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Sep 30
U.S. Cellular Q3 2025 Earnings Report
Array reported a strong turnaround in Q3 2025 with significantly increased revenue and a swing to profitability from continuing operations.
Key Takeaways
Array Digital Infrastructure, Inc. posted $47.1 million in revenue and a net income of $108.8 million in Q3 2025, reflecting the impact of its new tower-focused strategy following the divestiture of its wireless operations.
Revenue from continuing operations more than doubled year-over-year to $47.1 million.
Net income attributable to Array shareholders was $108.8 million, reversing a loss from the prior year.
Strong performance driven by the T-Mobile MLA and monetization of spectrum assets.
Adjusted Free Cash Flow reached $45.9 million in the quarter.
U.S. Cellular
U.S. Cellular
U.S. Cellular Revenue by Segment
U.S. Cellular Revenue by Geographic Location
Revenue by Segment
Site Rental Revenue
CapyFin.comServices Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.com Forward Guidance
Array expects continued growth driven by its tower leasing operations, T-Mobile MLA contributions, and spectrum monetization, while managing risks related to regulatory approvals and competitive pressures.
Positive Outlook
- Strong momentum from the T-Mobile MLA initiated August 1, 2025.
- Additional spectrum sales expected to generate $178 million in proceeds.
- Leadership transition to new CEO with telecom industry experience.
- Array now monetized 70% of its spectrum portfolio.
- Company now positioned as a standalone tower operator with stable cash flow.
Challenges Ahead
- Pending regulatory approvals may delay closing of spectrum sales.
- High customer concentration risk due to dependence on a few tenants.
- Uncertainty from government shutdowns could impact deal timing.
- Competitive pressures in the tower industry remain a concern.
- Recent strategic shift may involve execution risks as a newly independent entity.