Revenue collapsed 94.1% year-over-year to $54.1M in 2026Q2, yet operating margin improved to 7.4%, though TTM operating margin remains deeply negative at -30.2%, indicating the remaining asset base is not yet self-sustaining.
Array Digital Infrastructure, Inc. 5.500% Senior Notes due 2070 (UZE) 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 UZE stock.
For fiscal year 2025, Array Digital Infrastructure, Inc. 5.500% Senior Notes due 2070 (UZE) reported total revenue of $163.0M. This represents a 95.8% decline compared to $3.89B in 2014.
Array Digital Infrastructure, Inc. 5.500% Senior Notes due 2070 (UZE) 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. 5.500% Senior Notes due 2070 (UZE) 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. 5.500% Senior Notes due 2070 (UZE) 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
Single-customer concentration and negative operating margins
Metrics are mathematically derived from official filings.
Revenue Collapse Post-Divestiture
According to the latest quarterly report, revenue fell 94.1% year-over-year to $54.1M, reflecting the divestiture of wireless operations and transition to a tower and spectrum infrastructure model.
The revenue base has contracted dramatically, with the latest quarter showing only $54.1M versus $916.0M in the year-ago quarter. This is not a cyclical downturn but a structural transformation, as the company has shed its retail wireless business. The remaining revenue likely stems from tower leasing and spectrum monetization, which are more stable but significantly smaller. Investors should monitor whether this new revenue stream can stabilize and grow through tenancy additions, as the current run-rate is insufficient to cover operating costs.
Negative Operating Margins Persist
As reported in the latest quarter, operating margin was 7.4% despite a 94% revenue decline, but the trailing twelve-month operating margin is -30.2%, indicating the remaining asset base is not yet self-sustaining.
The quarterly operating income of $399.3M in 2026Q2 is likely inflated by one-time gains from asset sales, as evidenced by the net margin of 6.6% on revenue of $54.1M. Excluding these gains, the underlying operating margin is negative, as seen in 2025Q3 (-13.3%) and the full-year 2024 figures. This suggests that the tower and spectrum portfolio generates insufficient recurring income to cover depreciation and overhead. The company may need to further rationalize costs or monetize additional assets to achieve positive operating margins.
Fixed Costs Outpace Shrunken Revenue
Based on the financial statements, gross margin is 21.6% while operating margin is -30.2%, indicating that fixed network and corporate costs have not been scaled down proportionally with the revenue decline.
The high fixed-cost structure is evident from the discrepancy between gross and operating margins. Even with reduced revenue, depreciation and network maintenance costs remain significant, as seen in the D&A line of $14.4M in 2026Q2 versus $163M in 2025Q2. This implies that the company is carrying excess cost capacity relative to its new revenue base. Without further cost rationalization or revenue growth, the negative operating margin may persist, potentially requiring additional asset sales to fund operations.
Earnings Driven by One-Time Gains
The reported net margin of 178.52% on a TTM basis is misleading, as it reflects massive one-time gains from asset disposals rather than recurring operational profitability, according to the income statement data.
The quarterly EPS figures, such as $4.15 in 2026Q2 and $2.06 in 2026Q1, are disproportionately high relative to revenue, indicating that net income is dominated by non-recurring items like spectrum sales. The core tower leasing business appears to be generating minimal or negative earnings, as evidenced by the negative operating margins in several quarters. Investors should adjust for these one-time gains to assess the sustainable earnings power of the remaining assets. The quality of earnings is currently low, and future EPS will depend on the successful execution of the infrastructure strategy.
CAPEX Not Yet Translating to EPS
Despite a clean balance sheet with a 0.66% debt-to-equity ratio and $113.4M in cash, capital expenditures have not yet translated into sustainable EPS growth, as the company's operating margins remain negative.
The company has deleveraged significantly, likely using proceeds from asset sales, but the retained tower portfolio is not yet generating sufficient returns. The negative operating margin suggests that the current asset base is not earning its cost of capital. While the company cites sequential tower tenancy growth, the financials do not yet show a clear path to profitability. Investors should monitor whether incremental CAPEX on tower upgrades and new tenancy agreements can drive future earnings, but the current evidence suggests that the transition is still in its early stages.
Divestiture Marks Structural Shift
The divestiture of wireless operations to T-Mobile represents a pivotal inflection, transforming the company from a retail service provider into an infrastructure and spectrum holding company, as evidenced by the 95% revenue decline.
This strategic pivot has fundamentally altered the company's earnings profile, with revenue collapsing from over $900M per quarter to around $50M. The one-time gains from the sale have temporarily boosted net income, but the underlying business is now dependent on tower leasing and spectrum monetization. The durability of this new model hinges on the company's ability to secure long-term leases and manage its cost structure. The recent quarters show a mix of one-time gains and operational losses, indicating that the inflection has not yet resulted in stable profitability.
What Could Invalidate the Base Case
The most significant risk is the company's heavy reliance on T-Mobile as a primary tenant and counterparty, which could pressure tower utilization and cash flows if T-Mobile's integration plans change, according to CEO commentary.
The company's future revenue is closely tied to T-Mobile's network deployment and leasing decisions. Any slowdown or shift in T-Mobile's strategy could directly impact tenancy ratios and revenue. Additionally, the negative operating margin suggests that the company may need to continue selling assets to fund operations, which could erode the long-term value of the retained portfolio. The market may be overestimating the stability of the infrastructure model, as the current financials do not yet demonstrate a self-sustaining business. Investors should closely monitor carrier capex trends and the company's ability to diversify its tenant base.