Telephone and Data Systems, Inc. ( TDS/PV ) shares fell Friday after the company reported its third-quarter results.

Telephone and Data Systems ( TDS/PV ) reported earnings per share of 33 cents.

Third-quarter operating revenue from continuing operations stood at $308.52 million.

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The company reported an operating loss of $67.97 million for the quarter.

TDS had cash, cash equivalents, and restricted cash of $937.19 million at the end of the third quarter of 2025.

The telecom giant repurchased over one million common shares during the third quarter and authorized a new $500 million share repurchase program.

During the quarter, TDS repurchased 1,077,564 common shares for a total of $40.7 million.

Segment Performance

TDS Telecom reported third-quarter revenue of $255.11 million, down 3% year-over-year, reflecting a $6 million impact from non-strategic asset divestitures.

The company continued to expand its fiber footprint, delivering 42,000 new marketable addresses and adding 11,200 residential fiber connections.

Array posted revenues of $47.12 million, up 83% from the prior year. Array closed the sale of its wireless operations and select spectrum assets to T-Mobile US, Inc. ( TMUS ) on August 1, 2025, and paid a special dividend of $23 per share later that month.

Following the commencement of the T-Mobile MLA on August 1, site rental revenues rose 68%, excluding non-cash amortization. Array also entered into additional spectrum sales expected to generate total proceeds of $178 million.

Outlook

For full-year 2025, TDS expects its broadband segment TDS Telecom to generate operating revenues in the range of $1.03 billion to $1.05 billion, while adjusted OIBDA is projected at $310 million to $340 million, adjusted EBITDA at $320 million to $350 million, and capital expenditures in the range of $375 million to $425 million.

CEO Commentary

Walter Carlson, TDS President and CEO, stated, “With a strong portfolio and increased financial flexibility, we see tremendous opportunities ahead for the TDS enterprise. We crossed the 1 million fiber passings milestone at TDS Telecom in the quarter and are continuing to execute on our robust fiber strategy through ongoing fiber expansion and E-ACAM programs."

New Leadership

Separately, Array Digital Infrastructure, Inc. ( AD ) and TDS announced that Anthony Carlson will become the President and Chief Executive Officer of Array on November 16, 2025. At the same time, Carlson will also join the company's Board of Directors.

Carlson will oversee operations and guide strategic initiatives related to Array's 4,400 owned towers, wireless partnership holdings, and retained spectrum assets.

Doug Chambers, Interim President and CEO of Array, will step down from the Board on November 16, 2025, and continue as Senior Advisor until December 9, 2025, to support a smooth leadership transition.

Walter Carlson, TDS President and CEO and Array Board Chair, stated, “We are very pleased to have Anthony lead our growing tower business and provide strategic vision to its operations,” Anthony has foundational knowledge of our businesses having led a variety of teams and critical transformational activities across the enterprise.”

Price Action: TDS shares were trading lower by 1.58% to $37.88 at last check Friday.

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