Array issues 2026 guidance
CHICAGO, Feb. 20, 2026 /PRNewswire/ --
As previously announced, Array will hold a teleconference on February 20, 2026, at 9:00 a.m. CST. Listen to the call live via the Events & Presentations page of investors.arrayinc.com.
Array Digital Infrastructure, Inc.$(SM)$ $(AD)$ reported fourth quarter and full year 2025 operating results.
"After a transformative 2025, Array enters 2026 with strong momentum," said Anthony Carlson, President and CEO. "The organization remains laser-focused on a smooth T-Mobile MLA integration and increasing tower tenancy. Further, we continue to make progress on monetizing our spectrum, including closing on the previously announced AT&T transaction in mid-January."
Highlights
-- Grew and strengthened tower operations*
-- Site rental revenues increased 51%
-- Co-location applications, excluding T-Mobile applications,
increased 47%
-- Closed on the sale of the previously announced wireless operations and
select spectrum assets to T-Mobile in August 2025 and issued $23 per
share special dividend
-- Closed on previously announced sale of 3.45GHz and 700MHz spectrum
licenses to AT&T on January 13, 2026; issued $10.25 special dividend on
February 2, 2026
*Comparisons are Year Ended December 31, 2025 to Year Ended December 31, 2024
Array reported total operating revenues from continuing operations of $60.3 million for the fourth quarter of 2025, versus $26.1 million for the same period one year ago. Net income attributable to Array shareholders and related diluted earnings per share from continuing operations were $41.4 million and $0.48, respectively, for the fourth quarter of 2025 compared to $11.7 million and $0.13, respectively, in the same period one year ago.
Array reported total operating revenues from continuing operations of $163.0 million and $102.9 million for the years ended 2025 and 2024, respectively. Net income (loss) attributable to Array shareholders and related diluted earnings (loss) per share from continuing operations were $169.7 million and $1.94, respectively, for the year ended 2025 compared to $(85.9) million and $(1.00), respectively, for the year ended 2024.
"As I look forward, our priorities remain the same -- support the T-Mobile integration, grow colocation revenue, optimize our ground leases, and monetize our remaining spectrum," Carlson continued.
Pending transactions
Subsequent to the August 1, 2025 close of the sale of wireless operations, Array reached additional agreements with T-Mobile for 700 MHz spectrum licenses, AWS and a portion of the 600 MHz put/call totaling $178 million in aggregate expected proceeds, subject to customary closing conditions and regulatory approvals.
On October 17, 2024, Array, and certain subsidiaries of Array, entered into a License Purchase Agreement with Verizon Communications, Inc. (Verizon) to sell certain AWS, Cellular and PCS wireless spectrum licenses and agreed to grant Verizon certain rights to lease such licenses prior to the transaction close. The transaction is expected to close in the second or third quarter of 2026, subject to regulatory approval and other customary closing conditions, and the termination of the T-Mobile Short-Term Spectrum Manager Lease Agreement.
2026 Estimated Results
Array's current estimates of full-year 2026 results are shown below. Such estimates represent management's view as of February 20, 2026 and should not be assumed to be current as of any future date. Array undertakes no duty to update such estimates, whether as a result of new information, future events, or otherwise. There can be no assurance that final results will not differ materially from estimated results.
Actual Results for
2026 Estimated the Year Ended
Results December 31, 2025
------------------------------ -------------- ------------------
(Dollars in millions)
Total operating revenues $200-$215 $163
Adjusted OIBDA(1) (Non-GAAP) $50-$65 $1
Adjusted EBITDA(1) (Non-GAAP) $200-$215 $194
Capital expenditures $25-$35 $30
The following tables reconcile EBITDA, Adjusted EBITDA, and Adjusted OIBDA to the corresponding GAAP measures, Net income (loss) from continuing operations or Income (loss) before income taxes. In providing 2026 estimated results, Array has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, Array believes that the impact of income taxes cannot be reasonably predicted; therefore, Array is unable to provide such guidance.
2026 Actual Results for Actual Results for
Estimated the Year Ended the Year Ended
Results December 31, 2025 December 31, 2024
---------------------- ---------- ---------------------------- ------------------------------
(Dollars in millions)
Net income (loss) from
continuing operations
(GAAP) N/A $ 172 $ (80)
Add back:
Income tax benefit N/A (31) (19)
---------- ---------------------------- ------------------------------
Income (loss) before
income taxes (GAAP) $780-$795 $ 141 $ (100)
Add back or deduct:
Interest expense 45 28 12
Depreciation,
amortization and
accretion 50 48 47
---------- ---------------------------- ------------------------------
EBITDA (Non-GAAP)(1) $875-$890 $ 218 $ (40)
Add back or deduct:
Expenses related to
strategic
alternatives review -- 2 22
Loss on impairment of
licenses -- 48 136
(Gain) loss on asset
disposals, net -- 2 1
(Gain) loss on license
sales and exchanges,
net (595) (6) 3
Short-term imputed
spectrum lease
income (80) (69) --
---------- ---------------------------- ------------------------------
Adjusted EBITDA
(Non-GAAP)(1) $200-$215 $ 194 $ 122
Deduct:
Equity in earnings of
unconsolidated
entities 140 174 161
Interest and dividend
income 10 19 12
Adjusted OIBDA
(Non-GAAP)(1) $50-$65 $ 1 $ (51)
========== ============================ ==============================
Numbers may not foot due to rounding.
(1) EBITDA, Adjusted EBITDA and Adjusted OIBDA are defined as net income
adjusted for the items set forth in the reconciliation above. EBITDA,
Adjusted EBITDA and Adjusted OIBDA are not measures of financial
performance under Generally Accepted Accounting Principles in the United
States (GAAP) and should not be considered as alternatives to Net income
or Cash flows from operating activities, as indicators of cash flows or
as measures of liquidity. Array does not intend to imply that any such
items set forth in the reconciliation above are infrequent or unusual;
such items may occur in the future. Management uses Adjusted EBITDA and
Adjusted OIBDA as measurements of profitability, and therefore
reconciliations to Net income are deemed appropriate. Management believes
Adjusted EBITDA and Adjusted OIBDA are useful measures of Array's
operating results before significant recurring non-cash charges,
nonrecurring expenses, gains and losses, and other items as presented
above as they provide additional relevant and useful information to
investors and other users of Array's financial data in evaluating the
effectiveness of its operations and underlying business trends in a
manner that is consistent with management's evaluation of business
performance. Adjusted EBITDA shows adjusted earnings before interest,
taxes, depreciation, amortization and accretion, gains and losses while
Adjusted OIBDA reduces this measure further to exclude Equity in earnings
of unconsolidated entities and Interest and dividend income in order to
more effectively show the performance of operating activities excluding
investment activities.
Conference Call Information
Array will hold a conference call on February 20, 2026 at 9:00 a.m. Central Time.
-- Access the live call on the Events & Presentations page
of investors.arrayinc.com or at
https://events.q4inc.com/attendee/189864142
Before the call, certain financial and statistical information to be discussed during the call will be posted to investors.arrayinc.com. The call will be archived on the Events & Presentations page of investors.arrayinc.com.
About Array
(MORE TO FOLLOW) Dow Jones Newswires
February 20, 2026 07:30 ET (12:30 GMT)
Comments