Array Digital Infrastructure — Financial Results
Array Completed a Major Business Transformation, Selling Its Wireless Operations to T-Mobile
On August 1, 2025, Array sold its wireless business to T-Mobile for total consideration of $4,293.8 million — a combination of $2,628.8 million in cash and $1,665.0 million in debt that T-Mobile assumed. This effectively ended Array's life as a wireless carrier and repositioned it as a pure-play tower company (a business that owns physical cell towers and leases space on them to wireless carriers). The company also changed its name from United States Cellular Corporation to Array Digital Infrastructure, Inc. and its stock ticker to "AD" on the New York Stock Exchange.
Tower Revenue Jumped 51% Thanks to a New Long-Term T-Mobile Lease Agreement
| Metric | 2025 | 2024 | Change |
|---|---|---|---|
| Site rental revenue | $154.7M | $102.6M | +51% |
| Total operating revenue | $163.0M | $102.9M | +58% |
The primary driver was a Master License Agreement (MLA) signed with T-Mobile at closing, under which T-Mobile committed to lease space on at least 2,015 additional Array towers for a minimum of 15 years. T-Mobile also leases roughly 1,800 towers on a short-term interim basis — but Array expects those interim leases to be cancelled before the full 30-month term, which would reduce revenue accordingly. A potential revenue risk also exists with DISH Wireless, which has disputed its lease obligations and missed payments on its $6.5 million annual commitment.
Array Is Sitting on Over $2 Billion in Spectrum It Plans to Sell
| Buyer | Spectrum Type | Sale Price | Status |
|---|---|---|---|
| AT&T | 3.45 GHz & 700 MHz | $1,018.0M | Closed Jan 2026 |
| Verizon | AWS, Cellular & PCS | $1,000.0M | Expected Q2/Q3 2026 |
| T-Mobile | 700 MHz & 600 MHz | $171.4M | 2026 (pending) |
Beyond the wireless business sale, Array has signed agreements to sell over $2.2 billion worth of wireless spectrum licenses (essentially radio frequencies used for mobile communications). The AT&T deal already closed in January 2026. The Verizon deal, the largest remaining, is still awaiting regulatory approval. Array has flagged that it expects to declare another special dividend when the Verizon deal closes, similar to the $23.00-per-share dividend paid after the T-Mobile sale and the $10.25-per-share dividend paid after the AT&T close.
The Tower Business Is Not Yet Self-Sustaining on Its Own
| Metric | 2025 | 2024 | 2023 |
|---|---|---|---|
| Adjusted OIBDA (tower operations only) | $1.5M | -$51.1M | -$60.5M |
| Adjusted EBITDA (including investment income) | $194.3M | $121.9M | $107.6M |
Adjusted OIBDA strips out income from Array's minority stakes in other companies and interest earned on its cash, leaving just the tower operating result. At only $1.5 million in 2025, the standalone tower business barely breaks even at the operating level. The broader Adjusted EBITDA figure of $194.3 million looks much healthier, but that's largely because it includes $173.8 million in earnings from minority-owned wireless entities — income streams that will shrink as those entities also transition away from wireless operations.
Array Holds Valuable Minority Stakes That Generate Significant Cash
Array owns minority interests (meaning it has a share of profits but doesn't control operations) in wireless entities managed by Verizon, AT&T, and others. In 2025, these stakes generated $173.8 million in equity earnings and $215.6 million in cash distributions — including a $79.5 million distribution from its stake in the Los Angeles SMSA Limited Partnership alone. These investments are currently a cornerstone of Array's financial health, though their profile will change as the underlying wireless operations are sold and the entities pivot toward tower-related activities.