Array reports second quarter 2026 results
ARRAY DIGITAL INFRASTRUCTURE, INC. (AD) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 NEWS RELEASE As previously announced, Array will hold a teleconference on August 7, 2026, at 9 :00 a.m. CT . Listen to the call live via the Events & Presentations page of investors.arrayinc.com. Array reports second quarter 2026 results Array updates 2026 guidance C
How this was made
The 30-second read
Why it matters
The guidance narrowing/raising and disclosed spectrum sale proceeds (including a special dividend) are direct valuation inputs, while the TDS proposal and DISH bankruptcy introduce event and counterparty risk that can swing the stock around deal and regulatory headlines.
Market read
Traders get a fresh earnings-and-guidance datapoint plus explicit transaction timelines and deal-optionality (TDS proposal), which can drive both fundamental repricing and event-driven positioning.
What to watch
Regulatory approval and customary closing conditions for remaining 2026 spectrum transactions, plus DISH bankruptcy-related uncertainty, could dominate the stock reaction despite guidance improvements.
Array reported sharply higher second-quarter continuing-operations revenue and net income, closed $1 billion of spectrum-license sales, and raised its 2026 Adjusted EBITDA outlook.
Total operating revenues from continuing operations rose to $54.1 million from $28.5 million, site rental revenues grew 95% year over year, and the company increased its 2026 Adjusted EBITDA range to $220-$235. Net income attributable to Array shareholders was $333.8 million, supported by spectrum-license sale activity.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total operating revenues from continuing operationsGAAP | $54.1M | – | – |
| Site rental revenues growthGAAP | 95% year over year | – | 95% |
| Net income attributable to Array shareholders from continuing operationsGAAP | $333.8M | – | – |
| Diluted earnings per share from continuing operationsGAAP | $3.86 | – | – |
| Capital expenditures from continuing operationsother | $3.90M | – | – |
| Owned towersother | 4,456 | – | – |
| Number of colocationsother | 4,362 | – | – |
| Tower tenancy rateother | 0.98 | – | – |
| Net income from continuing operations, Six Months Ended June 30, 2026GAAP | $517 | – | – |
| Income before income taxes, Six Months Ended June 30, 2026GAAP | $686 | – | – |
| EBITDA, Six Months Ended June 30, 2026non-GAAP | $731 | – | – |
| Adjusted EBITDA, Six Months Ended June 30, 2026non-GAAP | $119 | – | – |
| Adjusted OIBDA, Six Months Ended June 30, 2026non-GAAP | $33 | – | – |
2026 Estimated Results outlook
- Revenue$205-$215 (Dollars in millions)
- NoteAdjusted OIBDA (Non-GAAP): $60-$75 (Dollars in millions)
- NoteAdjusted EBITDA (Non-GAAP): $220-$235 (Dollars in millions)
- NoteCapital expenditures: $25-$35 (Dollars in millions)
Capital returns
- Issued special dividend of $11 per common share on June 25, 2026.
What drove it
- Site rental revenues grew 95% year over year.
- The company delivered consecutive quarter over quarter tower tenancy growth.
- Number of colocations increased to 4,362 from 4,290 as of 3/31/2026.
- Tower tenancy rate increased to 0.98 from 0.96 as of 3/31/2026.
- The company continued to monetize wireless spectrum assets through sales that closed in May and June 2026.
- The company cited higher interim site revenue in narrowing the 2026 revenue range.
Concerns
- Beginning in the first quarter of 2026, Array no longer recognizes revenue in connection with DISH.
- DISH Wireless and other DISH entities filed for bankruptcy in June 2026, and Array is monitoring those proceedings.
- Approximately $30 million related to 600 MHz and 700 MHz licenses remained to close, subject to regulatory approval and customary closing conditions.
- TDS delivered a non-binding proposal on May 7, 2026 to acquire Array Common Shares not owned by TDS, and a special committee has been formed to evaluate the proposal.
- Array stated that it cannot provide a reconciliation of its 2026 estimated results to Net income because it does not provide guidance for income taxes.
What to watch
- Closing of the remaining approximately $30 million of 600 MHz and 700 MHz spectrum-license transactions during 2026.
- Tower tenancy and colocation trends following the exclusion of DISH Wireless from the number of colocations and tower tenancy rate as of March 31, 2026.
- Execution against the updated 2026 total operating revenue range of $205-$215.
- Delivery against the increased 2026 Adjusted EBITDA range of $220-$235.
- Developments regarding the Array Proposal from TDS and the special committee review.
- The effect of DISH Wireless bankruptcy proceedings on Array's remaining business.
Balance sheet and cash flow
- Capital expenditures from continuing operations were $ 3,895 (thousands) for the quarter ended 6/30/2026, compared with 8,645 for 3/31/2026.
- Closed on sale of certain 700 MHz wireless spectrum licenses for total proceeds of $74.8 million on May 5, 2026.
- Closed on sale of certain 600 MHz wireless spectrum licenses for total proceeds of $86.4 million on May 12, 2026.
- Closed on sale of certain cellular and other spectrum licenses for total proceeds of $1 billion on June 1, 2026.
Analysis
Array reported total operating revenues from continuing operations of $54.1 million for the second quarter of 2026, compared with $28.5 million in the same period one year ago. Site rental revenues grew 95% year over year. Tower operating indicators also improved sequentially: the number of colocations was 4,362 versus 4,290 as of 3/31/2026, while the tower tenancy rate was 0.98 versus 0.96. Owned towers increased to 4,456 from 4,452 over the same dates.
Net income attributable to Array shareholders from continuing operations was $333.8 million, or $3.86 per diluted share, compared with $14.8 million and $0.17 in the same period one year ago. The period included substantial spectrum monetization activity. Array closed sales of specified 700 MHz licenses for $74.8 million, specified 600 MHz licenses for $86.4 million, and certain cellular and other spectrum licenses for $1 billion. The company also issued a special dividend of $11 per common share.
The full-year outlook reflects a narrowed revenue range and higher profitability expectations. Array narrowed total operating revenue guidance to $205-$215 from $200-$215, citing higher interim site revenue. It increased Adjusted EBITDA guidance to $220-$235 from $200-$215 and increased Adjusted OIBDA guidance to $60-$75 from $50-$65. Capital-expenditure guidance remained $25-$35. For the six months ended June 30, 2026, Array reported Adjusted EBITDA of $119 and Adjusted OIBDA of $33.
The key operating issue is the loss of recognized revenue associated with DISH. Array stopped recognizing DISH revenue beginning in the first quarter of 2026 after DISH asserted that its Master Lease Agreement obligations were excused, and DISH Wireless and other DISH entities filed for bankruptcy in June 2026. Array also has approximately $30 million of additional 600 MHz and 700 MHz license sales pending, subject to regulatory approval and customary closing conditions.
Capital allocation and strategic activity remain central to the investment case described in the release. The company used proceeds from completed spectrum sales to support the special dividend, while maintaining capital-expenditure guidance. Separately, TDS submitted a non-binding proposal to acquire Array Common Shares not owned by TDS, and Array's board formed a special committee to evaluate that proposal. Management's ability to sustain tower-tenancy improvement, complete the remaining spectrum sales, and manage the DISH situation will be the principal reported items to follow through the rest of 2026.
Management, verbatim
Array continues to make nice progress executing across our 2026 priorities.
Anthony Carlson, President and CEO
The organization remains laser-focused on optimizing our tower operations - as evidenced by our sequential tower tenancy growth.
Anthony Carlson, President and CEO
And we continue to monetize our remaining spectrum assets as well as support T-Mobile’s integration.
Anthony Carlson, President and CEO
Not in the filing
stated, not guessed- Gross profit and gross margin
- Operating income
- Operating expenses
- GAAP and non-GAAP effective tax rates
- Non-GAAP earnings per share
- Second-quarter Adjusted EBITDA
- Second-quarter Adjusted OIBDA
- Cash balance
- Debt balance
- Cash flow from operating activities
- Free cash flow
- Segment revenue breakout
- Prior-year comparisons for capital expenditures from continuing operations, owned towers, number of colocations, and tower tenancy rate
- Quarter-over-quarter comparisons for total operating revenues from continuing operations, net income attributable to Array shareholders, and diluted earnings per share
- Full-year 2026 gross margin, operating-expense, and tax-rate guidance
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Array filed an 8-K with its 2Q26 results, an investor teleconference, and updated full-year 2026 guidance, alongside updates on spectrum sales and a non-binding acquisition proposal.
Ticker impact
Array reported 2Q26 results and narrowed 2026 revenue to $205M-$215M while raising Adjusted EBITDA to $220M-$235M.
Likely positive bias if investors view the guidance raise and spectrum sale proceeds as de-risking cash flows, but upside may be capped by pending regulatory approvals and DISH bankruptcy overhang.
The filing contains fresh, company-specific operating results, explicit guidance ranges, and new/ongoing transaction details (T-Mobile spectrum sales, special dividend, DISH revenue stop, and TDS non-binding acquisition proposal).
Market effects
Reinforces the tower and spectrum monetization playbook, potentially supporting sentiment toward wireless infrastructure and spectrum asset holders.
Primarily US-listed telecom infrastructure sentiment; limited direct regional spillover beyond US small/mid-cap trading flows.
Low global macro linkage; more relevant to US telecom capital markets and spectrum transaction expectations.
Counterpoint
The large GAAP net income figure is driven by license sale accounting, so traders may discount it and focus on sustainability of site rental growth and the timing risk of remaining spectrum sales.
Key entities
- public_companyArray Digital Infrastructure, Inc.
Subject of the 8-K, reporting 2Q26 results, updating 2026 guidance, and detailing spectrum monetization and pending transactions.
- counterpartyT-Mobile
Integration support mentioned, and multiple spectrum license sales closed in May 2026 with additional agreements expected to close in 2026.
- potential_acquirerTDS
Delivered a non-binding proposal to acquire remaining Array shares; Array formed a special committee to evaluate.
- counterpartyDISH Wireless
Claimed lease obligations were excused; Array stopped recognizing DISH-related revenue in 1Q26 and is monitoring DISH bankruptcy proceedings.
