电话数据系统 2026年季度报告

Commission file number 001-14157 TELEPHONE AND DATA SYSTEMS, INC. (Exact name of Registrant as specified in its charter) 36-2669023 (IRS Employer Identification No.) (State or other jurisdiction of incorporation or organization) 30 North LaSalle Street, Suite 4000,Chicago, Illinois 60602(Address of principal executive offices) (Zip code)Registrant's telephone number, including area code: (312) 630-1900 Securities registered pursuant to Section 12(b) of the Act:Title of each class The number of shares outstanding of each of the issuer's classes of common stock, as of March 31, 2026, is 106.3 million CommonShares, $.01 par value, and 7.5 million Series A Common Shares, $.01 par value. Telephone and Data Systems, Inc. Index Management'sDiscussion and Analysis of Financial Condition and Results of OperationsExecutive OverviewTerms Used by TDSResults of Operations – TDS ConsolidatedTDS Telecom OperationsArray OperationsLiquidity and Capital ResourcesConsolidated Cash Flow AnalysisConsolidated Balance Sheet AnalysisSupplemental Information Relating to Non-GAAP Financial MeasuresApplication of Critical Accounting Policies and EstimatesPrivate Securities Litigation Reform Act of 1995 Safe Harbor Cautionary Statement Risk Factors Quantitative and Qualitative Disclosures About Market Risk Financial Statements (Unaudited)Consolidated Statement of OperationsConsolidated Statement of Cash FlowsConsolidated Balance SheetConsolidated Statement of Changes in EquityNotes to Consolidated Financial Statements Telephone and Data Systems,Inc.Management’s Discussion and Analysis ofFinancial Conditionand Results of Operations Executive Overview The following discussion and analysis compares Telephone and Data Systems, Inc.’s (TDS)financial results for thethree months endedMarch 31, 2026, to the three months ended March 31, 2025. It should be read in conjunction with TDS’ interim consolidated financialstatements and notes included herein, and with the description of TDS’ business, its audited consolidated financial statements andManagement's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) included in TDS’ Annual Report on Form10-K (Form 10-K) for the year ended December 31, 2025. Certain numbers included herein are rounded to thousands or millions for easeof presentation; however, certain calculated amounts and percentages are determined using the unrounded numbers. This report contains statements that are not based on historical facts, which may be identified by words such as “believes,” “anticipates,”“estimates,” “expects,” “plans,” “intends,” “projects,” “will” and similar expressions. These statements constitute and represent “forwardlooking statements” as this term is defined in the Private Securities Litigation Reform Act of 1995. Such forward looking statements involveknown and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be significantlydifferent from any future results, events or developments expressed or implied by such forward looking statements. See the disclosureunder the heading Private Securities Litigation Reform Act of 1995 Safe Harbor Cautionary Statement elsewhere in this report foradditional information. The accounting policies of TDS conform to accounting principles generally accepted in the United States of America (GAAP). However,TDS uses certain “non-GAAP financial measures” in the MD&A and the business segment information. A discussion of the reasons TDSdetermines these metrics to be useful and reconciliations of these measures to their most directly comparable measures determined inaccordance with GAAP are included in the disclosure under the heading Supplemental Information Relating to Non-GAAP FinancialMeasures within the MD&A of this report. General TDS is a diversified telecommunications company that provides high-quality communications services. TDS provides broadband, video,voice and wireless services through its wholly-owned subsidiary, TDSTelecommunications LLC (TDS Telecom). Array Digital Infrastructure,Inc. (Array), an 81.9%-owned subsidiary of TDS, leases tower spaceto tenants and provides ancillary services, holds noncontrollinginterests in primarily wireless operating companies and holds certainwireless spectrum licenses. TDS operates entirely in the UnitedStates. See Note 11 — Business Segment Information in the Notesto Consolidated Financial Statements for additional information aboutTDS' segments. Table of Contents TDS Mission and Strategy TDS’ mission is to provide outstanding communications services to its customers and meet the needs of its shareholders, its people, andits communities. In pursuing this mission, TDS seeks to grow its businesses, create opportunities for its associates, support thecommunities it serves, and build and return value for its shareholders. Since its founding, TDS has been committed to bringing high-qualitycommunications services to rural and under