Array updates 2026 guidance
CHICAGO, Aug. 7, 2026 /PRNewswire/ --
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 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.
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.
2026Estimated 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
Previous Current
(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-$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 Six Months Ended Year Ended
Results December 31, 2025
June 30, 2026
(Dollars in millions)
Net income from continuing operations (GAAP) N/A $517 $172
Add back:
Income tax expense (benefit) N/A 168 (31)
Income before income taxes (GAAP)
$775-$790 $686 $141
Add back or deduct:
Interest expense 45 18 28
Depreciation, amortization and accretion 50 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 entities 145 75 174
Interest and dividend income 15 11 19
Adjusted OIBDA (Non-GAAP)(1)
$60-$75 $33 $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,
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 August 7, 2026 at 9:00 a.m. CT.
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.
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.
Array Digital Infrastructure, Inc.
Summary Operating Data (Unaudited)
As of or for the Quarter Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025
Capital expenditures from continuing operations (thousands) $3,895 8,645 12,933 7,927
Owned towers 4,456 4,452 4,450 4,449
Number of colocations(1) 4,362 4,290 4,572 4,517
Tower tenancy rate(2) 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 due to the low probability of
fulfilling its lease commitments.
(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 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.
Array Digital Infrastructure, Inc.
Consolidated Statement of Operations Highlights
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2026 2025 2026 2026 2025 2026
vs. 2025 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 %
Services 895 1,299 (31) % 1,883 1,688 12 %
Total operating revenues 54,070 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 administrative 22,906 19,337 18 % 35,651 48,537 (27) %
Depreciation, amortization and accretion 14,428 11,999 20 % 27,032 23,992 13 %
(Gain) loss on asset disposals, net 3,809 (313) N/M 4,713 (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/M 560,048 (47,816) N/M
Other income (expense)
Equity in earnings of unconsolidated entities 34,726 41,714 (17) % 75,135 77,641 (3) %
Interest and dividend income 6,431 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 income 23,770 N/M 57,970 N/M
Other, net (13) N/M (26) N/M
Total other income 54,054 41,704 30 % 125,692 76,621 64 %
Income before income taxes 453,317 23,514 N/M 685,740 28,805 N/M
Income tax expense 115,870 8,415 N/M 168,268 8,222 N/M
Net income from continuing operations 337,447 15,099 N/M 517,472 20,583 N/M
Less: Net income from continuing operations attributable to noncontrolling interests, net of tax 3,677 326 N/M 3,870 1,127 N/M
Net income from continuing operations attributable to Array shareholders 333,770 14,773 N/M 513,602 19,456 N/M
Net income from discontinued operations 25,114 17,098 47 % 23,077 31,300 (26) %
Less: Net income from discontinued operations attributable to noncontrolling interests, net of tax 188 375 (50) % 188 1,013 (81) %
Net income from discontinued operations attributable to Array shareholders 24,926 16,723 49 % 22,889 30,287 (24) %
Net income 362,561 32,197 N/M 540,549 51,883 N/M
Less: Net income attributable to noncontrolling interests, net of tax 3,865 701 N/M 4,058 2,140 90 %
Net income attributable to Array shareholders $358,696 $31,496 N/M $536,491 $49,743 N/M
Basic weighted average shares outstanding 86,482 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 outstanding 86,510 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
Array Digital Infrastructure, Inc.
Consolidated Statement of Cash Flows
(Unaudited)
Six Months Ended
June 30,
2026 2025
(Dollars in thousands)
Cash flows from operating activities
Net income $540,549 $51,883
Net income from discontinued operations 23,077 31,300
Net income from continuing operations 517,472 20,583
Add (deduct) adjustments to reconcile net income to net cash flows from operating activities
Depreciation, amortization and accretion 27,032 23,992
Bad debts expense 196 415
Stock-based compensation expense 540 1,694
Deferred income taxes, net (203,326) (1,050)
Equity in earnings of unconsolidated entities (75,135) (77,641)
Distributions from unconsolidated entities 66,553 87,938
(Gain) loss on asset disposals, net 4,713 (87)
(Gain) loss on license sales and exchanges, net (566,468) (4,800)
Other operating activities 225 67
Changes in assets and liabilities from operations
Accounts receivable 4,367 (10,279)
Accounts payable (3,431) (2,254)
Customer deposits and deferred revenues (56,735) 194
Accrued taxes 288,663 (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 divestitures 2,185,801
Other investing activities - 1,301
Net cash provided by (used in) investing activities - continuing operations 2,166,172 (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 cash 303,036 241,752
Cash, cash equivalents and restricted cash
Beginning of period 113,400 159,142
End of period $416,436 $400,894
Array Digital Infrastructure, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
ASSETS
June 30, 2026 December 31,
2025
(Dollars in thousands)
Current assets
Cash and cash equivalents $416,436 $113,400
Accounts receivable, net 17,831 21,656
Prepaid expenses 2,045 3,216
Other current assets 2,434 6,515
Total current assets 438,746 144,787
Non-current assets held for sale 47,390 1,591,675
Licenses 1,594,649 1,642,187
Investments in unconsolidated entities 421,607 412,608
Property, plant and equipment, net 374,700 388,999
Operating lease right-of-use assets 467,590 472,995
Other assets and deferred charges 26,677 24,837
Total assets $3,371,359 $4,678,088
Array Digital Infrastructure, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
LIABILITIES AND EQUITY
June 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 41,041 38,395
Customer deposits and deferred revenues 27,515 85,945
Accrued taxes 317,407 16,884
Accrued compensation 1,070 4,322
Short-term operating lease liabilities 16,767 15,294
Current liabilities of discontinued operations 24,856 20,242
Other current liabilities 24,875 14,843
Total current liabilities 461,656 199,988
Deferred liabilities and credits
Deferred income tax liability, net 169,509 387,030
Long-term operating lease liabilities 505,936 509,876
Other deferred liabilities and credits 295,715 336,379
Long-term debt, net 666,757 670,258
Total equity 1,271,786 2,574,557
Total liabilities and equity $3,371,359 $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 Six Months Ended
June 30, June 30,
2026 2025 2026 2025
(Dollars in thousands)
Net income from continuing operations (GAAP) $337,447 $15,099 $517,472 $20,583
Add back:
Income tax expense 115,870 8,415 168,268 8,222
Income before income taxes (GAAP) 453,317 23,514 685,740 28,805
Add back:
Interest expense 10,860 3,711 18,040 7,378
Depreciation, amortization and accretion 14,428 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 review 7,391 715 7,578 1,860
(Gain) loss on asset disposals, net 3,809 (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 entities 34,726 41,714 75,135 77,641
Interest and dividend income 6,431 3,701 10,653 6,358
Other, net (13) (26)
Adjusted OIBDA (Non-GAAP) $15,058 $(9,489) $32,903 $(26,851)
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 expense 168,268
Cash paid for income taxes (78,623)
Stock-based compensation expense 540
Short-term imputed spectrum lease income (57,970)
Amortization of deferred debt charges 655
Equity in earnings of unconsolidated entities (75,135)
Distributions from unconsolidated entities 66,553
(Gain) loss on license sales and exchanges, net (566,468)
(Gain) loss on asset disposals, net 4,713
Depreciation, amortization and accretion 27,032
Expenses related to strategic alternatives review 7,578
Straight line and other non-cash revenue adjustments (8,310)
Straight line expense adjustment 2,811
Maintenance and other capital expenditures (2,511)
Adjusted Free Cash Flow from continuing operations (Non-GAAP) $6,605
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SOURCE Array Digital Infrastructure, Inc.
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