Business Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Financial data from continuing operations for TDS’ reportable segments for the three months ended March 31, 2026 and 2025, is as follows:



Three Months Ended March 31, 2026	TDS Telecom		Array		Total
(Dollars in thousands)
Revenues from external customers	$	249,568	$	51,967	$	301,535
Intersegment revenues	4		45		49
	249,572		52,012		301,584
Reconciliation of revenue:
All Other revenues1					7,915
Elimination of intersegment revenues					(49)
Total operating revenues					$	309,450

Add back or deduct2:
Cost of operations (excluding Depreciation, amortization and accretion reported below)	(97,182)		(21,609)
Cost of equipment and products	(111)		—
Selling, general and administrative	(81,061)		(12,745)
Expenses related to strategic alternatives review (included in Selling, general and administrative)	87		187
Equity in earnings of unconsolidated entities	—		40,408
Interest and dividend income	1,145		4,223
Other segment items	1,388		(14)
Segment Adjusted EBITDA (Non-GAAP)	$	73,838	$	62,462	$	136,300

Reconciliation of Segment Adjusted EBITDA to Income before income taxes:
All Other income (loss) before income taxes1					2,455
Short-term imputed spectrum lease income					34,200
Depreciation, amortization and accretion					(85,159)
Expenses related to strategic alternatives review (included in Selling, general and administrative)					(274)

Loss on asset disposals, net					(1,737)
Loss on sale of business and other exit costs, net					(1,562)
Gain on license sales and exchanges, net					156,635
Interest expense					(7,023)
Income before income taxes					$	233,835


Other segment disclosures
Three Months Ended or as of March 31, 2026	TDS Telecom		Array		Segment Total		All Other1		TDS Consolidated Total
Short-term imputed spectrum lease income	$	—	$	34,200	$	34,200	$	—	$	34,200
Depreciation, amortization and accretion	(72,555)		(12,604)		(85,159)		(784)		(85,943)

Loss on asset disposals, net	(833)		(904)		(1,737)		(73)		(1,810)
Loss on sale of business and other exit costs, net	(1,562)		—		(1,562)		—		(1,562)
Gain (loss) on license sales and exchanges, net	—		156,635		156,635		(5,757)		150,878
Interest expense	157		(7,180)		(7,023)		1,702		(5,321)

Investments in unconsolidated entities	3,947		435,061		439,008		47,124		486,132
Total assets	3,032,227		3,964,687		6,996,914		1,214,413		8,211,327
Capital expenditures from continuing operations	$	125,963	$	8,645	$	134,608	$	1,621	$	136,229


Three Months Ended March 31, 2025	TDS Telecom		Array		Total
(Dollars in thousands)
Revenues from external customers	$	256,559	$	26,984	$	283,543
Intersegment revenues	801		—		801
	257,360		26,984		284,344
Reconciliation of revenue:
All Other revenues1					6,890
Elimination of intersegment revenues					(801)
Total operating revenues					$	290,433

Add back or deduct2:
Cost of operations (excluding Depreciation, amortization and accretion reported below)	(100,964)		(16,290)
Cost of equipment and products	(263)		—
Selling, general and administrative	(83,148)		(29,202)
Expenses related to strategic alternatives review (included in Selling, general and administrative)	—		1,145
Equity in earnings of unconsolidated entities	—		35,927
Interest and dividend income	1,401		2,658
Other segment items	1,937		—
Segment Adjusted EBITDA (Non-GAAP)	$	76,323	$	21,222	$	97,545

Reconciliation of Segment Adjusted EBITDA to Income before income taxes:
All Other income (loss) before income taxes1					(22,283)
Depreciation, amortization and accretion					(83,433)
Expenses related to strategic alternatives review (included in Selling, general and administrative)					(1,145)

Loss on asset disposals, net					(1,888)
Loss on sale of business and other exit costs, net					(24)
Gain on license sales and exchanges, net					1,100
Interest expense					(2,202)
Income (loss) before income taxes					$	(12,330)


Other segment disclosures
Three Months Ended or as of March 31, 2025	TDS Telecom		Array		Segment Total		All Other1		TDS Consolidated Total

Depreciation, amortization and accretion	$	(71,440)	$	(11,993)	$	(83,433)	$	(896)	$	(84,329)

Loss on asset disposals, net	(1,662)		(226)		(1,888)		—		(1,888)
Gain (loss) on sale of business and other exit costs, net	(24)		—		(24)		1,022		998
Gain on license sales and exchanges, net	—		1,100		1,100		—		1,100
Interest expense	1,465		(3,667)		(2,202)		(21,707)		(23,909)

Investments in unconsolidated entities	3,942		479,127		483,069		43,614		526,683
Total assets	2,906,310		4,865,842		7,772,152		264,663		8,036,815
Capital expenditures from continuing operations	$	58,870	$	4,840	$	63,710	$	433	$	64,143

1"All Other" represents TDS' non-reportable other business activities that do not meet the quantitative thresholds for being a reportable segment and includes cash balances under terms of the TDS cash management arrangement.

2The significant segment expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown.