Highlights

  • Third quarter operating revenues were USD 53,870 thousand, up 14%.
  • Net income was USD 69,190 thousand against a loss of USD 20,572 thousand.
  • Adjusted EBITDA from continuing operations was USD 63,741 thousand, down 25%.
  • Cash and cash equivalents were USD 233,568 thousand at September 30, 2026.

Array Digital Infrastructure, Inc. (NYSE:AD) shares were trading near their 52-week low at USD 30.54 on November 6, 2026, down 2.65% on the day. The tower company reported third quarter operating revenues of USD 53,870 thousand, up 14%, and Net Income of USD 69,190 thousand.

Array has a market Capitalization of about USD 2.64 billion at the current price. It leases tower space to tenants, holds noncontrolling interests in wireless operating companies managed by Verizon and AT&T, and holds wireless spectrum licenses. It is an 81.9% owned Subsidiary of Telephone and Data Systems.

Third Quarter Results

Total operating revenues were USD 53,870 thousand against USD 47,119 thousand. Short term imputed spectrum Lease income was USD 7,669 thousand against USD 30,413 thousand. The filing links higher site rental revenue to the T-Mobile master lease agreement, under which T-Mobile leases space on an additional minimum of 2,015 Array owned towers, partly offset by a USD 1.8 million decrease from DISH Wireless.

Net income from continuing operations was USD 69,978 thousand against USD 109,920 thousand, and Basic Earnings Per Share from continuing operations attributable to Array shareholders were USD 0.81 against USD 1.26. Net income was USD 69,190 thousand against a net loss of USD 20,572 thousand. Adjusted EBITDA from continuing operations was USD 63,741 thousand against USD 85,081 thousand.

Nine-Month Results

Operating revenues were USD 159,952 thousand against USD 102,632 thousand, up 56%. Net income was USD 609,739 thousand against USD 31,310 thousand, and basic earnings per share from continuing operations attributable to Array shareholders were USD 6.74 against USD 1.50. Adjusted EBITDA from continuing operations was USD 182,406 thousand against USD 142,229 thousand.

Spectrum Sales and Strategic Review

On August 1, 2025, Array sold its wireless operations and select spectrum Assets to T-Mobile for total consideration of USD 4,293.8 million. Separate spectrum sales include AT&T, USD 1,018,044 thousand, closed January 13, 2026, and Verizon, USD 1,000,000 thousand, closed June 1, 2026, plus several T-Mobile transactions.

The strategic alternatives review is ongoing as Array works toward closing the remaining T-Mobile spectrum transactions. Third party expenses for the review were USD 5.9 million for the quarter and USD 13.5 million for the nine months.

Towers, Cash and Balance Sheet

Array owns 4,455 towers, and the tower tenancy rate was 0.98 against 1.02. Cash and cash equivalents were USD 233,568 thousand against USD 113,400 thousand. For the nine months, net cash used in Operating Activities from continuing operations was USD 188,191 thousand against cash provided of USD 22,510 thousand, and net cash provided by investing activities from continuing operations was USD 2,164,787 thousand.

Total assets were USD 3,207,729 thousand against USD 4,678,088 thousand, and total Equity was USD 1,337,479 thousand against USD 2,574,557 thousand. At September 30, 2026 there were 53.5 million Common Shares and 33.0 million Series A Common Shares outstanding.