Key Highlights

● Adjusted OIBDA guidance is $60 million to $75 million for 2026.

● Adjusted EBITDA guidance was raised to $220 million to $235 million.

● Array owns 4,456 towers in 19 states with 4,362 colocations.

● An $11.00 per share special dividend was paid on June 25.

Array Digital Infrastructure (NYSE:AD)'s 2026 outlook contains two profit measures that point in very different directions. In its second-quarter release dated August 7, 2026, the company raised adjusted OIBDA guidance to $60 million to $75 million and adjusted EBITDA guidance to $220 million to $235 million. The gap is large for a company guiding to $205 million to $215 million of revenue. It reflects the company's transition from wireless carrier to tower owner, and understanding which measure describes the recurring tower business may matter more than the headline numbers.

Latest Company Context

Array, formerly UScellular, now owns 4,456 towers in 19 states with 4,362 colocations, according to its second-quarter release. Quarterly revenue was $54.1 million, of which tower site rental revenue was $53.2 million, up 95% year on year. Net income from continuing operations attributable to shareholders was $333.8 million, or $3.86 per diluted share, driven by a $409.8 million gain on spectrum license sales and exchanges. Cash was $416.4 million and debt $674.9 million at June 30, 2026. An $11.00 per share special dividend was paid on June 25. Guidance for capital expenditure was left at $25 million to $35 million, and no share repurchases were made in the first six months of 2026.

Key Business Drivers

The company defines adjusted EBITDA as EBITDA adjusted for items such as strategic review costs, gains or losses on asset and license sales, and short-term imputed spectrum lease income. Adjusted OIBDA then excludes equity in earnings of unconsolidated entities, interest and dividend income, and other items. The difference between the two measures therefore comes from non-tower income streams, and the filing definitions suggest adjusted OIBDA is the narrower view of the operating tower business. Adjusted OIBDA was $15.1 million in the second quarter and $32.9 million for the half; adjusted EBITDA was $56.2 million and $118.7 million. Tenancy was 0.98 at June 30, down from 1.03 at year-end, as DISH revenue is no longer recognised.

What Investors Should Watch

The first question is how much of the $220 million to $235 million adjusted EBITDA range could persist once spectrum-related items, interest income and unconsolidated earnings fade. Second, about $30 million of 600 MHz and 700 MHz licenses remain pending with T-Mobile (NASDAQ:TMUS), expected to close later in 2026 subject to regulatory approval. Third, DISH entities filed for bankruptcy in June 2026, and Array says it is monitoring the proceedings, which could bear on tenancy. Telephone and Data Systems (NYSE:TDS), which holds about 82%, withdrew its proposal to acquire the remaining shares on September 1, 2026.

Judging Array on Recurring Tower Earnings

Array's guidance illustrates how a post-spectrum tower company may be judged on narrower recurring measures than the broader adjusted EBITDA range. Analysts and shareholders may reasonably focus on different measures depending on whether they value the tower operations alone or the wider asset base. How quickly tower revenue growth and tenancy could lift adjusted OIBDA, relative to the fading non-tower income, may shape how the business is assessed in coming quarters.