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 ofinvestors.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.
2026Estimated 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 Nine Months Ended Year Ended
Results December 31, 2025
September 30,
2026
(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.
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 colocations(1) 4,372 4,362 4,290 4,572 4,517
Tower tenancy rate(2) 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 Nine Months Ended
September 30,
September 30,
2026 2025 2026 2026 2025 2026
vs. 2025 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 23,349 20,976 11 % 68,455 56,662 21 %
accretion reported below)
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 395 1,084 (64) % 4,264 2,210 93 %
noncontrolling interests, net of tax
Net income from continuing operations attributable to Array 69,583 108,836 (36) % 583,185 128,293 N/M
shareholders
Net income (loss) from discontinued operations (788) (130,492) 99 % 22,290 (99,193) N/M
Less: Net income from discontinued operations attributable to - 16,809 N/M 189 17,822 (99) %
noncontrolling interests, net of tax
Net income (loss) from discontinued operations attributable (788) (147,301) 99 % 22,101 (117,015) N/M
to Array shareholders
Net income (loss) 69,190 (20,572) N/M 609,739 31,310 N/M
Less: Net income attributable to noncontrolling interests, net of 395 17,893 (98) % 4,453 20,032 (78) %
tax
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 $0.81 $1.26 (36) % $6.74 $1.50 N/M
attributable to Array shareholders
Basic earnings (loss) per share from discontinued operations $(0.01) $(1.71) 99 % $0.26 $(1.37) N/M
attributable to Array shareholders
Basic earnings (loss) per share attributable to Array $0.80 $(0.45) N/M $7.00 $0.13 N/M
shareholders
Diluted weighted average shares outstanding 86,523 86,846 86,506 87,842 (2) %
Diluted earnings per share from continuing operations $0.81 $1.25 (36) % $6.74 $1.46 N/M
attributable to Array shareholders
Diluted earnings (loss) per share from discontinued $(0.01) $(1.69) 99 % $0.26 $(1.33) N/M
operations attributable to Array shareholders
Diluted earnings (loss) per share attributable to Array $0.80 $(0.44) N/M $7.00 $0.13 N/M
shareholders
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, December 31,
2026 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, December 31,
2026 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 Nine Months Ended
September 30, 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 taxes(1) (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.
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