TDS

EX-99.1

2 tdsq320268kex991.htm

EX-99.1

Document

Exhibit 99.1

NEWS RELEASE

As previously announced, TDS will hold a teleconference on November 6, 2026, at 9:00 a.m. CT. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.

TDS reports third quarter 2026 results

TDS Board authorizes incremental $250 million share repurchase plan

TDS Telecom updates guidance for 2026

CHICAGO (November 6, 2026) — Telephone and Data Systems, Inc. (NYSE: TDS) reported third quarter 2026 operating results.

“We continue to make progress as our teams execute our strategic objectives,” said Walter Carlson, TDS President and CEO. “During the quarter, TDS Telecom expanded its marketable fiber service footprint by approximately 76,000 addresses and grew fiber net adds by approximately 17,000. Array increased the number of colocations sequentially, highlighting the value of our assets, and continues to improve profitability. Additionally, I'm pleased to report that following TDS' withdrawal of the offer to acquire the minority interest in Array, TDS was in the market, and has repurchased nearly 15 million shares in 2026, returning over $520 million to shareholders.”

Highlights*

TDS

•Returning value to shareholders

◦Repurchased approximately 6 million TDS shares in the quarter at an average price per share of $36.65

◦Continued to be in the market following the end of the quarter, virtually exhausting the existing authorization

•TDS Board approved incremental $250 million share repurchase authorization

◦Provides future flexibility for the organization

TDS Telecom

•Executing on fiber broadband strategy

◦Delivered approximately 76,000 marketable fiber service addresses

◦Grew fiber connections with approximately 17,000 residential fiber net additions

•Service revenue down 3%

◦Residential fiber revenue growth of 14% more than offset by impacts of divestitures and continued legacy declines

•Updated 2026 Financial Guidance

◦Revenues of $990 million to $1,010 million

◦Adjusted OIBDA of $280 million to $300 million

◦Adjusted EBITDA of $290 million to $310 million

◦Capital expenditures of approximately $750 million

Array

•Optimizing tower operations

◦Site rental revenues grew 14% year over year

◦Delivered consecutive quarter over quarter colocation growth

•Continuing to close pending sales of wireless spectrum

◦Received regulatory approval for remaining pending transactions in October, closings remain subject to FCC finality and other customary closing conditions

•Reaffirming 2026 financial guidance

* Comparisons are 3Q’25 to 3Q’26 unless otherwise noted.

1

TDS reported total operating revenues from continuing operations of $306.7 million for the third quarter of 2026, versus $308.5 million for the same period one year ago. Net income attributable to TDS common shareholders and diluted earnings per share from continuing operations were $29.6 million and $0.26, respectively, for the third quarter of 2026 compared to $40.2 million and $0.33, respectively, in the same period one year ago.

Recent Development

On May 7, 2026, TDS delivered to the Array Board of Directors a letter setting forth a non-binding proposal to acquire all of the outstanding Array Common Shares that are not owned by TDS (the “Array Proposal”). On September 1, 2026, TDS announced that it is no longer pursuing the Array Proposal. For additional information, see TDS' Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on September 2, 2026.

2

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 November 6, 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 TelecomPreviousCurrent

(Dollars in millions)

Total operating revenues$1,000-$1,025$990-$1,010

Adjusted OIBDA1 (Non-GAAP) $300-$320$280-$300

Adjusted EBITDA1 (Non-GAAP) $310-$330$290-$310

Capital expenditures$625-$675Approx. $750

ArrayPreviousCurrent

(Dollars in millions)

Total operating revenues$205-$215Unchanged

Adjusted OIBDA1 (Non-GAAP) $60-$75Unchanged

Adjusted EBITDA1 (Non-GAAP) $220-$235Unchanged

Capital expenditures$25-$35Unchanged

The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income (loss) 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.

2026 Estimated Results

TDS TelecomArray

(Dollars in millions)

Net incom

EX-99.1

2 tdsq220268kex991.htm

EX-99.1

Document

Exhibit 99.1

NEWS RELEASE

As previously announced, TDS will hold a teleconference on August 7, 2026, at 9:00 a.m. CT. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.

TDS reports second quarter 2026 results

TDS Telecom and Array both update guidance for 2026

CHICAGO (August 7, 2026) — Telephone and Data Systems, Inc. (NYSE: TDS) reported second quarter 2026 operating results.

“I am pleased with the progress our teams continue to make in executing our strategic objectives,” said Walter Carlson, TDS President and CEO. “During the quarter, TDS Telecom expanded its marketable fiber service footprint by approximately 66,000 addresses and increased its fiber service address guidance for the year. Array delivered another quarter of sequential tower tenancy growth, highlighting the value of our assets. In addition, Array completed the previously announced spectrum sale to Verizon, now having completed transactions to monetize virtually all of its spectrum outside of the C-Band.”

Highlights*

TDS Telecom

•Executing on fiber broadband strategy

◦Delivered approximately 66,000 marketable fiber service addresses

◦Grew fiber connections —15,100 residential fiber net additions

•Service revenue down 6%

◦Residential fiber revenue growth of 13% more than offset by impacts of divestitures and continued legacy declines

•Updated 2026 Guidance

◦Current service address delivery momentum drives increase in 2026 guidance to 250,000 - 300,000 marketable fiber service addresses, increased capital expenditure guidance to $625 million - $675 million

◦Updated 2026 Financial guidance

▪Revenues of $1,000 million to $1,025 million

▪Adjusted EBITDA of $310 million to $330 million

▪Adjusted OIBDA of $300 million to $320 million

Array

•Optimizing tower operations

◦Site rental revenues grew 95% year over year

◦Delivered consecutive quarter over quarter tower tenancy growth

•Continuing to close pending sales of wireless spectrum

◦Closed on sale of certain 700 MHz wireless spectrum licenses for total proceeds of $74.8 million on May 5, 2026

◦Closed on sale of certain 600 MHz wireless spectrum licenses for total proceeds of $86.4 million on May 12, 2026

◦Closed on sale of certain cellular and other spectrum licenses for total proceeds of $1 billion on June 1, 2026

◦Issued special dividend of $11 per common share on June 25, 2026

•Updated 2026 Guidance

◦Narrowed Revenue range to $205 million - $215 million on higher interim site revenue

◦Increased Adjusted EBITDA range to $220 million - $235 million

◦Capital expenditures range remains unchanged at $25 million - $35 million

*Comparisons are 2Q’25 to 2Q’26 unless otherwise noted

1

TDS reported total operating revenues from continuing operations of $309.3 million for the second quarter of 2026, versus $298.5 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and diluted earnings (loss) per share from continuing operations were $260.6 million and $2.24, respectively, for the second quarter of 2026 compared to $(6.0) million and $(0.05), respectively, in the same period one year ago.

Recent Development

On May 7, 2026, TDS delivered to the Array Board of Directors a letter setting forth a non-binding proposal to acquire all of the outstanding Array Common Shares that are not owned by TDS (the “Array Proposal”). A special committee of independent and disinterested directors of the Array Board of Directors has been formed to evaluate this proposal. For additional information on the Array Proposal, see TDS’ Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission on May 8, 2026.

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 August 7, 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 TelecomPreviousCurrent

(Dollars in millions)

Total operating revenues$1,015-$1,055$1,000-$1,025

Adjusted OIBDA1 (Non-GAAP) $300-$340$300-$320

Adjusted EBITDA1 (Non-GAAP) $310-$350$310-$330

Capital expenditures$550-$600$625-$675

ArrayPreviousCurrent

(Dollars in millions)

Total operating revenues$200-$215$205-$215

Adjusted OIBDA1 (Non-GAAP) $50-$65$60-$75

Adjusted EBITDA1 (Non-GAAP) $200-$215$220-$235

Capital expenditures$25-$35Unchanged

2

The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income (loss) 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 signif

EX-99.1

2 tdsq120268kex991.htm

EX-99.1

Document

Exhibit 99.1

NEWS RELEASE

As previously announced, TDS will hold a teleconference on May 8, 2026, at 9:00 a.m. CT. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.

TDS reports first quarter 2026 results

TDS Telecom and Array both reaffirm guidance for 2026

CHICAGO (May 8, 2026) — Telephone and Data Systems, Inc. (NYSE: TDS) reported first quarter 2026 operating results.

“TDS Telecom and Array entered 2026 with momentum,” said Walter Carlson, TDS President and CEO. “Both business units are making meaningful progress toward their strategic objectives. During the quarter, TDS Telecom expanded its marketable fiber service footprint to 1.1 million addresses, while Array continued to optimize its operations and secure healthy application volume.”

“As part of our fiber growth strategy, we recently announced the acquisition of Granite State Communications in New Hampshire," continued Carlson. "Located adjacent to our existing operations, Granite State further expands our fiber footprint, adding approximately 11,000 additional fiber service addresses.”

Highlights*

TDS Telecom

•Executing on fiber broadband strategy

◦Delivered 40,000 marketable fiber services addresses in Q1 2026

◦Grew fiber connections —10,900 residential fiber net additions

◦TDS Telecom revenues down 3%, reduced by $6 million due to divestitures of non-strategic assets

•Expanding fiber footprint

◦Entered into agreement to acquire Granite State Communications in New Hampshire — 11,000 fiber service addresses; transaction expected to close in the third quarter of 2026

Array

•Optimizing tower operations

◦Site rental revenues grew 92% year over year

◦Excluding the impact of DISH, continuing to grow tower tenancy and secure healthy application volume

•Continuing to close pending sales of wireless spectrum

◦Closed on sale of certain 700 MHz wireless spectrum licenses for total proceeds of $74.8 million on May 5, 2026

*Comparisons are 1Q’25 to 1Q’26 unless otherwise noted.

TDS reported total operating revenues from continuing operations of $309.5 million for the first quarter of 2026, versus $290.4 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and diluted earnings (loss) per share from continuing operations were $129.3 million and $1.11, respectively, for the first quarter of 2026 compared to $(23.2) million and $(0.20), respectively, in the same period one year ago.

On January 13, 2026, Array closed on the sale of certain 3.45 GHz and 700 MHz wireless spectrum licenses for $1,018.0 million and TDS recorded a book gain of $150.9 million ($114.7 million net of tax expense) during the first quarter of 2026.

Recent Development

On May 7, 2026, TDS delivered to the Array Board of Directors a letter setting forth a non-binding proposal to acquire all of the outstanding Array Common Shares that are not owned by TDS (the “Array Proposal”). A special committee of independent and disinterested directors of the Array Board of Directors has been formed to evaluate this proposal. For additional information on the Array Proposal, see TDS’ Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission on May 8, 2026.

1

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 May 8, 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 TelecomPreviousCurrent

(Dollars in millions)

Total operating revenues$1,015-$1,055Unchanged

Adjusted OIBDA1 (Non-GAAP) $300-$340Unchanged

Adjusted EBITDA1 (Non-GAAP) $310-$350Unchanged

Capital expenditures$550-$600Unchanged

ArrayPreviousCurrent

(Dollars in millions)

Total operating revenues$200-$215Unchanged

Adjusted OIBDA1 (Non-GAAP) $50-$65Unchanged

Adjusted EBITDA1 (Non-GAAP) $200-$215Unchanged

Capital expenditures$25-$35Unchanged

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.

2026 Estimated Results

TDS TelecomArray

(Dollars in millions)

Net income from continuing operations (GAAP)N/AN/A

Add back:

Income tax expenseN/AN/A

Income (loss) before income taxes (GAAP)($15)-$25$770-$785

Add back:

Interest expense— 45

Depreciation, amortization and accretion expense325 50

EBITDA (Non-GAAP)1