Filing Flows › Telephone & Data Systems (TDS) › Q3 2025
Telephone & Data Systems (TDS) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Telephone & Data Systems (TDS) reported revenue of $309M for the third quarter 2025 (Q3 2025), -6% from a year earlier and -74% from the quarter before. Operating margin was -22.0%, net loss $73.1M (23.7% of revenue).
Telephone & Data Systems, Q3 2025: revenue $309M (-6% year over year), operating margin -22.0%, net loss $73.1M, operating cash flow −$37.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $309M | -74% | -6% |
| Operating profit | −$68.0M | -270% | — |
| Net earnings | −$73.1M | -732% | — |
| Operating cash flow | −$37.0M | -109% | — |
What changed
Revenue was $308.5M in Q3 2025, down 6% year over year and down 74% from the previous quarter. Service was the largest line at 83% of revenue. Service lost $23.5M year over year (down 8%), 124% of the total change.
Operating costs exceeded revenue by $68.0M, an operating margin of -22.0%. Total costs fell 21% while revenue fell 6%. The quarter ended with a net loss of $73.1M, after a profit of $17.8M the previous quarter. Net interest and other expense of $77.9M was the main reason.
Operating cash flow was −$37.0M. Non-cash charges added back $91.7M of depreciation and amortization. Working capital and other items used $55.6M. Capital expenditures of −$23.9M exceeded it, leaving free cash flow of −$13.0M.
Questions
What was Telephone & Data Systems' revenue in the third quarter 2025?
Telephone & Data Systems (TDS) reported revenue of $309M for the third quarter 2025 (Q3 2025), -6% from a year earlier and -74% from the quarter before.
Was Telephone & Data Systems profitable in the third quarter 2025?
Operating loss was $68.0M (-22.0% of revenue) and net loss $73.1M.