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Array Digital Infrastructure, Inc. (AD) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

COMMUNICATION SERVICES · TELECOM SERVICES · DATA UPDATED 2026-08-29

Array Digital Infrastructure, Inc. (AD) operates in the TELECOM SERVICES industry and is headquartered in Chicago, United States with about 60 employees. Its market capitalization is roughly $3 billion. In the fiscal year ended 2025-12-31, AD reported $163M in revenue and $291M in net income.

Array Digital Infrastructure, Inc. owns and operates shared wireless communications infrastructure in the United States. The company deploys 5G and other wireless technologies through its 4,400 cell towers. It also leases tower space to tenants. In addition, the company offers ancillary services.

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AD Revenue & Earnings History — Annual Income Statement

Income statementTTM → 2026-06-302025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-312015-12-312014-12-31
Total Revenue$214M$163M$3.8B$3.9B$4.2B$4.1B$4.0B$4.0B$4.0B$3.9B$4.0B$4.0B$3.9B
Gross Profit$88M$35M$2.1B$2.2B$2.2B$2.2B$2.2B$2.2B$2.2B$2.1B$2.1B$2.2B$1.9B
Gross Margin %41.1%21.6%56.8%55.8%52.7%53.7%55.6%55.6%54.9%53.6%53.9%54.6%49.6%
Operating Income (EBIT)$408M($49M)($12M)$139M$69M$170M$173M$112M$158M($304M)$48M$347M($143M)
Operating Margin %191.0%-30.2%-0.3%3.6%1.7%4.1%4.3%2.8%4.0%-7.8%1.2%8.6%-3.7%
Net Income$778M$291M($39M)$54M$30M$155M$229M$127M$150M$12M$48M$241M($43M)
Net Margin %364.4%178.5%-1.0%1.4%0.7%3.8%5.7%3.2%3.8%0.3%1.2%6.0%-1.1%
EBITDA$888M$218M$826M$963M$935M$1.0B$876M$832M$790M$675M$669M$709M$338M
Earnings Per Share (EPS)$8.99$3.33$-0.45$0.62$0.35$1.78$2.63$1.44$1.72$0.14$0.56$2.84$-0.51
Shares Outstanding (M)87M87M86M87M86M87M87M88M87M86M85M85M84M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

AD Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement2026-06-302026-03-312025-12-312025-09-302025-06-302025-03-312024-12-312024-09-30
Total Revenue$54M$52M$60M$47M$916M$891M$971M$922M
Gross Profit$31M$18M$25M$14M$524M$537M$513M$539M
Gross Margin %56.5%34.2%41.6%30.3%57.2%60.3%52.8%58.5%
Operating Income (EBIT)$399M$5M$10M($6M)$35M$41M($9M)($90M)
Operating Margin %738.4%9.7%16.1%-13.3%3.8%4.6%-0.9%-9.8%
Net Income$359M$178M$40M$201M$31M$18M$5M($79M)
Net Margin %663.4%342.6%66.9%426.2%3.4%2.0%0.5%-8.6%
EBITDA$479M$252M$89M$68M$244M$243M$198M$127M
Earnings Per Share (EPS)$4.15$2.06$0.47$2.31$0.35$0.20$0.06$-0.92
Shares Outstanding (M)87M86M87M87M88M88M88M86M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

AD Free Cash Flow History

Cash flowTTM → 2026-06-302025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-312015-12-312014-12-31
Cash from Operations (CFO)($303M)$201M$883M$866M$832M$802M$1.2B$724M$709M$469M$501M$555M$172M
Capital Expenditures (CapEx)$157M$27M$557M$738M$1.2B$2.0B$989M$650M$512M$465M$443M$581M$605M
Free Cash Flow (FCF)($460M)$174M$326M$128M($355M)($1.2B)$248M$74M$197M$4M$58M($26M)($433M)
FCF Margin %-215.3%106.5%8.6%3.3%-8.5%-30.2%6.1%1.8%5.0%0.1%1.5%-0.7%-11.1%
Dividends Paid$5.8B$2.0B$0M$0M—————————

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

AD Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow2026-06-302026-03-312025-12-312025-09-302025-06-302025-03-312024-12-312024-09-30
Cash from Operations (CFO)($43M)$24M($202M)($82M)$325M$160M$122M$245M
Capital Expenditures (CapEx)$6M$14M$9M$128M$77M$74M$141M$131M
Free Cash Flow (FCF)($49M)$10M($211M)($211M)$248M$86M($19M)$114M
FCF Margin %-89.9%19.2%-349.2%-446.8%27.1%9.7%-2.0%12.4%
Dividends Paid$951M$885M$2.0B$2.0B$0M$0M——

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

AD Balance Sheet History

Balance sheet2026-06-302025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-312015-12-312014-12-31
Total Assets$3.4B$4.9B$10.4B$10.8B$11.1B$10.3B$9.7B$8.2B$7.3B$6.8B$7.1B$7.1B$6.5B
Cash & Cash Equivalents$416M$113M$144M$150M$273M$156M$1.3B$285M$580M$352M$586M$715M$212M
Total Liabilities$2.1B$2.4B$5.8B$6.1B$6.5B$5.8B$5.2B$3.9B$3.2B$3.2B$3.5B$3.5B$3.1B
Total Debt (Short + Long-Term)$692M$690M$3.0B$3.2B$3.3B$2.9B$118M$113M$19M$18M$11M$11M$0M
Total Shareholders' Equity$1.3B$2.6B$4.6B$4.6B$4.6B$4.5B$4.4B$4.2B$4.1B$3.7B$3.6B$3.6B$3.3B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive AD viewer.

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