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Telecom services · Communication Services · Fiscal year ends Dec 31
Array Digital Infrastructure reported revenue of $163M in the fiscal year ended Dec 2025, down 95.6% from the year before. Operating income was −$93M, an operating margin of −56.8%, and net income was $49M. Operating cash flow of $201M less capital expenditure of $27M left free cash flow of $174M. Net debt was $557M.
Ranks among the 31 telecom services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 4,039 | 4,076 | 3,805 | 3,667 | 163 |
| Cost of revenue | – | – | 67.9 | 73.0 | 79.5 |
| Gross profit | – | – | 3,737 | 3,594 | 83.5 |
| Selling, general & admin | 1,345 | 1,408 | 101 | 103 | 84.4 |
| Operating income | 170 | 69.0 | −112 | −260 | −92.5 |
| Interest expense | 175 | 163 | 14.6 | 12.4 | 28.2 |
| Pre-tax income | 180 | 72.0 | 41.2 | −99.7 | 141 |
| Income tax | 20.0 | 37.0 | 32.9 | −19.3 | −31.1 |
| Net income | 155 | 30.0 | 54.5 | −39.4 | 48.8 |
| Diluted EPS | 1.77 | 0.35 | 0.63 | −0.46 | 0.56 |
| Diluted shares | 87.0 | 86.0 | 86.7 | 85.6 | 87.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 156 | 273 | 150 | 144 | 113 |
| Receivables | 976 | 985 | 900 | 905 | – |
| Inventory | 173 | 261 | 199 | 179 | – |
| Current assets | 1,605 | 1,723 | 1,400 | 1,345 | 145 |
| Net PP&E | 2,606 | 2,624 | 2,576 | 384 | 389 |
| Total assets | 10,341 | 11,119 | 10,750 | 10,449 | 4,678 |
| Payables | 346 | 344 | 241 | 26.7 | 27.9 |
| Deferred revenue | 191 | 239 | 229 | 1.7 | 85.9 |
| Current liabilities | 903 | 1,195 | 901 | 884 | 200 |
| Long-term debt | 2,728 | 3,187 | 3,044 | 1,202 | 670 |
| Total liabilities | 5,778 | 6,549 | 6,108 | 5,857 | 2,104 |
| Shareholders' equity | 4,547 | 4,554 | 4,626 | 4,577 | 2,568 |
| Backlog (remaining obligations) | 445 | 442 | 391 | 387 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 802 | 832 | 867 | 882 | 201 |
| Capital expenditure | 724 | 602 | 40.6 | 18.5 | 27.2 |
| Free cash flow | 78.0 | 230 | 826 | 864 | 174 |
| Depreciation & amortisation | 662 | 682 | 41.7 | 38.8 | 39.1 |
| Stock-based compensation | 27.0 | 24.0 | 1.1 | 2.7 | 1.8 |
| Share buybacks | 31.0 | 43.0 | 0.0 | 54.1 | 21.4 |
| Dividend per share | – | – | – | – | 23.00 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 0.9% | −6.6% | −3.6% | −95.6% |
| Operating income growth (YoY) | – | −59.4% | −262.6% | – | – |
| EPS growth (YoY) | – | −80.2% | 80.0% | −173.0% | – |
| Gross margin | – | – | 98.2% | 98.0% | 51.2% |
| Operating margin | 4.2% | 1.7% | −2.9% | −7.1% | −56.8% |
| Net margin | 3.8% | 0.7% | 1.4% | −1.1% | 29.9% |
| Return on equityBlank when equity is negative | 3.4% | 0.7% | 1.2% | −0.9% | 1.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 1.8% | 0.7% | −1.1% | −2.7% | −2.1% |
| Free cash flow margin | 1.9% | 5.6% | 21.7% | 23.6% | 106.6% |
| Cash conversion (CFO ÷ net income) | 5.17x | 27.7x | 15.9x | −22.4x | 4.12x |
| Receivable days | 88 | 88 | 86 | 90 | – |
| Inventory days | – | – | 1070 | 895 | – |
| Payable days | – | – | 1296 | 134 | 128 |
| Interest cover | 0.97x | 0.42x | −7.68x | −21.0x | −3.28x |
| Debt ÷ equity | 0.60x | 0.70x | 0.66x | 0.26x | 0.26x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,572 | 2,914 | 2,894 | 1,058 | 557 |
| Current ratio | 1.78x | 1.44x | 1.55x | 1.52x | 0.72x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.