Array Digital Infrastructure (AD) Cash Flow: Operating & Free Cash Flow

Array Digital Infrastructure (AD) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Array Digital Infrastructure generated $200.84M of operating cash flow and spent $31.38M on capital expenditures. That left free cash flow of $169.46M, down 80.4% from $864.00M a year earlier, or 104.0% of revenue. It returned $2.01B to shareholders through $1.99B in dividends and $21.36M in share buybacks.

Array Digital Infrastructure Cash Flow Statement Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Array Digital Infrastructure, Inc. (AD) - Annual data in billions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	0.17	-0.03	0.06	0.04	0.16	0.23	0.13	0.15	0.01
Depreciation & Amortization	0.05	0.05	0.05	0.70	0.68	0.68	0.70	0.64	0.62
Deferred Income Tax	-0.04	-0.02	0.03	0.03	0.04	0.00	0.00	0.00	0.00
Stock Based Compensation	0.00	0.00	0.00	0.02	0.03	0.03	0.04	0.04	0.03
Change in Working Capital	-0.20	-0.05	-0.04	-0.11	-0.21	-0.03	-0.18	-0.18	-0.29
Change in Accounts Receivable	-0.01	0.00	0.00	-0.26	-0.14	-0.06	-0.14	-0.19	-0.33
Change in Inventory	0.00	0.02	0.06	-0.09	-0.03	0.02	-0.02	0.00	0.00
Change in Accounts Payable	-0.03	-0.04	-0.02	0.01	-0.10	0.00	0.00	0.00	0.00
Change in Other Working Capital	0.00	0.01	0.00	0.06	0.03	0.02	-0.02	0.02	0.04
Other Operating Activities	0.00	0.13	0.02	0.18	0.03	0.32	0.03	0.06	0.10
Net Cash from Operating Activities	0.20	0.88	0.87	0.83	0.80	1.24	0.72	0.71	0.47
Investing Activities
Capital Expenditures	-0.03	-0.02	-0.04	-0.60	-2.05	-0.99	-0.65	-0.51	-0.47
Acquisitions	0.01	0.00	0.00	0.01	0.00	0.00	0.00	0.00	0.00
Sales/Maturities of Investments	0.01	-0.02	-0.13	-0.59	0.00	0.00	0.00	0.00	0.00
Other Investing Activities	2.46	0.00	0.02	0.01	-1.32	-0.17	-0.21	0.05	-0.22
Net Cash from Investing Activities	2.44	-0.56	-0.72	-1.18	-2.04	-1.16	-0.86	-0.46	-0.68
Financing Activities
Debt Repayment	-0.88	-0.25	-0.45	-0.33	-1.12	1.02	-0.12	-0.02	-0.01
Common Stock Issued	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Common Stock Repurchased	-0.02	-0.07	-0.01	-0.04	-0.03	-0.03	-0.03	0.00	0.00
Dividends Paid	-1.99	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Financing Activities	-0.04	-0.07	-0.07	-0.03	-0.04	-0.06	-0.01	0.01	-0.01
Net Cash from Financing Activities	-2.68	-0.35	-0.27	0.46	0.14	0.93	-0.15	-0.01	-0.02
Summary
Effect of Forex Changes on Cash	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Change in Cash	-0.05	-0.02	-0.13	0.11	-1.09	1.00	-0.29	0.23	-0.23
Cash at Beginning of Period	0.16	0.18	0.31	0.20	1.29	0.29	0.58	0.35	0.59
Cash at End of Period	0.11	0.16	0.18	0.31	0.20	1.29	0.29	0.58	0.35
Free Cash Flow	0.17	0.86	0.83	0.23	-1.24	0.25	0.07	0.20	0.00
Supplemental Disclosures
Interest Paid	-	0.18	0.19	0.15	0.14	0.11	-	-	-
Income Taxes Paid	-	0.04	0.00	-0.12	0.01	-0.04	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Array Digital Infrastructure Cash Flow

What is Array Digital Infrastructure's free cash flow?

Array Digital Infrastructure generated free cash flow of $169.46M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $200.84M minus $31.38M of capital expenditures. That was down 80.4% from $864.00M a year earlier. Free cash flow equaled 104.0% of revenue.

How much does Array Digital Infrastructure spend on capital expenditures?

Array Digital Infrastructure spent $31.38M on capital expenditures in fiscal 2025, compared with $18.47M a year earlier. That equals 15.6% of operating cash flow.

Does Array Digital Infrastructure pay dividends or buy back shares?

Yes. In fiscal 2025 Array Digital Infrastructure returned $1.99B in dividends and $21.36M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition