Telephone and Data Systems Posts Q4 2025 Net Income of $37.2M, Declares $0.04 Dividend and Sells $1.018B Spectrum
TDS reported Q4 revenue of $330.7 million and net income of $37.2 million ($0.32 EPS) versus $1 million a year ago, and 2025 net income of $48.2 million compared to a $141.4 million loss. The board declared a $0.04 dividend, closed a $1.018 billion spectrum sale, repurchased $67.4 million shares and raised its fiber target to 2.1 million addresses.
1. Q4 and Full-Year 2025 Financial Results
Telephone and Data Systems reported fourth-quarter 2025 operating revenues of $330.7 million, up from $295.3 million a year earlier, and net income of $37.2 million ($0.32 EPS) versus $1.0 million. Full-year 2025 revenue totaled $1,228.2 million with net income of $48.2 million, reversing a $141.4 million loss in 2024.
2. Strategic Transactions and Capital Returns
In the fourth quarter TDS repurchased 1,765,863 common shares for $67.4 million and repaid $150 million of Export Development Canada debt in January 2026. The company completed a $1.018 billion sale of wireless spectrum to AT&T and paid a $10.25 per share special dividend on February 2, 2026.
3. Fiber Expansion and 2026 Guidance
TDS Telecom added 44,900 fiber addresses in 2025, deployed 140,000 new marketable fiber service addresses and increased its long-term fiber target to 2.1 million addresses. Management forecasts full-year 2026 TDS Telecom revenues of $1,015–$1,055 million, adjusted EBITDA of $310–$350 million and capex of $550–$600 million, while Array expects $200–$215 million in revenues, $200–$215 million in adjusted EBITDA and $25–$35 million in capex.
4. First-Quarter 2026 Dividend Declaration
The board declared first-quarter 2026 dividends of $0.04 per Common and Series A share, payable March 31 to holders of record March 16, 2026; and quarterly dividends of $414.0625 per Series UU preferred share ($0.4140625 per depositary share) and $375.00 per Series VV preferred share ($0.375 depositary), payable on the same dates.