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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.
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Q3 2025 earnings summary7 Nov, 2025

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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