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Array Digital Infrastructure (AD) investor relations material
Array Digital Infrastructure Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Closed the T-Mobile transaction on August 1, 2025, marking a major strategic shift and enabling the transition to Array Digital Infrastructure as a standalone tower company.
Paid a $23 per share special dividend following the T-Mobile transaction, distributing $1.99 billion to shareholders in 2025.
Surpassed 1 million fiber addresses, with ongoing expansion targeting up to 1.8 million and significant E-ACAM program support.
Announced new CEO Anthony Carlson, effective November 16, 2025, and completed key leadership transitions.
Company now focuses on tower leasing, noncontrolling interests, and monetization of retained spectrum assets.
Financial highlights
Q3 2025 operating revenues from continuing operations rose 83% year-over-year to $47.1 million, driven by new T-Mobile tower leases.
Adjusted EBITDA for Q3 2025 was $85.1 million, up from $34.2 million in Q3 2024.
Net income from continuing operations attributable to shareholders was $108.8 million in Q3 2025, compared to a loss of $95.9 million in Q3 2024.
Array's site rental revenue grew 68% year-over-year, with site rental revenue at $45.8 million in Q3 2025.
Residential revenue per connection increased to $65.66 in Q3 2025 from $65.41 in Q3 2024.
Outlook and guidance
2025 guidance for TDS Telecom remains unchanged: operating revenues of $1,030–$1,050 million, Adjusted EBITDA of $320–$350 million, and capital expenditures of $375–$425 million.
E-ACAM program to upgrade 300,000 addresses from copper to fiber, with most builds over the next 3 years and expected penetration rates of 65–75%.
Pending spectrum sales to Verizon, AT&T, and T-Mobile expected to deliver substantial proceeds upon regulatory approval and closing.
Monetized 70% of spectrum portfolio through closed or signed agreements, with additional $178 million in proceeds expected.
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