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

AD•NYSE•Utilities
11.7× P/E·Price updated Jun 19, 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%

AD Key Insights

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

✓Strengths

  • ✓Trading at only 1.3x book value

✗Weaknesses

  • ✗Weak 3Y average ROE of 2.8%
  • ✗Weak momentum: RS Rating 20 (bottom 20%)
  • ✗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.

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AD Price & Volume

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

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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-71.02%

Profit CAGR

10 Years1.9%
5 Years4.9%
3 Years113.25%
TTM1254.78%

EPS CAGR

10 Years1.6%
5 Years4.91%
3 Years111.9%
TTM1253.33%

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 5/12 qtrs (71%)●Beat Revenue 2/12 qtrs (33%)
Q2 2026Latest
May 8, 2026
Metric
Actual
Est
EPS
$2.08+127.8%
$0.91
Rev
$52M-4.3%
$54M
Q1 2026
Feb 20, 2026
Metric
Actual
Est
EPS
$0.48+50.0%
$0.32
Rev
$60M+6.7%
$57M
Q4 2025
Nov 7, 2025
Metric
Actual
Est
EPS
$0.97+288.0%
$0.25
Rev
$47M-8.6%
$52M
Q3 2025
Aug 11, 2025
Metric
Actual
Est
EPS
$0.36+9.1%
$0.33
Rev
$916M-0.0%
$916M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 8, 2026
$2.08vs $0.91+127.8%
$52Mvs $54M-4.3%
Q1 2026Feb 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%
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
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
UNIT logoUNITUniti Group Inc.Direct Competitor2.83B11.642.3991.49%40.53%342.98%26.35
LUMN logoLUMNLumen Technologies, Inc.Direct Competitor8.45B8.20-4.69-5.39%-14.34%-79.42%
CCOI logoCCOICogent Communications Holdings, Inc.Direct Competitor710.6M14.19-3.73-5.82%-17.88%-229.15%
IIPR logoIIPRInnovative Industrial Properties, Inc.Direct Competitor1.7B59.6015.17-13.8%45.58%6.41%0.21
ATNI logoATNIATN International, Inc.Direct Competitor395.87M25.76-26.29-0.15%-1.29%-1.54%1.08
AMT logoAMTAmerican Tower CorporationProduct Competitor82.02B176.0532.665.11%26.6%27.44%4.34
CCI logoCCICrown Castle Inc.Product Competitor35.8B82.0580.44-35.06%25.13%
SBAC logoSBACSBA Communications CorporationProduct Competitor19.82B186.8719.075.06%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
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue
3.89B3.97B4.02B4.04B4.12B4.17B3.91B3.77B162.96M1.08B
Revenue Growth %
-2.51%1.98%1.39%0.37%2.11%1.14%-6.31%-3.48%-95.68%-71.02%
Cost of Revenue
1.8B1.79B1.78B1.79B1.91B1.97B1.73B1.63B127.75M494.28M
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%
581.18M▲ 0%
Gross Margin %
53.65%54.9%55.64%55.59%53.71%52.72%55.76%56.76%21.61%54.04%
Gross Profit Growth %
-2.89%4.36%2.75%0.27%-1.34%-0.72%-0.91%-1.74%-98.35%-
Operating Expenses
2.39B2.02B2.13B2.07B2.04B2.13B2.04B2.15B84.44M537.65M
Other Operating Expenses
----------
EBITDA
311M798M814M856M848M769M795M653M-968K243.4M
EBITDA Margin %
7.99%20.12%20.24%21.2%20.57%18.45%20.35%17.32%-0.59%22.63%
EBITDA Growth %
-53.3%156.59%2%5.16%-0.93%-9.32%3.38%-17.86%-100.15%-62.09%
Depreciation & Amortization
615M640M702M683M678M700M656M665M48.26M199.87M
D&A / Revenue %
15.81%16.13%17.45%16.92%16.45%16.79%16.79%17.64%29.62%18.58%
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%
43.53M▲ 0%
Operating Margin %
-7.81%3.98%2.78%4.29%4.12%1.66%3.56%-0.32%-30.21%4.05%
Operating Income Growth %
-733.33%151.97%-29.11%54.46%-1.73%-59.41%101.45%-108.63%-310.25%-
Interest Expense
105M101M93M104M175M163M196M183M28.22M4M
Interest Coverage
0.57x1.49x1.40x1.86x2.03x1.44x1.57x0.88x-1.74x-
Interest / Revenue %
2.7%2.55%2.31%2.58%4.25%3.91%5.02%4.85%17.32%0.37%
Non-Operating Income
1000K1000K1000K1000K1000K1000K-1000K-1000K1000K4M
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%
380.74M▲ 0%
Pretax Margin %
-6.99%5.42%4.6%6.19%4.37%1.73%2.84%-0.58%86.6%35.4%
Income Tax
-287M51M52M17M20M37M53M10M-31.15M17.03M
Effective Tax Rate %
105.51%23.72%28.11%6.8%11.11%51.39%47.75%-45.45%-22.07%4.47%
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%
450.36M▲ 0%
Net Margin %
0.31%3.78%3.16%5.67%3.76%0.72%1.38%-1.03%178.52%41.88%
Net Income Growth %
-75%1150%-15.33%80.31%-32.31%-80.65%80%-172.22%845.95%1254.78%
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%
5.21▲ 0%
EPS Growth %
-75%1128.57%-16.28%81.94%-32.44%-80.23%80%-173.02%823.91%1253.33%
EPS (Basic)
0.141.741.482.661.800.350.64-0.453.39-
Diluted Shares Outstanding
86M87M88M87M87M86M87M86M87.29M86.49M

AD Balance Sheet

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

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets
6.84B7.27B8.16B9.68B10.34B11.12B10.75B10.45B4.94B3.96B
Asset Growth %
-3.78%6.33%12.24%18.58%6.82%7.52%-3.32%-2.8%-52.7%-170.14%
PP&E (Net)
2.32B2.2B3.11B3.39B3.56B3.54B3.49B3.43B861.99M860.11M
PP&E / Total Assets %
33.91%30.27%38.06%35.02%34.47%31.86%32.47%32.81%17.44%21.69%
Total Current Assets
1.48B1.81B1.57B2.63B1.6B1.72B1.4B1.34B144.79M274.06M
Cash & Equivalents
352M580M285M1.27B156M273M150M144M113.4M253.64M
Receivables
1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Inventory
138M142M162M146M173M261M199M179M00
Other Current Assets
62M80M129M226M49M45M36M21M6.51M3.81M
Long-Term Investments
415M441M447M435M439M452M461M454M412.61M1.74B
Goodwill
0000000000
Intangible Assets
2.22B2.19B2.47B2.63B4.09B4.69B4.69B4.58B1.64B1.64B
Other Assets
400M633M566M602M644M712M705M643M1.62B753.41M
Total Liabilities
3.15B3.2B3.94B5.25B5.77B6.54B6.1B5.84B2.37B2.1B
Total Debt
1.64B1.62B2.48B3.48B3.75B4.18B4.03B3.82B1.71B1.2B
Net Debt
1.29B1.04B2.19B2.21B3.59B3.9B3.88B3.68B1.6B948.23M
Long-Term Debt
1.62B1.6B1.5B2.49B2.73B3.19B3.04B2.84B1.18B668.5M
Short-Term Borrowings
18M19M7M2M3M13M20M22M19.36M21.73M
Capital Lease Obligations
4M5M974M994M1.02B976M966M963M509.88M2.5B
Total Current Liabilities
733M692M750M872M903M1.2B901M884M199.99M265.6M
Accounts Payable
310M313M304M387M346M344M241M232M38.4M32.49M
Accrued Expenses
135M141M135M137M00004.32M9.5M
Deferred Revenue
0000191M239M229M238M00
Other Current Liabilities
270M219M198M230M187M419M237M211M121.03M79.16M
Deferred Taxes
00001000K1000K1000K1000K1000K2.01B
Other Liabilities
798M899M826M1.01B573M604M565M570M-173.5M333.36M
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%
1.87B▲ 0%
Equity Growth %
1.15%10.57%3.51%5.09%3.11%0.17%1.57%-0.99%-44.13%-150.34%
Shareholders Equity
3.68B4.06B4.2B4.41B4.55B4.55B4.63B4.58B2.57B1.86B
Minority Interest
11M21M24M25M27M28M28M31M6.93M6.16M
Common Stock
88M88M88M88M88M88M88M88M88.07M88.07M
Additional Paid-in Capital
1.55B1.59B1.63B1.65B1.68B1.7B1.73B1.78B1.8B1.8B
Retained Earnings
2.16B2.44B2.55B2.74B2.85B2.86B2.89B2.82B769.79M59.26M
Accumulated OCI
0000000000
Return on Assets (ROA)
0.17%2.13%1.65%2.57%1.55%0.28%0.49%-0.37%3.78%7.44%
Return on Equity (ROE)
0.33%3.86%3.06%5.29%3.44%0.66%1.17%-0.84%8.1%15.52%
Debt / Equity
0.44x0.40x0.59x0.78x0.82x0.91x0.87x0.83x0.66x0.64x
Debt / Assets
23.97%22.33%30.38%35.97%36.25%37.56%37.49%36.58%34.58%30.31%
Net Debt / EBITDA
4.14x1.31x2.70x2.58x4.24x5.08x4.88x5.63x-3.90x
Book Value per Share
42.8846.8747.9750.9952.5753.2853.4953.5829.4921.56

AD Cash Flow Statement

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

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
469M709M724M1.24B802M832M866M883M200.84M64.66M
Operating CF Growth %
-6.39%51.17%2.12%70.86%-35.17%3.74%4.09%1.96%-77.26%-480.41%
Operating CF / Revenue %
12.06%17.87%18%30.64%19.46%19.96%22.17%23.42%123.24%6.01%
Net Income
12M150M127M229M160M35M58M-32M169.65M450.36M
Depreciation & Amortization
615M640M702M683M678M700M656M665M48.26M198.87M
Deferred Taxes
000041M33M47M-27M-37.73M-91.99M
Other Non-Cash Items
104M58M34M324M107M149M117M267M218.26M-312.67M
Working Capital Changes
-292M-176M-180M-31M-211M-109M-35M-45M-197.61M-85.15M
Capital Expenditures
-465M-512M-650M-989M-2.05B-1.19B-738M-557M2.44B3.51B
CapEx / Revenue %
11.95%12.91%16.16%24.5%17.56%14.44%15.57%14.24%1495.92%327.02%
CapEx / D&A
0.76x0.80x0.93x1.45x1.07x0.86x0.93x0.81x50.51x17.68x
CapEx Coverage (OCF/CapEx)
1.01x1.38x1.11x1.25x1.11x1.38x1.42x1.64x0.08x0.02x
Cash from Investing
-683M-464M-864M-1.16B-2.04B-1.18B-721M-556M2.44B3.52B
Acquisitions
00003M8M005.44M5.44M
Purchase of Investments
0000000000
Sale of Investments
00003M00001.02B
Other Investing
-218M48M-214M-174M-1.32B-585M-113M-19M2.46B2.46B
Cash from Financing
-20M-14M-152M926M142M456M-274M-347M-2.68B-3.53B
Dividends Paid
00000000-1.99B-2.87B
Dividend Payout Ratio %
--------682.91%-
Debt Issuance (Net)
-1000K-1000K-1000K1000K1000K1000K-1000K-1000K-1000K-2.75M
Stock Issued
0000000000
Share Repurchases
00-30M-34M-31M-43M0-54M-21.36M-36.36M
Other Financing
-6M5M-6M-57M-51M-32M-76M-85M-119.59M-67.93M
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%
52.64M▲ 0%
Exchange Rate Effect
00000000142K142K
Cash at Beginning
586M352M583M291M1.29B199M308M179M159M113.4M
Cash at End
352M583M291M1.29B199M308M179M159M113.4M253.64M
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%
3.58B▲ 0%
FCF Growth %
-93.1%4825%-62.44%235.14%-601.61%71.46%136.06%154.69%709.39%914.06%
FCF Margin %
0.1%4.97%1.84%6.14%-30.18%-8.52%3.28%8.65%1619.16%332.85%
FCF / Net Income %
33.33%131.33%58.27%108.3%-802.58%-1183.33%237.04%-835.9%906.98%794.84%

AD Key Ratios

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

Metric201720182019202020212022202320242025TTM
Return on Equity (ROE)
0.33%3.86%3.06%5.29%3.44%0.66%1.17%-0.84%8.1%15.52%
EBITDA Margin
7.99%20.12%20.24%21.2%20.57%18.45%20.35%17.32%-0.59%22.63%
Net Debt / EBITDA
4.14x1.31x2.70x2.58x4.24x5.08x4.88x5.63x-3.90x
Interest Coverage
0.57x1.49x1.40x1.86x2.03x1.44x1.57x0.88x-1.74x-
CapEx / Revenue
11.95%12.91%16.16%24.5%17.56%14.44%15.57%14.24%1495.92%327.02%
Dividend Payout Ratio
--------682.91%637.75%
Debt / Equity
0.44x0.40x0.59x0.78x0.82x0.91x0.87x0.83x0.66x0.64x
EPS Growth
-75%1128.57%-16.28%81.94%-32.44%-80.23%80%-173.02%823.91%1253.33%
Related:AD Dividend History·AD Revenue History·AD Price History·AD P/E History·AD Financial Ratios·AD Institutional Holders

AD Frequently Asked Questions

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

Growth & Financials

Array Digital Infrastructure, Inc. (AD) reported $1.08B in revenue for fiscal year 2025. This represents a 72% 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 $450.4M 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 58.57%. 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 $3.58B 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.

What if you invested $1,000 in AD back in 2014?

Total return calculator · dividends reinvested · 12+ years of data

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How much would $100/month in AD be worth today?

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