Affirms guidance for 2026
CHICAGO, Nov. 6, 2026 /PRNewswire/ --
As previously announced, Array 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.arrayinc.com.
Array Digital Infrastructure, Inc. (NYSE:AD) reported third quarter operating results.
"As Array marks its first year as a tower company, we continue to make meaningful progress against our 2026 strategic priorities," said Anthony Carlson, President and CEO. "Our team remains intensely focused on maximizing the value of our tower portfolio by driving tenant growth and enhancing operational efficiency. These efforts are strengthening the earnings power of our assets and positioning the company for long-term value creation."
Highlights*
-
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.
Array reported total operating revenues from continuing operations of $53.9 million for the third quarter of 2026, versus $47.1 million for the same period one year ago. Net income attributable to Array shareholders and diluted earnings per share from continuing operations were $69.6 million and $0.81, respectively, for the third quarter of 2026 compared to $108.8 million and $1.25, respectively, in the same period one year ago.
Pending transactions
Subsequent to the August 1, 2025 close of the sale of its wireless operations, Array reached additional agreements with T-Mobile for the sale of spectrum. A significant portion of these closed in May 2026 with approximately $30 million related to 600 MHz and 700 MHz licenses remaining. These remaining transactions received regulatory approval on October 7, 2026 and are expected to close in 2026, subject to FCC finality and other customary closing conditions.
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.
2026 Estimated Results
Array's current estimates of full-year 2026 results 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. 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
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 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
Results
Nine Months Ended
September 30, 2026
Year Ended
December 31, 2025
(Dollars in millions)
Net income from continuing operations (GAAP)
N/A
$587
$172
Add back:
Income tax expense (benefit)
N/A
138
(31)
Income before income taxes (GAAP)
$775-$790
$726
$141
Add back or deduct:
Interest expense
45
29
28
Depreciation, amortization and accretion
50
40
48
EBITDA (Non-GAAP)1
$870-$885
$795
$218
Add back or deduct:
Expenses related to strategic alternatives review
—
14
2
Loss on impairment of licenses
—
—
48
(Gain) loss on asset disposals, net
—
6
2
(Gain) loss on license sales and exchanges, net
(585)
(566)
(6)
Short-term imputed spectrum lease income
(65)
(66)
(69)
Adjusted EBITDA (Non-GAAP)1
$220-$235
$182
$194
Deduct:
Equity in earnings of unconsolidated entities
145
116
174
Interest and dividend income
15
15
19
Adjusted OIBDA (Non-GAAP)1
$60-$75
$51
$1
Numbers may not foot due to rounding.
| * | * | * | * | * | * |
| * | * | * | * | * | * |
| * | * | * | * | 1 |
EBITDA, Adjusted EBITDA and Adjusted OIBDA are defined as net income from continuing operations adjusted for the items set forth in the |
Conference Call Information
Array will hold a conference call on November 6, 2026 at 9:00 a.m. CT.
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Access the live call on the Events & Presentations page of investors.arrayinc.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.arrayinc.com. The call will be archived on the Events & Presentations page of investors.arrayinc.com.
About Array
Array leases tower space to tenants and provides ancillary services, holds noncontrolling interests in primarily wireless operating companies and holds certain wireless spectrum licenses. Array owns 4,455 towers in 19 states and enables the deployment of 5G and other wireless technologies throughout the country. As of September 30, 2026, Telephone and Data Systems, Inc. owned approximately 81.9% of Array.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about Array's 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; competition in the tower industry; 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; inability to protect rights to the land under 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; uncertainties in Array's future cash flows and liquidity and access to the capital markets; the ability to make payments on 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; pending and future litigation; cyber-attacks or other breaches of network or information technology security; control by TDS; 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 Array's Form 10-K as updated by any Form 10-Q filed subsequent to such Form 10-K.
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
| * | * | * | 1 |
Represents instances where a third-party leases space on a company-owned tower. Includes T-Mobile MLA committed site minimum of 2,015. |
| * | * | * | 2 |
Calculated as total number of colocations divided by total number of towers. Includes T-Mobile MLA committed site minimum of 2,015. |
Array Digital Infrastructure, 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
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
Other income (expense)
Equity in earnings of unconsolidated entities
41,009
69,811
(41) %
116,144
147,453
(21) %
Interest and dividend income
4,442
8,909
(50) %
15,095
15,267
(1) %
Interest expense
(10,972)
(8,855)
(24) %
(29,013)
(16,233)
(79) %
Short-term imputed spectrum lease income
7,669
30,413
(75) %
65,639
30,413
N/M
Other, net
35
254
(86) %
9
253
(97) %
Total other income
42,183
100,532
(58) %
167,874
177,153
(5) %
Income before income taxes
39,857
47,219
(16) %
725,596
76,024
N/M
Income tax expense (benefit)
(30,121)
(62,701)
52 %
138,147
(54,479)
N/M
Net income from continuing operations
69,978
109,920
(36) %
587,449
130,503
N/M
Less: Net income from continuing operations attributable to
noncontrolling interests, net of tax
395
1,084
(64) %
4,264
2,210
93 %
Net income from continuing operations attributable to Array
shareholders
69,583
108,836
(36) %
583,185
128,293
N/M
Net income (loss) from discontinued operations
(788)
(130,492)
99 %
22,290
(99,193)
N/M
Less: Net income from discontinued operations attributable to
noncontrolling interests, net of tax
—
16,809
N/M
189
17,822
(99) %
Net income (loss) from discontinued operations attributable
to Array shareholders
(788)
(147,301)
99 %
22,101
(117,015)
N/M
Net income (loss)
69,190
(20,572)
N/M
609,739
31,310
N/M
Less: Net income attributable to noncontrolling interests, net of
tax
395
17,893
(98) %
4,453
20,032
(78) %
Net income (loss) attributable to Array shareholders
$ 68,795
$ (38,465)
N/M
$ 605,286
$ 11,278
N/M
Basic weighted average shares outstanding
86,489
86,251
—
86,462
85,726
1 %
Basic earnings per share from continuing operations
attributable to Array shareholders
$ 0.81
$ 1.26
(36) %
$ 6.74
$ 1.50
N/M
Basic earnings (loss) per share from discontinued operations
attributable to Array shareholders
$ (0.01)
$ (1.71)
99 %
$ 0.26
$ (1.37)
N/M
Basic earnings (loss) per share attributable to Array
shareholders
$ 0.80
$ (0.45)
N/M
$ 7.00
$ 0.13
N/M
Diluted weighted average shares outstanding
86,523
86,846
—
86,506
87,842
(2) %
Diluted earnings per share from continuing operations
attributable to Array shareholders
$ 0.81
$ 1.25
(36) %
$ 6.74
$ 1.46
N/M
Diluted earnings (loss) per share from discontinued
operations attributable to Array shareholders
$ (0.01)
$ (1.69)
99 %
$ 0.26
$ (1.33)
N/M
Diluted earnings (loss) per share attributable to Array
shareholders
$ 0.80
$ (0.44)
N/M
$ 7.00
$ 0.13
N/M
N/M - Percentage change not meaningful
Array Digital Infrastructure, Inc.
Consolidated Statement of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
2026
2025
(Dollars in thousands)
Cash flows from operating activities
Net income
$ 609,739
$ 31,310
Net income (loss) from discontinued operations
22,290
(99,193)
Net income from continuing operations
587,449
130,503
Add (deduct) adjustments to reconcile net income to net cash flows from operating activities
Depreciation, amortization and accretion
40,437
35,860
Bad debts expense
253
1,655
Stock-based compensation expense
879
1,560
Deferred income taxes, net
(200,187)
(81,087)
Equity in earnings of unconsolidated entities
(116,144)
(147,453)
Distributions from unconsolidated entities
89,584
149,732
Loss on impairment of licenses
—
47,679
(Gain) loss on asset disposals, net
5,946
620
(Gain) loss on license sales and exchanges, net
(566,459)
(6,123)
Other operating activities
561
338
Changes in assets and liabilities from operations
Accounts receivable
8,635
(5,157)
Accounts payable
(10,487)
22,231
Customer deposits and deferred revenues
(64,239)
(28,880)
Accrued taxes
57,916
(11,713)
Accrued interest
429
2,372
Other assets and liabilities
(22,764)
(89,627)
Net cash provided by (used in) operating activities - continuing operations
(188,191)
22,510
Net cash provided by (used in) operating activities - discontinued operations
(6,375)
380,388
Net cash provided by (used in) operating activities
(194,566)
402,898
Cash flows from investing activities
Cash paid for additions to property, plant and equipment
(21,014)
(18,597)
Cash paid for licenses
—
(4,175)
Cash received from divestitures
2,185,801
5,439
Other investing activities
—
1,301
Net cash provided by (used in) investing activities - continuing operations
2,164,787
(16,032)
Net cash provided by investing activities - discontinued operations
—
2,462,399
Net cash provided by investing activities
2,164,787
2,446,367
Cash flows from financing activities
Issuance of long-term debt
—
325,000
Repayment of long-term debt
(2,031)
(875,250)
Tax withholdings, net of cash receipts, for stock-based compensation awards
(2,068)
(63,506)
Repurchase of Common Shares
—
(21,360)
Dividends paid to Array shareholders
(1,836,737)
(1,986,719)
Payment of debt issuance costs
—
(5,668)
Distributions to noncontrolling interests
(8,624)
(26,811)
Payments to acquire additional interest in subsidiaries
(593)
—
Other financing activities
—
(7,930)
Net cash used in financing activities - continuing operations
(1,850,053)
(2,662,244)
Net cash used in financing activities - discontinued operations
—
(20,537)
Net cash used in financing activities
(1,850,053)
(2,682,781)
Net increase in cash, cash equivalents and restricted cash
120,168
166,484
Cash, cash equivalents and restricted cash
Beginning of period
113,400
159,142
End of period
$ 233,568
$ 325,626
Array Digital Infrastructure, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
ASSETS
September 30, 2026
December 31, 2025
(Dollars in thousands)
Current assets
Cash and cash equivalents
$ 233,568
$ 113,400
Accounts receivable, net
11,897
21,656
Prepaid expenses
2,330
3,216
Other current assets
2,011
6,515
Total current assets
249,806
144,787
Non-current assets held for sale
57,366
1,591,675
Licenses
1,584,674
1,642,187
Investments in unconsolidated entities
439,585
412,608
Property, plant and equipment, net
384,149
388,999
Operating lease right-of-use assets
459,705
472,995
Other assets and deferred charges
32,444
24,837
Total assets
$ 3,207,729
$ 4,678,088
Array Digital Infrastructure, 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
$ 8,125
$ 4,063
Accounts payable
35,671
38,395
Customer deposits and deferred revenues
20,011
85,945
Accrued taxes
93,152
16,884
Accrued compensation
1,365
4,322
Short-term operating lease liabilities
16,538
15,294
Current liabilities of discontinued operations
24,304
20,242
Other current liabilities
26,087
14,843
Total current liabilities
225,253
199,988
Deferred liabilities and credits
Deferred income tax liability, net
173,221
387,030
Long-term operating lease liabilities
499,418
509,876
Other deferred liabilities and credits
307,342
336,379
Long-term debt, net
665,016
670,258
Total equity
1,337,479
2,574,557
Total liabilities and equity
$ 3,207,729
$ 4,678,088
Array Digital Infrastructure, Inc.
EBITDA, Adjusted EBITDA, Adjusted OIBDA and AFCF Reconciliations
(Unaudited)
EBITDA, Adjusted EBITDA and Adjusted OIBDA
The following table reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measure, Net income from continuing operations and Income before income taxes.
Three Months Ended
September 30,
Nine Months Ended
September 30,
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)
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 |
|||
|---|---|---|---|
| (Dollars in thousands) |
|||
| Net income from continuing operations (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 (Non-GAAP) |
$ (161,996) |
| * | * | * | * | * | * |
| * | * | 1 |
* | * | Substantially all of the cash paid for income taxes are related to the sale of various wireless spectrum licenses in 2026. |
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