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NEWS RELEASE

As previously announced, TDS will hold a teleconference on February 20, 2026, at 9:00 a.m. CST. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.

TDS reports fourth quarter and full year 2025 results

TDS Telecom increases its long-term marketable fiber service goal to 2.1 million addresses

TDS Telecom and Array provide 2026 guidance

CHICAGO (February 20, 2026) — Telephone and Data Systems, Inc. (NYSE:TDS) reported results for the fourth quarter and full year 2025.

“2025 was a year of significant transformation for TDS,” said Walter Carlson, President and CEO. “We completed the largest transaction in our history with the sale of our wireless business, launched a new tower company now operating as Array, and ended the year with 1.06 million marketable fiber service addresses at TDS Telecom. These actions strengthened our balance sheet and positioned the company for sustainable growth."

Highlights

TDS

•Repurchased 1,765,863 Common Shares for $67.4 million in the fourth quarter of 2025

•Repaid $150 million of Export Development Canada debt in January 2026

TDS Telecom

•Executed on fiber broadband strategy

◦Grew fiber net additions 44,900 in 2025

◦Deployed 140,000 new marketable fiber service addresses in 2025

•Increased long-term marketable fiber service address goal to 2.1 million, an increase of 300,000 addresses

Array

•Grew site rental revenues 51% year over year

•Closed on the sale of wireless spectrum with AT&T on January 13, 2026, for $1.018 billion

•Paid a $10.25 per share special dividend on February 2, 2026

TDS reported total operating revenues from continuing operations of $330.7 million for the fourth quarter of 2025, versus $295.3 million for the same period one year ago. Net income attributable to TDS common shareholders and related diluted earnings per share from continuing operations were $37.2 million and $0.32, respectively, for the fourth quarter of 2025 compared to $1.0 million and $0.01, respectively, in the same period one year ago.

TDS reported total operating revenues from continuing operations of $1,228.2 million and $1,297.0 million for the years ended 2025 and 2024, respectively. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share from continuing operations were $48.2 million and $0.39, respectively, for the year ended 2025 compared to $(141.4) million and $(1.24), respectively, for the year ended 2024.

“In 2026, we intend to continue to advance our strategic priorities by investing in the expansion of TDS Telecom’s fiber business and supporting co‑location and profitability initiatives at Array. We also expect to close our pending spectrum transactions and pursue opportunities to further monetize our remaining spectrum,” Carlson added.

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2026 Estimated Results

TDS’ current estimates of full-year 2026 results for TDS Telecom and Array are shown below. Such estimates represent management’s view as of February 20, 2026 and should not be assumed to be current as of any future date. TDS undertakes no duty to update such estimates, whether as a result of new information, future events, or otherwise. There can be no assurance that final results will not differ materially from estimated results.

TDS Telecom			2026 Estimated Results						Actual Results for the Year Ended December 31, 2025*
(Dollars in millions)
Total operating revenues			$1,015-$1,055						$1,038
Adjusted OIBDA1 (Non-GAAP)			$300-$340						$319
Adjusted EBITDA1 (Non-GAAP)			$310-$350						$330
Capital expenditures			$550-$600						$406
* The 2025 divestitures at TDS Telecom impact year-over-year comparisons. The divested markets contributed $19M in annual revenues in 2025.
Array			2026 Estimated Results						Actual Results for the Year Ended December 31, 2025
(Dollars in millions)
Total operating revenues			$200-$215						$163
Adjusted OIBDA1 (Non-GAAP)			$50-$65						$1
Adjusted EBITDA1 (Non-GAAP)			$200-$215						$194
Capital expenditures			$25-$35						$30

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The following tables reconcile EBITDA, Adjusted EBITDA, and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2026 estimated results, TDS has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, TDS believes that the impact of income taxes cannot be reasonably predicted; therefore, TDS is unable to provide such guidance.

						TDS Telecom												Array
						2026 Estimated Results						Actual Results for the Year Ended December 31, 2025						2026 Estimated Results						Actual Results for the Year Ended December 31, 2025
(Dollars in millions)
Net income from continuing operations (GAAP)						N/A						$28						N/A						$172
Add back:
Income tax expense (benefit)						N/A						10						N/A						(31)
Income (loss) before income taxes (GAAP)						($15)-$25						$38						$780-$795						$141
Add back or deduct:
Interest expense						—						(7)						45						28
Depreciation, amortization and accretion						325						300						50						48
EBITDA (Non-GAAP)1						$310-$350						$331						$875-$890						$218
Add back or deduct:
Expenses related to strategic alternatives review						—						6						—						2
Loss on impairment of intangible assets						—						1						—						48
(Gain) loss on asset disposals, net						—						15						—						2
(Gain) loss on sale of business and other exit costs, net						—						(23)						—						—
(Gain) loss on license sales and exchanges, net						—						—						(595)						(6)
Short-term imputed spectrum lease income						—						—						(80)						(69)
Adjusted EBITDA (Non-GAAP)1						$310-$350						$330						$200-$215						$194
Deduct:
Equity in earnings of unconsolidated entities						—						—						140						174
Interest and dividend income						5						6						10						19
Other, net						5						5						—						—
Adjusted OIBDA (Non-GAAP)1						$300-$340						$319						$50-$65						$1

Numbers may not foot due to rounding.

1EBITDA, Adjusted EBITDA and Adjusted OIBDA are defined as net income adjusted for the items set forth in the reconciliation above. EBITDA, Adjusted EBITDA and Adjusted OIBDA are not measures of financial performance under Generally Accepted Accounting Principles in the United States (GAAP) and should not be considered as alternatives to Net income or Cash flows from operating activities, as indicators of cash flows or as measures of liquidity. TDS does not intend to imply that any such items set forth in the reconciliation above are infrequent or unusual; such items may occur in the future. Management uses Adjusted EBITDA and Adjusted OIBDA as measurements of profitability, and therefore reconciliations to Net income are deemed appropriate. Management believes Adjusted EBITDA and Adjusted OIBDA are useful measures of TDS’ operating results before significant recurring non-cash charges, nonrecurring expenses, gains and losses, and other items as presented above as they provide additional relevant and useful information to investors and other users of TDS’ financial data in evaluating the effectiveness of its operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance. Adjusted EBITDA shows adjusted earnings before interest, taxes, depreciation, amortization and accretion, gains and losses while Adjusted OIBDA reduces this measure further to exclude Equity in earnings of unconsolidated entities and Interest and dividend income in order to more effectively show the performance of operating activities excluding investment activities. The table above reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measure, Net income or Income before income taxes.

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Conference Call Information

TDS will hold a conference call on February 20, 2026 at 9:00 a.m. Central Time.

•Access the live call on the Events & Presentations page of investors.tdsinc.com or at

https://events.q4inc.com/attendee/189864142

Before the call, certain financial and statistical information to be discussed during the call will be posted to investors.tdsinc.com. The call will be archived on the Events & Presentations page of investors.tdsinc.com.

About TDS

Telephone and Data Systems, Inc. (TDS) provides broadband, video, voice and wireless services through its TDS Telecom business. Array leases tower space to tenants and provides ancillary services, holds noncontrolling interests in primarily wireless operating companies and holds certain wireless spectrum licenses. Founded in 1969, TDS is headquartered in Chicago.

Visit investors.tdsinc.com for comprehensive financial information, including earnings releases, quarterly and annual filings, shareholder information and more.

Contacts

John Toomey, Treasurer and Vice President - Corporate Relations

john.toomey@tdsinc.com

Julie Mathews, Director - Investor Relations

julie.mathews@tdsinc.com

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the company's plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: the manner in which Array's remaining business is conducted; strategic decisions regarding the tower business; whether the additional spectrum license sales to T-Mobile and the previously announced spectrum license sales to Verizon are consummated; whether Array can monetize its remaining spectrum assets; intense competition; economic and business risks associated with fixed rate annual escalators on colocation revenue contracts; Array's reliance on a small number of tenants for a substantial portion of its revenues; the ability to attract people of outstanding talent throughout all levels of the organization; TDS' lack of scale relative to larger competitors; inability to protect TDS' real estate rights, with respect to land leases; changes in demand, consumer preferences and perceptions, price competition, or churn rates; advances or changes in technology; impacts of costs, integration problems or other factors associated with acquisitions, divestitures or exchanges of properties and/or expansion of TDS’ businesses; the ability of the company to successfully construct and manage its networks; difficulties involving third parties with which TDS does business; uncertainties in TDS’ future cash flows and liquidity and access to the capital markets; the ability to make payments on TDS and Array indebtedness or comply with the terms of debt covenants; conditions in the U.S. telecommunications industry; the value of assets and investments, including significant investments in wireless operating entities Array does not control; the state and federal regulatory environment, including changes in regulatory support received and the ability to pass through certain regulatory fees to customers; pending and future litigation; cyber-attacks or other breaches of network or information technology security; control by the TDS Voting Trust; disruption in credit or other financial markets; deterioration of U.S. or global economic conditions; and extreme weather events. Investors are encouraged to consider these and other risks and uncertainties that are more fully described under “Risk Factors” in the most recent filing of TDS’ Form 10-K.

For more information about TDS and its subsidiaries, visit:

TDS: www.tdsinc.com

TDS Telecom: www.tdstelecom.com

Array: investors.arrayinc.com

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Array Digital Infrastructure, Inc.

Summary Operating Data (Unaudited)

As of or for the Quarter Ended			12/31/2025						9/30/2025
Capital expenditures from continuing operations (thousands)			$	12,933					$	7,927
Owned towers			4,450						4,449
Number of colocations1			4,572						4,517
Tower tenancy rate2			1.03						1.02

1Represents instances where a third-party leases space on a company-owned tower. Includes T-Mobile MLA committed site minimum of 2,015. Excludes Interim Sites whereby T-Mobile is leasing up to 1,800 sites for a period of up to 30 months subject to the terms and conditions of the MLA.

2Calculated as total number of colocations divided by total number of towers. Includes T-Mobile MLA committed site minimum of 2,015. Excludes Interim Sites whereby T-Mobile is leasing up to 1,800 sites for a period of up to 30 months subject to the terms and conditions of the MLA.

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TDS Telecom

Summary Operating Data (Unaudited)

As of or for the Quarter Ended			12/31/2025						9/30/2025						6/30/2025						3/31/2025						12/31/2024
Residential connections
Broadband
Incumbent Fiber			127,300						123,500						121,200						119,700						118,500
Incumbent Copper			91,200						102,000						106,500						112,600						116,900
Expansion Fiber			160,600						150,700						141,800						133,200						126,100
Cable			182,800						186,100						188,200						190,200						191,500
Total Broadband			561,900						562,400						557,700						555,800						553,000
Video			111,500						114,300						116,500						118,700						121,000
Voice			228,900						242,200						248,700						256,900						261,600
Wireless			3,300						2,200						1,600						900						100
Total Residential connections			905,600						921,100						924,500						932,300						935,700
Commercial connections			173,900						180,300						184,300						187,600						190,500
Total connections1			1,079,500						1,101,300						1,108,800						1,119,900						1,126,300
Total residential fiber net adds			15,100						11,200						10,300						8,300						13,600
Total residential broadband net adds			4,500						4,600						3,900						2,800						7,900
Residential fiber churn2			1.2		%				1.5		%				1.1		%				0.9		%				1.0		%
Total residential broadband churn			1.6		%				1.7		%				1.5		%				1.3		%				1.4		%
Residential revenue per connection3			$	65.95					$	65.66					$	65.85					$	65.67					$	64.72
Capital expenditures (thousands)			$	154,904					$	102,429					$	90,187					$	58,870					$	81,743

Numbers may not foot due to rounding.

1Divestitures in 2025 resulted in a decrease of 19,400 connections, including 7,700 residential broadband connections.

2Residential fiber churn represents the percentage of incumbent and expansion fiber connections that disconnected service each month. These rates represent the average monthly churn rate for each respective period.

3Total residential revenue per connection is calculated by dividing total residential revenue by the average number of residential connections and by the number of months in the period.

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Telephone and Data Systems, Inc.
Consolidated Statement of Operations Highlights
(Unaudited)
			Three Months Ended December 31,																		Year Ended December 31,
			2025						2024						2025 vs. 2024						2025						2024						2025 vs. 2024
(Dollars and shares in thousands, except per share amounts)
Operating revenues
TDS Telecom			$	260,956					$	264,295					(1)		%				$	1,038,358					$	1,060,857					(2)		%
Array			60,328						26,089						N/M						162,961						102,933						58		%
All Other1			9,428						4,964						90		%				26,888						133,188						(80)		%
			330,712						295,348						12		%				1,228,207						1,296,978						(5)		%
Operating expenses
TDS Telecom
Expenses excluding depreciation, amortization and accretion			179,941						187,101						(4)		%				725,672						720,517						1		%
Depreciation, amortization and accretion			76,720						71,713						7		%				300,196						270,660						11		%
Loss on impairment of intangible assets			900						1,103						(18)		%				900						1,103						(18)		%
(Gain) loss on asset disposals, net			7,163						4,032						78		%				15,054						12,376						22		%
(Gain) loss on sale of business and other exit costs, net			(17,886)						(49,108)						64		%				(23,121)						(49,108)						53		%
			246,838						214,841						15		%				1,018,701						955,548						7		%
Array
Expenses excluding depreciation, amortization and accretion			38,204						43,733						(13)		%				163,929						175,553						(7)		%
Depreciation, amortization and accretion			12,402						12,156						2		%				48,262						47,212						2		%
Loss on impairment of intangible assets			—						—						N/M						47,679						136,234						(65)		%
(Gain) loss on asset disposals, net			1,125						219						N/M						1,746						809						N/M
(Gain) loss on license sales and exchanges, net			—						(900)						—						(6,123)						3,460						N/M
			51,731						55,208						(6)		%				255,493						363,268						(30)		%
All Other1
Expenses excluding depreciation, amortization and accretion			14,610						14,989						(3)		%				48,721						180,882						(73)		%
Depreciation, amortization and accretion			667						950						(30)		%				3,427						7,825						(56)		%
(Gain) loss on asset disposals, net			36						(9)						N/M						47						(44)						N/M
(Gain) loss on sale of business and other exit costs, net			—						(7,510)						N/M						(797)						(19,242)						96		%
			15,313						8,420						82		%				51,398						169,421						(70)		%
Total operating expenses			313,882						278,469						13		%				1,325,592						1,488,237						(11)		%
Operating income (loss)
TDS Telecom			14,118						49,454						(71)		%				19,657						105,309						(81)		%
Array			8,597						(29,119)						N/M						(92,532)						(260,335)						64		%
All Other1			(5,885)						(3,456)						(70)		%				(24,510)						(36,233)						(32)		%
			16,830						16,879						—						(97,385)						(191,259)						49		%
Other income (expense)
Equity in earnings of unconsolidated entities			26,792						38,506						(30)		%				176,101						163,623						8		%
Interest and dividend income			12,263						6,933						77		%				40,307						27,201						48		%
Interest expense			(12,316)						(29,657)						58		%				(112,668)						(108,575)						(4)		%
Short-term imputed spectrum lease income			38,619						—						N/M						69,033						—						N/M
Other, net			3,112						2,541						22		%				13,574						5,622						N/M
Total other income			68,470						18,323						N/M						186,347						87,871						N/M
Income (loss) before income taxes			85,300						35,202						N/M						88,962						(103,388)						N/M
Income tax expense (benefit)			22,936						14,728						56		%				(62,184)						(22,067)						N/M
Net income (loss) from continuing operations			62,364						20,474						N/M						151,146						(81,321)						N/M
Less: Net income (loss) from continuing operations attributable to noncontrolling interests, net of tax			7,839						2,163						N/M						33,742						(9,150)						N/M
Net income (loss) from continuing operations attributable to TDS shareholders			$	54,525					$	18,311					N/M						$	117,404					$	(72,171)					N/M

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Telephone and Data Systems, Inc.
Consolidated Statement of Operations Highlights
(Unaudited)
			Three Months Ended December 31,																		Year Ended December 31,
			2025						2024						2025 vs. 2024						2025						2024						2025 vs. 2024
(Dollars and shares in thousands, except per share amounts)
Net income (loss) from discontinued operations			$	1,246					$	(13,313)					N/M						$	(130,904)					$	54,840					N/M
Less: Net income (loss) from discontinued operations attributable to noncontrolling interests, net of tax			(701)						(865)						(19)		%				(7,264)						10,374						N/M
Net income (loss) from discontinued operations attributable to TDS shareholders			1,947						(12,448)						N/M						(123,640)						44,466						N/M
Net income (loss)			63,610						7,161						N/M						20,242						(26,481)						N/M
Less: Net income attributable to noncontrolling interests, net of tax			7,138						1,298						N/M						26,478						1,224						N/M
Net income (loss) attributable to TDS shareholders			56,472						5,863						N/M						(6,236)						(27,705)						77		%
TDS Preferred Share dividends			17,306						17,306						—						69,225						69,225						—
Net income (loss) attributable to TDS common shareholders			$	39,166					$	(11,443)					N/M						$	(75,461)					$	(96,930)					22		%
Basic weighted average shares outstanding			114,767						114,282						–						115,179						113,714						1		%
Basic earnings (loss) per share from continuing operations attributable to TDS common shareholders			$	0.32					$	0.01					N/M						$	0.42					$	(1.24)					N/M
Basic earnings (loss) per share from discontinued operations attributable to TDS common shareholders			$	0.02					$	(0.11)					N/M						$	(1.08)					$	0.39					N/M
Basic earnings (loss) per share attributable to TDS common shareholders			$	0.34					$	(0.10)					N/M						$	(0.66)					$	(0.85)					23		%
Diluted weighted average shares outstanding			117,516						118,273						(1)		%				118,563						113,714						4		%
Diluted earnings (loss) per share from continuing operations attributable to TDS common shareholders			$	0.32					$	0.01					N/M						$	0.39					$	(1.24)					N/M
Diluted earnings (loss) per share from discontinued operations attributable to TDS common shareholders			$	0.01					$	(0.11)					N/M						$	(1.04)					$	0.39					N/M
Diluted earnings (loss) per share attributable to TDS common shareholders			$	0.33					$	(0.10)					N/M						$	(0.65)					$	(0.85)					23		%
N/M - Percentage change not meaningful.

1    Consists of TDS corporate, intercompany eliminations and all other business operations not included in the Array and TDS Telecom segments.

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Telephone and Data Systems, Inc.

Consolidated Statement of Cash Flows

(Unaudited)

Year Ended December 31,			2025						2024
(Dollars in thousands)
Cash flows from operating activities
Net income (loss)			$	20,242					$	(26,481)
Net income (loss) from discontinued operations			(130,904)						54,840
Net income (loss) from continuing operations			151,146						(81,321)
Add (deduct) adjustments to reconcile net income (loss) to net cash flows from operating activities
Depreciation, amortization and accretion			351,885						325,697
Bad debts expense			8,172						7,424
Stock-based compensation expense			27,174						18,335
Deferred income taxes, net			(66,190)						(20,978)
Equity in earnings of unconsolidated entities			(176,101)						(163,623)
Distributions from unconsolidated entities			215,599						168,701
Loss on impairment of intangible assets			48,579						137,337
(Gain) loss on asset disposals, net			16,847						13,141
(Gain) loss on sale of business and other exit costs, net			(23,918)						(68,350)
(Gain) loss on license sales and exchanges, net			(6,123)						3,460
Other operating activities			29,617						4,576
Changes in assets and liabilities from operations
Accounts receivable			(24,189)						6,185
Inventory			(10)						(327)
Accounts payable			(9,830)						(56,066)
Customer deposits and deferred revenues			(70,569)						399
Accrued taxes			(19,837)						(5,105)
Other assets and liabilities			(113,968)						6,295
Net cash provided by operating activities - continuing operations			338,284						295,780
Net cash provided by operating activities - discontinued operations			251,605						850,093
Net cash provided by operating activities			589,889						1,145,873
Cash flows from investing activities
Cash paid for additions to property, plant and equipment			(390,529)						(365,446)
Cash paid for licenses			(4,175)						(19,198)
Cash received from divestitures			72,342						147,267
Other investing activities			4,067						1,449
Net cash used in investing activities - continuing operations			(318,295)						(235,928)
Net cash provided by (used in) investing activities - discontinued operations			2,462,399						(518,572)
Net cash provided by (used in) investing activities			2,144,104						(754,500)
Cash flows from financing activities
Issuance of long-term debt			325,000						440,000
Repayment of long-term debt			(1,962,116)						(455,548)
Tax withholdings, net of cash receipts, for TDS stock-based compensation awards			(1,275)						(2,308)
Tax withholdings, net of cash receipts, for Array stock-based compensation awards			(63,446)						(11,246)
Repurchase of TDS Common Shares			(108,129)						—
Repurchase of Array Common Shares			(21,360)						(54,091)
Dividends paid to TDS shareholders			(87,670)						(104,383)
Array dividends paid to noncontrolling public shareholders			(358,579)						—
Payment of debt issuance costs			(8,830)						(16,170)
Distributions to noncontrolling interests			(21,932)						(4,716)
Cash paid for software license agreements			(1,933)						(1,251)
Other financing activities			(16,258)						(1,115)
Net cash used in financing activities - continuing operations			(2,326,528)						(210,828)
Net cash used in financing activities - discontinued operations			(20,537)						(66,631)
Net cash used in financing activities			(2,347,065)						(277,459)
Net increase in cash, cash equivalents and restricted cash			386,928						113,914
Cash, cash equivalents and restricted cash
Beginning of period			383,222						269,308
End of period			$	770,150					$	383,222

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Telephone and Data Systems, Inc.

Consolidated Balance Sheet Highlights

(Unaudited)

ASSETS

December 31,			2025						2024
(Dollars in thousands)
Current assets
Cash and cash equivalents			$	765,952					$	363,612
Accounts receivable, net			109,981						98,552
Inventory, net			4,062						4,052
Prepaid expenses			28,206						32,367
Income taxes receivable			1,292						2,487
Current assets of discontinued operations			—						1,163,032
Other current assets			13,976						31,088
Total current assets			923,469						1,695,190
Non-current assets held for sale			1,598,131						12
Non-current assets of discontinued operations			—						4,499,561
Licenses			1,642,972						3,289,648
Other intangible assets, net			131,673						160,804
Investments in unconsolidated entities			461,922						500,471
Property, plant and equipment, net			2,965,455						2,876,214
Operating lease right-of-use assets			515,081						520,902
Other assets and deferred charges			159,600						139,430
Total assets			$	8,398,303					$	13,682,232

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Telephone and Data Systems, Inc.

Consolidated Balance Sheet Highlights

(Unaudited)

LIABILITIES AND EQUITY

December 31,			2025						2024
(Dollars in thousands, except per share amounts)
Current liabilities
Current portion of long-term debt			$	5,274					$	31,131
Accounts payable			115,822						74,866
Customer deposits and deferred revenues			125,140						46,992
Accrued interest			2,836						8,999
Accrued taxes			46,721						36,561
Accrued compensation			56,774						147,061
Short-term operating lease liabilities			26,180						27,529
Current liabilities of discontinued operations			20,242						671,575
Other current liabilities			41,322						44,980
Total current liabilities			440,311						1,089,694
Non-current liabilities of discontinued operations			—						2,310,660
Deferred liabilities and credits
Deferred income tax liability, net			743,633						980,769
Long-term operating lease liabilities			549,617						540,904
Other deferred liabilities and credits			574,025						460,676
Long-term debt, net			823,364						2,415,686
Noncontrolling interests with redemption features			—						15,831
Total equity			5,267,353						5,868,012
Total liabilities and equity			$	8,398,303					$	13,682,232

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Balance Sheet Highlights

(Unaudited)

			December 31, 2025
			TDS Telecom						Array						TDS Corporate & Other						Intercompany Eliminations						TDS Consolidated
(Dollars in thousands)
Cash and cash equivalents			$	144,968					$	113,400					$	655,894					$	(148,310)					$	765,952
Licenses and other intangible assets			$	131,826					$	1,642,187					$	632					$	—					$	1,774,645
Investment in unconsolidated entities			3,947						412,608						55,868						(10,501)						461,922
			$	135,773					$	2,054,795					$	56,500					$	(10,501)					$	2,236,567
Property, plant and equipment, net			$	2,562,057					$	388,999					$	14,399					$	—					$	2,965,455
Long-term debt, net:
Current portion			$	160					$	4,063					$	1,051					$	—					$	5,274
Non-current portion			2,887						670,258						150,219						—						823,364
			$	3,047					$	674,321					$	151,270					$	—					$	828,638

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TDS Telecom Highlights

(Unaudited)

			Three Months Ended December 31,																		Year Ended December 31,
			2025						2024						2025 vs. 2024						2025						2024						2025 vs. 2024
(Dollars in thousands)
Operating revenues
Residential
Incumbent			$	80,179					$	86,164					(7)		%				$	332,347					$	355,395					(6)		%
Expansion			41,935						31,373						34		%				152,531						114,113						34		%
Cable			58,847						64,787						(9)		%				245,100						270,444						(9)		%
Total residential			180,961						182,324						(1)		%				729,978						739,952						(1)		%
Commercial			33,941						37,374						(9)		%				137,258						147,564						(7)		%
Wholesale			45,965						44,363						4		%				170,499						172,520						(1)		%
Total service revenues			260,867						264,061						(1)		%				1,037,735						1,060,036						(2)		%
Equipment revenues			89						234						(62)		%				623						821						(24)		%
Total operating revenues			260,956						264,295						(1)		%				1,038,358						1,060,857						(2)		%
Cost of operations (excluding Depreciation, amortization and accretion reported below)			99,351						103,047						(4)		%				399,616						399,815						—
Cost of equipment and products			193						208						(8)		%				754						723						4		%
Selling, general and administrative expenses			80,397						83,846						(4)		%				325,302						319,979						2		%
Depreciation, amortization and accretion			76,720						71,713						7		%				300,196						270,660						11		%
Loss on impairment of intangible assets			900						1,103						(18)		%				900						1,103						(18)		%
(Gain) loss on asset disposals, net			7,163						4,032						78		%				15,054						12,376						22		%
(Gain) loss on sale of business and other exit costs, net			(17,886)						(49,108)						64		%				(23,121)						(49,108)						53		%
Total operating expenses			246,838						214,841						15		%				1,018,701						955,548						7		%
Operating income			$	14,118					$	49,454					(71)		%				$	19,657					$	105,309					(81)		%

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Array Digital Infrastructure, Inc. Highlights
(Unaudited)
			Three Months Ended December 31,																		Year Ended December 31,
Array			2025						2024						2025 vs. 2024						2025						2024						2025 vs. 2024
(Dollars in thousands)
Operating revenues
Site rental			$	54,990					$	26,019					N/M						$	154,654					$	102,610					51		%
Services			5,338						70						N/M						8,307						323						N/M
Total operating revenues			60,328						26,089						N/M						162,961						102,933						58		%
Operating expenses
Cost of operations (excluding Depreciation, amortization and accretion reported below)			22,823						20,174						13		%				79,485						72,997						9		%
Selling, general and administrative			15,381						23,559						(35)		%				84,444						102,556						(18)		%
Depreciation, amortization and accretion			12,402						12,156						2		%				48,262						47,212						2		%
Loss on impairment of licenses			—						—						N/M						47,679						136,234						(65)		%
(Gain) loss on asset disposals, net			1,125						219						N/M						1,746						809						N/M
(Gain) loss on license sales and exchanges, net			—						(900)						N/M						(6,123)						3,460						N/M
Total operating expenses			51,731						55,208						(6)		%				255,493						363,268						(30)		%
Operating income (loss)			$	8,597					$	(29,119)					N/M						$	(92,532)					$	(260,335)					64		%

N/M - Percentage change not meaningful

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Telephone and Data Systems, Inc.

Financial Measures

(Unaudited)

Free Cash Flow

									Year Ended December 31,
TDS Consolidated															2025						2024
(Dollars in thousands)
Cash flows from operating activities - continuing operations (GAAP)															$	338,284					$	295,780
Cash paid for additions to property, plant and equipment															(390,529)						(365,446)
Cash paid for software license agreements															(1,933)						(1,251)
Free cash flow - continuing operations (Non-GAAP)1															$	(54,178)					$	(70,917)

1Free cash flow is a non-GAAP financial measure which TDS believes may be useful to investors and other users of its financial information in evaluating liquidity, specifically, the amount of net cash generated by business operations after deducting Cash paid for additions to property, plant and equipment and Cash paid for software license agreements.

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Telephone and Data Systems, Inc.

EBITDA, Adjusted EBITDA, Adjusted OIBDA and AFCF Reconciliations

(Unaudited)

The following table reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income (loss) and Income (loss) before income taxes.

			Three Months Ended December 31,												Year Ended December 31,
TDS Telecom			2025						2024						2025						2024
(Dollars in thousands)
Net income (GAAP)			$	8,187					$	34,008					$	27,516					$	84,901
Add back or deduct:
Income tax expense (benefit)			9,595						20,301						10,157						35,040
Income before income taxes (GAAP)			17,782						54,309						37,673						119,941
Add back or deduct:
Interest expense			(2,487)						(1,676)						(6,654)						(5,197)
Depreciation, amortization and accretion expense			76,720						71,713						300,196						270,660
EBITDA (Non-GAAP)			92,015						124,346						331,215						385,404
Add back or deduct:
Expenses related to strategic alternatives review			2,711						—						6,207						—
Loss on impairment of intangible assets			900						1,103						900						1,103
(Gain) loss on asset disposals, net			7,163						4,032						15,054						12,376
(Gain) loss on sale of business and other exit costs, net			(17,886)						(49,108)						(23,121)						(49,108)
Adjusted EBITDA (Non-GAAP)			84,903						80,373						330,255						349,775
Deduct:
Equity in earnings of unconsolidated entities			—						(8)						4						(7)
Interest and dividend income			1,522						1,892						6,440						5,483
Other, net			(345)						1,295						4,918						3,959
Adjusted OIBDA (Non-GAAP)			$	83,726					$	77,194					$	318,893					$	340,340

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			Three Months Ended December 31,												Year Ended December 31,
Array			2025						2024						2025						2024
(Dollars in thousands)
Net income (loss) from continuing operations (GAAP)			$	41,764					$	11,832					$	172,267					$	(80,464)
Add back or deduct:
Income tax expense (benefit)			23,332						(3,656)						(31,148)						(19,256)
Income (loss) before income taxes (GAAP)			65,096						8,176						141,119						(99,720)
Add back:
Interest expense			11,989						3,203						28,222						12,405
Depreciation, amortization and accretion expense			12,402						12,156						48,262						47,212
EBITDA (Non-GAAP)			89,487						23,535						217,603						(40,103)
Add back or deduct:
Expenses related to strategic alternatives review			95						1,607						2,444						21,521
Loss on impairment of licenses			—						—						47,679						136,234
(Gain) loss on asset disposals, net			1,125						219						1,746						809
(Gain) loss on license sales and exchanges, net			—						(900)						(6,123)						3,460
Short-term imputed spectrum lease income			(38,619)						—						(69,033)						—
Adjusted EBITDA (Non-GAAP)			52,088						24,461						194,316						121,921
Deduct:
Equity in earnings of unconsolidated entities			26,301						37,919						173,754						161,364
Interest and dividend income			3,649						2,579						18,917						11,656
Other, net			(81)						—						169						—
Adjusted OIBDA (Non-GAAP)			$	22,219					$	(16,037)					$	1,476					$	(51,099)

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Array Adjusted Free Cash Flow (AFCF)

AFCF is a non-GAAP measure defined as Net income from continuing operations adjusted for the items set forth in the reconciliation below. AFCF is not a measure of financial performance under GAAP and should not be considered as an alternative to Net income from continuing operations or as an indicator of cash flows.

Management believes AFCF is a useful measure of Array’s cash generated from operations and its noncontrolling investment interests. The following table reconciles AFCF to the corresponding GAAP measure, Net income from continuing operations. This measure is presented following the sale of Array's wireless operations to T-Mobile on August 1, 2025, at which time the primary business operations for Array changed from providing wireless communications services to a standalone tower company. Array modified its AFCF metric for the three months ended December 31, 2025 to adjust for cash taxes paid in the quarter, which management believes best reflects cash generated from operations and investments. Under the modified presentation, the comparative calculation of AFCF for the three months ended September 30, 2025 would have been $63.4 million.

			Three Months Ended December 31, 2025
(Dollars in thousands)
Net income from continuing operations - Array (GAAP)			$	41,764
Add back or deduct:
Income tax expense			23,332
Cash paid for income taxes			(191)
Stock-based compensation expense			259
Short-term imputed spectrum lease income			(38,619)
Amortization of deferred debt charges			946
Equity in earnings of unconsolidated entities			(26,301)
Distributions from unconsolidated entities			65,867
(Gain) loss on asset disposals, net			1,125
Depreciation, amortization and accretion			12,402
Expenses related to strategic alternatives review			95
Straight line and other non-cash revenue adjustments			(5,190)
Straight line expense adjustment			1,398
Maintenance and other capital expenditures			(2,025)
Adjusted Free Cash Flow from continuing operations - Array (Non-GAAP)			$	74,862

18