Welcome to our dedicated page for ARRAY DIGITAL INFRASTRUCTURE SEC filings (Ticker: AD), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Array Digital Infrastructure, Inc. SEC filings document the company's wireless infrastructure business, capital structure, and corporate transition from United States Cellular Corporation. Form 8-K reports cover completed spectrum asset dispositions, credit-agreement amendments, senior notes, special dividend-related capital actions, operating results, and material-event disclosures.
Proxy and governance filings describe board matters, executive compensation, incentive plans, shareholder voting items, and ownership-related disclosures. The filing record also includes risk, regulatory, and capital-structure information tied to Array's tower portfolio, retained spectrum licenses, and public-company governance.
Array Digital Infrastructure, Inc. (AD) is holding its 2026 Annual Meeting on May 19, 2026 where shareholders will vote on director elections, ratifying PwC, an amendment to permit officer exculpation, and an advisory Say-on-Pay.
In 2025 the company completed the sale of its wireless operations and select spectrum — the transaction closed on August 1, 2025 with final sales proceeds of $4.3 billion and a special cash dividend of $23.00 per share. Following the transaction the company was renamed Array and repositioned as a tower company with over 4,400 towers, ~60 associates, and a focus on tower leasing and colocations. Array has monetized approximately 70% of its spectrum holdings via agreements with major carriers, including a closed AT&T transaction on January 13, 2026 for $1.018 billion, with remaining spectrum monetization expected to close in 2026. The Board unanimously recommends votes FOR all proposals.
ARRAY DIGITAL INFRASTRUCTURE, INC. President and CEO Anthony J. Carlson reported routine equity compensation activity tied to restricted stock units. On March 4, 2026, 1,004 restricted stock units were converted into 1,004 common shares at a price of $49.91 per share, increasing his direct common share holdings to 9,278 before tax withholding.
The restricted stock units were granted under the Array Long-Term Incentive Plan on March 4, 2024 and vest in three equal annual installments. Footnotes explain the award was increased by 167 units after a special dividend on February 2, 2026 to preserve fair value, and this filing reflects settlement of the second vesting tranche.
Carlson then disposed of 349 common shares at $49.91 per share through a code F transaction to cover taxes due on the vesting that occurs on March 4, 2026, leaving him with 8,929 directly owned common shares. The filing shows compensation-related conversions and tax withholding rather than open-market buying or selling.
Array Digital Infrastructure, Inc. reports a transformative 2025, completing the $4,293.8 million sale of its wireless operations and select spectrum assets to T-Mobile and pivoting to a tower-focused business. The deal brought $2,628.8 million in cash and $1,665.0 million of debt assumed by T-Mobile.
Array now owns 4,450 towers across 19 states and derives most revenue from long-term site leases, including a new Master License Agreement with T-Mobile covering at least 2,015 committed sites plus up to 1,800 interim sites. 2025 site rental revenue rose to $154.7 million, and total operating revenue reached $163.0 million.
Despite $47.7 million of spectrum impairments, Array posted $169.7 million of net income from continuing operations attributable to shareholders, supported by $173.8 million of equity earnings and $69.0 million of short-term imputed spectrum lease income. Two special dividends totaling $33.25 per share were funded from T-Mobile and AT&T spectrum transactions, and further proceeds are expected from a $1,000.0 million Verizon spectrum sale, subject to approvals.
Array Digital Infrastructure, Inc. reported a major turnaround in 2025 as it shifted to a standalone tower business and detailed 2026 guidance. Total operating revenues from continuing operations rose to $163.0 million from $102.9 million, driven mainly by a 51% increase in site rental revenues. Net income attributable to shareholders from continuing operations swung to a $169.7 million profit, or diluted earnings per share of $1.94, compared with a $(1.00) loss per share in 2024.
The company closed the sale of wireless operations and select spectrum assets to T-Mobile in August 2025 and paid a $23 per share special dividend, then sold 3.45GHz and 700MHz spectrum licenses to AT&T, supporting a further $10.25 special dividend in February 2026. Additional spectrum deals with T-Mobile are expected to generate $178 million in aggregate proceeds, and a separate sale of spectrum licenses to Verizon is expected to close in the second or third quarter of 2026. For 2026, Array guides to total operating revenues of $200–$215 million, Adjusted EBITDA of $200–$215 million, Adjusted OIBDA of $50–$65 million, and capital expenditures of $25–$35 million, reflecting confidence in tower growth and spectrum monetization.
Array Digital Infrastructure, Inc., formerly United States Cellular Corporation, completed the previously announced sale of select wireless spectrum assets to AT&T for a cash purchase price of $1.018 billion. The transaction closed on January 13, 2026 under a License Purchase Agreement originally signed on November 6, 2024, and included $232 million of value allocated to certain 700 MHz Designated Entity Spectrum Licenses, with no portion of the purchase price deferred.
On the same day, Array’s Board of Directors declared a special cash dividend of $10.25 per share for holders of its Common Stock and Series A Common Stock. Stockholders of record as of January 23, 2026 will receive the dividend, which is scheduled to be paid in cash on February 2, 2026. The company also issued a press release announcing the closing of the sale and related matters.
Array Digital Infrastructure, Inc. reported an insider equity transaction by its President and CEO, who is also a director. On 01/02/2026, the reporting person received 5,022 Common Shares through a payout of deferred bonuses invested in phantom stock under the Array Long-Term Incentive Plan, recorded as transaction code M. On the same date, 1,355 Common Shares were withheld (code F) to cover taxes due in connection with this deferred compensation settlement.
After these transactions, the reporting person directly owned 8,274 Common Shares and held 4,489 derivative securities related to deferred compensation. The filing notes that the price on January 2, 2026 was used to determine the payout for the deferred bonus shares and that a total of 3,948 of these shares are vested.
Array Digital Infrastructure, Inc. entered into a Fifth Amendment to its First Amended and Restated Credit Agreement with Toronto Dominion (Texas) LLC and other lenders, effective December 8, 2025. The amendment reduces Array’s borrowing capacity from $300 million to $100 million, with letter of credit capacity cut from $30 million to $10 million and swing line capacity from $25 million to $10 million, meaning the company has a smaller committed credit facility available.
In return, the maturity date of the facility is extended to the fifth anniversary of the effective date, giving Array more time before the debt comes due. The amendment removes the prior credit spread adjustments that applied to the Term SOFR interest rate and revises how much cash can be netted when calculating the consolidated leverage ratio. It also increases the permitted capacity for additional secured and unsecured debt across Array, its parent Telephone and Data Systems, Inc., and their subsidiaries by an aggregate $300 million, providing more flexibility to incur future debt within the covenant structure.
Array Digital Infrastructure, Inc. (AD) disclosed the equity holdings of its President and CEO, who also serves as a director, in an initial ownership filing. The executive beneficially owns 4,607 Common Shares held directly, plus 9,511 Common Shares tied to deferred compensation under the company’s Long-Term Incentive Plan, of which 8,303 Common Shares are vested. In addition, the executive holds performance share units and restricted stock units covering 3,459 and 1,452 Common Shares granted on April 3, 2023, and 2,442 and 1,673 Common Shares granted on March 4, 2024. These awards are scheduled to vest between April 3, 2026 and March 4, 2027, with one-third of the 2024 restricted stock units already vested on March 4, 2025.
Array Digital Infrastructure, Inc. (AD) appointed Anthony Carlson as President and Chief Executive Officer, effective November 16, 2025, and elected him to the Board on the same date. He succeeds Douglas W. Chambers, who will serve as Senior Advisor until December 9, 2025.
Carlson previously held leadership roles at Array and TDS Telecommunications, with earlier experience at McKinsey & Company and Samsung Electronics. In connection with the appointment, Array entered into an offer letter outlining compensation: an annual base salary of $400,000, a 2025 target bonus equal to 60% of base salary (pro‑rated for time served in 2025), and eligibility for the long‑term incentive plan with a 2026 target multiple of 140% of base salary, with the 2026 LTIP award anticipated in March. Metrics and award terms are determined annually and may change year‑over‑year.
Array Digital Infrastructure (AD) reported its first full quarter post‑pivot to towers and spectrum monetization. For Q3 2025, total operating revenues rose to $47.1 million (up 83% year over year), driven by tower site rentals tied to a new Master License Agreement with T‑Mobile. Net income from continuing operations was $109.9 million, while a loss from discontinued operations led to a net loss attributable to shareholders of $38.5 million.
Adjusted EBITDA from continuing operations reached $85.1 million. Array owns 4,449 towers and, under the MLA, T‑Mobile committed to lease space on a minimum 2,015 towers for 15 years, plus about 1,800 interim sites up to 30 months. Cash and cash equivalents were $325.6 million as of September 30, 2025.
The company closed the sale of wireless operations and select spectrum to T‑Mobile for $4,293.8 million total consideration, including $2,628.8 million in cash and $1,665.0 million of debt assumed via exchange. It paid a $23.00 per‑share special dividend and entered a new $325.0 million term loan (SOFR + 2.50%). Pending spectrum sales to Verizon and AT&T remain subject to approvals.