TDSNYSETelephone Communications (No Radiotelephone)Fiscal year ends December 31Also trades as TDS.PU, TDS.PV
TELEPHONE & DATA SYSTEMS INC /DE/
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 7, 2026
$33.26−0.64 (-1.89%)
Close on Oct 19, 2026
- Market cap
- $3.87B
- P/E (TTM)
- 11.1
- Dividend yield
- 0.48%
Ownership
Institutional holdings as of Jun 30, 2026, from 13F filings
Held by institutions
99.3%
107M of 108M shares
Institutional holders
349
54 new, 54 sold out
Net institutional buying
6M
In Q2 2026
Insider trades, 12 months
0 buys · 4 sales
Net sold $3.88M
Shares held by institutions
Holders of more than 5%
Latest Schedule 13D (active) or 13G (passive) filed by each holder
| Holder | Shares | % of class | Filing | As of |
|---|---|---|---|---|
| Vanguard Portfolio Management | 6,303,052 | 5.92% | 13G (passive) | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 6,289,726 | 5.90% | 13G (passive) | Sep 30, 2024 |
| Daniel S. Loeb | 6,000,000 | 5.70% | 13G (passive) | Dec 17, 2024 |
| Picton Mahoney Asset Management | 1,880,616 | 11.20% | 13G (passive) amendment | Jun 30, 2026 |
| BlackRock, Inc. | 14,766,736 | 13.80% | 13G (passive) amendment | Mar 31, 2025 |
| The Trustees of Amendment and Restatement (dated as of April 22, 2005) of Voting Trust under Agreement dated as of June 30, 1989 | 13,519,478 | 11.70% | 13D (active) amendment | Sep 1, 2026 |
| Telephone & Data Systems Inc Voting Trust 1989 | 13,512,313 | 11.70% | 13D (active) amendment | Aug 1, 2025 |
Top institutional holders
13F holdings as of Jun 30, 2026
| Holder | Shares | % of TDS | Value | Change | % of portfolio |
|---|---|---|---|---|---|
| BlackRock, Inc. | 15,768,166 | 14.65% | $583.58M | +845,852 | 0.01% |
| Dimensional Fund Advisors LP | 6,342,746 | 5.89% | $234.75M | −139,401 | 0.04% |
| Third Point LLC | 6,275,000 | 5.83% | $232.24M | −325,000 | 4.96% |
| Vanguard Portfolio Management LLC | 5,790,808 | 5.38% | $214.32M | −465,487 | 0.01% |
| Carronade Capital Management, LP | 5,319,175 | 4.94% | $196.86M | +695,241 | 3.41% |
| Oaktree Capital Management LP | 5,282,905 | 4.91% | $195.52M | +990,662 | 2.71% |
| American Century Companies Inc | 4,720,830 | 4.39% | $174.72M | +1,032,216 | 0.08% |
| State Street Corp | 4,430,551 | 4.12% | $163.97M | +239,111 | 0.00% |
| Vanguard Capital Management LLC | 4,154,077 | 3.86% | $153.74M | −150,665 | 0.00% |
| Geode Capital Management, LLC | 2,847,613 | 2.65% | $105.41M | +443,102 | 0.01% |
| Goldman Sachs Group Inc | 2,502,233 | 2.33% | $92.61M | +305,411 | 0.01% |
| Davidson Kempner Capital Management LP | 2,004,506 | 1.86% | $74.19M | +592,806 | 0.88% |
| UBS Group AG | 1,931,686 | 1.80% | $71.49M | +1,125,693 | 0.01% |
| Diameter Capital Partners LP | 1,675,955 | 1.56% | $62.03M | New | 5.00% |
| Morgan Stanley | 1,576,007 | 1.46% | $58.33M | −122,557 | 0.00% |
| Gabelli Funds LLC | 1,527,900 | 1.42% | $56.55M | +8,900 | 0.36% |
| Goldentree Asset Management LP | 1,518,180 | 1.41% | $56.09M | +1,002,180 | 3.26% |
| Gamco Investors, Inc. Et Al | 1,490,973 | 1.39% | $55.18M | −15,038 | 0.50% |
| Foursixthree Capital LP | 1,405,682 | 1.31% | $52.02M | +464,755 | 10.73% |
| Redwood Capital Management, LLC | 1,275,282 | 1.19% | $47.20M | – | 5.09% |
Institutional buying and selling by quarter
Positions opened, added to, reduced and closed by 13F filers
| Quarter | Holders | Shares held | % of shares | New / added | Reduced / closed | Shares bought | Shares sold |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 349 | 107M | 99.3% | 54 / 129 | 114 / 54 | 14M | 9M |
| Q1 2026 | 356 | 101M | 94.1% | 58 / 123 | 123 / 40 | 19M | 9M |
| Q4 2025 | 343 | 102M | 94.9% | 62 / 120 | 116 / 35 | 7M | 11M |
| Q3 2025 | 321 | 105M | 97.9% | 42 / 106 | 127 / 29 | 14M | 11M |
| Q2 2025 | 311 | 102M | 94.8% | 37 / 112 | 120 / 31 | 10M | 7M |
| Q1 2025 | 306 | 99M | 91.7% | 44 / 102 | 120 / 36 | 11M | 8M |
| Q4 2024 | 301 | 97M | 90.3% | 67 / 80 | 121 / 39 | 13M | 10M |
| Q3 2024 | 276 | 95M | 88.1% | 40 / 88 | 115 / 18 | 27M | 8M |
| Q2 2024 | 256 | 93M | 86.1% | 44 / 96 | 84 / 37 | 10M | 13M |
| Q1 2024 | 255 | 96M | 89.3% | 23 / 90 | 107 / 29 | 9M | 6M |
| Q4 2023 | 263 | 93M | 86.4% | 34 / 84 | 105 / 28 | 10M | 8M |
| Q3 2023 | 258 | 91M | 84.8% | 61 / 73 | 97 / 33 | 15M | 18M |
Top mutual fund and ETF holders
Latest monthly portfolio reports (Form N-PORT)
| Fund | Shares | % of TDS | Value | % of fund | As of |
|---|---|---|---|---|---|
| iShares Core S&P Small-Cap ETF | 5,828,131 | 5.42% | $215.70M | 0.19% | Jun 30, 2026 |
| Avantis U.S. Small Cap Value ETF | 3,827,381 | 3.56% | $149.69M | 0.55% | May 31, 2026 |
| Vanguard Total Stock Market Index Fund | 2,871,510 | 2.67% | $106.27M | 0.00% | Jun 30, 2026 |
| iShares Russell 2000 ETF | 2,574,555 | 2.39% | $95.28M | 0.11% | Jun 30, 2026 |
| Vanguard Small-Cap Index Fund | 2,074,269 | 1.93% | $76.77M | 0.04% | Jun 30, 2026 |
| U.S. Small Cap Value Portfolio | 1,558,208 | 1.45% | $52.32M | 0.27% | Jul 31, 2026 |
| Vanguard Small-Cap Value Index Fund | 1,312,656 | 1.22% | $48.58M | 0.07% | Jun 30, 2026 |
| Vanguard Extended Market Index Fund | 1,108,927 | 1.03% | $41.04M | 0.04% | Jun 30, 2026 |
| Fidelity Small Cap Index Fund | 1,095,870 | 1.02% | $36.80M | 0.11% | Jul 31, 2026 |
| iShares Russell 2000 Value ETF | 953,375 | 0.89% | $35.28M | 0.24% | Jun 30, 2026 |
| State Street(R) SPDR(R) Portfolio S&P 600(TM) Small Cap ETF | 884,052 | 0.82% | $32.72M | 0.19% | Jun 30, 2026 |
| iShares S&P Small-Cap 600 Value ETF | 832,776 | 0.77% | $30.82M | 0.38% | Jun 30, 2026 |
| U.S. Targeted Value Portfolio | 783,985 | 0.73% | $26.33M | 0.16% | Jul 31, 2026 |
| SMALLCAP World Fund Inc | 699,009 | 0.65% | $25.87M | 0.03% | Jun 30, 2026 |
| Dimensional U.S. Targeted Value ETF | 693,966 | 0.64% | $23.30M | 0.16% | Jul 31, 2026 |
Officers, directors and major owners
People who filed Forms 3, 4 or 5 in the last two years
| Name | Role | Shares owned | % of shares | Latest filing |
|---|---|---|---|---|
| Leroy T. Carlson Jr | Vice Chair, Director | 2,949,144 | 2.74% | Sep 17, 2026 |
| Vicki L. Villacrez | Executive Vice President & CFO, Director | 72,425 | 0.07% | Jun 15, 2026 |
| Kenneth S. Dixon | President & CEO, subsidiary, Director | 3,164 | 0.00% | Jun 10, 2026 |
| Walter Cd Carlson | President and CEO, Director | 2,325,162 | 2.16% | May 26, 2026 |
| James W. Butman | President & CEO of subsidiary, Director | 291,098 | 0.27% | May 22, 2025 |
| Anthony J. Carlson | President of Array | 105,112 | 0.10% | Sep 8, 2026 |
| Anita J. Kroll | VP, Controller & CAO | 20,546 | 0.02% | Jun 15, 2026 |
| Joseph R. Hanley | SVP-Strategy & Corp Dev | 113,963 | 0.11% | May 26, 2026 |
| Douglas W. Chambers | President of a Subsidiary | 30,377 | 0.03% | Aug 14, 2025 |
| Dirk S. Woessner | Director | 15,244 | 0.01% | May 26, 2026 |
| Napoleon B. Rutledge JR | Director | 4,577 | 0.00% | May 26, 2026 |
| George W. Off | Director | 78,807 | 0.07% | May 26, 2026 |
| Christopher D. OLeary | Director | 48,088 | 0.04% | May 26, 2026 |
| Prudence E. Carlson | Director | 1,943,503 | 1.81% | May 26, 2026 |
| Kimberly D. Dixon | Director | 45,703 | 0.04% | May 26, 2026 |
| Wade Oosterman | Director | 42,223 | 0.04% | May 26, 2026 |
| Letitia G. C. Carlson | Director | 2,116,487 | 1.97% | May 26, 2026 |
| Trust Voting | 10% owner | 6,298,354 | 5.85% | Jan 17, 2025 |
Insider trades
Common stock transactions reported on Form 4, newest first
| Insider | Date | Transaction | Shares | Price | Value | Shares after |
|---|---|---|---|---|---|---|
| Leroy T. Carlson Jr Vice Chair, Director | Sep 16, 2026 | Gift | −227,190 | – | – | 253,170 |
| Leroy T. Carlson Jr Vice Chair, Director | Sep 11, 2026 | Sale | −77,100 | $38.45 | $2.96M | 480,360 |
| Leroy T. Carlson Jr Vice Chair, Director | Sep 11, 2026 | Option exercise | +77,100 | $19.15 | $1.48M | 557,460 |
| Leroy T. Carlson Jr Vice Chair, Director | Sep 3, 2026 | Gift | +116,374.12 | – | – | 1,813,360 |
| Leroy T. Carlson Jr Vice Chair, Director | Sep 3, 2026 | Gift | −85,149.93 | – | – | 0 |
| Leroy T. Carlson Jr Vice Chair, Director | Sep 3, 2026 | Gift | +112,407.01 | – | – | 1,813,360 |
| Leroy T. Carlson Jr Vice Chair, Director | Sep 3, 2026 | Gift | −112,407.01 | – | – | 1,813,360 |
| Leroy T. Carlson Jr Vice Chair, Director | Sep 3, 2026 | Gift | +85,149.93 | – | – | 85,150 |
| Leroy T. Carlson Jr Vice Chair, Director | Sep 3, 2026 | Gift | −116,374.12 | – | – | 1,813,360 |
| Leroy T. Carlson Jr Vice Chair, Director | Sep 3, 2026 | Gift | +140,000 | – | – | 140,000 |
| Leroy T. Carlson Jr Vice Chair, Director | Sep 3, 2026 | Gift | −144,599 | – | – | 253,170 |
| Anthony J. Carlson President of Array | Sep 3, 2026 | Gift | +511 | – | – | 511 |
| Anthony J. Carlson President of Array | Sep 3, 2026 | Gift | +511 | – | – | 33,125 |
| Leroy T. Carlson Jr Vice Chair, Director | Jun 11, 2026 | Option exercise | +45,135 | $40.03 | $1.81M | 916,704 |
| Leroy T. Carlson Jr Vice Chair, Director | Jun 11, 2026 | Tax withholding | −18,935 | $40.03 | $757.97K | 897,769 |
| Anita J. Kroll VP, Controller & CAO | Jun 11, 2026 | Tax withholding | −1,277 | $40.03 | $51.12K | 20,546 |
| Anita J. Kroll VP, Controller & CAO | Jun 11, 2026 | Option exercise | +2,716 | $40.03 | $108.72K | 21,823 |
| Vicki L. Villacrez Executive Vice President & CFO, Director | Jun 11, 2026 | Tax withholding | −4,780 | $40.03 | $191.34K | 72,425 |
| Vicki L. Villacrez Executive Vice President & CFO, Director | Jun 11, 2026 | Option exercise | +10,170 | $40.03 | $407.11K | 77,205 |
| Kenneth S. Dixon President & CEO, subsidiary, Director | Jun 9, 2026 | Tax withholding | −1,489 | $39.33 | $58.56K | 3,164 |
| Kenneth S. Dixon President & CEO, subsidiary, Director | Jun 9, 2026 | Option exercise | +4,653 | $39.33 | $183.00K | 4,653 |
| Walter Cd Carlson President and CEO, Director | May 21, 2026 | Award | +11,905 | $41.20 | $490.49K | 233,429 |
| Walter Cd Carlson President and CEO, Director | May 21, 2026 | Tax withholding | −5,016 | $41.20 | $206.66K | 228,609 |
| Napoleon B. Rutledge JR Director | May 21, 2026 | Award | +2,905 | $41.20 | $119.69K | 4,577 |
| Vicki L. Villacrez Executive Vice President & CFO, Director | May 21, 2026 | Tax withholding | −2,575 | $41.20 | $106.09K | 67,035 |
| Vicki L. Villacrez Executive Vice President & CFO, Director | May 21, 2026 | Option exercise | +5,478 | $41.20 | $225.69K | 69,610 |
| Joseph R. Hanley SVP-Strategy & Corp Dev | May 21, 2026 | Tax withholding | −1,447 | $41.20 | $59.62K | 113,963 |
| Joseph R. Hanley SVP-Strategy & Corp Dev | May 21, 2026 | Option exercise | +3,265 | $41.20 | $134.52K | 115,410 |
| Prudence E. Carlson Director | May 21, 2026 | Award | +2,905 | $41.20 | $119.69K | 308,539 |
| Anita J. Kroll VP, Controller & CAO | May 21, 2026 | Option exercise | +1,463 | $41.20 | $60.28K | 19,795 |
| Anita J. Kroll VP, Controller & CAO | May 21, 2026 | Tax withholding | −688 | $41.20 | $28.35K | 19,107 |
| Leroy T. Carlson Jr Vice Chair, Director | May 21, 2026 | Tax withholding | −2,198 | $41.20 | $90.56K | 871,569 |
| Leroy T. Carlson Jr Vice Chair, Director | May 21, 2026 | Option exercise | +4,961 | $41.20 | $204.39K | 873,767 |
| Wade Oosterman Director | May 21, 2026 | Award | +2,905 | $41.20 | $119.69K | 42,223 |
| Kimberly D. Dixon Director | May 21, 2026 | Award | +2,905 | $41.20 | $119.69K | 45,703 |
| Dirk S. Woessner Director | May 21, 2026 | Tax withholding | −228 | $41.20 | $9.39K | 15,244 |
| Dirk S. Woessner Director | May 21, 2026 | Award | +2,905 | $41.20 | $119.69K | 15,472 |
| Anthony J. Carlson President of Array | May 21, 2026 | Tax withholding | −204 | $41.20 | $8.40K | 32,614 |
| Anthony J. Carlson President of Array | May 21, 2026 | Option exercise | +695 | $41.20 | $28.63K | 32,818 |
| Christopher D. OLeary Director | May 21, 2026 | Award | +2,905 | $41.20 | $119.69K | 48,088 |
| George W. Off Director | May 21, 2026 | Award | +2,905 | $41.20 | $119.69K | 78,807 |
| Letitia G. C. Carlson Director | May 21, 2026 | Award | +2,905 | $41.20 | $119.69K | 195,692 |
| Joseph R. Hanley SVP-Strategy & Corp Dev | May 19, 2026 | Option exercise | +7,748 | $25.36 | $196.49K | 126,834 |
| Joseph R. Hanley SVP-Strategy & Corp Dev | May 19, 2026 | Option exercise | +12,423 | $19.15 | $237.90K | 119,086 |
| Joseph R. Hanley SVP-Strategy & Corp Dev | May 19, 2026 | Tax withholding | −14,689 | $42.06 | $617.82K | 112,145 |
| Joseph R. Hanley SVP-Strategy & Corp Dev | May 17, 2026 | Tax withholding | −8,845 | $40.50 | $358.22K | 106,663 |
| Joseph R. Hanley SVP-Strategy & Corp Dev | May 17, 2026 | Option exercise | +19,966 | $40.50 | $808.62K | 115,508 |
| Joseph R. Hanley SVP-Strategy & Corp Dev | May 17, 2026 | Tax withholding | −23,122 | $40.50 | $936.44K | 95,542 |
| Joseph R. Hanley SVP-Strategy & Corp Dev | May 17, 2026 | Option exercise | +58,191 | $40.50 | $2.36M | 118,664 |
| Anita J. Kroll VP, Controller & CAO | May 17, 2026 | Tax withholding | −6,971 | $40.50 | $282.33K | 14,438 |
| Anita J. Kroll VP, Controller & CAO | May 17, 2026 | Option exercise | +7,348 | $40.50 | $297.59K | 21,786 |
| Anita J. Kroll VP, Controller & CAO | May 17, 2026 | Tax withholding | −3,454 | $40.50 | $139.89K | 18,332 |
| Anita J. Kroll VP, Controller & CAO | May 17, 2026 | Option exercise | +21,409 | $40.50 | $867.06K | 21,409 |
| Vicki L. Villacrez Executive Vice President & CFO, Director | May 17, 2026 | Tax withholding | −39,089 | $40.50 | $1.58M | 48,321 |
| Vicki L. Villacrez Executive Vice President & CFO, Director | May 17, 2026 | Option exercise | +29,833 | $40.50 | $1.21M | 78,154 |
| Vicki L. Villacrez Executive Vice President & CFO, Director | May 17, 2026 | Option exercise | +86,956 | $40.50 | $3.52M | 87,410 |
| Vicki L. Villacrez Executive Vice President & CFO, Director | May 17, 2026 | Tax withholding | −14,022 | $40.50 | $567.89K | 64,132 |
| Leroy T. Carlson Jr Vice Chair, Director | May 17, 2026 | Option exercise | +713,344 | $40.50 | $28.89M | 1,078,701 |
| Leroy T. Carlson Jr Vice Chair, Director | May 17, 2026 | Tax withholding | −306,558 | $40.50 | $12.42M | 772,143 |
| Leroy T. Carlson Jr Vice Chair, Director | May 17, 2026 | Tax withholding | −66,483 | $40.50 | $2.69M | 868,806 |
Awards, option exercises, tax withholding and gifts are shown alongside open-market buys and sales. Each name links to the filing on SEC EDGAR.
Planned insider sales
Notices of proposed sale filed on Form 144 before shares are sold
| Seller | Filed | Shares | Market value | Planned sale | Acquired through |
|---|---|---|---|---|---|
| T. Carlson Leroy Jr. Officer, Director | Sep 11, 2026 | 77,100 | $2.89M | Sep 11, 2026 | Stock Option Exercise |
| Carlson Prudence Director | Mar 23, 2026 | 5,811 | $244.00K | Mar 23, 2026 | Stock Bonus |
| W. Butman James Former Officer | Aug 28, 2025 | 71,359 | $2.86M | Aug 28, 2025 | Exercise of options under a registered plan |
| W. Butman James Former Officer | Aug 27, 2025 | 84,882 | $3.37M | Aug 27, 2025 | Exercise of options under a registered plan |
| W. Butman James Former Officer | Aug 26, 2025 | 23,681 | $928.03K | Aug 26, 2025 | Exercise of options under a registered plan |
| W. Butman James Former Officer | Aug 25, 2025 | 15,475 | $603.88K | Aug 25, 2025 | Exercise of options under a registered plan |
| W. Butman James Former Officer | Aug 22, 2025 | 10,520 | $410.55K | Aug 22, 2025 | Exercise of options under a registered plan |
| W. Butman James Former Officer | Aug 21, 2025 | 26,470 | $1.04M | Aug 21, 2025 | Exercise of options under a registered plan |
| W. Butman James Former Officer | Aug 20, 2025 | 25,962 | $1.02M | Aug 20, 2025 | Exercise of options under a registered plan |
| Kroll Anita Officer | Aug 20, 2025 | 8,608 | $336.50K | Aug 20, 2025 | Restricted stock vesting under a registered plan |
| W. Butman James Former Officer | Aug 19, 2025 | 15,000 | $585.73K | Aug 19, 2025 | Exercise of options under a registered plan |
| Prudence E. Carlson Director | Aug 18, 2025 | 4,452 | $171.00K | Aug 18, 2025 | Stock Bonus |
| Villacrez Vicki Officer, Director | Aug 18, 2025 | 26,334 | $1.03M | Aug 18, 2025 | Restricted stock vesting under a registered plan |
| R. Hanley Joseph Officer | Aug 18, 2025 | 68,759 | $2.62M | Aug 18, 2025 | Restricted stock vesting under a registered plan |
| Villacrez Vicki Officer, Director | Aug 15, 2025 | 58,452 | $2.25M | Aug 15, 2025 | Restricted stock vesting under a registered plan |