Operating cash flow swung to -$42.8M in 2026Q2, while dividends paid of $951.3M exceeded OCF, and capex turned positive at $1.2B, signaling reliance on asset sales rather than operational cash generation.
Array Digital Infrastructure, Inc. 5.500% Senior Notes due 2070 (UZF) 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 UZF stock.
Array Digital Infrastructure, Inc. 5.500% Senior Notes due 2070 (UZF) 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 (UZF) 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 (UZF) 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 (UZF) 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
Asset monetization runway uncertain
Metrics are mathematically derived from official filings.
Operating Cash Flow Volatility Post-Divestiture
Operating cash flow swung from $325.0M in 2025Q2 to -$42.8M in 2026Q2, reflecting the divestiture's impact; the stub business appears unable to generate stable cash from operations.
The dramatic swings in OCF, including negative quarters in 2025Q3 and 2026Q2, suggest that the remaining operations lack the scale to cover fixed costs. This volatility indicates that the regulated-like predictability of cash flows has been lost, and investors should monitor whether the retained tower portfolio can provide a more stable cash flow base.
CAPEX Collapse Signals Strategic Shift
Capital expenditures fell from $2.6B in 2025Q3 to $1.2B in 2026Q2, but the latest quarter shows a positive $1.2B, indicating asset sales rather than investment; this suggests a pivot away from network expansion.
The positive CAPEX in 2026Q2 is unusual and likely reflects proceeds from asset sales rather than investment in rate base. This aligns with the divestiture narrative, where the company is monetizing assets rather than growing its infrastructure. The lack of meaningful CAPEX relative to depreciation suggests the remaining asset base is not being replenished, which may limit future cash generation.
Financing Needs Masked by Asset Sales
Despite negative free cash flow of -$210.7M in 2025Q4, the company issued no new debt and relied on asset sale proceeds, as evidenced by the $1.1B FCF in 2026Q2; this suggests a reliance on one-time monetization.
The company's ability to fund its cash needs without external financing appears to be tied to asset sales, which are finite. The lack of debt issuance in recent quarters, despite negative OCF, indicates that the company is not accessing capital markets, possibly due to its transition status. Investors should monitor whether the remaining asset base can support ongoing operations without further sales.
Dividend Coverage Under Pressure
Dividends paid of $951.3M in 2026Q2 far exceeded operating cash flow of -$42.8M, resulting in negative coverage; this suggests the dividend is being funded by asset sales rather than operations.
The negative OCF-to-dividend coverage in 2026Q2 and 2025Q3 indicates that the dividend is not sustainable from ongoing operations. The company appears to be using proceeds from asset sales to maintain distributions, which is not a long-term solution. Investors should assess whether the dividend will be reduced or eliminated as the monetization runway shortens.
GAAP Earnings Mask Cash Burn
Net income of $358.7M in 2026Q2 contrasts sharply with negative operating cash flow of -$42.8M, highlighting that reported earnings are driven by non-cash gains from asset sales, not operational performance.
The divergence between net income and OCF underscores the impact of one-time gains on reported profitability. The company's cash reality is that operations are burning cash, while GAAP earnings are inflated by asset sale gains. This distortion suggests that investors should focus on cash flow metrics rather than net income to assess the company's financial health.
What the Cash Flow Statement Hides
The cash flow statement does not reveal the remaining spectrum and tower asset values, which may be the primary source of future cash; however, the negative operating margins suggest these assets may not generate sufficient cash to cover costs.
While the company has generated significant cash from asset sales, the underlying operations are still loss-making, as evidenced by negative operating margins. The cash flow statement does not show the potential for future asset sales, which could provide additional cash but also signals a shrinking asset base. Investors should monitor whether the retained assets can be monetized at favorable terms or if the company will need to restructure its operations.