Array Keeps 2026 Outlook After TDS Drops Take-Private Bid

The Tip Desk · November 6, 2026 · 2 min read

Third-quarter continuing-operations revenue was $53.9 million, up 14% from a year earlier, as the tower operator left its full-year ranges unchanged.

Array Digital Infrastructure, Inc. (AD) reported third-quarter continuing-operations revenue of $53.9 million, up 14% from $47.1 million a year earlier, and left its 2026 outlook unchanged.

The tower company, which completed its first year as a standalone operator after selling its wireless operations to T-Mobile in August 2025, said site rental revenue was $52.5 million, up 14% from $45.8 million a year earlier. Services revenue was $1.4 million.

Net income attributable to Array shareholders from continuing operations was $69.6 million, or $0.81 a share, compared with $108.8 million, or $1.25 a share, a year earlier. Operating income from continuing operations was a $2.3 million loss, versus a $53.3 million loss a year earlier.

Adjusted EBITDA from continuing operations was $63.7 million, versus $85.1 million a year earlier. Adjusted OIBDA was $18.3 million, versus $6.1 million a year earlier. Equity in earnings of unconsolidated entities was $41.0 million, down 41% from $69.8 million a year earlier. Short-term imputed spectrum lease income was $7.7 million, down 75% from $30.4 million a year earlier.

President and CEO Anthony Carlson said the company continues to make progress against its 2026 priorities and remains focused on maximizing the value of the tower portfolio through tenant growth and operational efficiency.

Colocations excluding DISH Wireless were 4,372 as of September 30, 2026, versus 4,517 including DISH Wireless a year earlier. The tower tenancy rate was 0.98, versus 0.94 a year earlier, excluding DISH Wireless in both periods. Owned towers were 4,455. Capital expenditures from continuing operations were $3.9 million, versus $7.9 million a year earlier.

Array reaffirmed its 2026 estimates: total operating revenues of $205 million to $215 million, Adjusted OIBDA of $60 million to $75 million, Adjusted EBITDA of $220 million to $235 million, and capital expenditures of $25 million to $35 million. Those ranges were unchanged from the prior guide.

On September 1, 2026, TDS announced that it is no longer pursuing its May 7, 2026 non-binding proposal to acquire the remaining Array common shares not already owned by TDS. As of September 30, 2026, Telephone and Data Systems owned approximately 81.9% of Array.

Subsequent to the quarter, remaining pending T-Mobile spectrum sales of approximately $30 million related to 600 MHz and 700 MHz licenses received regulatory approval on October 7, 2026. Closings remain subject to FCC finality and other customary closing conditions and are expected in 2026.

Array owns 4,455 towers in 19 states, leases tower space to tenants, holds noncontrolling interests in primarily wireless operating companies, and holds certain wireless spectrum licenses.