Highlights

  • Net income attributable to Array shareholders was $358,696 thousand for the quarter ended June 30, 2026, against $31,496 thousand a year earlier.
  • Array declared a special dividend of $11.00 per share on June 1, 2026, paid June 25, 2026 for $951.3 million.
  • Operating revenues from continuing operations were $54,070 thousand, and net gain on license sales and exchanges was $409,833 thousand.
  • TDS delivered a non-binding proposal on May 7, 2026 to buy all Array Common Shares it does not already own.

Array Digital Infrastructure, Inc. (NYSE: AD) shares were trading at USD 33.26 on October 27, 2026, down 0.51%, with a relative volume at time of 2.99. The tower company closed spectrum license sales to AT&T on January 13, 2026 and to Verizon on June 1, 2026, received a non-binding acquisition proposal from TDS on May 7, 2026, and filed its Form 10-Q for the quarter ended June 30, 2026 on August 7, 2026.

Array is incorporated in Delaware and lists its principal executive offices at 500 West Madison Street in Chicago, Illinois. The company leases tower space to tenants and provides ancillary services. It owned 4,456 towers in 19 states as of June 30, 2026. Array also holds noncontrolling interests in primarily wireless operating companies and wireless spectrum licenses. It is an 81.9%-owned subsidiary of Telephone and Data Systems, Inc. (TDS). Its fiscal year ends December 31. The 10-Q does not disclose a headcount.

Second Quarter Results

For the three months ended June 30, 2026, Array reported total operating revenues from continuing operations of $54,070 thousand, compared with $28,529 thousand. Site rental revenues were $53,175 thousand, compared with $27,230 thousand. The company said the increase reflected its master lease agreement with T-Mobile.

Gain on license sales and exchanges, net, was $409,833 thousand, from sales of spectrum licenses to Verizon and T-Mobile. Operating income was $399,263 thousand, compared with an operating loss of $18,190 thousand. Net income from continuing operations was $337,447 thousand.

Net income attributable to Array shareholders was $358,696 thousand, compared with $31,496 thousand. Adjusted EBITDA from continuing operations, a non-GAAP measure, was $56,202 thousand, compared with $35,926 thousand. Selling, general and administrative expenses were $22,906 thousand, including strategic alternatives review expenses of $7.4 million.

Tower Tenants and Spectrum Transactions

Array stated that DISH Wireless claimed in September 2025 that its lease obligations were excused and then failed to make certain payments. Array no longer recognizes DISH revenue beginning in the first quarter of 2026, and DISH Wireless and other DISH entities filed for bankruptcy in June 2026.

Interim lease revenue from T-Mobile was $6.7 million for the quarter, and Array expects it to decline as T-Mobile terminates interim leases over the 30-month integration period ending January 2028.

Array closed the Verizon sale for $1,000,000 thousand on June 1, 2026 and the AT&T sale for $1,018,044 thousand on January 13, 2026. Further T-Mobile sales remain subject to regulatory approval. The retained spectrum had a book value of $1,584.7 million at June 30, 2026.

Liquidity, Dividends and Capital

Cash and cash equivalents were $416.4 million at June 30, 2026, compared with $113.4 million at December 31, 2025. Array had $325.0 million outstanding under its term loan with CoBank, ACB, maturing June 2030, and no borrowings under its $100.0 million revolving credit agreement. The company believes it was in compliance with all financial covenants.

Array declared special dividends of $10.25 per share in January 2026, paid on February 2, 2026 for $885.5 million, and $11.00 per share in June 2026, paid on June 25, 2026 for $951.3 million. It reported an accumulated deficit at June 30, 2026. It expects a cash income tax liability of approximately $250.0 million on the second quarter spectrum transactions, most of which it expects to pay in the third quarter of 2026.

Outlook and Strategic Review

Array expects 2026 capital expenditures of $25.0 million to $35.0 million. The strategic alternatives review is ongoing as Array works toward closing the remaining T-Mobile spectrum transactions and seeks to monetize remaining spectrum. A special committee of independent directors is evaluating the TDS proposal. The company did not give revenue or earnings guidance.