Revenue collapsed 94.1% year-over-year to $54.1M in 2026Q2 following the divestiture, but operating margins improved to 7.4% from -13.3% in 2025Q3, indicating the residual infrastructure business is becoming profitable.
Array Digital Infrastructure, Inc. 6.250% Senior Notes due 2069 (UZD) annual income statement — 12-year revenue, gross profit & net income history
| 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 |
|---|
| Revenue | 213.53M | 162.96M | 3.77B | 3.91B | 4.17B | 4.12B | 4.04B | 4.02B | 3.97B | 3.89B | 3.99B | 4.03B | 3.89B |
| Revenue Growth % | -94.23% | -95.68% | -3.48% | -6.31% | 1.14% | 2.11% | 0.37% | 1.39% | 1.98% | -2.51% | -1.02% | 3.54% | - |
| Cost of Revenue | 125.78M | 127.75M | 1.63B | 1.73B | 1.97B | 1.91B | 1.79B | 1.78B | 1.79B | 1.8B | 1.84B | 1.83B | 1.96B |
| Gross Profit | 87.75M | 35.21M | 2.14B | 2.18B | 2.2B | 2.21B | 2.24B | 2.24B | 2.18B | 2.09B | 2.15B | 2.2B | 1.93B |
| Gross Margin % | 41.1% | 21.61% | 56.76% | 55.76% | 52.72% | 53.71% | 55.59% | 55.64% | 54.9% | 53.65% | 53.86% | 54.65% | 49.58% |
| Gross Profit Growth % | - | -98.35% | -1.74% | -0.91% | -0.72% | -1.34% | 0.27% | 2.75% | 4.36% | -2.89% | -2.45% | 14.15% | - |
| Operating Expenses | -320.04M | 84.44M | 2.15B | 2.04B | 2.13B | 2.04B | 2.07B | 2.13B | 2.02B | 2.39B | 2.1B | 1.86B | 2.07B |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 459.09M | -968K | 653M | 795M | 769M | 848M | 856M | 814M | 798M | 311M | 666M | 954M | 463M |
| EBITDA Margin % | 215% | -0.59% | 17.32% | 20.35% | 18.45% | 20.57% | 21.2% | 20.24% | 20.12% | 7.99% | 16.69% | 23.67% | 11.89% |
| EBITDA Growth % | -28.15% | -100.15% | -17.86% | 3.38% | -9.32% | -0.93% | 5.16% | 2% | 156.59% | -53.3% | -30.19% | 106.05% | - |
| Depreciation & Amortization | 51.3M | 48.26M | 665M | 656M | 700M | 678M | 683M | 702M | 640M | 615M | 618M | 607M | 606M |
| D&A / Revenue % | 24.03% | 29.62% | 17.64% | 16.79% | 16.79% | 16.45% | 16.92% | 17.45% | 16.13% | 15.81% | 15.49% | 15.06% | 15.57% |
| Operating Income (EBIT) | 407.79M | -49.23M | -12M | 139M | 69M | 170M | 173M | 112M | 158M | -304M | 48M | 347M | -143M |
| Operating Margin % | 190.98% | -30.21% | -0.32% | 3.56% | 1.66% | 4.12% | 4.29% | 2.78% | 3.98% | -7.81% | 1.2% | 8.61% | -3.67% |
| Operating Income Growth % | - | -310.25% | -108.63% | 101.45% | -59.41% | -1.73% | 54.46% | -29.11% | 151.97% | -733.33% | -86.17% | 342.66% | - |
| Interest Expense | 4M | 28.22M | 183M | 196M | 163M | 175M | 104M | 93M | 101M | 105M | 107M | 84M | 45M |
| Interest Coverage | - | 6.00x | 0.88x | 1.57x | 1.44x | 2.03x | 1.86x | 1.40x | 1.49x | 0.57x | 0.48x | 1.21x | -5.96x |
| Interest / Revenue % | 1.87% | 17.32% | 4.85% | 5.02% | 3.91% | 4.25% | 2.58% | 2.31% | 2.55% | 2.7% | 2.68% | 2.08% | 1.16% |
| Non-Operating Income | 4M | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 |
| Pretax Income | 798.05M | 141.12M | -22M | 111M | 72M | 180M | 250M | 185M | 215M | -272M | 82M | 404M | -59M |
| Pretax Margin % | 373.74% | 86.6% | -0.58% | 2.84% | 1.73% | 4.37% | 6.19% | 4.6% | 5.42% | -6.99% | 2.06% | 10.02% | -1.52% |
| Income Tax | 128.9M | -31.15M | 10M | 53M | 37M | 20M | 17M | 52M | 51M | -287M | 33M | 157M | -12M |
| Effective Tax Rate % | 16.15% | -22.07% | -45.45% | 47.75% | 51.39% | 11.11% | 6.8% | 28.11% | 23.72% | 105.51% | 40.24% | 38.86% | 20.34% |
| Net Income | 778.06M | 290.92M | -39M | 54M | 30M | 155M | 229M | 127M | 150M | 12M | 48M | 241M | -43M |
| Net Margin % | 364.38% | 178.52% | -1.03% | 1.38% | 0.72% | 3.76% | 5.67% | 3.16% | 3.78% | 0.31% | 1.2% | 5.98% | -1.1% |
| Net Income Growth % | 3212.24% | 845.95% | -172.22% | 80% | -80.65% | -32.31% | 80.31% | -15.33% | 1150% | -75% | -80.08% | 660.47% | - |
| EPS (Diluted) | 8.99 | 3.33 | -0.46 | 0.63 | 0.35 | 1.77 | 2.62 | 1.44 | 1.72 | 0.14 | 0.56 | 2.84 | -0.51 |
| EPS Growth % | 3096.67% | 823.91% | -173.02% | 80% | -80.23% | -32.44% | 81.94% | -16.28% | 1128.57% | -75% | -80.28% | 656.86% | - |
| EPS (Basic) | - | 3.39 | -0.45 | 0.64 | 0.35 | 1.80 | 2.66 | 1.48 | 1.74 | 0.14 | 0.56 | 2.87 | -0.51 |
| Diluted Shares Outstanding | 86.51M | 87.29M | 86M | 87M | 86M | 87M | 87M | 88M | 87M | 86M | 85M | 85M | 84M |
Quick answers to the most common questions about buying UZD stock.
For fiscal year 2025, Array Digital Infrastructure, Inc. 6.250% Senior Notes due 2069 (UZD) reported total revenue of $163.0M. This represents a 95.8% decline compared to $3.89B in 2014.
Array Digital Infrastructure, Inc. 6.250% Senior Notes due 2069 (UZD) is profitable, generating $290.9M in net income for the fiscal year ending 2025 with a net profit margin of 178.5%.
Array Digital Infrastructure, Inc. 6.250% Senior Notes due 2069 (UZD) reported an operating income of $-49.2M, resulting in an operating profit margin of -30.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Array Digital Infrastructure, Inc. 6.250% Senior Notes due 2069 (UZD) generated $35.2M in gross profit for the year, representing a gross profit margin of 21.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Tenant concentration and transition risk
Metrics are mathematically derived from official filings.
Revenue Collapse Reflects Strategic Pivot
According to the latest quarterly data, revenue plunged 94.1% year-over-year to $54.1M in 2026Q2, reflecting the divestiture of wireless operations and transition to an infrastructure leasing model.
The dramatic revenue decline from roughly $900M per quarter in 2024 to the $50-60M range in 2026 is not a demand collapse but a structural change in the business mix. The remaining revenue base appears to be primarily tower leasing and spectrum-related income, which is typically more stable and recurring. However, the sustainability of this new revenue stream depends on the tenancy ratios and the ability to sign new leases with national carriers, which is not yet fully demonstrated.
Operating Margins Rebound Post-Divestiture
Operating margin swung from -13.3% in 2025Q3 to 7.4% in 2026Q2, as reported in the income statement, indicating the residual infrastructure business is becoming profitable after shedding legacy retail costs.
The positive operating income in recent quarters suggests that the remaining tower and spectrum assets are generating sufficient revenue to cover direct costs and some corporate overhead. However, the margin is still thin compared to established tower REITs, which typically operate with EBITDA margins above 50%. This may indicate that the company is still carrying transition costs or that the tower portfolio has lower tenancy ratios, which could improve over time as carriers densify their networks.
Cost Structure Shifts to Fixed Assets
Depreciation and amortization fell from $163M in 2025Q2 to $14.4M in 2026Q2, as per the financial statements, reflecting the sale of wireless assets and a leaner infrastructure cost base.
The sharp reduction in D&A aligns with the divestiture of the wireless network, which was capital-intensive. The remaining D&A likely relates to tower assets and spectrum licenses, which have longer useful lives. This shift to a high-fixed-cost structure means that incremental revenue from additional tenants on existing towers should drop to the bottom line with minimal additional cost, potentially driving significant margin expansion if tenancy grows.
Net Income Distorted by One-Time Gains
Net margin of 178.5% in 2025Q4 and 66.9% in 2025Q4, as reported, are inflated by non-recurring gains from asset sales, obscuring the underlying earnings power of the infrastructure business.
The reported net income in several quarters includes substantial one-time gains, likely from the sale of wireless operations and spectrum licenses. For example, 2025Q3 net income of $200.8M on revenue of $47.1M is clearly not sustainable. Investors should focus on core operating income and cash flow from tower leasing to assess the true earnings capacity. The recent quarters show more normalized net income, but the transition period makes historical comparisons unreliable.
Capital Spending Minimal, Growth Dependent on Tenancy
With the divestiture complete, capital expenditures appear minimal, and future earnings growth hinges on increasing tower tenancy and spectrum monetization, as indicated by management commentary.
The company's pivot to an infrastructure model suggests that incremental capital requirements are low, as the tower portfolio is already built. The key driver of earnings growth is the tenancy ratio—adding new tenants to existing towers requires minimal capex and should generate high-margin revenue. However, the lack of significant new construction may limit organic growth unless carriers expand in the company's rural markets. Spectrum sales could provide one-time cash infusions but are not a recurring earnings source.
Transition Risks Could Undermine Recovery
Despite recent profitability, the company's heavy reliance on a few national carriers for tower leases and the uncertain pace of tenancy growth pose significant risks to the sustainability of the earnings recovery.
The revenue base is now concentrated in a small number of tenants, particularly T-Mobile, which could renegotiate or consolidate leases, reducing revenue. Additionally, the company's ability to grow tenancy depends on carrier capex cycles, which are cyclical and could slow. The reported operating margins, while positive, are still low, suggesting that the cost structure may not be fully optimized. If tenancy growth stalls or lease rates decline, the company could slip back into operating losses, making the current profitability fragile.