Array's $6.5B Overhaul: Sheds Assets for Focused 5G Tower Growth

CHICAGO, IL – February 20, 2026 – Array Digital Infrastructure, Inc. (NYSE:AD) today solidified its dramatic pivot from a diversified wireless carrier to a streamlined tower powerhouse, reporting blockbuster full-year 2025 results that showcased the early success of its high-stakes transformation. After a year spent divesting major assets, the company posted a remarkable turnaround in profitability and issued a bullish forecast for 2026, signaling strong momentum in its new, leaner form.

For the full year 2025, Array reported net income attributable to shareholders of $169.7 million, or $1.94 per diluted share, a stark reversal from the $85.9 million loss, or $(1.00) per share, recorded in 2024. The strong performance was capped by a robust fourth quarter, with total operating revenues from continuing operations more than doubling to $60.3 million compared to $26.1 million in the same period last year. This surge reflects the company's successful shift to a pure-play digital infrastructure model.

"After a transformative 2025, Array enters 2026 with strong momentum," said Anthony Carlson, President and CEO, in a statement. "The organization remains laser-focused on a smooth T-Mobile MLA integration and increasing tower tenancy. Further, we continue to make progress on monetizing our spectrum."

The Billion-Dollar Divestiture and Dividend Strategy

The financial turnaround is the direct result of a deliberate and aggressive strategy to unlock value by shedding its legacy wireless operations and monetizing its vast spectrum portfolio. This strategic overhaul, totaling nearly $6.5 billion in completed and pending deals, has fundamentally reshaped the company and delivered massive returns to its investors.

The cornerstone of this transformation was the August 2025 closing of the sale of its wireless operations and select spectrum assets to T-Mobile. The landmark deal, valued at $4.3 billion including assumed debt, immediately streamlined Array's business. This was followed by the January 2026 sale of 3.45GHz and 700MHz spectrum licenses to AT&T for approximately $1.02 billion.

Array has proven adept at turning these asset sales into direct shareholder value. Following the T-Mobile transaction, the company issued a substantial $23 per share special dividend. The AT&T deal prompted another significant payout, with a $10.25 special dividend paid to shareholders on February 2, 2026. Combined, these two dividends returned an estimated $2.7 billion in capital, rewarding investors who have supported the company through its complex transition.

The monetization strategy is not yet complete. The company has additional agreements with T-Mobile for spectrum licenses valued at an expected $178 million. Furthermore, a major transaction with Verizon to sell certain AWS, Cellular, and PCS wireless spectrum licenses is pending regulatory approval and is expected to close in the second or third quarter of 2026. While the exact value remains subject to closing, it represents another significant step in Array's plan to convert its spectrum holdings into capital.

Cashing In on the 5G Boom

With its balance sheet fortified and its business model simplified, Array is now squarely focused on its core mission: owning and operating the critical tower infrastructure that underpins America's 5G network. The company's results show this strategy is already bearing fruit, with demand for its tower space surging.

For the full year 2025, site rental revenues from its continuing operations—the lifeblood of a tower company—skyrocketed by 51% compared to the prior year. This growth is being driven by intense demand from wireless carriers expanding and densifying their networks. Underscoring this trend, Array reported that co-location applications from third parties, a key indicator of future growth, jumped by an impressive 47% in 2025.

This operational success is directly tied to the nationwide 5G rollout. As carriers deploy next-generation technology, they require more access points on towers to ensure broad coverage and high speeds, driving up the value of Array's portfolio of 4,450 towers across 19 states. The company is no longer a direct competitor to the carriers it now serves; instead, it has become an essential partner, providing the foundational real estate for the digital age.

Looking ahead, CEO Anthony Carlson reiterated this focus. "As I look forward, our priorities remain the same – support the T-Mobile integration, grow colocation revenue, optimize our ground leases, and monetize our remaining spectrum," he stated, outlining a clear path for continued operational growth.

A New Player in the Tower Arena

Array's transformation has effectively launched a new, formidable competitor into the U.S. tower market, a sector dominated by giants like American Tower and Crown Castle. By spinning off its tower assets into a focused entity, the company is following a well-established industry trend where Mobile Network Operators (MNOs) divest infrastructure to unlock capital and improve efficiency.

The market has responded favorably to this strategic clarity. Following the earnings announcement, Array's stock saw a pre-market surge of over 5%, indicating strong investor confidence in the new business model and its growth prospects. The company's 2026 guidance further fueled this optimism, projecting total operating revenues and Adjusted EBITDA in the range of $200 million to $215 million.

This forecast, which represents significant growth over 2025's revenue of $163 million from continuing operations, demonstrates management's belief in the continued strength of the tower leasing market. The company is well-positioned to capture additional revenue as it increases its tower tenancy rate, which stood at a relatively low 1.03 at the end of 2025, leaving substantial room for growth on its existing assets.

While the path forward appears bright, the company still faces the task of securing regulatory approval for its pending Verizon spectrum sale. However, the successful navigation of FCC and DOJ reviews for its previous, larger transactions provides a positive precedent. As Array Digital moves forward, its performance will be a closely watched indicator of whether this bold strategy of divestment and focus can build a new leader in America's competitive digital infrastructure landscape.