Array Digital Infrastructure (AD) Q3 2026 earnings summary

Executive summary

• Fiber deployment and customer additions reached quarterly records; telecom legacy declines and higher costs pressured results, while tower site rental revenue grew 14% YoY to $52.5M.

• TDS withdrew its proposal to acquire shares it did not own on September 1; remaining priorities include tower operations and spectrum monetization.

Financial highlights

• TDS Telecom Q3 revenue was $247M, down 3% YoY; Adjusted EBITDA was $66M, down 18%, and capital expenditures were $251M versus $102M.

• Tower Q3 operating revenue was $53.9M, up 14%; Adjusted EBITDA was $63.7M, down 25%, and Adjusted OIBDA was $18.3M versus $6.1M.

• Tower cash site rental revenue was $46.5M versus $42.0M, up 20% excluding T-Mobile interim sites; Q3 net income attributable to shareholders was $68.8M.

• Nine-month operating income was $557.7M, largely reflecting spectrum-sale gains; net income attributable to shareholders was $605.3M.

Outlook and guidance

• 2026 telecom revenue guidance was reduced to $990M–$1,010M and Adjusted EBITDA to $290M–$310M; Adjusted OIBDA guidance fell to $280M–$300M.

• Telecom 2026 capital expenditure guidance increased to approximately $750M from $625M–$675M; nearly half the increase is pulled-forward spending expected to support 2027 address delivery.

• Fiber delivery remains targeted at 250,000–300,000 new service addresses in 2026; an additional 25% of E-ACAM addresses is planned for delivery next year.

• Tower 2026 guidance was reaffirmed: revenue $205M–$215M, Adjusted OIBDA $60M–$75M, Adjusted EBITDA $220M–$235M and capital expenditures $25M–$35M.