Operating cash flow turned negative at -$42.8M in 2026Q2, and dividends of $951M far exceeded cash generation, resulting in negative coverage and highlighting payout sustainability risks.
Array Digital Infrastructure, Inc. 6.250% Senior Notes due 2069 (UZD) cash flow statement — 12-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Cash from Operations | -303.15M | 200.84M | 883M | 866M | 832M | 802M | 1.24B | 724M | 709M | 469M | 501M | 555M | 172M |
| Operating CF Growth % | -597.42% | -77.26% | 1.96% | 4.09% | 3.74% | -35.17% | 70.86% | 2.12% | 51.17% | -6.39% | -9.73% | 222.67% | - |
| Operating CF / Revenue % | -141.97% | 123.24% | 23.42% | 22.17% | 19.96% | 19.46% | 30.64% | 18% | 17.87% | 12.06% | 12.56% | 13.77% | 4.42% |
| Net Income | 778.06M | 169.65M | -32M | 58M | 35M | 160M | 229M | 127M | 150M | 12M | 48M | 241M | -43M |
| Depreciation & Amortization | 51.3M | 48.26M | 665M | 656M | 700M | 678M | 683M | 702M | 640M | 615M | 618M | 607M | 606M |
| Deferred Taxes | -232.06M | -37.73M | -27M | 47M | 33M | 41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -767.59M | 218.26M | 267M | 117M | 149M | 107M | 324M | 34M | 58M | 104M | 147M | -117M | -184M |
| Working Capital Changes | -4.17M | -197.61M | -45M | -35M | -109M | -211M | -31M | -180M | -176M | -292M | -338M | -201M | -229M |
| Capital Expenditures | 4.75B | 2.44B | -557M | -738M | -1.19B | -2.05B | -989M | -650M | -512M | -465M | -443M | -581M | -605M |
| CapEx / Revenue % | 2226.36% | 1495.92% | 14.24% | 15.57% | 14.44% | 17.56% | 24.5% | 16.16% | 12.91% | 11.95% | 11.1% | 14.41% | 15.54% |
| CapEx / D&A | 92.67x | 50.51x | 0.81x | 0.93x | 0.86x | 1.07x | 1.45x | 0.93x | 0.80x | 0.76x | 0.72x | 0.96x | 1.00x |
| CapEx Coverage (OCF/CapEx) | -0.06x | 0.08x | 1.64x | 1.42x | 1.38x | 1.11x | 1.25x | 1.11x | 1.38x | 1.01x | 1.13x | 0.96x | 0.28x |
| Cash from Investing | 4.75B | 2.44B | -556M | -721M | -1.18B | -2.04B | -1.16B | -864M | -464M | -683M | -618M | -550M | -471M |
| Acquisitions | 5.44M | 5.44M | 0 | 0 | 8M | 3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 1.02B | 0 | 0 | 0 | 0 | 3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 3.63B | 2.46B | -19M | -113M | -585M | -1.32B | -174M | -214M | 48M | -218M | -175M | 31M | 134M |
| Cash from Financing | -4.44B | -2.68B | -347M | -274M | 456M | 142M | 926M | -152M | -14M | -20M | -12M | 497M | 169M |
| Dividends Paid | -3.82B | -1.99B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio % | - | 682.91% | - | - | - | - | - | - | - | - | - | - | - |
| Debt Issuance (Net) | -1.75M | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K |
| Stock Issued | 0 | 0 | 0 | -6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -1.73M | -21.36M | -54M | 0 | -43M | -31M | -34M | -30M | 0 | 0 | -5M | -6M | -19M |
| Other Financing | -65.63M | -119.59M | -85M | -69M | -32M | -51M | -57M | -6M | 5M | -6M | 4M | -22M | -87M |
| Net Change in Cash | 15.44M | -45.6M | -20M | -129M | 109M | -1.09B | 1B | -292M | 231M | -234M | -129M | 503M | 212M |
| Exchange Rate Effect | 142K | 142K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 253.64M | 159M | 179M | 308M | 199M | 1.29B | 291M | 583M | 352M | 586M | 715M | 212M | 0 |
| Cash at End | 416.44M | 113.4M | 159M | 179M | 308M | 199M | 1.29B | 291M | 583M | 352M | 586M | 715M | 212M |
| Free Cash Flow | 4.45B | 2.64B | 326M | 128M | -355M | -1.24B | 248M | 74M | 197M | 4M | 58M | -26M | -433M |
| FCF Growth % | 937.48% | 709.39% | 154.69% | 136.06% | 71.46% | -601.61% | 235.14% | -62.44% | 4825% | -93.1% | 323.08% | 94% | - |
| FCF Margin % | 2084.38% | 1619.16% | 8.65% | 3.28% | -8.52% | -30.18% | 6.14% | 1.84% | 4.97% | 0.1% | 1.45% | -0.65% | -11.12% |
| FCF / Net Income % | 572.04% | 906.98% | -835.9% | 237.04% | -1183.33% | -802.58% | 108.3% | 58.27% | 131.33% | 33.33% | 120.83% | -10.79% | 1006.98% |
Quick answers to the most common questions about buying UZD stock.
Array Digital Infrastructure, Inc. 6.250% Senior Notes due 2069 (UZD) generated $200.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Array Digital Infrastructure, Inc. 6.250% Senior Notes due 2069 (UZD) generated $2.64B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Array Digital Infrastructure, Inc. 6.250% Senior Notes due 2069 (UZD) spent $2.44B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Array Digital Infrastructure, Inc. 6.250% Senior Notes due 2069 (UZD) returned $1.99B to shareholders via cash dividends and spent $21.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Tenant concentration and transition risk
Metrics are mathematically derived from official filings.
Cash Flow Volatility Post-Divestiture
Operating cash flow swung from $325M in 2025Q2 to -$42.8M in 2026Q2, as reported in quarterly filings, reflecting the transition to an infrastructure model with unpredictable cash generation.
The dramatic swings in OCF, including negative quarters in 2025Q3 and 2026Q2, suggest that the residual tower business has not yet established a stable cash flow baseline. The positive OCF in 2025Q2 and 2024 quarters likely included one-time items or working capital benefits that are not recurring. Investors should monitor whether OCF can consistently cover fixed obligations like interest and dividends, as the current pattern indicates significant variability.
CapEx Minimal, Growth Dependent on Tenancy
Capital expenditures have collapsed to near zero, with 2026Q2 CapEx of $1.2B likely reflecting a one-time investment, while prior quarters show minimal spending, as per financial statements.
The CapEx figures in 2026Q1 and Q2 are anomalous, showing large positive numbers that likely represent proceeds from asset sales rather than traditional capital investment. Excluding these, CapEx has been minimal, indicating that the company is not investing in new tower construction. This suggests that future growth will depend on increasing tenancy on existing sites, which requires minimal capital, but also limits organic expansion. The low CapEx/OCF ratios in prior quarters confirm a mature asset base with limited reinvestment needs.
Financing Needs Minimal, but Cash Burn Persists
Free cash flow turned sharply negative in 2026Q2 at $1.1B, driven by a $951M dividend payment, while no new debt or equity issuance occurred, based on reported cash flow data.
The company has not accessed external capital markets in recent quarters, with zero debt issuance and minimal stock issuance, suggesting it is funding operations and dividends from internal cash and asset sale proceeds. However, the large dividend payments in 2026Q1 and Q2, totaling over $1.8B, have consumed cash reserves, leading to negative FCF. The lack of financing activity may indicate that the company has sufficient liquidity for now, but the sustainability of dividends at this level is questionable given the volatile OCF.
Dividend Coverage Thin and Uncertain
Dividends paid in 2026Q2 of $951M far exceeded operating cash flow of -$42.8M, resulting in negative coverage, as reported in the cash flow statement, raising concerns about payout sustainability.
The OCF-to-dividend ratio was negative in 2026Q2 and near zero in 2026Q1, indicating that dividends are not being covered by operating cash flow. This suggests that the company is funding dividends through asset sales or balance sheet cash, which is not sustainable long-term. The prior quarters with no dividends may have been a transition period, but the recent resumption of large payouts appears aggressive given the unstable cash generation. Investors should monitor whether the company can generate sufficient OCF to cover dividends as the infrastructure model stabilizes.
Net Income Diverges from Cash Reality
Net income of $358.7M in 2026Q2 contrasts sharply with negative operating cash flow of -$42.8M, as per financial statements, highlighting the impact of non-cash gains and accruals.
The large positive net income in 2026Q2, despite negative OCF, suggests significant non-cash items such as gains from asset sales or AFUDC-type accruals. This divergence indicates that reported earnings are not a reliable indicator of cash generation. The prior quarters also show net income exceeding OCF, reinforcing that the company's profitability is heavily influenced by non-operating items. Analysts should focus on cash-based metrics to assess the true financial health of the infrastructure business.
What the Cash Flow Statement Hides
The cash flow statement may not fully capture the risks of tenant concentration and potential spectrum monetization, as the company's future cash flows depend on a few national carriers, based on disclosed data.
While the cash flow data shows minimal debt and no financing activity, it does not reveal the underlying risks of the business model. The heavy reliance on T-Mobile and other carriers for tower leases could lead to sudden cash flow disruptions if contracts are not renewed. Additionally, the company's spectrum assets may be sold for cash, but the timing and amounts are uncertain. The lack of disclosure on these items in the cash flow statement warrants further investigation into the sustainability of the company's cash generation.