ARRAY DIGITAL INFRASTRUCTURE (AD) Company Report

Array Digital (formerly UScellular) completed the sale of UScellular to T-Mobile on August 1, 2025, and paid a special dividend of $23 per share to shareholders. The company also sold spectrum to AT&T, resulting in a $10.25 per share dividend paid in early February 2026, and anticipates closing a ~$1 billion spectrum deal with Verizon in 2Q or 3Q 2026.
Array Digital is now primarily a tower company, managing 4,400 towers and benefiting from a 15-year master lease agreement with T-Mobile. The company reported 8% same-store growth in the fourth quarter and provided 2026 guidance of approximately 6% same-store growth. Array Digital targets a 3 times leverage ratio.
TDS Telecom has significantly expanded its fiber footprint, reaching 1.06 million fiber passings by the end of 2025 and planning to double this to 2.1 million homes over the next 4-5 years. The company's E-ACAM program includes a 10-year extension of regulatory revenues of approximately $85 million per year.
TDS (the parent company) has paid off debt, including a $150 million residual debt, and has returned to investment grade with S&P. The board authorized a $500 million increase to its stock buyback program, with over $100 million spent on buybacks between the third and fourth quarters.

Mar 3, 2026, 3:25 PM

Transcript

Array Digital Infrastructure Provides Business Update at Raymond James Conference

Dividends

M&A

Guidance Update

Array Digital (formerly UScellular) completed the sale of UScellular to T-Mobile on August 1, 2025, and paid a special dividend of $23 per share to its shareholders.
The company also sold spectrum to AT&T, closing in January (implied 2026) and paying a $10.25 per share dividend in early February (implied 2026), with a $1 billion Verizon spectrum deal expected to close in Q2 or Q3 2026.
Now primarily a tower company with 4,400 towers, Array Digital reported 8% same-store growth in Q4 (implied 2025) and projects 6% same-store growth for 2026 (excluding DISH).
Array Digital targets a 3x leverage ratio (net debt to EBITDA or OIBDA, including equity income and minority interest) and plans to monetize its C-band spectrum holdings, potentially after upcoming auctions in 2027.

Mar 3, 2026, 3:25 PM

Transcript

Array Digital and TDS Executives Discuss Strategic Transformation and Growth Initiatives

M&A

Dividends

New Projects/Investments

Array Digital (formerly UScellular) completed the sale of UScellular to T-Mobile on August 1, 2025, resulting in a $23 per share special dividend to Array shareholders. An additional $10.25 per share dividend was paid in early February 2026 following the AT&T spectrum deal, with a $1 billion Verizon spectrum deal expected to close in Q2 or Q3 2026.
Array Digital's tower business reported 8% same-store growth in Q4 and projects approximately 6% same-store growth for 2026 (excluding Dish). The company has a 15-year Master Lease Agreement with T-Mobile and aims for a 3x leverage ratio.
TDS Telecom, a related entity, achieved 1.06 million fiber passings by the end of 2025 and plans to double its fiber footprint to 2.1 million homes over the next 4-5 years, also rolling out a fixed-mobile converged bundle in mid-2025.
TDS, the parent company, paid off its balance sheet debt and holds $1.1 billion in preferred equities. It authorized a $500 million increase to its stock buyback program, having spent over $100 million on buybacks between Q3 and Q4.

Mar 3, 2026, 3:25 PM

Transcript

Array Digital Infrastructure Reports Q4 2025 Results and Provides 2026 Guidance

Earnings

Dividends

Guidance Update

Array Digital Infrastructure (AD) completed the spectrum sale to AT&T for $1.018 billion in January 2026, resulting in a $10.25 per share special dividend paid on February 2, 2026. The company has monetized approximately 70% of its spectrum holdings and continues to hold valuable C-band spectrum.
For full year 2026, Array forecasts total operating revenue and Adjusted EBITDA in the range of $200 million-$215 million, with capital expenditures projected between $25 million-$35 million. This guidance excludes any revenue from DISH Wireless due to payment defaults and ongoing disputes.
The company reported strong Q4 2025 cash site rental revenue growth of 64% year over year (or 96% including T-Mobile interim sites), driven by the T-Mobile MLA and a 47% increase in new colocation applications (excluding T-Mobile MLA) for the full year 2025. Array is actively working to improve its tower tenancy ratio through insourcing sales, a new deal with Verizon, and targeting non-tower carriers.

Feb 20, 2026, 3:00 PM

Transcript

Array Digital Infrastructure Reports Q4 2025 Results and Provides 2026 Guidance

Earnings

Guidance Update

Legal Proceedings

Array Digital Infrastructure (AD) closed the spectrum sale to AT&T for $1.018 billion in January 2026, leading to the Array board declaring a special dividend of $10.25 per share that was paid on February 2.
For Q4 2025, cash site rental revenue increased 64% year-over-year from all customers, or 8% when excluding T-Mobile MLA-committed sites. Full year 2025 new colocation applications, excluding the T-Mobile MLA, exceeded the prior year by 47%.
Array provided 2026 guidance, forecasting total operating revenue between $200 million and $215 million, Adjusted EBITDA between $200 million and $215 million, and capital expenditures between $25 million and $35 million. This guidance excludes any revenues from Dish Wireless due to an ongoing dispute.
The company is engaged in a dispute with Dish Wireless, which has generally failed to make contractually required payments since early December 2025, with Array asserting Dish's obligations under the Master Lease Agreement remain intact.

Feb 20, 2026, 3:00 PM

Transcript

Array Digital Infrastructure Reports Q4 2025 Results and 2026 Guidance

Earnings

Guidance Update

Dividends

Array Digital Infrastructure reported strong Q4 2025 performance, with cash site rental revenue increasing 64% year over year from all customers, and 96% year over year when including T-Mobile interim site revenue.
The company completed the spectrum sale to AT&T for $1.018 billion in January 2026, leading to a special dividend of $10.25 per share paid on February 2, 2026. Array has monetized roughly 70% of its spectrum holdings.
For 2026, Array forecasts total operating revenue between $200 million and $215 million, Adjusted EBITDA between $200 million and $215 million, and capital expenditures between $25 million and $35 million.
Array is facing challenges with Dish Wireless, which has generally failed to make contractually required payments since early December 2025, and the company expects to have between 800-1,800 tenantless towers by January 2028.

Feb 20, 2026, 3:00 PM

Transcript

Array Digital Infrastructure Reports Q4 and Full-Year 2025 Results, Provides 2026 Guidance

Earnings

Guidance Update

M&A

Array Digital Infrastructure reported total operating revenues of $60.3 million for Q4 2025 and $163.0 million for the full year 2025.
The company's Adjusted EBITDA (Non-GAAP) was $52.1 million in Q4 2025 and $194.3 million for the full year 2025.
Array provided 2026 estimated Adjusted EBITDA guidance of $200-$215 million and Adjusted OIBDA (Non-GAAP) guidance of $50-$65 million.
Array successfully closed the T-Mobile transaction and sold $1.018 billion in Array Spectrum (3.45GHz and 700MHZ).
Following the T-Mobile integration, Array estimates it will own between 800 and 1,800 tenantless (naked) towers by January 2028.

Feb 20, 2026, 3:00 PM

Presentation

Array Digital Infrastructure Reports Strong Q4 and Full-Year 2025 Results, Issues 2026 Guidance, and Details Strategic Transactions

Earnings

Guidance Update

M&A

Array Digital Infrastructure reported strong financial performance for the fourth quarter and full year 2025, with total operating revenues from continuing operations of $60.3 million and $163.0 million, respectively, and diluted earnings per share from continuing operations of $0.48 and $1.94, respectively.
The company completed significant divestitures, including the sale of wireless operations to T-Mobile in August 2025 and spectrum licenses to AT&T in January 2026, leading to special dividends of $23 per share and $10.25 per share.
Array provided 2026 estimated results, forecasting total operating revenues between $200 million and $215 million and Adjusted EBITDA between $200 million and $215 million.
Tower operations showed significant growth, with site rental revenues increasing 51% and co-location applications (excluding T-Mobile) rising 47% for the year ended December 31, 2025.
Additional strategic transactions are underway, including further agreements with T-Mobile for $178 million in expected proceeds and a spectrum license sale to Verizon anticipated to close in Q2 or Q3 2026.

Feb 20, 2026, 12:30 PM

Press Release

AD Completes Spectrum Asset Sale to AT&T and Declares Special Dividend

M&A

Dividends

Array Digital Infrastructure, Inc. (AD) completed the sale of select spectrum assets to AT&T for $1.018 billion on January 13, 2026.
Following the completion of the sale, AD's Board of Directors declared a special cash dividend of $10.25 per Common Share and Series A Common Share.
The special dividend is scheduled to be paid on February 2, 2026, to shareholders of record as of January 23, 2026.

Jan 13, 2026, 9:11 PM

8-K

Array Digital Infrastructure Completes Spectrum Asset Sale to AT&T and Declares Special Dividend

M&A

Dividends

Array Digital Infrastructure (AD) has completed the sale of select spectrum licenses to AT&T for $1.018 billion.
This transaction aligns with the company's objective, announced on May 28, 2024, to opportunistically monetize spectrum not included in a previous sale to T-Mobile.
Following the AT&T transaction, Array's Board of Directors declared a special cash dividend of $10.25 per Common Share and Series A Common Share.
The special dividend is payable on February 2, 2026, to shareholders of record on January 23, 2026.