Telephone and Data Systems Inc (NYSE: TDS) is a telecommunications company that provides broadband, video, voice, and wireless communications services through its wholly-owned subsidiary TDS Telecommunications LLC (TDS Telecom). Revenue comes from subscription-based communications services sold to residential and business customers, plus tower leasing income and ancillary services through its majority-owned subsidiary Array Digital Infrastructure, Inc. (NYSE: AD), formerly United States Cellular Corporation, which leases tower space to tenants and holds noncontrolling interests in wireless operating companies and wireless spectrum licenses. As of December 31, 2025, TDS Telecom served 1.1 million broadband, video, voice, and wireless connections. TDS controls 95.9% of the combined voting power of Array's common stock and owned 82.0% of its outstanding shares as of December 31, 2025. TDS itself is a controlled company under NYSE listing standards, with more than 50% of voting power held by trustees of the TDS Voting Trust. TDS has two reportable segments based on the 10-K filed February 24, 2026.

Revenue model

Subscription-based fees for broadband, video, voice, and wireless services sold through TDS Telecom; tower space leasing and ancillary services through Array Digital Infrastructure (NYSE: AD); and income from noncontrolling interests in wireless operating companies.

Products and services

Broadband internet, video, voice, and wireless services (TDS Telecom); cell tower leasing and ancillary tower services (Array Digital Infrastructure); wireless spectrum license holdings (Array Digital Infrastructure).

Customers and end markets

Residential and business communications customers served through TDS Telecom, with 1.1 million broadband, video, voice, and wireless connections as of December 31, 2025; wireless carriers and tower tenants served through Array Digital Infrastructure.

Value-chain role

Telecommunications service provider and tower infrastructure operator; holds spectrum licenses and noncontrolling interests in wireless operating companies through Array Digital Infrastructure.

Geographic exposure

United States. Specific state or regional breakdown not supported by the filing excerpts provided.

Source: SEC 10-K, filed 2026-02-24

Industry: Telephone Communications (No Radiotelephone) Peers: Aerkomm Inc. KonaTel Inc Gogo Inc KORE Group Holdings Inc Surgepays Inc T-Mobile US Inc Shenandoah Telecommunications Co Spok Holdings Inc Array Digital Infrastructure Inc