as of 08-14-2026 3:36pm EST
Array Digital Infrastructure, formerly US Cellular, sold its regional wireless operations serving about 4.4 million customers to T-Mobile in August 2025. The firm has agreed to sell most of its remaining spectrum licenses; however, it will still retain rights to C-band spectrum in several locations after these deals are closed. Array also owns a 5.5% stake in Verizon Wireless' Los Angeles operations, as well as other smaller wireless partnership interests in Oklahoma and upstate New York. The firm still operates a portfolio of about 4,400 wireless towers. Parent TDS has proposed to acquire the portion of Array that it doesn't already own in an all-stock transaction.
| Founded: | 1983 | Country: | United States |
| Employees: | N/A | City: | CHICAGO |
| Market Cap: | 3.4B | IPO Year: | 1994 |
| Target Price: | $55.00 | AVG Volume (30 days): | 129.1K |
| Analyst Decision: | Strong Buy | Number of Analysts: | 3 |
| Dividend Yield: | Dividend Payout Frequency: | annual | |
| EPS: | 6.20 | EPS Growth: | 221.74 |
| 52 Week Low/High: | $33.71 - $77.13 | Next Earning Date: | 05-08-2026 |
| Revenue: | $162,961,000 | Revenue Growth: | -95.68% |
| Revenue Growth (this year): | 33.57% | Revenue Growth (next year): | -4.54% |
| P/E Ratio: | 5.76 | Index: | N/A |
| Free Cash Flow: | 173.6M | FCF Growth: | -79.90% |
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SEC 8-K filings with transcript text
Aug 7, 2026
2 arrayq220268kex991.htm
Document
Exhibit 99.1
As previously announced, Array will hold a teleconference on August 7, 2026, at 9:00 a.m. CT. Listen to the call live via the Events & Presentations page of investors.arrayinc.com.
Array reports second quarter 2026 results
Array updates 2026 guidance
CHICAGO (August 7, 2026) — Array Digital Infrastructure, Inc. (NYSE:AD) reported second quarter operating results.
“Array continues to make nice progress executing across our 2026 priorities,” said Anthony Carlson, President and CEO. “The organization remains laser-focused on optimizing our tower operations - as evidenced by our sequential tower tenancy growth. And we continue to monetize our remaining spectrum assets as well as support T-Mobile’s integration.”
Highlights*
•Optimizing tower operations
◦Site rental revenues grew 95% year over year
◦Delivered consecutive quarter over quarter tower tenancy growth
•Continuing to close pending sales of wireless spectrum
◦Closed on sale of certain 700 MHz wireless spectrum licenses for total proceeds of $74.8 million on May 5, 2026
◦Closed on sale of certain 600 MHz wireless spectrum licenses for total proceeds of $86.4 million on May 12, 2026
◦Closed on sale of certain cellular and other spectrum licenses for total proceeds of $1 billion on June 1, 2026
◦Issued special dividend of $11 per common share on June 25, 2026
•Updated 2026 Guidance
◦Narrowed Revenue range to $205 million - $215 million on higher interim site revenue
◦Increased Adjusted EBITDA range to $220 million - $235 million
◦Capital expenditures range remains unchanged at $25 million - $35 million
* Comparisons are 2Q’25 to 2Q’26 unless otherwise noted.
Array reported total operating revenues from continuing operations of $54.1 million for the second quarter of 2026, versus $28.5 million for the same period one year ago. Net income attributable to Array shareholders and diluted earnings per share from continuing operations were $333.8 million and $3.86, respectively, for the second quarter of 2026 compared to $14.8 million and $0.17, respectively, in the same period one year ago.
Pending transactions
Subsequent to the August 1, 2025 close of the sale of wireless operations, Array reached additional agreements with T-Mobile for the sale of additional spectrum. A significant portion of these closed in May 2026 with approximately $30 million related to 600 MHz and 700 MHz licenses remaining. These additional transactions are expected to close yet in 2026, subject to regulatory approval and customary closing conditions.
DISH Wireless
In September 2025, Array received a letter from DISH Wireless claiming that its obligations under its Master Lease Agreement with Array were excused due to actions taken by the FCC and subsequent agreements to sell spectrum assets. Beginning in the first quarter of 2026, Array no longer recognizes revenue in connection with DISH. In June 2026, DISH Wireless and other DISH entities filed for bankruptcy and Array is monitoring those proceedings.
1
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”). A special committee of independent and disinterested directors of the Array Board of Directors has been formed to evaluate this proposal. For additional information on the Array Proposal, see TDS’ Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission on May 8, 2026.
2
2026 Estimated Results
Array’s current estimates of full-year 2026 results are shown below. Such estimates represent management’s view as of August 7, 2026 and should not be assumed to be current as of any future date. Array 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.
2026 Estimated Results
PreviousCurrent
(Dollars in millions)
Total operating revenues$200-$215$205-$215
Adjusted OIBDA1 (Non-GAAP) $50-$65$60-$75
Adjusted EBITDA1 (Non-GAAP) $200-$215$220-$235
Capital expenditures$25-$35Unchanged
The following table reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income from continuing operations or Income before income taxes. In providing 2026 estimated results, Array has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, Array believes that the impact of income taxes cannot be reasonably predicted; therefore, Array is unable to provide such guidance.
Actual Results
2026 Estimated ResultsSix Months Ended June 30, 2026Year Ended December 31, 2025
(Dollars in millions)
Net income from continuing operations (GAAP)N/A$517 $172
Add back:
Income tax exp
May 8, 2026
2 arrayq120268kex991.htm
Document
Exhibit 99.1
As previously announced, Array will hold a teleconference on May 8, 2026, at 9:00 a.m. CT. Listen to the call live via the Events & Presentations page of investors.arrayinc.com.
Array reports first quarter 2026 results
Array reaffirms 2026 guidance
CHICAGO (May 8, 2026) — Array Digital Infrastructure, Inc. (NYSE:AD) reported first quarter operating results.
“Array is executing on its 2026 priorities,” said Anthony Carlson, President and CEO. “Since standing-up Array just eight months ago, we remain laser-focused on optimizing our tower operations, including securing new colocation applications and delivering steady tower tenancy growth. And we are continuing to close our pending spectrum transactions and support T-Mobile’s integration.”
Highlights*
•Optimizing tower operations
◦Site rental revenues grew 92% year over year
◦Excluding the impact of DISH, continued to grow tower tenancy and secure healthy application volume
•Continuing to close pending sales of wireless spectrum
◦Closed on sale of certain 700 MHz wireless spectrum licenses for total proceeds of $74.8 million on May 5, 2026
* Comparisons are 1Q’25 to 1Q’26 unless otherwise noted.
Array reported total operating revenues from continuing operations of $52.0 million for the first quarter of 2026, versus $27.0 million for the same period one year ago. Net income attributable to Array shareholders and diluted earnings per share from continuing operations were $179.8 million and $2.08, respectively, for the first quarter of 2026 compared to $4.7 million and $0.05, respectively, in the same period one year ago.
On January 13, 2026, Array closed on the sale of certain 3.45 GHz and 700 MHz wireless spectrum licenses for $1,018.0 million and recorded a book gain of $156.6 million ($117.5 million net of tax expense) during the first quarter of 2026.
Pending transactions
Subsequent to the August 1, 2025 close of the sale of wireless operations, Array has reached additional agreements with T-Mobile for the sale of 700 MHz spectrum licenses, AWS and a portion of the 600 MHz put/call totaling $178 million in aggregate expected proceeds, subject to closing conditions and regulatory approvals. On May 5, 2026, Array closed on the sale of certain 700MHz wireless spectrum licenses related to this agreement for total proceeds of $74.8 million.
On October 17, 2024, Array, and certain subsidiaries of Array, entered into a License Purchase Agreement with Verizon Communications, Inc. (Verizon) to sell certain AWS, Cellular and PCS wireless spectrum licenses for a purchase price of $1,000.0 million, subject to receipt of regulatory approvals, and agreed to grant Verizon certain rights to lease such licenses prior to the transaction close. We expect this transaction to close in Q2/Q3 2026.
DISH Wireless
In September 2025, Array received a letter from DISH Wireless claiming that its obligations under its Master Lease Agreement with Array were excused due to actions taken by the FCC and subsequent agreements to sell spectrum assets. DISH Wireless has subsequently failed to make certain payments due to Array under their contractual commitment. Array believes that DISH Wireless' claim that its obligations under its Agreement with Array are excused is without merit.
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”). A special committee of independent and disinterested directors of the Array Board of Directors has been formed to evaluate this proposal. For additional information on the Array Proposal, see TDS’ Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission on May 8, 2026.
1
2026 Estimated Results
Array’s current estimates of full-year 2026 results are shown below. Such estimates represent management’s view as of May 8, 2026 and should not be assumed to be current as of any future date. Array 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.
2026 Estimated Results
PreviousCurrent
(Dollars in millions)
Total operating revenues$200-$215Unchanged
Adjusted OIBDA1 (Non-GAAP) $50-$65Unchanged
Adjusted EBITDA1 (Non-GAAP) $200-$215Unchanged
Capital expenditures$25-$35Unchanged
The following table reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income from continuing operations or Income before income taxes. In providing 2026 estimated results, Array has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, Array believes that the impact of income taxes cannot be reasonably pred
Feb 20, 2026
2 arrayq420258-kex991.htm
Document
Exhibit 99.1
As previously announced, Array will hold a teleconference on February 20, 2026, at 9:00 a.m. CST. Listen to the call live via the Events & Presentations page of investors.arrayinc.com.
Array reports fourth quarter and full year 2025 results
Array issues 2026 guidance
CHICAGO (February 20, 2026) — Array Digital Infrastructure, Inc.SM (NYSE:AD) reported fourth quarter and full year 2025 operating results.
“After a transformative 2025, Array enters 2026 with strong momentum,” said Anthony Carlson, President and CEO. “The organization remains laser-focused on a smooth T-Mobile MLA integration and increasing tower tenancy. Further, we continue to make progress on monetizing our spectrum, including closing on the previously announced AT&T transaction in mid-January."
Highlights
•Grew and strengthened tower operations*
◦Site rental revenues increased 51%
◦Co-location applications, excluding T-Mobile applications, increased 47%
•Closed on the sale of the previously announced wireless operations and select spectrum assets to T-Mobile in August 2025 and issued $23 per share special dividend
•Closed on previously announced sale of 3.45GHz and 700MHz spectrum licenses to AT&T on January 13, 2026; issued $10.25 special dividend on February 2, 2026
*Comparisons are Year Ended December 31, 2025 to Year Ended December 31, 2024
Array reported total operating revenues from continuing operations of $60.3 million for the fourth quarter of 2025, versus $26.1 million for the same period one year ago. Net income attributable to Array shareholders and related diluted earnings per share from continuing operations were $41.4 million and $0.48, respectively, for the fourth quarter of 2025 compared to $11.7 million and $0.13, respectively, in the same period one year ago.
Array reported total operating revenues from continuing operations of $163.0 million and $102.9 million for the years ended 2025 and 2024, respectively. Net income (loss) attributable to Array shareholders and related diluted earnings (loss) per share from continuing operations were $169.7 million and $1.94, respectively, for the year ended 2025 compared to $(85.9) million and $(1.00), respectively, for the year ended 2024.
"As I look forward, our priorities remain the same – support the T-Mobile integration, grow colocation revenue, optimize our ground leases, and monetize our remaining spectrum,” Carlson continued.
Pending transactions
Subsequent to the August 1, 2025 close of the sale of wireless operations, Array reached additional agreements with T-Mobile for 700 MHz spectrum licenses, AWS and a portion of the 600 MHz put/call totaling $178 million in aggregate expected proceeds, subject to customary closing conditions and regulatory approvals.
On October 17, 2024, Array, and certain subsidiaries of Array, entered into a License Purchase Agreement with Verizon Communications, Inc. (Verizon) to sell certain AWS, Cellular and PCS wireless spectrum licenses and agreed to grant Verizon certain rights to lease such licenses prior to the transaction close. The transaction is expected to close in the second or third quarter of 2026, subject to regulatory approval and other customary closing conditions, and the termination of the T-Mobile Short-Term Spectrum Manager Lease Agreement.
1
2026 Estimated Results
Array's current estimates of full-year 2026 results are shown below. Such estimates represent management’s view as of February 20, 2026 and should not be assumed to be current as of any future date. Array 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.
2026 Estimated ResultsActual Results for the Year Ended December 31, 2025
(Dollars in millions)
Total operating revenues $200-$215 $163
Adjusted OIBDA1 (Non-GAAP) $50-$65 $1
Adjusted EBITDA1 (Non-GAAP) $200-$215 $194
Capital expenditures $25-$35 $30
The following tables reconcile EBITDA, Adjusted EBITDA, and Adjusted OIBDA to the corresponding GAAP measures, Net income (loss) from continuing operations or Income (loss) before income taxes. In providing 2026 estimated results, Array has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, Array believes that the impact of income taxes cannot be reasonably predicted; therefore, Array is unable to provide such guidance.
2026 Estimated Results Actual Results for
the Year Ended
December 31, 2025
Actual Results for
the Year Ended
December 31, 2024
(Dollars in millions)
Net income (loss) from continuing operations (GAAP)N/A$172 $(80)
Add back:
Income tax benefitN/A(31)(19)
Income (loss) before income taxes (GAAP) $780-$795$141 $(100)
Add back or deduct:
Interest expense4528 12
Depreciation, amortization and a
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