Array Digital Infrastructure, Inc. (AD) Balance Sheet

NYSE: ADAssets, liabilities, debt and equity over 10 years.

AD balance sheet, 2025

December 31, 2025 · U.S. dollars

$4.94B assets = $2.37B liabilities + $2.57B equity

Both columns are drawn to the same scale: what AD owns equals what it owes plus shareholders’ equity. Hover a block for its value.

AD financial health

Current ratio0.72

Tight · current assets cover current liabilities 0.72×

Debt / equity0.67

Moderate leverage · $0.67 of debt for each $1 of equity

Equity / assets51.9%

Equity-funded · of assets funded by shareholders

Cash / debt6.6%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles33.2%

Acquisition-heavy · of total assets

Descriptive bands, not a rating. Fiscal 2025.

AD balance sheet trends, 2016–2025

Array Digital Infrastructure, Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$7.11B2016	$4.94B2025	−4.0%/yr
Total liabilities	$3.46B2016	$2.37B2025	−4.1%/yr
Shareholders’ equity	$3.63B2016	$2.57B2025	−3.8%/yr
Cash & short-term investments	$586.0M2016	$113.4M2025	−16.7%/yr
Total debt	$1.63B2016	$1.71B2025	+0.5%/yr
Net cash (debt)	−$1.04B2016	−$1.60B2025	−$553.0M
Working capital	$848.0M2016	−$55.2M2025	−$903.2M
Book value per share	$42.752016	$29.412025	−4.1%/yr
Current ratio	2.182016	0.722025	−1.46
Debt / equity	0.452016	0.672025	+0.22
Shares outstanding	85.0M2016	87.3M2025	+0.3%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

AD assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

AD liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

AD debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

AD balance sheet

Array Digital Infrastructure, Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	$113.4M	$144.0M	$150.0M	$273.0M	$156.0M	$1.27B	$285.0M	$597.0M	$402.0M	$586.0M
Cash & equivalents	$113.4M	$144.0M	$150.0M	$273.0M	$156.0M	$1.27B	$285.0M	$580.0M	$352.0M	$586.0M
Short-term investments	—	—	—	—	$0	$3.0M	—	$17.0M	$50.0M	—
Receivables	$21.7M	$955.0M	$958.0M	$1.08B	$1.17B	$928.0M	$947.0M	$930.0M	$802.0M	$676.0M
Inventory	$0	$179.0M	$199.0M	$261.0M	$173.0M	$146.0M	$162.0M	$142.0M	$138.0M	$138.0M
Other current assets	$9.7M	$67.0M	$93.0M	$113.0M	$107.0M	$277.0M	$179.0M	$143.0M	$141.0M	$166.0M
Total current assets	$144.8M	$1.34B	$1.40B	$1.72B	$1.60B	$2.62B	$1.57B	$1.81B	$1.48B	$1.57B
Property, plant & equipment (net)	$862.0M	$3.43B	$3.49B	$3.54B	$3.56B	$3.39B	$3.11B	$2.20B	$2.32B	$2.47B
Goodwill & intangible assets	$1.64B	$4.58B	$4.69B	$4.69B	$4.09B	$2.63B	$2.47B	$2.19B	$2.22B	$2.26B
Long-term investments	$412.6M	$454.0M	$461.0M	$452.0M	$439.0M	$0	$0	$0	$0	$0
Other non-current assets	$1.88B	$643.0M	$705.0M	$712.0M	$644.0M	$1.04B	$1.01B	$1.07B	$815.0M	$818.0M
Total assets	$4.94B	$10.45B	$10.75B	$11.12B	$10.34B	$9.68B	$8.16B	$7.27B	$6.84B	$7.11B
Liabilities
Accounts payable	$38.4M	$232.0M	$241.0M	$344.0M	$346.0M	$387.0M	$304.0M	$313.0M	$310.0M	$321.0M
Short-term debt	$19.4M	$163.0M	$155.0M	$146.0M	$132.0M	$118.0M	$113.0M	$19.0M	$18.0M	$11.0M
Deferred revenue	—	$238.0M	$229.0M	$239.0M	$191.0M	—	—	—	—	—
Total current liabilities	$200.0M	$884.0M	$901.0M	$1.20B	$903.0M	$872.0M	$750.0M	$692.0M	$733.0M	$718.0M
Long-term debt	$670.3M	$2.84B	$3.04B	$3.19B	$2.73B	$0	$0	$0	$0	$0
Lease obligations	$525.2M	$963.0M	$966.0M	$976.0M	$1.02B	—	—	—	—	—
Other long-term liabilities	$1.50B	$2.12B	$2.15B	$2.15B	$2.14B	$4.37B	$3.19B	$2.50B	$2.42B	$2.75B
Total liabilities	$2.37B	$5.84B	$6.10B	$6.54B	$5.77B	$5.25B	$3.94B	$3.20B	$3.15B	$3.46B
Shareholders' equity
Common stock & paid-in capital	$88.1M	$88.0M	$88.0M	$88.0M	$88.0M	$88.0M	$88.0M	$88.0M	$88.0M	$88.0M
Retained earnings (deficit)	$769.8M	$2.82B	$2.89B	$2.86B	$2.85B	$2.74B	$2.55B	$2.44B	$2.16B	$2.16B
Minority interest	$6.9M	$30.8M	$28.0M	$28.0M	—	—	—	—	—	—
Total shareholders' equity	$2.57B	$4.58B	$4.63B	$4.55B	$4.55B	$4.41B	$4.20B	$4.06B	$3.68B	$3.63B
Key figures
Total debt	$1.71B	$3.82B	$4.03B	$4.18B	$3.75B	$3.48B	$2.48B	$1.62B	$1.64B	$1.63B
Net cash (debt)	−$1.60B	−$3.68B	−$3.88B	−$3.90B	−$3.59B	−$2.21B	−$2.19B	−$1.03B	−$1.24B	−$1.04B
Working capital	−$55.2M	$461.0M	$499.0M	$528.0M	$702.0M	$1.75B	$823.0M	$1.12B	$750.0M	$848.0M
Tangible book value	$925.4M	−$2.0M	−$67.0M	−$136.0M	$459.0M	$1.78B	$1.73B	$1.87B	$1.45B	$1.38B
Book value per share	$29.41	$53.22	$53.17	$52.95	$52.26	$50.70	$47.69	$46.63	$42.76	$42.75
Shares outstanding	87.3M	86.0M	87.0M	86.0M	87.0M	87.0M	88.0M	87.0M	86.0M	85.0M
Current ratio	0.72	1.52	1.55	1.44	1.78	3.01	2.10	2.62	2.02	2.18
Quick ratio	0.68	1.24	1.23	1.13	1.47	2.53	1.64	2.21	1.64	1.76
Debt / equity	0.67	0.84	0.87	0.92	0.82	0.79	0.59	0.40	0.45	0.45
Equity / assets	51.9%	43.8%	43.0%	41.0%	44.0%	45.6%	51.4%	55.8%	53.7%	51.1%

Array Digital Infrastructure, Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$416.4M	$253.6M	$113.4M	$325.6M	$386.0M	$182.0M	$144.0M	$272.0M	$195.0M	$185.0M	$150.0M	$153.0M
Cash & equivalents	$416.4M	$253.6M	$113.4M	$325.6M	$386.0M	$182.0M	$144.0M	$272.0M	$195.0M	$185.0M	$150.0M	$153.0M
Receivables	$17.8M	$13.3M	$21.7M	$19.7M	$923.0M	$925.0M	$955.0M	$918.0M	$952.0M	$879.0M	$903.0M	$892.0M
Inventory	$0	$0	$0	$0	$126.0M	$178.0M	$179.0M	$161.0M	$143.0M	$175.0M	$199.0M	$175.0M
Other current assets	$4.5M	$7.1M	$9.7M	$6.9M	$74.0M	$88.0M	$67.0M	$76.0M	$84.0M	$156.0M	$163.0M	$189.0M
Total current assets	$438.7M	$274.1M	$144.8M	$352.2M	$1.51B	$1.37B	$1.34B	$1.43B	$1.37B	$1.40B	$1.42B	$1.41B
Property, plant & equipment (net)	$374.7M	$860.1M	$862.0M	$864.6M	$3.23B	$3.32B	$3.43B	$3.42B	$3.45B	$3.45B	$3.49B	$3.51B
Goodwill & intangible assets	$1.59B	$1.64B	$1.64B	$1.65B	$4.58B	$4.58B	$4.58B	$4.58B	$4.71B	$4.71B	$4.69B	$4.69B
Long-term investments	$421.6M	$435.1M	$412.6M	$452.2M	$444.0M	$479.0M	$454.0M	$478.0M	$461.0M	$0	$0	$0
Other non-current assets	$541.7M	$753.4M	$1.88B	$1.60B	$606.0M	$613.0M	$643.0M	$619.0M	$643.0M	$1.15B	$1.15B	$1.14B
Total assets	$3.37B	$3.96B	$4.94B	$4.92B	$10.38B	$10.37B	$10.45B	$10.52B	$10.64B	$10.70B	$10.75B	$10.75B
Liabilities
Accounts payable	$41.0M	$26.1M	$38.4M	$58.5M	$204.0M	$198.0M	$232.0M	$266.0M	$261.0M	$229.0M	$248.0M	$412.0M
Short-term debt	$24.9M	$21.7M	$19.4M	$17.6M	$165.0M	$166.0M	$163.0M	$159.0M	$154.0M	$154.0M	$155.0M	$153.0M
Deferred revenue	$27.5M	$45.2M	—	$122.1M	$225.0M	$231.0M	$238.0M	$225.0M	$236.0M	—	—	—
Total current liabilities	$461.7M	$265.6M	$200.0M	$539.0M	$808.0M	$807.0M	$884.0M	$909.0M	$886.0M	$837.0M	$901.0M	$1.03B
Long-term debt	$666.8M	$668.5M	$670.3M	$671.9M	$2.82B	$2.83B	$2.84B	$2.88B	$2.89B	$0	$0	$0
Lease obligations	$522.7M	$527.3M	$525.2M	$529.0M	$962.0M	$964.0M	$963.0M	$952.0M	$956.0M	—	—	—
Other long-term liabilities	$971.2M	$1.17B	$1.50B	$1.17B	$2.12B	$2.11B	$2.12B	$2.11B	$2.16B	$5.18B	$5.20B	$5.09B
Total liabilities	$2.10B	$2.10B	$2.37B	$2.38B	$5.75B	$5.75B	$5.84B	$5.90B	$5.93B	$6.01B	$6.10B	$6.12B
Shareholders' equity
Common stock & paid-in capital	$88.1M	$88.1M	$88.1M	$88.1M	$88.0M	$88.0M	$88.0M	$88.0M	$88.0M	$88.0M	$88.0M	$88.0M
Retained earnings (deficit)	−$534.8M	$59.3M	$769.8M	$732.3M	$2.80B	$2.82B	$2.82B	$2.81B	$2.89B	$2.91B	$2.89B	$2.88B
Minority interest	$6.3M	$6.2M	$6.9M	$7.3M	$30.0M	—	—	—	—	—	—	—
Total shareholders' equity	$1.27B	$1.86B	$2.57B	$2.53B	$4.60B	$4.58B	$4.58B	$4.58B	$4.67B	$4.66B	$4.63B	$4.60B
Key figures
Total debt	$1.20B	$1.20B	$1.71B	$1.20B	$3.81B	$3.82B	$3.82B	$3.85B	$3.86B	$4.01B	$4.03B	$3.89B
Net cash (debt)	−$781.1M	−$948.2M	−$1.60B	−$877.3M	−$3.42B	−$3.64B	−$3.68B	−$3.58B	−$3.67B	−$3.83B	−$3.88B	−$3.74B
Working capital	−$22.9M	$8.5M	−$55.2M	−$186.8M	$701.0M	$566.0M	$461.0M	$518.0M	$488.0M	$558.0M	$514.0M	$378.0M
Tangible book value	−$329.1M	$216.9M	$925.4M	$881.2M	$17.0M	$4.0M	−$2.0M	$6.0M	−$40.0M	−$53.0M	−$67.0M	−$87.0M
Book value per share	$14.63	$21.49	$29.68	$29.13	$52.27	$52.10	$52.01	$53.28	$53.12	$52.93	$52.57	$53.52
Shares outstanding	86.5M	86.5M	86.5M	86.8M	88.0M	88.0M	88.0M	86.0M	88.0M	88.0M	88.0M	86.0M
Current ratio	0.95	1.03	0.72	0.65	1.87	1.70	1.52	1.57	1.55	1.67	1.57	1.37
Quick ratio	0.94	1.01	0.68	0.64	1.62	1.37	1.24	1.31	1.29	1.27	1.17	1.01
Debt / equity	0.95	0.65	0.67	0.48	0.83	0.83	0.84	0.84	0.83	0.86	0.87	0.85
Equity / assets	37.5%	46.9%	51.9%	51.4%	44.3%	44.2%	43.8%	43.6%	43.9%	43.5%	43.0%	42.8%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed December 31, 2025); data from EODHD.

AD financial position

At the end of fiscal 2025 (December 31, 2025), Array Digital Infrastructure had total assets of $4.9 billion (down 52.7% from a year earlier), total liabilities of $2.4 billion and shareholders' equity of $2.6 billion. It held $113.4 million in cash and short-term investments against $1.7 billion of debt, net debt of $1.6 billion. Its current ratio was 0.72. In the latest quarter (ended June 30, 2026) total assets were $3.4 billion and equity $1.3 billion.

Related: AD income statement, AD cash flow statement, AD key metrics. See the AD stock overview for the latest quote and news.

AD balance sheet FAQ

What are Array Digital Infrastructure's total assets?

Array Digital Infrastructure reported total assets of $4.9 billion at the end of fiscal 2025 (December 31, 2025), compared with $10.4 billion a year earlier.

How much debt does Array Digital Infrastructure have?

Array Digital Infrastructure had $1.7 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.67.

How much cash does Array Digital Infrastructure have?

Array Digital Infrastructure held $113.4 million in cash and short-term investments at the end of fiscal 2025; with $1.7 billion of debt that is net debt of $1.6 billion.

What is Array Digital Infrastructure's book value?

Array Digital Infrastructure's shareholders' equity (book value) was $2.6 billion at the end of fiscal 2025, or $29.41 per share.

What is Array Digital Infrastructure's current ratio?

Array Digital Infrastructure had current assets of $144.8 million and current liabilities of $200.0 million, a current ratio of 0.72 (current liabilities exceed current assets).

How much goodwill does Array Digital Infrastructure have?

Array Digital Infrastructure carried $1.6 billion of goodwill and intangible assets, 33.2% of total assets, at the end of fiscal 2025.