Key Highlights

● Array owns 4,456 towers across 19 states and reported a tenancy rate of 0.98 at 30 June 2026, up quarter over quarter.

● Second-quarter site rental Revenue was $53.2 million, up 95% year over year following the T-Mobile transaction.

● Array paid a Special Dividend of $11 per common share on 25 June 2026, after closing spectrum sales to AT&T for $1.018 billion and to Verizon for $1.0 billion.

● The company narrowed 2026 revenue guidance to $205 million to $215 million and raised its adjusted EBITDA range to $220 million to $235 million.

Array Digital Infrastructure (NYSE:AD), the company formerly known as United States Cellular Corporation, has spent 2026 completing one of the more unusual transformations in U.S. telecom. After selling its wireless operations to T-Mobile (NASDAQ:TMUS) in 2025, the NYSE-listed Business has monetised large blocks of spectrum, paid an $11 per share special dividend, and repositioned itself as a tower owner and operator. With most of the major spectrum sales now closed, attention is turning to how the remaining tower business performs on its own and what further Capital returns may follow.

Latest Company Context

Array has completed several major spectrum transactions this year. On 13 January 2026 it closed the sale of select spectrum Assets to AT&T (NYSE:T) for $1.018 billion, and on 1 June it completed a $1.0 billion sale of spectrum licences to Verizon (NYSE:VZ). Smaller 700 MHz and 600 MHz licence sales closed in May for $74.8 million and $86.4 million respectively. The company said roughly $30 million of additional licence proceeds were expected to close later in 2026, subject to regulatory approval.

On 25 June 2026, Array paid a special dividend of $11 per common share. In second-quarter results released on 7 August, it reported site rental revenue of $53.2 million, up 95% year over year following the T-Mobile transaction, and Net Income from continuing operations attributable to shareholders of $333.8 million, or $3.86 per diluted share, figures that were boosted by spectrum-sale gains. The company narrowed 2026 revenue guidance to $205 million to $215 million and raised its adjusted EBITDA range to $220 million to $235 million.

Key Business and index Drivers

Array now owns 4,456 towers across 19 states, according to its second-quarter release. Tower companies earn rent from wireless carriers that place antennas on their structures, and a key measure is tenancy, the average number of tenants per tower. Array reported a tenancy rate of 0.98 at 30 June 2026, which rose quarter over quarter but remains low compared with larger tower peers, suggesting potential room for growth if additional carriers sign on.

President and chief executive Anthony Carlson said the organisation remains focused on optimising tower operations. The company’s Capital Expenditure guidance of $25 million to $35 million for 2026 points to a relatively asset-light model compared with its former life as a wireless operator.

Because of the large special dividend, headline trailing dividend yields shown by data providers are distorted and do not represent a recurring income rate.

What Investors Should Watch

Third-quarter 2026 results are the next scheduled event, although a date had not been confirmed. Tenancy trends, and whether Array signs new carrier tenants beyond T-Mobile, are the main operating markers, since colocation growth tends to drive tower-company margins.

The closing of the remaining roughly $30 million in licence sales, and any decision on how to use the proceeds, are also open items. Analyst views have been shifting: several brokers, including JPMorgan (NYSE:JPM), Citi (NYSE:C), RBC Capital and Raymond James (NYSE:RJF), adjusted targets or ratings around the transition, according to market-data aggregators. Further commentary on capital allocation, including any additional special distributions or buybacks, is a further point of interest.

Standalone Towers After the Spectrum Sales

Array Digital Infrastructure has moved quickly from regional wireless carrier to a focused tower operator, using spectrum sales to fund a substantial special dividend. Second-quarter results show rapidly rising site rental revenue and upgraded profitability guidance, while low tenancy points to both opportunity and execution risk. With most one-off spectrum proceeds now realised, tenancy growth and new carrier signings will carry the standalone tower model.