CHICAGO, Feb. 20, 2026 /PRNewswire/ --
As previously announced, Array will hold a teleconference on February 20, 2026, at 9:00 a.m. CST. Listen to the call live via the Events & Presentations page of investors.arrayinc.com.
Array Digital Infrastructure, Inc.SM (NYSE:AD) reported fourth quarter and full year 2025 operating results.
"After a transformative 2025, Array enters 2026 with strong momentum," said Anthony Carlson, President and CEO. "The organization remains laser-focused on a smooth T-Mobile MLA integration and increasing tower tenancy. Further, we continue to make progress on monetizing our spectrum, including closing on the previously announced AT&T transaction in mid-January."
Highlights
Grew and strengthened tower operations*
Site rental revenues increased 51%
Co-location applications, excluding T-Mobile applications, increased 47%
Closed on the sale of the previously announced wireless operations and select spectrum assets to T-Mobile in August 2025 and issued $23 per share special dividend
Closed on previously announced sale of 3.45GHz and 700MHz spectrum licenses to AT&T on January 13, 2026; issued $10.25 special dividend on February 2, 2026
*Comparisons are Year Ended December 31, 2025 to Year Ended December 31, 2024
Array reported total operating revenues from continuing operations of $60.3 million for the fourth quarter of 2025, versus $26.1 million for the same period one year ago. Net income attributable to Array shareholders and related diluted earnings per share from continuing operations were $41.4 million and $0.48, respectively, for the fourth quarter of 2025 compared to $11.7 million and $0.13, respectively, in the same period one year ago.
Array reported total operating revenues from continuing operations of $163.0 million and $102.9 million for the years ended 2025 and 2024, respectively. Net income (loss) attributable to Array shareholders and related diluted earnings (loss) per share from continuing operations were $169.7 million and $1.94, respectively, for the year ended 2025 compared to $(85.9) million and $(1.00), respectively, for the year ended 2024.
"As I look forward, our priorities remain the same, support the T-Mobile integration, grow colocation revenue, optimize our ground leases, and monetize our remaining spectrum," Carlson continued.
Pending transactions
Subsequent to the August 1, 2025 close of the sale of wireless operations, Array reached additional agreements with T-Mobile for 700 MHz spectrum licenses, AWS and a portion of the 600 MHz put/call totaling $178 million in aggregate expected proceeds, subject to customary closing conditions and regulatory approvals.
On October 17, 2024, Array, and certain subsidiaries of Array, entered into a License Purchase Agreement with Verizon Communications, Inc. (Verizon) to sell certain AWS, Cellular and PCS wireless spectrum licenses and agreed to grant Verizon certain rights to lease such licenses prior to the transaction close. The transaction is expected to close in the second or third quarter of 2026, subject to regulatory approval and other customary closing conditions, and the termination of the T-Mobile Short-Term Spectrum Manager Lease Agreement.
2026 Estimated Results
Array's current estimates of full-year 2026 results are shown below. Such estimates represent management's view as of February 20, 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
Actual Results for
the Year Ended
December 31, 2025
(Dollars in millions)
Total operating revenues
$200-$215
$163
Adjusted OIBDA1 (Non-GAAP)
$50-$65
$1
Adjusted EBITDA1 (Non-GAAP)
$200-$215
$194
Capital expenditures
$25-$35
$30
The following tables reconcile EBITDA, Adjusted EBITDA, and Adjusted OIBDA to the corresponding GAAP measures, Net income (loss) from continuing operations or Income (loss) 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.
2026 Estimated Results
Actual Results for
the Year Ended
December 31, 2025
Actual Results for
the Year Ended
December 31, 2024
(Dollars in millions)
Net income (loss) from continuing operations (GAAP)
N/A
$ 172
$ (80)
Add back:
Income tax benefit
N/A
(31)
(19)
Income (loss) before income taxes (GAAP)
$780-$795
$ 141
$ (100)
Add back or deduct:
Interest expense
45
28
12
Depreciation, amortization and accretion
50
48
47
EBITDA (Non-GAAP)1
$875-$890
$ 218
$ (40)
Add back or deduct:
Expenses related to strategic alternatives review
—
2
22
Loss on impairment of licenses
—
48
136
(Gain) loss on asset disposals, net
—
2
1
(Gain) loss on license sales and exchanges, net
(595)
(6)
3
Short-term imputed spectrum lease income
(80)
(69)
—
Adjusted EBITDA (Non-GAAP)1
$200-$215
$ 194
$ 122
Deduct:
Equity in earnings of unconsolidated entities
140
174
161
Interest and dividend income
10
19
12
Adjusted OIBDA (Non-GAAP)1
$50-$65
$ 1
$ (51)
Numbers may not foot due to rounding.
1
EBITDA, Adjusted EBITDA and Adjusted OIBDA are defined as net income 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 InformationArray will hold a conference call on February 20, 2026 at 9:00 a.m. Central Time.
Access the live call on the Events & Presentations page of investors.arrayinc.com or at https://events.q4inc.com/attendee/189864142
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 ArrayArray Digital Infrastructure, Inc. is a leading owner and operator of shared wireless communications infrastructure in the United States. Array owns 4,450 cell towers in 19 states and enables the deployment of 5G and other wireless technologies throughout the country. As of December 31, 2025, Telephone and Data Systems, Inc. owned approximately 82.0% 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: 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 and the previously announced spectrum license sales to Verizon will be consummated; whether Array can monetize the 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 revenues; the ability to attract people of outstanding talent; inability to protect Array's real estate rights, with respect to land leases; advances or changes in technology; impacts of costs, integration problems 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 Array does not control; pending and future litigation; cyber-attacks or other breaches of network or information technology security; control by the 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.
Array Digital Infrastructure, Inc.
Summary Operating Data (Unaudited)
As of or for the Quarter Ended
12/31/2025
9/30/2025
Capital expenditures from continuing operations (thousands)
$ 12,933
$ 7,927
Owned towers
4,450
4,449
Number of colocations1
4,572
4,517
Tower tenancy rate2
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.
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.
Array Digital Infrastructure, Inc.
Consolidated Statement of Operations Highlights
(Unaudited)
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025 vs. 2024
2025
2024
2025 vs. 2024
(Dollars and shares in thousands, except per share amounts)
Operating revenues
Site rental
$ 54,990
$ 26,019
N/M
$ 154,654
$ 102,610
51 %
Services
5,338
70
N/M
8,307
323
N/M
Total operating revenues
60,328
26,089
N/M
162,961
102,933
58 %
Operating expenses
Cost of operations (excluding Depreciation, amortization and accretion reported below)
22,823
20,174
13 %
79,485
72,997
9 %
Selling, general and administrative
15,381
23,559
(35) %
84,444
102,556
(18) %
Depreciation, amortization and accretion
12,402
12,156
2 %
48,262
47,212
2 %
Loss on impairment of licenses
—
