)
Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Telephone and Data Systems
Telephone and Data Systems (TDS) investor relations material
Telephone and Data Systems Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Feb, 2026
Executive summary
2025 was a transformative year, marked by the divestiture of wireless operations, major spectrum sales, and the launch of Array as a standalone tower company, strengthening the balance sheet and positioning for fiber and tower growth.
Closed a $1.018 billion spectrum sale to AT&T in January 2026, enabling a $10.25/share special dividend and significant debt repayment.
TDS Telecom expanded its fiber footprint to 1.06 million addresses, delivering 140,000 new marketable fiber addresses in 2025, with a strong acceleration in the second half.
Array's tower business saw robust growth, with cash site rental revenue up 64% year-over-year and a strong pipeline for new colocation applications.
Focused on strengthening corporate culture and capital structure, with new CEOs appointed across divisions.
Financial highlights
TDS Telecom's Q4 2025 operating revenues were $261M, down 1% year-over-year; full-year 2025 revenues were $1.038B, down 2%.
Adjusted EBITDA for TDS Telecom was $85M in Q4 2025 (up 6% YoY) and $330M for the year (down 6% YoY), mainly due to divestitures and compensation adjustments.
Array Q4 2025 site rental revenues rose 96% YoY to $49.8M; total operating revenues for 2025 were $163M, up 58%.
TDS invested $67 million in Q4 to repurchase 1.8 million shares, with $524 million remaining on its repurchase authorization.
Q4 2025 net income attributable to common shareholders was $37.2M ($0.32/share), up from $1.0M ($0.01/share) year-over-year.
Outlook and guidance
TDS Telecom 2026 guidance: total revenues of $1.015–$1.055 billion, Adjusted EBITDA of $310–$350 million, and CapEx of $550–$600 million.
Targeting 200,000–250,000 new marketable fiber addresses in 2026, up from 140,000 in 2025.
Array 2026 guidance: total operating revenue of $200–$215 million, Adjusted EBITDA of $200–$215 million, and CapEx of $25–$35 million.
Guidance excludes DISH revenue due to ongoing payment disputes; any settlement would be upside.
Strategic focus on expanding fiber business and monetizing remaining spectrum assets.
Fiber deployment vs. net adds efficiency in 2025
What drives Array's 2026 OIBDA growth from 2025?
How did debt reduction impact 2025 financing cash flow?
What drives confidence in 2026 fiber build targets?
What is Array's strategy for DISH MLA non-payment?
How will Array monetize naked towers and investments?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Telephone and Data Systems earnings date
Q1 20261 May, 2026
Telephone and Data Systems
Next Telephone and Data Systems earnings date
Q1 20261 May, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
Frequently asked questions
Internet and Cable Providers
Telephone and Data Systems Inc., more widely known as TDS, is a significant player in the telecommunication services sector in the United States. Established in 1969, TDS has grown to provide reliable wireless, cable, and wireline services to homes and businesses across the United States. With a focus on meeting the growing demands for high-speed internet, voice, and video services, TDS operates under a number of subsidiary brands, including U.S. Cellular, TDS Telecom, and OneNeck IT Solutions, each catering to distinct areas of telecommunication and information technology.
Chicago Roots, Nationwide Reach
The roots of Telephone and Data Systems trace back to Chicago, Illinois. The company has since grown significantly, serving customers in over 30 states, and becoming a major player in the industry. TDS Telecom, the company's cable and wireline division, and U.S. Cellular, its wireless division, serve as the two pillars of its operations. Today, they compete with companies like AT&T and Verizon.
Keeping America Connected
In an age where communication and data services have become essential to everyday life, TDS holds a key position in the industry. The company's strategy to provide a range of services from internet access and phone lines to video entertainment and managed IT solutions provides a comprehensive solution to their customers' needs. With the continuous progress of digital communication, TDS's diversity in services them to remain relevant through technological shifts while continually providing the latest in communication technology to their customers. A significant part of TDS's operation is to provide rural and suburban communities with access to high-quality telecommunication services, even if they also offer services in certain urban areas.
Full Steam Ahead
Like many companies in their sector, TDS is evolving with the times. to the increasing shift towards a digital economy and society, TDS is making strides to stay ahead of the curve. The company continues to invest in broadband network expansion and improvements, digital product enhancements, and customer-focused strategies. TDS Telecom, for instance, has undertaken an aggressive fiber optic expansion plan to meet the growing demand for high-speed internet. Simultaneously, U.S. Cellular working on providing a broader 5G network coverage, promising faster and more efficient wireless communication.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage