Key Highlights

● Total operating revenues rose 14% to $53.9 million in the third quarter.

● Site rental revenues were $52.5 million, up 14% from a year earlier.

● Array affirmed its 2026 revenue guidance of $205 million to $215 million.

● About $30 million of spectrum licenses sold to T-Mobile remain pending.

Array Digital Infrastructure, Inc. (NYSE:AD) reported third-quarter 2026 results on November 6, 2026. Tower-related site rental revenue grew 14% from a year earlier, and the company affirmed its full-year 2026 guidance. At the same time, headline Earnings fell against a prior-year quarter that included larger non-recurring items, a reminder that year-over-year comparisons can be distorted by the company's ongoing transformation.

Latest Company Context

In its third-quarter earnings release, Array reported total operating revenues of $53.9 million, up 14% from $47.1 million in the third quarter of 2025. Site rental revenues were $52.5 million, up 14% from $45.8 million. Net Income attributable to Array shareholders was $68.8 million, or $0.80 per diluted share. Income from continuing operations was $69.6 million, compared with $108.8 million a year earlier, when Diluted Earnings per Share from continuing operations were $1.25. Adjusted EBITDA, a non-GAAP measure, was $63.7 million versus $85.1 million, while adjusted OIBDA, also non-GAAP, rose to $18.3 million from $6.1 million. Capital expenditures in the quarter were $3.9 million. Nine-month cash paid for property, plant and equipment was $21.0 million.

Key Business and index Drivers

Array's story centres on its tower portfolio and the handling of spectrum assets. The release states that most spectrum sales to T-Mobile (NASDAQ:TMUS) closed in May 2026, with about $30 million of 600 MHz and 700 MHz licenses still pending. Regulatory approval for that remaining portion was received on October 7, 2026, and closing is expected in 2026, subject to FCC finality and other conditions. Company guidance for 2026, which was affirmed rather than changed, includes total operating revenues of $205 million to $215 million, adjusted OIBDA of $60 million to $75 million, adjusted EBITDA of $220 million to $235 million and capital expenditures of $25 million to $35 million. The company reported no share repurchases in the first nine months of 2026, compared with $21.4 million in the same period of 2025.

What Investors Should Watch

Investors may watch whether the remaining spectrum closing occurs on the timeline described, since the company has said it is expected in 2026 but subject to conditions. The trajectory of site rental revenue is another reference point, given the 14% increase reported for the quarter. Capital allocation could also draw attention, including whether repurchases resume or how proceeds from spectrum sales are used, although the company has not announced such plans in the release.

A Tower Story Shaped by Spectrum Deals

Array's third-quarter results show growing tower revenue alongside the lumpy comparisons that follow major asset transactions. Affirmed guidance gives investors a framework for the year, while the pending spectrum closing is one identifiable milestone. Whether tower revenue growth can continue at a similar pace is something future quarters could clarify. Outcomes remain uncertain and depend on execution, regulatory processes and market conditions.