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Array Digital Infrastructure cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$177M in Q3 2026 · −$426M over twelve months

Operating cash flow−$176M
Capital spending−$1.4M
Free cash flow−$177M
Cash / net income-2.5×

Analysis

In Q3 2026, Array Digital Infrastructure generated −$176M of operating cash flow and spent $1.4M on capital projects, leaving free cash flow of −$177M. That is $88.1M less than in Q3 2025 (−$88.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$397M; the largest uses were other financing ($4.0B), operating cash flow ($397M), capital spending ($29.6M); besides operations, cash came from other investing ($2.2B), dividends ($2.1B); the cash balance fell by $92.1M.

Operating cash flow was −$176M against net income of $69.2M — -2.5× profit, less cash than reported earnings, worth checking against working capital. The largest differences: income taxes payable −$231M, depreciation & amortization +$13.4M, payables −$7.1M.

Free cash flow

Array Digital Infrastructure: free cash flow by quarterArray Digital Infrastructure: free cash flow by quarter$116MQ4 2024$152MQ1 2025$321MQ2 2025−$88.8MQ3 2025−$211MQ4 2025$10.0MQ1 2026−$48.6MQ2 2026−$177MQ3 2026
Operating cash flow less capital spending.
Array Digital Infrastructure: operating cash flow against capital spendingArray Digital Infrastructure: operating cash flow against capital spendingOperating cash flowCapital spending$121M$5.1MQ4 2024$159M$7.5MQ1 2025$325M$4.0MQ2 2025−$81.7M$7.1MQ3 2025−$202M$8.6MQ4 2025$23.8M$13.8MQ1 2026−$42.8M$5.8MQ2 2026−$176M$1.4MQ3 2026
Latest (Q3 2026): Operating cash flow −$176M, Capital spending $1.4M.

Capital allocation, year by year

Array Digital Infrastructure: where the cash came from (up) and went (down), by fiscal yearArray Digital Infrastructure: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $802MFY2021: Net borrowing $224MFY2021: Asset sales $3.0MFY2021: Capital spending −$724MFY2021: Buybacks −$31.0M$1.0BFY2021FY2022: Operating cash flow $832MFY2022: Net borrowing $531MFY2022: Asset sales $8.0MFY2022: Capital spending −$602MFY2022: Buybacks −$43.0M$1.4BFY2022FY2023: Operating cash flow $867MFY2023: Net borrowing −$198MFY2023: Shares issued $119KFY2023: Asset sales $1.0MFY2023: Capital spending −$40.6M$868MFY2023FY2024: Operating cash flow $882MFY2024: Net borrowing −$208MFY2024: Shares issued $1.8MFY2024: Capital spending −$18.5MFY2024: Buybacks −$54.1M$884MFY2024FY2025: Operating cash flow $201MFY2025: Net borrowing −$550MFY2025: Shares issued $730KFY2025: Asset sales $5.4MFY2025: Capital spending −$27.2MFY2025: Buybacks −$21.4MFY2025: Dividends $2.0B$2.2BFY2025
Over these 5 years operating cash flow totalled $3.6B; the largest uses were capital spending ($1.4B) and net borrowing ($956M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$234M
Debt$673M
Net debt$440M
Due within a year$4.1M
Cash runway7 months

Array Digital Infrastructure is burning cash: its operations consume cash, a free cash flow of −$426M a year at the current rate against $234M of cash and investments: a runway of about 7 months; $4.1M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Array Digital Infrastructure: debt maturities by year (FY2025)Array Digital Infrastructure: debt maturities by year (FY2025)$4.1MYear 1$8.1MYear 2$8.1MYear 3$12.2MYear 4$292MYear 5
Principal due in each year as disclosed in the annual report, against $234M of cash and investments now.

Where the cash came from and went

Array Digital Infrastructure: sources (+) and uses (−) of cash, Q3 2026Array Digital Infrastructure: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$183MOperating cash flow−$176MPartners−$3.9MNet borrowing (+) / repaid (−)−$2.0MCapital spending−$1.4M
Array Digital Infrastructure: sources (+) and uses (−) of cash, TTM to Q3 2026Array Digital Infrastructure: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing−$4.0BOther investing$2.2BDividends$2.1BOperating cash flow−$397MCash drawn (+) / kept (−)$92.1MCapital spending−$29.6MPartners−$9.4MTaxes on employees’ shares−$2.7MNet borrowing (+) / repaid (−)−$2.0M

From profit to cash

Array Digital Infrastructure: net income to operating cash flow, Q3 2026Array Digital Infrastructure: net income to operating cash flow, Q3 2026Net income$69.2MDepreciation & amortization$13.4MStock-based pay$339KDeferred taxes$3.1MGains on disposals$1.2MReceivables$4.3MPayables−$7.1MIncome taxes payable−$231MOther operating capital−$5.3MOperating cash flow−$176M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202527507139432520
Q1 202529489866213314
Q4 202431327756673239

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026−$176M−$1.4M——−$2.0M$183M−$177M
Q2 2026−$42.8M−$5.8M—−$951M—−$163M−$48.6M
Q1 2026$23.8M−$13.8M—−$885M—−$140M$10.0M
Q4 2025−$202M−$8.6M—$4.0B—$212M−$211M
Q3 2025−$81.7M−$7.1M—−$2.0B−$538M$75.3M−$88.8M
Q2 2025$325M−$4.0M——−$7.0M−$200M$321M
Q1 2025$159M−$7.5M−$21.4M—−$5.0M−$41.4M$152M
Q4 2024$121M−$5.1M−$28.5M—−$45.0M$129M$116M

Array Digital Infrastructure: income statement and cash flow

Array Digital Infrastructure, Q3 2026: revenue $53.9M (+14% year over year), operating margin -4.3%. The chart follows the revenue to costs, profit and cash.

Array Digital Infrastructure: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.