What is Applied Digital's earnings per share (EPS)?

Applied Digital (APLD) reported diluted earnings per share of $-1.16 for fiscal year 2025. This represents a 11.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Applied Digital Financials

APLD

Source SEC Filings (10-K/10-Q) Updated Nov 30, 2025 Currency USD FYE May

This page shows Applied Digital (APLD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 17/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Applied Digital has an operating margin of -11.7%, meaning the company retains $-12 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -24.1% the prior year.

Growth

Applied Digital's revenue grew 5.5% year-over-year to $144.2M, a solid pace of expansion. This earns a growth score of 43/100.

Leverage

Applied Digital has a moderate D/E ratio of 2.48. This balance of debt and equity financing earns a leverage score of 51/100.

Liquidity

Applied Digital's current ratio of 0.77 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 10/100, which could limit financial flexibility.

Cash Flow

While Applied Digital generated -$115.4M in operating cash flow, capex of $681.6M consumed most of it, leaving -$797.0M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Applied Digital generates a -46.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -119.6% the prior year.

Piotroski F-Score Neutral

4/9

Applied Digital passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.50x

For every $1 of reported earnings, Applied Digital generates $0.50 in operating cash flow (-$115.4M OCF vs -$231.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-1.1x

Applied Digital earns $-1.1 in operating income for every $1 of interest expense (-$16.8M vs $14.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$144.2M

YoY+5.5%

Applied Digital generated $144.2M in revenue in fiscal year 2025. This represents an increase of 5.5% from the prior year.

EBITDA

$444K

YoY+103.9%

Applied Digital's EBITDA was $444K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 103.9% from the prior year.

Net Income

-$231.1M

YoY-54.8%

Applied Digital reported -$231.1M in net income in fiscal year 2025. This represents a decrease of 54.8% from the prior year.

EPS (Diluted)

$-1.16

YoY+11.5%

Applied Digital earned $-1.16 per diluted share (EPS) in fiscal year 2025. This represents an increase of 11.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$797.0M

YoY-522.6%

Applied Digital generated -$797.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 522.6% from the prior year.

Cash & Debt

$41.6M

YoY+1144.4%

Applied Digital held $41.6M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

262M

YoY+88.1%

Applied Digital had 262M shares outstanding in fiscal year 2025. This represents an increase of 88.1% from the prior year.

Margins & Returns

Gross Margin

29.6%

YoY+7.7pp

Applied Digital's gross margin was 29.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 7.7 percentage points from the prior year.

Operating Margin

-11.7%

YoY+12.4pp

Applied Digital's operating margin was -11.7% in fiscal year 2025, reflecting core business profitability. This is up 12.4 percentage points from the prior year.

Net Margin

-160.3%

YoY-51.0pp

Applied Digital's net profit margin was -160.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 51.0 percentage points from the prior year.

Return on Equity

-46.4%

YoY+73.2pp

Applied Digital's ROE was -46.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 73.2 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$31.3M

Applied Digital spent $31.3M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$681.6M

YoY+380.6%

Applied Digital invested $681.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 380.6% from the prior year.

APLD Income Statement

Metric	FY25	FY24	FY23	FY22	FY21
Revenue	$144.2M+5.5%	$136.6M+146.6%	$55.4M+547.9%	$8.5M	$0
Cost of Revenue	$101.5M-4.9%	$106.7M+140.3%	$44.4M+366.9%	$9.5M	$0
Gross Profit	$42.7M+42.6%	$30.0M+172.3%	$11.0M+1249.8%	-$957K	$0
R&D Expenses	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$83.1M+84.5%	$45.0M-16.5%	$53.9M+170.4%	$19.9M+5906.3%	$332K
Operating Income	-$16.8M+48.7%	-$32.9M+23.4%	-$42.9M-105.3%	-$20.9M-6194.6%	-$332K
Interest Expense	$14.7M-45.1%	$26.8M+1255.2%	$2.0M+1667.9%	$112K-52.5%	$236K
Income Tax	$102K+6.3%	$96K+118.4%	-$523K-196.9%	$540K	$0
Net Income	-$231.1M-54.8%	-$149.3M-234.4%	-$44.6M-89.8%	-$23.5M-4040.8%	-$568K
EPS (Diluted)	$-1.16+11.5%	$-1.31-178.7%	$-0.47-14.6%	$-0.41	$-0.38

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$126.6M+97.1%	$64.2M+217.0%	$20.3M-61.7%	$52.9M+46.3%	$36.2M+3.8%	$34.8M+136.4%	$14.7M-66.0%	$43.3M
Cost of Revenue	$100.6M+80.8%	$55.6M+705.2%	$6.9M-85.9%	$49.1M+116.9%	$22.7M-0.4%	$22.7M+394.2%	$4.6M-90.2%	$47.1M
Gross Profit	$26.0M+202.4%	$8.6M-35.5%	$13.4M+253.3%	$3.8M-72.0%	$13.5M+11.5%	$12.1M+19.4%	$10.1M+373.1%	-$3.7M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$57.0M+95.5%	$29.2M+24.7%	$23.4M+2.9%	$22.7M-12.5%	$26.0M+136.3%	$11.0M+151.3%	-$21.4M-171.4%	$30.0M
Operating Income	-$31.0M-38.9%	-$22.3M-114.6%	-$10.4M+45.2%	-$18.9M-47.9%	-$12.8M-150.6%	$25.3M-33.2%	$37.9M+168.3%	-$55.5M
Interest Expense	$11.5M+191.0%	$3.9M+8678.3%	-$46K-100.5%	$8.9M+203.8%	$2.9M-1.0%	$3.0M-83.6%	$18.0M+308.7%	$4.4M
Income Tax	$15K+87.5%	$8K+150.0%	-$16K-113.7%	$117K+11600.0%	$1K	$0-100.0%	$96K	$0
Net Income	-$14.4M+14.6%	-$16.9M+67.8%	-$52.5M-47.8%	-$35.6M+74.4%	-$138.7M-3166.4%	-$4.2M+93.4%	-$64.5M-2.6%	-$62.8M
EPS (Diluted)	$-0.070.0%	$-0.07	N/A	$-0.16+75.8%	$-0.66-2100.0%	$-0.03	N/A	$-0.52

APLD Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$1.9B+145.1%	$762.9M+189.0%	$264.0M+120.0%	$120.0M+697.1%	$15.1M
Current Assets	$430.6M+6.5%	$404.1M+785.0%	$45.7M+13.1%	$40.4M+243.4%	$11.8M
Cash & Equivalents	$41.6M+1144.4%	$3.3M-88.5%	$29.0M-25.3%	$38.8M+230.2%	$11.8M
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$3.0M-20.9%	$3.8M+4591.5%	$82K-63.9%	$227K	$0
Goodwill	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.2B+93.8%	$638.0M+228.4%	$194.3M+376.8%	$40.7M+131.0%	$17.6M
Current Liabilities	$558.1M+0.7%	$554.1M+379.9%	$115.5M+298.2%	$29.0M+1059.9%	$2.5M
Long-Term Debt	N/A	N/A	N/A	$7.2M	N/A
Total Equity	$497.7M+298.7%	$124.8M+109.7%	$59.5M-17.6%	$72.3M+2897.5%	-$2.6M
Retained Earnings	-$481.1M-92.4%	-$250.0M-148.2%	-$100.7M-79.6%	-$56.1M-159.3%	-$21.6M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$5.2B+118.0%	$2.4B+28.3%	$1.9B+9.5%	$1.7B+10.6%	$1.5B+64.6%	$937.7M+22.9%	$762.9M+18.6%	$643.2M
Current Assets	$2.7B+323.4%	$641.7M+49.0%	$430.6M+57.0%	$274.3M-16.5%	$328.4M+290.4%	$84.1M-79.2%	$404.1M+282.3%	$105.7M
Cash & Equivalents	$1.9B+2488.8%	$73.9M+77.9%	$41.6M-39.6%	$68.7M-76.0%	$286.2M+391.7%	$58.2M+1643.5%	$3.3M-24.7%	$4.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$13.3M-54.2%	$29.1M+857.4%	$3.0M-79.2%	$14.6M+18.7%	$12.3M+435.8%	$2.3M-40.3%	$3.8M+1609.8%	$225K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$3.2B+144.6%	$1.3B+4.4%	$1.2B+2.2%	$1.2B+14.9%	$1.1B+64.3%	$640.6M+0.4%	$638.0M+21.6%	$524.7M
Current Liabilities	$563.4M-42.8%	$985.5M+76.6%	$558.1M+41.8%	$393.6M-7.3%	$424.4M+9.7%	$386.7M-30.2%	$554.1M+58.7%	$349.2M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.4B+38.8%	$1.0B+109.8%	$497.7M+9.5%	$454.6M+4.6%	$434.6M+79.7%	$241.8M+93.7%	$124.8M+5.4%	$118.5M
Retained Earnings	-$512.4M-2.9%	-$498.0M-3.5%	-$481.1M-12.3%	-$428.5M-9.0%	-$393.0M-54.5%	-$254.3M-1.7%	-$250.0M-34.7%	-$185.5M

APLD Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	-$115.4M-936.6%	$13.8M-76.5%	$58.7M+6835.7%	-$872K-950.6%	-$83K
Capital Expenditures	$681.6M+380.6%	$141.8M+8.0%	$131.3M+125.4%	$58.3M+291155.0%	$20K
Free Cash Flow	-$797.0M-522.6%	-$128.0M-76.5%	-$72.5M-22.7%	-$59.1M-57301.0%	-$103K
Investing Cash Flow	-$667.7M-287.2%	-$172.4M-30.5%	-$132.1M-188.0%	-$45.9M-1289.2%	-$3.3M
Financing Cash Flow	$874.7M+496.0%	$146.8M+107.8%	$70.6M-13.1%	$81.3M+437.1%	$15.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$31.3M	$0	$0	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$15.8M+80.7%	-$82.0M-1296.5%	$6.9M+16.2%	$5.9M+111.3%	-$52.3M+31.1%	-$75.9M-140.6%	-$31.5M-186.9%	$36.3M
Capital Expenditures	$552.1M+121.3%	$249.4M+25.8%	$198.3M-23.0%	$257.5M+50.5%	$171.0M+212.1%	$54.8M-4.5%	$57.4M+48.6%	$38.6M
Free Cash Flow	-$567.9M-71.3%	-$331.4M-73.2%	-$191.4M+23.9%	-$251.6M-12.7%	-$223.3M-70.9%	-$130.7M-47.0%	-$88.9M-3724.3%	-$2.3M
Investing Cash Flow	-$569.1M-128.2%	-$249.4M-23.5%	-$202.0M+21.8%	-$258.1M-47.6%	-$174.9M-436.5%	-$32.6M+37.9%	-$52.5M+3.4%	-$54.4M
Financing Cash Flow	$2.8B+758.6%	$322.2M+463.2%	$57.2M-71.2%	$198.9M-56.3%	$455.2M+178.7%	$163.4M+118.6%	$74.7M+206.1%	$24.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	$0	$0	N/A	N/A	N/A	N/A

APLD Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21
Gross Margin	29.6%+7.7pp	21.9%+2.1pp	19.9%+31.1pp	-11.2%	N/A
Operating Margin	-11.7%+12.4pp	-24.1%+53.4pp	-77.5%+167.0pp	-244.5%	N/A
Net Margin	-160.3%-51.0pp	-109.3%-28.7pp	-80.6%+194.5pp	-275.1%	N/A
Return on Equity	-46.4%+73.2pp	-119.6%-44.6pp	-75.0%-42.5pp	-32.6%	N/A
Return on Assets	-12.4%+7.2pp	-19.6%-2.7pp	-16.9%+2.7pp	-19.6%-15.8pp	-3.8%
Current Ratio	0.77+0.0	0.73+0.3	0.40-1.0	1.39-3.3	4.70
Debt-to-Equity	2.48-2.6	5.11+1.8	3.26+3.2	0.10+6.9	-6.83
FCF Margin	-552.7%-459.0pp	-93.7%+37.3pp	-131.0%+560.6pp	-691.6%	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	20.6%+7.2pp	13.4%-52.5pp	65.9%+58.8pp	7.1%-30.2pp	37.3%+2.6pp	34.7%-34.0pp	68.8%+77.4pp	-8.6%
Operating Margin	-24.4%+10.3pp	-34.7%+16.6pp	-51.3%-15.5pp	-35.8%-0.4pp	-35.4%-108.0pp	72.6%-184.4pp	256.9%+384.9pp	-127.9%
Net Margin	-11.4%+15.0pp	-26.4%+233.0pp	-259.3%-192.1pp	-67.2%+316.4pp	-383.6%-371.4pp	-12.2%+424.9pp	-437.1%-292.2pp	-145.0%
Return on Equity	-1.0%+0.6pp	-1.6%+8.9pp	-10.6%-2.7pp	-7.8%+24.1pp	-31.9%-30.2pp	-1.8%+49.9pp	-51.6%+1.4pp	-53.0%
Return on Assets	-0.3%+0.4pp	-0.7%+2.1pp	-2.8%-0.7pp	-2.1%+6.9pp	-9.0%-8.5pp	-0.4%+8.0pp	-8.5%+1.3pp	-9.8%
Current Ratio	4.82+4.2	0.65-0.1	0.77+0.1	0.70-0.1	0.77+0.6	0.22-0.5	0.73+0.4	0.30
Debt-to-Equity	2.18+0.9	1.24-1.2	2.48-0.2	2.66+0.2	2.42-0.2	2.65-2.5	5.11+0.7	4.43
FCF Margin	-448.6%+67.5pp	-516.1%+428.6pp	-944.8%-469.3pp	-475.4%+142.1pp	-617.5%-242.5pp	-375.0%+228.1pp	-603.1%-597.7pp	-5.4%

Note: The current ratio is below 1.0 (0.77), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Applied Digital's annual revenue?

Applied Digital (APLD) reported $144.2M in total revenue for fiscal year 2025. This represents a 5.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Applied Digital's revenue growing?

Applied Digital (APLD) revenue grew by 5.5% year-over-year, from $136.6M to $144.2M in fiscal year 2025.

Is Applied Digital profitable?

No, Applied Digital (APLD) reported a net income of -$231.1M in fiscal year 2025, with a net profit margin of -160.3%.

What is Applied Digital's EBITDA?

Applied Digital (APLD) had EBITDA of $444K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Applied Digital's gross margin?

Applied Digital (APLD) had a gross margin of 29.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Applied Digital's operating margin?

Applied Digital (APLD) had an operating margin of -11.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Applied Digital's net profit margin?

Applied Digital (APLD) had a net profit margin of -160.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Applied Digital's return on equity (ROE)?

Applied Digital (APLD) has a return on equity of -46.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Applied Digital's free cash flow?

Applied Digital (APLD) generated -$797.0M in free cash flow during fiscal year 2025. This represents a -522.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Applied Digital's operating cash flow?

Applied Digital (APLD) generated -$115.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Applied Digital's total assets?

Applied Digital (APLD) had $1.9B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Applied Digital's capital expenditures?

Applied Digital (APLD) invested $681.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Applied Digital buy back shares?

Yes, Applied Digital (APLD) spent $31.3M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Applied Digital have outstanding?

Applied Digital (APLD) had 262M shares outstanding as of fiscal year 2025.

What is Applied Digital's current ratio?

Applied Digital (APLD) had a current ratio of 0.77 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Applied Digital's debt-to-equity ratio?

Applied Digital (APLD) had a debt-to-equity ratio of 2.48 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Applied Digital's return on assets (ROA)?

Applied Digital (APLD) had a return on assets of -12.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Applied Digital's cash runway?

Based on fiscal year 2025 data, Applied Digital (APLD) had $41.6M in cash against an annual operating cash burn of $115.4M. This gives an estimated cash runway of approximately 4 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Applied Digital's Piotroski F-Score?

Applied Digital (APLD) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Applied Digital's earnings high quality?

Applied Digital (APLD) has an earnings quality ratio of 0.50x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Applied Digital cover its interest payments?

Applied Digital (APLD) has an interest coverage ratio of -1.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Applied Digital?

Applied Digital (APLD) scores 17 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.