Array Digital Infrastructure (AD) financial statements
Array Digital Infrastructure reported revenue of $163M in fiscal 2025, down 29.9% a year over 9 years.
Net income was $49M and the operating margin -56.8%, against 1.2% in 2016.
Free cash flow was $174M, and the company returned $21M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Array Digital Infrastructure's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.0B | $3.9B | $4.0B | $4.0B | $4.0B | $4.1B | $4.2B | $100M | $103M | $163M |
| Cost of revenue | $1.1B | $1.1B | — | — | — | — | — | $68M | $73M | $79M |
| Gross profit | $2.9B | $2.8B | — | — | — | — | — | $33M | $30M | $83M |
| Selling, general and admin | $1.5B | $1.4B | $1.4B | $1.4B | $1.4B | $1.3B | $1.4B | $101M | $103M | $84M |
| Operating income | $48M | -$304M | $158M | $112M | $173M | $170M | $69M | -$112M | -$260M | -$93M |
| Interest expense | $113M | $113M | $116M | $110M | $112M | $175M | $163M | $15M | $12M | $28M |
| Pre-tax income | $82M | -$272M | $215M | $185M | $250M | $180M | $72M | $41M | -$100M | $141M |
| Income tax | $33M | -$287M | $51M | $52M | $17M | $20M | $37M | $33M | -$19M | -$31M |
| Net income | $48M | $12M | $150M | $127M | $229M | $155M | $30M | $54M | -$39M | $49M |
| EPS (diluted) | $0.56 | $0.14 | $1.72 | $1.44 | $2.62 | $1.77 | $0.35 | $0.63 | -$0.46 | $0.56 |
| Diluted shares | 85M | 86M | 87M | 88M | 87M | 87M | 86M | 87M | 86M | 87M |
| Gross margin | 72.9% | 72.5% | — | — | — | — | — | 32.4% | 29.1% | 51.2% |
| Operating margin | 1.2% | -7.8% | 4.0% | 2.8% | 4.3% | 4.1% | 1.7% | -111.7% | -252.9% | -56.8% |
| Net margin | 1.2% | 0.3% | 3.8% | 3.2% | 5.7% | 3.8% | 0.7% | 54.2% | -38.3% | 29.9% |
Balance sheet
Fiscal years, from Array Digital Infrastructure's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $586M | $402M | $597M | $285M | $1.3B | $156M | $273M | $150M | $144M | $113M |
| Receivables | $658M | $775M | $908M | $919M | $915M | $976M | $985M | $900M | $905M | — |
| Inventory | $138M | $138M | $142M | $162M | $146M | $173M | $261M | $199M | $179M | — |
| Total current assets | $1.6B | $1.5B | $1.8B | $1.6B | $2.6B | $1.6B | $1.7B | $1.4B | $1.3B | $145M |
| Property, plant and equipment | $2.5B | $2.3B | $2.2B | $2.2B | $2.5B | $2.6B | $2.6B | $2.6B | $384M | $389M |
| Goodwill | $370M | $0 | — | — | — | — | — | — | — | — |
| Total assets | $7.1B | $6.8B | $7.3B | $8.2B | $9.7B | $10.3B | $11.1B | $10.8B | $10.4B | $4.7B |
| Total current liabilities | $718M | $733M | $691M | $750M | $871M | $903M | $1.2B | $901M | $884M | $200M |
| Long-term debt | $1.6B | $1.6B | $1.6B | $1.5B | $2.5B | $2.7B | $3.2B | $3.0B | $1.2B | $670M |
| Total liabilities | $3.5B | $3.2B | $3.2B | $4.0B | $5.3B | $5.8B | $6.5B | $6.1B | $5.9B | $2.1B |
| Shareholders' equity | $3.6B | $3.7B | $4.1B | $4.2B | $4.4B | $4.5B | $4.6B | $4.6B | $4.6B | $2.6B |
| Net debt | $1.0B | $1.3B | $1.0B | $1.2B | $1.2B | $2.6B | $2.9B | $2.9B | $1.1B | $557M |
Cash flow
Fiscal years, from Array Digital Infrastructure's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $501M | $469M | $709M | $724M | $1.2B | $802M | $832M | $867M | $882M | $201M |
| Capital spending | $443M | $465M | $512M | $650M | $989M | $724M | $602M | $41M | $18M | $27M |
| Free cash flow | $58M | $4M | $197M | $74M | $248M | $78M | $230M | $826M | $864M | $174M |
| Stock-based compensation | $26M | $30M | $37M | $41M | $32M | $27M | $24M | $1M | $3M | $2M |
| Share buybacks (net) | -$5M | $0 | $0 | -$21M | -$23M | -$31M | -$43M | $0 | -$54M | -$21M |
| Net borrowing | -$11M | -$14M | -$19M | -$116M | $1.0B | $224M | $471M | -$138M | -$208M | -$550M |
| Free cash flow margin | 1.5% | 0.1% | 5.0% | 1.8% | 6.1% | 1.9% | 5.5% | 822.4% | 839.4% | 106.6% |
Questions
What was Array Digital Infrastructure's revenue in 2025?
$163M in fiscal 2025, from its 10-K filing.
How much free cash flow does Array Digital Infrastructure generate?
$174M in fiscal 2025 (operating cash flow minus capital spending).
From Array Digital Infrastructure's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.