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Array Digital Infrastructure, Inc.

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Array Digital Infrastructure, Inc. • NYSE
$49.18 ▲ 2.27% (+1.09)
Market Cap $4.23 B
52w High $79.17
52w Low $44.03
Dividend Yield 23.00%
P/E 22.98
Volume 111.06K
Outstanding Shares 86.01M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $47.119M ▼ $20.525M ▼ $200.802M ▲ 426.159% ▲ $2.33 ▲ $67.942M ▼
Q2-2025 $916M ▲ $489M ▼ $31M ▲ 3.384% ▲ $0.36 ▲ $244M ▲
Q1-2025 $891M ▼ $496M ▼ $18M ▲ 2.02% ▲ $0.21 ▲ $243M ▲
Q4-2024 $971M ▲ $522M ▼ $5M ▲ 0.515% ▲ $0.059 ▲ $198M ▲
Q3-2024 $922M $629M $-79M -8.568% $-0.92 $127M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $325.626M ▼ $4.918B ▼ $2.381B ▼ $2.53B ▼
Q2-2025 $386M ▲ $10.377B ▲ $5.747B ▼ $4.6B ▲
Q1-2025 $182M ▲ $10.365B ▼ $5.75B ▼ $4.585B ▲
Q4-2024 $144M ▼ $10.449B ▼ $5.841B ▼ $4.577B ▼
Q3-2024 $272M $10.516B $5.902B $4.582B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $92.027M ▲ $-82.102M ▼ $2.596B ▲ $-2.59B ▼ $-75.374M ▼ $46.301M ▼
Q2-2025 $32M ▲ $325M ▲ $-76M ▼ $-49M ▼ $200M ▲ $248M ▲
Q1-2025 $20M ▲ $160M ▲ $-74M ▲ $-44M ▲ $42M ▲ $86M ▲
Q4-2024 $5M ▲ $122M ▼ $-141M ▼ $-110M ▼ $-129M ▼ $-19M ▼
Q3-2024 $-79M $245M $-131M $-41M $73M $114M

Five-Year Company Overview

Income Statement

Income Statement Revenue has been fairly flat over the past five years, with a slight downward drift more recently. Profitability has been uneven: the company moved from solid profits a few years ago to a small loss in the latest year. Underlying operating performance is still close to breakeven, but margins appear to be under pressure, likely reflecting the strategic transition and related costs. Overall, the business is not in a severe downturn, but its earnings profile is currently fragile and more volatile than before.

Balance Sheet

Balance Sheet The balance sheet shows a stable asset base and relatively steady shareholder equity over time, which suggests no major balance sheet shocks so far. Debt has crept higher and now represents a meaningful portion of the capital structure, while cash on hand is quite thin. This combination points to a leveraged but not extreme profile, with limited cash cushion. The company will need ongoing, consistent cash generation and good access to financing to comfortably support this structure.

Cash Flow

Cash Flow The core business generates dependable operating cash flow, which is a key strength. Historically, heavy investment in infrastructure led to weak or negative free cash flow, but more recently spending has been scaled back and free cash flow has turned positive. This shift improves financial flexibility, but may also mean a more selective approach to growth investments. The main watch point is whether the company can keep investing enough to grow while still maintaining positive free cash flow.

Competitive Edge

Competitive Edge Array Digital steps into the market as a focused tower and digital infrastructure company with a sizable, established footprint and long experience inherited from UScellular. Its strong presence in rural and hard-to-serve areas gives it a differentiated niche that is not easy or quick for competitors to replicate. A long-term master lease with T‑Mobile provides a stable anchor tenant and visibility on a large portion of future revenue, but also creates concentration risk if that relationship ever weakens. As the fifth‑largest independent tower player, it has meaningful scale, yet still competes against much larger incumbents with deeper resources.

Innovation and R&D

Innovation and R&D This is not a classic lab‑driven R&D story; innovation is more about how the company uses its infrastructure. Its towers are positioned to support 5G and next‑generation networks, and management is exploring monetizing spectrum holdings and potentially expanding into fiber and other adjacent assets. The key innovation levers are operational efficiency, faster deployment for customers, and creative use of spectrum and fiber to deepen its digital infrastructure role. Execution risk is significant here: moving into new areas like fiber or complex spectrum deals can create value, but also add cost, complexity, and competitive pressure if not carefully managed.

Summary

Array Digital is in the middle of a major strategic transformation from an integrated wireless operator to a pure infrastructure owner. Financially, it has stable revenue but choppy earnings, a leveraged yet generally steady balance sheet, and a business that reliably generates cash from operations. The transition away from legacy operations, combined with investment needs, has weighed on recent profitability but appears to be improving free cash flow as spending becomes more disciplined. Strategically, its tower portfolio, rural focus, and long‑term agreement with T‑Mobile give it clear strengths and relatively predictable recurring revenue, balanced by customer concentration and competition from larger tower companies. The big swing factors for its future will be how well it adds new tenants, monetizes spectrum, and executes any expansion into fiber and broader digital infrastructure, all while keeping debt manageable and earnings on a more stable growth path.

NEWS

November 10, 2025 · 4:05 PM UTC

Array to attend Wells Fargo TMT Summit

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November 7, 2025 · 7:30 AM UTC

Array Appoints Anthony Carlson President and CEO

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October 29, 2025 · 4:05 PM UTC

TDS and Array to release third quarter operating results and host conference call on November 7, 2025

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September 23, 2025 · 4:05 PM UTC

ARRAY TO WEBCAST 2025 ANNUAL MEETING OF SHAREHOLDERS

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