Every material Form 8-K Telephone and Data Systems has filed with the SEC since June 04, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Telephone and Data Systems reported third quarter 2026 total operating revenues of $306.7 million, down from $308.5 million a year earlier, and net income attributable to TDS common shareholders of $29.6 million from continuing operations, compared with $40.2 million. The company lowered TDS Telecom's 2026 revenue, Adjusted OIBDA and Adjusted EBITDA guidance, raised its capital expenditure estimate, and its board approved an incremental $250 million share repurchase authorization.
Q3 2026 diluted EPS from continuing operations was $0.26, versus $0.33 in Q3 2025; total operating revenues were $306.7 million versus $308.5 million.
TDS Telecom 2026 revenue guidance was cut to $990 million to $1,010 million from $1,000 million to $1,025 million; Adjusted OIBDA guidance was cut to $280 million to $300 million from $300 million to $320 million.
TDS Telecom capital expenditure guidance was raised to approximately $750 million from $625 million to $675 million.
The board approved an incremental $250 million share repurchase authorization; TDS repurchased about 6 million shares in the quarter at an average price of $36.65.
TDS reported second quarter 2026 total operating revenues of $309.3 million, up from $298.5 million a year earlier, and net income attributable to common shareholders of $281.1 million, compared with a loss of $5.7 million in the prior-year quarter. TDS Telecom lowered its 2026 revenue and Adjusted EBITDA guidance, while Array raised its Adjusted EBITDA guidance, and the Q2 results include $409.8 million of gains on Array license sales.
Total operating revenues $309.3 million vs. $298.5 million in Q2 2025; net income attributable to TDS common shareholders $281.1 million vs. a $(5.7) million loss
Diluted EPS from continuing operations $2.24 vs. $(0.05) a year earlier
TDS Telecom 2026 revenue guidance cut to $1,000-$1,025 million from $1,015-$1,055 million; Adjusted EBITDA cut to $310-$330 million from $310-$350 million; capital expenditure guidance raised to $625-$675 million
Array 2026 Adjusted EBITDA guidance raised to $220-$235 million from $200-$215 million
Array Digital Infrastructure, a subsidiary of Telephone and Data Systems (TDS), completed the sale of select spectrum assets to Verizon on June 1, 2026, receiving $1.0 billion in cash. The same day, Array's board declared a special cash dividend of $11.00 per share, payable to holders of its common and Series A common stock, which gives TDS a cash distribution from the sale proceeds.
Array received a $1.0 billion cash purchase price at the closing of the spectrum sale to Verizon, under a License Purchase Agreement dated October 17, 2024.
Array declared a special cash dividend of $11.00 per share on June 1, 2026.
Record date is June 11, 2026, and the payment date is scheduled for June 25, 2026.
As of June 1, 2026, TDS held 33,005,877 Series A shares and 37,782,826 common shares of Array.
TDS reported first quarter 2026 total operating revenues from continuing operations of $309.5 million, up from $290.4 million a year earlier, and diluted earnings per share from continuing operations of $1.11, compared with a loss of $(0.20). The filing ties the profit swing partly to a $150.9 million book gain on an Array spectrum license sale closed January 13, 2026, and both business units reaffirmed their 2026 guidance. The company also disclosed a non-binding proposal, delivered May 7, 2026, to acquire the Array shares it does not already own.
Total operating revenues were $309.5 million, up 7%; TDS Telecom revenue fell 3% to $249.6 million while Array revenue rose 93% to $52.0 million.
Diluted EPS from continuing operations was $1.11 versus $(0.20) a year earlier; the filing records a $150.9 million book gain on the January 13, 2026 Array spectrum sale.
TDS Telecom and Array both reaffirmed 2026 guidance, with all estimates shown as unchanged from prior estimates.
On May 7, 2026, TDS delivered a non-binding proposal to acquire all Array common shares it does not own; a special committee of independent directors was formed to evaluate it.
TDS approved a 2026 Executive Officer Bonus Program on March 18, 2026, covering its Vice Chair, executive and senior vice presidents, and the TDS Telecom President and CEO. Bonuses are weighted 80% on company performance and 20% on individual performance, with the company measure split 65% TDS Telecom and 35% Array Digital Infrastructure. The filing does not state any dollar amounts or financial results.
Plan approved by the TDS Compensation and Human Resources Committee on March 18, 2026
Performance weighting: 80% company measures, 20% individual measures
Company measure for most participants: TDS Telecom 65%, Array 35%
Array's separate 2026 Annual Incentive Plan, filed by Array on March 22, 2026, sets the annual bonus for the Array President and CEO
Telephone and Data Systems said Senior Vice President of Strategy and Corporate Development Joseph R. Hanley notified the company on March 10, 2026, of his intention to retire. His retirement is effective July 1, 2026, or another date mutually agreed upon by Mr. Hanley and TDS. The filing does not name a successor or describe any financial effect.
Joseph R. Hanley, Senior Vice President – Strategy and Corporate Development, gave notice of retirement on March 10, 2026.
Retirement is effective July 1, 2026, or another date mutually agreed upon.
The filing does not name a replacement or state any compensation arrangement.
TDS reported fourth-quarter 2025 operating revenues of $330.7 million, up from $295.3 million a year earlier, and diluted EPS from continuing operations of $0.32 versus $0.01. For full-year 2025, revenues fell to $1.23 billion from $1.30 billion, but EPS from continuing operations was $0.39 compared with a loss of $1.24 in 2024. The company also gave 2026 estimates for TDS Telecom and Array, which shareholders can use to track results against guidance.
Q4 2025 diluted EPS from continuing operations was $0.32, versus $0.01 in Q4 2024
Full-year 2025 operating revenues were $1,228.2 million, down from $1,297.0 million in 2024
Array closed its wireless spectrum sale with AT&T on January 13, 2026, for $1.018 billion; a $10.25 per share special dividend was paid February 2, 2026
Array Digital Infrastructure, a subsidiary of TDS, completed the sale of select spectrum assets to AT&T on January 13, 2026, receiving $1.018 billion in cash under a purchase agreement dated November 6, 2024. The same day, Array's board declared a $10.25 per share special cash dividend, which gives Array stockholders, including TDS, a cash payment tied to the sale proceeds.
Sale closed January 13, 2026, with the full $1.018 billion purchase price paid in cash and no portion deferred.
$232 million of the purchase price was allocated to 700 MHz Designated Entity Spectrum Licenses held by entities in which Array now holds 100% of the equity.
Array declared a special cash dividend of $10.25 per share, with a record date of January 23, 2026 and a payment date scheduled for February 2, 2026.
As of January 13, 2026, TDS held 33,005,877 shares of Array Series A Common Stock and 37,782,608 shares of Common Stock.
Telephone and Data Systems entered a Fourth Amendment to its credit agreement with Wells Fargo as administrative agent, effective December 8, 2025. The amendment extends the maturity date to the fifth anniversary of the effective date and increases debt capacity by $300 million across TDS and its subsidiaries, including Array. Shareholders may care because the changes affect the company's borrowing terms and flexibility, though the filing does not state financial results or the amount drawn under the facility.
Effective date of the Fourth Amendment is December 8, 2025.
Maturity date extended to the fifth anniversary of the effective date.
Credit spread adjustment on Term SOFR removed (previously 10, 15 and 25 basis points for one-, three- and six-month periods).
Secured and unsecured debt capacity increased by an aggregate $300 million, and Array entered a related Fifth Amendment on the same date.
TDS reported third-quarter 2025 operating revenues from continuing operations of $308.5 million, down from $327.5 million a year earlier, while diluted earnings per share from continuing operations rose to $0.33 from a loss of $0.88. The company also authorized a new $500 million share repurchase program and named Anthony Carlson president and CEO of Array effective November 16, 2025.
Q3 2025 operating revenues from continuing operations: $308.5 million, versus $327.5 million in Q3 2024
Diluted EPS from continuing operations: $0.33, versus $(0.88) a year earlier
Net loss attributable to TDS common shareholders: $(99.1) million for the quarter, per the filing's income statement, including $(139.3) million from discontinued operations
New $500 million share repurchase program, with no expiration; TDS repurchased 1,077,564 shares for $40.7 million in Q3
TDS reported second-quarter 2025 operating revenues of $1,186 million, down from $1,238 million a year earlier, while its net loss attributable to common shareholders narrowed to $5 million, or $(0.05) per share, from $14 million, or $(0.13) per share. The company also lowered the top end of its TDS Telecom 2025 Adjusted OIBDA and Adjusted EBITDA estimates, which matters to shareholders because the revenue decline and narrower guidance range point to a softer telecom outlook.
Q2 2025 operating revenues were $1,186 million versus $1,238 million in Q2 2024.
Net loss attributable to TDS common shareholders was $(5) million, or $(0.05) per diluted share, versus $(14) million, or $(0.13), a year earlier.
TDS Telecom 2025 Adjusted OIBDA estimate narrowed to $310-$340 million from $310-$350 million; Adjusted EBITDA narrowed to $320-$350 million from $320-$360 million.
Array completed the sale of its wireless operations and select spectrum assets to T-Mobile on August 1, 2025, for total consideration of $4.3 billion.
On August 1, 2025, TDS and subsidiary Array completed the sale of Array's wireless operations and select spectrum assets to T-Mobile for an adjusted purchase price of about $4.3 billion, of which about $2.6 billion was cash and about $1.7 billion was paid through T-Mobile's exchange of Array notes. The deal also led to repayment of Array debt, a $23.00 per share special dividend declared by Array, and a master license agreement for Array towers, and the pro forma figures show the remaining business is far smaller than the reported results.
Adjusted purchase price about $4.3 billion: about $2.6 billion in cash and about $1.7 billion through exchange of Array notes
Array declared a $23.00 per share special dividend on August 1, 2025, payable August 19, 2025
Pro forma Q1 2025 operating revenues were $308 million versus $1,154 million as reported
Array's securitization facility was terminated July 31, 2025; bank facilities to be paid off effective August 4, 2025
On July 24, 2025, the board of United States Cellular Corporation (UScellular), a TDS subsidiary, appointed Douglas W. Chambers as interim President and Chief Executive Officer, effective upon closing of transactions under a May 24, 2024 Securities Purchase Agreement with T-Mobile US, Inc. and USCC Wireless Holdings, LLC. Laurent C. Therivel will cease to be UScellular's President and CEO and will separate from the company when Chambers' appointment takes effect. Because UScellular is a principal TDS business unit, Therivel is a named executive officer of TDS.
Board appointed Douglas W. Chambers as interim President and CEO of UScellular on July 24, 2025.
Chambers' appointment takes effect only upon closing of the transactions under the May 24, 2024 Securities Purchase Agreement with T-Mobile US, Inc. and USCC Wireless Holdings, LLC.
Laurent C. Therivel will cease to be UScellular's President and CEO and will separate from UScellular when Chambers' appointment becomes effective.
The 8-K was dated July 25, 2025 and signed by TDS Executive Vice President and CFO Vicki L. Villacrez.
TDS disclosed a transition agreement for James W. Butman, who stepped down as President and CEO of TDS Telecom effective June 9, 2025, and remained as Senior Advisor through July 1, 2025. The agreement provides a $2,000,000 lump sum cash payment, his company vehicle, and a prorated 2025 target bonus of $343,710, with post-termination confidentiality, non-disparagement and cooperation covenants.
Departure as President and CEO of TDS Telecom effective June 9, 2025; Senior Advisor role through July 1, 2025
Lump sum cash payment of $2,000,000 plus title to current company vehicle
Prorated portion of 2025 target annual bonus of $343,710 under the 2025 Executive Officer Bonus Program
Agreement includes confidentiality, non-disparagement and cooperation covenants; full text filed as Exhibit 10.1
UScellular, a subsidiary of Telephone and Data Systems, entered into a Fourth Amended and Restated Credit Agreement dated June 25, 2025, with CoBank as administrative agent and other lenders. The filing incorporates the terms from UScellular's earlier Form 8-K and does not state the loan amount or interest terms, so the size of the new financing obligation cannot be determined from this filing.
Agreement dated June 25, 2025, between United States Cellular Corporation and CoBank, ACB as administrative agent
Filing creates a direct financial obligation for the registrant under Item 2.03, with terms described in UScellular's June 25, 2025 Form 8-K
TDS said James W. Butman will step down as President and CEO of TDS Telecom effective June 9, 2025, and remain as a Senior Advisor through July 1, 2025, and Kenneth Dixon will succeed him in that role. The TDS board also elected Dixon as a director effective June 9, 2025, and Butman will resign from the board on the same date, with the filing stating his departure is not due to any dispute with TDS.
James W. Butman steps down as President and CEO of TDS Telecom effective June 9, 2025; remains as Senior Advisor through July 1, 2025
Kenneth Dixon succeeds Butman as TDS Telecom President and CEO, with 33 years in telecommunications, including Verizon from 1992 to 2019 and most recently CEO of Tillman FiberCo
Dixon joins the TDS Board effective June 9, 2025, replacing Butman, who resigns from the board on the same date
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