Array Digital Infrastructure, Inc. (AD)
As-reported financials and SEC filings for Array Digital Infrastructure, Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.
About Array Digital Infrastructure, Inc.
Array Digital Infrastructure, Inc. leases space on its wireless communication towers to tenants such as T-Mobile, AT&T, and Verizon, enabling the deployment of 5G and other wireless technologies across 19 states. The company owns 4,450 towers, primarily located on leased land, and provides ancillary services to support its tenants. Array serves wireless carriers and other customers by offering tower space for network equipment installation and focuses on increasing colocation and optimizing ground leases.
Snapshot
Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.
What changed at Array Digital Infrastructure
- Revenue fell 95.6% to $163M in FY2025, after a 3.6% decline the year before.
- Operating margin is now a 56.8% loss in FY2025, from 4.2% in FY2021.
- Free cash flow was $174M in FY2025, 106.6% of revenue.
- Net income turned positive at $49M in FY2025, from a $39M loss in FY2024.
Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.
Peer comparison
Where Array Digital Infrastructure’s fundamentals sit among the 214 Communication Services companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).
Array Digital Infrastructure’s FCF margin of 106.6% is the highest of the 163 Communication Services companies reporting it. Array Digital Infrastructure’s revenue growth of -95.6% is the lowest of the 207 Communication Services companies reporting it. Array Digital Infrastructure’s net margin of 29.9% ranks in the 97th percentile of the 189 Communication Services companies reporting it.
No reported insider purchases (code P) in the last 90 days; 2 insider sales totaling $260,910. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →
Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.
Institutional ownership
Held by 1 of the superinvestors we track (plus 1 quant / multi-strat book), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).
| Investor | As of | Position value | Shares | Change |
|---|---|---|---|---|
| D. E. Shawquant | Q2 2026 | $7.3M | 201.4K | Reduced |
| Gotham Asset Management | Q2 2026 | $606,775 | 16.7K | Reduced |
No longer held by: AQR Capital Management (as of Q2 2026), Citadel Advisors (as of Q2 2026), Millennium Management (as of Q2 2026), Two Sigma Investments (as of Q2 2026)
From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.
Recent insider activity
Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.
| Trade date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
2026-09-11 filed 2026-09-15 | Harry J. Harczak Jr.Director | Sell | 4.7K | $38.18 | $180K |
2026-09-11 filed 2026-09-15 | Harry J. Harczak Jr.Director | Sell | 2.1K | $38.21 | $81K |
Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.
Short interest
Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.
| Settlement | Shares short | Change | Days to cover |
|---|---|---|---|
| 2026-09-30 | 1.3M | -0.4% | 4.05 |
| 2026-09-15 | 1.3M | -18.0% | 4.94 |
| 2026-08-31 | 1.6M | -17.1% | 8.34 |
| 2026-08-14 | 1.9M | -3.5% | 12.10 |
| 2026-07-31 | 1.9M | -4.2% | 14.81 |
| 2026-07-15 | 2.0M | +31.2% | 6.23 |
| 2026-06-30 | 1.6M | +6.7% | 3.28 |
| 2026-06-15 | 1.5M | +2.9% | 2.11 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.
Income statement (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $163.0M | $3.67B | $3.81B | $4.08B | $4.04B |
| Gross profit | — | — | — | — | |
| Operating income | $-92.5M | $-260.3M | $-112.2M | $69.0M | $170.0M |
| Net income | $48.8M | $-39.4M | $54.5M | $30.0M | $155.0M |
| Diluted EPS | $0.56 | $-0.46 | $0.63 | $0.35 | $1.77 |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.
Balance sheet (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash and equivalents | $113.4M | $143.7M | $150.0M | $273.0M | $156.0M |
| Current assets | $144.8M | $1.34B | $1.40B | $1.72B | $1.60B |
| Total assets | $4.68B | $10.45B | $10.75B | $11.12B | $10.34B |
| Current liabilities | $200.0M | $883.8M | $901.0M | $1.20B | $903.0M |
| Long-term debt | $670.3M | $1.20B | $3.04B | $3.19B | $2.73B |
| Total liabilities | |||||
| Total equity | $2.57B | $4.59B | $4.64B | $4.57B | $4.56B |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.
Cash flow (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Operating cash flow | $200.8M | $882.5M | $866.9M | $832.0M | $802.0M |
| Capital expenditure | $27.2M | $18.5M | $40.6M | $602.0M | $724.0M |
| Free cash flow |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.
Quarterly trend
| Quarter | Revenue | Revenue YoY | Net income | Diluted EPS |
|---|---|---|---|---|
| Q2 FY2026 | $54.1M | — | $358.7M | $4.15 |
| Q1 FY2026 | $52.0M | — | $177.8M | $2.06 |
| Q4 FY2025 | -93.6% | |||
| Q3 FY2025 | $47.1M | -94.7% | $-38.5M | $-0.44 |
| Q2 FY2025 | — | — | $31.5M | $0.36 |
| Q1 FY2025 | — | — | $18.2M | $0.21 |
| Q4 FY2024 | -3.0% | |||
| Q3 FY2024 | $896.0M | -4.5% | $-79.2M | $-0.92 |
Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.
Company facts
Selected SEC filings
Largest Communication Services peers
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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.