Array Digital Infrastructure, Inc. (AD) Q4 2025 Financial Results Summary
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Array Digital Infrastructure, Inc. (AD) Q4 2025 Financial Results Summary
CHICAGO (February 20, 2026) — Array Digital Infrastructure, Inc. (NYSE: AD) reported its fourth quarter and full year 2025 operating results.
Key Highlights:
- Tower Operations Growth:
- Site rental revenues increased 51% year-over-year.
- Co-location applications (excluding T-Mobile applications) grew by 47%.
- Transactions and Dividends:
- Closed the sale of wireless operations and select spectrum assets to T-Mobile in August 2025.
- Issued a special dividend of $23 per share.
- Closed the sale of 3.45 GHz and 700 MHz spectrum licenses to AT&T on January 13, 2026, resulting in an additional special dividend of $10.25 per share, issued on February 2, 2026.
- Fourth Quarter Financials:
- Total operating revenues from continuing operations stood at $60.3 million, a significant increase from $26.1 million in Q4 2024.
- Net income attributable to Array shareholders was $41.4 million with diluted earnings per share of $0.48, compared to $11.7 million and $0.13 respectively, in the same period the prior year.
- Annual Financials:
- Total operating revenues for the year reached $163.0 million, up from $102.9 million in 2024, representing an increase of 58%.
- Year-end net income attributable to Array shareholders was reported at $169.7 million, with diluted earnings per share reaching $1.94, a notable improvement from a net loss of $85.9 million and a loss-per-share of $1.00 in 2024.
Operational and Financial Metrics:
- Revenue Breakdown:
- Site rental revenue for the fourth quarter was $54.99 million, up from $26.02 million annually.
- Services revenue also saw a growth, reaching $5.34 million compared to $0.07 million in the previous year.
- Operating Expenses:
- Total operating expenses decreased by 6%, standing at $51.73 million from $55.21 million in the same quarter a year ago.
- Selling, general, and administrative expenses reduced by 35%, highlighting improved cost management.
- Income Metrics:
- Operating income for Q4 was reported at $8.6 million, reversing a loss of $29.1 million in Q4 2024.
- The year-to-date operating loss was significantly lowered to $92.5 million from $260.3 million in the previous year, showing a 64% improvement.
- Cash Flow Insights:
- Net cash provided by operating activities from continuing operations was reported at $75.1 million, a notable increase from $38.4 million year-on-year.
- Adjusted free cash flow for Q4 2025 reached $74.86 million.
Updated Guidance for 2026:
- Management has provided the following estimates for 2026:
- Total operating revenues are projected to be in the range of $200-$215 million.
- Adjusted OIBDA is expected between $50-$65 million, a significant increase from $1 million in 2025.
- Capital expenditures are estimated to be $25-$35 million.
Conclusion:
Array Digital Infrastructure, Inc. finished 2025 with impressive financial growth, bolstered by strategic asset sales and a focus on optimizing operations. Their performance underscores a transition into a robust position for 2026 with projected revenue and profitability growth.
Below are the extracted tables from the provided press release:
Array Digital Infrastructure, Inc. Consolidated Statement of Operations Highlights
(Dollars in thousands)
| Operating revenues | Three Months Ended | Year Ended | |||||
|---|---|---|---|---|---|---|---|
| December 31 | 2025 | 2024 | 2025 vs. 2024 | 2025 | 2024 | 2025 vs. 2024 | |
| 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) | 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 | — | — | N/M | 47,679 | 136,234 | -65 % | |
| (Gain) loss on asset disposals, net | 1,125 | 219 | N/M | 1,746 | 809 | N/M | |
| (Gain) loss on license sales and exchanges, net | — | -900 | N/M | -6,123 | 3,460 | N/M | |
| Total operating expenses | 51,731 | 55,208 | -6 % | 255,493 | 363,268 | -30 % | |
| Operating income (loss) | 8,597 | -29,119 | N/M | -92,532 | -260,335 | 64 % | |
| Other income (expense) | |||||||
| Equity in earnings of unconsolidated entities | 26,301 | 37,919 | -31 % | 173,754 | 161,364 | 8 % | |
| Interest and dividend income | 3,649 | 2,579 | 41 % | 18,917 | 11,656 | 62 % | |
| Interest expense | -11,989 | -3,203 | N/M | -28,222 | -12,405 | N/M | |
| Short-term imputed spectrum lease income | 38,619 | — | N/M | 69,033 | — | N/M | |
| Other, net | -81 | — | N/M | 169 | — | N/M | |
| Total other income | 56,499 | 37,295 | 51 % | 233,651 | 160,615 | 45 % | |
| Income (loss) before income taxes | 65,096 | 8,176 | N/M | 141,119 | -99,720 | N/M | |
| Income tax expense (benefit) | 23,332 | -3,656 | N/M | -31,148 | -19,256 | -62 % | |
| Net income (loss) from continuing operations | 41,764 | 11,832 | N/M | 172,267 | -80,464 | N/M | |
| Less: Net income from continuing operations attributable to noncontrolling interests, net of tax | 404 | 136 | N/M | 2,615 | 5,411 | -52 % | |
| Net income (loss) from continuing operations attributable to Array shareholders | 41,360 | 11,696 | N/M | 169,652 | -85,875 | N/M | |
| Net income (loss) from discontinued operations | -3,882 | -6,826 | 43 % | -103,074 | 48,886 | N/M | |
| Less: Net income from discontinued operations attributable to noncontrolling interests, net of tax | — | 322 | N/M | 17,822 | 2,414 | N/M | |
| Net income (loss) from discontinued operations attributable to Array shareholders | $ -3,882 | $ -7,148 | 46 % | $ -120,896 | $ 46,472 | N/M | |
Array Digital Infrastructure, Inc. Consolidated Balance Sheet Highlights
(Dollars in thousands)
| ASSETS | December 31 | 2025 | 2024 |
|---|---|---|---|
| Current assets | |||
| Cash and cash equivalents | $ 113,400 | $ 143,730 | |
| Accounts receivable, net | 21,656 | 12,729 | |
| Prepaid expenses | 3,216 | 7,060 | |
| Current assets of discontinued operations | — | 1,163,032 | |
| Other current assets | 6,515 | 18,319 | |
| Total current assets | 144,787 | 1,344,870 | |
| Non-current assets held for sale | 1,591,675 | 12 | |
| Non-current assets of discontinued operations | — | 4,499,069 | |
| Licenses | 1,642,187 | 3,281,508 | |
| Investments in unconsolidated entities | 412,608 | 453,938 | |
| Property, plant and equipment, net | 388,999 | 384,021 | |
| Operating lease right-of-use assets | 472,995 | 465,274 | |
| Other assets and deferred charges | 24,837 | 20,289 | |
| Total assets | $ 4,678,088 | $ 10,448,981 |
| LIABILITIES AND EQUITY | December 31 | 2025 | 2024 |
|---|---|---|---|
| Current liabilities | |||
| Current portion of long-term debt | $ 4,063 | $ 22,000 | |
| Accounts payable | 38,395 | 36,454 | |
| Customer deposits and deferred revenues | 85,945 | 1,716 | |
| Accrued taxes | 16,884 | 27,077 | |
| Accrued compensation | 4,322 | 89,476 | |
| Short-term operating lease liabilities | 15,294 | 16,133 | |
| Current liabilities of discontinued operations | 20,242 | 671,575 | |
| Other current liabilities | 14,843 | 19,340 | |
| Total current liabilities | 199,988 | 883,771 | |
| Non-current liabilities of discontinued operations | — | 2,310,660 | |
| Deferred liabilities and credits | |||
| Deferred income tax liability, net | 387,030 | 728,229 | |
| Long-term operating lease liabilities | 509,876 | 495,736 | |
| Other deferred liabilities and credits | 336,379 | 221,376 | |
| Long-term debt, net | 670,258 | 1,201,725 | |
| Noncontrolling interests with redemption features | — | 15,831 | |
| Total equity | 2,574,557 | 4,591,653 | |
| Total liabilities and equity | $ 4,678,088 | $ 10,448,981 |