ARRAY DIGITAL INFRASTRUCTURE, INC. AD
On August 1, 2025, United States Cellular Corporation changed its name to Array Digital Infrastructure, Inc. (Array). Array is used throughout this report even when referring to historical periods. On August 12, 2025, the Array Common Shares ticker symbol on the New York Stock Exchange changed to "AD". Array connects America through digital infrastructure by leasing tower space to tenants and providing ancillary services. As of December 31, 2025, Array owns 4,450 towers in 19 states. Array also holds noncontrolling interests in primarily wireless operating companies and holds certain wireless spectrum licenses. As of December 31, 2025, Array is an 82.0%-owned subsidiary of Telephone and Data Systems, Inc. (TDS). Through July 31, 2025, Array provided wireless communication services; these operations and certain wireless spectrum licenses were disposed of on August 1, 2025, as discussed further below.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $163.0M | $102.9M | $100.5M | $4.08B | $4.04B | $3.96B | $3.95B | $3.90B | $3.89B | $3.99B |
| Cost of revenue | $79.5M | $73.0M | $67.9M | — | — | — | — | — | $732.0M | $760.0M |
| Gross profit | $83.5M | $29.9M | $32.6M | — | — | — | — | — | $3.16B | $3.23B |
| SG&A | $84.4M | $102.6M | $101.4M | $1.41B | $1.34B | $1.37B | $1.41B | $1.39B | $1.41B | $1.48B |
| Total operating expenses | $255.5M | $363.3M | $212.7M | $4.10B | $3.95B | $3.86B | $3.91B | $3.81B | $4.19B | $3.94B |
| Operating income | -$92.5M | -$260.3M | -$112.2M | $69.0M | $170.0M | $173.0M | $112.0M | $158.0M | -$304.0M | $48.0M |
| Interest expense | $28.2M | $12.4M | $14.6M | $163.0M | $175.0M | $112.0M | $110.0M | $116.0M | $113.0M | $113.0M |
| Pre-tax income | $141.1M | -$99.7M | $41.2M | $72.0M | $180.0M | $250.0M | $185.0M | $215.0M | -$272.0M | $82.0M |
| Income tax | $31.1M | $19.3M | $32.9M | $37.0M | $20.0M | $17.0M | $52.0M | $51.0M | $287.0M | $33.0M |
| Net income | $69.2M | -$31.6M | $57.9M | $34.8M | $159.8M | $229.0M | $127.0M | $150.0M | $12.0M | $48.0M |
| EPS, basic | 0.57 | -0.46 | 0.64 | 0.35 | 1.80 | 2.66 | 1.47 | 1.75 | 0.14 | 0.56 |
| EPS, diluted | 0.56 | -0.46 | 0.63 | 0.35 | 1.77 | 2.62 | 1.44 | 1.72 | 0.14 | 0.56 |
| Shares, diluted (wtd. avg.) | $87.3M | $85.6M | $86.7M | $86.0M | $87.0M | $87.0M | $88.0M | $87.0M | $86.0M | $85.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $113.4M | $143.7M | $179.9M | $308.3M | $199.0M | $1.29B | $291.0M | $583.0M | $352.0M | $586.0M |
| Short-term investments | — | — | — | — | $0 | $3.0M | $0 | $17.0M | $50.0M | $0 |
| Receivables | — | $905.0M | $900.0M | $985.0M | $976.0M | $915.0M | $919.0M | $908.0M | $775.0M | $658.0M |
| Inventory | — | $179.0M | $199.0M | $261.0M | $173.0M | $146.0M | $162.0M | $142.0M | $138.0M | $138.0M |
| Total current assets | $144.8M | $1.34B | $1.40B | $1.72B | $1.60B | $2.62B | $1.57B | $1.81B | $1.48B | $1.56B |
| Property, plant and equipment | $389.0M | $384.0M | $2.58B | $2.62B | $2.61B | $2.47B | $2.21B | $2.20B | $2.32B | $2.47B |
| Goodwill | — | — | — | — | — | — | — | — | $0 | $370.0M |
| Total assets | $4.68B | $10.45B | $10.75B | $11.12B | $10.34B | $9.68B | $8.16B | $7.27B | $6.84B | $7.11B |
| Total current liabilities | $200.0M | $883.8M | $901.0M | $1.20B | $903.0M | $871.0M | $750.0M | $691.0M | $733.0M | $718.0M |
| Retained earnings | $769.8M | $2.82B | $2.89B | $2.86B | $2.85B | $2.74B | $2.55B | $2.44B | $2.16B | $2.16B |
| Total equity | $2.57B | $4.58B | $4.64B | $4.57B | $4.56B | $4.43B | $4.21B | $4.07B | $3.69B | $3.65B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $200.8M | $882.5M | $866.9M | $832.0M | $802.0M | $1.24B | $724.0M | $709.0M | $469.0M | $501.0M |
| Depreciation and amortisation | $39.1M | $38.8M | $41.7M | $682.0M | $662.0M | $669.0M | $689.0M | $627.0M | $604.0M | $607.0M |
| Stock-based compensation | $1.8M | $2.7M | $1.1M | $24.0M | $27.0M | $32.0M | $41.0M | $37.0M | $30.0M | $26.0M |
| Capital expenditure | $27.2M | $18.5M | $40.6M | $602.0M | $724.0M | $989.0M | $650.0M | $512.0M | $465.0M | $443.0M |
| Investing cash flow | $2.44B | -$556.2M | -$720.9M | -$1.18B | -$2.04B | -$1.16B | -$864.0M | -$464.0M | -$683.0M | -$618.0M |
| Financing cash flow | -$2.68B | -$347.0M | -$274.3M | $456.0M | $142.0M | $926.0M | -$152.0M | -$14.0M | -$20.0M | -$12.0M |
| Buybacks | $21.4M | $54.1M | $0 | $43.0M | $31.0M | $23.0M | $21.0M | $0 | $0 | $5.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000821130-26-000025.
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