Filing Flows › Telephone & Data Systems (TDS) › Q4 2025
Telephone & Data Systems (TDS) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
Telephone & Data Systems (TDS) reported revenue of $331M for the fourth quarter 2025 (Q4 2025), +12% from a year earlier and +7% from the quarter before. Operating margin was 5.1%, net earnings $56.5M (17.1% of revenue).
Telephone & Data Systems, Q4 2025: revenue $331M (+12% year over year), operating margin 5.1%, net earnings $56.5M, operating cash flow $19.6M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $331M | +7% | +12% |
| Operating profit | $16.8M | — | -0.3% |
| Net earnings | $56.5M | — | +863% |
| Operating cash flow | $19.6M | — | -91% |
What changed
Revenue was $330.7M in Q4 2025, up 12% year over year and up 7% from the previous quarter. Service was the largest line at 80% of revenue.
Operating profit was $16.8M, a 5.1% margin (down 0.6 points year over year). Operating profit fell $49K even though revenue rose $35.4M versus a year earlier, so costs grew faster than sales. Total costs grew 13% against revenue growth of 12%. The fastest-growing cost line was Other operating costs (+29%). Net earnings were $56.5M, up 863% year over year. The effective tax rate was 26.5%. Non-operating items added $69.7M, 81% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $19.6M (down 91% year over year), 31% of net income including minority interests. Non-cash charges added back $89.8M of depreciation and amortization and $4.8M of share-based compensation. Working capital and other items used $138.7M. Capital expenditures of $128.5M exceeded it, leaving free cash flow of −$108.9M.
Questions
What was Telephone & Data Systems' revenue in the fourth quarter 2025?
Telephone & Data Systems (TDS) reported revenue of $331M for the fourth quarter 2025 (Q4 2025), +12% from a year earlier and +7% from the quarter before.
Was Telephone & Data Systems profitable in the fourth quarter 2025?
Operating profit was $16.8M (5.1% of revenue) and net earnings $56.5M.