Key Development
The reporting period was characterized by the execution of a multi-stage asset monetization strategy. Following the August 2025 sale of wireless operations to T-Mobile, Array issued a $23 per share special dividend. On January 13, 2026, the company closed the sale of 3.45GHz and 700MHz spectrum licenses to AT&T, which funded an additional $10.25 per share special dividend paid on February 2, 2026. Array has further agreements in place to sell additional spectrum assets to T-Mobile for approximately $178 million and a separate agreement with Verizon expected to close in the second or third quarter of 2026.
Financial Performance
Total operating revenues from continuing operations reached $163.0 million for the full year 2025, representing a 58% increase over the $102.9 million reported in 2024. This growth was primarily driven by site rental revenues, which rose 51% year-over-year to $154.7 million. Operating expenses for the full year decreased by 30% to $255.5 million, aided by an 18% reduction in selling, general, and administrative costs and lower license impairment charges. The company reported a full-year Adjusted EBITDA of $194.3 million and an Adjusted OIBDA of $1.5 million, the latter improving from a loss of $51.1 million in 2024.
Business Outlook and Strategy
Management issued full-year 2026 guidance projecting total operating revenues between $200 million and $215 million. Adjusted OIBDA is expected to rise significantly to a range of $50 million to $65 million, while capital expenditures are forecasted at $25 million to $35 million. The company’s operational priorities for 2026 include the integration of the T-Mobile Master Lease Agreement (MLA), increasing tower tenancy, and the continued monetization of remaining spectrum assets. As of December 31, 2025, Array owned 4,450 towers with a tenancy rate of 1.03, excluding interim T-Mobile sites.
Sector and Macro Context
As a provider of shared wireless communications infrastructure, Array’s performance is closely linked to the deployment of 5G technology by major U.S. carriers. The company’s transition to a standalone tower model places it within a competitive industry reliant on long-term lease contracts with a small number of large tenants. Array remains a majority-owned subsidiary of Telephone and Data Systems, Inc., which held an 82% stake as of year-end 2025. Future results remain subject to regulatory approvals for pending spectrum transactions and broader macroeconomic conditions affecting the telecommunications sector.