Array Digital Infrastructure
Leases U.S. cell towers while monetizing spectrum retained after its wireless-business sale.
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Profile
Leases space on a U.S. portfolio of more than 4,400 cell towers supporting 5G and other wireless technologies. After selling its wireless operations, it retains towers and spectrum; recurring leasing is complemented by spectrum monetization.
Owns and operates a U.S. portfolio of more than 4,400 cell towers that support 5G and other wireless technologies. Its recurring business is leasing tower space to wireless carriers.
The portfolio is the successor to UScellular after the 2025 sale of its wireless operations to T-Mobile. Array retained towers, spectrum holdings, and noncontrolling wireless-partnership interests.
T-Mobile became a long-term contracted tower tenant through a Master License Agreement. Retained spectrum is being monetized through sales separate from recurring tower leasing, leaving the business dependent on tower tenancy and execution of spectrum sales.
Company facts
Categories
Key statistics
Year to date −33.4% · Average volume (30d) 159.4K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| May 12, 2026 | RBC Capital | Target | $54 | $52 | ||
| May 11, 2026 | Raymond James | Downgrade | Outperform | Market Perform | ||
| Mar 9, 2026 | RBC Capital | Reiterate | Outperform | $56 | $54 | |
| Feb 23, 2026 | Raymond James | Target | $53 | |||
| Nov 25, 2025 | RBC Capital | Reiterate | Outperform | $62 | $56 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 7, 2026Q2 FY26 | $0.41 | $4.15 | +912.9% | $52.4M | $54.1M | +3.1% | −1.15% |
| May 8, 2026Q1 FY26 | $0.91 | $2.08 | +127.8% | $54.3M | $52.0M | −4.3% | −5.83% |
| Feb 20, 2026Q4 FY25 | $0.32 | $0.48 | +50.0% | $56.5M | $60.3M | +6.7% | −1.62% |
| Nov 7, 2025Q3 FY25 | $0.25 | $0.97 | +288.0% | $51.5M | $47.1M | −8.6% | −0.95% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $891.0M | $916.0M | $47.1M | $60.3M | $52.0M | $54.1M | |
| Gross profit | $537.0M | $524.0M | $14.3M | $25.1M | $17.8M | $30.6M | |
| Operating income | $41.0M | $35.0M | −$6.3M | $9.7M | $5.1M | $399.3M | |
| Net income | $18.0M | $31.0M | $200.8M | $40.4M | $178.2M | $358.7M | |
| Diluted EPS | $0.21 | $0.35 | $2.31 | $0.47 | $2.06 | $4.15 | |
| Gross margin | 60.3% | 57.2% | 30.3% | 41.6% | 34.2% | 56.5% | |
| Operating margin | 4.6% | 3.8% | -13.3% | 16.1% | 9.7% | 738.4% |
Fiscal years (4-quarter sums)FY21 $4.12B · FY22 $4.17B · FY23 $3.91B · FY24 $3.77B · FY25 $1.91B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $416.4M · Total debt $1.20B · Total assets $3.37B · Shareholders' equity $1.27B
Dividends
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 11, 2026 | Jun 11 | Jun 25 | $11.00 | special dividend |
| Jan 23, 2026 | Jan 23 | Feb 2 | $10.25 | special dividend |
| Aug 20, 2025 | Aug 11 | $23.00 | special dividend |
Ownership
Shares outstanding 86.23M · Float 15.53M · 18.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Harry J. Jr Harczak · director | 21.2K | 0.02% | Form 4 | May 20, 2026 |
| Esteban C. Iriarte · director | 11.4K | 0.01% | Form 4 | May 20, 2026 |
| Anthony J. Carlson · director, officer: President and CEO | 10.2K | 0.01% | Form 4 | Apr 6, 2026 |
| Xavier Williams · director | 8.7K | 0.01% | Form 4 | May 20, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- American Tower
Largest public peer in U.S. macro-tower site leasing
- Crown Castle
Large U.S. tower owner competing for carrier site-rental tenants
- SBA Communications
Public tower peer competing for wireless-carrier leasing demand
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Array Digital Infrastructure | $36.00 | +0.06% | $3.10B | 4.0 | 31.6 | 14.5 | −94.1% |
| American Tower | $176.00 | −0.14% | $82.12B | 24.2 | 26.0 | 7.5 | +4.7% |
| Crown Castle | $76.14 | 0.00% | $33.27B | 31.0 | 28.6 | 8.0 | −4.9% |
| SBA Communications | $191.37 | +0.25% | $20.25B | 20.6 | 24.0 | 7.1 | +2.3% |
| Median | 24.2 | 26.0 | 7.5 | +2.3% |