Array reports third quarter 2026 results

Quarterly continuing-operations earnings fell despite higher rental revenue, while remaining spectrum sales await FCC finality.

Rhea-AI Summary

Array Digital Infrastructure (NYSE: AD) reported third-quarter 2026 operating revenue of $53.9 million, up 14% year over year, and reaffirmed annual guidance. Site rental revenue rose 14%. Continuing-operations income attributable to shareholders fell to $69.6 million from $108.8 million, while diluted earnings per share declined to $0.81 from $1.25. Operating loss narrowed to $2.326 million from $53.313 million.

Array continues to expect 2026 revenue of $205–$215 million and adjusted EBITDA, an adjusted earnings measure, of $220–$235 million. Approximately $30 million of remaining T-Mobile spectrum sales received regulatory approval in October; Array expects closing in 2026, subject to FCC finality and customary conditions. TDS stopped pursuing its proposed acquisition of remaining Array common shares. Nine-month continuing operations used $188.191 million in operating cash, versus generating $22.510 million a year earlier.

20 points · 1 major

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0 major · 18 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointNine-month continuing-operations divestiture cash receipts reached $2,185.801 million, versus $5.439 million a year earlier. 81% of market cap
• Moderate pointThird-quarter operating revenue increased 14% year over year to $53.870 million.
• Moderate pointThird-quarter operating loss narrowed to $2.326 million from $53.313 million a year earlier.
• Moderate pointThird-quarter total shareholder earnings reached $68.795 million, versus a $38.465 million loss a year earlier.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Remaining T-Mobile spectrum sales of approximately $30 million received regulatory approval; Array expects closing in 2026. 1.1% of market cap
• Moderate pointNine-month operating revenue rose 56% year over year to $159.952 million.

14 minor points

• Minor pointSite rental revenue increased 14% year over year to $52.475 million in the third quarter.
• Minor pointServices revenue increased 9% year over year to $1.395 million in the third quarter.
• Minor pointThird-quarter selling and administrative expenses declined 11% year over year to $18.200 million.
• Minor pointLicense impairment charges were zero in third-quarter 2026, versus $47.679 million a year earlier.
• Minor pointDiscontinued-operations shareholder loss narrowed to $788,000 from $147.301 million in the prior-year quarter.
• Minor pointColocations, instances of third-party tower-space leasing, increased to 4,372 from 4,362 in the preceding quarter.
• Minor point. Forward-looking: it has not happened yet and may not happen.Array reaffirmed 2026 revenue guidance of $205–$215 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Array reaffirmed 2026 adjusted EBITDA guidance of $220–$235 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Array reaffirmed 2026 adjusted OIBDA guidance, excluding investment income, of $60–$75 million.
• Minor pointNine-month license-sale and exchange gains reached $566.459 million, versus $6.123 million a year earlier.
• Minor pointNine-month operating income reached $557.722 million, versus a $101.129 million loss a year earlier.
• Minor pointNine-month continuing-operations shareholder income reached $583.185 million, versus $128.293 million a year earlier.
• Minor pointNine-month continuing-operations diluted EPS reached $6.74, versus $1.46 a year earlier.
• Minor pointNine-month discontinued-operations shareholder income reached $22.101 million, versus a $117.015 million loss a year earlier.

Negative

• Moderate pointThird-quarter continuing-operations shareholder income declined 36% year over year to $69.583 million.
• Moderate pointThird-quarter earnings from unconsolidated entities declined 41% year over year to $41.009 million.
• Moderate pointThird-quarter short-term imputed spectrum lease income declined 75% year over year to $7.669 million.
• Moderate pointThird-quarter operating costs, excluding depreciation, amortization and accretion, increased 11% year over year to $23.349 million.
• Moderate pointRemaining spectrum-sale closings remain subject to FCC finality and customary closing conditions.
• Moderate pointNine-month continuing operations used $188.191 million in operating cash, versus generating $22.510 million a year earlier.
• Moderate pointNine-month strategic alternatives review expenses totaled $14 million.

11 minor points

• Minor pointThird-quarter continuing-operations diluted EPS declined to $0.81 from $1.25 a year earlier.
• Minor pointThird-quarter interest and dividend income declined 50% year over year to $4.442 million.
• Minor pointThird-quarter interest expense increased 24% year over year to $10.972 million.
• Minor pointThird-quarter depreciation, amortization and accretion increased 13% year over year to $13.405 million.
• Minor pointThird-quarter asset disposal losses increased 74% year over year to $1.233 million.
• Minor pointThird-quarter license transactions produced a $9,000 loss, versus a $1.323 million gain a year earlier.
• Minor pointThird-quarter pretax income declined 16% year over year to $39.857 million.
• Minor pointThird-quarter income tax benefit fell to $30.121 million from $62.701 million a year earlier.
• Minor pointTDS stopped pursuing its non-binding acquisition proposal for remaining Array common shares on September 1, 2026.
• Minor pointNine-month distributions from unconsolidated entities fell to $89.584 million from $149.732 million a year earlier.
• Minor pointNine-month continuing-operations income tax expense was $138.147 million, versus a $54.479 million benefit a year earlier.

Key Figures

Operating revenue: $53.9 million vs. $47.1 million Site rental revenue growth: 14% Net income attributable to shareholders: $69.6 million vs. $108.8 million +5 more

Operating revenue

$53.9 million vs. $47.1 million

Q3 2026 vs. Q3 2025

Site rental revenue growth

14%

Year over year, Q3 2026

Net income attributable to shareholders

$69.6 million vs. $108.8 million

Q3 2026 vs. Q3 2025

Diluted earnings per share

$0.81 vs. $1.25

Continuing operations, Q3 2026 vs. Q3 2025

2026 total operating revenue guidance

$205-$215 million (unchanged)

Full-year 2026 estimate

2026 Adjusted EBITDA guidance

$220-$235 million (unchanged)

Full-year 2026 estimate

2026 Adjusted OIBDA guidance

$60-$75 million (unchanged)

Full-year 2026 estimate

2026 capital expenditures guidance

$25-$35 million (unchanged)

Full-year 2026 estimate

Previous Earnings Reports

2 past events · Latest: Aug 07

Same Type 2 events

1. Aug 07

   Q2 earnings

   24h Move

   -1.1%

   Raised 2026 revenue, EBITDA and OIBDA guidance; reported stronger quarterly revenue and diluted EPS.

2. Nov 07

   Q3 earnings

   24h Move

   -2.8%

   Reported 3Q25 revenue and shareholder earnings versus prior-year figures, alongside spectrum-sale and dividend developments.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

non-gaap, colocation

2 terms

non-gaap financial

"Adjusted OIBDA1 (Non-GAAP) | $60-$75"

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.

View in glossary

colocation technical

"Delivered consecutive quarter-over-quarter colocation growth"

Colocation is the practice of placing a trader’s computer servers inside or next to an exchange’s data center so their orders travel the shortest possible distance to the exchange’s computers. For investors this matters because even tiny gains in speed can mean better trade prices or reduced slippage—like being first in line at a checkout—so firms that colocate can gain steady, measurable advantages or incur extra costs that affect returns.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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 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, expenses related to strategic alternatives review, 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, expenses related to the strategic alternatives review and short-term imputed spectrum lease income, 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 November 6, 2026 at 9:00 a.m. CT.

• 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. 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. As of March 31, 2026, the Number of colocations and the Tower tenancy rate exclude DISH Wireless.
			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. As of March 31, 2026, the Number of colocations and the Tower tenancy rate exclude DISH Wireless. Normalized to exclude DISH, tenancy ratios would have been 0.95 and 0.94 for December 31, 2025 and September 30, 2025, respectively.

 

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 September 30, 2026
(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.

 

View original content:https://www.prnewswire.com/news-releases/array-reports-third-quarter-2026-results-302931520.html

SOURCE Array Digital Infrastructure, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Array's third-quarter 2026 revenue and continuing-operations earnings?

Array reported $53.9 million in operating revenue and $69.6 million in continuing-operations income attributable to shareholders. Revenue increased 14% year over year, while continuing-operations diluted earnings per share declined to $0.81 from $1.25.

What is Array's reaffirmed 2026 financial guidance?

Array expects $205–$215 million in revenue, $220–$235 million in adjusted EBITDA and $60–$75 million in adjusted OIBDA for 2026. Its unchanged capital expenditure estimate is $25–$35 million. Adjusted EBITDA and adjusted OIBDA are non-GAAP earnings measures.

How does Array's exclusion of DISH Wireless affect tower tenancy comparisons?

Array's colocation count and tower tenancy rate exclude DISH Wireless beginning March 31, 2026. The September 2026 tenancy rate was 0.98, versus a reported 1.02 in September 2025; excluding DISH, the September 2025 rate would have been 0.94. The figures also exclude temporary T-Mobile sites.