Cash Flow Statement

Operating Cash Flow

-49%

-61%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	(191)	(800)	(872)	(960)	(978)	(43)	19	(138)	(115)	(61)	(59)	(253)	(48)	109	104	648	460	433	470	162	345	170	326	459	330	445	337	118	123	103	29	250	216	182	190	191	183	240	273	250	264	210	162	123	62	185	133	167	180	(24)	(134)	(147)	8	60	244	263	97	102	56	52	85	65	(182)	157	171	203	488	175	188	183	152	147	160	199	269	269	257	213	167	188	189	194	137	72	12	(27)	(13)	(487)	(461)	(454)	(537)	(26)	(52)	(41)	(35)	20
Depreciation & Amortization	455	461	489	513	552	582	583	600	605	625	651	675	689	692	691	659	671	684	702	718	723	730	733	748	746	747	745	750	747	742	745	744	751	757	753	756	757	760	764	766	772	778	784	814	858	914	973	1 018	1 001	951	902	837	818	825	830	844	850	849	852	850	849	850	846	844	854	863	874	883	889	902	918	932	940	942	920	909	898	896	894	895	900	894	916	929	932	929	919	915	917	926	938	943	943	948	501	352
Change in Deffered Taxes	(285)	(502)	(553)	(622)	(613)	14	67	(113)	(101)	(78)	(95)	(173)	(56)	(15)	(40)	265	118	29	18	(195)	(98)	(216)	(322)	(283)	(467)	(538)	(386)	(431)	(323)	(96)	(104)	36	17	(12)	64	76	138	185	180	203	161	153	94	59	56	8	(24)	(67)	(85)	(79)	(70)	72	39	64	65	71	123	119	121	22	16	(8)	(12)	(369)	(342)	(322)	(315)	33	32	48	25	34	84	144	228	190	142	80	28	52	54	64	45	47	27	17	37	8	13	2	(45)	3	(4)	(11)	(62)	(66)
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	43	48	54	66	32	30	30	25	23	25	28	31	32	34	35	34	35	37	37	37	37	38	39	41	42	39	34	32	30	30	33	34	36	37	39	39	40	41	40	40	42	44	46	47	46	45	47	49	54	57	64	64	59	57	51	51	53	52	52	49	49	51	48	46	42	33	33	37	41	52	56	62	71	85	86	45	27
Other Non-Cash Items	610	1 653	1 740	86	1 955	326	260	491	491	434	355	611	233	64	138	(703)	(353)	(263)	(283)	408	(4)	292	90	(58)	193	(39)	150	425	416	430	473	95	99	88	72	42	40	43	18	18	12	16	52	70	80	(254)	(282)	(534)	(650)	(313)	(216)	(2)	(135)	(152)	(261)	(247)	(9)	(10)	9	10	1	11	274	267	264	245	(19)	(10)	(12)	11	21	18	36	13	(19)	(28)	(53)	(20)	3	12	27	21	41	60	65	56	39	573	584	594	717	124	130	112	392	307
Cash Taxes Paid	219	195	190	77	33	46	15	(53)	(6)	0	0	(11)	0	0	0	151	0	0	0	331	0	0	0	501	0	0	506	470	0	0	0	53	0	0	0	87	0	0	0	(67)	0	0	0	(62)	0	0	0	0	0	0	0	49	0	0	0	57	0	0	0	39	0	0	0	56	0	0	0	40	0	0	0	44	0	0	0	(23)	0	0	0	6	0	0	0	119	0	0	0	(50)	0	0	0	4	0	0	0	0
Cash Interest Paid	86	91	98	112	125	136	147	143	138	0	0	177	0	0	0	195	0	0	0	216	0	0	0	197	0	0	0	133	0	0	0	124	0	0	0	115	0	0	0	96	0	0	0	88	0	0	0	0	0	0	0	109	0	0	0	135	0	0	0	168	0	0	0	167	0	0	0	168	0	0	0	162	0	0	0	160	0	0	0	177	0	0	0	164	0	0	0	235	0	0	0	265	0	0	0	98
Change in Working Capital	(24)	(195)	(146)	1 810	(95)	(141)	(111)	129	30	64	3	(83)	(7)	108	62	0	36	(51)	(43)	(200)	(0)	56	170	75	121	202	(48)	(13)	(160)	(382)	(126)	(28)	2	140	(16)	12	81	(97)	6	19	(4)	50	(4)	41	14	268	(18)	(90)	(94)	(247)	72	(364)	(85)	(180)	(253)	(141)	(381)	(409)	(337)	(152)	(278)	(178)	(161)	(123)	(94)	(108)	(61)	(64)	33	2	(37)	(115)	(164)	(68)	(90)	192	86	38	137	(44)	149	183	2	47	(216)	(40)	195	133	267	186	79	101	90	118	(13)	(23)
Cash from Operating Activities	565 N/A	618 +9%	658 +6%	828 +26%	820 -1%	737 -10%	818 +11%	971 +19%	911 -6%	984 +8%	855 -13%	777 -9%	811 +4%	959 +18%	954 0%	868 -9%	932 +7%	832 -11%	863 +4%	892 +3%	966 +8%	1 031 +7%	997 -3%	941 -6%	924 -2%	818 -11%	797 -3%	849 +6%	803 -5%	798 -1%	1 017 +28%	1 097 +8%	1 085 -1%	1 156 +7%	1 062 -8%	1 076 +1%	1 199 +11%	1 130 -6%	1 239 +10%	1 256 +1%	1 205 -4%	1 206 +0%	1 088 -10%	1 105 +2%	1 069 -3%	1 120 +5%	783 -30%	495 -37%	353 -29%	289 -18%	553 +92%	395 -29%	645 +63%	618 -4%	626 +1%	790 +26%	680 -14%	651 -4%	701 +8%	782 +12%	673 -14%	740 +10%	765 +3%	776 +1%	853 +10%	881 +3%	967 +10%	1 017 +5%	1 130 +11%	1 146 +1%	1 079 -6%	1 016 -6%	1 056 +4%	1 230 +16%	1 308 +6%	1 532 +17%	1 330 -13%	1 207 -9%	1 229 +2%	1 103 -10%	1 319 +20%	1 356 +3%	1 141 -16%	1 155 +1%	820 -29%	935 +14%	1 177 +26%	1 142 -3%	1 320 +16%	1 254 -5%	1 152 -8%	1 145 -1%	1 107 -3%	1 126 +2%	782 -31%	590 -25%
Investing Cash Flow
Capital Expenditures	(677)	(684)	(744)	(918)	(951)	(952)	(890)	(776)	(742)	(742)	(739)	(787)	(794)	(764)	(751)	(711)	(720)	(736)	(762)	(723)	(709)	(697)	(669)	(700)	(701)	(694)	(722)	(735)	(768)	(727)	(701)	(658)	(639)	(685)	(693)	(739)	(751)	(772)	(855)	(972)	(1 057)	(1 122)	(1 101)	(996)	(929)	(879)	(896)	(884)	(858)	(839)	(806)	(800)	(815)	(819)	(804)	(801)	(793)	(722)	(669)	(636)	(604)	(597)	(608)	(685)	(689)	(718)	(734)	(776)	(800)	(894)	(960)	(957)	(1 179)	(1 174)	(1 240)	(1 338)	(1 181)	(1 185)	(1 150)	(1 131)	(1 182)	(1 200)	(1 199)	(1 161)	(1 221)	(1 264)	(1 273)	(1 211)	(1 115)	(1 033)	(960)	(884)	(778)	(719)	(491)	(391)
Other Items	223	(322)	(509)	(480)	(451)	(433)	39	32	76	70	31	192	17	12	11	(192)	(72)	17	(27)	92	78	4	131	72	36	(42)	(91)	(168)	(156)	(171)	(200)	(110)	(126)	(384)	(409)	(469)	(575)	46	10	106	316	59	85	(3)	(59)	420	257	623	737	249	208	(110)	(220)	(218)	51	58	69	(122)	(150)	(172)	(172)	(183)	(284)	(296)	(203)	0	106	96	(103)	(241)	(232)	(292)	(215)	(228)	(250)	(173)	(1 406)	(1 272)	(1 289)	(1 331)	(648)	(669)	(665)	(622)	(48)	(26)	(24)	(116)	(124)	(130)	(25)	130	147	166	2 546	2 535
Cash from Investing Activities	(454) N/A	(1 005) -121%	(1 254) -25%	(1 398) -12%	(1 402) 0%	(1 385) +1%	(851) +39%	(744) +13%	(666) +11%	(672) -1%	(708) -5%	(594) +16%	(777) -31%	(751) +3%	(739) +2%	(902) -22%	(792) +12%	(720) +9%	(789) -10%	(631) +20%	(632) 0%	(693) -10%	(538) +22%	(628) -17%	(666) -6%	(736) -10%	(813) -10%	(903) -11%	(924) -2%	(897) +3%	(901) 0%	(768) +15%	(765) +0%	(1 069) -40%	(1 102) -3%	(1 208) -10%	(1 325) -10%	(726) +45%	(845) -16%	(866) -2%	(741) +14%	(1 063) -44%	(1 016) +4%	(998) +2%	(988) +1%	(459) +54%	(639) -39%	(261) +59%	(121) +54%	(590) -388%	(598) -1%	(910) -52%	(1 036) -14%	(1 037) 0%	(753) +27%	(743) +1%	(724) +3%	(844) -16%	(818) +3%	(808) +1%	(776) +4%	(780) -1%	(892) -14%	(981) -10%	(892) +9%	(718) +20%	(628) +13%	(680) -8%	(903) -33%	(1 135) -26%	(1 192) -5%	(1 249) -5%	(1 394) -12%	(1 402) -1%	(1 490) -6%	(1 511) -1%	(2 587) -71%	(2 457) +5%	(2 439) +1%	(2 462) -1%	(1 830) +26%	(1 869) -2%	(1 864) +0%	(1 783) +4%	(1 269) +29%	(1 290) -2%	(1 297) -1%	(1 327) -2%	(1 239) +7%	(1 163) +6%	(985) +15%	(754) +23%	(631) +16%	(553) +12%	2 055 N/A	2 144 +4%
Financing Cash Flow
Net Issuance of Common Stock	(56)	(50)	(15)	6	(18)	(48)	(45)	(76)	(48)	(21)	(11)	8	16	33	34	44	37	24	10	41	46	61	5	(91)	(152)	(216)	(196)	(227)	(204)	(235)	(269)	(211)	(206)	(157)	(125)	(120)	(128)	(150)	(112)	(82)	(54)	(3)	(4)	(43)	(62)	(61)	(55)	(13)	0	(20)	(43)	(59)	(56)	(26)	(8)	9	7	1	9	7	15	7	(1)	4	11	13	40	60	48	45	(3)	(36)	(63)	(73)	(55)	(48)	394	399	1 069	1 050	620	605	(77)	(88)	(75)	(57)	(42)	(6)	(3)	6	(20)	(54)	(75)	(75)	(90)	(129)
Net Issuance of Debt	38	439	343	135	247	351	(334)	(457)	(404)	(143)	67	76	86	(451)	(208)	(41)	(216)	18	(87)	(336)	(226)	(304)	(149)	(36)	(61)	(6)	(57)	(9)	(10)	(7)	44	(143)	(143)	(143)	(143)	5	306	37	5	(4)	(303)	(35)	(3)	193	193	193	194	(2)	(2)	(2)	(1)	275	275	275	500	524	521	521	293	(10)	(10)	(12)	(12)	(17)	(19)	(21)	(23)	(20)	(20)	(21)	(21)	(118)	(65)	63	565	1 140	1 659	861	7	(538)	(396)	179	685	882	424	396	182	298	130	215	273	(16)	(107)	(72)	(1 685)	(1 637)
Cash Paid for Dividends	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(13)	(27)	(40)	(53)	(54)	(54)	(55)	(55)	(56)	(57)	(58)	(58)	(59)	(59)	(60)	(61)	(62)	(63)	(64)	(65)	(66)	(67)	(67)	(69)	(70)	(71)	(72)	(72)	(73)	(74)	(75)	(75)	(75)	(76)	(76)	(78)	(79)	(88)	(101)	(119)	(137)	(146)	(152)	(151)	(151)	(151)	(151)	(153)	(154)	(138)	(122)	(104)	(87)	(87)	(87)	(88)
Other	(52)	(46)	643	1 590	1 589	1 591	912	(55)	(55)	(56)	(56)	(36)	(36)	(38)	(40)	(44)	(47)	(51)	(52)	(49)	(50)	(32)	(25)	(26)	(12)	(39)	(45)	(107)	(120)	(119)	(119)	(73)	(74)	(65)	(73)	(86)	(93)	(103)	(100)	(83)	(60)	(36)	(17)	(26)	(30)	(106)	(106)	(75)	(69)	8	9	(1)	(8)	(14)	(12)	(11)	(4)	0	(1)	9	6	4	6	5	0	(2)	(5)	0	1	3	6	9	9	3	(17)	(57)	(72)	(89)	(100)	(72)	(59)	(39)	(13)	(30)	(36)	(45)	(57)	(83)	(85)	(121)	(119)	(103)	(114)	(126)	(509)	(493)
Cash from Financing Activities	(69) N/A	344 N/A	971 +182%	1 731 +78%	1 819 +5%	1 894 +4%	532 -72%	(588) N/A	(506) +14%	(219) +57%	0 N/A	48 +11 825%	66 +39%	(456) N/A	(214) +53%	(41) +81%	(226) -451%	(9) +96%	(129) -1 319%	(344) -166%	(229) +33%	(275) -20%	(169) +39%	(152) +10%	(224) -48%	(261) -16%	(298) -15%	(343) -15%	(333) +3%	(360) -8%	(344) +4%	(428) -24%	(423) +1%	(365) +14%	(340) +7%	(201) +41%	84 N/A	(216) N/A	(207) +4%	(168) +19%	(431) -157%	(100) +77%	(64) +36%	70 N/A	47 -34%	(29) N/A	(22) +23%	(144) -556%	(126) +13%	(70) +45%	(93) -33%	157 N/A	153 -3%	176 +15%	419 +139%	461 +10%	463 +0%	460 -1%	236 -49%	(59) N/A	(55) +7%	(68) -24%	(74) -9%	(77) -4%	(78) -1%	(81) -4%	(60) +26%	(32) +47%	(44) -38%	(47) -7%	(93) -98%	(220) -137%	(194) +12%	(83) +57%	417 N/A	957 +129%	1 902 +99%	1 083 -43%	875 -19%	321 -63%	28 -91%	599 +2 039%	443 -26%	613 +38%	162 -74%	143 -12%	(68) N/A	56 N/A	(112) N/A	(38) +66%	12 N/A	(277) N/A	(383) -38%	(360) +6%	(2 371) -559%	(2 347) +1%
Change in Cash
Net Change in Cash	42 N/A	(44) N/A	375 N/A	1 160 +209%	1 237 +7%	1 247 +1%	499 -60%	(361) N/A	(261) +28%	92 N/A	147 +60%	231 +56%	101 -56%	(249) N/A	1 N/A	(75) N/A	(87) -15%	104 N/A	(55) N/A	(83) -51%	105 N/A	64 -39%	290 +353%	161 -45%	33 -79%	(178) N/A	(314) -76%	(397) -26%	(454) -14%	(460) -1%	(228) +50%	(98) +57%	(103) -4%	(278) -171%	(380) -37%	(333) +12%	(43) +87%	189 N/A	187 -1%	222 +18%	33 -85%	43 +32%	9 -80%	177 +1 960%	128 -28%	633 +395%	122 -81%	90 -27%	106 +18%	(372) N/A	(138) +63%	(358) -159%	(238) +34%	(243) -2%	292 N/A	508 +74%	419 -18%	267 -36%	119 -55%	(85) N/A	(158) -86%	(108) +32%	(201) -86%	(282) -40%	(117) +59%	82 N/A	279 +240%	305 +9%	183 -40%	(36) N/A	(206) -472%	(453) -120%	(532) -17%	(255) +52%	235 N/A	978 +316%	645 -34%	(167) N/A	(335) -101%	(1 038) -210%	(483) +53%	86 N/A	(280) N/A	(15) +95%	(287) -1 813%	(212) +26%	(188) +11%	(129) +31%	(31) +76%	53 N/A	179 +238%	114 -36%	93 -18%	213 +129%	466 +119%	387 -17%
Free Cash Flow
Free Cash Flow	(112) N/A	(66) +41%	(87) -32%	(91) -4%	(131) -45%	(214) -64%	(72) +66%	195 N/A	169 -13%	241 +43%	116 -52%	(9) N/A	18 N/A	195 +996%	204 +4%	158 -23%	212 +34%	96 -55%	101 +5%	170 +68%	256 +51%	335 +31%	328 -2%	241 -26%	222 -8%	124 -44%	76 -39%	114 +51%	36 -69%	71 +99%	317 +347%	440 +39%	446 +1%	471 +6%	369 -22%	337 -9%	448 +33%	358 -20%	385 +7%	284 -26%	148 -48%	84 -43%	(13) N/A	110 N/A	140 +28%	241 +72%	(113) N/A	(389) -243%	(505) -30%	(551) -9%	(253) +54%	(405) -60%	(170) +58%	(202) -19%	(178) +11%	(11) +94%	(113) -925%	(71) +37%	32 N/A	146 +352%	69 -53%	143 +107%	157 +10%	91 -42%	164 +80%	163 -1%	233 +43%	241 +3%	330 +37%	252 -24%	119 -53%	59 -50%	(123) N/A	56 N/A	68 +21%	194 +185%	149 -23%	22 -85%	79 +259%	(28) N/A	137 N/A	156 +14%	(58) N/A	(6) +90%	(401) -6 583%	(329) +18%	(96) +71%	(69) +28%	205 N/A	221 +8%	192 -13%	261 +36%	329 +26%	407 +24%	291 -28%	199 -32%

Income Statement Balance Sheet Cash Flow Statement

Telephone and Data Systems Inc
NYSE:TDS

Cash Flow Statement

Cash Flow Statement
Telephone and Data Systems Inc

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Telephone and Data Systems Inc NYSE:TDS

Cash Flow Statement

Cash Flow Statement Telephone and Data Systems Inc

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Telephone and Data Systems Inc
NYSE:TDS

Cash Flow Statement
Telephone and Data Systems Inc