Operating cash flow turned negative at -$42.8M in 2026Q2, while capex surged to $1.2B, resulting in negative free cash flow of $1.1B and dividend payments of $951.3M that are not covered by operations, indicating reliance on external financing or asset sales.
Array Digital Infrastructure, Inc. 5.500% Senior Notes due 2070 (UZE) 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 UZE stock.
Array Digital Infrastructure, Inc. 5.500% Senior Notes due 2070 (UZE) 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. 5.500% Senior Notes due 2070 (UZE) 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. 5.500% Senior Notes due 2070 (UZE) 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. 5.500% Senior Notes due 2070 (UZE) 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
Single-customer concentration and negative operating margins
Metrics are mathematically derived from official filings.
Cash Flow Volatility Post-Divestiture
Operating cash flow swung from $325M in 2025Q2 to -$202M in 2025Q4, reflecting the divestiture's disruption; the latest quarter shows -$42.8M, indicating instability in the remaining infrastructure business.
The erratic OCF pattern—ranging from $325M to -$202M over the past year—suggests that the remaining tower and spectrum operations lack the predictable cash generation typical of a stable utility. The negative OCF in recent quarters, despite positive net income, implies that non-cash gains (likely from asset sales) are masking underlying cash outflows. Investors should monitor whether OCF can stabilize as the company transitions to a pure-play infrastructure model.
CAPEX Surge and Rate Base Uncertainty
Capital expenditures spiked to $1.2B in 2026Q2, far exceeding operating cash flow of -$42.8M, indicating heavy investment in tower infrastructure that may not yet be generating adequate returns.
The CAPEX-to-OCF ratio is undefined in the latest quarter due to negative OCF, but in prior quarters it ranged from 23% to 113%, showing that CAPEX often consumed a significant portion of operating cash flow. This investment is likely aimed at expanding the tower portfolio, but with negative operating margins, the return on this investment is uncertain. The company's ability to fund such CAPEX without external financing appears strained, given the negative OCF.
Financing Capacity and Cash Buffer
With $113.4M in cash and a debt-to-equity ratio of 0.66%, the company has ample balance sheet capacity, but the negative free cash flow of $1.1B in 2026Q2 suggests reliance on asset sales or external capital.
The company's low leverage and substantial cash position provide a cushion, but the massive negative FCF in recent quarters (e.g., $1.1B in 2026Q2) indicates that operating cash flow is insufficient to cover CAPEX and dividends. The lack of new debt issuance in the data suggests the company is funding through asset monetization, which may not be sustainable. Investors should assess whether the company can access capital markets on reasonable terms if needed.
Dividend Coverage Under Pressure
Dividends paid of $951.3M in 2026Q2 far exceeded operating cash flow of -$42.8M, resulting in a negative OCF-to-dividend ratio, indicating that dividends are not covered by operating cash flow.
The negative OCF-to-dividend ratio in 2026Q2 and 2025Q3 (where dividends were $2.0B) suggests that the company is funding dividends through asset sales or balance sheet cash, which is not sustainable long-term. While the company has a clean balance sheet, the lack of OCF coverage raises concerns about dividend sustainability unless the infrastructure business begins generating positive cash flow. Investors should monitor whether the dividend is maintained as the company transitions.
Earnings Distorted by One-Time Gains
Net income of $358.7M in 2026Q2 contrasts sharply with negative operating cash flow of -$42.8M, indicating that reported earnings are heavily influenced by non-cash gains from asset disposals.
The wide gap between net income and OCF suggests that the company's profitability is not cash-backed, as seen in the 178.52% net margin on a TTM basis. This distortion is typical of a divestiture period, where gains from selling wireless operations inflate earnings. Investors should adjust for these one-time items to assess the true earning power of the remaining tower and spectrum assets, which appear to be operating at a loss.
What the Cash Flow Statement Hides
The cash flow statement does not disclose potential decommissioning liabilities for tower sites or the sustainability of asset sale proceeds, which may be masking ongoing cash burn from negative operating margins.
While the company has deleveraged and holds significant cash, the negative operating margins suggest that the remaining business is not self-sustaining. The reliance on asset sales to bridge the gap may not be repeatable, and future decommissioning costs for towers could emerge as liabilities. Investors should scrutinize the quality of earnings and the durability of cash flows from the infrastructure portfolio, especially given the concentration on T-Mobile as a primary tenant.