The raised Adjusted EBITDA guidance and strong site rental growth signal improving tower operations, while the pending TDS takeover proposal introduces significant uncertainty. Monitor the special committee's evaluation of the TDS offer and updates on remaining spectrum monetization (~$30M in 600/700 MHz licenses). The DISH bankruptcy and discontinued revenue recognition modestly overhang tower tenancy.
Price Chart
Executive Summary
Array Digital Infrastructure reported Q2 2026 results with site rental revenue growing 95% YoY, and updated full-year guidance by narrowing revenue range to $205M-$215M and increasing Adjusted EBITDA guidance to $220M-$235M. The company also completed significant spectrum sales for total proceeds of approximately $1.16 billion during the quarter and issued an $11 per share special dividend on June 25, 2026.
Key Financial Metrics
Key Facts
- Total operating revenues from continuing operations of $54.1 million for Q2 2026, up 90% from $28.5 million in Q2 2025
- Site rental revenues grew 95% year-over-year to $53.2 million
- Diluted EPS from continuing operations of $3.86 vs $0.17 in prior year period
- Full-year 2026 revenue guidance narrowed to $205M-$215M from $200M-$215M
- Full-year 2026 Adjusted EBITDA guidance increased to $220M-$235M from $200M-$215M
- Closed on $1 billion spectrum license sale on June 1, 2026
- Issued special dividend of $11 per common share on June 25, 2026
- TDS non-binding proposal to acquire outstanding shares not owned by TDS (81.9%) announced May 7, 2026
- DISH Wireless filed for bankruptcy in June 2026; Array no longer recognizes revenue from DISH
- Tower tenancy rate improved sequentially to 0.98 from 0.96 in Q1 2026
Financial Impact
Revenue $54.1M, EPS $3.86 (GAAP); core operating metrics show strong tower revenue growth but GAAP earnings skewed by $409.8M gain on license sales
Risk Factors
- TDS acquisition proposal may not be consummated or may be at unfavorable terms
- DISH Wireless bankruptcy could result in further financial exposure from Master Lease Agreement
- Remaining spectrum transactions subject to regulatory approvals and closing conditions
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000821130-26-000045 |
| Document: ad-20260807.htm | 0000821130-26-000045 |
| Document: 0000821130-26-000045-index-headers.html | 0000821130-26-000045 |
| Document: 0000821130-26-000045-index.html | 0000821130-26-000045 |
| Document: 0000821130-26-000045.txt | 0000821130-26-000045 |
| 8-K Data (Synthetic) | 0000821130-26-000045 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 16, 2026 6w ago | Institutional Cluster | $35.36 $38.03 | ▲ +7.55% | ▲ +9.53% | $34.35 (−2.86%) |
Aug 7, 2026 8w ago | 8-K | $35.24 $38.50 | ▲ +9.25% | ▲ +9.65% | $34.35 (−2.53%) |
US Market Status
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