TDS at a glance
TELEPHONE & DATA SYSTEMS INC /DE/ (TDS, SEC CIK 1051512) filed its latest 10-K annual report on February 24, 2026, a 10-Q quarterly report on August 7, 2026, an 8-K current report on September 2, 2026 and Form 4 insider filings as recently as September 17, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), TELEPHONE & DATA SYSTEMS INC /DE/ (TDS) reported revenue of $1.1 billion (down 77.9% from FY2024) and a net loss of $6.2 million. Diluted EPS was -$0.65.
- As of June 30, 2026, 33 institutional investment managers tracked by SignalX reported holding TELEPHONE & DATA SYSTEMS INC /DE/ (TDS) shares worth $2.0 billion in 13F-HR filings.
- The most recent insider open-market sale reported on Form 4 was by CARLSON LEROY T JR on September 11, 2026 of 77,100 shares at $38.45 per share.
- In the last 90 days, TDS insiders reported 0 open-market purchases ($0) and 1 open-market sale ($3.0M) on Form 4, a net sale of $3.0M.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $1.1B
- −77.9% vs prior year
- Insiders · 90 days
- 0 buys · 1 sell
- Net −$3.0M
- 13F holders
- 33 funds
- $2.0B · +0 vs prior quarter
- Latest 8-K
- Sep 2, 2026
- Item 8.01
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business model: Communications services via TDS Telecom (1.1M connections) and tower leasing plus spectrum holdings via 82%-owned Array Digital Infrastructure
- New emphasis on fiber broadband expansion delivering up to 8 Gbps residential speeds, especially in Wisconsin and Pacific Northwest markets in 2025
- Strategic shift: Array sold its wireless operations and select spectrum to T-Mobile on August 1, 2025 for $4.29B, pivoting to focus on tower leasing and colocation growth
- Notable metric: TDS employed approximately 4,000 associates as of December 31, 2025, supporting extensive fiber build and service operations across 30 states
- Unusual fact: Array plans to monetize towers without tenants (800–1,800) via leasing, ground rent rationalization, or divestiture following wind-down of wireless operations
Risk Factors
- Regulatory risk: Uncertainty of FCC approval for Verizon and T-Mobile spectrum license sales, threatening $ pending transaction proceeds for debt repayment and dividends
- Macroeconomic risk: Adverse impact from sustained higher U.S. inflation eroding real-dollar revenue and margins on fixed-rate annual escalators in Array colocation contracts
- Operational risk: Significant costs and risks from potential decommissioning of vacated towers post-T-Mobile transaction, affecting future cash flow and financial results
- Competitive risk: Intense competition from larger carriers and private equity-backed tower companies with greater scale, risking tenant churn and reduced lease pricing
- Financial risk: High revenue concentration from few tenants like T-Mobile and Verizon, with payment defaults by DISH Wireless raising cash flow and growth concerns
Management Discussion & Analysis
- Total operating revenues $1,228.2M in 2025, down 5% YoY from $1,297.0M in 2024; TDS Telecom revenue down 2% to $1,038.4M
- Operating margin negative 7.9% in 2025 (operating loss $97.4M on $1,228.2M revenue) vs negative 14.7% in 2024 (loss $191.3M on $1,297.0M revenue)
- Best performing segment: TDS Telecom operating income $19.7M in 2025 vs $105.3M in 2024; Worst performing segment: Array operating loss improved to $(92.5)M from $(260.3)M
- Capital expenditures $436.6M in 2025, up 25% YoY; dividends on preferred shares $69.2M; no specific buybacks mentioned
- Management expects $150M book gain (net $114M tax) from AT&T spectrum sale closing Q1 2026; ongoing strategic review of Array spectrum monetization and TDS transformation risks
AI summary of the TDS 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Risk Factors
- No substantive risk-factor text provided; excerpt contains only table of contents and signatures
- No newly added risk factor or stated changes from the latest 10-K
- Regulatory, operational, competitive, and financial risks not assessable from supplied excerpt
AI summary of the TDS 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 8.01: Other Events
- TDS withdrew its proposal to acquire Array’s remaining common shares
- Termination ends TDS’s pursuit of full ownership of Array Digital Infrastructure
Item 2.02: Results of Operations and Financial Condition
- Results of operations for period ended June 30, 2026
- News release issued August 7, 2026
Item EX-99.1: Item EX-99.1
- Q2 revenue rose 4% to $309.3M; diluted EPS reached $2.24 versus $(0.05), largely reflecting Array spectrum-sale gains
- TDS Telecom fiber momentum strengthened with 66,000 new marketable addresses and 15,100 residential fiber net additions
Item 2.01: Completion of Acquisition or Disposition of Assets
- Array completed sale of select spectrum assets to Verizon on June 1, 2026
- $1.0 billion cash proceeds received at closing
Item 8.01: Other Events
- Array special cash dividend of $11.00 per share, payable June 25, 2026
- TDS holdings: 70,788,703 Array shares across Common and Series A classes
AI summaries of TDS 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for TDS
Don't miss the next TDS filing
- Alerts as it files. A push when TDS files an 8-K or an insider trades.
- Fund moves. Which tracked funds opened, added or cut TDS, by share count.
- Ask anything. An AI agent that reads every TDS filing and answers with sources.
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| CARLSON LEROY T JR | G | Sep 16, 2026 | 227,190 | - |
| CARLSON LEROY T JR | M | Sep 11, 2026 | 77,100 | $19.15 |
| CARLSON LEROY T JR | M | Sep 11, 2026 | 77,100 | - |
| CARLSON LEROY T JR | Sell | Sep 11, 2026 | 77,100 | $38.45 |
| CARLSON LEROY T JR | G | Sep 3, 2026 | 85,149.928 | - |
| CARLSON LEROY T JR | G | Sep 3, 2026 | 85,149.928 | - |
| CARLSON LEROY T JR | G | Sep 3, 2026 | 18,279.878 | - |
| CARLSON LEROY T JR | G | Sep 3, 2026 | 116,374.122 | - |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $4.8B | $1.1B |
| Operating Income | - | $63.0M | -$97.4M |
| Net Income | -$500.0M | -$28.0M | -$6.2M |
| Op. Margin | - | 1.3% | -9.1% |
| Net Margin | - | -0.6% | -0.6% |
| Balance Sheet | |||
| Total Assets | $13.9B | $13.7B | $8.4B |
| Equity | - | $5.1B | $4.8B |
| ROE | - | -0.5% | -0.1% |
| Per Share | |||
| EPS | $-5.06 | $-0.85 | $-0.65 |
| Cash Flow | |||
| Operating CF | - | $1.1B | $589.9M |
| CapEx | $1.2B | $884.0M | $390.5M |
Source: XBRL data in TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate TDS share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 33 | $1.98B |
| Q1 2026 | 33 | $2.23B |
| Q4 2025 | 30 | $2.25B |
| Q3 2025 | 30 | $2.25B |
| Q2 2025 | 31 | $2.12B |
| Q1 2025 | 28 | $1.73B |
| Q4 2024 | 23 | $1.27B |
| Q3 2024 | 20 | $545.0M |
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Source: 13F-HR filings on SEC EDGAR (aggregated from 228 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
TDS filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Sep 17, 2026 | - | - | - |
| 4 | Sep 15, 2026 | - | - | - |
| 4 | Sep 8, 2026 | - | - | - |
| 4 | Sep 8, 2026 | - | - | - |
| 8-K | Sep 2, 2026 | - | Analysis | - |
| 8-K | Aug 7, 2026 | - | Analysis | - |
| 10-Q | Aug 7, 2026 | Jun 30, 2026 | Analysis | |
| 4 | Jun 15, 2026 | - | - | - |
| 4 | Jun 15, 2026 | - | - | - |
| 4 | Jun 15, 2026 | - | - | - |
| 4 | Jun 10, 2026 | - | - | |
| 8-K | Jun 1, 2026 | - | Analysis | |
| 4 | May 26, 2026 | - | - | |
| 8-K | May 26, 2026 | - | Analysis | |
| 4 | May 26, 2026 | - | - | |
| 4 | May 26, 2026 | - | - | |
| 4 | May 26, 2026 | - | - | |
| 4 | May 26, 2026 | - | - | |
| 4 | May 26, 2026 | - | - | |
| 4 | May 26, 2026 | - | - | |
| 4 | May 26, 2026 | - | - | |
| 4 | May 26, 2026 | - | - | |
| 4 | May 26, 2026 | - | - | |
| 4 | May 26, 2026 | - | - | |
| 4 | May 21, 2026 | - | - |
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TDS SEC filings: frequently asked questions
Are TDS insiders buying or selling?
In the last 90 days, TELEPHONE & DATA SYSTEMS INC /DE/ (TDS) officers, directors and 10% owners reported no open-market purchases and 1 open-market sale worth $3.0 million by 1 insider on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold TDS stock?
As of June 30, 2026, the largest TELEPHONE & DATA SYSTEMS INC /DE/ (TDS) holders among the 13F filers tracked by SignalX were BlackRock ($583.6 million), Dimensional Fund Advisors ($234.8 million), Third Point LLC ($232.2 million), Vanguard Portfolio Management LLC ($214.3 million), State Street Corp ($164.0 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was TDS's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), TELEPHONE & DATA SYSTEMS INC /DE/ (TDS) reported revenue of $1.1 billion (down 77.9% from FY2024) and a net loss of $6.2 million. Diluted EPS was -$0.65. The figures come from the XBRL data in the 10-K.
What are the main risks in TDS's latest 10-K?
In the 10-K filed February 24, 2026, TELEPHONE & DATA SYSTEMS INC /DE/ (TDS) flagged: Regulatory risk: Uncertainty of FCC approval for Verizon and T-Mobile spectrum license sales, threatening $ pending transaction proceeds for debt repayment and dividends. Macroeconomic risk: Adverse impact from sustained higher U.S. inflation eroding real-dollar revenue and margins on fixed-rate annual escalators in Array colocation contracts. (AI summary of the Risk Factors section.)
What did TDS report in its latest 8-K?
TELEPHONE & DATA SYSTEMS INC /DE/ (TDS) filed an 8-K on September 2, 2026 reporting Item 8.01 (Other Events). TDS withdrew its proposal to acquire Array’s remaining common shares.
What are the latest TDS SEC filings?
TELEPHONE & DATA SYSTEMS INC /DE/ (TDS) filed its latest 10-K annual report on February 24, 2026, a 10-Q quarterly report on August 7, 2026, an 8-K current report on September 2, 2026 and a Form 4 insider filing on September 17, 2026.
What is TDS's SEC CIK number?
TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)'s SEC Central Index Key (CIK) is 1051512. EDGAR lists every TDS filing under that number.
Ask anything about TDS
The research agent reads TDS's filings, financials, insider trades and 13F holders, then answers with sources.