Telephone and Data Systems, Inc (TDS) Balance Sheet

NYSE: TDSAssets, liabilities, debt and equity over 10 years.

TDS balance sheet, 2025

December 31, 2025 · U.S. dollars

$8.40B assets = $3.13B liabilities + $5.27B equity

Both columns are drawn to the same scale: what TDS owns equals what it owes plus shareholders’ equity. Hover a block for its value.

TDS financial health

Current ratio2.10

Comfortable · current assets cover current liabilities 2.10×

Debt / equity0.41

Low leverage · $0.41 of debt for each $1 of equity

Equity / assets57.2%

Equity-funded · of assets funded by shareholders

Cash / debt39.2%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles21.1%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

TDS balance sheet trends, 2016–2025

Telephone and Data Systems, Inc balance sheet trends
Metric	Then	Latest	Change
Total assets	$9.45B2016	$8.40B2025	−1.3%/yr
Total liabilities	$4.70B2016	$3.13B2025	−4.4%/yr
Shareholders’ equity	$4.14B2016	$4.80B2025	+1.6%/yr
Cash & short-term investments	$900.0M2016	$766.0M2025	−1.8%/yr
Total debt	$2.44B2016	$1.95B2025	−2.5%/yr
Net cash (debt)	−$1.54B2016	−$1.19B2025	+$356.9M
Working capital	$1.17B2016	$483.2M2025	−$688.8M
Book value per share	$37.342016	$41.692025	+1.2%/yr
Current ratio	2.322016	2.102025	−0.22
Debt / equity	0.592016	0.412025	−0.18
Shares outstanding	111.0M2016	115.2M2025	+0.4%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

TDS assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

TDS liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

TDS debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

TDS balance sheet

Telephone and Data Systems, Inc annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	$766.0M	$364.0M	$236.0M	$360.0M	$367.0M	$1.43B	$465.0M	$938.0M	$719.0M	$900.0M
Cash & equivalents	$766.0M	$364.0M	$236.0M	$360.0M	$367.0M	$1.43B	$465.0M	$921.0M	$619.0M	$900.0M
Short-term investments	—	—	—	—	$0	$3.0M	$0	$17.0M	$100.0M	$3.0M
Receivables	$111.3M	$1.04B	$1.08B	$1.24B	$1.33B	$1.30B	$1.16B	$1.11B	$963.0M	$861.0M
Inventory	$4.1M	$183.0M	$208.0M	$268.0M	$178.0M	$154.0M	$169.0M	$150.0M	$145.0M	$151.0M
Other current assets	$42.2M	$105.0M	$138.0M	$160.0M	$182.0M	$141.0M	$127.0M	$131.0M	$139.0M	$147.0M
Total current assets	$923.5M	$1.70B	$1.66B	$2.03B	$2.06B	$3.03B	$1.92B	$2.33B	$1.97B	$2.06B
Property, plant & equipment (net)	$3.48B	$5.98B	$6.05B	$5.75B	$5.40B	$4.97B	$4.50B	$3.35B	$3.42B	$3.56B
Goodwill & intangible assets	$1.77B	$4.75B	$4.88B	$5.45B	$4.84B	$3.40B	$3.27B	$2.96B	$3.02B	$2.94B
Long-term investments	$461.9M	$500.0M	$505.0M	$495.0M	$479.0M	$477.0M	$488.0M	$480.0M	$453.0M	$452.0M
Other non-current assets	$1.76B	$762.0M	$823.0M	$822.0M	$710.0M	$654.0M	$607.0M	$670.0M	$432.0M	$442.0M
Total assets	$8.40B	$13.68B	$13.92B	$14.55B	$13.49B	$12.53B	$10.78B	$9.78B	$9.29B	$9.45B
Liabilities
Accounts payable	$115.8M	$280.0M	$360.0M	$506.0M	$481.0M	$508.0M	$374.0M	$365.0M	$368.0M	$365.0M
Short-term debt	$31.5M	$184.0M	$173.0M	$165.0M	$147.0M	$134.0M	$126.0M	$21.0M	$20.0M	$12.0M
Deferred revenue	—	$283.0M	$277.0M	$285.0M	$236.0M	$193.0M	$189.0M	$197.0M	$223.0M	$229.0M
Total current liabilities	$440.3M	$1.09B	$1.18B	$1.51B	$1.18B	$1.15B	$962.0M	$879.0M	$918.0M	$887.0M
Long-term debt	$823.4M	$4.05B	$4.08B	$3.73B	$2.93B	$3.42B	$2.32B	$2.42B	$2.44B	$2.43B
Lease obligations	$575.8M	$1.02B	$1.04B	$1.05B	$1.10B	$1.07B	$1.05B	—	—	—
Other long-term liabilities	$1.87B	$2.66B	$2.65B	$2.69B	$2.64B	$2.35B	$2.09B	$1.18B	$1.05B	$1.38B
Total liabilities	$3.13B	$7.80B	$7.91B	$7.93B	$6.75B	$6.92B	$5.37B	$4.48B	$4.40B	$4.70B
Shareholders' equity
Common stock & paid-in capital	$1.3M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$2.34B	$2.31B
Retained earnings (deficit)	$1.69B	$1.85B	$2.02B	$2.70B	$2.81B	$2.80B	$2.67B	$2.66B	$2.52B	$2.45B
Treasury stock	—	—	—	−$481.0M	−$461.0M	−$477.0M	−$479.0M	−$519.0M	−$669.0M	−$698.0M
Accumulated other comprehensive income	$21.5M	$18.0M	$11.0M	$5.0M	$5.0M	−$4.0M	−$9.0M	−$10.0M	−$1.0M	$1.0M
Minority interest	$465.7M	$792.6M	$806.0M	$754.0M	$807.0M	$789.0M	$751.0M	$733.0M	$623.0M	$605.0M
Total shareholders' equity	$4.80B	$5.09B	$5.20B	$5.85B	$5.93B	$4.80B	$4.65B	$4.56B	$4.27B	$4.14B
Key figures
Total debt	$1.95B	$5.10B	$5.14B	$4.80B	$4.04B	$4.50B	$3.37B	$2.44B	$2.46B	$2.44B
Net cash (debt)	−$1.19B	−$4.74B	−$4.91B	−$4.44B	−$3.67B	−$3.07B	−$2.91B	−$1.50B	−$1.74B	−$1.54B
Working capital	$483.2M	$605.0M	$476.0M	$514.0M	$882.0M	$1.87B	$959.0M	$1.45B	$1.05B	$1.17B
Tangible book value	$3.03B	$341.0M	$317.0M	$399.0M	$1.09B	$1.41B	$1.39B	$1.60B	$1.25B	$1.21B
Book value per share	$41.69	$44.66	$46.04	$51.31	$51.09	$41.77	$40.11	$40.00	$38.12	$37.34
Shares outstanding	115.2M	114.0M	113.0M	114.0M	116.0M	115.0M	116.0M	114.0M	112.0M	111.0M
Current ratio	2.10	1.56	1.40	1.34	1.75	2.62	2.00	2.65	2.14	2.32
Quick ratio	1.99	1.29	1.11	1.06	1.44	2.37	1.69	2.33	1.83	1.99
Debt / equity	0.41	1.00	0.99	0.82	0.68	0.94	0.72	0.53	0.58	0.59
Equity / assets	57.2%	37.2%	37.4%	40.2%	43.9%	38.4%	43.2%	46.6%	45.9%	43.9%

Telephone and Data Systems, Inc quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$2.19B	$1.37B	$766.0M	$933.0M	$540.0M	$348.0M	$364.0M	$451.0M	$322.0M	$249.0M	$236.0M	$256.0M
Cash & equivalents	$2.19B	$1.37B	$766.0M	$933.0M	$540.0M	$348.0M	$364.0M	$451.0M	$322.0M	$249.0M	$236.0M	$256.0M
Receivables	$105.8M	$102.9M	$111.3M	$97.7M	$1.01B	$1.01B	$1.04B	$1.00B	$1.04B	$1.04B	$1.08B	$1.08B
Inventory	$3.8M	$3.7M	$4.1M	$4.0M	$130.0M	$182.0M	$183.0M	$167.0M	$148.0M	$184.0M	$208.0M	$181.0M
Other current assets	$47.0M	$42.6M	$42.2M	$45.0M	$108.0M	$150.0M	$105.0M	$128.0M	$130.0M	$156.0M	$138.0M	$159.0M
Total current assets	$2.35B	$1.52B	$923.5M	$1.08B	$1.79B	$1.69B	$1.70B	$1.75B	$1.64B	$1.63B	$1.66B	$1.68B
Property, plant & equipment (net)	$3.63B	$3.54B	$3.48B	$3.41B	$5.78B	$5.85B	$5.98B	$5.96B	$5.95B	$6.03B	$6.05B	$5.99B
Goodwill & intangible assets	$1.71B	$1.77B	$1.77B	$1.79B	$4.74B	$4.74B	$4.75B	$4.75B	$4.90B	$4.90B	$4.89B	$5.43B
Long-term investments	$475.1M	$486.1M	$461.9M	$501.0M	$493.0M	$527.0M	$500.0M	$524.0M	$507.0M	$526.0M	$505.0M	$520.0M
Other non-current assets	$215.3M	$899.3M	$1.76B	$1.76B	$726.0M	$729.0M	$762.0M	$745.0M	$873.0M	$783.0M	$822.0M	$793.0M
Total assets	$8.38B	$8.21B	$8.40B	$8.53B	$13.53B	$13.54B	$13.68B	$13.73B	$13.87B	$13.87B	$13.92B	$14.41B
Liabilities
Accounts payable	$130.3M	$97.1M	$115.8M	$121.0M	$268.0M	$247.0M	$280.0M	$334.0M	$327.0M	$302.0M	$360.0M	$550.0M
Short-term debt	$37.1M	$33.8M	$31.5M	$29.7M	$185.0M	$186.0M	$184.0M	$180.0M	$174.0M	$173.0M	$173.0M	$171.0M
Deferred revenue	$66.3M	$84.2M	—	$164.6M	$270.0M	$276.0M	$283.0M	$270.0M	$282.0M	$284.0M	$277.0M	$270.0M
Total current liabilities	$615.6M	$443.7M	$440.3M	$571.4M	$1.00B	$965.0M	$1.09B	$1.10B	$1.09B	$1.03B	$1.18B	$1.33B
Long-term debt	$670.6M	$672.7M	$823.4M	$825.3M	$4.03B	$4.04B	$4.05B	$4.10B	$4.10B	$4.16B	$4.08B	$3.84B
Lease obligations	$568.9M	$574.7M	$575.8M	$581.6M	$1.01B	$1.02B	$1.02B	$1.01B	$1.02B	$1.03B	$1.04B	$1.04B
Other long-term liabilities	$1.69B	$1.83B	$1.87B	$1.85B	$2.66B	$2.66B	$2.66B	$2.64B	$2.69B	$2.65B	$2.65B	$2.72B
Total liabilities	$2.98B	$2.95B	$3.13B	$3.25B	$7.70B	$7.67B	$7.80B	$7.84B	$7.87B	$7.85B	$7.91B	$7.88B
Shareholders' equity
Common stock & paid-in capital	$1.3M	$1.3M	$1.3M	$1.3M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M
Retained earnings (deficit)	$2.02B	$1.81B	$1.69B	$1.30B	$1.76B	$1.82B	$1.85B	$1.86B	$1.96B	$2.01B	$2.02B	$2.57B
Accumulated other comprehensive income	$20.7M	$21.1M	$21.5M	$17.3M	$18.0M	$18.0M	$18.0M	$11.0M	$11.0M	$11.0M	$11.0M	$5.0M
Minority interest	$231.6M	$338.6M	$465.7M	$817.9M	$827.0M	—	—	—	—	—	—	—
Total shareholders' equity	$5.17B	$4.92B	$4.80B	$4.47B	$5.00B	$5.08B	$5.09B	$5.08B	$5.15B	$5.20B	$5.20B	$5.73B
Key figures
Total debt	$1.25B	$1.25B	$1.95B	$1.41B	$5.08B	$5.09B	$5.10B	$5.14B	$5.15B	$5.22B	$5.14B	$4.91B
Net cash (debt)	$945.0M	$115.9M	−$1.19B	−$477.1M	−$4.54B	−$4.75B	−$4.74B	−$4.69B	−$4.83B	−$4.97B	−$4.91B	−$4.65B
Working capital	$1.73B	$1.08B	$483.2M	$508.4M	$785.0M	$722.0M	$605.0M	$648.0M	$555.0M	$597.0M	$476.0M	$353.0M
Tangible book value	$3.46B	$3.16B	$3.03B	$2.68B	$266.0M	$334.0M	$341.0M	$321.0M	$251.0M	$306.0M	$316.0M	$291.0M
Book value per share	$44.46	$41.90	$40.86	$38.84	$43.51	$44.54	$44.66	$44.52	$45.16	$44.48	$46.04	$50.67
Shares outstanding	116.3M	117.5M	117.5M	115.0M	115.0M	114.0M	114.0M	114.0M	114.0M	117.0M	113.0M	113.0M
Current ratio	3.82	3.43	2.10	1.89	1.78	1.75	1.56	1.59	1.51	1.58	1.40	1.27
Quick ratio	3.74	3.32	1.99	1.80	1.55	1.40	1.29	1.32	1.26	1.25	1.11	1.01
Debt / equity	0.24	0.25	0.41	0.32	1.02	1.00	1.00	1.01	1.00	1.00	0.99	0.86
Equity / assets	61.7%	60.0%	57.2%	52.4%	37.0%	37.5%	37.2%	37.0%	37.1%	37.5%	37.4%	39.7%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 24, 2026); data from EODHD.

TDS financial position

At the end of fiscal 2025 (December 31, 2025), Telephone and Data Systems had total assets of $8.4 billion (down 38.6% from a year earlier), total liabilities of $3.1 billion and shareholders' equity of $4.8 billion. It held $766.0 million in cash and short-term investments against $2.0 billion of debt, net debt of $1.2 billion. Its current ratio was 2.10. In the latest quarter (ended June 30, 2026) total assets were $8.4 billion and equity $5.2 billion.

Related: TDS income statement, TDS cash flow statement, TDS key metrics. See the TDS stock overview for the latest quote and news.

TDS balance sheet FAQ

What are Telephone and Data Systems's total assets?

Telephone and Data Systems reported total assets of $8.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $13.7 billion a year earlier.

How much debt does Telephone and Data Systems have?

Telephone and Data Systems had $2.0 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.41.

How much cash does Telephone and Data Systems have?

Telephone and Data Systems held $766.0 million in cash and short-term investments at the end of fiscal 2025; with $2.0 billion of debt that is net debt of $1.2 billion.

What is Telephone and Data Systems's book value?

Telephone and Data Systems's shareholders' equity (book value) was $4.8 billion at the end of fiscal 2025, or $41.69 per share.

What is Telephone and Data Systems's current ratio?

Telephone and Data Systems had current assets of $923.5 million and current liabilities of $440.3 million, a current ratio of 2.10 (it can cover its short-term obligations).

How much goodwill does Telephone and Data Systems have?

Telephone and Data Systems carried $1.8 billion of goodwill and intangible assets, 21.1% of total assets, at the end of fiscal 2025.