ARRAY DIGITAL INFRASTRUCTURE, INC. AD

Communication services SIC 4812 - Radiotelephone Communications NAICS Information › Telecommunications › Wired and Wireless Telecommunications (except Satellite) › Wired and Wireless Telecommunications Carriers (except Satellite) › Wireless Telecommunications Carriers (except Satellite) derived NYSE

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.

Last close 33.56 2026-10-23
Market cap $2.90B estimated share count
52-week range 31.76 - 60.82

Valuation FY2025 figures against the last close

P/S17.8x
P/E59.9x
P/FCF16.7x
EV/EBITDA—
Dividend yield—
Diluted EPS0.56

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 0.57-0.460.640.351.802.661.471.750.140.56
EPS, diluted 0.56-0.460.630.351.772.621.441.720.140.56
Shares, diluted (wtd. avg.) 87.3M85.6M86.7M86.0M87.0M87.0M88.0M87.0M86.0M85.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -2B 0 2B 4B 6B Revenue, FY2016: 4B Gross profit, FY2016: 3.2B Net income, FY2016: 48M Revenue, FY2017: 3.9B Gross profit, FY2017: 3.2B Net income, FY2017: 12M Revenue, FY2018: 3.9B Net income, FY2018: 150M Revenue, FY2019: 3.9B Net income, FY2019: 127M Revenue, FY2020: 4B Net income, FY2020: 229M Revenue, FY2021: 4B Net income, FY2021: 159.8M Revenue, FY2022: 4.1B Net income, FY2022: 34.8M Revenue, FY2023: 100.5M Gross profit, FY2023: 32.6M Net income, FY2023: 57.9M Revenue, FY2024: 102.9M Gross profit, FY2024: 29.9M Net income, FY2024: -31.6M Revenue, FY2025: 163M Gross profit, FY2025: 83.5M Net income, FY2025: 69.2M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $3.99B $3.89B $3.90B $3.95B $3.96B $4.04B $4.08B $100.5M $102.9M $163.0M
Gross profit $3.23B $3.16B — — — — — $32.6M $29.9M $83.5M
Net income $48.0M $12.0M $150.0M $127.0M $229.0M $159.8M $34.8M $57.9M -$31.6M $69.2M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Other event Item 8.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Acquisition or disposal completed Item 2.01
  • Other event Item 8.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 4812

TickerCompanyMarket capP/ERevenue growth
TMUS T-Mobile US, Inc. $157.19B 15.1x 8.5%
SPOK Spok Holdings, Inc $215.5M 13.7x 1.5%
SIDU Sidus Space Inc. $98.9M — -54.1%
TU TELUS CORP — — —
CHT CHUNGHWA TELECOM CO LTD — — -3.8%
VEON VEON Ltd. — — 9.9%
CHAI Core AI Holdings, Inc. — — 58.4%
IHS IHS Holding Ltd — — 3.6%