Telephone & Data Systems Inc /De/ (NYSE: TDS)

Telephone & Data Systems Inc /De/ provides high-quality communications services through its wholly-owned subsidiary TDS Telecommunications LLC (TDS Telecom) and leases tower space to tenants through its majority-owned subsidiary Array Digital Infrastructure Inc (Array). The company operates in the telecommunications industry, offering a range of services including broadband, video, voice, and wireless connections. As of December 31, 2025, TDS Telecom serves 1.1 million connections across 30 states, while Array owns 4,450 towers in 19 states. TDS Common Shares trade under the ticker symbol “TDS” on the New York Stock Exchange (NYSE), and Array Common Shares trade under the ticker symbol “AD.”

Telephone & Data Systems Inc /De/ generates revenue through its two primary segments: TDS Telecom and Array. TDS Telecom offers high-speed broadband, video, voice, and wireless services to residential and commercial customers, as well as wholesale operations carrying data and voice traffic on its networks. Array generates revenue by leasing tower space to tenants, providing ancillary services, and holding noncontrolling interests in primarily wireless operating companies. Array's largest tenants include T-Mobile, AT&T, and Verizon. The company's customer base includes residential, commercial, and wholesale clients across the United States.

• TDS Telecom: This segment provides communications services to 1.1 million connections in 30 states through high-quality fiber, coaxial, and copper networks. TDS Telecom offers broadband internet with speeds reaching up to 8 Gbps for residential and up to 10 Gbps for select business connections, advanced home TV entertainment with TDS TV+, voice services including local and long-distance telephone service, VoIP, and enhanced services, and wireless services through an MVNO. The segment also includes wholesale operations carrying data and voice traffic on TDS Telecom's networks and Federal Connect America Fund (CAF) revenues. TDS Telecom aims to be the preferred broadband provider by offering fiber-rich networks, high-quality products and services, and a seamless customer experience.

• Array: Array connects America through digital infrastructure by leasing tower space to tenants and providing ancillary services. As of December 31, 2025, Array owns 4,450 towers in 19 states. Array's strategy focuses on driving increased colocation on its portfolio of unique tower locations, supporting the delivery of connectivity to the communities in which it operates. Array's largest tenants include T-Mobile, AT&T, and Verizon. Array's operations are characterized by long-term Master License Agreements (MLAs) with its largest customers, high lease renewal rates, and a focus on growing colocation revenue.

Telephone & Data Systems Inc /De/ faces competition from various players in the telecommunications industry. TDS Telecom competes with wireline providers, cable providers, fiber overbuilders, VoIP providers, satellite providers, wireless providers, and other emerging technologies. Array primarily competes with other companies that own tower assets, including large tower operators like American Tower Corporation, Crown Castle Inc, and SBA Communications Corporation, as well as regional tower operators, build-to-suit tower providers, and wireless providers that own and operate their own infrastructure. The company's competitive advantages include its high-quality networks, focus on outstanding customer service, and strategic investments in fiber to provide broadband speeds of up to 8 Gbps. Array's unique wireless carrier heritage and experience in owning and operating towers for over 40 years also provide a competitive edge.

The company's customer base includes residential, commercial, and wholesale clients across the United States. TDS Telecom serves small to mid-sized urban, suburban, and rural communities, while Array's towers are located in rural, suburban, and urban areas. The company's focus on local communities and commitment to serving those in need align with its corporate values and commitments to its customers, associates, and communities.