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AD logoArray Digital Infrastructure, Inc.(AD)Earnings, Financials & Key Ratios

AD•NYSE•Utilities
$49.75
$4.27B mkt cap·14.9× P/E·Price updated May 6, 2026
SectorCommunication ServicesIndustryTelecom ServicesSub-IndustryMobile Network Operators
AboutArray Digital Infrastructure, Inc. provides wireless telecommunications services in the United States. The company offers wireless services, including voice, messaging, and data services. It also provides wireless devices, such as handsets, tablets, mobile hotspots, home phones, and routers, as well as wireless essentials, including cases, screen protectors, chargers, and memory cards; and consumer electronics comprising Bluetooth audio, wi-fi enabled cameras, and networking products. In addition, it sells wireless devices to agents and other third-party distributors for resale; and offers option for customers to purchase devices and accessories under installment contracts. Further, the company offers wireless roaming, wireless eligible telecommunications carrier, and tower rental services. It serves consumer, business, and government customers. The company provides its products and services through retail sales, direct sales, telesales, ecommerce, resellers, and independent agents, as well as third-party national retailers. The company was formerly known as United States Cellular Corporation and changed its name to Array Digital Infrastructure, Inc. in August 2025. Array Digital Infrastructure, Inc. was incorporated in 1983 and is headquartered in Chicago, Illinois. As of Novemeber 7, 2024, Array Digital Infrastructure, Inc. operates as a subsidiary of Telephone and Data Systems, Inc.Show more
  • Revenue$163M-95.7%
  • EBITDA-$968K-100.1%
  • Net Income$291M+846.0%
  • Free Cash Flow$2.64B+709.4%
  • EBITDA Margin-0.59%-103.4%
  • Net Margin178.52%+17357.1%
  • ROE8.1%+1061.9%
  • Interest Coverage-1.74-298.3%
  • Debt/Equity0.66-20.0%
  • CapEx / Revenue1495.92%+10402.1%
  • CapEx Coverage0.08-95.0%
Technical→

AD Key Insights

Array Digital Infrastructure, Inc. (AD) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

No significant strengths identified

✗Weaknesses

  • ✗Weak 3Y average ROE of 2.8%
  • ✗Dividend payout exceeds 100% of earnings
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

AD Price & Volume

Array Digital Infrastructure, Inc. (AD) stock price & volume — 10-year historical chart

Loading chart...

AD Growth Metrics

Array Digital Infrastructure, Inc. (AD) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-27.45%
5 Years-47.37%
3 Years-66.06%
TTM-49.22%

Profit CAGR

10 Years1.9%
5 Years4.9%
3 Years113.25%
TTM844.05%

EPS CAGR

10 Years1.6%
5 Years4.91%
3 Years111.9%
TTM826.09%

Return on Capital

10 Years0.53%
5 Years0.63%
3 Years0.2%
Last Year-0.69%

AD Recent Earnings

Array Digital Infrastructure, Inc. (AD) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 4/12 qtrs (80%)●Beat Revenue 1/12 qtrs (33%)
Q1 2026Latest
Feb 20, 2026
EPS
$0.48
Est $0.32
+50.0%
Revenue
$60M
Est $57M
+6.7%
Q4 2025
Nov 7, 2025
EPS
$0.97
Est $0.25
+288.0%
Revenue
$47M
Est $52M
-8.6%
Q3 2025
Aug 11, 2025
EPS
$0.36
Est $0.33
+9.1%
Revenue
$916M
Est $916M
-0.0%
Q2 2025
May 2, 2025
EPS
$0.21
Est $0.37
-43.2%
Revenue
$891M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestFeb 20, 2026
$0.48vs $0.32+50.0%
$60Mvs $57M+6.7%
Q4 2025Nov 7, 2025
$0.97vs $0.25+288.0%
$47Mvs $52M-8.6%
Q3 2025Aug 11, 2025
$0.36vs $0.33+9.1%
$916Mvs $916M-0.0%
Q2 2025May 2, 2025
$0.21vs $0.37-43.2%
$891M
Based on last 12 quarters of dataView full earnings history →

AD Peer Comparison

Array Digital Infrastructure, Inc. (AD) competitors in Mobile Network Operators — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
UNIT logoUNITUniti Group Inc.Direct Competitor2.69B11.332.3391.49%56.8%342.98%26.35
LUMN logoLUMNLumen Technologies, Inc.Direct Competitor10.1B9.81-5.61-5.39%-14.34%-79.42%
CCOI logoCCOICogent Communications Holdings, Inc.Direct Competitor831.04M16.60-4.37-5.82%-17.88%-229.15%
IIPR logoIIPRInnovative Industrial Properties, Inc.Direct Competitor1.65B57.6914.68-13.8%45.58%6.41%0.21
ATNI logoATNIATN International, Inc.Direct Competitor421.07M27.40-27.96-0.15%-2.05%-2.3%1.08
AMT logoAMTAmerican Tower CorporationProduct Competitor83.94B180.1633.425.11%26.6%27.44%4.34
CCI logoCCICrown Castle Inc.Product Competitor39.38B90.2488.47-35.06%25.13%
SBAC logoSBACSBA Communications CorporationProduct Competitor23.17B218.4422.295.06%35.66%

Compare AD vs Peers

Array Digital Infrastructure, Inc. (AD) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs UNIT

Most directly comparable listed peer for AD.

Scale Benchmark

vs CSCO

Larger-name benchmark to compare AD against a more recognizable public peer.

Peer Set

Compare Top 5

vs UNIT, LUMN, CCOI, IIPR

AD Income Statement

Array Digital Infrastructure, Inc. (AD) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Revenue3.89B3.97B4.02B4.04B4.12B4.17B3.91B3.77B162.96M
Revenue Growth %-2.51%1.98%1.39%0.37%2.11%1.14%-6.31%-3.48%-95.68%
Cost of Revenue1.8B1.79B1.78B1.79B1.91B1.97B1.73B1.63B127.75M
Gross Profit
2.09B▲ 0%
2.18B▲ 4.4%
2.24B▲ 2.8%
2.24B▲ 0.3%
2.21B▼ 1.3%
2.2B▼ 0.7%
2.18B▼ 0.9%
2.14B▼ 1.7%
35.21M▼ 98.4%
Gross Margin %53.65%54.9%55.64%55.59%53.71%52.72%55.76%56.76%21.61%
Gross Profit Growth %-2.89%4.36%2.75%0.27%-1.34%-0.72%-0.91%-1.74%-98.35%
Operating Expenses2.39B2.02B2.13B2.07B2.04B2.13B2.04B2.15B84.44M
Other Operating Expenses---------
EBITDA311M798M814M856M848M769M795M653M-968K
EBITDA Margin %7.99%20.12%20.24%21.2%20.57%18.45%20.35%17.32%-0.59%
EBITDA Growth %-53.3%156.59%2%5.16%-0.93%-9.32%3.38%-17.86%-100.15%
Depreciation & Amortization615M640M702M683M678M700M656M665M48.26M
D&A / Revenue %15.81%16.13%17.45%16.92%16.45%16.79%16.79%17.64%29.62%
Operating Income (EBIT)
-304M▲ 0%
158M▲ 152.0%
112M▼ 29.1%
173M▲ 54.5%
170M▼ 1.7%
69M▼ 59.4%
139M▲ 101.4%
-12M▼ 108.6%
-49.23M▼ 310.3%
Operating Margin %-7.81%3.98%2.78%4.29%4.12%1.66%3.56%-0.32%-30.21%
Operating Income Growth %-733.33%151.97%-29.11%54.46%-1.73%-59.41%101.45%-108.63%-310.25%
Interest Expense105M101M93M104M175M163M196M183M28.22M
Interest Coverage0.57x1.49x1.40x1.86x2.03x1.44x1.57x0.88x-1.74x
Interest / Revenue %2.7%2.55%2.31%2.58%4.25%3.91%5.02%4.85%17.32%
Non-Operating Income1000K1000K1000K1000K1000K1000K-1000K-1000K1000K
Pretax Income
-272M▲ 0%
215M▲ 179.0%
185M▼ 14.0%
250M▲ 35.1%
180M▼ 28.0%
72M▼ 60.0%
111M▲ 54.2%
-22M▼ 119.8%
141.12M▲ 741.5%
Pretax Margin %-6.99%5.42%4.6%6.19%4.37%1.73%2.84%-0.58%86.6%
Income Tax-287M51M52M17M20M37M53M10M-31.15M
Effective Tax Rate %105.51%23.72%28.11%6.8%11.11%51.39%47.75%-45.45%-22.07%
Net Income
12M▲ 0%
150M▲ 1150.0%
127M▼ 15.3%
229M▲ 80.3%
155M▼ 32.3%
30M▼ 80.6%
54M▲ 80.0%
-39M▼ 172.2%
290.92M▲ 846.0%
Net Margin %0.31%3.78%3.16%5.67%3.76%0.72%1.38%-1.03%178.52%
Net Income Growth %-75%1150%-15.33%80.31%-32.31%-80.65%80%-172.22%845.95%
EPS (Diluted)
0.14▲ 0%
1.72▲ 1128.6%
1.44▼ 16.3%
2.62▲ 81.9%
1.77▼ 32.4%
0.35▼ 80.2%
0.63▲ 80.0%
-0.46▼ 173.0%
3.33▲ 823.9%
EPS Growth %-75%1128.57%-16.28%81.94%-32.44%-80.23%80%-173.02%823.91%
EPS (Basic)0.141.741.482.661.800.350.64-0.453.39
Diluted Shares Outstanding86M87M88M87M87M86M87M86M87.29M

AD Balance Sheet

Array Digital Infrastructure, Inc. (AD) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Assets6.84B7.27B8.16B9.68B10.34B11.12B10.75B10.45B4.94B
Asset Growth %-3.78%6.33%12.24%18.58%6.82%7.52%-3.32%-2.8%-52.7%
PP&E (Net)2.32B2.2B3.11B3.39B3.56B3.54B3.49B3.43B861.99M
PP&E / Total Assets %33.91%30.27%38.06%35.02%34.47%31.86%32.47%32.81%17.44%
Total Current Assets1.48B1.81B1.57B2.63B1.6B1.72B1.4B1.34B144.79M
Cash & Equivalents352M580M285M1.27B156M273M150M144M113.4M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K
Inventory138M142M162M146M173M261M199M179M0
Other Current Assets62M80M129M226M49M45M36M21M6.51M
Long-Term Investments415M441M447M435M439M452M461M454M412.61M
Goodwill000000000
Intangible Assets2.22B2.19B2.47B2.63B4.09B4.69B4.69B4.58B1.64B
Other Assets400M633M566M602M644M712M705M643M1.62B
Total Liabilities3.15B3.2B3.94B5.25B5.77B6.54B6.1B5.84B2.37B
Total Debt1.64B1.62B2.48B3.48B3.75B4.18B4.03B3.82B1.71B
Net Debt1.29B1.04B2.19B2.21B3.59B3.9B3.88B3.68B1.6B
Long-Term Debt1.62B1.6B1.5B2.49B2.73B3.19B3.04B2.84B1.18B
Short-Term Borrowings18M19M7M2M3M13M20M22M19.36M
Capital Lease Obligations4M5M974M994M1.02B976M966M963M509.88M
Total Current Liabilities733M692M750M872M903M1.2B901M884M199.99M
Accounts Payable310M313M304M387M346M344M241M232M38.4M
Accrued Expenses135M141M135M137M00004.32M
Deferred Revenue0000191M239M229M238M0
Other Current Liabilities270M219M198M230M187M419M237M211M121.03M
Deferred Taxes00001000K1000K1000K1000K1000K
Other Liabilities798M899M826M1.01B573M604M565M570M-173.5M
Total Equity
3.69B▲ 0%
4.08B▲ 10.6%
4.22B▲ 3.5%
4.44B▲ 5.1%
4.57B▲ 3.1%
4.58B▲ 0.2%
4.65B▲ 1.6%
4.61B▼ 1.0%
2.57B▼ 44.1%
Equity Growth %1.15%10.57%3.51%5.09%3.11%0.17%1.57%-0.99%-44.13%
Shareholders Equity3.68B4.06B4.2B4.41B4.55B4.55B4.63B4.58B2.57B
Minority Interest11M21M24M25M27M28M28M31M6.93M
Common Stock88M88M88M88M88M88M88M88M88.07M
Additional Paid-in Capital1.55B1.59B1.63B1.65B1.68B1.7B1.73B1.78B1.8B
Retained Earnings2.16B2.44B2.55B2.74B2.85B2.86B2.89B2.82B769.79M
Accumulated OCI000000000
Return on Assets (ROA)0.17%2.13%1.65%2.57%1.55%0.28%0.49%-0.37%3.78%
Return on Equity (ROE)0.33%3.86%3.06%5.29%3.44%0.66%1.17%-0.84%8.1%
Debt / Equity0.44x0.40x0.59x0.78x0.82x0.91x0.87x0.83x0.66x
Debt / Assets23.97%22.33%30.38%35.97%36.25%37.56%37.49%36.58%34.58%
Net Debt / EBITDA4.14x1.31x2.70x2.58x4.24x5.08x4.88x5.63x-
Book Value per Share42.8846.8747.9750.9952.5753.2853.4953.5829.49

AD Cash Flow Statement

Array Digital Infrastructure, Inc. (AD) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations469M709M724M1.24B802M832M866M883M200.84M
Operating CF Growth %-6.39%51.17%2.12%70.86%-35.17%3.74%4.09%1.96%-77.26%
Operating CF / Revenue %12.06%17.87%18%30.64%19.46%19.96%22.17%23.42%123.24%
Net Income12M150M127M229M160M35M58M-32M169.65M
Depreciation & Amortization615M640M702M683M678M700M656M665M48.26M
Deferred Taxes000041M33M47M-27M-37.73M
Other Non-Cash Items104M58M34M324M107M149M117M267M218.26M
Working Capital Changes-292M-176M-180M-31M-211M-109M-35M-45M-197.61M
Capital Expenditures-465M-512M-650M-989M-2.05B-1.19B-738M-557M2.44B
CapEx / Revenue %11.95%12.91%16.16%24.5%17.56%14.44%15.57%14.24%1495.92%
CapEx / D&A0.76x0.80x0.93x1.45x1.07x0.86x0.93x0.81x50.51x
CapEx Coverage (OCF/CapEx)1.01x1.38x1.11x1.25x1.11x1.38x1.42x1.64x0.08x
Cash from Investing-683M-464M-864M-1.16B-2.04B-1.18B-721M-556M2.44B
Acquisitions00003M8M005.44M
Purchase of Investments000000000
Sale of Investments00003M0000
Other Investing-218M48M-214M-174M-1.32B-585M-113M-19M2.46B
Cash from Financing-20M-14M-152M926M142M456M-274M-347M-2.68B
Dividends Paid00000000-1.99B
Dividend Payout Ratio %--------682.91%
Debt Issuance (Net)-1000K-1000K-1000K1000K1000K1000K-1000K-1000K-1000K
Stock Issued000000000
Share Repurchases00-30M-34M-31M-43M0-54M-21.36M
Other Financing-6M5M-6M-57M-51M-32M-76M-85M-119.59M
Net Change in Cash
-234M▲ 0%
231M▲ 198.7%
-292M▼ 226.4%
1B▲ 442.5%
-1.09B▼ 209.2%
109M▲ 110.0%
-129M▼ 218.3%
-20M▲ 84.5%
-45.6M▼ 128.0%
Exchange Rate Effect00000000142K
Cash at Beginning586M352M583M291M1.29B199M308M179M159M
Cash at End352M583M291M1.29B199M308M179M159M113.4M
Free Cash Flow
4M▲ 0%
197M▲ 4825.0%
74M▼ 62.4%
248M▲ 235.1%
-1.24B▼ 601.6%
-355M▲ 71.5%
128M▲ 136.1%
326M▲ 154.7%
2.64B▲ 709.4%
FCF Growth %-93.1%4825%-62.44%235.14%-601.61%71.46%136.06%154.69%709.39%
FCF Margin %0.1%4.97%1.84%6.14%-30.18%-8.52%3.28%8.65%1619.16%
FCF / Net Income %33.33%131.33%58.27%108.3%-802.58%-1183.33%237.04%-835.9%906.98%

AD Key Ratios

Array Digital Infrastructure, Inc. (AD) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)1.33%0.33%3.86%3.06%5.29%3.44%0.66%1.17%-0.84%8.1%
EBITDA Margin16.69%7.99%20.12%20.24%21.2%20.57%18.45%20.35%17.32%-0.59%
Net Debt / EBITDA1.57x4.14x1.31x2.70x2.58x4.24x5.08x4.88x5.63x-
Interest Coverage0.48x0.57x1.49x1.40x1.86x2.03x1.44x1.57x0.88x-1.74x
CapEx / Revenue11.1%11.95%12.91%16.16%24.5%17.56%14.44%15.57%14.24%1495.92%
Dividend Payout Ratio---------682.91%
Debt / Equity0.45x0.44x0.40x0.59x0.78x0.82x0.91x0.87x0.83x0.66x
EPS Growth-80.28%-75%1128.57%-16.28%81.94%-32.44%-80.23%80%-173.02%823.91%

AD Frequently Asked Questions

Array Digital Infrastructure, Inc. (AD) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Array Digital Infrastructure, Inc. (AD) reported $1.91B in revenue for fiscal year 2025. This represents a 51% decrease from $3.89B in 2014.

Array Digital Infrastructure, Inc. (AD) saw revenue decline by 95.7% over the past year.

Yes, Array Digital Infrastructure, Inc. (AD) is profitable, generating $290.2M in net income for fiscal year 2025 (178.5% net margin).

Dividend & Returns

Yes, Array Digital Infrastructure, Inc. (AD) pays a dividend with a yield of 45.75%. This makes it attractive for income-focused investors.

Array Digital Infrastructure, Inc. (AD) has a return on equity (ROE) of 8.1%. This is below average, suggesting room for improvement.

Array Digital Infrastructure, Inc. (AD) generated $2.64B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Industry Metrics

Array Digital Infrastructure, Inc. (AD) has a dividend payout ratio of 683%. The high payout ratio may limit dividend growth.

Explore More AD

Array Digital Infrastructure, Inc. (AD) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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