Revenue plunged 94.1% year-over-year to $54.1M in 2026Q2, with operating margin at 7.4% but net margin distorted by one-time gains, as evidenced by a 66.9% net margin in 2025Q4 despite negative operating income.
Array Digital Infrastructure, Inc. 5.500% Senior Notes due 2070 (UZF) 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 UZF stock.
For fiscal year 2025, Array Digital Infrastructure, Inc. 5.500% Senior Notes due 2070 (UZF) 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 (UZF) 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 (UZF) 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 (UZF) 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
Asset monetization runway uncertain
Metrics are mathematically derived from official filings.
Revenue Collapse Post-Divestiture
According to the latest quarterly data, revenue plunged 94.1% year-over-year to $54.1 million, reflecting the massive divestiture of core wireless operations, leaving a stub entity with limited recurring revenue.
The reported revenue decline from over $900 million to roughly $50 million per quarter indicates a fundamental shift in the company's operating scale. This is not a cyclical downturn but a structural change, as the divested operations are no longer contributing to the top line. The remaining revenue likely stems from tower leasing and retained spectrum monetization, which may provide a more stable but significantly smaller base. Investors should assess whether this reduced revenue stream can support the existing cost structure or if further rationalization is needed.
Negative Margins Reflect Transition
As reported in the latest quarter, operating margin was 7.4% despite a net margin of 66.9% in the prior quarter, indicating that one-time gains are masking underlying operational losses, with the stub business still burning cash.
The operating margin of 7.4% in 2026Q2 appears positive, but this is an anomaly compared to the -13.3% in 2025Q3, suggesting volatility in the remaining operations. The deeply negative operating margins in earlier quarters indicate that the retained business is not yet profitable on an operating basis. The high net margins are driven by gains from asset sales, not recurring earnings. This implies that the company's regulatory or contractual framework does not guarantee cost recovery, and the current margin profile is unsustainable without further cost cuts or revenue growth.
Cost Structure Out of Sync
Based on the financial statements, operating expenses remain high relative to the shrunken revenue base, with D&A of $14.4 million in 2026Q2 versus revenue of $54.1 million, indicating a fixed-cost burden that is not being recovered.
The depreciation and amortization expense of $14.4 million in the latest quarter is disproportionately large compared to revenue, suggesting that the company still carries significant infrastructure assets that are not generating sufficient income. This may indicate that the cost recovery mechanisms, such as tower lease revenues, are insufficient to cover the fixed costs of maintaining the network. The negative operating margins in several quarters highlight a structural mismatch between costs and revenues, which may require asset impairments or further divestitures to align the cost base with the reduced scale.
Earnings Distorted by One-Time Gains
The reported net margin of 178.52% and EPS of $3.86 in the latest quarter are largely attributable to one-time gains from spectrum sales, as evidenced by the massive revenue decline and negative operating margins.
The earnings quality is exceptionally low, as the reported net income is not derived from ongoing operations but from asset monetization. The recurring business is generating operating losses, as seen in the negative operating margins in 2025Q3 and 2024Q3. The one-time gains provide a cash cushion but do not reflect sustainable earnings power. Investors should adjust for these non-recurring items to assess the underlying profitability of the retained tower and spectrum assets. The sustainability of these gains is uncertain, as the spectrum inventory is finite.
CAPEX Not Driving Growth
Despite historical capital expenditures in network infrastructure, revenue has contracted by over 95% year-over-year, indicating that past CAPEX is not translating into earnings growth but rather into asset sales and a shrinking operating base.
The company's heavy investment in spectrum and towers has not resulted in revenue growth; instead, it has created assets that are being sold off. The current CAPEX cycle appears to be minimal, as the company is in a post-divestiture phase. The lack of revenue growth suggests that incremental CAPEX is not being deployed into rate base or growth projects. The focus has shifted to monetizing existing assets, which may provide short-term cash but does not build a foundation for future earnings. Investors should monitor whether any retained CAPEX is directed toward high-return tower tenancy expansion.
Divestiture Marks Key Inflection
The most significant inflection is the divestiture of core wireless operations, which caused revenue to drop from $916 million in 2025Q2 to $47 million in 2025Q3, fundamentally altering the company's earnings profile.
The divestiture represents a strategic pivot from a retail wireless carrier to a more asset-light infrastructure play. This change is durable, as the company is unlikely to re-enter the retail market. The earnings profile has shifted from recurring service revenue to one-time gains from asset sales and potentially stable tower leasing income. The sustainability of this new model depends on the company's ability to grow tower tenancy and manage costs effectively. The maintained guidance suggests management expects stability, but the lack of operational profitability raises concerns about the long-term viability of the stub entity.
What Could Invalidate the Base Case
The most significant challenge to the narrative is that the remaining tower and spectrum assets may not generate sufficient cash flow to cover operating costs, as evidenced by the negative operating margins in multiple quarters.
The deeply negative operating margins in 2025Q3 and 2024Q3 indicate that the retained business is not self-sustaining. If the company cannot achieve operational leverage through tower tenancy growth or cost reductions, it may continue to burn cash, eroding the proceeds from asset sales. Additionally, the market may be overvaluing the remaining spectrum and towers, as the revenue from these assets is uncertain. The low debt/equity ratio provides some flexibility, but if the operating losses persist, the company may need to sell more assets or raise capital, diluting shareholder value. Investors should monitor the trajectory of operating margins and tower tenancy to validate the asset monetization thesis.