ARRAY DIGITAL INFRASTRUCTURE, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ARRAY DIGITAL INFRASTRUCTURE, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,990	3,890	3,967	4,022	4,037	4,122	4,169	3,805	3,667	163
Cost of revenue	1,081	1,071						67.9	73	79.5
Gross profit	2,909	2,819						3,737	3,594	83.5
Selling, general and administrative	1,480	1,412	1,388	1,406	1,368	1,345	1,408	101	103	84.4
Operating expenses	3,942	4,194	3,809	3,910	3,864	3,952	4,100	213	363	255
Operating income	48	-304	158	112	173	170	69	-112	-260	-92.5
Interest expense	113	113	116	110	112	175	163	14.6	12.4	28.2
Interest income	6	8	15	17	8	6	8	9.77	11.7	18.9
Other non-operating income	34	32	57	73	77	10	3	153	161	234
Pre-tax income	82	-272	215	185	250	180	72	41.2	-99.7	141
Income tax	33	-287	51	52	17	20	37	32.9	-19.3	-31.1
Income from continuing operations								7.07	-85.9	170
Net income to minority interests	1	3	14	6	4	5	5	3.46	7.83	20.4
Net income	48	12	150	127	229	155	30	54.5	-39.4	48.8
EBITDA	655	300	785	801	842	832	751	-70.5	-222	-53.4
EPS, basic	0.56	0.14	1.75	1.47	2.66	1.80	0.35	0.64	-0.46	0.57
EPS, diluted	0.56	0.14	1.72	1.44	2.62	1.77	0.35	0.63	-0.46	0.56
Shares, basic (weighted)	85	85	86	86	86	86	85	85.2	85.6	85.9
Shares, diluted (weighted)	85	86	87	88	87	87	86	86.7	85.6	87.3
Dividend per share										23.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	586	352	580	285	1,271	156	273	150	144	113
Short-term investments	0	50	17	0	3	0
Receivables	658	775	908	919	915	976	985	900	905
Inventory	138	138	142	162	146	173	261	199	179
Other current assets	23	21	19	20	29	49	45	36	18.3	6.52
Total current assets	1,558	1,483	1,812	1,573	2,623	1,605	1,723	1,400	1,345	145
Property, plant and equipment	2,470	2,320	2,202	2,207	2,466	2,606	2,624	2,576	384	389
Lease right-of-use assets			0	900	924	959	918	915	465	473
Goodwill	370	0
Other non-current assets	405	390	579	566	602	626	686	690	20.3	24.8
Total assets	7,110	6,841	7,274	8,164	9,681	10,341	11,119	10,750	10,449	4,678
Accounts payable	309	302	304	296	377	346	344	241	26.7	27.9
Accrued liabilities	73	74	78	76	82	83	84	83	89.5	4.32
Deferred revenue		185	157	148	151	191	239	229	1.72	85.9
Short-term debt	11	18	19	8	2	3	13	20	22	4.06
Total current liabilities	718	733	691	750	871	903	1,195	901	884	200
Long-term debt	1,618	1,622	1,605	1,502	2,489	2,728	3,187	3,044	1,202	670
Lease liabilities			0	865	875	889	843	831	496	510
Other non-current liabilities	302	337	389	319	376	573	604	565	221	336
Total liabilities	3,465	3,154	3,207	3,954	5,255	5,778	6,549	6,108	5,857	2,104
Total debt	1,629	1,640	1,624	1,510	2,491	2,731	3,200	3,064	1,224	674
Paid-in capital	1,522	1,552	1,590	1,629	1,651	1,678	1,703	1,726	1,782	1,795
Retained earnings	2,160	2,157	2,444	2,550	2,739	2,849	2,861	2,892	2,818	770
Treasury stock	-136	-120	-65	-70	-67	-68	-98	-80	-112	-85.6
Shareholders' equity	3,634	3,677	4,057	4,197	4,411	4,547	4,554	4,626	4,577	2,568
Minority interests	11	10	10	13	15	16	16	16	14.9	6.93
Total equity	3,645	3,687	4,067	4,210	4,426	4,563	4,570	4,642	4,592	2,575
Total liabilities and equity	7,110	6,841	7,274	8,164	9,681	10,341	11,119	10,750	10,449	4,678
Shares outstanding	85	85	86	86	86	86	85	85	85.1	86.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	49	15	164	133	233	160	35	57.9	-31.6	69.2
Depreciation and amortization	607	604	627	689	669	662	682	41.7	38.8	39.1
Stock-based compensation	26	30	37	41	32	27	24	1.15	2.73	1.82
Deferred income tax	6	-365	-3	-4	130	41	33	32.5	-16.7	-37.7
Change in receivables	-23	-68	-39	-46	-8	-27	-59	-1.53	4.86	-6.63
Change in inventory	8	0	-4	-20	16	-27	-88	62	21
Cash from operations	501	469	709	724	1,237	802	832	867	882	201
Capital expenditures	-443	-465	-512	-650	-989	-724	-602	-40.6	-18.5	-27.2
Purchases of investments	0	-50	-17	-11	-3	0
Cash from investing	-618	-683	-464	-864	-1,163	-2,036	-1,179	-721	-556	2,438
Debt issued			0	0	1,125	1,342	800	315	40	325
Debt repaid	-11	-14	-19	-116	-108	-1,118	-329	-453	-248	-875
Stock issued	12	5	29	1	0	0	0	0.12	1.85	0.73
Share buybacks	-5	0	0	-21	-23	-31	-43	0	-54.1	-21.4
Dividends paid								0	0	1,987
Cash from financing	-12	-20	-14	-152	926	142	456	-274	-347	-2,684
Net change in cash	-129	-234	231	-292	1,000	-1,092	109	-128	-20.8	-45.7
Free cash flow	58	4	197	74	248	78	230	826	864	174
Interest paid	113	111	113	107	105	143	154	15.6	13.5	26.8
Income taxes paid	-11	55	90	78	-38	6	-116	3.27	36.3	252

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $34.49 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	16.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	42.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	15.9%	Net income / average total assets.
Return on invested capital (ROIC)	28.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-95.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-66.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-47.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-97.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	17.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-26.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	17.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-26.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-77.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-37.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-30.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-79.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-8.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-6.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-43.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-17.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-10.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-55.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-25.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-13.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.95x	Current assets / current liabilities.
Quick ratio	0.90x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.90x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.53x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	20.0%	Total debt / total assets.
Liabilities / assets	62.3%	Total liabilities / total assets.
Net debt	$258.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.46x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	13.3x	Operating income / interest expense.
Working capital	-$22.9M	Current assets - current liabilities.
Tangible book value	$1.27B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	-0.44x	Revenue / average total assets.
Fixed asset turnover	-3.96x	Revenue / average property, plant and equipment.
Days payables	150 days	365 x average accounts payable / cost of revenue.
FCF conversion	-63.1%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$6.19	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	-$17.14	Revenue / diluted weighted shares.
FCF per share	-$3.91	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$3.50	Cash from operations / diluted weighted shares.
Book value per share	$14.63	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$14.63	Tangible book value / shares outstanding.
Cash per share	$4.82	(Cash + short-term investments) / shares outstanding.
Payout ratio	28.0%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.98B	Share price x shares outstanding.
Enterprise value	$3.24B	Market cap + total debt - cash - short-term investments.
P/E	5.57x	Market cap / net income. Only when net income is positive.
P/B	2.36x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.36x	Market cap / tangible book value, when positive.
EV/EBIT	6.29x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.72x	Enterprise value / EBITDA, when both are positive.
FCF yield	-11.3%	Free cash flow / market cap.
Earnings yield	17.9%	Net income / market cap (the inverse of P/E).
Dividend yield	5.0%	Dividends paid over the period / market cap.
Shareholder yield	5.0%	(Dividends paid + share buybacks) / market cap.
PEG	0.33x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was ARRAY DIGITAL INFRASTRUCTURE, INC.'s revenue in fiscal 2025?

ARRAY DIGITAL INFRASTRUCTURE, INC. reported revenue of $163.0M for fiscal 2025, 95.6% lower than the year before.

Was ARRAY DIGITAL INFRASTRUCTURE, INC. profitable in fiscal 2025?

Yes. Net income was $48.8M, a net margin of 29.9%.

How much free cash flow did ARRAY DIGITAL INFRASTRUCTURE, INC. generate in fiscal 2025?

Cash from operations of $200.8M minus capital expenditures of $27.2M left free cash flow of $173.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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