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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Telephone and Data Systems
Telephone and Data Systems (TDS) investor relations material
Telephone and Data Systems Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary7 Aug, 2026
Executive summary
Achieved record fiber address delivery in Q2 2026, with 66,000 new addresses and 15,100 residential fiber net adds, up 47% year-over-year, supporting increased guidance and operational transformation.
Net income attributable to common shareholders was $281.1 million for Q2 2026, a turnaround from a $5.7 million loss in Q2 2025, driven by major spectrum sales and improved operating results.
Completed major spectrum monetization transactions, including $1 billion to Verizon, $168 million to T-Mobile, and additional sales totaling over $1.16 billion, strengthening the balance sheet.
Continued focus on operational transformation, sales expansion, and customer experience improvements across business units.
A non-binding proposal was made to acquire all outstanding Array shares not owned by the company.
Financial highlights
Q2 2026 total operating revenues were $309.3 million, up 4% year-over-year; TDS Telecom revenues declined 6% to $248 million, offset by 13% fiber revenue growth.
Adjusted EBITDA from continuing operations was $139.2 million for Q2 2026, with TDS Telecom at $70.4 million and Array at $56.2 million.
Array's Q2 2026 operating revenues rose 90% year-over-year to $54.1 million, with cash site rental revenue up 65% and tower tenancy rate at 0.98.
Capital expenditures for TDS Telecom were $179 million in Q2 2026, nearly doubling year-over-year.
Free cash flow for the first half of 2026 was negative $168 million, reflecting high capital expenditures.
Outlook and guidance
TDS Telecom 2026 guidance: total revenues of $1.0–$1.025 billion, adjusted EBITDA of $310–$330 million, and CapEx of $625–$675 million, with fiber service address delivery guidance increased to 250,000–300,000.
Array 2026 guidance: total operating revenue $205–$215 million, adjusted EBITDA $220–$235 million, and capital expenditures projected at $25–$35 million.
The company continues to explore strategic alternatives, including a proposal to acquire all outstanding Array shares not owned by TDS.
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Latest events from Telephone and Data Systems
- Strong rural tower growth and spectrum deals drive robust revenue and future special dividends.TDS
Global Communications Infrastructure Conference - Q1 2026 delivered strong profits, major spectrum sales, and record fiber and tower growth.TDSQ1 2026
- Director elections, auditor ratification, and officer exculpation amendment up for shareholder vote.TDSProxy filing
- 2025 marked a strategic transformation, with major asset sales, leadership changes, and a focus on fiber and towers.TDSProxy filing
- 2026 meeting covers director elections, auditor ratification, officer exculpation, and Say-on-Pay.TDSProxy Filing
- Spectrum sales and fiber expansion drove growth; 2026 targets higher CapEx and EBITDA.TDSQ4 2025
- Wireless sale closed, $23 dividend paid, fiber and tower growth, $500M buyback authorized.TDSQ3 2025
- Wireless-cable convergence, asset sales, and fiber expansion drive growth amid rising competition.TDSRaymond James TMT and Consumer Conference
- Q1 net loss, improved free cash flow, and UScellular sale to T-Mobile advanced.TDSQ1 2025
Next Telephone and Data Systems earnings date
Q3 20266 Nov, 2026
Telephone and Data Systems
Next Telephone and Data Systems earnings date
Q3 20266 Nov, 2026
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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.