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Array Digital Infrastructure (NYSE: AD) lifts 2026 guidance after $1B spectrum sale

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Array Digital Infrastructure, Inc. reported sharply higher second-quarter 2026 results from its tower-focused business. Total operating revenues from continuing operations were $54.1 million, up from $28.5 million a year earlier, driven by site rental revenue that grew 95% year over year. Net income attributable to shareholders from continuing operations was $333.8 million, with diluted EPS of $3.86, and results reflected gains on spectrum license sales.

During the quarter Array closed spectrum sales generating proceeds of $74.8 million, $86.4 million, and $1 billion, and paid a special dividend of $11 per common share. Cash and equivalents rose to about $416.4 million at June 30, 2026, while the company owned 4,456 towers with a tenancy rate of 0.98.

Management updated 2026 guidance to total operating revenues of $205–$215 million and Adjusted EBITDA of $220–$235 million, with Adjusted OIBDA of $60–$75 million. Array stopped recognizing revenue from DISH Wireless after a lease dispute and DISH’s bankruptcy filing. Telephone and Data Systems delivered a non-binding proposal to acquire Array common shares it does not own, and a special board committee is evaluating it.

Positive

  • Q2 2026 site rental revenue nearly doubled, rising 95% year over year, underscoring strong performance of the core tower leasing business.
  • Full-year 2026 Adjusted EBITDA guidance was raised to $220–$235 million from $200–$215 million, with Adjusted OIBDA guidance also moving higher.
  • Spectrum license divestitures generated substantial liquidity, including $1 billion from cellular and other licenses, supporting cash returns and balance sheet strength.

Negative

  • Array ceased recognizing revenue from DISH Wireless under its Master Lease Agreement and DISH and related entities filed for bankruptcy, removing a tenant and adding uncertainty around related cash flows.

Filing Explained

Reported profit was dominated by license-sale gains, while continuing operations used cash and additional spectrum proceeds remain conditional.

As a Form 8-K, this report discloses a specified material event; Item 2.02 furnishes the June 30, 2026 results and says the release is not treated as filed for Section 18 liability purposes.

The company reports that approximately $30 million of agreed additional 600 MHz and 700 MHz license transactions remains pending, so that portion is an expected 2026 closing rather than proceeds disclosed as received.

The release defines Adjusted EBITDA and Adjusted OIBDA as non-GAAP measures and says they should not be treated as alternatives to net income, operating cash flow, or liquidity. For the six months ended June 30, 2026, continuing operations used $13,197 thousand in operating cash and reported $6,605 thousand of Adjusted Free Cash Flow, while net income from continuing operations was $517,472 thousand and included a $566,468 thousand gain on license sales and exchanges.

The cash-flow statement also shows $2,185,801 thousand of divestiture cash received and $1,836,737 thousand of dividends paid during those six months, linking the period's cash movement to asset-sale proceeds and shareholder distributions. The remaining license transactions are expected to close in 2026 only after regulatory approval and customary closing conditions, and management says its estimates are as of August 7, 2026 and may differ materially from final results.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 total operating revenues from continuing operations $54.1 million Quarter ended June 30, 2026, compared with $28.5 million in Q2 2025
Q2 2026 site rental revenue growth 95% Year-over-year increase in site rental revenues for Q2 2026
Q2 2026 net income from continuing operations attributable to shareholders $333.8 million Second quarter 2026, compared with $14.8 million in the prior-year quarter
Q2 2026 diluted EPS from continuing operations $3.86 Diluted earnings per share from continuing operations in Q2 2026
Proceeds from June 1, 2026 cellular and other spectrum license sale $1 billion Cash proceeds from sale of certain cellular and other spectrum licenses
Special dividend per common share $11 Dividend paid on June 25, 2026 following spectrum monetization
2026 Adjusted EBITDA guidance $220–$235 million Updated full-year 2026 Adjusted EBITDA (Non-GAAP) estimate range
Adjusted Free Cash Flow from continuing operations $6.6 million AFCF for the six months ended June 30, 2026
Adjusted EBITDA financial
"Increased Adjusted EBITDA range to $220 million - $235 million"
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 1 (Non-GAAP) | $50-$65 | $60-$75"
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.
short-term imputed spectrum lease income financial
"Short-term imputed spectrum lease income | (65) | | (58)"
Adjusted Free Cash Flow financial
"Adjusted Free Cash Flow from continuing operations (Non-GAAP)"
Adjusted free cash flow is the amount of money a company generates from its operations after accounting for essential expenses and investments, like maintaining or upgrading equipment. It shows how much cash is truly available to grow the business, pay debts, or return to shareholders, helping investors see the company's financial health more clearly.
Master Lease Agreement regulatory
"its obligations under its Master Lease Agreement with Array were excused"
A master lease agreement is an umbrella contract that sets the rules for a group of related leases between an owner and a renter, so new individual leases can be added quickly without renegotiating basic terms. For investors it matters because it fixes payment schedules, responsibilities for maintenance and default remedies across multiple assets, which directly affects a company’s cash flow predictability, liability exposure and the value of leased properties or equipment—like a standard template that speeds deals but locks in terms.
non-binding proposal financial
"a letter setting forth a non-binding proposal to acquire all of the outstanding"
A non-binding proposal is an offer or plan presented by one party that outlines terms they would like to pursue but does not create a legally enforceable obligation. Think of it like a detailed handshake or a draft invitation to negotiate: it signals intent and frames possible outcomes, but either side can walk away or change terms without legal penalty. Investors watch these because they can move a stock’s price by suggesting a possible deal, yet they carry higher uncertainty than formal agreements.
Q2 2026 total operating revenues from continuing operations $54.1 million up from $28.5 million in Q2 2025
Q2 2026 site rental revenues $53.2 million up 95% year over year
Q2 2026 net income from continuing operations attributable to Array shareholders $333.8 million compared with $14.8 million in Q2 2025
Q2 2026 diluted EPS from continuing operations attributable to Array shareholders $3.86 compared with $0.17 in Q2 2025
Guidance

For full-year 2026 Array estimated total operating revenues of $205–$215 million, Adjusted EBITDA of $220–$235 million, Adjusted OIBDA of $60–$75 million and capital expenditures of $25–$35 million.

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FAQ

How did Array Digital (AD) perform in the second quarter of 2026?
Array reported $54.1 million in total operating revenues from continuing operations in Q2 2026, up from $28.5 million a year earlier. Net income from continuing operations attributable to shareholders was $333.8 million, with diluted EPS of $3.86, reflecting large spectrum-related gains.

What 2026 guidance did Array Digital (AD) provide or update?
For 2026 Array estimated $205–$215 million of total operating revenues and raised Adjusted EBITDA guidance to $220–$235 million. Adjusted OIBDA was guided to $60–$75 million, while expected capital expenditures remained at $25–$35 million.

What spectrum sales and special dividend did Array Digital (AD) report?
Array closed three spectrum sales in Q2 2026: $74.8 million for 700 MHz licenses, $86.4 million for 600 MHz licenses, and $1 billion for cellular and other licenses. It also issued a special dividend of $11 per common share on June 25, 2026.

What is the status of the DISH Wireless relationship for Array Digital (AD)?
DISH Wireless claimed its obligations under a Master Lease Agreement were excused, and Array stopped recognizing related revenue beginning in Q1 2026. In June 2026 DISH Wireless and other DISH entities filed for bankruptcy, and Array is monitoring those proceedings.

What proposal did Telephone and Data Systems make regarding Array Digital (AD)?
On May 7, 2026 Telephone and Data Systems delivered a letter outlining a non-binding proposal to acquire all Array common shares it does not own. A special committee of independent Array directors was formed to evaluate this proposal.

How strong is Array Digital’s (AD) balance sheet after recent transactions?
After major spectrum sales, Array ended June 30, 2026 with $416.4 million of cash and equivalents. Total assets were $3.37 billion, total equity $1.27 billion, and long-term debt (including current portion) about $675 million.

What are Array Digital’s (AD) key tower portfolio metrics?
As of June 30, 2026 Array owned 4,456 cell towers in 19 states. It reported 4,362 colocations and a tower tenancy rate of 0.98, reflecting continued sequential growth in tenants leasing space on its towers.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 7, 2026
Array_logo.jpg
ARRAY DIGITAL INFRASTRUCTURE, INC.
(Exact name of registrant as specified in its charter)
Delaware001-0971262-1147325
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)

500 West Madison Street, Suite 810, Chicago, Illinois 60661
(Address of principal executive offices and zip code)

Registrant's telephone number, including area code: (866) 573-4544

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Shares, $1 par valueUSMNew York Stock Exchange
6.25% Senior Notes due 2069UZDNew York Stock Exchange
5.50% Senior Notes due 2070UZENew York Stock Exchange
5.50% Senior Notes due 2070UZFNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐
Emerging growth company
☐If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


Item 2.02.  Results of Operations and Financial Condition
On August 7, 2026, Array Digital Infrastructure, Inc. issued a news release announcing its results of operations for the period ended June 30, 2026. A copy of the news release is attached hereto as Exhibit 99.1 and incorporated by reference herein.
The information in this Item 2.02 of Form 8-K is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor will any such information or exhibits be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as expressly set forth by specific reference in such filing.
Item 9.01.  Financial Statements and Exhibits
(d)   The following exhibits are being filed herewith:
Exhibit NumberDescription of Exhibits
99.1
Earnings Press Release dated August 7, 2026
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ARRAY DIGITAL INFRASTRUCTURE, INC.
Date:August 7, 2026By:/s/ Vicki L. Villacrez
Vicki L. Villacrez
Executive Vice President, Chief Financial Officer and Treasurer
(principal financial officer)


Exhibit 99.1
NEWS RELEASE
array_logoxfinalxsm-2a.jpg

As previously announced, Array will hold a teleconference on August 7, 2026, at 9:00 a.m. CT. Listen to the call live via the Events & Presentations page of investors.arrayinc.com.

Array reports second quarter 2026 results

Array updates 2026 guidance

CHICAGO (August 7, 2026) — Array Digital Infrastructure, Inc. (NYSE:AD) reported second quarter operating results.

“Array continues to make nice progress executing across our 2026 priorities,” said Anthony Carlson, President and CEO. “The organization remains laser-focused on optimizing our tower operations - as evidenced by our sequential tower tenancy growth. And we continue to monetize our remaining spectrum assets as well as support T-Mobile’s integration.”


Highlights*
•Optimizing tower operations
◦Site rental revenues grew 95% year over year
◦Delivered consecutive quarter over quarter tower tenancy growth
•Continuing to close pending sales of wireless spectrum
◦Closed on sale of certain 700 MHz wireless spectrum licenses for total proceeds of $74.8 million on May 5, 2026
◦Closed on sale of certain 600 MHz wireless spectrum licenses for total proceeds of $86.4 million on May 12, 2026
◦Closed on sale of certain cellular and other spectrum licenses for total proceeds of $1 billion on June 1, 2026
◦Issued special dividend of $11 per common share on June 25, 2026
•Updated 2026 Guidance
◦Narrowed Revenue range to $205 million - $215 million on higher interim site revenue
◦Increased Adjusted EBITDA range to $220 million - $235 million
◦Capital expenditures range remains unchanged at $25 million - $35 million

* Comparisons are 2Q’25 to 2Q’26 unless otherwise noted.

Array reported total operating revenues from continuing operations of $54.1 million for the second quarter of 2026, versus $28.5 million for the same period one year ago. Net income attributable to Array shareholders and diluted earnings per share from continuing operations were $333.8 million and $3.86, respectively, for the second quarter of 2026 compared to $14.8 million and $0.17, respectively, in the same period one year ago.
Pending transactions
Subsequent to the August 1, 2025 close of the sale of wireless operations, Array reached additional agreements with T-Mobile for the sale of additional spectrum. A significant portion of these closed in May 2026 with approximately $30 million related to 600 MHz and 700 MHz licenses remaining. These additional transactions are expected to close yet in 2026, subject to regulatory approval and customary closing conditions.

DISH Wireless
In September 2025, Array received a letter from DISH Wireless claiming that its obligations under its Master Lease Agreement with Array were excused due to actions taken by the FCC and subsequent agreements to sell spectrum assets. Beginning in the first quarter of 2026, Array no longer recognizes revenue in connection with DISH. In June 2026, DISH Wireless and other DISH entities filed for bankruptcy and Array is monitoring those proceedings.
1

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”). A special committee of independent and disinterested directors of the Array Board of Directors has been formed to evaluate this proposal. For additional information on the Array Proposal, see TDS’ Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission on May 8, 2026.
2

2026 Estimated Results

Array’s current estimates of full-year 2026 results are shown below. Such estimates represent management’s view as of August 7, 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
PreviousCurrent
(Dollars in millions)
Total operating revenues$200-$215$205-$215
Adjusted OIBDA1 (Non-GAAP)
$50-$65$60-$75
Adjusted EBITDA1 (Non-GAAP)
$200-$215$220-$235
Capital expenditures$25-$35Unchanged

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 ResultsSix Months Ended
June 30, 2026		Year Ended
December 31, 2025
(Dollars in millions)
Net income from continuing operations (GAAP)N/A$517 $172 
Add back:
Income tax expense (benefit)N/A168 (31)
Income before income taxes (GAAP)$775-$790$686 $141 
Add back or deduct:
Interest expense45 18 28 
Depreciation, amortization and accretion50 27 48 
EBITDA (Non-GAAP)1
$870-$885$731 $218 
Add back or deduct:
Expenses related to strategic alternatives review— 8 2 
Loss on impairment of licenses— — 48 
(Gain) loss on asset disposals, net— 5 2 
(Gain) loss on license sales and exchanges, net(585)(566)(6)
Short-term imputed spectrum lease income(65)(58)(69)
Adjusted EBITDA (Non-GAAP)1
$220-$235$119 $194 
Deduct:
Equity in earnings of unconsolidated entities145 75 174 
Interest and dividend income15 11 19 
Adjusted OIBDA (Non-GAAP)1
$60-$75$33 $1 
Numbers may not foot due to rounding.

1EBITDA, 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, 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.
3

Conference Call Information
Array will hold a conference call on August 7, 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/198119429

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 4,456 cell towers in 19 states and enables the deployment of 5G and other wireless technologies throughout the country. As of June 30, 2026, Telephone and Data Systems, Inc. owned approximately 81.9% of Array.
Contacts
John Toomey, Treasurer and Vice President - Corporate Relations
john.toomey@tdsinc.com

Karen Samples, Corporate Finance and Investor Relations Senior Manager
karen.samples@tdsinc.com

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: whether any transaction related to the TDS non-binding proposal delivered to the Array Board of Directors to acquire all of the outstanding Array Common Shares not owned by TDS will be accepted, rejected, consummated, or abandoned; whether any such transaction, if accepted or completed, will result in additional value for Array or its shareholders and whether the process could result in adverse impacts on Array’s businesses; 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.
4

Array Digital Infrastructure, Inc.
Summary Operating Data (Unaudited)
As of or for the Quarter Ended6/30/20263/31/202612/31/20259/30/2025
Capital expenditures from continuing operations (thousands)$3,895 8,645 12,933 7,927 
Owned towers4,456 4,452 4,450 4,449 
Number of colocations1
4,362 4,290 4,572 4,517 
Tower tenancy rate2
0.98 0.96 1.031.02

1Represents 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 due to the low probability of fulfilling its lease commitments.
2Calculated 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 due to the low probability of fulfilling its lease commitments. Normalized to exclude DISH, tenancy ratios would have been 0.95 and 0.94 for December 31, 2025 and September 30, 2025, respectively.
5

Array Digital Infrastructure, Inc.
Consolidated Statement of Operations Highlights
(Unaudited)
Three Months Ended
June 30,		Six Months Ended
June 30,
202620252026
vs. 2025		202620252026
vs. 2025
(Dollars and shares in thousands, except per share amounts)
Operating revenues
Site rental$53,175 $27,230 95 %$104,199 $53,825 94 %
Services895 1,299 (31)%1,883 1,688 12 %
Total operating revenues54,070 28,529 90 %106,082 55,513 91 %
Operating expenses
Cost of operations (excluding Depreciation, amortization and accretion reported below)23,497 19,396 21 %45,106 35,687 26 %
Selling, general and administrative22,906 19,337 18 %35,651 48,537 (27)%
Depreciation, amortization and accretion14,428 11,999 20 %27,032 23,992 13 %
(Gain) loss on asset disposals, net3,809 (313)N/M4,713 (87)N/M
(Gain) loss on license sales and exchanges, net(409,833)(3,700)N/M(566,468)(4,800)N/M
Total operating expenses(345,193)46,719 N/M(453,966)103,329 N/M
Operating income (loss)399,263 (18,190)N/M560,048 (47,816)N/M
Other income (expense)
Equity in earnings of unconsolidated entities34,726 41,714 (17)%75,135 77,641 (3)%
Interest and dividend income6,431 3,701 74 %10,653 6,358 68 %
Interest expense(10,860)(3,711)N/M(18,040)(7,378)N/M
Short-term imputed spectrum lease income23,770 — N/M57,970 — N/M
Other, net(13)— N/M(26)— N/M
Total other income54,054 41,704 30 %125,692 76,621 64 %
Income before income taxes453,317 23,514 N/M685,740 28,805 N/M
Income tax expense115,870 8,415 N/M168,268 8,222 N/M
Net income from continuing operations337,447 15,099 N/M517,472 20,583 N/M
Less: Net income from continuing operations attributable to noncontrolling interests, net of tax3,677 326 N/M3,870 1,127 N/M
Net income from continuing operations attributable to Array shareholders333,770 14,773 N/M513,602 19,456 N/M
Net income from discontinued operations25,114 17,098 47 %23,077 31,300 (26)%
Less: Net income from discontinued operations attributable to noncontrolling interests, net of tax188 375 (50)%188 1,013 (81)%
Net income from discontinued operations attributable to Array shareholders24,926 16,723 49 %22,889 30,287 (24)%
Net income362,561 32,197 N/M540,549 51,883 N/M
Less: Net income attributable to noncontrolling interests, net of tax3,865 701 N/M4,058 2,140 90 %
Net income attributable to Array shareholders$358,696 $31,496 N/M$536,491 $49,743 N/M
6

Array Digital Infrastructure, Inc.
Consolidated Statement of Operations Highlights
(Unaudited)
Three Months Ended
June 30,		Six Months Ended
June 30,
202620252026
vs. 2025		202620252026
vs. 2025
(Dollars and shares in thousands, except per share amounts)
Basic weighted average shares outstanding86,482 85,779 1 %86,449 85,459 1 %
Basic earnings per share from continuing operations attributable to Array shareholders$3.86 $0.17 N/M$5.94 $0.23 N/M
Basic earnings per share from discontinued operations attributable to Array shareholders$0.29 $0.20 48 %$0.27 $0.35 (25)%
Basic earnings per share attributable to Array shareholders$4.15 $0.37 N/M$6.21 $0.58 N/M
Diluted weighted average shares outstanding86,510 87,784 (1)%86,499 87,947 (2)%
Diluted earnings per share from continuing operations attributable to Array shareholders$3.86 $0.17 N/M$5.94 $0.22 N/M
Diluted earnings per share from discontinued operations attributable to Array shareholders$0.29 $0.19 51 %$0.26 $0.35 (23)%
Diluted earnings per share attributable to Array shareholders$4.15 $0.36 N/M$6.20 $0.57 N/M

N/M - Percentage change not meaningful
7

Array Digital Infrastructure, Inc.
Consolidated Statement of Cash Flows
(Unaudited)
Six Months Ended
June 30,
20262025
(Dollars in thousands)
Cash flows from operating activities
Net income$540,549 $51,883 
Net income from discontinued operations23,077 31,300 
Net income from continuing operations517,472 20,583 
Add (deduct) adjustments to reconcile net income to net cash flows from operating activities
Depreciation, amortization and accretion27,032 23,992 
Bad debts expense196 415 
Stock-based compensation expense540 1,694 
Deferred income taxes, net(203,326)(1,050)
Equity in earnings of unconsolidated entities(75,135)(77,641)
Distributions from unconsolidated entities66,553 87,938 
(Gain) loss on asset disposals, net4,713 (87)
(Gain) loss on license sales and exchanges, net(566,468)(4,800)
Other operating activities225 67 
Changes in assets and liabilities from operations
Accounts receivable4,367 (10,279)
Accounts payable(3,431)(2,254)
Customer deposits and deferred revenues(56,735)194 
Accrued taxes288,663 (11,980)
Accrued interest(390)(8)
Other assets and liabilities(17,473)(26,864)
Net cash used in operating activities - continuing operations(13,197)(80)
Net cash provided by (used in) operating activities - discontinued operations(5,791)484,669 
Net cash provided by (used in) operating activities(18,988)484,589 
Cash flows from investing activities
Cash paid for additions to property, plant and equipment(19,629)(11,463)
Cash paid for licenses— (4,145)
Cash received from divestitures2,185,801 — 
Other investing activities— 1,301 
Net cash provided by (used in) investing activities - continuing operations2,166,172 (14,307)
Net cash used in investing activities - discontinued operations— (135,561)
Net cash provided by (used in) investing activities 2,166,172 (149,868)
Cash flows from financing activities
Repayment of long-term debt— (12,000)
Tax withholdings, net of cash receipts, for stock-based compensation awards(2,068)(35,250)
Repurchase of Common Shares— (21,360)
Dividends paid to Array shareholders(1,836,737)— 
Payment of debt issuance costs— (1,676)
Distributions to noncontrolling interests(4,750)(2,391)
Payments to acquire additional interest in subsidiaries(593)— 
Other financing activities— (589)
Net cash used in financing activities - continuing operations(1,844,148)(73,266)
Net cash used in financing activities - discontinued operations— (19,703)
Net cash used in financing activities(1,844,148)(92,969)
Net increase in cash, cash equivalents and restricted cash303,036 241,752 
Cash, cash equivalents and restricted cash
Beginning of period113,400 159,142 
End of period$416,436 $400,894 
8

Array Digital Infrastructure, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
ASSETS
June 30, 2026December 31, 2025
(Dollars in thousands)
Current assets
Cash and cash equivalents$416,436 $113,400 
Accounts receivable, net17,831 21,656 
Prepaid expenses2,045 3,216 
Other current assets2,434 6,515 
Total current assets438,746 144,787 
Non-current assets held for sale47,390 1,591,675 
Licenses1,594,649 1,642,187 
Investments in unconsolidated entities421,607 412,608 
Property, plant and equipment, net374,700 388,999 
Operating lease right-of-use assets467,590 472,995 
Other assets and deferred charges26,677 24,837 
Total assets$3,371,359 $4,678,088 
9

Array Digital Infrastructure, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
LIABILITIES AND EQUITY
June 30, 2026December 31, 2025
(Dollars in thousands, except per share amounts)
Current liabilities
Current portion of long-term debt$8,125 $4,063 
Accounts payable41,041 38,395 
Customer deposits and deferred revenues27,515 85,945 
Accrued taxes317,407 16,884 
Accrued compensation1,070 4,322 
Short-term operating lease liabilities16,767 15,294 
Current liabilities of discontinued operations24,856 20,242 
Other current liabilities24,875 14,843 
Total current liabilities461,656 199,988 
Deferred liabilities and credits
Deferred income tax liability, net169,509 387,030 
Long-term operating lease liabilities505,936 509,876 
Other deferred liabilities and credits295,715 336,379 
Long-term debt, net666,757 670,258 
Total equity1,271,786 2,574,557 
Total liabilities and equity$3,371,359 $4,678,088 
10

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
June 30,		Six Months Ended
June 30,
2026202520262025
(Dollars in thousands)
Net income from continuing operations (GAAP)$337,447 $15,099 $517,472 $20,583 
Add back:
Income tax expense115,870 8,415 168,268 8,222 
Income before income taxes (GAAP)453,317 23,514 685,740 28,805 
Add back:
Interest expense10,860 3,711 18,040 7,378 
Depreciation, amortization and accretion14,428 11,999 27,032 23,992 
EBITDA (Non-GAAP)478,605 39,224 730,812 60,175 
Add back or deduct:
Expenses related to strategic alternatives review7,391 715 7,578 1,860 
(Gain) loss on asset disposals, net3,809 (313)4,713 (87)
(Gain) loss on license sales and exchanges, net(409,833)(3,700)(566,468)(4,800)
Short-term imputed spectrum lease income(23,770)— (57,970)— 
Adjusted EBITDA (Non-GAAP)56,202 35,926 118,665 57,148 
Deduct:
Equity in earnings of unconsolidated entities34,726 41,714 75,135 77,641 
Interest and dividend income6,431 3,701 10,653 6,358 
Other, net(13)— (26)— 
Adjusted OIBDA (Non-GAAP)$15,058 $(9,489)$32,903 $(26,851)
11

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.
Six Months Ended June 30, 2026
(Dollars in thousands)
Net income from continuing operations (GAAP)$517,472 
Add back or deduct:
Income tax expense168,268 
Cash paid for income taxes(78,623)
Stock-based compensation expense540 
Short-term imputed spectrum lease income(57,970)
Amortization of deferred debt charges655 
Equity in earnings of unconsolidated entities(75,135)
Distributions from unconsolidated entities66,553 
(Gain) loss on license sales and exchanges, net(566,468)
(Gain) loss on asset disposals, net4,713 
Depreciation, amortization and accretion27,032 
Expenses related to strategic alternatives review7,578 
Straight line and other non-cash revenue adjustments(8,310)
Straight line expense adjustment2,811 
Maintenance and other capital expenditures(2,511)
Adjusted Free Cash Flow from continuing operations (Non-GAAP)$6,605 
12

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