Array Digital Infrastructure (AD) Q2 2026 earnings summary

Executive summary

• TDS and Array reported strong operational progress in Q2 2026, with TDS Telecom accelerating fiber buildout and Array advancing tower tenancy and spectrum monetization.

• Delivered 66,000 new marketable fiber addresses in Q2 2026, a 150% increase year-over-year, and added 15,100 residential fiber connections, up 47% from Q2 2025.

• Achieved significant gains from the sale of wireless operations and spectrum assets, resulting in a sharp increase in net income and cash position for the quarter and six months ended June 30, 2026 compared to 2025.

• Transitioned to a pure-play tower and digital infrastructure business, with 4,456 towers and a focus on colocation growth and spectrum monetization.

• Announced acquisition of Granite State Communications, expected to close in Q3 2026, adding 11,000 fiber addresses.

Financial highlights

• TDS Telecom's total operating revenues declined 6% year-over-year to $248 million, with adjusted EBITDA at $70 million, down 21%.

• Residential fiber revenue grew 13% year-over-year, offsetting declines in copper and cable revenues; total residential revenue declined $6 million.

• Array's Q2 2026 total operating revenues rose 90% year-over-year to $54.1 million, with adjusted EBITDA up 56% to $56.2 million.

• Net income attributable to shareholders was $358.7 million for the quarter and $536.5 million for the six months, compared to $31.5 million and $49.7 million in 2025.

• Capital expenditures for TDS Telecom were $179 million in Q2, nearly doubling year-over-year.

Outlook and guidance

• TDS Telecom raised 2026 fiber service address guidance to 250,000–300,000 and increased CapEx guidance to $625–$675 million.

• Telecom revenue guidance for 2026 was lowered to $1.0–$1.025 billion; adjusted EBITDA guidance narrowed to $310–$330 million.

• Array raised 2026 revenue guidance to $205–$215 million and adjusted EBITDA to $220–$235 million, reflecting higher site revenue and lower operating expenses.

• Capital expenditures for Array are projected between $25 million and $35 million for 2026.