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Telephone & Data Systems (TDS) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Telephone & Data Systems (TDS) Q3 2026 earnings results →
Q3 2026 Revenue down 1% year over year to $307M · 19¢ of every $1 of revenue kept as net profit · operating margin -9.8%
Telephone & Data Systems made $307M in Q3 2026 (-0.6% Y/Y): Service $249M, Site rental $52.5M, Equipment and product sales $5.7M. Operating margin -9.8%, net earnings $58.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
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What changed this quarter
Revenue was $306.7M in Q3 2026, down 1% year over year and down 1% from the previous quarter. Service was the largest line at 81% of revenue. Service lost $7.4M year over year (down 3%), 405% of the total change.
Operating costs exceeded revenue by $30.0M, an operating margin of -9.8%. Total costs fell 11% while revenue fell 1%. Net earnings were $45.9M. The effective tax rate was -78.8%. Non-operating items added $62.9M, 191% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$107.9M. Non-cash charges added back $90.2M of depreciation and amortization and $4.1M of share-based compensation. Working capital and other items used $260.8M. Capital expenditures of $197.7M exceeded it, leaving free cash flow of −$305.5M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $307M | -0.6% | -9.8% | $58.7M | −$108M |
| Q2 2026 | 10-Q | Aug 7, 2026 | $309M | +4% | 120.7% | $298M | $55.6M |
| Q1 2026 | 10-Q | May 8, 2026 | $309M | +6% | 46.5% | $145M | $67.5M |
| Q4 2025 | 10-K | Feb 24, 2026 | $331M | +12% | 5.1% | $56.5M | $19.6M |
| Q3 2025 | 10-Q | Nov 7, 2025 | $309M | -6% | -22.0% | −$73.1M | −$37.0M |
| Q2 2025 | 10-Q | Aug 11, 2025 | $1.2B | -4% | 3.4% | $11.6M | $422M |
| Q1 2025 | 10-Q | May 2, 2025 | $1.2B | -9% | 3.0% | $7.0M | $186M |
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About Telephone & Data Systems
Telephone and Data Systems, Inc. (TDS) provides high-quality communications services to customers through its wholly-owned subsidiary TDS Telecommunications LLC (TDS Telecom) with 1.1 million broadband, video, voice and wireless connections at December 31, 2025. TDS leases tower space to tenants and provides ancillary services, holds noncontrolling interests in primarily wireless operating companies and holds certain wireless spectrum licenses through its majority-owned subsidiary Array Digital Infrastructure, Inc. (Array). As of December 31, 2025, TDS owned 82.0% of the combined total of the outstanding Common Shares and Series A Common Shares of Array and controlled 95.9% of the combined voting power of both classes of Array common stock. TDS Common Shares trade under the ticker symbol “TDS” on the New York Stock Exchange (NYSE).
In its own words, from its 10-K, filed Feb 24, 2026.
Telephone & Data Systems against its Telephone Communications (No Radiotelephone) peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -0.6% against the peers' median +5%. Operating margin: -9.8% against the peers' median 3.5%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| TDS Telephone & Data Systems | Q3 2026 | $307M | -0.6% | -9.8% |
| VZ Verizon Communications | Q3 2026 | $34.3B | +2% | 25.2% |
| T AT&T | Q3 2026 | $32.3B | +5% | 12.7% |
| LUMN Lumen Technologies | Q3 2026 | $2.7B | -12% | -6.2% |
| UNIT Uniti Group | Q2 2026 | $910M | +202% | 3.5% |
| IDT IDT | Q4 FY26 | $339M | +7% | 9.8% |
| ATNI ATN International | Q3 2026 | $183M | 0% | 7.1% |
| IQST iQSTEL | Q2 2026 | $109M | +51% | -1.0% |
| SHEN Shenandoah Telecommunications | Q3 2026 | $93.9M | +5% | -2.1% |
Source: Telephone & Data Systems 10-Q on SEC EDGAR · CIK 1051512 · Telephone Communications (No Radiotelephone)
13F: who owns TDS and who is buying
More on TDS
- How Telephone & Data Systems makes money: revenue by segment
- Telephone & Data Systems next earnings date and what analysts expect
- Telephone & Data Systems stock forecast, price target and fair value
- Who owns Telephone & Data Systems stock: holders, funds and Congress trades
- Is Telephone & Data Systems a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Telephone & Data Systems operating margin by quarter
- Telephone & Data Systems net income by quarter
- Telephone & Data Systems capital expenditures by quarter
- Telephone & Data Systems Service revenue by quarter
- Telephone & Data Systems Site rental revenue by quarter
- Telephone & Data Systems Equipment and product sales revenue by quarter
Compare TDS with
- Telephone & Data Systems vs Lumen Technologies (TDS vs LUMN)
- Telephone & Data Systems vs Uniti Group (TDS vs UNIT)
- Telephone & Data Systems vs IDT (TDS vs IDT)
- Telephone & Data Systems vs ATN International (TDS vs ATNI)
- Telephone & Data Systems vs iQSTEL (TDS vs IQST)
- Telephone & Data Systems vs Shenandoah Telecommunications (TDS vs SHEN)