Array reports fourth quarter and full year 2025 results

Rhea-AI Summary

Array (NYSE:AD) reported fourth quarter and full year 2025 results and issued 2026 guidance on February 20, 2026. Full-year 2025 results: $163.0M revenue, $169.7M net income attributable to shareholders, and $1.94 diluted EPS. Q4 2025 revenue was $60.3M and diluted EPS $0.48. Array closed the sale of wireless operations and spectrum to T-Mobile and sold 3.45GHz and 700MHz licenses to AT&T (closed Jan 13, 2026), paying special dividends of $23.00 and $10.25. 2026 guidance: total revenue $200–$215M, Adjusted EBITDA $200–$215M, Adjusted OIBDA $50–$65M.

Positive

• Total revenue +58% year-over-year to $163.0M
• Net income swung to $169.7M from a $85.9M loss
• Issued special dividends of $23.00 and $10.25 from asset sales
• Closed spectrum sale to AT&T (3.45GHz and 700MHz) on Jan 13, 2026

Negative

• Adjusted OIBDA was only $1M for 2025
• Significant 2026 results depend on pending transactions subject to regulatory approval
• Array forecasts $780–$795M income before taxes estimate items that lack tax guidance

News Market Reaction – AD

-2.13%

1 alert

-2.13% News Effect

-$95M Valuation Impact

$4.35B Market Cap

1.24K Volume

On the day this news was published, AD declined 2.13%, reflecting a moderate negative market reaction. This price movement removed approximately $95M from the company's valuation, bringing the market cap to $4.35B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 revenue: $60.3M Q4 2025 EPS: $0.48 2025 net income: $169.7M +5 more

8 metrics

Q4 2025 revenue $60.3M Total operating revenues from continuing operations vs $26.1M in Q4 2024

Q4 2025 EPS $0.48 Diluted EPS from continuing operations vs $0.13 in Q4 2024

2025 net income $169.7M Net income from continuing operations vs $(85.9)M in 2024

2025 revenue $163.0M Total operating revenues from continuing operations vs $102.9M in 2024

2026 revenue guidance $200–$215M Estimated total operating revenues for full-year 2026

2026 Adjusted OIBDA $50–$65M Non-GAAP 2026 estimate vs $1M actual in 2025

Special dividend $23 per share Paid after August 2025 sale of wireless operations and spectrum to T-Mobile

Special dividend $10.25 per share Paid February 2, 2026 after sale of 3.45GHz and 700MHz spectrum to AT&T

Market Reality Check

Price: $49.36 Vol: Volume 233,686 vs 20-day ...

normal vol

$49.36 Last Close

Volume Volume 233,686 vs 20-day average 298,046 – trading below typical activity ahead of earnings call. normal

Technical Shares at 50.34 are trading below the 200-day MA of 51.53, despite strong 2025 results and 2026 guidance.

Peers on Argus

AD is up 1.39% while momentum scanner flags only LBTYA moving down. Broader tele...

1 Down

AD is up 1.39% while momentum scanner flags only LBTYA moving down. Broader telecom peers show mixed, modest moves, pointing to a stock-specific earnings reaction.

Common Catalyst Another peer, TDS, also reported 2025 results and dividends today, suggesting an earnings cluster in the telecom space rather than a broad sector rotation.

Previous Earnings Reports

1 past event · Latest: Nov 07 (Positive)

Same Type Pattern 1 events

Date	Event	Sentiment	Move	Catalyst
Nov 07	Quarterly earnings	Positive	-2.8%	3Q 2025 results with strong revenue and EPS turnaround vs prior-year loss.

Pattern Detected

The prior earnings release showed strong fundamentals but a -2.79% price reaction, indicating a history of muted or negative responses to positive earnings.

Recent Company History

Over the past six months, Array executed major strategic shifts: selling wireless operations and select spectrum to T-Mobile with a $23 special dividend, then selling spectrum to AT&T for $1.018B and declaring a $10.25 dividend. The 3Q 2025 earnings report showed a sharp jump in revenue and profitability, yet the stock fell 2.79%. Today’s 4Q and full-year 2025 results and 2026 guidance build directly on those tower- and spectrum-focused initiatives.

Historical Comparison

-2.8% avg move · Array’s last earnings report led to a -2.79% move despite strong metrics, so investors have previous...

earnings

-2.8%

Average Historical Move earnings

Array’s last earnings report led to a -2.79% move despite strong metrics, so investors have previously reacted cautiously to similar financial updates.

Earnings reports reflect a transition from legacy wireless operations toward tower tenancy and spectrum monetization, with improving profitability from 3Q 2025 into full-year 2025.

Market Pulse Summary

This announcement details a significant step-up in 2025 revenue and net income, plus higher 2026 gui...

Analysis

This announcement details a significant step-up in 2025 revenue and net income, plus higher 2026 guidance for total operating revenues and non-GAAP profitability. It builds on earlier spectrum monetization and special dividends while highlighting pending deals with T-Mobile and Verizon. Investors may focus on how recurring tower and spectrum income evolves versus one-time gains, the trajectory of Adjusted EBITDA and OIBDA, and progress on closing announced spectrum transactions.

Key Terms

ebitda, adjusted ebitda, adjusted oibda, gaap, +2 more

6 terms

ebitda financial

"The following tables reconcile EBITDA, Adjusted EBITDA, and Adjusted OIBDA to the corresponding GAAP measures"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

adjusted ebitda financial

"EBITDA (Non-GAAP) 1 | | $875-$890 | | $ 218 | | $ (40)... Adjusted EBITDA (Non-GAAP) 1 | | $200-$215"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

adjusted oibda financial

"Adjusted OIBDA (Non-GAAP) 1 | | $50-$65 | | $ 1 | | $ (51)"

Adjusted OIBDA is a company’s core operating profit before subtracting depreciation and amortization, further cleaned up by removing one-time or unusual items so it shows recurring cash-earning power. Think of it like measuring a car’s steady fuel efficiency after ignoring a flat tire or a rare detour—investors use it to compare underlying operational performance across periods and companies without distortion from non-recurring events or accounting timing.

gaap financial

"Net income (loss) from continuing operations (GAAP) | | N/A | | $ 172"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

non-gaap financial

"Adjusted OIBDA 1 (Non-GAAP) | $50-$65 | | $1"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

spectrum licenses technical

"to sell certain AWS, Cellular and PCS wireless spectrum licenses and agreed to grant Verizon"

Spectrum licenses are government-granted rights to use specific slices of radio frequencies for wireless services, like mobile data, broadcasting, or private networks. Investors care because these licenses are limited and often essential for a company to operate or expand wireless services; securing valuable spectrum can be like owning prime real estate—it can drive revenue, reduce costs, create competitive barriers and affect a company’s growth prospects and valuation.

AI-generated analysis. Not financial advice.

Array issues 2026 guidance

CHICAGO, Feb. 20, 2026 /PRNewswire/ -- 

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 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.

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 Results		Actual 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 benefit		N/A		(31)		(19)
Income (loss) before income taxes (GAAP)		$780-$795		$                         141		$                        (100)
Add back or deduct:
Interest expense		45		28		12
Depreciation, amortization and accretion		50		48		47
EBITDA (Non-GAAP)1		$875-$890		$                         218		$                          (40)
Add back or deduct:
Expenses related to strategic alternatives review		—		2		22
Loss on impairment of licenses		—		48		136
(Gain) loss on asset disposals, net		—		2		1
(Gain) loss on license sales and exchanges, net		(595)		(6)		3
Short-term imputed spectrum lease income		(80)		(69)		—
Adjusted EBITDA (Non-GAAP)1		$200-$215		$                         194		$                         122
Deduct:
Equity in earnings of unconsolidated entities		140		174		161
Interest and dividend income		10		19		12
Adjusted OIBDA (Non-GAAP)1		$50-$65		$                             1		$                          (51)

Numbers may not foot due to rounding.
1	EBITDA, Adjusted EBITDA and Adjusted OIBDA are defined as net income adjusted for the items set forth in the reconciliation above. EBITDA, Adjusted EBITDA and Adjusted OIBDA are not measures of financial performance under Generally Accepted Accounting Principles in the United States (GAAP) and should not be considered as alternatives to Net income or Cash flows from operating activities, as indicators of cash flows or as measures of liquidity. Array does not intend to imply that any such items set forth in the reconciliation above are infrequent or unusual; such items may occur in the future. Management uses Adjusted EBITDA and Adjusted OIBDA as measurements of profitability, and therefore reconciliations to Net income are deemed appropriate. Management believes Adjusted EBITDA and Adjusted OIBDA are useful measures of Array's operating results before significant recurring non-cash charges, nonrecurring expenses, gains and losses, and other items as presented above as they provide additional relevant and useful information to investors and other users of Array's financial data in evaluating the effectiveness of its operations and underlying business trends in a manner that is consistent with management's evaluation of business performance. Adjusted EBITDA shows adjusted earnings before interest, taxes, depreciation, amortization and accretion, gains and losses while Adjusted OIBDA reduces this measure further to exclude Equity in earnings of unconsolidated entities and Interest and dividend income in order to more effectively show the performance of operating activities excluding investment activities.

Conference Call Information
Array will hold a conference call on February 20, 2026 at 9:00 a.m. Central Time.

• Access the live call on the Events & Presentations page of investors.arrayinc.com or at https://events.q4inc.com/attendee/189864142

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 Digital Infrastructure, Inc. is a leading owner and operator of shared wireless communications infrastructure in the United States. Array owns 4,450 cell towers in 19 states and enables the deployment of 5G and other wireless technologies throughout the country. As of December 31, 2025, Telephone and Data Systems, Inc. owned approximately 82.0% 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 the company'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 and the previously announced spectrum license sales to Verizon will be consummated; whether Array can monetize the 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 revenues; the ability to attract people of outstanding talent; inability to protect Array's real estate rights, with respect to land leases; advances or changes in technology; impacts of costs, integration problems 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 Array does not control; pending and future litigation; cyber-attacks or other breaches of network or information technology security; control by the 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.

Array Digital Infrastructure, Inc.
Summary Operating Data (Unaudited)
As of or for the Quarter Ended	12/31/2025		9/30/2025
Capital expenditures from continuing operations (thousands)	$          12,933		$            7,927
Owned towers	4,450		4,449
Number of colocations1	4,572		4,517
Tower tenancy rate2	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. Excludes Interim Sites whereby T-Mobile is leasing up to 1,800 sites for a period of up to 30 months subject to the terms and conditions of the MLA.
2	Calculated as total number of colocations divided by total number of towers. Includes T-Mobile MLA committed site minimum of 2,015. Excludes Interim Sites whereby T-Mobile is leasing up to 1,800 sites for a period of up to 30 months subject to the terms and conditions of the MLA.

 

Array Digital Infrastructure, Inc.
Consolidated Statement of Operations Highlights
(Unaudited)
	Three Months Ended December 31,						Year Ended December 31,
	2025		2024		2025 vs. 2024		2025		2024		2025 vs. 2024
(Dollars and shares in thousands, except per share amounts)
Operating revenues
Site rental	$  54,990		$  26,019		N/M		$   154,654		$  102,610		51 %
Services	5,338		70		N/M		8,307		323		N/M
Total operating revenues	60,328		26,089		N/M		162,961		102,933		58 %
Operating expenses
Cost of operations (excluding Depreciation, amortization and accretion reported below)	22,823		20,174		13 %		79,485		72,997		9 %
Selling, general and administrative	15,381		23,559		(35) %		84,444		102,556		(18) %
Depreciation, amortization and accretion	12,402		12,156		2 %		48,262		47,212		2 %
Loss on impairment of licenses	—		—		N/M		47,679		136,234		(65) %
(Gain) loss on asset disposals, net	1,125		219		N/M		1,746		809		N/M
(Gain) loss on license sales and exchanges, net	—		(900)		N/M		(6,123)		3,460		N/M
Total operating expenses	51,731		55,208		(6) %		255,493		363,268		(30) %
Operating income (loss)	8,597		(29,119)		N/M		(92,532)		(260,335)		64 %
Other income (expense)
Equity in earnings of unconsolidated entities	26,301		37,919		(31) %		173,754		161,364		8 %
Interest and dividend income	3,649		2,579		41 %		18,917		11,656		62 %
Interest expense	(11,989)		(3,203)		N/M		(28,222)		(12,405)		N/M
Short-term imputed spectrum lease income	38,619		—		N/M		69,033		—		N/M
Other, net	(81)		—		N/M		169		—		N/M
Total other income	56,499		37,295		51 %		233,651		160,615		45 %
Income (loss) before income taxes	65,096		8,176		N/M		141,119		(99,720)		N/M
Income tax expense (benefit)	23,332		(3,656)		N/M		(31,148)		(19,256)		(62) %
Net income (loss) from continuing operations	41,764		11,832		N/M		172,267		(80,464)		N/M
Less: Net income from continuing operations attributable to noncontrolling interests, net of tax	404		136		N/M		2,615		5,411		(52) %
Net income (loss) from continuing operations attributable to Array shareholders	41,360		11,696		N/M		169,652		(85,875)		N/M
Net income (loss) from discontinued operations	(3,882)		(6,826)		43 %		(103,074)		48,886		N/M
Less: Net income from discontinued operations attributable to noncontrolling interests, net of tax	—		322		N/M		17,822		2,414		N/M
Net income (loss) from discontinued operations attributable to Array shareholders	$   (3,882)		$   (7,148)		46 %		$  (120,896)		$    46,472		N/M
Net income (loss)	$  37,882		$    5,006		N/M		$     69,193		$   (31,578)		N/M
Less: Net income attributable to noncontrolling interests, net of tax	404		458		(12) %		20,437		7,825		N/M
Net income (loss) attributable to Array shareholders	$  37,478		$    4,548		N/M		$     48,756		$   (39,403)		N/M
Basic weighted average shares outstanding	86,449		85,381		1 %		85,908		85,633		–
Basic earnings (loss) per share from continuing operations attributable to Array shareholders	$      0.48		$      0.14		N/M		$         1.98		$       (1.00)		N/M
Basic earnings (loss) per share from discontinued operations attributable to Array shareholders	$     (0.05)		$     (0.09)		46 %		$        (1.41)		$        0.54		N/M
Basic earnings (loss) per share attributable to Array shareholders	$      0.43		$      0.05		N/M		$         0.57		$       (0.46)		N/M
Diluted weighted average shares outstanding	86,514		88,322		(2) %		87,293		85,633		2 %
Diluted earnings (loss) per share from continuing operations attributable to Array shareholders	$      0.48		$      0.13		N/M		$         1.94		$       (1.00)		N/M
Diluted earnings (loss) per share from discontinued operations attributable to Array shareholders	$     (0.04)		$     (0.08)		45 %		$        (1.38)		$        0.54		N/M
Diluted earnings (loss) per share attributable to Array shareholders	$      0.43		$      0.05		N/M		$         0.56		$       (0.46)		N/M

N/M - Percentage change not meaningful

 

Array Digital Infrastructure, Inc.
Consolidated Statement of Cash Flows
(Unaudited)
Year Ended December 31,	2025		2024
(Dollars in thousands)
Cash flows from operating activities
Net income (loss)	$              69,193		$            (31,578)
Net income (loss) from discontinued operations	(103,074)		48,886
Net income (loss) from continuing operations	172,267		(80,464)
Add (deduct) adjustments to reconcile net income (loss) to net cash flows from operating activities
Depreciation, amortization and accretion	48,262		47,212
Bad debts expense	1,689		(1,729)
Stock-based compensation expense	1,819		2,728
Deferred income taxes, net	(37,733)		(16,716)
Equity in earnings of unconsolidated entities	(173,754)		(161,364)
Distributions from unconsolidated entities	215,599		168,701
Loss on impairment of licenses	47,679		136,234
(Gain) loss on asset disposals, net	1,746		809
(Gain) loss on license sales and exchanges, net	(6,123)		3,460
Other operating activities	1,285		121
Changes in assets and liabilities from operations
Accounts receivable	(6,628)		4,856
Accounts payable	(9,339)		(35,473)
Customer deposits and deferred revenues	(65,025)		(352)
Accrued taxes	(15,954)		(38,510)
Other assets and liabilities	(100,661)		8,857
Net cash provided by operating activities - continuing operations	75,129		38,370
Net cash provided by operating activities - discontinued operations	125,707		844,095
Net cash provided by operating activities	200,836		882,465
Cash flows from investing activities
Cash paid for additions to property, plant and equipment	(27,200)		(18,466)
Cash paid for licenses	(4,175)		(19,198)
Cash received from divestitures	5,439		—
Other investing activities	1,301		—
Net cash used in investing activities - continuing operations	(24,635)		(37,664)
Net cash provided by (used in) investing activities - discontinued operations	2,462,399		(518,572)
Net cash provided by (used in) investing activities	2,437,764		(556,236)
Cash flows from financing activities
Issuance of long-term debt	325,000		40,000
Repayment of long-term debt	(875,250)		(248,000)
Tax withholdings, net of cash receipts, for Array stock-based compensation awards	(63,446)		(11,246)
Repurchase of Common Shares	(21,360)		(54,091)
Dividends paid to Array shareholders	(1,986,719)		—
Payment of debt issuance costs	(6,418)		—
Distributions to noncontrolling interests	(27,612)		(4,716)
Other financing activities	(8,000)		(2,316)
Net cash used in financing activities - continuing operations	(2,663,805)		(280,369)
Net cash used in financing activities - discontinued operations	(20,537)		(66,632)
Net cash used in financing activities	(2,684,342)		(347,001)
Net decrease in cash, cash equivalents and restricted cash	(45,742)		(20,772)
Cash, cash equivalents and restricted cash
Beginning of period	159,142		179,914
End of period	$            113,400		$           159,142

 

Array Digital Infrastructure, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
ASSETS
December 31,	2025		2024
(Dollars in thousands)
Current assets
Cash and cash equivalents	$           113,400		$           143,730
Accounts receivable, net	21,656		12,729
Prepaid expenses	3,216		7,060
Current assets of discontinued operations	—		1,163,032
Other current assets	6,515		18,319
Total current assets	144,787		1,344,870
Non-current assets held for sale	1,591,675		12
Non-current assets of discontinued operations	—		4,499,069
Licenses	1,642,187		3,281,508
Investments in unconsolidated entities	412,608		453,938
Property, plant and equipment, net	388,999		384,021
Operating lease right-of-use assets	472,995		465,274
Other assets and deferred charges	24,837		20,289
Total assets	$        4,678,088		$      10,448,981

 

Array Digital Infrastructure, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
LIABILITIES AND EQUITY
December 31,	2025		2024
(Dollars in thousands, except per share amounts)
Current liabilities
Current portion of long-term debt	$                4,063		$              22,000
Accounts payable	38,395		36,454
Customer deposits and deferred revenues	85,945		1,716
Accrued taxes	16,884		27,077
Accrued compensation	4,322		89,476
Short-term operating lease liabilities	15,294		16,133
Current liabilities of discontinued operations	20,242		671,575
Other current liabilities	14,843		19,340
Total current liabilities	199,988		883,771
Non-current liabilities of discontinued operations	—		2,310,660
Deferred liabilities and credits
Deferred income tax liability, net	387,030		728,229
Long-term operating lease liabilities	509,876		495,736
Other deferred liabilities and credits	336,379		221,376
Long-term debt, net	670,258		1,201,725
Noncontrolling interests with redemption features	—		15,831
Total equity	2,574,557		4,591,653
Total liabilities and equity	$         4,678,088		$      10,448,981

Array Digital Infrastructure, Inc.
EBITDA, Adjusted EBITDA, Adjusted OIBDA and AFCF Reconciliations
(Unaudited)

EBITDA, Adjusted EBITDA and Adjusted OIBDA

The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measure, Net income (loss) from continuing operations and Income (loss) before income taxes.

	Three Months Ended December 31,				Year Ended December 31,
	2025		2024		2025		2024
(Dollars in thousands)
Net income (loss) from continuing operations (GAAP)	$           41,764		$            11,832		$         172,267		$          (80,464)
Add back or deduct:
Income tax expense (benefit)	23,332		(3,656)		(31,148)		(19,256)
Income (loss) before income taxes (GAAP)	65,096		8,176		141,119		(99,720)
Add back:
Interest expense	11,989		3,203		28,222		12,405
Depreciation, amortization and accretion	12,402		12,156		48,262		47,212
EBITDA (Non-GAAP)	89,487		23,535		217,603		(40,103)
Add back or deduct:
Expenses related to strategic alternatives review	95		1,607		2,444		21,521
Loss on impairment of licenses	—		—		47,679		136,234
(Gain) loss on asset disposals, net	1,125		219		1,746		809
(Gain) loss on license sales and exchanges, net	—		(900)		(6,123)		3,460
Short-term imputed spectrum lease income	(38,619)		—		(69,033)		—
Adjusted EBITDA (Non-GAAP)	52,088		24,461		194,316		121,921
Deduct:
Equity in earnings of unconsolidated entities	26,301		37,919		173,754		161,364
Interest and dividend income	3,649		2,579		18,917		11,656
Other, net	(81)		—		169		—
Adjusted OIBDA (Non-GAAP)	$           22,219		$          (16,037)		$              1,476		$          (51,099)

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. Array modified its AFCF metric for the three months ended December 31, 2025 to adjust for cash taxes paid in the quarter, which management believes best reflects cash generated from operations and investments. Under the modified presentation, the comparative calculation of AFCF for the three months ended September 30, 2025 would have been $63.4 million.

	Three Months Ended December 31, 2025
(Dollars in thousands)
Net income from continuing operations (GAAP)	$                              41,764
Add back or deduct:
Income tax expense	23,332
Cash paid for income taxes	(191)
Stock-based compensation expense	259
Short-term imputed spectrum lease income	(38,619)
Amortization of deferred debt charges	946
Equity in earnings of unconsolidated entities	(26,301)
Distributions from unconsolidated entities	65,867
(Gain) loss on asset disposals, net	1,125
Depreciation, amortization and accretion	12,402
Expenses related to strategic alternatives review	95
Straight line and other non-cash revenue adjustments	(5,190)
Straight line expense adjustment	1,398
Maintenance and other capital expenditures	(2,025)
Adjusted Free Cash Flow from continuing operations (Non-GAAP)	$                              74,862

 

View original content:https://www.prnewswire.com/news-releases/array-reports-fourth-quarter-and-full-year-2025-results-302693312.html

SOURCE Array Digital Infrastructure, Inc.

FAQ

What were Array (AD) full-year 2025 revenues and net income on Feb 20, 2026?

Array reported $163.0 million in total operating revenues and $169.7 million net income for 2025. According to Array, those figures reflect asset sales and operating results, with Q4 2025 revenue at $60.3 million and EPS $0.48.

How much special dividend did Array (AD) pay after the T-Mobile and AT&T transactions?

Array paid a $23.00 special dividend related to the T-Mobile transaction and $10.25 after the AT&T sale. According to Array, those dividends were funded by the respective wireless operations and spectrum sales realized in 2025–2026.

What guidance did Array (AD) give for 2026 total revenue and Adjusted EBITDA?

Array guided 2026 total operating revenues of $200–$215 million and Adjusted EBITDA of $200–$215 million. According to Array, these 2026 estimates reflect management's view as of February 20, 2026 and may change.

Why is Array's (AD) Adjusted OIBDA low for 2025 despite positive net income?

Adjusted OIBDA was $1 million in 2025 largely because Array adjusts for equity earnings and investment income. According to Array, Adjusted OIBDA excludes equity in earnings and interest/dividend income to show operating activity performance.

What pending spectrum transactions could affect Array (AD) in 2026 and their timing?

Array has pending agreements with Verizon expected to close in Q2 or Q3 2026 and additional T-Mobile-related proceeds subject to approvals. According to Array, these transactions require regulatory clearance and customary closing conditions.