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Array Digital Infrastructure, Inc. (AD) stock

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NYSE: AD NYSE Wireless Telecommunication Services Next results ~November 6, 2026

Array Digital Infrastructure, Inc. is a US-listed company in the wireless telecommunication services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: data-quality checks not passed.

Price vs value

Under review: data-quality checks not passed. We'll show the comparison once resolved.

Array Digital Infrastructure, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 1 selling0 purchases and 2 sales by directors and officers, last 12 monthsInsider trades
  • Funds64 adding, 77 cuttingOf 27 active managers that changed their stake, 9 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Array Digital Infrastructure files

Where Array Digital Infrastructure stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $214m, down 94.1% on a year earlier, a steeper fall than the 71.2% decline a quarter earlier. Free-cash-flow margin fell to -158.3% from 30.4% a year earlier. Operating margin widened to 241.3% from -6.6%. It passes 2 of our 6 financial-health checks.

Our model value for Array Digital Infrastructure is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 6, 2026 (estimated)

Array Digital Infrastructure, Inc.'s trailing-twelve-month revenue fell 94.1% year on year, with a free-cash-flow margin of -158.3%.

Our discounted-cash-flow model values the business at ~$4.1 per share in the base case (~$2.3–$6.5 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Net margin expanding: TTM net margin reached 250.8%, up 251.5pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 241.3% of revenue is left as operating profit.
  • Margins widening. Operating margin is up 247.9 points on a year ago.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 120.5% over 90 days.

Things to watch

  • Results due soon. Results are expected around 6 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 94.1% over the last 12 months.
  • Growth slowing. The growth rate is 22.9 points lower than a quarter earlier.
  • Burning cash. Free cash flow was -158.3% of revenue over the last 12 months.
  • Gross margin slipping. Gross margin is down 39.6 points on a year ago.
  • Weak cash conversion. Free cash flow was -63% of net income over the last 12 months.

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
$4.15 against an average estimate of $0.63: beat by 564.0%
Revenue
$54m, down 93.9% on a year earlier
Share reaction
-1.7% in the first session after the results on August 7, 2026, against +0.6% for the S&P 500
Guidance given
total operating revenues $205m to $215m (full-year 2026); adjusted EBITDA $220m to $235m (full-year 2026)
Next report
November 6, 2026; average EPS estimate $0.38

Array Digital Infrastructure's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.4%
  • 1 week+0.7%
  • 1 month-2.2%
  • This year-4.3%
  • 1 year+4.5%
  • 5 years+125.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$214M
Operating margin
241.3%
Net margin
250.8%
EPS (TTM, diluted)
$6.19

Growth

Revenue growth
−94.1%
Change in growth rate
−22.9 pts
Share count change
+1.1%

Cash

Free cash flow (TTM)
-$338M
FCF margin
-158.3%
Stock pay % of revenue
0.3%

Earnings

Last results
August 7, 2026
Next results (est.)
November 6, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Array Digital Infrastructure, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: data-quality checks not passed.

Our value per share comes from a discounted-cash-flow model of Array Digital Infrastructure, Inc.'s free cash flow after stock-based pay ( $35.5M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$18.66$19.99$17.20$23.76$16.56$14.03$14.41$9.53$18.99$28.67$35.15$33.65
Market value$1.6bn$1.7bn$1.5bn$2.1bn$1.5bn$1.2bn$1.3bn$820m$1.6bn$2.5bn$3.1bn$2.9bn
+ Net debt (− = net cash)$925m$1.0bn$1.3bn$1.0bn$1.2bn$1.2bn$2.6bn$2.9bn$2.9bn$1.1bn$561m$258m
Enterprise value$2.5bn$2.7bn$2.8bn$3.1bn$2.7bn$2.4bn$3.8bn$3.7bn$4.6bn$3.5bn$3.6bn$3.2bn
Multiples
Price / sales 0.4x0.4x0.4x0.5x0.4x0.3x0.3x0.2x0.4x0.7x18.8x13.6x
Price / earnings 6.6x35.4x123.3x13.8x11.5x5.3x8.1x27.3x30.2x—62.9x5.4x
Price / free cash flow —29.3xn/m10.5x19.7x4.9x16.1x3.6x2.0x2.8x17.7x—
EV / EBITDA 2.7x4.2x9.2x4.0x3.3x2.9x4.6x5.0x———5.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

28 /100

Weak moat

How hard Array Digital Infrastructure's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 1.1% of total assets over 10 years.

  • Durability 0 / 20

    Operating margin has been a median 2.3%; its worst year was -6.6%.

  • Cash conversion 10 / 20

    Free cash flow was positive in 8 of 10 years, at a median 3.0% of revenue.

  • Discipline 17 / 20

    The diluted share count fell 0.8% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (33 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 6, 2026, before the open. Analysts expect revenue of $54m and EPS of $0.38 (range $0.38 to $0.38) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $6.49 +1058% $212m +30%
Next $0.97 — $203m −4%

Next year's EPS estimate has moved +120.5% in 90 days, across 1 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +13.0% on 90 days ago. In the last 30 days, 1 analyst raised Array Digital Infrastructure, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Array Digital Infrastructure, Inc., last 90 days
$0.00 $2.00 $4.00 $6.00 $8.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $5.74 Current fiscal year, 60 days ago: $5.00 Current fiscal year, 30 days ago: $5.01 Current fiscal year, 7 days ago: $6.80 Current fiscal year, Now: $6.49 $6.49 Next fiscal year, 90 days ago: $0.44 Next fiscal year, 60 days ago: $0.44 Next fiscal year, 30 days ago: $0.91 Next fiscal year, 7 days ago: $0.91 Next fiscal year, Now: $0.97 $0.97

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $5.74$0.44
60 days ago $5.00$0.44
30 days ago $5.01$0.91
7 days ago $6.80$0.91
Now $6.49$0.97

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.63 $4.15 +564.0%
Mar 2026 $3.69 $2.06 −44.2%
Dec 2025 $0.30 $0.49 +62.4%
Sept 2025 $0.29 −$0.45 −252.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 7, 2026
  • Total operating revenues full-year 2026 $205m to $215m Narrowed
    “Narrowed Revenue range to $205 million - $215 million on higher interim site revenue” source
  • Adjusted EBITDA full-year 2026 $220m to $235m Non-GAAP Raised
    “Increased Adjusted EBITDA range to $220 million - $235 million” source
  • Capital expenditures full-year 2026 $25m to $35m Maintained
    “Capital expenditures range remains unchanged at $25 million - $35 million” source
  • Adjusted OIBDA (Non-GAAP) 2026 Estimated Results $60m to $75m Non-GAAP Raised
    “Adjusted OIBDA 1 (Non-GAAP) $50-$65 $60-$75” source
  • Income before income taxes (GAAP) 2026 Estimated Results $775m to $790m GAAP
    “Income before income taxes (GAAP) $775-$790 $686 $141” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Array Digital Infrastructure, Inc.'s revenue by -1.0% next year and +2.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-2.7%, weight 49%) , management guidance (-3.7%, weight 22%) and the company's own record (+4.0%, weight 29%) . How the weights are set.

Analyst recommendations

4 analysts, Oct 2026
Buy250%
Hold250%
Sell00%

Monthly trend

  1. Oct 20261124
  2. Sep 20261124
  3. Aug 20261124

Counts of recommendations published by analysts covering Array Digital Infrastructure, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
9.2%
of tradable shares
Days to cover
5.38
at average volume
Short interest, 1 month
+12%
to October 15, 2026
Held by institutions
37%
of shares
Held by insiders
71.5%
of shares
Employees
60
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +4.5%

$32.20 on October 31, 2025 to $33.65

ThenNowEffect
Revenue (last 12 months) $3.6bn $214m −94.1%
P/S multiple 0.8x 13.6x +1677.6%
Share count 86m 87m −1.1%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +63.5%

$20.59 on November 3, 2023 to $33.65

ThenNowEffect
Revenue (last 12 months) $4.1bn $214m −94.8%
P/S multiple 0.4x 13.6x +3057.9%
Share count 86m 87m −1.2%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AD+3%−34%+99%+51%+23%−4%
Industry peers (median)−13%−38%+9%+25%−6%−16%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AD42%33%50%58%67%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AD−28%−40%−46%−30%−20%−28%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 76% from January 24, 2019 to June 1, 2023. Getting back needed a 315% gain, reached on June 4, 2024, 369 days after the low.

Price behaviour

52-week range
$29.14 – $44.05
From 52-week high
−23.6%
vs 50-day average
−3.9%
vs 200-day average
−9.3%
Volatility (1 year)
30%
Beta vs S&P 500
0.36

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
2 up, 10 down
typical move ±6.2%
After a week
5 up, 7 down
typical move ±6.8%
After a month
7 up, 5 down
typical move ±10.6%
Results releasedNext dayS&P 500 next day5 days21 days
August 7, 2026 −1.7% +0.6% +0.9% +7.9%
May 8, 2026 +6.5% +1.1% +1.5% +3.0%
February 20, 2026 −3.7% −0.3% −3.2% −7.1%
November 7, 2025 −3.7% +1.7% −3.8% +3.3%
August 11, 2025 +2.3% +0.9% +2.4% −1.5%
May 2, 2025 −15.3% +0.9% −8.3% −9.2%
February 21, 2025 −3.1% −2.2% −2.2% +2.5%
November 1, 2024 −4.2% +0.2% +3.7% +2.6%
August 2, 2024 −10.2% −4.7% −5.3% +4.9%
July 16, 2024 0.0% −0.8% −6.1% −9.3%
May 3, 2024 −3.1% +2.3% +24.7% +59.7%
February 16, 2024 −21.0% −1.0% −20.0% −15.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Revenue (TTM) Array Digital Infrastructure, Inc.
$0 $1B $2B $3B $4B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $4B Revenue (TTM), FY23 Q4: $3.8B Revenue (TTM), FY24 Q1: $3.8B Revenue (TTM), FY24 Q2: $3.7B Revenue (TTM), FY24 Q3: $3.7B Revenue (TTM), FY24 Q4: $3.7B Revenue (TTM), FY25 Q1: $3.6B Revenue (TTM), FY25 Q2: $3.6B Revenue (TTM), FY25 Q3: $2.7B Revenue (TTM), FY25 Q4: $1.9B Revenue (TTM), FY26 Q1: $1B Revenue (TTM), FY26 Q2: $213.5M $213.5M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $4B
FY23 Q4 $3.8B
FY24 Q1 $3.8B
FY24 Q2 $3.7B
FY24 Q3 $3.7B
FY24 Q4 $3.7B
FY25 Q1 $3.6B
FY25 Q2 $3.6B
FY25 Q3 $2.7B
FY25 Q4 $1.9B
FY26 Q1 $1B
FY26 Q2 $213.5M
Revenue growth, TTM YoY Array Digital Infrastructure, Inc.
-100% -50% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -5.6% Revenue growth, TTM YoY, FY23 Q4: -8.7% Revenue growth, TTM YoY, FY24 Q1: -9.1% Revenue growth, TTM YoY, FY24 Q2: -8.2% Revenue growth, TTM YoY, FY24 Q3: -7.2% Revenue growth, TTM YoY, FY24 Q4: -2.3% Revenue growth, TTM YoY, FY25 Q1: -3.6% Revenue growth, TTM YoY, FY25 Q2: -3.9% Revenue growth, TTM YoY, FY25 Q3: -25.3% Revenue growth, TTM YoY, FY25 Q4: -50.0% Revenue growth, TTM YoY, FY26 Q1: -71.2% Revenue growth, TTM YoY, FY26 Q2: -94.1% -94.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -5.6%
FY23 Q4 -8.7%
FY24 Q1 -9.1%
FY24 Q2 -8.2%
FY24 Q3 -7.2%
FY24 Q4 -2.3%
FY25 Q1 -3.6%
FY25 Q2 -3.9%
FY25 Q3 -25.3%
FY25 Q4 -50.0%
FY26 Q1 -71.2%
FY26 Q2 -94.1%
Operating margin (TTM) Array Digital Infrastructure, Inc.
-100% 0% 100% 200% 300% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 2.3% Operating margin (TTM), FY23 Q4: -2.9% Operating margin (TTM), FY24 Q1: -2.3% Operating margin (TTM), FY24 Q2: -2.3% Operating margin (TTM), FY24 Q3: -8.2% Operating margin (TTM), FY24 Q4: -2.8% Operating margin (TTM), FY25 Q1: -5.0% Operating margin (TTM), FY25 Q2: -6.6% Operating margin (TTM), FY25 Q3: -4.7% Operating margin (TTM), FY25 Q4: -5.0% Operating margin (TTM), FY26 Q1: 9.3% Operating margin (TTM), FY26 Q2: 241.3% 241.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 2.3%
FY23 Q4 -2.9%
FY24 Q1 -2.3%
FY24 Q2 -2.3%
FY24 Q3 -8.2%
FY24 Q4 -2.8%
FY25 Q1 -5.0%
FY25 Q2 -6.6%
FY25 Q3 -4.7%
FY25 Q4 -5.0%
FY26 Q1 9.3%
FY26 Q2 241.3%
FCF margin (TTM) Array Digital Infrastructure, Inc.
-200% -150% -100% -50% 0% 50% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 6.4% FCF margin (TTM), FY23 Q4: 21.7% FCF margin (TTM), FY24 Q1: 27.9% FCF margin (TTM), FY24 Q2: 27.6% FCF margin (TTM), FY24 Q3: 35.7% FCF margin (TTM), FY24 Q4: 23.2% FCF margin (TTM), FY25 Q1: 26.0% FCF margin (TTM), FY25 Q2: 30.4% FCF margin (TTM), FY25 Q3: 18.2% FCF margin (TTM), FY25 Q4: 9.3% FCF margin (TTM), FY26 Q1: 3.0% FCF margin (TTM), FY26 Q2: -158.3% -158.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 6.4%
FY23 Q4 21.7%
FY24 Q1 27.9%
FY24 Q2 27.6%
FY24 Q3 35.7%
FY24 Q4 23.2%
FY25 Q1 26.0%
FY25 Q2 30.4%
FY25 Q3 18.2%
FY25 Q4 9.3%
FY26 Q1 3.0%
FY26 Q2 -158.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 4,214 4,178 4,343 4,452 3,919 3,893 4,031 3,990 3,890 3,967 4,022 4,037 4,122 4,169 3,805 3,667 163 214
Gross profit — — — — — — — — — — — — — — 3,737 3,594 83 125
EBITDA 877 760 846 754 938 450 943 655 300 785 801 842 832 751 −71 −222 −53 557
Operating income 326 201 281 157 147 −143 347 48 −304 158 112 173 170 69 −112 −260 −93 515
Net income 210 136 175 111 140 −43 241 48 12 150 127 229 155 30 54 −39 49 536
Diluted EPS $2.40 $1.57 $2.05 $1.30 $1.65 −$0.51 $2.84 $0.56 $0.14 $1.72 $1.44 $2.62 $1.77 $0.35 $0.63 −$0.46 $0.56 $6.19
Growth (year on year)
Revenue −0.7% −0.9% +4.0% +2.5% −12.0% −0.7% +3.5% −1.0% −2.5% +2.0% +1.4% +0.4% +2.1% +1.1% −8.7% −3.6% −95.6% −94.1%
EBITDA +44.9% −13.3% +11.2% −10.8% +24.3% −52.0% +109.6% −30.5% −54.2% +161.7% +2.0% +5.1% −1.2% −9.7% −109.4% — — —
Operating income — −38.1% +39.4% −44.2% −6.3% −197.4% — −86.2% — — −29.1% +54.5% −1.7% −59.4% — — — —
Net income — −35.1% +28.6% −36.6% +26.2% −130.7% — −80.1% — — −15.3% +80.3% −32.3% −80.6% — — — —
Diluted EPS — −34.6% +30.6% −36.6% +26.9% −130.9% — −80.3% — — −16.3% +81.9% −32.4% −80.2% — — — —
Margins
Gross margin — — — — — — — — — — — — — — 98.2% 98.0% 51.2% 58.4%
EBITDA margin 20.8% 18.2% 19.5% 16.9% 23.9% 11.6% 23.4% 16.4% 7.7% 19.8% 19.9% 20.9% 20.2% 18.0% −1.9% −6.0% −32.8% 261.1%
Operating margin 7.7% 4.8% 6.5% 3.5% 3.7% −3.7% 8.6% 1.2% −7.8% 4.0% 2.8% 4.3% 4.1% 1.7% −2.9% −7.1% −56.8% 241.3%
Net margin 5.0% 3.3% 4.0% 2.5% 3.6% −1.1% 6.0% 1.2% 0.3% 3.8% 3.2% 5.7% 3.8% 0.7% 1.4% −1.1% 29.9% 250.8%
Free-cash-flow margin 8.1% 6.3% 5.0% 1.6% −10.9% −11.1% −0.6% 1.5% 0.1% 5.0% 1.8% 6.1% 1.9% 5.5% 21.7% 23.6% 106.6% −158.3%
Cash flow
Cash from operations 872 834 988 899 291 172 555 501 469 709 724 1,237 802 832 867 882 201 −303
Capital spending 531 569 772 826 718 605 581 443 465 512 650 989 724 602 41 18 27 35
Free cash flow 341 265 216 73 −427 −433 −26 58 4 197 74 248 78 230 826 864 174 −338
Stock-based pay 16 18 20 21 16 22 25 26 30 37 41 32 27 24 1 3 2 1
Free cash flow after stock pay 325 247 196 51 −443 −455 −51 32 −26 160 33 216 51 206 825 861 172 −339
Balance sheet
Cash 303 277 424 378 342 212 715 586 352 580 285 1,271 156 273 150 144 113 416
Total debt 868 868 880 879 878 1,127 1,640 1,629 1,640 1,624 1,510 2,491 2,731 3,200 3,064 1,224 674 675
Net debt (negative = net cash) 565 591 456 501 536 915 925 1,043 1,288 1,044 1,225 1,220 2,575 2,927 2,914 1,080 561 258
Diluted shares 87m 87m 85m 85m 85m 84m 85m 85m 86m 87m 88m 87m 87m 86m 87m 86m 87m 87m
Returned to shareholders
Dividends — — — — 482 — — — — — — — — — 0 0 −1,987 −150
Buybacks 34 53 62 20 19 19 6 5 0 0 21 23 31 43 0 54 21 0
Total returned 34 53 62 20 501 19 6 5 0 0 21 23 31 43 0 54 −1,965 −150

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · June 30, 2026
What it owns · $3.4bn
Short-term assets $439mLonger-term assets $2.9bn
What it owes, and who funded it · $1.7bn
Short-term liabilities $462mShareholders' equity $1.3bn
  • Short-term assets cover short-term liabilities $439m of assets due within a year against $462m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $416m of cash against $667m of debt.
  • Debt below 40% of shareholders' equity Debt is 53% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 60% to 53% over five years.
  • A year's operating cash flow covers at least 20% of debt −$303m of operating cash flow against $667m of debt.
  • Operating profit covers interest at least five times over Operating income of $515m against $39m of interest.

From Array Digital Infrastructure, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$0
Dividends (TTM)
-$150M
Returned to shareholders
44%
of free cash flow
Buybacks, last 3 fiscal years
$75.5M
Diluted share count
+1.1%
year over year
Total shareholder yield
-5.2%
dividends -5.2% + buybacks 0.0% of market value
Sales & admin spending
33.5%
of revenue
Days sales outstanding
87 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in wireless telecommunication services
Last 12 months unless stated AD SPOK ASTS SURG CHAI ECHO Median
Revenue, last 12 months $214m $135m $115m $67m $55m $14.7bn $174m
Revenue growth, last 12 months −94.1% −3.3% 706.3% 83.9% 58.6% −5.2% 12.9%
Revenue growth, 3-year average −62.6% −0.8% 160.0% −22.3% — −6.4% −3.6%
Revenue growth, latest quarter −93.9% −2.6% >999% 40.7% — −4.0% 2.4%
Gross margin 58.4% 78.6% 0.0% −19.6% −0.5% — 31.5%
Operating margin 241.3% 12.9% −38.6% −41.0% −12.9% −112.7% −2.9%
Operating margin, 3-year average 77.5% 13.6% — −58.6% — −40.7% 12.1%
Net margin 250.8% 13.9% −536.7% −47.9% −57.2% −38.7% −19.8%
Cash from operations / revenue −141.8% 24.7% −125.5% −23.0% −12.0% −0.6% −6.3%
Free-cash-flow margin −158.3% 22.3% <−999% −23.0% — −4.9% −4.9%
Free-cash-flow margin, 3-year average −33.4% 19.8% <−999% −36.1% — −4.1% −4.1%
Stock pay / revenue 0.3% 4.4% 128.3% 0.2% — 0.5% 0.5%
Change in share count 1.1% 2.4% — 14.9% — −4.6% −1.6%

Median of all 8 companies we cover in wireless telecommunication services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $155M 94.9% ▲ 50.7%
Services $8.3M 5.1% ▲ 2471.8%

From Array Digital Infrastructure, Inc.'s 10-K filed February 20, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$652M
Institutions reporting
137
Shares held vs prior quarter
▼ 7.4%
Positions opened / closed
23 / 33

Top buyers and sellers, Q2 2026: 64 institutions bought and 77 sold ; the biggest buyer was Hawk Ridge Capital Management LP (+1.8M shares) and the biggest seller BNP Paribas Asset Management Holding S.A (−2.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Dimensional Fund Advisors LP $82.3M 2.3M 12.6% ▼ 1.3%
Hawk Ridge Capital Management LP $65.9M 1.8M 10.1% New
Jericho Capital Asset Management L.P. $65.8M 1.8M 10.1% 0.0%
Madison Avenue Partners, LP $40.2M 1.1M 6.2% New
GAMCO Investors, Inc. Et Al $29.9M 825K 4.6% ▼ 2.3%
American Century Companies Inc $27.8M 766K 4.3% ▲ 26.3%
Bank Of America Corp $26.9M 741K 4.1% ▼ 70.8%
Loomis Sayles & Co L P $25.7M 707K 3.9% ▼ 4.5%
Oaktree Capital Management LP $25.3M 697K 3.9% ▼ 3.8%
Vanguard Capital Management LLC $25.2M 695K 3.9% ▲ 1.9%
Vanguard Portfolio Management LLC $23.8M 657K 3.7% ▼ 1.5%
Newtyn Management, LLC $21.7M 597K 3.3% ▼ 63.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Array Digital Infrastructure, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $260,909 2 trades by 1 insider · 0% under pre-set plans
Net ▼ $260,909 net selling
Insider Date Trade Shares Price Value
Harczak Harry J Jr Director September 11, 2026 Sell 2,123 $38.21 $81,120
Harczak Harry J Jr Director September 11, 2026 Sell 4,709 $38.18 $179,790

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 6, 2026 estimated from the company's past filing pattern, not announced

  • August 7, 2026
  • May 8, 2026
  • February 20, 2026
  • November 7, 2025
  • August 11, 2025
  • May 2, 2025

Recent SEC filings

Data status

When each part of this page on Array Digital Infrastructure, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Array Digital Infrastructure, Inc. in brief

What does Array Digital Infrastructure, Inc. do?
Array Digital Infrastructure, Inc. is a US-listed company in the wireless telecommunication services industry. Its financial year ends in December.
What is Array Digital Infrastructure, Inc.'s stock ticker?
Array Digital Infrastructure, Inc. trades under the ticker AD on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Array Digital Infrastructure, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Array Digital Infrastructure, Inc. reported revenue of $214M, 94.1% lower than a year earlier, according to its SEC filings.
What is Array Digital Infrastructure, Inc.'s free cash flow?
Array Digital Infrastructure, Inc.'s free-cash-flow margin is -158.3% of revenue over the trailing twelve months.
Who are Array Digital Infrastructure, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Dimensional Fund Advisors LP, Hawk Ridge Capital Management LP and Jericho Capital Asset Management L.P. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Array Digital Infrastructure, Inc. buying back stock, and does it pay a dividend?
Array Digital Infrastructure, Inc. spent $0 on share repurchases over the trailing twelve months, and its diluted share count still rose 1.1% over the year.
What is Array Digital Infrastructure, Inc.'s market cap?
On November 2, 2026, Array Digital Infrastructure, Inc.'s market capitalisation was about $2.9B, with a price-to-earnings ratio of 5.4 and net debt of $258M. Market figures come from third-party market data and may be delayed.
Does Array Digital Infrastructure, Inc. pay a dividend?
Array Digital Infrastructure, Inc. reported no dividend payments in its trailing twelve months of filings.
How much debt does Array Digital Infrastructure, Inc. have?
Array Digital Infrastructure, Inc.'s debt-to-equity ratio is 52.7%, from its latest balance sheet (60.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Array Digital Infrastructure, Inc.'s competitors?
In our Wireless Telecommunication Services peer group, the companies closest to Array Digital Infrastructure, Inc. are Spok Holdings, Inc, AST Spacemobile, Inc., Surgepays, Inc., Core AI Holdings, Inc. and EchoStar. The side-by-side comparison below sets their revenue, margins and growth against Array Digital Infrastructure, Inc.'s.
Are insiders buying or selling Array Digital Infrastructure, Inc. stock?
Over the last 12 months, Array Digital Infrastructure, Inc.'s directors and officers reported 0 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is Array Digital Infrastructure, Inc.'s next earnings date?
Around November 6, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Array Digital Infrastructure, Inc. announces its own schedule.