Applied Digital Financials
Applied Digital (APLD) reported $611.3M in revenue for fiscal year 2026, up 167.5% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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).
Revenue is scaling faster than the income statement can absorb, while capital investment keeps cash conversion negative.
In FY2026, gross profit reached$214M and operating cash flow turned positive at$89.7M , yet free cash flow was-$2.78B because capital expenditures reached$2.87B . The operating base therefore produced cash before expansion spending, while financing inflows of$6.88B supplied the funding for that balance-sheet build-out.
The shift from FY2025 to FY2026 lifted gross margin from
The current ratio reached 4.0x while debt-to-equity remained 4.8x, separating ample near-term coverage from a leveraged capital structure. Total liabilities of
Financial Health Signals
Scored against operating companies for FY2026. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Applied Digital's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Applied Digital has an operating margin of -38.7%, meaning the company loses $39 on every $100 of revenue. This results in a profitability score of 20/100. This is down from -31.6% the prior year.
Applied Digital's revenue surged 167.5% year-over-year to $611.3M, reflecting rapid business expansion. This strong growth earns a score of 97/100.
Applied Digital has elevated debt relative to equity (D/E of 4.78), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 12/100, reflecting increased financial risk.
With a current ratio of 4.01, Applied Digital holds $4.01 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 86/100.
Applied Digital's reported free cash flow margin for fiscal year 2026 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 4/100.
Applied Digital posts a -10.7% return on equity (ROE), meaning it loses $11 for every $100 of shareholders' equity. This results in a returns score of 25/100. This is up from -46.4% the prior year.
Applied Digital scores 0.91, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($8.2B) relative to total liabilities ($8.2B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Applied Digital passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Applied Digital reported a net loss of $184.3M while generating $89.7M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Applied Digital reported an operating loss of $236.5M against $29.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Applied Digital generated $611.3M in revenue in fiscal year 2026. This represents an increase of 167.5% from the prior year.
Applied Digital's EBITDA was -$169.1M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 370.4% from the prior year.
Applied Digital reported -$184.3M in net income in fiscal year 2026. This represents an increase of 20.2% from the prior year.
Applied Digital earned -$0.91 per diluted share (EPS) in fiscal year 2026. This represents an increase of 21.6% from the prior year.
Cash & Balance Sheet
Applied Digital recorded an outflow of $2.8B in free cash flow in fiscal year 2026, representing a cash shortfall after capex. This represents a decrease of 248.3% from the prior year.
Applied Digital held $1.6B in cash as of fiscal year 2026; long-term debt is not reported for that period.
Not reported for fiscal year 2026.
Margins & Returns
Applied Digital's gross margin was 35.1% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is up 29.9 percentage points from the prior year.
Applied Digital's operating margin was -38.7% in fiscal year 2026, reflecting core business profitability. This is down 7.1 percentage points from the prior year.
Applied Digital's net profit margin was -30.1% in fiscal year 2026, showing the share of revenue converted to profit. No change is given against fiscal year 2025: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Applied Digital's ROE was -10.7% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 35.7 percentage points from the prior year.
Capital Allocation
Applied Digital repurchased no shares in fiscal year 2026. This represents a decrease of 100.0% from the prior year.
Applied Digital invested $2.9B in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 320.4% from the prior year.
Not reported for fiscal year 2026.
APLD Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|---|
| Revenue | $611.3M+167.5% | $228.6M+38.0% | $165.6M+198.9% | $55.4M+547.9% | $8.5M | $0 |
| Cost of Revenue | $396.9M+83.1% | $216.8M+46.1% | $148.3M+234.2% | $44.4M+366.9% | $9.5M | $0 |
| Gross Profit | $214.5M+1715.9% | $11.8M-31.5% | $17.2M+56.6% | $11.0M+1249.8% | -$957K | $0 |
| SG&A Expenses | $332.1M+207.8% | $107.9M+10.3% | $97.8M+81.4% | $53.9M+170.4% | $19.9M+5906.3% | $332K |
| Operating Income | -$236.5M-227.6% | -$72.2M+26.6% | -$98.3M-129.2% | -$42.9M-105.3% | -$20.9M-6194.6% | -$332K |
| Interest Expense | $29.5M-8.2% | $32.1M+19.8% | $26.8M+1255.2% | $2.0M+1667.9% | $112K-52.5% | $236K |
| Income Tax | $1.8M+1652.0% | $102K+6.3% | $96K+118.4% | -$523K-196.9% | $540K | $0 |
| Net Income | -$184.3M+20.2% | -$231.1M-54.8% | -$149.3M-234.4% | -$44.6M-89.8% | -$23.5M-4040.8% | -$568K |
| EPS (Diluted) | -$0.91+21.6% | -$1.16 | -$1.31-178.7% | -$0.47 | -$0.41 | -$0.38 |
Not reported in any period shown, so not listed: R&D Expenses.
APLD Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|---|
| Total Assets | $9.9B+431.0% | $1.9B+145.1% | $762.9M+189.0% | $264.0M+120.0% | $120.0M+697.1% | $15.1M |
| Current Assets | $4.7B+3411.2% | $132.8M-67.1% | $404.1M+785.0% | $45.7M+13.1% | $40.4M+243.4% | $11.8M |
| Cash & Equivalents | $1.6B+3522.3% | $44.0M+1216.3% | $3.3M-88.5% | $29.0M-25.3% | $38.8M+230.2% | $11.8M |
| Accounts Receivable | $56.3M+724.4% | $6.8M+77.5% | $3.8M+4591.5% | $82K-63.9% | $227K | $0 |
| Goodwill | $54.5M | $0 | N/A | N/A | N/A | N/A |
| Total Liabilities | $8.2B+564.2% | $1.2B+93.8% | $638.0M+228.4% | $194.3M+376.8% | $40.7M+131.0% | $17.6M |
| Current Liabilities | $1.2B+132.7% | $499.7M-9.8% | $554.1M+379.9% | $115.5M+298.2% | $29.0M+1059.9% | $2.5M |
| Long-Term Debt | N/A | N/A | N/A | N/A | $7.2M | N/A |
| Total Equity | $1.7B+245.1% | $497.7M+298.7% | $124.8M+109.7% | $59.5M-17.6% | $72.3M+2897.5% | -$2.6M |
| Retained Earnings | -$662.3M-37.7% | -$481.1M-92.4% | -$250.0M-148.2% | -$100.7M-79.6% | -$56.1M-159.3% | -$21.6M |
Not reported in any period shown, so not listed: Inventory.
APLD Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $89.7M+177.7% | -$115.4M-936.6% | $13.8M-76.5% | $58.7M+6835.7% | -$872K-950.6% | -$83K |
| Capital Expenditures | $2.9B+320.4% | $681.6M+380.6% | $141.8M+8.0% | $131.3M+125.4% | $58.3M+291155.0% | $20K |
| Free Cash Flow | -$2.8B-248.3% | -$797.0M-522.6% | -$128.0M-76.5% | -$72.5M-22.7% | -$59.1M-57301.0% | -$103K |
| Investing Cash Flow | -$2.9B-339.8% | -$667.7M-287.2% | -$172.4M-30.5% | -$132.1M-188.0% | -$45.9M-1289.2% | -$3.3M |
| Financing Cash Flow | $6.9B+686.2% | $874.7M+496.0% | $146.8M+107.8% | $70.6M-13.1% | $81.3M+437.1% | $15.1M |
| Share Buybacks | $0-100.0% | $31.3M | $0 | $0 | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
APLD Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|---|
| Gross Margin | 35.1%+29.9pp | 5.2%-5.2pp | 10.4%-9.5pp | 19.9%+31.1pp | -11.2% | N/A |
| Operating Margin | -38.7%-7.1pp | -31.6%+27.8pp | -59.4%+18.1pp | -77.5% | -244.5% | N/A |
| Net Margin | -30.1% | -101.1% | -90.1%-9.5pp | -80.6% | -275.1% | N/A |
| Return on Equity | -10.7%+35.7pp | -46.4%+73.2pp | -119.6%-44.6pp | -75.0%-42.5pp | -32.6% | N/A |
| Return on Assets | -1.9%+10.5pp | -12.4%+7.2pp | -19.6%-2.7pp | -16.9%+2.7pp | -19.6%-15.8pp | -3.8% |
| Current Ratio | 4.01+3.7x | 0.27-0.5x | 0.73+0.3x | 0.40-1.0x | 1.39-3.3x | 4.70 |
| Debt-to-Equity | 4.78+2.3x | 2.48-2.6x | 5.11+1.8x | 3.26+3.2x | 0.10 | N/A |
| FCF Margin | -454.1% | -348.7% | -77.3% | -131.0% | -691.6% | N/A |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Applied Digital Ranks
Frequently Asked Questions
What is Applied Digital's annual revenue?
Applied Digital (APLD) reported $611.3M in total revenue for fiscal year 2026. This represents a 167.5% 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 167.5% year-over-year, from $228.6M to $611.3M in fiscal year 2026.
Is Applied Digital profitable?
No, Applied Digital (APLD) reported a net income of -$184.3M in fiscal year 2026, with a net profit margin of -30.1%.
What is Applied Digital's EBITDA?
Applied Digital (APLD) had EBITDA of -$169.1M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
What is Applied Digital's gross margin?
Applied Digital (APLD) had a gross margin of 35.1% in fiscal year 2026, 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 -38.7% in fiscal year 2026, 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 -30.1% in fiscal year 2026, 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 -10.7% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Applied Digital's free cash flow?
Applied Digital (APLD) recorded an outflow of $2.8B in free cash flow during fiscal year 2026. This represents a -248.3% 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 $89.7M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Applied Digital's total assets?
Applied Digital (APLD) had $9.9B in total assets as of fiscal year 2026, including both current and long-term assets.
What are Applied Digital's capital expenditures?
Applied Digital (APLD) invested $2.9B in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
What is Applied Digital's current ratio?
Applied Digital (APLD) had a current ratio of 4.01 as of fiscal year 2026, which is generally considered healthy.
What is Applied Digital's debt-to-equity ratio?
Applied Digital (APLD) had a debt-to-equity ratio of 4.78 as of fiscal year 2026, 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 -1.9% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Applied Digital's Altman Z-Score?
Applied Digital (APLD) has an Altman Z-Score of 0.91, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Applied Digital's Piotroski F-Score?
Applied Digital (APLD) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $184.3M while generating $89.7M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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) reported an operating loss of $236.5M against $29.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 41 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.