ADNYSERadiotelephone CommunicationsUS GAAP · USD

Array Digital Infrastructure, Inc

Array Digital Infrastructure, Inc. is a U.S.-based tower infrastructure company that earns revenue by leasing space on its communications towers and by providing related ancillary services. The company owns 4,450 towers across 19 states and describes itself as the fifth largest tower owner and operator of shared wireless communications infrastructure in the United States. Its portfolio supports 5G and other wireless deployments, and Array’s history as a former wireless carrier gives it operating insight into tenant needs and site economics. As of December 31, 2025, Array is also an 82.0%-owned subsidiary of Telephone and Data Systems, Inc. The company’s business has shifted away from providing wireless communication services, which were disposed of on August 1, 2025, leaving Array focused on tower colocation and spectrum monetization.

Revenue163m USD
−95.6 %y/y
Operating profit (EBIT)-92.5m USD
+64.5 %y/y
EBIT margin-56.8%
−49.7 ppy/y
Net income48.8m USD
+223.7 %y/y
Free cash flow174m USD
−79.9 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-1,00001,0002,0003,0004,0005,000m USD2020: 4,037 m USD2020: EBIT 173 m USD20202021: 4,122 m USD2021: EBIT 170 m USD20212022: 4,169 m USD2022: EBIT 69 m USD20222023: 3,906 m USD2023: EBIT 139 m USD20232024: 3,667 m USD2024: EBIT -260 m USD20242025: 163 m USD2025: EBIT -93 m USD2025163-93
RevenueOperating profit (EBIT)

Business

Share of revenue
Tower leasing and colocation85 %

Leasing space on Array-owned towers to wireless carriers and other network users for antennas and related equipment.

Ancillary tower services5 %

Related services tied to tower occupancy, site administration, and customer support for tower tenants.

Ground lease and site optimization3 %

Managing and purchasing ground interests to improve tower economics and reduce long-term site costs.

Wireless spectrum assets7 %

Holding and opportunistically monetizing retained spectrum licenses, including primarily C-band spectrum.

Products

Reported · share of revenue
94.9%FY2025100 %
  • Products94.9 %
  • Services5.1 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Array’s core customers are wireless network operators that lease tower space to place antennas and other equipment on its sites. The company specifically highlights Verizon, AT&T, and especially T-Mobile as major tenants, and it also serves DISH Wireless under a contractual arrangement. Beyond large carriers, Array targets internet service providers, government and public safety agencies, broadcast and media companies, and other businesses that need elevated communications sites. Customer demand is driven by mobile data growth, 5G build-outs, spectrum deployment, and the need for additional coverage in rural, suburban, and urban areas. Because a substantial portion of revenue comes from a small number of tenants, customer concentration is a defining feature of the business model.

Large wireless carriers

Lease tower space for macro network equipment and drive most of Array’s site rental demand, especially T-Mobile.

DISH Wireless

Uses Array tower sites under a contractual commitment, but has disputed some obligations and missed certain payments.

Internet service providers

Buy tower access to extend broadband and wireless coverage where elevated sites improve network reach.

Government and public safety

Lease tower space for mission-critical communications coverage and resilience.

Broadcast and media

Use tower locations for transmission infrastructure and signal distribution.

Strategy

Array’s strategy is to increase colocation on its existing tower portfolio, which is the main lever for revenue growth because incremental tenants can be added with limited new capital. The company is also focused on optimizing ground leases by purchasing ground interests and renewing leases ahead of expiration, which should improve long-term site economics. A major near-term priority is executing the T-Mobile MLA, including committed site lease agreements, interim leases, and additional tenancy opportunities beyond the minimum commitment. Array is also evaluating towers without tenants to determine whether they can be leased, restructured, or ultimately divested or decommissioned. More broadly, the company is repositioning itself as a pure-play digital infrastructure owner after exiting wireless services, while also seeking to monetize retained spectrum assets.

Grow colocation on existing towersShort term

Additional tenants can be added to existing sites, improving revenue density and returns without requiring large new tower construction.

Complete T-Mobile MLA executionShort term

The MLA provides a large, long-duration revenue base and is central to near-term site rental growth.

Optimize ground lease economicsMedium term

Ground rent is a major operating cost, so better site control can protect margins and reduce renewal risk.

Unlock value from towers without tenantsMedium term

Underutilized towers may still have leasing potential or alternative monetization value.

Geography

Array’s business is concentrated in the United States, where it owns 4,450 towers across 19 states. Its tower portfolio includes attractive rural, suburban, and urban locations, and the company emphasizes that more than one-third of its towers have no competing structure within a two-mile radius. Geography matters because tower economics depend on local coverage gaps, population density, and the ability to add tenants to existing sites. The company also manages ground leases and site rights at the tower level, so local property terms directly affect margins and long-term site control. No country-level revenue disclosure was provided in the excerpts, so the geographic profile is best understood as U.S.-only operating exposure.

Risks

Array is exposed to customer concentration risk because a substantial portion of revenue comes from a small number of wireless tenants, especially T-Mobile, Verizon, AT&T, and DISH Wireless. If carriers reduce network spending, consolidate, share spectrum, or shift investment away from tower-based infrastructure, demand for leasing space could weaken. The company also faces contract and credit risk from DISH Wireless, which has disputed obligations and missed certain payments, creating uncertainty around future collections. Operationally, ground rent escalation can outpace colocation rent escalation, compressing margins over time, while cyberattacks, denial-of-service events, and technology failures could disrupt operations and damage customer trust. More broadly, the tower industry is sensitive to 5G deployment timing, FCC spectrum activity, and the possibility that new technologies or 6G use cases reduce the need for traditional towers.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Customer concentration1DISH Wireless contract dispute and nonpayment2Ground lease escalation3Cybersecurity incidents4Technology substitution5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Customer concentrationImpact: HighLikelihood: High

    A small number of large wireless carriers account for a substantial portion of revenue, so any spending cut or contract loss would quickly affect site rental income.

    ExposureT-MobileVerizonAT&TDISH Wireless
  2. DISH Wireless contract dispute and nonpaymentImpact: HighLikelihood: High

    DISH has claimed obligations are excused and has failed to make certain payments, creating collection and legal uncertainty.

    Exposure: Site rental revenues and contractual commitments through 2035

  3. Ground lease escalationImpact: MediumLikelihood: Medium

    Ground rent is the largest operating cost and many leases have fixed escalators that may rise faster than tower rent.

    Exposure: Tower margins and cash flow

  4. Cybersecurity incidentsImpact: MediumLikelihood: Medium

    A breach or denial-of-service attack could interrupt operations, expose data, and create remediation and litigation costs.

    ExposureIT systemsCustomer dataFinancial reporting
  5. Technology substitutionImpact: MediumLikelihood: Low

    New network architectures, spectrum sharing, or 6G deployment patterns could reduce tower demand over time.

    Exposure: Long-term tower leasing demand

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Accounting

Judgemental items
Lease revenue recognition under MLAs

Long-term site lease contracts determine when revenue is recognized and how much visibility management has into future cash flows.

Impact: Affects site rental revenue timing and comparability across periods

Ground lease and colocation escalators

Different escalation rates on revenue and cost contracts can change reported margins over time.

Impact: Affects operating margin and cash flow analysis

Spectrum valuation and impairment

Retained spectrum assets are subject to monetization assumptions and potential impairment if expected value changes.

Impact: Affects asset carrying values and non-cash charges

Asset retirement obligations and decommissioning costs

Management must estimate future removal and site restoration costs for towers and related equipment.

Impact: Affects liabilities, expense recognition, and balance sheet estimates

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026