Array Digital Infrastructure (AD) Q2 2026 earnings summary

Executive summary

• Achieved record fiber address delivery in the first half of 2026, with 66,000 new addresses in Q2 and 106,000 year-to-date, up 150% year-over-year, and 15,100 residential fiber net adds, up 47% from Q2 2025.

• Completed major spectrum monetization transactions, including $1 billion with Verizon, $168 million with T-Mobile, and over $1.16 billion in total, resulting in significant net income and cash increases.

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

• Maintained focus on operational transformation, sales expansion, and customer experience improvements across both business units.

• Ongoing strategic alternatives review, including a non-binding proposal from TDS to acquire all outstanding shares not owned by TDS.

Financial highlights

• TDS Telecom Q2 2026 total operating revenues were $248 million, down 6% year-over-year, with adjusted EBITDA at $70 million, down 21%, and capital expenditures nearly doubled to $179 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, and site rental revenues up 95% year-over-year.

• Net income attributable to shareholders for Q2 2026 was $333.8 million, up from $14.8 million in Q2 2025, and diluted EPS from continuing operations was $3.86.

• Cash and cash equivalents increased to $416.4 million as of June 30, 2026, from $113.4 million at year-end 2025.

• Two special dividends totaling $1.84 billion were paid in 2026, including $11 per share in Q2.

Outlook and guidance

• TDS Telecom updated 2026 guidance: total revenues $1.0–$1.025 billion, adjusted EBITDA $310–$330 million, CapEx $625–$675 million, and fiber service address delivery 250,000–300,000.

• Array raised 2026 guidance: total operating revenue $205–$215 million, adjusted EBITDA $220–$235 million, and CapEx $25–$35 million.

• Interim lease revenue from T-Mobile is expected to decline as leases are terminated through January 2028.