Array Digital Financials
This page shows Array Digital (AD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
FY2025 looks dominated by balance-sheet shrinkage, with asset monetization and debt reduction mattering more than normal operating momentum.
FY2025's cash movement was driven by balance-sheet contraction, not a healthier income engine: investing activities supplied$2.4B while financing used$2.7B . At the same time, long-term debt dropped sharply while the current ratio fell below full short-term coverage, so the company emerged less leveraged but more dependent on carefully timing near-term obligations.
Reported profit and operating performance diverged: operating income was
The business also looks asset-heavy relative to its current sales base, carrying
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Array Digital's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Array Digital has an operating margin of -56.8%, meaning the company retains $-57 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -7.1% the prior year.
Array Digital's revenue declined 95.6% year-over-year, from $3.7B to $163.0M. This contraction results in a growth score of 0/100.
Array Digital carries a low D/E ratio of 0.26, meaning only $0.26 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 97/100, indicating a strong balance sheet with room for future borrowing.
Array Digital's current ratio of 0.72 is below the typical benchmark, resulting in a score of 9/100. However, the company holds substantial cash reserves (57% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
Array Digital converts 106.5% of revenue into free cash flow ($173.6M). This strong cash generation earns a score of 100/100.
Array Digital generates a 2.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 14/100. This is up from -0.7% the prior year.
Array Digital passes 4 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Array Digital generates $2.90 in operating cash flow ($200.8M OCF vs $69.2M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Array Digital earns $-3.3 in operating income for every $1 of interest expense (-$92.5M vs $28.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Array Digital generated $163.0M in revenue in fiscal year 2025. This represents a decrease of 95.6% from the prior year.
Array Digital's EBITDA was -$53.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 75.9% from the prior year.
Array Digital reported $69.2M in net income in fiscal year 2025. This represents an increase of 319.1% from the prior year.
Array Digital earned $0.56 per diluted share (EPS) in fiscal year 2025. This represents an increase of 221.7% from the prior year.
Cash & Balance Sheet
Array Digital generated $173.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 79.9% from the prior year.
Array Digital held $113.4M in cash against $670.3M in long-term debt as of fiscal year 2025.
Array Digital paid $23.00 per share in dividends in fiscal year 2025.
Array Digital had 86M shares outstanding in fiscal year 2025. This represents an increase of 1.5% from the prior year.
Margins & Returns
Array Digital's gross margin was 51.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 46.8 percentage points from the prior year.
Array Digital's operating margin was -56.8% in fiscal year 2025, reflecting core business profitability. This is down 49.7 percentage points from the prior year.
Array Digital's net profit margin was 42.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 43.3 percentage points from the prior year.
Array Digital's ROE was 2.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 3.4 percentage points from the prior year.
Capital Allocation
Array Digital spent $21.4M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 60.5% from the prior year.
Array Digital invested $27.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 47.3% from the prior year.
AD Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | $47.1M-94.9% | $916.0M+2.8% | $891.0M-0.3% | $894.0M-0.2% | $896.0M-3.3% | $927.0M-2.4% | $950.0M |
| Cost of Revenue | N/A | $21.0M | N/A | N/A | N/A | $18.3M | N/A | N/A |
| Gross Profit | N/A | $26.1M | N/A | N/A | N/A | $877.7M | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | $20.5M-93.7% | $328.0M-1.2% | $332.0M+158.1% | -$571.6M-2799.4% | $21.2M-93.4% | $322.0M-2.7% | $331.0M |
| Operating Income | N/A | -$53.3M-252.3% | $35.0M-14.6% | $41.0M+121.9% | -$187.2M-16.9% | -$160.2M-544.9% | $36.0M-29.4% | $51.0M |
| Interest Expense | N/A | $8.9M-80.3% | $45.0M+12.5% | $40.0M+150.1% | -$79.8M-1982.5% | $4.2M-90.6% | $45.0M+4.7% | $43.0M |
| Income Tax | N/A | -$62.7M-1667.5% | $4.0M-80.0% | $20.0M+151.0% | -$39.2M-77.9% | -$22.0M-257.5% | $14.0M-50.0% | $28.0M |
| Net Income | N/A | -$38.5M-224.1% | $31.0M+72.2% | $18.0M+43.2% | $12.6M+115.9% | -$79.2M-565.6% | $17.0M-5.6% | $18.0M |
| EPS (Diluted) | N/A | $-0.44-222.2% | $0.36+71.4% | $0.21 | N/A | $-0.92-560.0% | $0.200.0% | $0.20 |
AD Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $4.7B-4.9% | $4.9B-52.6% | $10.4B+0.1% | $10.4B-0.8% | $10.4B-0.6% | $10.5B-1.2% | $10.6B-0.6% | $10.7B |
| Current Assets | $144.8M-58.9% | $352.2M-76.7% | $1.5B+9.9% | $1.4B+2.1% | $1.3B-5.8% | $1.4B+3.9% | $1.4B-1.5% | $1.4B |
| Cash & Equivalents | $113.4M-65.2% | $325.6M-15.6% | $386.0M+112.1% | $182.0M+26.6% | $143.7M-47.2% | $272.0M+39.5% | $195.0M+5.4% | $185.0M |
| Inventory | N/A | N/A | $126.0M-29.2% | $178.0M-0.6% | $179.0M+11.2% | $161.0M+12.6% | $143.0M-18.3% | $175.0M |
| Accounts Receivable | N/A | N/A | $861.0M-0.2% | $863.0M-4.6% | $905.0M+3.9% | $871.0M-2.2% | $891.0M+1.6% | $877.0M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $2.1B-11.6% | $2.4B-58.7% | $5.8B-0.1% | $5.8B-1.6% | $5.9B-1.0% | $5.9B-0.5% | $6.0B-1.4% | $6.0B |
| Current Liabilities | $200.0M-62.9% | $539.0M-33.3% | $808.0M+0.1% | $807.0M-8.7% | $883.8M-2.8% | $909.0M+2.6% | $886.0M+5.9% | $837.0M |
| Long-Term Debt | $670.3M-0.2% | $671.9M-76.2% | $2.8B-0.4% | $2.8B+135.4% | $1.2B-58.3% | $2.9B-0.2% | $2.9B-4.7% | $3.0B |
| Total Equity | $2.6B+1.5% | $2.5B-45.0% | $4.6B+0.3% | $4.6B+0.2% | $4.6B-0.1% | $4.6B-2.0% | $4.7B+0.4% | $4.7B |
| Retained Earnings | $769.8M+5.1% | $732.3M-73.9% | $2.8B-0.7% | $2.8B+0.1% | $2.8B+0.2% | $2.8B-2.8% | $2.9B-0.6% | $2.9B |
AD Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$202.1M-146.1% | -$82.1M-125.3% | $325.0M+103.1% | $160.0M+32.2% | $121.0M-50.7% | $245.5M-21.6% | $313.0M+54.2% | $203.0M |
| Capital Expenditures | $8.6M+106.7% | -$128.4M-271.2% | $75.0M+4.2% | $72.0M+1313.2% | $5.1M+102.0% | -$256.6M-287.3% | $137.0M+3.0% | $133.0M |
| Free Cash Flow | -$210.7M-0.1% | -$210.5M-184.2% | $250.0M+184.1% | $88.0M-24.1% | $115.9M+1139.5% | -$11.1M-106.3% | $176.0M+151.4% | $70.0M |
| Investing Cash Flow | -$8.6M-100.3% | $2.6B+3516.3% | -$76.0M-2.7% | -$74.0M+47.6% | -$141.2M-7.8% | -$131.0M+6.4% | -$140.0M+2.8% | -$144.0M |
| Financing Cash Flow | -$1.6M+99.9% | -$2.6B-5185.3% | -$49.0M-11.4% | -$44.0M+59.6% | -$108.9M-158.6% | -$42.1M+74.9% | -$168.0M-500.0% | -$28.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0-100.0% | $360K | $0-100.0% | $21.0M-26.2% | $28.5M+11.1% | $25.6M | $0 | $0 |
AD Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | 55.5% | N/A | N/A | N/A | 98.0% | N/A | N/A |
| Operating Margin | N/A | -113.1%-117.0pp | 3.8%-0.8pp | 4.6%+25.5pp | -20.9%-3.1pp | -17.9%-21.8pp | 3.9%-1.5pp | 5.4% |
| Net Margin | N/A | -81.6%-85.0pp | 3.4%+1.4pp | 2.0%+0.6pp | 1.4%+10.2pp | -8.8%-10.7pp | 1.8%-0.1pp | 1.9% |
| Return on Equity | N/A | -1.5%-2.2pp | 0.7%+0.3pp | 0.4%+0.1pp | 0.3%+2.0pp | -1.7%-2.1pp | 0.4%-0.0pp | 0.4% |
| Return on Assets | N/A | -0.8%-1.1pp | 0.3%+0.1pp | 0.2%+0.1pp | 0.1%+0.9pp | -0.8%-0.9pp | 0.2%0.0pp | 0.2% |
| Current Ratio | 0.72+0.1 | 0.65-1.2 | 1.87+0.2 | 1.70+0.2 | 1.52-0.0 | 1.57+0.0 | 1.55-0.1 | 1.67 |
| Debt-to-Equity | 0.260.0 | 0.27-0.3 | 0.610.0 | 0.62+0.4 | 0.26-0.4 | 0.63+0.0 | 0.62-0.0 | 0.65 |
| FCF Margin | N/A | -446.8%-474.0pp | 27.3%+17.4pp | 9.9%-3.1pp | 13.0%+14.2pp | -1.2%-20.2pp | 19.0%+11.6pp | 7.4% |
Note: The current ratio is below 1.0 (0.72), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Array Digital's annual revenue?
Array Digital (AD) reported $163.0M in total revenue for fiscal year 2025. This represents a -95.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Array Digital's revenue growing?
Array Digital (AD) revenue declined by 95.6% year-over-year, from $3.7B to $163.0M in fiscal year 2025.
Is Array Digital profitable?
Yes, Array Digital (AD) reported a net income of $69.2M in fiscal year 2025, with a net profit margin of 42.5%.
What is Array Digital's EBITDA?
Array Digital (AD) had EBITDA of -$53.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Array Digital have?
As of fiscal year 2025, Array Digital (AD) had $113.4M in cash and equivalents against $670.3M in long-term debt.
What is Array Digital's gross margin?
Array Digital (AD) had a gross margin of 51.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Array Digital's operating margin?
Array Digital (AD) had an operating margin of -56.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Array Digital's net profit margin?
Array Digital (AD) had a net profit margin of 42.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Array Digital pay dividends?
Yes, Array Digital (AD) paid $23.00 per share in dividends during fiscal year 2025.
What is Array Digital's return on equity (ROE)?
Array Digital (AD) has a return on equity of 2.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Array Digital's free cash flow?
Array Digital (AD) generated $173.6M in free cash flow during fiscal year 2025. This represents a -79.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Array Digital's operating cash flow?
Array Digital (AD) generated $200.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Array Digital's total assets?
Array Digital (AD) had $4.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Array Digital's capital expenditures?
Array Digital (AD) invested $27.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Array Digital's current ratio?
Array Digital (AD) had a current ratio of 0.72 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Array Digital's debt-to-equity ratio?
Array Digital (AD) had a debt-to-equity ratio of 0.26 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Array Digital's return on assets (ROA)?
Array Digital (AD) had a return on assets of 1.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Array Digital's Piotroski F-Score?
Array Digital (AD) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Array Digital's earnings high quality?
Array Digital (AD) has an earnings quality ratio of 2.90x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Array Digital cover its interest payments?
Array Digital (AD) has an interest coverage ratio of -3.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Array Digital?
Array Digital (AD) scores 37 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.