Array Digital Stock Price, News & Analysis
Company Description
Array Digital Infrastructure, Inc. (NYSE: AD) is a telecommunications infrastructure company in the communication services sector. According to company disclosures, Array is an owner and operator of shared wireless communications infrastructure in the United States. The company focuses on wireless towers and related assets that support the deployment of 5G and other wireless technologies.
Array describes itself as a leading owner and operator of shared wireless communications infrastructure in the United States, with over 4,400 cell towers located across the country. These towers are used by wireless carriers and other tenants to host equipment that enables mobile connectivity and advanced wireless services. Through this portfolio, Array plays a role in supporting wireless networks and capacity for its tenants.
Array is headquartered in Chicago, Illinois. Public disclosures state that Telephone and Data Systems, Inc. (TDS) owns a significant majority of Array, with ownership of approximately 82% reported as of various dates in 2025. TDS identifies Array as part of its broader broadband and wireless infrastructure businesses.
Array’s business is focused on shared wireless communications infrastructure. The company reports that it owns thousands of towers and that it enables deployment of 5G and other wireless technologies throughout the United States. Public filings and news releases also note that Array holds noncontrolling investment interests in wireless partnerships and has retained wireless spectrum assets, some of which have been sold to major wireless carriers under license purchase agreements.
Business model and operations
Based on Array’s public financial disclosures, the company’s operating revenues from continuing operations are primarily categorized as site rental and services. Site rental revenues are associated with tenants renting or leasing space on company-owned towers. The company reports the number of colocations, which it defines as instances where a third party rents or leases space on a company-owned tower, and it calculates a tower tenancy rate as total colocations divided by total towers. Services revenues are reported separately from site rental revenues.
Array has reported that it operates as a standalone tower company following the sale of wireless operations and select spectrum assets to T-Mobile, which closed on August 1, 2025. Company statements describe the commencement of a master lease arrangement with T-Mobile (referred to as an MLA) that is associated with site rental revenues. Public disclosures also indicate that Array has entered into additional agreements to sell certain spectrum licenses to other wireless carriers, including Verizon and AT&T, subject to regulatory approvals and closing conditions.
In addition to its tower portfolio and spectrum assets, Array has disclosed noncontrolling investment interests in wireless partnerships and a stake in certain wireless operations. The Polygon description notes that Array (formerly US Cellular) owns a 5.5% stake in Verizon Wireless' Los Angeles operations and about 4,400 wireless towers, and that it agreed to sell most of its remaining spectrum licenses to Verizon and AT&T while retaining rights to C-band spectrum in several locations after those deals are closed.
Corporate history and transformation
Regulatory filings identify Array Digital Infrastructure, Inc. as the successor to United States Cellular Corporation. Multiple Form 8-K filings refer to Array as “Array Digital Infrastructure, Inc. (f/k/a United States Cellular Corporation)” and list United States Cellular Corporation as the former name. Company and TDS communications describe the sale of UScellular’s regional wireless operations to T-Mobile and the launch of Array as a newly branded tower business. Following these transactions, Array’s remaining business is focused on tower infrastructure, retained spectrum, and certain investment interests.
Array and its subsidiaries have entered into several significant transactions involving wireless spectrum licenses. These include a License Purchase Agreement with Verizon Communications, Inc. to sell certain AWS, Cellular and PCS wireless spectrum licenses, and a License Purchase Agreement with New Cingular Wireless PCS, LLC (an AT&T subsidiary) to sell certain 3.45 GHz and 700 MHz wireless spectrum licenses. An 8-K dated January 13, 2026 reports the completion of the sale of select spectrum assets to AT&T for a purchase price of $1.018 billion, paid in cash, and notes that this included Designated Entity Spectrum Licenses in the 700 MHz band.
Ownership and governance
Array’s public communications state that it is majority-owned by Telephone and Data Systems, Inc. TDS describes itself as a company that provides broadband services and wireless infrastructure through its businesses, including TDS Telecom and Array Digital Infrastructure, Inc. In multiple news releases in 2025, Array reports that TDS owned approximately 82% of Array as of specified dates.
Array is a publicly traded company listed on the New York Stock Exchange under the ticker symbol AD. The company holds annual meetings of shareholders, and Form 8-K filings provide details on shareholder voting results for director elections, auditor ratification, amendments to its Restated Certificate of Incorporation, and advisory votes on executive compensation.
Capital structure and credit facilities
Array has disclosed the existence of senior notes and a credit agreement. Form 8-K filings reference 6.25% 2069 Senior Notes and 5.5% 2070 Senior Notes, as well as a First Amended and Restated Credit Agreement. An 8-K dated December 8, 2025 describes a Fifth Amendment to this credit agreement, which, among other changes, reduces Array’s borrowing capacity, extends the maturity date, removes a credit spread adjustment applicable to the Term SOFR interest rate, adjusts the maximum permitted cash netting for leverage ratio calculations, and increases capacity for certain secured and unsecured debt at Array, its subsidiaries, TDS, and other TDS subsidiaries.
Dividends and capital returns
Array has used proceeds from asset sales and operations in part to return capital to shareholders. A news release dated November 7, 2025 notes that Array paid a special dividend following the sale of wireless operations and select spectrum assets to T-Mobile. An 8-K and accompanying press release dated January 13, 2026 report that, following the closing of the sale of select spectrum assets to AT&T, Array’s Board of Directors declared a special cash dividend of $10.25 per Common Share and Series A Common Share, payable to shareholders of record as of January 23, 2026, with a scheduled payment date of February 2, 2026.
Key assets and metrics
Array’s disclosures highlight the scale of its tower portfolio and related metrics. The company reports ownership of over 4,400 cell towers in locations from coast to coast in the United States. Summary operating data for the quarter ended September 30, 2025 indicate 4,449 owned towers, 4,517 colocations, and a tower tenancy rate calculated as total colocations divided by total towers, excluding certain interim sites leased to T-Mobile under the MLA.
Array also reports capital expenditures from continuing operations and details of operating revenues and expenses, including site rental revenues, services revenues, cost of operations, selling, general and administrative expenses, depreciation, amortization and accretion, loss on impairment of licenses, and gains or losses on asset disposals and license sales and exchanges. These financial line items are presented in the company’s summary operating and financial data for continuing and discontinued operations.
Management and leadership
Array has disclosed leadership transitions as part of its evolution into a standalone tower company. A Form 8-K dated November 6, 2025 reports that Anthony Carlson was appointed President and Chief Executive Officer of Array effective November 16, 2025, and elected to the Board of Directors as of that date. The filing notes his prior roles at UScellular, TDS Telecom, McKinsey & Company, and Samsung Electronics. News releases also describe Doug Chambers serving as Interim President and CEO during the transition and later continuing as a Senior Advisor for a limited period.
Array’s governance structure includes a Board of Directors elected by holders of Common Shares and Series A Common Shares. Voting results filed on Form 8-K for the October 9, 2025 Annual Meeting of Shareholders show the election of directors by each share class, ratification of the company’s independent registered public accounting firm, approval of amendments to Array’s Restated Certificate of Incorporation to reflect changes in its business following the transaction with T-Mobile, and advisory approval of executive compensation.
Regulatory and reporting framework
As a U.S. public company, Array files periodic and current reports with the Securities and Exchange Commission (SEC), including Forms 10-K, 10-Q, and 8-K. The company’s news releases reference "Risk Factors" contained in its most recent Form 10-K and subsequent Form 10-Q filings, which address matters such as the manner in which Array’s remaining business is conducted, strategic decisions regarding the tower business, reliance on a small number of tenants for a substantial portion of revenues, competition in the tower industry, and the status of spectrum license sales.
Array’s business is subject to regulatory approvals for spectrum license transactions, and its filings and news releases describe license purchase agreements with major wireless carriers that are conditioned on such approvals. The company also notes the potential impact of government actions, including government shutdowns, on the timing of closing these transactions.