Applied Digital Corp.
APLD Nasdaq Services-Computer Processing & Data Preparation Financials FY2021–FY2026
Revenue
Total sales reported in the income statement.
$611M
167.5%
vs prior year
Operating margin
Operating income as a share of revenue.
−38.7%
7.1 pts
Net income
Profit after all expenses, interest and tax.
−$184M
Free cash flow
Cash from operations minus capital spending.
−$2.8B
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$1.66 EPS (TTM)
What Applied Digital Corp. does
No business description yet.
- Legal name
- Applied Digital Corp.
- Fiscal year ends
- May 31, 2026
- Latest annual report
- 10-K · Jul 29, 2026
- Accession · CIK
- 0001144879-26-000048
0001144879
Revenue and margins
Applied Digital Corp. had $611M of revenue in fiscal 2026, up 167.5% on the year before.
FY21
Revenue $0.0M
FY22
Revenue $8.5M
FY23
Revenue $55.4M
FY24
Revenue $166M
FY25
Revenue $229M
FY26
Revenue $611M
Q2 '24
Revenue $42.2M
Q3 '24
Revenue $43.3M
Q4 '24
Revenue $43.7M
Q1 '25
Revenue $34.8M
Q2 '25
Revenue $36.2M
Q3 '25
Revenue $52.9M
Q4 '25
Revenue $51.1M
Q1 '26
Revenue $80.9M
Q2 '26
Revenue $127M
Q3 '26
Revenue $127M
Q4 '26
Revenue $259M
Q1 '27
Revenue $342M
FY21
Gross —
Operating —
Net —
FCF —
FY22
Gross −11.2%
Operating −244.4%
Net −275.1%
FCF −691.6%
FY23
Gross 19.9%
Operating −77.5%
Net −80.6%
FCF −131.0%
FY24
Gross 10.4%
Operating −59.4%
Net −90.2%
FCF −77.3%
FY25
Gross 5.2%
Operating −31.6%
Net −101.1%
FCF −348.7%
FY26
Gross 35.1%
Operating −38.7%
Net −30.2%
FCF −454.1%
Gross
Operating
Net
FCF
Q2 '24
Gross 29.5%
Operating −18.7%
Net −24.9%
FCF 81.4%
Q3 '24
Gross −8.6%
Operating −127.9%
Net −145.0%
FCF −5.4%
Q4 '24
Gross −5.9%
Operating −63.2%
Net −147.5%
FCF −203.5%
Q1 '25
Gross 34.7%
Operating 72.6%
Net −12.2%
FCF −375.0%
Q2 '25
Gross 37.3%
Operating −35.4%
Net −383.6%
FCF −617.5%
Q3 '25
Gross 7.1%
Operating −35.8%
Net −67.2%
FCF −475.4%
Q4 '25
Gross −6.1%
Operating −86.3%
Net −102.9%
FCF −374.8%
Q1 '26
Gross 27.3%
Operating −12.1%
Net −20.9%
FCF −409.5%
Q2 '26
Gross 20.6%
Operating −24.5%
Net −11.4%
FCF −448.6%
Q3 '26
Gross 42.5%
Operating −67.6%
Net −55.7%
FCF −568.7%
Q4 '26
Gross 37.6%
Operating −48.2%
Net −31.8%
FCF −447.0%
Q1 '27
Gross 28.1%
Operating −18.2%
Net −53.8%
FCF −588.2%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY21
Net income −$0.6M
FY22
Net income −$23.5M
FY23
Net income −$44.6M
FY24
Net income −$149M
FY25
Net income −$231M
FY26
Net income −$184M
Q2 '24
Net income −$10.5M
Q3 '24
Net income −$62.8M
Q4 '24
Net income −$64.5M
Q1 '25
Net income −$4.2M
Q2 '25
Net income −$139M
Q3 '25
Net income −$35.6M
Q4 '25
Net income −$52.5M
Q1 '26
Net income −$16.9M
Q2 '26
Net income −$14.5M
Q3 '26
Net income −$70.6M
Q4 '26
Net income −$82.4M
Q1 '27
Net income −$184M
FY21
Diluted EPS −$0.38
FY22
Diluted EPS −$0.41
FY23
Diluted EPS −$0.47
FY24
Diluted EPS −$1.31
FY25
Diluted EPS −$1.16
FY26
Diluted EPS −$0.91
Q2 '24
Diluted EPS −$0.10
Q3 '24
Diluted EPS −$0.52
Q4 '24
Diluted EPS −$0.58
Q1 '25
Diluted EPS −$0.03
Q2 '25
Diluted EPS −$0.66
Q3 '25
Diluted EPS −$0.16
Q4 '25
Diluted EPS −$0.31
Q1 '26
Diluted EPS −$0.07
Q2 '26
Diluted EPS −$0.07
Q3 '26
Diluted EPS −$0.36
Q4 '26
Diluted EPS −$0.41
Q1 '27
Diluted EPS −$0.82
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY21
Return on capital —
Return on equity —
Return on assets −3.8%
FY22
Return on capital −40.6%
Return on equity −67.5%
Return on assets −34.8%
FY23
Return on capital —
Return on equity −67.8%
Return on assets −23.3%
FY24
Return on capital —
Return on equity −161.9%
Return on assets −29.1%
FY25
Return on capital —
Return on equity −74.2%
Return on assets −17.6%
FY26
Return on capital —
Return on equity −16.6%
Return on assets −3.1%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$2.8B in fiscal 2026, −454.1% of revenue. Cash from operations minus capital spending.
FY21
Free cash flow −$0.1M
FY22
Free cash flow −$59.1M
FY23
Free cash flow −$72.5M
FY24
Free cash flow −$128M
FY25
Free cash flow −$797M
FY26
Free cash flow −$2.8B
Q2 '24
Free cash flow $34.4M
Q3 '24
Free cash flow −$2.3M
Q4 '24
Free cash flow −$88.9M
Q1 '25
Free cash flow −$131M
Q2 '25
Free cash flow −$223M
Q3 '25
Free cash flow −$252M
Q4 '25
Free cash flow −$191M
Q1 '26
Free cash flow −$331M
Q2 '26
Free cash flow −$568M
Q3 '26
Free cash flow −$720M
Q4 '26
Free cash flow −$1.2B
Q1 '27
Free cash flow −$2.0B
FY21
Cash from operations −$0.1M
Capital spending $0.0M
FY22
Cash from operations −$0.9M
Capital spending $58.3M
FY23
Cash from operations $58.7M
Capital spending $131M
FY24
Cash from operations $13.8M
Capital spending $142M
FY25
Cash from operations −$115M
Capital spending $682M
FY26
Cash from operations $89.7M
Capital spending $2.9B
Cash from operations
Capital spending
Q2 '24
Cash from operations $4.5M
Capital spending −$29.8M
Q3 '24
Cash from operations $36.3M
Capital spending $38.6M
Q4 '24
Cash from operations −$31.5M
Capital spending $57.4M
Q1 '25
Cash from operations −$75.9M
Capital spending $54.8M
Q2 '25
Cash from operations −$52.3M
Capital spending $171M
Q3 '25
Cash from operations $5.9M
Capital spending $257M
Q4 '25
Cash from operations $6.9M
Capital spending $198M
Q1 '26
Cash from operations −$81.5M
Capital spending $250M
Q2 '26
Cash from operations −$16.3M
Capital spending $552M
Q3 '26
Cash from operations $55.0M
Capital spending $775M
Q4 '26
Cash from operations $133M
Capital spending $1.3B
Q1 '27
Cash from operations $63.9M
Capital spending $2.1B
Cash from operations
Capital spending
Dividends, buybacks and share count
Applied Digital Corp. returned $0.0M to shareholders in fiscal 2026. The diluted share count rose 36.8%.
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks $0.0M
FY24
Dividends —
Buybacks $0.0M
FY25
Dividends —
Buybacks $31.3M
FY26
Dividends —
Buybacks $0.0M
Dividends
Buybacks
Q2 '24
Dividends —
Buybacks —
Q3 '24
Dividends —
Buybacks —
Q4 '24
Dividends —
Buybacks —
Q1 '25
Dividends —
Buybacks —
Q2 '25
Dividends —
Buybacks —
Q3 '25
Dividends —
Buybacks $0.0M
Q4 '25
Dividends —
Buybacks $0.0M
Q1 '26
Dividends —
Buybacks —
Q2 '26
Dividends —
Buybacks —
Q3 '26
Dividends —
Buybacks $0.0M
Q4 '26
Dividends —
Buybacks $0.0M
Q1 '27
Dividends —
Buybacks —
Dividends
Buybacks
FY21
Diluted shares 0.00B
FY22
Diluted shares 0.06B
FY23
Diluted shares 0.09B
FY24
Diluted shares 0.11B
FY25
Diluted shares 0.20B
FY26
Diluted shares 0.28B
Balance sheet
Cash, debt and the ratios that show how comfortably Applied Digital Corp. can carry it.
FY21
Cash $11.8M
Debt —
FY22
Cash $38.8M
Debt $12.4M
FY23
Cash $29.0M
Debt —
FY24
Cash $3.3M
Debt —
FY25
Cash $44.0M
Debt —
FY26
Cash $1.6B
Debt —
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $38.8M | $29.0M | $3.3M | $44.0M | $1.6B |
| Debt incl. finance leases | $12.4M | — | — | — | — |
| Debt / equity | 0.1x | — | — | — | — |
| Interest coverage | −186.6x | −21.7x | −3.7x | −2.2x | −8.0x |
| Current ratio | 1.4x | 0.4x | 0.7x | 0.3x | 4.0x |
| Quick ratio | 1.4x | 0.4x | 0.7x | 0.3x | 4.0x |
| Total assets | $120M | $264M | $763M | $1.9B | $9.9B |
| Total liabilities | $40.7M | $194M | $638M | $1.2B | $6.2B |
| Shareholders' equity | $72.3M | $59.5M | $125M | $498M | $1.7B |
| Net debt (− = net cash) | −$26.4M | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✓ | ✓ | ✕ | ✓ |
| Return on assets rose | — | ✕ | ✓ | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | — | — | — |
| Current ratio rose | — | ✕ | ✕ | ✓ | ✕ | ✓ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | ✓ | ✕ | ✕ | ✓ |
| Revenue rose relative to assets | — | ✓ | ✓ | ✓ | ✕ | ✕ |
| F-score | — / 3 | 2 / 7 | 5 / 8 | 4 / 8 | 2 / 8 | 5 / 8 |
| Accruals ratio | −3.2% | −33.5% | −53.9% | −31.8% | −8.8% | −4.6% |
| Altman Z'' | −1.88 | −0.21 | −3.75 | −3.02 | −1.96 | 2.23 |
6 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $0.0M | $8.5M | $55.4M | $166M | $229M | $611M |
| Gross profit | $0.0M | −$1.0M | $11.0M | $17.2M | $11.8M | $214M |
| Operating income | −$0.3M | −$20.9M | −$42.9M | −$98.3M | −$72.2M | −$236M |
| Interest expense | $0.2M | $0.1M | $2.0M | $26.8M | $32.1M | $29.5M |
| Pretax income | −$0.6M | −$21.9M | −$45.0M | −$150M | −$231M | −$182M |
| Income tax | $0.0M | $0.5M | −$0.5M | $0.1M | $0.1M | $1.8M |
| Net income | −$0.6M | −$23.5M | −$44.6M | −$149M | −$231M | −$184M |
| Net income to common | — | — | −$44.6M | −$149M | −$234M | −$250M |
| Diluted EPS | −$0.38 | −$0.41 | −$0.47 | −$1.31 | −$1.16 | −$0.91 |
| Diluted shares | 0.00B | 0.06B | 0.09B | 0.11B | 0.20B | 0.28B |
| Cash flow | ||||||
| Cash from operations | −$0.1M | −$0.9M | $58.7M | $13.8M | −$115M | $89.7M |
| Capital expenditure | $0.0M | $58.3M | $131M | $142M | $682M | $2.9B |
| Free cash flow | −$0.1M | −$59.1M | −$72.5M | −$128M | −$797M | −$2.8B |
| Depreciation and amortization | $0.0M | $1.1M | $7.1M | $79.4M | $135M | $67.4M |
| Stock-based compensation | $0.0M | $12.3M | $32.1M | $17.4M | $22.7M | $220M |
| Share buybacks | — | — | $0.0M | $0.0M | $31.3M | $0.0M |
| Dividends and buybacks | — | — | $0.0M | $0.0M | $31.3M | $0.0M |
| Balance sheet | ||||||
| Cash and short-term investments | $11.8M | $38.8M | $29.0M | $3.3M | $44.0M | $1.6B |
| Total debt | — | $7.2M | — | — | — | — |
| Finance lease liabilities | — | $5.2M | — | $171M | $13.6M | $58.3M |
| Current assets | $11.8M | $40.4M | $45.7M | $404M | $133M | $4.7B |
| Current liabilities | $2.5M | $29.0M | $115M | $554M | $500M | $1.2B |
| Property and equipment, net | $0.0M | $64.3M | $198M | $329M | $1.3B | $4.2B |
| Goodwill | — | — | — | — | $0.0M | $54.5M |
| Total assets | $15.1M | $120M | $264M | $763M | $1.9B | $9.9B |
| Total liabilities | $2.5M | $40.7M | $194M | $638M | $1.2B | $6.2B |
| Shareholders' equity | −$2.6M | $72.3M | $59.5M | $125M | $498M | $1.7B |
| Margins | ||||||
| Gross margin | — | −11.2% | 19.9% | 10.4% | 5.2% | 35.1% |
| Operating margin | — | −244.4% | −77.5% | −59.4% | −31.6% | −38.7% |
| EBITDA margin | — | −231.3% | −64.6% | −11.5% | 27.4% | −27.7% |
| Net margin | — | −275.1% | −80.6% | −90.2% | −101.1% | −30.2% |
| FCF margin | — | −691.6% | −131.0% | −77.3% | −348.7% | −454.1% |
| Returns | ||||||
| Return on capital | — | −40.6% | — | — | — | — |
| Return on capital employed | −2.6% | −23.0% | −28.9% | −47.1% | −5.3% | −2.7% |
| Return on equity | — | −67.5% | −67.8% | −161.9% | −74.2% | −16.6% |
| Return on assets | −3.8% | −34.8% | −23.3% | −29.1% | −17.6% | −3.1% |
| Return on tangible equity | — | −32.5% | −75.0% | −119.6% | −47.0% | −15.0% |
| Growth | ||||||
| Revenue growth | — | — | 547.9% | 198.9% | 38.0% | 167.5% |
| Share count change | — | 3,680.1% | 64.5% | 21.4% | 76.4% | 36.8% |
| Financial health | ||||||
| Debt / equity | — | 0.1x | — | — | — | — |
| Interest coverage | −1.4x | −186.6x | −21.7x | −3.7x | −2.2x | −8.0x |
| Current ratio | 4.7x | 1.4x | 0.4x | 0.7x | 0.3x | 4.0x |
| Quick ratio | 4.7x | 1.4x | 0.4x | 0.7x | 0.3x | 4.0x |
| Capital allocation | ||||||
| Capex / revenue | — | 681.4% | 237.0% | 85.6% | 298.2% | 468.8% |
| Stock comp / revenue | — | 144.3% | 57.9% | 10.5% | 9.9% | 36.0% |
| Quality scores | ||||||
| Piotroski F-score | — | 2.0 | 5.0 | 4.0 | 2.0 | 5.0 |
| Altman Z'' | −1.9 | −0.2 | −3.7 | −3.0 | −2.0 | 2.2 |
| Accruals ratio | −3.2% | −33.5% | −53.9% | −31.8% | −8.8% | −4.6% |
Source: SEC EDGAR XBRL filings (CIK 0001144879). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.