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.

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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.

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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 Telecom			Previous			Current
(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-$675			Approx. $750
Array			Previous			Current
(Dollars in millions)
Total operating revenues			$205-$215			Unchanged
Adjusted OIBDA1 (Non-GAAP)			$60-$75			Unchanged
Adjusted EBITDA1 (Non-GAAP)			$220-$235			Unchanged
Capital expenditures			$25-$35			Unchanged

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 Telecom						Array
(Dollars in millions)
Net income from continuing operations (GAAP)			N/A						N/A
Add back:
Income tax expense			N/A						N/A
Income (loss) before income taxes (GAAP)			($40)-($20)						$775-$790
Add back:
Interest expense			—						45
Depreciation, amortization and accretion expense			330						50
EBITDA (Non-GAAP)1			$290-$310						$870-$885
Add back or deduct:
(Gain) loss on license sales and exchanges, net			—						(585)
Short-term imputed spectrum lease income			—						(65)
Adjusted EBITDA (Non-GAAP)1			$290-$310						$220-$235
Deduct:
Equity in earnings of unconsolidated entities			—						145
Interest and dividend income			5						15
Other, net			5						—
Adjusted OIBDA (Non-GAAP)1			$280-$300						$60-$75

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			Actual Results
			Nine Months Ended September 30, 2026												Year Ended December 31, 2025
			TDS Telecom						Array						TDS Telecom						Array
(Dollars in millions)
Net income (loss) from continuing operations (GAAP)			$	(16)					$	587					$	28					$	172
Add back:
Income tax expense (benefit)			(7)						138						10						(31)
Income (loss) before income taxes (GAAP)			$	(23)					$	726					$	38					$	141
Add back:
Interest expense			—						29						(7)						28
Depreciation, amortization and accretion expense			222						40						300						48
EBITDA (Non-GAAP)1			$	199					$	795					$	331					$	218
Add back or deduct:
Expenses related to strategic alternatives review			4						14						6						2
(Gain) loss on impairment of intangible assets			—						—						1						48
(Gain) loss on asset disposals, net			7						6						15						2
(Gain) loss on sale of business and other exit costs, net			1						—						(23)						—
(Gain) loss on license sales and exchanges, net			(2)						(566)						—						(6)
Short-term imputed spectrum lease income			—						(66)						—						(69)
Adjusted EBITDA (Non-GAAP)1			$	210					$	182					$	330					$	194
Deduct:
Equity in earnings of unconsolidated entities			—						116						—						174
Interest and dividend income			4						15						6						19
Other, net			3						—						5						—
Adjusted OIBDA (Non-GAAP)1			$	203					$	51					$	319					$	1

Numbers may not foot due to rounding.

1EBITDA, Adjusted EBITDA and Adjusted OIBDA are defined as net income from continuing operations adjusted for the items set forth in the reconciliation above. EBITDA, Adjusted EBITDA and Adjusted OIBDA are not measures of financial performance under Generally Accepted Accounting Principles in the United States (GAAP) and should not be considered as alternatives to Net income or Cash flows from operating activities, as indicators of cash flows or as measures of liquidity. TDS does not intend to imply that any such items set forth in the reconciliation above are infrequent or unusual; such items may occur in the future. Management uses Adjusted EBITDA and Adjusted OIBDA as measurements of profitability, and therefore reconciliations to Net income are deemed appropriate. Management believes Adjusted EBITDA and Adjusted OIBDA are useful measures of TDS’ operating results before significant recurring non-cash charges, expenses related to the strategic alternatives review, gains and losses, and other items as presented above as they provide additional relevant and useful information to investors and other users of TDS’ financial data in evaluating the effectiveness of its operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance. Adjusted EBITDA shows adjusted earnings before interest, taxes, depreciation, amortization and accretion, gains and losses, expenses related to the strategic alternatives review and short-term imputed spectrum lease income, while Adjusted OIBDA reduces this measure further to exclude Equity in earnings of unconsolidated entities and Interest and dividend income in order to more effectively show the performance of operating activities excluding investment activities.

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Conference Call Information

TDS will hold a conference call on November 6, 2026 at 9:00 a.m. CT.

▪Access the live call on the Events & Presentations page of investors.tdsinc.com or at

https://events.q4inc.com/attendee/505221542

Before the call, certain financial and statistical information to be discussed during the call will be posted to investors.tdsinc.com. The call will be archived on the Events & Presentations page of investors.tdsinc.com. 

About TDS

Telephone and Data Systems, Inc. (TDS) provides broadband, video, voice and wireless services through its TDS Telecom business. Array leases tower space to tenants and provides ancillary services, holds noncontrolling interests in primarily wireless operating companies and holds certain wireless spectrum licenses. Founded in 1969, TDS is headquartered in Chicago.

Visit investors.tdsinc.com for comprehensive financial information, including earnings releases, quarterly and annual filings, shareholder information and more.

Contacts

John Toomey, Treasurer and Vice President - Corporate Relations

john.toomey@tdsinc.com

Karen Samples, Corporate Finance and Investor Relations Senior Manager

karen.samples@tdsinc.com

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release about Telephone and Data Systems, Inc., including its subsidiaries Array and TDS Telecom, except historical and factual information, represents forward-looking statements. This includes all statements about TDS' plans, beliefs, estimates and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: the manner in which Array's remaining business is conducted; strategic decisions regarding the tower business; whether the additional spectrum license sales to T-Mobile are consummated; whether Array can monetize its remaining spectrum assets; intense competition, including fixed wireless and satellite; economic and business risks associated with fixed rate annual escalators on colocation revenue contracts; Array's reliance on a small number of tenants for a substantial portion of its revenue; the ability to attract people of outstanding talent throughout all levels of the organization; TDS' lack of scale relative to larger competitors; TDS' inability to protect rights to the land under its towers; changes in demand, consumer preferences and perceptions, price competition, or cost; advances or changes in technology; impacts of costs, integration issues or other factors associated with acquisitions, divestitures or exchanges of properties and/or expansion of TDS’ businesses; the ability of TDS to successfully construct and manage its networks; difficulties involving third parties with which TDS does business; uncertainties in TDS’ future cash flows and liquidity and access to the capital markets; the ability to make payments on TDS and Array indebtedness or comply with the terms of debt covenants; conditions in the U.S. telecommunications industry; the value of assets and investments, including significant investments in wireless operating entities that Array does not control; the state and federal regulatory environment, including changes in regulatory support received and the ability to pass through certain regulatory fees to customers; pending and future litigation; cyber-attacks or other breaches of network or information technology security; control by the TDS Voting Trust; disruption in credit or other financial markets; deterioration of U.S. or global economic conditions; and extreme weather events. Investors are encouraged to consider these and other risks and uncertainties that are more fully described under “Risk Factors” in the most recent filing of TDS’ Form 10-K as updated by any TDS Form 10-Q filed subsequent to such Form 10-K.

For more information about TDS and its subsidiaries, visit:

TDS: www.tdsinc.com 

TDS Telecom: www.tdstelecom.com

Array: investors.arrayinc.com

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TDS Telecom
Summary Operating Data (Unaudited)
As of or for the Quarter Ended			9/30/2026						6/30/2026						3/31/2026						12/31/2025						9/30/2025
Residential connections
Broadband
Incumbent Fiber			144,100						134,300						130,200						127,300						123,500
Incumbent Copper			71,100						77,700						84,200						91,200						102,000
Expansion Fiber			191,200						179,600						168,500						160,600						150,700
Cable			173,200						176,100						179,100						182,800						186,100
Total Broadband			579,600						567,700						561,900						561,900						562,400
Video			104,000						105,600						107,200						111,500						114,300
Voice			204,100						209,300						216,900						228,900						242,200
Wireless			10,500						8,100						5,300						3,300						2,200
Total Residential connections			898,200						890,700						891,400						905,600						921,100
Commercial connections			162,600						163,600						166,500						173,900						180,300
Total connections1			1,060,800						1,054,200						1,058,000						1,079,500						1,101,300
Total residential fiber net adds			16,700						15,100						10,900						15,100						11,200
Total residential broadband net adds			7,200						5,700						100						4,500						4,600
Residential fiber churn2			1.3		%				1.2		%				1.3		%				1.2		%				1.5		%
Total residential broadband churn			1.7		%				1.7		%				1.8		%				1.6		%				1.7		%
Residential revenue per connection3			$	66.88					$	66.50					$	66.41					$	65.95					$	65.66
Capital expenditures (thousands)			$	251,463					$	179,197					$	125,963					$	154,904					$	102,429

Numbers may not foot due to rounding.

1Divestiture in December 2025 resulted in a decrease of 12,500 connections, including 5,100 residential broadband connections. Acquisition in September 2026 resulted in an increase of 7,800 connections, including 4,700 residential broadband connections.

2Residential fiber churn represents the percentage of incumbent and expansion fiber connections that disconnected service each month. These rates represent the average monthly churn rate for each respective period.

3Total residential revenue per connection is calculated by dividing total residential revenue by the average number of residential connections and by the number of months in the period.

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Array Digital Infrastructure, Inc.
Summary Operating Data (Unaudited)
As of or for the Quarter Ended			9/30/2026						6/30/2026						3/31/2026						12/31/2025						9/30/2025
Capital expenditures from continuing operations (thousands)			$	3,915					$	3,895					$	8,645					$	12,933					$	7,927
Owned towers			4,455						4,456						4,452						4,450						4,449
Number of colocations1			4,372						4,362						4,290						4,572						4,517
Tower tenancy rate2			0.98						0.98						0.96						1.03						1.02

1Represents instances where a third-party leases space on a company-owned tower. Includes T-Mobile MLA committed site minimum of 2,015. Excludes Interim Sites whereby T-Mobile is leasing up to 1,800 sites for a period of up to 30 months subject to the terms and conditions of the MLA. As of March 31, 2026, the Number of colocations and the Tower tenancy rate exclude DISH Wireless.

2Calculated as total number of colocations divided by total number of towers. Includes T-Mobile MLA committed site minimum of 2,015. Excludes Interim Sites whereby T-Mobile is leasing up to 1,800 sites for a period of up to 30 months subject to the terms and conditions of the MLA. As of March 31, 2026, the Number of colocations and the Tower tenancy rate exclude DISH Wireless. Normalized to exclude DISH, tenancy ratios would have been 0.95 and 0.94 for December 31, 2025 and September 30, 2025, respectively.

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Telephone and Data Systems, Inc.
Consolidated Statement of Operations Highlights
(Unaudited)
			Three Months Ended September 30,																		Nine Months Ended September 30,
			2026						2025						2026 vs. 2025						2026						2025						2026 vs. 2025
(Dollars and shares in thousands, except per share amounts)
Operating revenues
TDS Telecom			$	247,265					$	255,111					(3)		%				$	745,243					$	777,403					(4)		%
Array			53,870						47,119						14		%				159,952						102,632						56		%
All Other1			5,559						6,291						(12)		%				20,230						17,460						16		%
Total operating revenues			306,694						308,521						(1)		%				925,425						897,495						3		%
Operating expenses
TDS Telecom			264,736						263,403						1		%				774,723						771,865						—
Array			56,196						100,432						(44)		%				(397,770)						203,761						N/M
All Other1			15,775						12,660						25		%				61,456						36,084						70		%
Total operating expenses			336,707						376,495						(11)		%				438,409						1,011,710						(57)		%
Operating income (loss)
TDS Telecom			(17,471)						(8,292)						N/M						(29,480)						5,538						N/M
Array			(2,326)						(53,313)						96		%				557,722						(101,129)						N/M
All Other1			(10,216)						(6,369)						(60)		%				(41,226)						(18,624)						N/M
Total operating income (loss)			(30,013)						(67,974)						56		%				487,016						(114,215)						N/M
Other income (expense)
Equity in earnings of unconsolidated entities			41,414						69,838						(41)		%				120,442						149,309						(19)		%
Interest and dividend income			22,001						15,663						40		%				55,418						28,044						98		%
Interest expense			(11,575)						(47,278)						76		%				(28,284)						(100,352)						72		%
Short-term imputed spectrum lease income			7,669						30,413						(75)		%				65,639						30,413						N/M
Other, net			4,523						5,347						(15)		%				15,320						10,464						46		%
Total other income			64,032						73,983						(13)		%				228,535						117,878						94		%
Income before income taxes			34,019						6,009						N/M						715,551						3,663						N/M
Income tax expense (benefit)			(25,869)						(72,772)						64		%				134,950						(85,119)						N/M
Net income from continuing operations			59,888						78,781						(24)		%				580,601						88,782						N/M
Less: Net income from continuing operations attributable to noncontrolling interests, net of tax			12,999						21,236						(39)		%				109,142						25,903						N/M
Net income from continuing operations attributable to TDS shareholders			46,889						57,545						(19)		%				471,459						62,879						N/M
Net income (loss) from discontinued operations			(1,173)						(151,899)						99		%				21,510						(132,150)						N/M
Less: Net income (loss) from discontinued operations attributable to noncontrolling interests, net of tax			(144)						(12,604)						99		%				4,148						(6,563)						N/M
Net income (loss) from discontinued operations attributable to TDS shareholders			(1,029)						(139,295)						99		%				17,362						(125,587)						N/M
Net income (loss)			58,715						(73,118)						N/M						602,111						(43,368)						N/M
Less: Net income attributable to noncontrolling interests, net of tax			12,855						8,632						49		%				113,290						19,340						N/M
Net income (loss) attributable to TDS shareholders			45,860						(81,750)						N/M						488,821						(62,708)						N/M
TDS Preferred Share dividends			17,306						17,306						—						51,919						51,919						—
Net income (loss) attributable to TDS common shareholders			$	28,554					$	(99,056)					N/M						$	436,902					$	(114,627)					N/M

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Telephone and Data Systems, Inc.
Consolidated Statement of Operations Highlights
(Unaudited)
			Three Months Ended September 30,																		Nine Months Ended September 30,
			2026						2025						2026 vs. 2025						2026						2025						2026 vs. 2025
(Dollars and shares in thousands, except per share amounts)
Basic weighted average shares outstanding			114,374						116,126						(2)		%				114,254						115,318						(1)		%
Basic earnings per share from continuing operations attributable to TDS common shareholders			$	0.26					$	0.35					(25)		%				$	3.67					$	0.10					N/M
Basic earnings (loss) per share from discontinued operations attributable to TDS common shareholders			$	(0.01)					$	(1.20)					99		%				$	0.15					$	(1.09)					N/M
Basic earnings (loss) per share attributable to TDS common shareholders			$	0.25					$	(0.85)					N/M						$	3.82					$	(0.99)					N/M
Diluted weighted average shares outstanding			115,000						118,844						(3)		%				115,965						118,786						(2)		%
Diluted earnings per share from continuing operations attributable to TDS common shareholders			$	0.26					$	0.33					(23)		%				$	3.62					$	0.07					N/M
Diluted earnings (loss) per share from discontinued operations attributable to TDS common shareholders			$	(0.01)					$	(1.17)					99		%				$	0.15					$	(1.06)					N/M
Diluted earnings (loss) per share attributable to TDS common shareholders			$	0.25					$	(0.84)					N/M						$	3.77					$	(0.99)					N/M

N/M - Percentage change not meaningful.

1Consists of corporate and other operations and intercompany eliminations.

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Telephone and Data Systems, Inc.
Consolidated Statement of Cash Flows
(Unaudited)
			Nine Months Ended September 30,
			2026						2025
(Dollars in thousands)
Cash flows from operating activities
Net income (loss)			$	602,111					$	(43,368)
Net income (loss) from discontinued operations			21,510						(132,150)
Net income from continuing operations			580,601						88,782
Add (deduct) adjustments to reconcile net income to net cash flows from operating activities
Depreciation, amortization and accretion			264,889						262,095
Bad debts expense			6,026						5,951
Stock-based compensation expense			12,538						22,336
Deferred income taxes, net			(121,706)						(80,486)
Equity in earnings of unconsolidated entities			(120,442)						(149,309)
Distributions from unconsolidated entities			89,584						149,732
Loss on impairment of licenses			—						47,679
(Gain) loss on asset disposals, net			13,077						8,524
(Gain) loss on sale of business and other exit costs, net			1,046						(6,032)
(Gain) loss on license sales and exchanges, net			(553,140)						(6,123)
Other operating activities			463						19,451
Changes in assets and liabilities from operations
Accounts receivable			(1,558)						(8,023)
Inventory			875						14
Accounts payable			6,788						29,225
Customer deposits and deferred revenues			(64,671)						(31,105)
Accrued taxes			(5,834)						(22,974)
Accrued interest			259						(3,741)
Other assets and liabilities			(64,069)						(101,156)
Net cash provided by operating activities - continuing operations			44,726						224,840
Net cash provided by (used in) operating activities - discontinued operations			(29,554)						345,473
Net cash provided by operating activities			15,172						570,313
Cash flows from investing activities
Cash paid for additions to property, plant and equipment			(515,583)						(262,059)
Cash paid for acquisitions and licenses			(25,092)						(4,175)
Cash received from divestitures			2,188,235						29,389
Other investing activities			2,749						3,168
Net cash provided by (used in) investing activities - continuing operations			1,650,309						(233,677)
Net cash provided by investing activities - discontinued operations			—						2,462,399
Net cash provided by investing activities			1,650,309						2,228,722
Cash flows from financing activities
Issuance of long-term debt			1,300						325,000
Repayment of long-term debt			(153,104)						(1,961,844)
Tax withholdings, net of cash receipts, for TDS stock-based compensation awards			(32,724)						(1,234)
Tax withholdings, net of cash receipts, for Array stock-based compensation awards			(2,068)						(63,506)
Repurchase of TDS Common Shares			(205,057)						(40,697)
Repurchase of Array Common Shares			—						(21,360)
Dividends paid to TDS shareholders			(65,610)						(65,801)
Array dividends paid to noncontrolling public shareholders			(332,480)						(358,579)
Payment of debt issuance costs			—						(6,459)
Distributions to noncontrolling interests			(3,964)						(21,131)
Cash paid for software license agreements			(1,943)						(1,436)
Payments to acquire additional interest in subsidiaries			(593)						—
Other financing activities			212						(7,481)
Net cash used in financing activities - continuing operations			(796,031)						(2,224,528)
Net cash used in financing activities - discontinued operations			—						(20,537)
Net cash used in financing activities			$	(796,031)					$	(2,245,065)

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Telephone and Data Systems, Inc.
Consolidated Statement of Cash Flows
(Unaudited)
			Nine Months Ended September 30,
			2026						2025
(Dollars in thousands)
Net increase in cash, cash equivalents and restricted cash			$	869,450					$	553,970
Cash, cash equivalents and restricted cash
Beginning of period			770,150						383,222
End of period			$	1,639,600					$	937,192

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Telephone and Data Systems, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
ASSETS
			September 30, 2026						December 31, 2025
(Dollars in thousands)
Current assets
Cash and cash equivalents			$	1,635,402					$	765,952
Accounts receivable, net			101,433						109,981
Inventory, net			3,187						4,062
Prepaid expenses			35,232						28,206
Income taxes receivable			5,012						1,292
Other current assets			12,967						13,976
Total current assets			1,793,233						923,469
Non-current assets held for sale			57,836						1,598,131
Licenses			1,585,374						1,642,972
Goodwill			6,403						—
Other intangible assets, net			110,231						131,673
Investments in unconsolidated entities			493,930						461,922
Property, plant and equipment, net			3,346,706						2,965,455
Operating lease right-of-use assets			497,077						515,081
Other assets and deferred charges			176,512						159,600
Total assets			$	8,067,302					$	8,398,303

12

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Telephone and Data Systems, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
LIABILITIES AND EQUITY
			September 30, 2026						December 31, 2025
(Dollars in thousands, except per share amounts)
Current liabilities
Current portion of long-term debt			$	9,269					$	5,274
Accounts payable			196,646						115,822
Customer deposits and deferred revenues			58,803						125,140
Accrued interest			3,094						2,836
Accrued taxes			26,926						46,721
Accrued compensation			46,657						56,774
Short-term operating lease liabilities			27,404						26,180
Current liabilities of discontinued operations			24,304						20,242
Other current liabilities			54,211						41,322
Total current liabilities			447,314						440,311
Deferred liabilities and credits
Deferred income tax liability, net			615,486						743,633
Long-term operating lease liabilities			532,555						549,617
Other deferred liabilities and credits			579,376						574,025
Long-term debt, net			668,736						823,364
Total equity			5,223,835						5,267,353
Total liabilities and equity			$	8,067,302					$	8,398,303

13

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Balance Sheet Highlights
(Unaudited)
			September 30, 2026
			TDS												TDS Corporate						Intercompany						TDS
			Telecom						Array						& Other						Eliminations						Consolidated
(Dollars in thousands)
Cash and cash equivalents			$	66,276					$	233,568					$	1,398,955					$	(63,397)					$	1,635,402
Licenses, goodwill and other intangible assets			$	116,787					$	1,584,674					$	547					$	—					$	1,702,008
Investment in unconsolidated entities			4,419						439,585						61,259						(11,333)						493,930
			$	121,206					$	2,024,259					$	61,806					$	(11,333)					$	2,195,938
Property, plant and equipment, net			$	2,947,663					$	384,149					$	14,894					$	—					$	3,346,706
Long-term debt, net:
Current portion			$	167					$	8,125					$	977					$	—					$	9,269
Non-current portion			2,741						665,016						979						—						668,736
			$	2,908					$	673,141					$	1,956					$	—					$	678,005

14

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TDS Telecom Highlights
(Unaudited)
			Three Months Ended September 30,																		Nine Months Ended September 30,
			2026						2025						2026 vs. 2025						2026						2025						2026 vs. 2025
(Dollars in thousands)
Operating revenues
Residential
Incumbent			$	74,948					$	81,910					(8)		%				$	228,108					$	252,168					(10)		%
Expansion			48,310						39,610						22		%				137,528						110,596						24		%
Cable			55,909						60,231						(7)		%				169,891						186,253						(9)		%
Total residential			179,167						181,751						(1)		%				535,527						549,017						(2)		%
Commercial			32,451						34,066						(5)		%				98,022						103,317						(5)		%
Wholesale			35,588						39,153						(9)		%				111,522						124,534						(10)		%
Total service revenues			247,206						254,970						(3)		%				745,071						776,868						(4)		%
Equipment revenues			59						141						(58)		%				172						535						(68)		%
Total operating revenues			247,265						255,111						(3)		%				745,243						777,403						(4)		%
Cost of operations (excluding Depreciation, amortization and accretion reported below)			103,180						102,253						1		%				300,944						300,265						—
Cost of equipment and products			173						182						(5)		%				402						562						(28)		%
Selling, general and administrative			84,648						79,201						7		%				244,747						244,905						—
Depreciation, amortization and accretion			75,985						78,901						(4)		%				222,127						223,478						(1)		%
(Gain) loss on asset disposals, net			1,265						22						N/M						7,057						7,890						(11)		%
(Gain) loss on sale of business and other exit costs, net			(515)						2,844						N/M						1,046						(5,235)						N/M
(Gain) loss on license sales and exchanges, net			—						—						—						(1,600)						—						N/M
Total operating expenses			264,736						263,403						1		%				774,723						771,865						—
Operating income (loss)			$	(17,471)					$	(8,292)					N/M						$	(29,480)					$	5,538					N/M

N/M - Percentage change not meaningful

15

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Array Digital Infrastructure, Inc. Highlights

(Unaudited)

			Three Months Ended September 30,																		Nine Months Ended September 30,
			2026						2025						2026 vs. 2025						2026						2025						2026 vs. 2025
(Dollars in thousands)
Operating revenues
Site rental			$	52,475					$	45,838					14		%				$	156,674					$	99,663					57		%
Services			1,395						1,281						9		%				3,278						2,969						10		%
Total operating revenues			53,870						47,119						14		%				159,952						102,632						56		%
Operating expenses
Cost of operations (excluding Depreciation, amortization and accretion reported below)			23,349						20,976						11		%				68,455						56,662						21		%
Selling, general and administrative			18,200						20,525						(11)		%				53,851						69,063						(22)		%
Depreciation, amortization and accretion			13,405						11,868						13		%				40,437						35,860						13		%
Loss on impairment of licenses			—						47,679						N/M						—						47,679						N/M
(Gain) loss on asset disposals, net			1,233						707						74		%				5,946						620						N/M
(Gain) loss on license sales and exchanges, net			9						(1,323)						N/M						(566,459)						(6,123)						N/M
Total operating expenses			56,196						100,432						(44)		%				(397,770)						203,761						N/M
Operating income (loss)			$	(2,326)					$	(53,313)					96		%				$	557,722					$	(101,129)					N/M

N/M - Percentage change not meaningful

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Telephone and Data Systems, Inc.

Financial Measures

(Unaudited)

Free Cash Flow

									Nine Months Ended September 30,
TDS CONSOLIDATED															2026						2025
(Dollars in thousands)
Cash flows from operating activities - continuing operations (GAAP)															$	44,726					$	224,840
Cash paid for additions to property, plant and equipment															(515,583)						(262,059)
Cash paid for software license agreements															(1,943)						(1,436)
Free cash flow - continuing operations (Non-GAAP)1															$	(472,800)					$	(38,655)

1Free cash flow is a non-GAAP financial measure which TDS believes may be useful to investors and other users of its financial information in evaluating liquidity, specifically, the amount of net cash generated by business operations after deducting Cash paid for additions to property, plant and equipment and Cash paid for software license agreements.

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Telephone and Data Systems, Inc.

EBITDA, Adjusted EBITDA, Adjusted OIBDA and AFCF Reconciliations

(Unaudited)

EBITDA, Adjusted EBITDA and Adjusted OIBDA

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

			Three Months Ended September 30,												Nine Months Ended September 30,
TDS Telecom			2026						2025						2026						2025
(Dollars in thousands)
Net income (loss) (GAAP)			$	(11,954)					$	(282)					$	(15,900)					$	19,329
Add back:
Income tax expense (benefit)			(3,306)						(2,748)						(7,305)						561
Income (loss) before income taxes (GAAP)			(15,260)						(3,030)						(23,205)						19,890
Add back:
Interest expense			155						(1,743)						330						(4,168)
Depreciation, amortization and accretion			75,985						78,901						222,127						223,478
EBITDA (Non-GAAP)			60,880						74,128						199,252						239,200
Add back or deduct:
Expenses related to strategic alternatives review			4,229						3,497						4,316						3,497
(Gain) loss on asset disposals, net			1,265						22						7,057						7,890
(Gain) loss on sale of business and other exit costs, net			(515)						2,844						1,046						(5,235)
(Gain) loss on license sales and exchanges, net			—						—						(1,600)						—
Adjusted EBITDA (Non-GAAP)			65,859						80,491						210,071						245,352
Deduct:
Equity in earnings of unconsolidated entities			2						3						2						4
Interest and dividend income			2,126						1,824						3,734						4,918
Other, net			238						1,692						2,869						5,262
Adjusted OIBDA (Non-GAAP)			$	63,493					$	76,972					$	203,466					$	235,168

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			Three Months Ended September 30,												Nine Months Ended September 30,
Array			2026						2025						2026						2025
(Dollars in thousands)
Net income from continuing operations (GAAP)			$	69,978					$	109,920					$	587,449					$	130,503
Add back:
Income tax expense (benefit)			(30,121)						(62,701)						138,147						(54,479)
Income before income taxes (GAAP)			39,857						47,219						725,596						76,024
Add back:
Interest expense			10,972						8,855						29,013						16,233
Depreciation, amortization and accretion			13,405						11,868						40,437						35,860
EBITDA (Non-GAAP)			64,234						67,942						795,046						128,117
Add back or deduct:
Expenses related to strategic alternatives review			5,934						489						13,512						2,349
Loss on impairment of licenses			—						47,679						—						47,679
(Gain) loss on asset disposals, net			1,233						707						5,946						620
(Gain) loss on license sales and exchanges, net			9						(1,323)						(566,459)						(6,123)
Short-term imputed spectrum lease income			(7,669)						(30,413)						(65,639)						(30,413)
Adjusted EBITDA (Non-GAAP)			63,741						85,081						182,406						142,229
Deduct:
Equity in earnings of unconsolidated entities			41,009						69,811						116,144						147,453
Interest and dividend income			4,442						8,909						15,095						15,267
Other, net			35						254						9						253
Adjusted OIBDA (Non-GAAP)			$	18,255					$	6,107					$	51,158					$	(20,744)

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Array Adjusted Free Cash Flow (AFCF)

AFCF is a non-GAAP measure defined as Net income from continuing operations adjusted for the items set forth in the reconciliation below. AFCF is not a measure of financial performance under GAAP and should not be considered as an alternative to Net income from continuing operations or as an indicator of cash flows.

Management believes AFCF is a useful measure of Array’s cash generated from operations and its noncontrolling investment interests. The following table reconciles AFCF to the corresponding GAAP measure, Net income from continuing operations. This measure is presented following the sale of Array's wireless operations to T-Mobile on August 1, 2025, at which time the primary business operations for Array changed from providing wireless communications services to a standalone tower company.

									Nine Months Ended September 30, 2026
(Dollars in thousands)
Net income from continuing operations - Array (GAAP)									$	587,449
Add back or deduct:
Income tax expense									138,147
Cash paid for income taxes1									(274,270)
Stock-based compensation expense									879
Short-term imputed spectrum lease income									(65,639)
Amortization of deferred debt charges									991
Equity in earnings of unconsolidated entities									(116,144)
Distributions from unconsolidated entities									89,584
(Gain) loss on license sales and exchanges, net									(566,459)
(Gain) loss on asset disposals, net									5,946
Depreciation, amortization and accretion									40,437
Expenses related to strategic alternatives review									13,512
Straight line and other non-cash revenue adjustments									(14,327)
Straight line expense adjustment									3,070
Maintenance and other capital expenditures									(5,172)
Adjusted Free Cash Flow from continuing operations - Array (Non-GAAP)									$	(161,996)

1Substantially all of the cash paid for income taxes are related to the sale of various wireless spectrum licenses in 2026.

20