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UNITED STATES CELLULAR CORP

CIK:0000821130|SEC Filings

Consolidated Statement of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating revenues
Total operating revenues	$ 54,070	$ 28,529	$ 106,082	$ 55,513
Operating expenses
Cost of operations (excluding Depreciation, amortization and accretion reported below)	23,497	19,396	45,106	35,687
Selling, general and administrative	22,906	19,337	35,651	48,537
Depreciation, amortization and accretion	14,428	11,999	27,032	23,992
(Gain) loss on asset disposals, net	3,809	(313)	4,713	(87)
(Gain) loss on license sales and exchanges, net	(409,833)	(3,700)	(566,468)	(4,800)
Total operating expenses	(345,193)	46,719	(453,966)	103,329
Operating income (loss)	399,263	(18,190)	560,048	(47,816)
Other income (expense)
Equity in earnings of unconsolidated entities	34,726	41,714	75,135	77,641
Interest and dividend income	6,431	3,701	10,653	6,358
Interest expense	(10,860)	(3,711)	(18,040)	(7,378)
Short-term imputed spectrum lease income	23,770	0	57,970	0
Other, net	(13)	0	(26)	0
Total other income	54,054	41,704	125,692	76,621
Income before income taxes	453,317	23,514	685,740	28,805
Income tax expense	115,870	8,415	168,268	8,222
Net income from continuing operations	337,447	15,099	517,472	20,583
Less: Net income from continuing operations attributable to noncontrolling interests, net of tax	3,677	326	3,870	1,127
Net income from continuing operations attributable to Array shareholders	333,770	14,773	513,602	19,456
Net income from discontinued operations	25,114	17,098	23,077	31,300
Less: Net income from discontinued operations attributable to noncontrolling interests, net of tax	188	375	188	1,013
Net income from discontinued operations attributable to Array shareholders	24,926	16,723	22,889	30,287
Net income	362,561	32,197	540,549	51,883
Less: Net income attributable to noncontrolling interests, net of tax	3,865	701	4,058	2,140
Net income attributable to Array shareholders	$ 358,696	$ 31,496	$ 536,491	$ 49,743
Basic weighted average shares outstanding (in shares)	86,482	85,779	86,449	85,459
Basic earnings per share from continuing operations attributable to Array shareholders	$ 3.86	$ 0.17	$ 5.94	$ 0.23
Basic earnings per share from discontinued operations attributable to Array shareholders	0.29	0.20	0.27	0.35
Basic earnings per share attributable to Array shareholders	$ 4.15	$ 0.37	$ 6.21	$ 0.58
Diluted weighted average shares outstanding (in shares)	86,510	87,784	86,499	87,947
Diluted earnings per share from continuing operations attributable to Array shareholders	$ 3.86	$ 0.17	$ 5.94	$ 0.22
Diluted earnings per share from discontinued operations attributable to Array shareholders	0.29	0.19	0.26	0.35
Diluted earnings per share attributable to Array shareholders	$ 4.15	$ 0.36	$ 6.20	$ 0.57
Site rental
Operating revenues
Total operating revenues	$ 53,175	$ 27,230	$ 104,199	$ 53,825
Services
Operating revenues
Total operating revenues	$ 895	$ 1,299	$ 1,883	$ 1,688

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 540,549	$ 51,883
Net income from discontinued operations	23,077	31,300
Net income from continuing operations	517,472	20,583
Add (deduct) adjustments to reconcile net income to net cash flows from operating activities
Depreciation, amortization and accretion	27,032	23,992
Bad debts expense	196	415
Stock-based compensation expense	540	1,694
Deferred income taxes, net	(203,326)	(1,050)
Equity in earnings of unconsolidated entities	(75,135)	(77,641)
Distributions from unconsolidated entities	66,553	87,938
(Gain) loss on asset disposals, net	4,713	(87)
(Gain) loss on license sales and exchanges, net	(566,468)	(4,800)
Other operating activities	225	67
Changes in assets and liabilities from operations
Accounts receivable	4,367	(10,279)
Accounts payable	(3,431)	(2,254)
Customer deposits and deferred revenues	(56,735)	194
Accrued taxes	288,663	(11,980)
Accrued interest	(390)	(8)
Other assets and liabilities	(17,473)	(26,864)
Net cash used in operating activities - continuing operations	(13,197)	(80)
Net cash provided by (used in) operating activities - discontinued operations	(5,791)	484,669
Net cash provided by (used in) operating activities	(18,988)	484,589
Cash flows from investing activities
Cash paid for additions to property, plant and equipment	(19,629)	(11,463)
Cash paid for licenses	0	(4,145)
Cash received from divestitures	2,185,801	0
Other investing activities	0	1,301
Net cash provided by (used in) investing activities - continuing operations	2,166,172	(14,307)
Net cash used in investing activities - discontinued operations	0	(135,561)
Net cash provided by (used in) investing activities	2,166,172	(149,868)
Cash flows from financing activities
Repayment of long-term debt	0	(12,000)
Tax withholdings, net of cash receipts, for stock-based compensation awards	(2,068)	(35,250)
Repurchase of Common Shares	0	(21,360)
Dividends paid to Array shareholders	(1,836,737)	0
Payment of debt issuance costs	0	(1,676)
Distributions to noncontrolling interests	(4,750)	(2,391)
Payments to acquire additional interest in subsidiaries	(593)	0
Other financing activities	0	(589)
Net cash used in financing activities - continuing operations	(1,844,148)	(73,266)
Net cash used in financing activities - discontinued operations	0	(19,703)
Net cash used in financing activities	(1,844,148)	(92,969)
Net increase in cash, cash equivalents and restricted cash	303,036	241,752
Cash, cash equivalents and restricted cash
Beginning of period	113,400	159,142
End of period	$ 416,436	$ 400,894

Consolidated Balance Sheet - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Current assets

Cash and cash equivalents

$ 416,436

$ 113,400

Accounts receivable

Other, less allowances of $2,847 and $3,090, respectively

14,369

14,236

Prepaid expenses

2,045

3,216

Other current assets

2,434

6,515

Total current assets

438,746

144,787

Non-current assets held for sale

47,390

1,591,675

Licenses

1,594,649

1,642,187

Investments in unconsolidated entities

421,607

412,608

Property, plant and equipment

Property, plant and equipment, net of accumulated depreciation of $693,165 and $690,007, respectively

374,700

388,999

Operating lease right-of-use assets

467,590

472,995

Other assets and deferred charges

26,677

24,837

Total assets

^[1]

3,371,359

4,678,088

Current liabilities

Current portion of long-term debt

8,125

4,063

Accounts payable

Accounts payable - Trade

36,488

27,892

Customer deposits and deferred revenues

27,515

85,945

Accrued taxes

317,407

16,884

Accrued compensation

1,070

4,322

Short-term operating lease liabilities

16,767

15,294

Current liabilities of discontinued operations

24,856

20,242

Other current liabilities

24,875

14,843

Total current liabilities

461,656

199,988

Deferred liabilities and credits

Deferred income tax liability, net

169,509

387,030

Long-term operating lease liabilities

505,936

509,876

Other deferred liabilities and credits

295,715

336,379

Long-term debt, net

666,757

670,258

Commitments and contingencies

Array shareholders’ equity

Series A Common and Common Shares Authorized 190,000 shares (50,000 Series A Common and 140,000 Common Shares) Issued 88,074 shares (33,006 Series A Common and 55,068 Common Shares) Outstanding 86,479 shares (33,006 Series A Common and 53,473 Common Shares) and 86,380 shares (33,006 Series A Common and 53,374 Common Shares), respectively Par Value ($1.00 per share) ($33,006 Series A Common and $55,068 Common Shares)

88,074

Additional paid-in capital

1,795,590

1,795,369

Treasury shares, at cost, 1,595 and 1,694 Common Shares, respectively

(83,323)

(85,606)

Retained earnings (accumulated deficit)

(534,809)

769,789

Total Array shareholders' equity

1,265,532

2,567,626

Noncontrolling interests

6,254

6,931

Total equity

1,271,786

2,574,557

Total liabilities and equity

^[1]

3,371,359

4,678,088

Affiliated

Accounts receivable

Affiliated

3,462

7,420

Accounts payable

Accounts payable - Affiliated

$ 4,553

$ 10,503

[1]

The consolidated total assets as of June 30, 2026 and December 31, 2025, include assets held by current consolidated variable interest entities (VIEs) of $41.9 million and $45.0 million, respectively, which are not available to be used to settle the obligations of Array. The consolidated total liabilities as of June 30, 2026 and December 31, 2025, include certain liabilities of current consolidated VIEs of $10.6 million and $11.1 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of Array. See Note 7 — Variable Interest Entities for additional information.