The filing improves the standing outlook. Management raised the low end of revenue by $5 million, Adjusted OIBDA by $10 million at both ends, and Adjusted EBITDA by $20 million at both ends; capital-spending guidance was unchanged. That is a genuine upgrade versus the company’s immediately prior expectations, although no published analyst consensus is provided in the filing to establish whether the new range beats Street estimates. (2026 Estimated Results)
| Measure | Previous 2026 outlook | Current 2026 outlook | Six months ended June 30, 2026 |
|---|---|---|---|
| Total operating revenue | $200–$215 million | $205–$215 million | $106.1 million |
| Adjusted EBITDA | $200–$215 million | $220–$235 million | $118.7 million |
| Adjusted OIBDA | $50–$65 million | $60–$75 million | $32.9 million |
| Capital expenditures | $25–$35 million | $25–$35 million | $19.6 million cash paid |
| Adjusted free cash flow | — | — | $6.6 million |
The operating trend is improving, but not explosively. Tower colocations rose to 4,362 from 4,290 sequentially, and the reported tenancy rate improved to 0.98 from 0.96. Site-rental revenue increased 95% year over year to $53.2 million, but the comparison is heavily affected by the post-2025 sale of the wireless operations and the inclusion of T-Mobile’s committed minimum sites. (Summary Operating Data) (Operating revenues)
The headline earnings gain is dominated by spectrum transactions, not recurring tower cash flow. Second-quarter net income attributable to shareholders was $358.7 million, including a $409.8 million gain on license sales and exchanges; Adjusted EBITDA was $56.2 million and Adjusted OIBDA was only $15.1 million. Continuing-operations operating cash flow was negative $13.2 million for the first six months, while adjusted free cash flow was just $6.6 million. (Statement of Operations Highlights) (Adjusted EBITDA and Adjusted OIBDA reconciliation) (Cash Flow statement) (Adjusted Free Cash Flow reconciliation)
The net read is a modest positive upgrade with a weak-quality caveat. The higher full-year ranges indicate better-than-previously-expected execution or monetization, and the sequential tenancy improvement supports the tower story. But DISH revenue is no longer recognized and its bankruptcy adds tenant risk, while the remaining roughly $30 million of spectrum sales still requires regulatory approval and closing conditions. The TDS take-private proposal is also still non-binding and was already disclosed in May, so it is not incremental news in this filing. (Business Update) (Risk Factors)
Read the original 8-K on SEC EDGAR ↗