated Balance Sheet - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 1,366,604 $ 765,952
Accounts receivable    
Customers, less allowances of $4,899 and $3,406, respectively 63,433 68,737
Other, less allowances of $2,480 and $3,203, respectively 39,451 41,244
Inventory, net 3,746 4,062
Prepaid expenses 33,858 28,206
Income taxes receivable 0 1,292
Other current assets 12,987 13,976
Total current assets 1,520,079 923,469
Non-current assets held for sale 737,437 1,598,131
Licenses 1,642,824 1,642,972
Other intangible assets, net of accumulated amortization of $164,490 and $157,208, respectively 124,391 131,673
Investments in unconsolidated entities 486,132 461,922
Property, plant and equipment    
Property, plant and equipment, net of accumulated depreciation and amortization of $4,198,471 and $4,156,666, respectively 3,025,322 2,965,455
Operating lease right-of-use assets 513,237 515,081
Other assets and deferred charges 161,905 159,600
Total assets [1] 8,211,327 8,398,303
Current liabilities    
Current portion of long-term debt 7,515 5,274
Accounts payable 97,068 115,822
Customer deposits and deferred revenues 84,165 125,140
Accrued interest 3,415 2,836
Accrued taxes 138,488 46,721
Accrued compensation 27,630 56,774
Short-term operating lease liabilities 26,297 26,180
Current liabilities of discontinued operations 20,242 20,242
Other current liabilities 38,855 41,322
Total current liabilities 443,675 440,311
Deferred liabilities and credits    
Deferred income tax liability, net 699,150 743,633
Long-term operating lease liabilities 548,420 549,617
Other deferred liabilities and credits 584,484 574,025
Long-term debt, net 672,700 823,364
Commitments and contingencies
TDS shareholders’ equity    
Series A Common and Common Shares Authorized 290,000 shares (25,000 Series A Common and 265,000 Common Shares) Issued 133,237 shares (7,542 Series A Common and 125,695 Common Shares) and 133,236 shares (7,541 Series A Common and 125,695 Common Shares), respectively Outstanding 113,850 shares (7,542 Series A Common and 106,308 Common Shares) and 113,783 shares (7,541 Series A Common and 106,242 Common Shares), respectively Par Value ($.01 per share) 1,332 1,332
Capital in excess of par value 2,485,605 2,483,654
Preferred Shares, 279,000 shares authorized, par value $0.01 per share, 44,400 shares outstanding (16,800 Series UU and 27,600 Series VV) 1,073,963 1,073,963
Treasury shares, at cost, 19,387 and 19,453 Common Shares, respectively (471,232) (473,072)
Accumulated other comprehensive income 21,095 21,506
Retained earnings 1,813,519 1,694,224
Total TDS shareholders' equity 4,924,282 4,801,607
Noncontrolling interests 338,616 465,746
Total equity 5,262,898 5,267,353
Total liabilities and equity [1] $ 8,211,327 $ 8,398,303
[1] The consolidated total assets as of March 31, 2026 and December 31, 2025, include assets held by current consolidated variable interest entities (VIEs) of $35.1 million and $35.5 million, respectively, which are not available to be used to settle the obligations of TDS. The consolidated total liabilities as of March 31, 2026 and December 31, 2025, include certain liabilities of current consolidated VIEs of $9.4 million and $9.6 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of TDS. See Note 9 — Variable Interest Entities for additional information.
v3.26.1
Consolidated Balance Sheet (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Accounts receivable    
Customer and agent allowances $ 4,899 $ 3,406
Other allowances 2,480 3,203
Other intangible assets    
Other intangible assets, net of accumulated amortization of $164,490 and $157,208, respectively 164,490 157,208
Accumulated depreciation and amortization $ 4,198,471 $ 4,156,666
TDS shareholders’ equity    
Authorized shares (in shares) 290,000,000 290,000,000
Issued shares (in shares) 133,237,000 133,236,000
Outstanding shares (in shares) 113,850,000 113,783,000
Par value per share (in dollars per share) $ 0.01 $ 0.01
Preferred shares authorized 279,000 279,000
Par value per share (in dollars per share) $ 0.01 $ 0.01
Outstanding shares (in shares) 44,400 44,400
Variable Interest Entities VIEs    
Total assets [1] $ 8,211,327 $ 8,398,303
Series A Common Shares    
TDS shareholders’ equity    
Authorized shares (in shares) 25,000,000 25,000,000
Issued shares (in shares) 7,542,000 7,541,000
Outstanding shares (in shares) 7,542,000 7,541,000
Par value per share (in dollars per share) $ 0.01 $ 0.01
Common Shares    
TDS shareholders’ equity    
Authorized shares (in shares) 265,000,000 265,000,000
Issued shares (in shares) 125,695,000 125,695,000
Outstanding shares (in shares) 106,308,000 106,242,000
Treasury shares (in shares) 19,387,000 19,453,000
Series UU Preferred Shares    
TDS shareholders’ equity    
Outstanding shares (in shares) 16,800 16,800
Series VV Preferred Shares    
TDS shareholders’ equity    
Outstanding shares (in shares) 27,600 27,600
Consolidated Variable Interest Entity    
Variable Interest Entities VIEs    
Total assets $ 35,109 $ 35,505
Total liabilities 36,155 36,768
Consolidated Variable Interest Entity | No recourse    
Variable Interest Entities VIEs    
Total liabilities 9,400 9,600
Consolidated Variable Interest Entity | Assets held    
Variable Interest Entities VIEs    
Total assets $ 35,100 $ 35,500
[1] The consolidated total assets as of March 31, 2026 and December 31, 2025, include assets held by current consolidated variable interest entities (VIEs) of $35.1 million and $35.5 million, respectively, which are not available to be used to settle the obligations of TDS. The consolidated total liabilities as of March 31, 2026 and December 31, 2025, include certain liabilities of current consolidated VIEs of $9.4 million and $9.6 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of TDS. See Note 9 — Variable Interest Entities for additional information.
v3.26.1
Consolidated Statement of Changes in Equity - USD ($)
$ in Thousands
Total
Series A Common and Common shares
Capital in excess of par value
Preferred Shares
Treasury shares
Accumulated other comprehensive income (loss)
Retained earnings
Total TDS shareholders' equity
Noncontrolling interests
Beginning balance at Dec. 31, 2024 $ 5,868,012 $ 1,332 $ 2,574,042 $ 1,073,963 $ (425,342) $ 18,238 $ 1,849,009 $ 5,091,242 $ 776,770
Net income attributable to TDS shareholders 7,470           7,470 7,470  
Net income attributable to noncontrolling interests classified as equity 3,906             0 3,906
Other comprehensive income (loss) (320)         (320)   (320)  
TDS Common and Series A Common share dividends (4,590)           (4,590) (4,590)  
TDS Preferred share dividends (17,306)           (17,306) (17,306)  
Dividend reinvestment plan 174   91   83     174  
Incentive and compensation plans 6,204   11,021   11,290   (16,107) 6,204  
Adjust investment in subsidiaries for issuances and other compensation plans (10,400)   (4,539)         (4,539) (5,861)
Distributions to noncontrolling interests (1,639)             0 (1,639)
Ending balance at Mar. 31, 2025 5,851,511 1,332 2,580,615 1,073,963 (413,969) 17,918 1,818,476 5,078,335 773,176
Beginning balance at Dec. 31, 2025 5,267,353 1,332 2,483,654 1,073,963 (473,072) 21,506 1,694,224 4,801,607 465,746
Net income attributable to TDS shareholders 144,594           144,594 144,594  
Net income attributable to noncontrolling interests classified as equity 32,444             0 32,444
Other comprehensive income (loss) (411)         (411)   (411)  
TDS Common and Series A Common share dividends (4,554)           (4,554) (4,554)  
Array dividends paid to noncontrolling public shareholders (159,890)             0 (159,890)
TDS Preferred share dividends (17,306)           (17,306) (17,306)  
Dividend reinvestment plan 63   20   43     63  
Incentive and compensation plans 2,296   3,938   1,797   (3,439) 2,296  
Adjust investment in subsidiaries for issuances and other compensation plans (1,053)   (2,007)         (2,007) 954
Distributions to noncontrolling interests (638)             0 (638)
Ending balance at Mar. 31, 2026 $ 5,262,898 $ 1,332 $ 2,485,605 $ 1,073,963 $ (471,232) $ 21,095 $ 1,813,519 $ 4,924,282 $ 338,616
v3.26.1
Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
TDS Common and Series A Common Share dividends (in dollars per share) $ 0.04 $ 0.04
Array dividends paid to noncontrolling shareholders (in dollars per share) 10.25  
Series VV Preferred Shares    
TDS Preferred share dividends (in dollars per share) 375 375
Series UU Preferred Shares    
TDS Preferred share dividends (in dollars per share) $ 414 $ 414
v3.26.1
Basis of Presentation
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Note 1 Basis of Presentation
The accounting policies of Telephone and Data Systems, Inc. (TDS) conform to accounting principles generally accepted in the United States of America (GAAP) as set forth in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). Unless otherwise specified, references to accounting provisions and GAAP in these notes refer to the requirements of the FASB ASC. The consolidated financial statements include the accounts of TDS and subsidiaries in which it has a controlling financial interest, including TDS’ wholly-owned subsidiary, TDS Telecommunications LLC (TDS Telecom) and Array Digital Infrastructure, Inc. (Array), a 81.9%-owned subsidiary of TDS. In addition, the consolidated financial statements include certain entities in which TDS has a variable interest that requires consolidation into the TDS financial statements under GAAP. Intercompany accounts and transactions have been eliminated. The Notes to Consolidated Financial Statements are presented for continuing operations, except for Note 2 — Discontinued Operations.
TDS has the following reportable segments: TDS Telecom and Array. TDS' non-reportable other business activities are presented as "All Other", which includes its wholly-owned subsidiary Suttle-Straus, Inc. (Suttle-Straus). Suttle-Straus’ financial results were not significant to TDS’ operations. All of TDS’ segments operate only in the United States. See Note 11 — Business Segment Information for summary financial information on each business segment.
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. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in TDS’ Annual Report on Form 10-K (Form 10-K) for the year ended December 31, 2025.
The accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal recurring items, unless otherwise disclosed) necessary for the fair statement of TDS’ financial position as of March 31, 2026 and December 31, 2025, its results of operations, cash flows and changes in equity for the three months ended March 31, 2026 and 2025. The Consolidated Statement of Comprehensive Income was not included because comprehensive income for the three months ended March 31, 2026 and 2025, does not materially differ from net income. These results are not necessarily indicative of the results to be expected for the full year. TDS has not changed its significant accounting and reporting policies from those disclosed in its Form 10-K for the year ended December 31, 2025.
Restricted Cash
TDS presents restricted cash with cash and cash equivalents in the Consolidated Statement of Cash Flows. The following table provides a reconciliation of Cash and cash equivalents and restricted cash reported in the Consolidated Balance Sheet to the total of the amounts in the Consolidated Statement of Cash Flows.
March 31, 2026December 31, 2025
(Dollars in thousands)  
Cash and cash equivalents$1,366,604 $765,952 
Restricted cash included in Other current assets4,198 4,198 
Cash, cash equivalents and restricted cash in the statement of cash flows$1,370,802 $770,150 
Dividend
On January 13, 2026, the Array Board of Directors declared a special dividend per Common and Series A outstanding share of $10.25 for shareholders of record on January 23, 2026, which was paid on February 2, 2026 for a total amount of $885.5 million. TDS received its pro-rata share of the special dividend in the amount of $725.6 million.
v3.26.1
Discontinued Operations
 3 Months Ended
Mar. 31, 2026
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued operations
Note 2 Discontinued Operations
On August 1, 2025, Array sold its wireless operations and select spectrum assets to T-Mobile US, Inc. (T-Mobile) pursuant to a Securities Purchase Agreement (Securities Purchase Agreement). TDS met the criteria to classify the wireless operations and select spectrum assets sold to T-Mobile as discontinued operations following the receipt of regulatory approval and subsequent closing of the transaction, all of which occurred during the three months ended September 30, 2025.
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 the preliminary results of an exchange offer made to Array's debtholders, which subsequently closed on August 5, 2025. The final cash proceeds are subject to adjustment according to the terms and conditions of the Securities Purchase Agreement. As of March 31, 2026, Array recorded an estimated purchase price true-up due to T-Mobile of $20.2 million, which is classified as Current liabilities of discontinued operations in the Consolidated Balance Sheet. Certain licenses included in the T-Mobile transaction did not transfer to T-Mobile at the time of close and are subject to FCC approval. At closing, a $16.7 million deferral of the purchase price was recorded related to these spectrum licenses, which is classified as Other deferred liabilities and credits in the Consolidated Balance Sheet. Array also may incur significant decommissioning costs for certain equipment and recorded a liability of $65.8 million as of March 31, 2026, which is classified as Other deferred liabilities and credits in the Consolidated Balance Sheet. During the three months ended March 31, 2026, TDS recognized a loss on the transaction of $0.9 million.
On August 1, 2025, a Short-Term Spectrum Manager Lease Agreement and Short-Term Spectrum Manager Sublease Agreements became effective, which provide T-Mobile with an exclusive license to use certain Array spectrum assets and leases at no cost for up to one year from closing for the sole purpose of providing continued, uninterrupted service to customers. The portion of the purchase price allocated to the use of this spectrum was $149.3 million based on an estimate for fair market value and will be recognized to Short-term imputed spectrum lease income in the continuing operations Consolidated Statement of Operations over the one year term. As of March 31, 2026, the remaining balance of the deferred purchase price is $43.6 million and is classified as Customer deposits and deferred revenues in the Consolidated Balance Sheet. See Note 12 — Subsequent Events for additional information.
Following the close of the transaction, TDS entered into a transition services agreement (TSA) with T-Mobile to provide ongoing services and support. TDS recognized $4.2 million of income related to the TSA in Other, net in the Consolidated Statement of Operations in 2026.
Net income (loss) from discontinued operations in the Consolidated Statement of Operations consists of the following:
Three Months Ended
March 31,
20262025
(Dollars in thousands)
Operating revenues
Service$— $713,934 
Equipment sales— 150,090 
Total operating revenues— 864,024 
Operating expenses
System operations (excluding Depreciation, amortization and accretion reported below)509 158,946 
Cost of equipment sold— 175,787 
Selling, general and administrative1,518 308,418 
Depreciation, amortization and accretion— 150,535 
(Gain) loss on asset disposals, net— 1,719 
(Gain) loss on sale of business and other exit costs, net889 — 
Total operating expenses2,916 795,405 
Operating income (loss)(2,916)68,619 
Other income (expense)
Interest expense(314)(35,985)
Other, net— (6)
Total other expense(314)(35,991)
Income (loss) before income taxes(3,230)32,628 
Income tax expense (benefit)(841)16,457 
Net income (loss) from discontinued operations$(2,389)$16,171 
v3.26.1
Revenue Recognition
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
Note 3 Revenue Recognition
Disaggregation of Revenue
In the following table, TDS' revenues are disaggregated by type of service, which represents the relevant categorization of revenues for TDS' reportable segments, and timing of recognition. Service revenues are recognized over time and Equipment and product sales are recognized at a point in time.
Three Months Ended March 31, 2026TDS TelecomArrayAll OtherTotal
(Dollars in thousands)   
Revenues from contracts with customers:   
Type of service:   
Residential$178,596 $— $— $178,596 
Commercial32,795 — — 32,795 
Wholesale37,374 — — 37,374 
Other service— 988 (26)962 
Service revenues from contracts with customers248,765 988 (26)249,727 
Equipment and product sales64 — 7,941 8,005 
Total revenues from contracts with customers248,829 988 7,915 257,732 
Operating lease income743 51,024 (49)51,718 
Total operating revenues$249,572 $52,012 $7,866 $309,450 
Three Months Ended March 31, 2025TDS TelecomArrayAll OtherTotal
(Dollars in thousands)   
Revenues from contracts with customers:   
Type of service:   
Residential$183,847 $— $— $183,847 
Commercial34,634 — — 34,634 
Wholesale37,923 — — 37,923 
Other service— 389 (828)(439)
Service revenues from contracts with customers256,404 389 (828)255,965 
Equipment and product sales202 — 7,020 7,222 
Total revenues from contracts with customers256,606 389 6,192 263,187 
Operating lease income754 26,595 (103)27,246 
Total operating revenues$257,360 $26,984 $6,089 $290,433 

The following table provides balances for contract assets from contracts with customers, which are recorded in Other current assets and Other assets and deferred charges in the Consolidated Balance Sheet, and contract liabilities from contracts with customers, which are recorded in Customer deposits and deferred revenues and Other deferred liabilities and credits in the Consolidated Balance Sheet.
 March 31, 2026December 31, 2025
(Dollars in thousands) 
Contract assets$10,665 $3,508 
Contract liabilities$48,700 $39,936 
Revenue recognized related to contract liabilities existing at January 1, 2026 was $35.4 million for the three months ended March 31, 2026.
Transaction price allocated to the remaining performance obligations
TDS Telecom provides residential internet, video, mobile, and voice services primarily through monthly subscription arrangements. Each subscription period is treated as a distinct performance obligation, with revenue recognized on a straight-line basis over the service period as the services are delivered. Customers are typically billed in advance and may cancel their subscriptions at the end of any monthly term without incurring penalties.
In addition, as of March 31, 2026, TDS Telecom expects to recognize approximately $74.1 million of revenue in the future related to performance obligations associated with existing circuit contracts that are partially or wholly unsatisfied. As of March 31, 2026, the transaction price related to unsatisfied performance obligations that are expected to be recognized for the remainder of 2026, 2027 and thereafter was $25.6 million, $24.8 million, and $23.7 million, respectively.
Contract Cost Assets
TDS Telecom expects that commission fees paid as a result of obtaining contracts are recoverable, and therefore TDS defers and amortizes these costs. As a practical expedient, costs with an amortization period of one year or less are expensed as incurred. TDS also incurs fulfillment costs, such as installation costs, where there is an expectation that a future benefit will be realized. Deferred commission fees and fulfillment costs are amortized based on the timing of transfer of the goods or services to which the assets relate, typically the contract term. Contract cost asset balances, which are recorded in Other assets and deferred charges in the Consolidated Balance Sheet, were as follows:
 March 31, 2026December 31, 2025
(Dollars in thousands) 
Costs to obtain contracts 
Sales commissions$15,432 $14,770 
Fulfillment costs
Installation costs1,813 1,872 
Total contract cost assets$17,245 $16,642 
Amortization of contract cost assets was $2.4 million and $2.6 million for the three months ended March 31, 2026 and 2025, respectively, and was included in Selling, general and administrative expenses and Cost of operations expenses.
v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Note 4 Fair Value Measurements
As of March 31, 2026 and December 31, 2025, TDS did not have any material financial or nonfinancial assets or liabilities that were required to be recorded at fair value in its Consolidated Balance Sheet in accordance with GAAP.
The provisions of GAAP establish a fair value hierarchy that contains three levels for inputs used in fair value measurements. Level 1 inputs include quoted market prices for identical assets or liabilities in active markets. Level 2 inputs include quoted market prices for similar assets and liabilities in active markets or quoted market prices for identical assets and liabilities in inactive markets. Level 3 inputs are unobservable. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. A financial instrument’s level within the fair value hierarchy is not representative of its expected performance or its overall risk profile and, therefore, Level 3 assets are not necessarily higher risk than Level 2 assets or Level 1 assets.
TDS has applied the provisions of fair value accounting for purposes of computing the fair value of financial instruments for disclosure purposes as displayed below.
 Level within the Fair Value HierarchyMarch 31, 2026December 31, 2025
 Book ValueFair ValueBook ValueFair Value
(Dollars in thousands)     
Long-term debt2$683,511 $604,482 $834,726 $757,485 
Long-term debt excludes lease obligations, the current portion of Long-term debt and debt financing costs. The fair value of Long-term debt was estimated using various methods, including quoted market prices and discounted cash flow analyses.
The fair values of Cash and cash equivalents and restricted cash approximate their book values due to the short-term nature of these financial instruments.
v3.26.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings Per Share
Note 5 Earnings Per Share
Basic earnings (loss) per share attributable to TDS common shareholders is computed by dividing Net income (loss) attributable to TDS common shareholders by the weighted average number of Common Shares outstanding during the period. Diluted earnings (loss) per share attributable to TDS common shareholders is computed by dividing Net income (loss) attributable to TDS common shareholders by the weighted average number of Common Shares outstanding during the period adjusted to include the effects of potentially dilutive securities. Potentially dilutive securities primarily include incremental shares issuable upon the exercise of outstanding stock options and the vesting of performance and restricted stock units, as calculated using the treasury stock method.
The amounts used in computing basic and diluted earnings (loss) per share attributable to TDS common shareholders were as follows:
Three Months Ended
March 31,
 20262025
(Dollars and shares in thousands, except per share amounts)  
Net income (loss) from continuing operations attributable to TDS common shareholders$129,308 $(23,237)
Net income (loss) from discontinued operations attributable to TDS common shareholders(2,020)13,401 
Net income (loss) attributable to TDS common shareholders used in basic earnings (loss) per share127,288 (9,836)
Adjustments to compute diluted earnings (loss):
Noncontrolling interest adjustment(123)(134)
Net income (loss) attributable to TDS common shareholders used in diluted earnings (loss) per share$127,165 $(9,970)
Weighted average number of shares used in basic earnings (loss) per share:
Common Shares106,341 107,048 
Series A Common Shares7,541 7,534 
Total113,882 114,582 
Effects of dilutive securities2,769 — 
Weighted average number of shares used in diluted earnings (loss) per share116,651 114,582 
Basic earnings (loss) per share from continuing operations attributable to TDS common shareholders$1.14 $(0.20)
Basic earnings (loss) per share from discontinued operations attributable to TDS common shareholders(0.02)0.11 
Basic earnings (loss) per share attributable to TDS common shareholders$1.12 $(0.09)
Diluted earnings (loss) per share from continuing operations attributable to TDS common shareholders$1.11 $(0.20)
Diluted earnings (loss) per share from discontinued operations attributable to TDS common shareholders(0.02)0.11 
Diluted earnings (loss) per share attributable to TDS common shareholders$1.09 $(0.09)
Certain Common Shares issuable upon the exercise of stock options or vesting of performance and restricted stock units were not included in weighted average diluted shares outstanding for the calculation of Diluted earnings (loss) per share attributable to TDS common shareholders because their effects were antidilutive. The number of such Common Shares excluded was less than 0.1 million and 4.2 million for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
Divestitures
 3 Months Ended
Mar. 31, 2026
Divestitures [Abstract]  
Divestitures
Note 6 Divestitures
Array
In addition to the divestiture of Array's wireless operations, as disclosed in Note 2 — Discontinued Operations, other divestiture transactions are disclosed below.
On January 13, 2026, Array closed on the sale of certain 3.45 GHz and 700 MHz wireless spectrum licenses to New Cingular Wireless PCS, LLC (AT&T), a subsidiary of AT&T Inc., for $1,018.0 million and TDS recorded a book gain of $150.9 million ($114.7 million net of tax expense) during the first quarter of 2026. The book gain recorded at TDS is lower than the book gain recorded at Array due primarily to transaction costs paid by TDS.

On October 17, 2024, Array entered into a License Purchase Agreement (Verizon License Purchase Agreement) with Verizon Communications Inc. (Verizon) to sell certain AWS, Cellular and PCS wireless spectrum licenses and agreed to grant Verizon certain rights to lease such licenses prior to the transaction close for total proceeds of $1,000.0 million. As of March 31, 2026, the book value of the wireless spectrum licenses to be sold was $588.8 million and is classified as held for sale in the Consolidated Balance Sheet. The transaction is expected to close in the second or third quarter of 2026, subject to regulatory approval and other customary closing conditions.

On August 29, 2025, Array entered into a License Purchase Agreement (T-Mobile License Purchase Agreement) with T-Mobile to sell certain 700 MHz wireless spectrum licenses and agreed to grant T-Mobile certain rights to lease such licenses prior to the transaction close for total proceeds of $85.0 million. As of March 31, 2026, the book value of the wireless spectrum licenses to be sold was $64.3 million, of which $53.1 million has received regulatory approval and is classified as held for sale in the Consolidated Balance Sheet. See Note 12 — Subsequent Events for additional information.
As part of the T-Mobile transaction to sell the wireless operations, Array entered into a Put/Call Agreement with T-Mobile whereby T-Mobile has the right to call certain spectrum assets and Array has the right to put certain spectrum assets to T-Mobile for an aggregate agreed upon price of $106.0 million. The call option notice period started on May 24, 2024, and the put exercise period started on August 1, 2025. Both periods end on July 31, 2026. There was no cash exchanged at the inception of the Put/Call Agreement. All license transfers pursuant to any put/call are subject to Federal Communications Commission (FCC) approval. Array accounted for this instrument as a net written call option and wrote off the entire fair value in 2025. In September 2025, T-Mobile exercised $86.4 million of the call option. As of March 31, 2026, the book value of the spectrum licenses subject to the call notice was $86.4 million and is classified as held for sale in the Consolidated Balance Sheet. The transaction is expected to close in May 2026, subject to customary closing conditions.
v3.26.1
Investments In Unconsolidated Entities
 3 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Entities
Note 7 Investments in Unconsolidated Entities
Investments in unconsolidated entities consist of amounts invested in entities in which TDS holds a noncontrolling interest. TDS’ Investments in unconsolidated entities are accounted for using the equity method, measurement alternative method or net asset value practical expedient method as shown in the table below. The carrying value of measurement alternative method investments represents cost minus any impairments plus or minus any observable price changes.
March 31, 2026December 31, 2025
(Dollars in thousands)  
Equity method investments$457,457 $433,636 
Measurement alternative method investments21,514 20,834 
Investments recorded using the net asset value practical expedient7,161 7,452 
Total investments in unconsolidated entities$486,132 $461,922 
The following table, which is based on unaudited information provided in part by third parties, summarizes the combined results of operations of TDS’ equity method investments.
 Three Months Ended
March 31,
 20262025
(Dollars in thousands)  
Revenues$1,871,809 $1,916,032 
Operating expenses1,522,558 1,523,526 
Operating income349,251 392,506 
Other income (expense), net(7,491)(12,013)
Net income$341,760 $380,493 
v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt
Note 8 Debt
Export Credit Financing Agreement
In January 2026, TDS repaid the entire outstanding borrowings under its term loan agreement with Export Development Canada of $150.0 million.
v3.26.1
Variable Interest Entities
 3 Months Ended
Mar. 31, 2026
Variable Interest Entities [Abstract]  
Variable Interest Entities
Note 9 Variable Interest Entities
Consolidated VIEs
TDS consolidates VIEs in which it has a controlling financial interest as defined by GAAP and is therefore deemed the primary beneficiary. TDS reviews the criteria for a controlling financial interest at the time it enters into agreements and subsequently when events warranting reconsideration occur. These VIEs have risks similar to those described in the “Risk Factors” in TDS' Form 10-K for the year ended December 31, 2025.
TDS consolidates VIEs that are limited partnerships that lease tower space to tenants. A limited partnership is a variable interest entity unless the limited partners hold substantive participating rights or kick-out rights over the general partner. For certain limited partnerships, Array is the general partner and manages the operations. In these partnerships, the limited partners do not have substantive kick-out or participating rights and, further, such limited partners do not have the authority to remove the general partner. Therefore, these limited partnerships also are recognized as VIEs and are consolidated into the TDS financial statements under the variable interest model.
The following table presents the classification and balances of the consolidated VIEs’ assets and liabilities in TDS’ Consolidated Balance Sheet.
March 31, 2026December 31, 2025
(Dollars in thousands)  
Assets  
Accounts receivable$1,403 $1,116 
Other current assets251 313 
Property, plant and equipment, net12,211 12,471 
Operating lease right-of-use assets20,276 20,564 
Other assets and deferred charges968 1,041 
Total assets$35,109 $35,505 
Liabilities
Current liabilities$2,235 $2,675 
Long-term operating lease liabilities22,129 22,400 
Other deferred liabilities and credits11,791 11,693 
Total liabilities$36,155 $36,768 
Other Related Matters
TDS made contributions, loans or advances to its VIEs totaling $3.0 million and $4.5 million during the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
Noncontrolling Interests
 3 Months Ended
Mar. 31, 2026
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Change Due to Net Income Attributable to Parent and Effects of Changes, Net [Abstract]  
Noncontrolling Interests
Note 10 Noncontrolling Interests
The following schedule discloses the effects of Net income (loss) attributable to TDS shareholders and changes in TDS’ ownership interest in Array on TDS’ equity:
Three Months Ended March 31,20262025
(Dollars in thousands)  
Net income attributable to TDS shareholders$144,594 $7,470 
Transfers (to) from noncontrolling interests
Change in TDS' Capital in excess of par value from Array's issuance of Array shares(2,296)(15,543)
Change in TDS' Capital in excess of par value from Array's repurchases of Array shares— (3,199)
Net transfers (to) from noncontrolling interests(2,296)(18,742)
Net income (loss) attributable to TDS shareholders after transfers (to) from noncontrolling interests$142,298 $(11,272)
v3.26.1
Business Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Business Segment Information
Note 11 Business Segment Information
TDS has the following reportable segments: TDS Telecom and Array. TDS Telecom generates its revenues by providing broadband, video, voice and wireless services. Array generates its revenues primarily by leasing tower space on Array-owned towers to customers.
The reportable segments are billed for services they receive from TDS, consisting primarily of information processing, accounting, finance, and general management services. Such billings are based on expenses specifically identified to the reportable segments and on allocations of common expenses. Management believes the method used to allocate common expenses is reasonable and that all expenses and costs applicable to the reportable segments are reflected in the accompanying business segment information.
Adjusted earnings before interest, taxes, depreciation, amortization and accretion (Adjusted EBITDA) is the segment measure of profit or loss reported to the chief operating decision maker for purposes of assessing the segments' performance and making capital allocation decisions. Adjusted EBITDA is a non-GAAP financial measure that shows adjusted earnings before interest, taxes, depreciation, amortization and accretion, gains and losses, and expenses related to the strategic alternatives review. TDS believes Adjusted EBITDA is a useful measure of TDS’ operating results before significant recurring non-cash charges, gains and losses, and other items as presented below as it provides additional relevant and useful information to investors and other users of TDS' financial data in evaluating the effectiveness of its operations and underlying business trends in a manner that is consistent with management's evaluation of business performance. TDS’ chief operating decision maker is its President and Chief Executive Officer.
Financial data from continuing operations for TDS’ reportable segments for the three months ended March 31, 2026 and 2025, is as follows:
Three Months Ended March 31, 2026TDS TelecomArrayTotal
(Dollars in thousands) 
Revenues from external customers$249,568 $51,967 $301,535 
Intersegment revenues4 45 49 
249,572 52,012 301,584 
Reconciliation of revenue:
All Other revenues1
7,915 
Elimination of intersegment revenues(49)
Total operating revenues$309,450 
Add back or deduct2:
Cost of operations (excluding Depreciation, amortization and accretion reported below)(97,182)(21,609)
Cost of equipment and products(111)— 
Selling, general and administrative(81,061)(12,745)
Expenses related to strategic alternatives review (included in Selling, general and administrative)87 187 
Equity in earnings of unconsolidated entities— 40,408 
Interest and dividend income1,145 4,223 
Other segment items1,388 (14)
Segment Adjusted EBITDA (Non-GAAP)$73,838 $62,462 $136,300 
Reconciliation of Segment Adjusted EBITDA to Income before income taxes:
All Other income (loss) before income taxes1
2,455 
Short-term imputed spectrum lease income34,200 
Depreciation, amortization and accretion(85,159)
Expenses related to strategic alternatives review (included in Selling, general and administrative)(274)
Loss on asset disposals, net(1,737)
Loss on sale of business and other exit costs, net(1,562)
Gain on license sales and exchanges, net156,635 
Interest expense(7,023)
Income before income taxes$233,835 
Other segment disclosures
Three Months Ended or as of March 31, 2026TDS TelecomArraySegment Total
All Other1
TDS Consolidated Total
Short-term imputed spectrum lease income$— $34,200 $34,200 $— $34,200 
Depreciation, amortization and accretion(72,555)(12,604)(85,159)(784)(85,943)
Loss on asset disposals, net(833)(904)(1,737)(73)(1,810)
Loss on sale of business and other exit costs, net(1,562)— (1,562)— (1,562)
Gain (loss) on license sales and exchanges, net— 156,635 156,635 (5,757)150,878 
Interest expense157 (7,180)(7,023)1,702 (5,321)
Investments in unconsolidated entities3,947 435,061 439,008 47,124 486,132 
Total assets3,032,227 3,964,687 6,996,914 1,214,413 8,211,327 
Capital expenditures from continuing operations$125,963 $8,645 $134,608 $1,621 $136,229 
Three Months Ended March 31, 2025TDS TelecomArrayTotal
(Dollars in thousands) 
Revenues from external customers$256,559 $26,984 $283,543 
Intersegment revenues801 — 801 
257,360 26,984 284,344 
Reconciliation of revenue:
All Other revenues1
6,890 
Elimination of intersegment revenues(801)
Total operating revenues$290,433 
Add back or deduct2:
Cost of operations (excluding Depreciation, amortization and accretion reported below)(100,964)(16,290)
Cost of equipment and products(263)— 
Selling, general and administrative(83,148)(29,202)
Expenses related to strategic alternatives review (included in Selling, general and administrative)— 1,145 
Equity in earnings of unconsolidated entities— 35,927 
Interest and dividend income1,401 2,658 
Other segment items1,937 — 
Segment Adjusted EBITDA (Non-GAAP)$76,323 $21,222 $97,545 
Reconciliation of Segment Adjusted EBITDA to Income before income taxes:
All Other income (loss) before income taxes1
(22,283)
Depreciation, amortization and accretion(83,433)
Expenses related to strategic alternatives review (included in Selling, general and administrative)(1,145)
Loss on asset disposals, net(1,888)
Loss on sale of business and other exit costs, net(24)
Gain on license sales and exchanges, net1,100 
Interest expense(2,202)
Income (loss) before income taxes$(12,330)
Other segment disclosures
Three Months Ended or as of March 31, 2025TDS TelecomArraySegment Total
All Other1
TDS Consolidated Total
Depreciation, amortization and accretion$(71,440)$(11,993)$(83,433)$(896)$(84,329)
Loss on asset disposals, net(1,662)(226)(1,888)— (1,888)
Gain (loss) on sale of business and other exit costs, net(24)— (24)1,022 998 
Gain on license sales and exchanges, net— 1,100 1,100 — 1,100 
Interest expense1,465 (3,667)(2,202)(21,707)(23,909)
Investments in unconsolidated entities3,942 479,127 483,069 43,614 526,683 
Total assets2,906,310 4,865,842 7,772,152 264,663 8,036,815 
Capital expenditures from continuing operations$58,870 $4,840 $63,710 $433 $64,143 
1"All Other" represents TDS' non-reportable other business activities that do not meet the quantitative thresholds for being a reportable segment and includes cash balances under terms of the TDS cash management arrangement.
2The significant segment expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown.
v3.26.1
Subsequent Events
 3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent events
Note 12 Subsequent Events
Effective April 1, 2026, the Short-Term Spectrum Manager Lease Agreement with T-Mobile was terminated for certain spectrum assets. The termination of these leases will result in future imputed spectrum lease income of $11.7 million being recognized to (Gain) loss on sale of business and other exit costs, net within discontinued operations during the second quarter of 2026.
On April 17, 2026, TDS Telecom entered into a stock purchase agreement with Granite State Communications, a fiber operator in New Hampshire, to acquire 100% of the outstanding equity for a base purchase price of $25.4 million, subject to customary purchase price adjustments. The transaction is expected to close in the third quarter of 2026, subject to regulatory approvals and other customary closing conditions.
On May 5, 2026, Array closed on the sale of certain 700 MHz wireless spectrum licenses under the T-Mobile License Purchase Agreement for total proceeds of $74.8 million and expects to record a book gain on the transaction of approximately $3.0 million ($2.3 million net of tax expense) during the second quarter of 2026. This closing includes the first group of wireless spectrum licenses included in the T-Mobile License Purchase Agreement. The additional wireless spectrum licenses remain subject to regulatory approval and other customary closing conditions. At the first closing, $18.6 million of the purchase price was deferred based on the fair market value of all wireless spectrum licenses included in the T-Mobile License Purchase Agreement.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Basis of Presentation (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policy Disclosures [Line Items]  
Principles of Consolidation
The accounting policies of Telephone and Data Systems, Inc. (TDS) conform to accounting principles generally accepted in the United States of America (GAAP) as set forth in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). Unless otherwise specified, references to accounting provisions and GAAP in these notes refer to the requirements of the FASB ASC. The consolidated financial statements include the accounts of TDS and subsidiaries in which it has a controlling financial interest, including TDS’ wholly-owned subsidiary, TDS Telecommunications LLC (TDS Telecom) and Array Digital Infrastructure, Inc. (Array), a 81.9%-owned subsidiary of TDS. In addition, the consolidated financial statements include certain entities in which TDS has a variable interest that requires consolidation into the TDS financial statements under GAAP. Intercompany accounts and transactions have been eliminated. The Notes to Consolidated Financial Statements are presented for continuing operations, except for Note 2 — Discontinued Operations.
TDS has the following reportable segments: TDS Telecom and Array. TDS' non-reportable other business activities are presented as "All Other", which includes its wholly-owned subsidiary Suttle-Straus, Inc. (Suttle-Straus). Suttle-Straus’ financial results were not significant to TDS’ operations. All of TDS’ segments operate only in the United States. See Note 11 — Business Segment Information for summary financial information on each business segment.
Basis of Accounting
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. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in TDS’ Annual Report on Form 10-K (Form 10-K) for the year ended December 31, 2025.
The accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal recurring items, unless otherwise disclosed) necessary for the fair statement of TDS’ financial position as of March 31, 2026 and December 31, 2025, its results of operations, cash flows and changes in equity for the three months ended March 31, 2026 and 2025. The Consolidated Statement of Comprehensive Income was not included because comprehensive income for the three months ended March 31, 2026 and 2025, does not materially differ from net income. These results are not necessarily indicative of the results to be expected for the full year. TDS has not changed its significant accounting and reporting policies from those disclosed in its Form 10-K for the year ended December 31, 2025.
Revenue from Contract with Customer TDS Telecom expects that commission fees paid as a result of obtaining contracts are recoverable, and therefore TDS defers and amortizes these costs. As a practical expedient, costs with an amortization period of one year or less are expensed as incurred. TDS also incurs fulfillment costs, such as installation costs, where there is an expectation that a future benefit will be realized. Deferred commission fees and fulfillment costs are amortized based on the timing of transfer of the goods or services to which the assets relate, typically the contract term.
Variable Interest Entities
TDS consolidates VIEs in which it has a controlling financial interest as defined by GAAP and is therefore deemed the primary beneficiary. TDS reviews the criteria for a controlling financial interest at the time it enters into agreements and subsequently when events warranting reconsideration occur. These VIEs have risks similar to those described in the “Risk Factors” in TDS' Form 10-K for the year ended December 31, 2025.
v3.26.1
Basis of Presentation (Tables)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Reconciliation of cash, cash equivalents and restricted cash The following table provides a reconciliation of Cash and cash equivalents and restricted cash reported in the Consolidated Balance Sheet to the total of the amounts in the Consolidated Statement of Cash Flows.
March 31, 2026December 31, 2025
(Dollars in thousands)  
Cash and cash equivalents$1,366,604 $765,952 
Restricted cash included in Other current assets4,198 4,198 
Cash, cash equivalents and restricted cash in the statement of cash flows$1,370,802 $770,150 
v3.26.1
Discontinued Operations (Tables)
 3 Months Ended
Mar. 31, 2026
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued operations
Net income (loss) from discontinued operations in the Consolidated Statement of Operations consists of the following:
Three Months Ended
March 31,
20262025
(Dollars in thousands)
Operating revenues
Service$— $713,934 
Equipment sales— 150,090 
Total operating revenues— 864,024 
Operating expenses
System operations (excluding Depreciation, amortization and accretion reported below)509 158,946 
Cost of equipment sold— 175,787 
Selling, general and administrative1,518 308,418 
Depreciation, amortization and accretion— 150,535 
(Gain) loss on asset disposals, net— 1,719 
(Gain) loss on sale of business and other exit costs, net889 — 
Total operating expenses2,916 795,405 
Operating income (loss)(2,916)68,619 
Other income (expense)
Interest expense(314)(35,985)
Other, net— (6)
Total other expense(314)(35,991)
Income (loss) before income taxes(3,230)32,628 
Income tax expense (benefit)(841)16,457 
Net income (loss) from discontinued operations$(2,389)$16,171 
v3.26.1
Revenue Recognition (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenues
In the following table, TDS' revenues are disaggregated by type of service, which represents the relevant categorization of revenues for TDS' reportable segments, and timing of recognition. Service revenues are recognized over time and Equipment and product sales are recognized at a point in time.
Three Months Ended March 31, 2026TDS TelecomArrayAll OtherTotal
(Dollars in thousands)   
Revenues from contracts with customers:   
Type of service:   
Residential$178,596 $— $— $178,596 
Commercial32,795 — — 32,795 
Wholesale37,374 — — 37,374 
Other service— 988 (26)962 
Service revenues from contracts with customers248,765 988 (26)249,727 
Equipment and product sales64 — 7,941 8,005 
Total revenues from contracts with customers248,829 988 7,915 257,732 
Operating lease income743 51,024 (49)51,718 
Total operating revenues$249,572 $52,012 $7,866 $309,450 
Three Months Ended March 31, 2025TDS TelecomArrayAll OtherTotal
(Dollars in thousands)   
Revenues from contracts with customers:   
Type of service:   
Residential$183,847 $— $— $183,847 
Commercial34,634 — — 34,634 
Wholesale37,923 — — 37,923 
Other service— 389 (828)(439)
Service revenues from contracts with customers256,404 389 (828)255,965 
Equipment and product sales202 — 7,020 7,222 
Total revenues from contracts with customers256,606 389 6,192 263,187 
Operating lease income754 26,595 (103)27,246 
Total operating revenues$257,360 $26,984 $6,089 $290,433 
Contract with Customer, Assets and Liabilities
The following table provides balances for contract assets from contracts with customers, which are recorded in Other current assets and Other assets and deferred charges in the Consolidated Balance Sheet, and contract liabilities from contracts with customers, which are recorded in Customer deposits and deferred revenues and Other deferred liabilities and credits in the Consolidated Balance Sheet.
 March 31, 2026December 31, 2025
(Dollars in thousands) 
Contract assets$10,665 $3,508 
Contract liabilities$48,700 $39,936 
Contract Cost Assets
TDS Telecom expects that commission fees paid as a result of obtaining contracts are recoverable, and therefore TDS defers and amortizes these costs. As a practical expedient, costs with an amortization period of one year or less are expensed as incurred. TDS also incurs fulfillment costs, such as installation costs, where there is an expectation that a future benefit will be realized. Deferred commission fees and fulfillment costs are amortized based on the timing of transfer of the goods or services to which the assets relate, typically the contract term. Contract cost asset balances, which are recorded in Other assets and deferred charges in the Consolidated Balance Sheet, were as follows:
 March 31, 2026December 31, 2025
(Dollars in thousands) 
Costs to obtain contracts 
Sales commissions$15,432 $14,770 
Fulfillment costs
Installation costs1,813 1,872 
Total contract cost assets$17,245 $16,642 
v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair value measurements
TDS has applied the provisions of fair value accounting for purposes of computing the fair value of financial instruments for disclosure purposes as displayed below.
 Level within the Fair Value HierarchyMarch 31, 2026December 31, 2025
 Book ValueFair ValueBook ValueFair Value
(Dollars in thousands)     
Long-term debt2$683,511 $604,482 $834,726 $757,485 
v3.26.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings per share
The amounts used in computing basic and diluted earnings (loss) per share attributable to TDS common shareholders were as follows:
Three Months Ended
March 31,
 20262025
(Dollars and shares in thousands, except per share amounts)  
Net income (loss) from continuing operations attributable to TDS common shareholders$129,308 $(23,237)
Net income (loss) from discontinued operations attributable to TDS common shareholders(2,020)13,401 
Net income (loss) attributable to TDS common shareholders used in basic earnings (loss) per share127,288 (9,836)
Adjustments to compute diluted earnings (loss):
Noncontrolling interest adjustment(123)(134)
Net income (loss) attributable to TDS common shareholders used in diluted earnings (loss) per share$127,165 $(9,970)
Weighted average number of shares used in basic earnings (loss) per share:
Common Shares106,341 107,048 
Series A Common Shares7,541 7,534 
Total113,882 114,582 
Effects of dilutive securities2,769 — 
Weighted average number of shares used in diluted earnings (loss) per share116,651 114,582 
Basic earnings (loss) per share from continuing operations attributable to TDS common shareholders$1.14 $(0.20)
Basic earnings (loss) per share from discontinued operations attributable to TDS common shareholders(0.02)0.11 
Basic earnings (loss) per share attributable to TDS common shareholders$1.12 $(0.09)
Diluted earnings (loss) per share from continuing operations attributable to TDS common shareholders$1.11 $(0.20)
Diluted earnings (loss) per share from discontinued operations attributable to TDS common shareholders(0.02)0.11 
Diluted earnings (loss) per share attributable to TDS common shareholders$1.09 $(0.09)
v3.26.1
Investments in Unconsolidated Entities (Tables)
 3 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Equity and measurement alternative method investments TDS’ Investments in unconsolidated entities are accounted for using the equity method, measurement alternative method or net asset value practical expedient method as shown in the table below. The carrying value of measurement alternative method investments represents cost minus any impairments plus or minus any observable price changes.
March 31, 2026December 31, 2025
(Dollars in thousands)  
Equity method investments$457,457 $433,636 
Measurement alternative method investments21,514 20,834 
Investments recorded using the net asset value practical expedient7,161 7,452 
Total investments in unconsolidated entities$486,132 $461,922 
The following table, which is based on unaudited information provided in part by third parties, summarizes the combined results of operations of TDS’ equity method investments.
 Three Months Ended
March 31,
 20262025
(Dollars in thousands)  
Revenues$1,871,809 $1,916,032 
Operating expenses1,522,558 1,523,526 
Operating income349,251 392,506 
Other income (expense), net(7,491)(12,013)
Net income$341,760 $380,493 
v3.26.1
Variable Interest Entities (Tables)
 3 Months Ended
Mar. 31, 2026
Variable Interest Entities [Abstract]  
Consolidated VIE assets and liabilities
The following table presents the classification and balances of the consolidated VIEs’ assets and liabilities in TDS’ Consolidated Balance Sheet.
March 31, 2026December 31, 2025
(Dollars in thousands)  
Assets  
Accounts receivable$1,403 $1,116 
Other current assets251 313 
Property, plant and equipment, net12,211 12,471 
Operating lease right-of-use assets20,276 20,564 
Other assets and deferred charges968 1,041 
Total assets$35,109 $35,505 
Liabilities
Current liabilities$2,235 $2,675 
Long-term operating lease liabilities22,129 22,400 
Other deferred liabilities and credits11,791 11,693 
Total liabilities$36,155 $36,768 
v3.26.1
Noncontrolling Interests (Tables)
 3 Months Ended
Mar. 31, 2026
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Change Due to Net Income Attributable to Parent and Effects of Changes, Net [Abstract]  
Noncontrolling interests
The following schedule discloses the effects of Net income (loss) attributable to TDS shareholders and changes in TDS’ ownership interest in Array on TDS’ equity:
Three Months Ended March 31,20262025
(Dollars in thousands)  
Net income attributable to TDS shareholders$144,594 $7,470 
Transfers (to) from noncontrolling interests
Change in TDS' Capital in excess of par value from Array's issuance of Array shares(2,296)(15,543)
Change in TDS' Capital in excess of par value from Array's repurchases of Array shares— (3,199)
Net transfers (to) from noncontrolling interests(2,296)(18,742)
Net income (loss) attributable to TDS shareholders after transfers (to) from noncontrolling interests$142,298 $(11,272)
v3.26.1
Business Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Business segment information
Financial data from continuing operations for TDS’ reportable segments for the three months ended March 31, 2026 and 2025, is as follows:
Three Months Ended March 31, 2026TDS TelecomArrayTotal
(Dollars in thousands) 
Revenues from external customers$249,568 $51,967 $301,535 
Intersegment revenues4 45 49 
249,572 52,012 301,584 
Reconciliation of revenue:
All Other revenues1
7,915 
Elimination of intersegment revenues(49)
Total operating revenues$309,450 
Add back or deduct2:
Cost of operations (excluding Depreciation, amortization and accretion reported below)(97,182)(21,609)
Cost of equipment and products(111)— 
Selling, general and administrative(81,061)(12,745)
Expenses related to strategic alternatives review (included in Selling, general and administrative)87 187 
Equity in earnings of unconsolidated entities— 40,408 
Interest and dividend income1,145 4,223 
Other segment items1,388 (14)
Segment Adjusted EBITDA (Non-GAAP)$73,838 $62,462 $136,300 
Reconciliation of Segment Adjusted EBITDA to Income before income taxes:
All Other income (loss) before income taxes1
2,455 
Short-term imputed spectrum lease income34,200 
Depreciation, amortization and accretion(85,159)
Expenses related to strategic alternatives review (included in Selling, general and administrative)(274)
Loss on asset disposals, net(1,737)
Loss on sale of business and other exit costs, net(1,562)
Gain on license sales and exchanges, net156,635 
Interest expense(7,023)
Income before income taxes$233,835 
Other segment disclosures
Three Months Ended or as of March 31, 2026TDS TelecomArraySegment Total
All Other1
TDS Consolidated Total
Short-term imputed spectrum lease income$— $34,200 $34,200 $— $34,200 
Depreciation, amortization and accretion(72,555)(12,604)(85,159)(784)(85,943)
Loss on asset disposals, net(833)(904)(1,737)(73)(1,810)
Loss on sale of business and other exit costs, net(1,562)— (1,562)— (1,562)
Gain (loss) on license sales and exchanges, net— 156,635 156,635 (5,757)150,878 
Interest expense157 (7,180)(7,023)1,702 (5,321)
Investments in unconsolidated entities3,947 435,061 439,008 47,124 486,132 
Total assets3,032,227 3,964,687 6,996,914 1,214,413 8,211,327 
Capital expenditures from continuing operations$125,963 $8,645 $134,608 $1,621 $136,229 
Three Months Ended March 31, 2025TDS TelecomArrayTotal
(Dollars in thousands) 
Revenues from external customers$256,559 $26,984 $283,543 
Intersegment revenues801 — 801 
257,360 26,984 284,344 
Reconciliation of revenue:
All Other revenues1
6,890 
Elimination of intersegment revenues(801)
Total operating revenues$290,433 
Add back or deduct2:
Cost of operations (excluding Depreciation, amortization and accretion reported below)(100,964)(16,290)
Cost of equipment and products(263)— 
Selling, general and administrative(83,148)(29,202)
Expenses related to strategic alternatives review (included in Selling, general and administrative)— 1,145 
Equity in earnings of unconsolidated entities— 35,927 
Interest and dividend income1,401 2,658 
Other segment items1,937 — 
Segment Adjusted EBITDA (Non-GAAP)$76,323 $21,222 $97,545 
Reconciliation of Segment Adjusted EBITDA to Income before income taxes:
All Other income (loss) before income taxes1
(22,283)
Depreciation, amortization and accretion(83,433)
Expenses related to strategic alternatives review (included in Selling, general and administrative)(1,145)
Loss on asset disposals, net(1,888)
Loss on sale of business and other exit costs, net(24)
Gain on license sales and exchanges, net1,100 
Interest expense(2,202)
Income (loss) before income taxes$(12,330)
Other segment disclosures
Three Months Ended or as of March 31, 2025TDS TelecomArraySegment Total
All Other1
TDS Consolidated Total
Depreciation, amortization and accretion$(71,440)$(11,993)$(83,433)$(896)$(84,329)
Loss on asset disposals, net(1,662)(226)(1,888)— (1,888)
Gain (loss) on sale of business and other exit costs, net(24)— (24)1,022 998 
Gain on license sales and exchanges, net— 1,100 1,100 — 1,100 
Interest expense1,465 (3,667)(2,202)(21,707)(23,909)
Investments in unconsolidated entities3,942 479,127 483,069 43,614 526,683 
Total assets2,906,310 4,865,842 7,772,152 264,663 8,036,815 
Capital expenditures from continuing operations$58,870 $4,840 $63,710 $433 $64,143 
1"All Other" represents TDS' non-reportable other business activities that do not meet the quantitative thresholds for being a reportable segment and includes cash balances under terms of the TDS cash management arrangement.
2The significant segment expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown.
v3.26.1
Basis of Presentation - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Basis of Presentation [Line Items]    
Special dividend $ 0.04 $ 0.04
Dividends paid $ 4,554 $ 4,590
Proceeds from Dividends Received 725,600  
Array Digital Infrastructure, Inc.    
Basis of Presentation [Line Items]    
Dividends paid $ (885,500)  
Series A Common Shares | Array Digital Infrastructure, Inc.    
Basis of Presentation [Line Items]    
Special dividend $ 10.25  
Common Shares | Array Digital Infrastructure, Inc.    
Basis of Presentation [Line Items]    
Special dividend $ 10.25  
Array    
Basis of Presentation [Line Items]    
TDS ownership of Array 81.90%  
v3.26.1
Basis of Presentation - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Cash and cash equivalents $ 1,366,604 $ 765,952    
Restricted cash included in Other current assets 4,198 4,198    
Cash, cash equivalents and restricted cash in the statement of cash flows $ 1,370,802 $ 770,150 $ 371,187 $ 383,222
v3.26.1
Discontinued Operations - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Aug. 01, 2025
Mar. 31, 2026
Mar. 31, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Total consideration received     $ 1,016,478 $ 8,042
Gain (loss) on sale of business and other exit costs, net     (1,562) 998
Discontinued Operations        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Transition services income     4,200  
Wireless operations and select spectrum assets | Discontinued Operations        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Total consideration received   $ 4,293,800    
Cash proceeds   2,628,800    
Debt assumed   1,665,000    
Purchase price true-up $ 20,200      
Deferred purchase price   16,700    
Contingent decommissioning costs 65,800   65,800  
Gain (loss) on sale of business and other exit costs, net     $ (889) $ 0
Wireless operations and select spectrum assets | Discontinued Operations | Lease Agreements        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Deferred purchase price $ 43,600 $ 149,300    
v3.26.1
Discontinued Operations - Statement of Operations (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
(Gain) loss on sale of business and other exit costs, net $ 1,562 $ (998)
Net income (loss) from discontinued operations (2,020) 13,401
Wireless operations and select spectrum assets | Discontinued Operations    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Total operating revenues 0 864,024
Selling, general and administrative 1,518 308,418
Depreciation, amortization and accretion 0 150,535
(Gain) loss on asset disposals, net 0 1,719
(Gain) loss on sale of business and other exit costs, net 889 0
Total operating expenses 2,916 795,405
Operating income (loss) (2,916) 68,619
Interest expense (314) (35,985)
Other, net 0 (6)
Total other expense (314) (35,991)
Income (loss) before income taxes (3,230) 32,628
Income tax expense (benefit) (841) 16,457
Net income (loss) from discontinued operations (2,389) 16,171
Wireless operations and select spectrum assets | Discontinued Operations | Service    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Total operating revenues 0 713,934
Costs of goods and services sold 509 158,946
Wireless operations and select spectrum assets | Discontinued Operations | Equipment and product sales    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Total operating revenues 0 150,090
Costs of goods and services sold $ 0 $ 175,787
v3.26.1
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of revenue    
Revenue from contracts with customers $ 257,732 $ 263,187
Operating lease income 51,718 27,246
Total operating revenues 309,450 290,433
Transferred over time    
Disaggregation of revenue    
Revenue from contracts with customers 249,727 255,965
Transferred over time | Residential    
Disaggregation of revenue    
Revenue from contracts with customers 178,596 183,847
Transferred over time | Commercial    
Disaggregation of revenue    
Revenue from contracts with customers 32,795 34,634
Transferred over time | Wholesale    
Disaggregation of revenue    
Revenue from contracts with customers 37,374 37,923
Transferred over time | Other service    
Disaggregation of revenue    
Revenue from contracts with customers 962 (439)
Transferred at point in time | Equipment and product sales    
Disaggregation of revenue    
Revenue from contracts with customers 8,005 7,222
Array    
Disaggregation of revenue    
Revenue from contracts with customers 988 389
Operating lease income 51,024 26,595
Total operating revenues 52,012 26,984
Array | Transferred over time    
Disaggregation of revenue    
Revenue from contracts with customers 988 389
Array | Transferred over time | Residential    
Disaggregation of revenue    
Revenue from contracts with customers 0 0
Array | Transferred over time | Commercial    
Disaggregation of revenue    
Revenue from contracts with customers 0 0
Array | Transferred over time | Wholesale    
Disaggregation of revenue    
Revenue from contracts with customers 0 0
Array | Transferred over time | Other service    
Disaggregation of revenue    
Revenue from contracts with customers 988 389
Array | Transferred at point in time | Equipment and product sales    
Disaggregation of revenue    
Revenue from contracts with customers 0 0
TDS Telecom    
Disaggregation of revenue    
Revenue from contracts with customers 248,829 256,606
Operating lease income 743 754
Total operating revenues 249,572 257,360
TDS Telecom | Transferred over time    
Disaggregation of revenue    
Revenue from contracts with customers 248,765 256,404
TDS Telecom | Transferred over time | Residential    
Disaggregation of revenue    
Revenue from contracts with customers 178,596 183,847
TDS Telecom | Transferred over time | Commercial    
Disaggregation of revenue    
Revenue from contracts with customers 32,795 34,634
TDS Telecom | Transferred over time | Wholesale    
Disaggregation of revenue    
Revenue from contracts with customers 37,374 37,923
TDS Telecom | Transferred over time | Other service    
Disaggregation of revenue    
Revenue from contracts with customers 0 0
TDS Telecom | Transferred at point in time | Equipment and product sales    
Disaggregation of revenue    
Revenue from contracts with customers 64 202
All Other    
Disaggregation of revenue    
Revenue from contracts with customers 7,915 6,192
Operating lease income (49) (103)
Total operating revenues 7,866 6,089
All Other | Transferred over time    
Disaggregation of revenue    
Revenue from contracts with customers (26) (828)
All Other | Transferred over time | Residential    
Disaggregation of revenue    
Revenue from contracts with customers 0 0
All Other | Transferred over time | Commercial    
Disaggregation of revenue    
Revenue from contracts with customers 0 0
All Other | Transferred over time | Wholesale    
Disaggregation of revenue    
Revenue from contracts with customers 0 0
All Other | Transferred over time | Other service    
Disaggregation of revenue    
Revenue from contracts with customers (26) (828)
All Other | Transferred at point in time | Equipment and product sales    
Disaggregation of revenue    
Revenue from contracts with customers $ 7,941 $ 7,020
v3.26.1
Revenue Recognition - Contract Assets and Contract Liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]    
Contract assets $ 10,665 $ 3,508
Contract liabilities 48,700 $ 39,936
Revenue recognized $ 35,400  
v3.26.1
Revenue Recognition - Performance Obligations (Details) - TDS Telecom
$ in Millions
Mar. 31, 2026
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 74.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 25.6
Expected timing of remaining performance obligation, period 9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 24.8
Expected timing of remaining performance obligation, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 23.7
Expected timing of remaining performance obligation, period
v3.26.1
Revenue Recognition - Contract Cost Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Contract Cost Assets    
Contract cost assets $ 17,245 $ 16,642
Sales commissions    
Contract Cost Assets    
Contract cost assets 15,432 14,770
Installation costs    
Contract Cost Assets    
Contract cost assets $ 1,813 $ 1,872
v3.26.1
Revenue Recognition - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Capitalized contract cost    
Amortization of contract cost assets $ 2.4 $ 2.6
v3.26.1
Fair Value Measurements (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Book Value    
Financial Instruments    
Long-term debt $ 683,511 $ 834,726
Fair Value | Level 2    
Financial Instruments    
Long-term debt $ 604,482 $ 757,485
v3.26.1
Earnings Per Share - Reconciliation (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings per share    
Net income (loss) attributable to TDS common shareholders $ 129,308 $ (23,237)
Net income (loss) from discontinued operations attributable to TDS common shareholders (2,020) 13,401
Net income (loss) attributable to TDS common shareholders 127,288 (9,836)
Noncontrolling interest adjustment (123) (134)
Net income (loss) attributable to TDS common shareholders used in diluted earnings (loss) per share $ 127,165 $ (9,970)
Weighted average number of shares used in basic earnings (loss) per share: 113,882 114,582
Effects of dilutive securities (in shares) 2,769 0
Weighted average number of shares used in diluted earnings (loss) per share 116,651 114,582
Basic earnings (loss) per share from continuing operations attributable to TDS common shareholders $ 1.14 $ (0.20)
Basic earnings (loss) per share from discontinued operations attributable to TDS common shareholders (0.02) 0.11
Basic earnings (loss) per share attributable to TDS common shareholders 1.12 (0.09)
Diluted earnings (loss) per share from continuing operations attributable to TDS common shareholders 1.11 (0.20)
Diluted earnings (loss) per share from discontinued operations attributable to TDS common shareholders (0.02) 0.11
Diluted earnings (loss) per share attributable to TDS common shareholders $ 1.09 $ (0.09)
Common Shares    
Earnings per share    
Weighted average number of shares used in basic earnings (loss) per share: 106,341 107,048
Series A Common Shares    
Earnings per share    
Weighted average number of shares used in basic earnings (loss) per share: 7,541 7,534
v3.26.1
Earnings Per Share - Narrative (Details) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares)   4.2
Maximum    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares) 0.1  
v3.26.1
Divestitures - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Gain on license sales and exchanges, net $ 150,878 $ 1,100    
Licenses 1,642,824   $ 1,642,972  
Non-current assets held for sale 737,437   1,598,131  
Array | AT&T License Purchase Agreement        
License sale agreement amount 1,018,000      
Gain on license sales and exchanges, net 150,900      
Gain on license sales and exchanges, net of tax 114,700      
Array | Verizon License Purchase Agreement        
License sale agreement amount       $ 1,000,000
Licenses 588,800      
Array | T-Mobile License Purchase Agreement        
License sale agreement amount     85,000  
Licenses 64,300      
Non-current assets held for sale 53,100      
Array | Put/Call Agreement        
Business Divestiture Agreement Amount     $ 106,000  
Array | Call Option        
Licenses 86,400      
Business Divestiture Agreement Amount $ 86,400      
v3.26.1
Investments in Unconsolidated Entities - Schedule of Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]      
Equity method investments $ 457,457   $ 433,636
Measurement alternative method investments 21,514   20,834
Investments recorded using the net asset value practical expedient 7,161   7,452
Total investments in unconsolidated entities 486,132 $ 526,683 $ 461,922
Schedule of Equity Method Investments [Line Items]      
Revenues 309,450 290,433  
Operating expenses 165,632 324,367  
Operating income 143,818 (33,934)  
Other income (expense), net 5,450 2,725  
Net income 177,038 11,964  
Equity Method Investments      
Schedule of Equity Method Investments [Line Items]      
Revenues 1,871,809 1,916,032  
Operating expenses 1,522,558 1,523,526  
Operating income 349,251 392,506  
Other income (expense), net (7,491) (12,013)  
Net income $ 341,760 $ 380,493  
v3.26.1
Debt - Export Credit Financing Agreement (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
TDS export credit financing agreement  
Debt Instrument [Line Items]  
Amount repaid during the period $ 150.0
v3.26.1
Variable Interest Entities - Consolidated Balance Sheet (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Assets      
Cash and cash equivalents $ 1,366,604   $ 765,952
Accounts receivable 63,433   68,737
Inventory, net 3,746   4,062
Other current assets 12,987   13,976
Licenses 1,642,824   1,642,972
Property, Plant and Equipment, Net 3,025,322   2,965,455
Operating lease right-of-use assets 513,237   515,081
Other assets and deferred charges 161,905   159,600
Total assets 8,211,327 [1] $ 8,036,815 8,398,303 [1]
Liabilities      
Current liabilities 443,675   440,311
Long-term operating lease liabilities 548,420   549,617
Other deferred liabilities and credits 584,484   574,025
Variable Interest Entity, Financial or Other Support, Amount 3,000 $ 4,500  
Consolidated Variable Interest Entities      
Assets      
Accounts receivable 1,403   1,116
Other current assets 251   313
Property, Plant and Equipment, Net 12,211   12,471
Operating lease right-of-use assets 20,276   20,564
Other assets and deferred charges 968   1,041
Total assets 35,109   35,505
Liabilities      
Current liabilities 2,235   2,675
Long-term operating lease liabilities 22,129   22,400
Other deferred liabilities and credits 11,791   11,693
Total liabilities $ 36,155   $ 36,768
[1] The consolidated total assets as of March 31, 2026 and December 31, 2025, include assets held by current consolidated variable interest entities (VIEs) of $35.1 million and $35.5 million, respectively, which are not available to be used to settle the obligations of TDS. The consolidated total liabilities as of March 31, 2026 and December 31, 2025, include certain liabilities of current consolidated VIEs of $9.4 million and $9.6 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of TDS. See Note 9 — Variable Interest Entities for additional information.
v3.26.1
Variable Interest Entities - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Variable Interest Entity [Line Items]    
Capital contributions, loans or advances $ 3.0 $ 4.5
v3.26.1
Noncontrolling Interests (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Change Due to Net Income Attributable to Parent and Effects of Changes, Net [Abstract]    
Net income attributable to TDS shareholders $ 144,594 $ 7,470
Transfers (to) from noncontrolling interests    
Change in TDS' Capital in excess of par value from Array's issuance of Array shares (2,296) (15,543)
Change in TDS' Capital in excess of par value from Array's repurchases of Array shares 0 (3,199)
Net transfers (to) from noncontrolling interests (2,296) (18,742)
Net income (loss) attributable to TDS shareholders after transfers (to) from noncontrolling interests $ 142,298 $ (11,272)
v3.26.1
Business Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Segment Reporting Information [Line Items]      
Total operating revenues $ 309,450 $ 290,433  
Selling, general and administrative 102,708 116,415  
Equity in earnings of unconsolidated entities 41,902 36,518  
Interest and dividend income 13,786 6,270  
Short-term imputed spectrum lease income 34,200 0  
Income (loss) before income taxes 233,835 (12,330)  
Depreciation, amortization and accretion (85,943) (84,329)  
Loss on asset disposals, net (1,810) (1,888)  
Gain (loss) on sale of business and other exit costs, net (1,562) 998  
Gain (loss) on license sales and exchanges, net 150,878 1,100  
Interest expense (5,321) (23,909)  
Investments in unconsolidated entities 486,132 526,683 $ 461,922
Total assets 8,211,327 [1] 8,036,815 $ 8,398,303 [1]
Capital expenditures 136,229 64,143  
Service      
Segment Reporting Information [Line Items]      
Total operating revenues 250,421 256,616  
Cost of goods and services 118,741 117,206  
Equipment and product sales      
Segment Reporting Information [Line Items]      
Total operating revenues 8,005 7,222  
Cost of goods and services 5,746 6,627  
All Other      
Segment Reporting Information [Line Items]      
Total operating revenues 7,915 6,890  
Short-term imputed spectrum lease income 0    
Income (loss) before income taxes 2,455 (22,283)  
Depreciation, amortization and accretion (784) (896)  
Loss on asset disposals, net (73) 0  
Gain (loss) on sale of business and other exit costs, net 0 1,022  
Gain (loss) on license sales and exchanges, net (5,757) 0  
Interest expense 1,702 (21,707)  
Investments in unconsolidated entities 47,124 43,614  
Total assets 1,214,413 264,663  
Capital expenditures 1,621 433  
Array | Operating segment      
Segment Reporting Information [Line Items]      
Total operating revenues 51,967 26,984  
Selling, general and administrative (12,745) (29,202)  
Expenses related to strategic alternatives review (included in Selling, general and administrative) 187 1,145  
Equity in earnings of unconsolidated entities 40,408 35,927  
Interest and dividend income 4,223 2,658  
Other segment items (14) 0  
Adjusted EBITDA 62,462 21,222  
Short-term imputed spectrum lease income 34,200    
Depreciation, amortization and accretion (12,604) (11,993)  
Loss on asset disposals, net (904) (226)  
Gain (loss) on sale of business and other exit costs, net 0 0  
Gain (loss) on license sales and exchanges, net 156,635 1,100  
Interest expense (7,180) (3,667)  
Investments in unconsolidated entities 435,061 479,127  
Total assets 3,964,687 4,865,842  
Capital expenditures 8,645 4,840  
Array | Operating segment | Service      
Segment Reporting Information [Line Items]      
Cost of goods and services (21,609) (16,290)  
Array | Operating segment | Equipment and product sales      
Segment Reporting Information [Line Items]      
Cost of goods and services 0 0  
Array | Intersegment Revenues      
Segment Reporting Information [Line Items]      
Total operating revenues 45 0  
Array | Operating Segments Excluding Intersegment Elimination      
Segment Reporting Information [Line Items]      
Total operating revenues 52,012 26,984  
TDS Telecom      
Segment Reporting Information [Line Items]      
Total operating revenues 249,572 257,360  
TDS Telecom | Operating segment      
Segment Reporting Information [Line Items]      
Total operating revenues 249,568 256,559  
Selling, general and administrative (81,061) (83,148)  
Expenses related to strategic alternatives review (included in Selling, general and administrative) 87 0  
Equity in earnings of unconsolidated entities 0 0  
Interest and dividend income 1,145 1,401  
Other segment items 1,388 1,937  
Adjusted EBITDA 73,838 76,323  
Short-term imputed spectrum lease income 0    
Depreciation, amortization and accretion (72,555) (71,440)  
Loss on asset disposals, net (833) (1,662)  
Gain (loss) on sale of business and other exit costs, net (1,562) (24)  
Gain (loss) on license sales and exchanges, net 0 0  
Interest expense 157 1,465  
Investments in unconsolidated entities 3,947 3,942  
Total assets 3,032,227 2,906,310  
Capital expenditures 125,963 58,870  
TDS Telecom | Operating segment | Service      
Segment Reporting Information [Line Items]      
Cost of goods and services (97,182) (100,964)  
TDS Telecom | Operating segment | Equipment and product sales      
Segment Reporting Information [Line Items]      
Cost of goods and services (111) (263)  
TDS Telecom | Intersegment Revenues      
Segment Reporting Information [Line Items]      
Total operating revenues 4 801  
TDS Telecom | Operating Segments Excluding Intersegment Elimination      
Segment Reporting Information [Line Items]      
Total operating revenues 249,572 257,360  
Total      
Segment Reporting Information [Line Items]      
Total operating revenues 301,535 283,543  
Expenses related to strategic alternatives review (included in Selling, general and administrative) (274) (1,145)  
Adjusted EBITDA 136,300 97,545  
Short-term imputed spectrum lease income 34,200    
Depreciation, amortization and accretion (85,159) (83,433)  
Loss on asset disposals, net (1,737) (1,888)  
Gain (loss) on sale of business and other exit costs, net (1,562) (24)  
Gain (loss) on license sales and exchanges, net 156,635 1,100  
Interest expense (7,023) (2,202)  
Investments in unconsolidated entities 439,008 483,069  
Total assets 6,996,914 7,772,152  
Capital expenditures 134,608 63,710  
Total | Intersegment Revenues      
Segment Reporting Information [Line Items]      
Total operating revenues 49 801  
Total | Operating Segments Excluding Intersegment Elimination      
Segment Reporting Information [Line Items]      
Total operating revenues 301,584 284,344  
Total | Intersegment Eliminations      
Segment Reporting Information [Line Items]      
Total operating revenues $ (49) $ (801)  
[1] The consolidated total assets as of March 31, 2026 and December 31, 2025, include assets held by current consolidated variable interest entities (VIEs) of $35.1 million and $35.5 million, respectively, which are not available to be used to settle the obligations of TDS. The consolidated total liabilities as of March 31, 2026 and December 31, 2025, include certain liabilities of current consolidated VIEs of $9.4 million and $9.6 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of TDS. See Note 9 — Variable Interest Entities for additional information.
v3.26.1
Subsequent Events (Details) - USD ($)
$ in Thousands
 3 Months Ended
May 05, 2026
Apr. 01, 2026
Mar. 31, 2026
Mar. 31, 2025
Apr. 17, 2026
Subsequent Event [Line Items]          
Gain on sale of business and other exit costs, net     $ (1,562) $ 998  
Gain on license sales and exchanges, net     $ 150,878 $ 1,100  
Subsequent event | TDS Telecom          
Subsequent Event [Line Items]          
Purchase price         $ 25,400
Subsequent event | Array          
Subsequent Event [Line Items]          
Gain on sale of business and other exit costs, net   $ 11,700      
Subsequent event | Array | T-Mobile License Purchase Agreement          
Subsequent Event [Line Items]          
License sale agreement amount $ 74,800        
Gain on license sales and exchanges, net 3,000        
Gain on license sales and exchanges, net of tax 2,300        
Deferred purchase price $ 18,600