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Telephone and Data Systems’s Q2 Earnings Call: Our Top 5 Analyst Questions

By: StockStory

TDS Cover Image

Telephone and Data Systems’ second quarter was marked by significant portfolio transformation, with the closing of its UScellular wireless business sale to T-Mobile serving as a key milestone. Management attributed the quarter’s performance to the focus on winding down wireless operations, ongoing investments in fiber expansion, and one-time divestiture activity. Executive Vice President and CFO Vicki Villacrez highlighted the company’s progress in strengthening its capital structure, noting, “These actions will result in approximately $80 million in annual interest savings and will reduce our total TDS average cost of debt to just over 6%.”

Is now the time to buy TDS? Find out in our full research report (it’s free).

Telephone and Data Systems (TDS) Q2 CY2025 Highlights:

  • Revenue: $1.19 billion vs analyst estimates of $1.17 billion (4.2% year-on-year decline, 1.5% beat)
  • EPS (GAAP): -$0.05 vs analyst estimates of -$0.02 (significant miss)
  • Adjusted EBITDA: $291 million vs analyst estimates of $324.5 million (24.5% margin, 10.3% miss)
  • Operating Margin: 3.1%, down from 4.5% in the same quarter last year
  • Market Capitalization: $4.42 billion

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Telephone and Data Systems’s Q2 Earnings Call

  • Ric Prentiss (Raymond James) questioned the timing and scope for accelerating fiber address expansion; CFO Kristina Bothfeld noted opportunities for 'Edge-Outs' and said detailed targets would be shared in future quarters.
  • Sebastiano Petti (JPMorgan) asked about the trajectory of fiber broadband additions and the competitive landscape; Bothfeld reiterated confidence in year-over-year growth and highlighted the company’s presales strategy and selective market approach.
  • Vikash Harlalka (New Street Research) inquired about the nationwide TDS Mobile launch; Bothfeld confirmed a full rollout across all markets, emphasizing a stepwise strategy to ensure service quality and future customer retention.
  • Sergey Dluzhevskiy (Gabelli) explored growth drivers for the tower business; Interim CEO Doug Chambers cited the internalization of sales, new carrier agreements, and the transition to a standalone tower entity as key steps.
  • Sergey Dluzhevskiy (Gabelli) also asked about value creation from holding both fiber and tower businesses; CEO Walter Carlson said their combined financial strength and execution focus would unlock long-term shareholder value, while further portfolio moves remain under consideration.

Catalysts in Upcoming Quarters

In the coming quarters, our analysts will focus on (1) the speed and efficiency of fiber network expansion, particularly the ramp-up of E-ACAM buildouts and penetration in new markets; (2) successful integration and revenue contribution from new tower colocation agreements, especially with T-Mobile; and (3) progress on monetizing remaining spectrum assets and deploying proceeds toward M&A or shareholder returns. Continued updates on capital allocation strategy and operational milestones will be important markers of execution.

Telephone and Data Systems currently trades at $38.50, in line with $38.76 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free).

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