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Array Digital Infrastructure (AD) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Array Digital Infrastructure (AD) Q3 2026 earnings results →
Q3 2026 Revenue up 14% year over year to $53.9M · 128¢ of every $1 of revenue kept as net profit · operating margin -4.3%
Array Digital Infrastructure made $53.9M in Q3 2026 (+14% Y/Y): Equipment sales $52.5M, Services $1.4M. Operating margin -4.3%, net earnings $69.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
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What changed this quarter
Revenue was $53.9M in Q3 2026, up 14% year over year and roughly flat from the previous quarter. Equipment sales was the largest line at 97% of revenue. Equipment sales added $6.6M year over year (up 14%), 98% of the total change.
Operating costs exceeded revenue by $2.3M, an operating margin of -4.3%. Total costs fell 44% while revenue rose 14%. The fastest-growing cost line was Cost of revenue (+11%). Net earnings were $68.8M. The effective tax rate was -77.1%. Non-operating items added $41.4M, 106% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$175.6M. Non-cash charges added back $13.4M of depreciation and amortization and $339K of share-based compensation. Working capital and other items used $258.5M. Capital expenditures of $1.4M exceeded it, leaving free cash flow of −$177.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $53.9M | +14% | -4.3% | $69.2M | −$176M |
| Q2 2026 | 10-Q | Aug 7, 2026 | $54.1M | +90% | 738.4% | $359M | −$42.8M |
| Q1 2026 | 10-Q | May 8, 2026 | $52.0M | +93% | 309.1% | $178M | $23.8M |
| Q4 2025 | 10-K | Feb 20, 2026 | $60.3M | +131% | 14.3% | $37.5M | −$202M |
| Q3 2025 | 10-Q | Nov 7, 2025 | $47.1M | +83% | -113.1% | −$20.6M | −$81.7M |
| Q2 2025 | 10-Q | Aug 11, 2025 | $916M | -1% | 3.8% | $31.5M | $325M |
| Q1 2025 | 10-Q | May 2, 2025 | $891M | -6% | 4.6% | $18.2M | $159M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Array Digital Infrastructure
On August 1, 2025, United States Cellular Corporation changed its name to Array Digital Infrastructure, Inc. (Array). Array is used throughout this report even when referring to historical periods. On August 12, 2025, the Array Common Shares ticker symbol on the New York Stock Exchange changed to "AD". Array connects America through digital infrastructure by leasing tower space to tenants and providing ancillary services. As of December 31, 2025 , Array owns 4,450 towers in 19 states. Array also holds noncontrolling interests in primarily wireless operating companies and holds certain wireless spectrum licenses. As of December 31, 2025, Array is an 82.0%-owned subsidiary of Telephone and Data Systems, Inc. (TDS).
In its own words, from its 10-K, filed Feb 20, 2026.
Array Digital Infrastructure against its Radiotelephone Communications peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +14% against the peers' median +7%. Operating margin: -4.3% against the peers' median 6.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| AD Array Digital Infrastructure | Q3 2026 | $53.9M | +14% | -4.3% |
| TMUS T-Mobile US | Q3 2026 | $23.6B | +7% | 24.0% |
| SPOK Spok Holdings | Q3 2026 | $33.0M | -3% | 17.1% |
| CLRI Cleartronic | Q3 FY26 | $1.2M | +14% | 6.1% |
| SIDU Sidus Space | Q2 2026 | $583K | -54% | -976.2% |
Source: Array Digital Infrastructure 10-Q on SEC EDGAR · CIK 821130 · Radiotelephone Communications
13F: who owns AD and who is buying
More on AD
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Array Digital Infrastructure operating margin by quarter
- Array Digital Infrastructure net income by quarter
- Array Digital Infrastructure free cash flow by quarter
- Array Digital Infrastructure capital expenditures by quarter
- Array Digital Infrastructure Equipment sales revenue by quarter
- Array Digital Infrastructure Services revenue by quarter