Array Digital Infrastructure (AD) Q4 2025 earnings summary

Executive summary

• 2025 was a transformative year, highlighted by major wireless divestitures, spectrum monetization, and a sharpened focus on fiber and tower growth, including the divestiture of wireless operations and the setup of Array as a standalone tower company.

• Closed the largest transaction in company history, monetizing over 70% of spectrum holdings through sales to AT&T, T-Mobile, and Verizon, and issued special dividends totaling $33.25/share.

• TDS Telecom expanded its fiber footprint to 1.06 million addresses, improved execution, and set higher long-term fiber address goals.

• Appointed new CEOs at TDS, TDS Telecom, and Array, focusing on culture and strategic repositioning.

• Achieved strong momentum entering 2026, with a focus on T-Mobile MLA integration and increased tower tenancy.

Financial highlights

• Closed a $1.018 billion Array spectrum sale to AT&T in January 2026, triggering a $10.25/share special dividend; TDS received $726 million and repaid $150 million in term loan debt.

• TDS repurchased 2.8 million shares in 2025, investing $67 million in Q4; $524 million remains authorized for buybacks.

• TDS Telecom's Q4 2025 operating revenues were $261 million (down 1% year-over-year); full year 2025 revenues were $1.038 billion (down 2%).

• Array's Q4 2025 site rental revenues were $54.99 million, up 96% year-over-year; full year operating revenues were $162.96 million, up 58%.

• Adjusted EBITDA for 2025 was $194 million, up from $122 million in 2024; Adjusted OIBDA for 2025 was $1 million.

Outlook and guidance

• TDS Telecom 2026 guidance: revenues of $1.015–$1.055 billion, Adjusted EBITDA of $310–$350 million, CapEx of $550–$600 million.

• Array 2026 guidance: operating revenue $200–$215 million, Adjusted EBITDA $200–$215 million, CapEx $25–$35 million.

• TDS Telecom targets 200,000–250,000 new marketable fiber addresses in 2026.

• Array's guidance excludes DISH revenue due to payment disputes; any settlement would be upside.

• Management remains focused on T-Mobile integration, growing colocation revenue, optimizing ground leases, and further spectrum monetization.