Applied Digital Corporation (APLD) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-K for FY2026, filed Jul 29, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the APLD SEC filings page.
Applied Digital Corporation (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).
Rapid revenue scaling is paired with an infrastructure-heavy model where capital spending overwhelms internally generated cash.
By FY2026, gross margin had widened to35.1% , yet operating margin remained-38.7% , showing that improved direct economics have not absorbed the broader cost base. SG&A reached$332.1M while operating loss was$236.5M , so the margin improvement is being consumed above the gross-profit line.
FY2026 capital expenditures reached
Assets reached
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 Corporation'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 Corporation has an operating margin of -38.7%, meaning the company loses $39 on every $100 of revenue. This results in a profitability score of 16/100. This is down from -31.6% the prior year.
Applied Digital Corporation's revenue surged 167.5% year-over-year to $611.3M, reflecting rapid business expansion. This strong growth earns a score of 98/100.
Applied Digital Corporation 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 Corporation holds $4.01 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 87/100.
Applied Digital Corporation'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 1/100.
Applied Digital Corporation posts a -14.6% return on equity (ROE), meaning it loses $15 for every $100 of shareholders' equity. This results in a returns score of 23/100. This is up from -46.9% the prior year.
Applied Digital Corporation scores 0.87, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($7.6B) 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 Corporation 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 Corporation reported a net loss of $250.3M 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 Corporation 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 Corporation generated $293.9M in revenue in Q4 2026. This represents an increase of 180.8% from the same quarter a year earlier. Against the prior quarter it is up 132.1%.
Applied Digital Corporation's EBITDA was -$63.7M in Q4 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 254.0% from the same quarter a year earlier. Against the prior quarter it is up 1.8%.
Applied Digital Corporation reported -$148.3M in net income in Q4 2026. This represents a decrease of 168.9% from the same quarter a year earlier. Against the prior quarter it is down 110.2%.
Cash & Balance Sheet
Applied Digital Corporation recorded an outflow of $1.2B in free cash flow in Q4 2026, representing a cash shortfall after capex. This represents a decrease of 504.2% from the same quarter a year earlier. Against the prior quarter it is down 60.6%.
Applied Digital Corporation held $1.6B in cash as of Q4 2026; long-term debt is not reported for that period.
Not reported for Q4 2026.
Margins & Returns
Applied Digital Corporation's gross margin was 42.9% in Q4 2026, indicating the percentage of revenue retained after direct costs. This is up 59.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.4 percentage points.
Applied Digital Corporation's operating margin was -33.2% in Q4 2026, reflecting core business profitability. This is up 29.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 34.5 percentage points.
Applied Digital Corporation's net profit margin was -50.5% in Q4 2026, showing the share of revenue converted to profit. This is up 2.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 5.2 percentage points.
Applied Digital Corporation's ROE was -8.6% in Q4 2026, measuring profit generated per dollar of shareholder equity. This is up 2.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 4.2 percentage points.
Capital Allocation
Applied Digital Corporation repurchased no shares in Q4 2026.
Applied Digital Corporation invested $1.3B in capex in Q4 2026, funding long-term assets and infrastructure. This represents an increase of 550.2% from the same quarter a year earlier. Against the prior quarter it is up 66.3%.
Not reported for Q4 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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2610-K | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $293.9M+180.8% | $126.6M+139.3% | $126.6M+250.1% | $64.2M+84.3% | $104.6M+139.4% | $52.9M+22.1% | $36.2M-14.3% | $34.8M-4.1% |
| Cost of Revenue | $167.9M+37.4% | $72.8M+48.2% | $100.6M+343.7% | $55.6M+144.5% | $122.2M+164.0% | $49.1M+4.4% | $22.7M-23.9% | $22.7M-9.8% |
| Gross Profit | $126.0M+816.8% | $53.8M+1323.4% | $26.0M+92.8% | $8.6M-28.9% | -$17.6M-579.2% | $3.8M+201.8% | $13.5M+8.6% | $12.1M+9.0% |
| SG&A Expenses | $166.2M+245.0% | $79.7M+250.8% | $57.0M+119.4% | $29.2M+165.2% | $48.2M+53.9% | $22.7M-24.3% | $26.0M+28.2% | $11.0M-32.0% |
| Operating Income | -$97.5M-48.4% | -$85.7M-352.2% | -$31.0M-141.8% | -$22.3M-188.1% | -$65.7M-138.1% | -$18.9M+65.8% | -$12.8M-61.8% | $25.3M+443.3% |
| EBITDA | -$63.7M-254.0% | -$64.9M-39205.5% | -$22.4M-176.1% | -$18.1M-161.6% | $41.4M+904.7% | -$165K+99.4% | -$8.1M-247.0% | $29.4M+4470.8% |
| Interest Expense | $16.5M-5.1% | -$2.4M-126.8% | $11.5M+292.1% | $3.9M+33.4% | $17.4M-3.6% | $8.9M+102.0% | $2.9M+24.4% | $3.0M+42.7% |
| Income Tax | $1.8M+11137.5% | -$2K-101.7% | $15K+1400.0% | $8K | -$16K-116.7% | $117K | $1K | $0 |
| Net Income | -$148.3M-168.9% | -$70.6M-98.4% | -$14.4M+89.6% | -$16.9M-298.5% | -$55.2M+14.4% | -$35.6M+43.4% | -$138.7M-1217.6% | -$4.2M+62.9% |
| EPS (Basic) | -$0.40-73.9% | -$0.36-125.0% | -$0.07+89.4% | -$0.07-133.3% | -$0.23+57.4% | -$0.16+69.2% | -$0.66-560.0% | -$0.03+72.7% |
| EPS (Diluted) | -$0.40 | -$0.36-125.0% | -$0.07+89.4% | -$0.07 | -$0.23 | -$0.16 | -$0.66 | -$0.03 |
| Diluted Shares (Avg) | N/A | 282M+26.8% | 277M+32.4% | 256M | N/A | 222M | 210M | 149M |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2610-K | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $9.9B+431.0% | $6.2B+265.9% | $5.2B+238.9% | $2.4B+155.8% | $1.9B+145.1% | $1.7B+165.5% | $1.5B+221.1% | $937.7M+168.6% |
| Current Assets | $4.7B+3411.2% | $2.4B+785.4% | $2.7B+727.5% | $641.7M+663.0% | $132.8M-67.1% | $274.3M+159.5% | $328.4M+800.8% | $84.1M+150.7% |
| Cash & Equivalents | $1.6B+3522.3% | $1.7B+2417.3% | $1.9B+568.5% | $73.9M+27.0% | $44.0M+1216.3% | $68.7M+1450.0% | $286.2M+3005.5% | $58.2M+879.7% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $56.3M+724.4% | $20.8M+42.0% | $13.3M+8.4% | $29.1M+1167.8% | $6.8M+77.5% | $14.6M+6397.3% | $12.3M+3910.7% | $2.3M+8411.1% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $54.5M | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
| Total Liabilities | $8.2B+564.2% | $3.7B+204.2% | $3.2B+199.9% | $1.3B+101.5% | $1.2B+93.8% | $1.2B+130.5% | $1.1B+223.9% | $640.6M+189.6% |
| Current Liabilities | $1.2B+132.7% | $1.0B+159.0% | $563.4M+32.8% | $985.5M+154.9% | $499.7M-9.8% | $393.6M+12.7% | $424.4M+109.6% | $386.7M+154.9% |
| Non-Current Liabilities | $7.0B+856.9% | $2.7B+226.0% | $2.6B+312.8% | $305.5M+20.3% | $736.6M+777.7% | $815.9M+364.8% | $628.5M+412.7% | $253.9M+265.2% |
| Total Equity | $1.7B+245.1% | $1.6B+247.8% | $1.4B+233.6% | $1.0B+331.8% | $497.7M+298.7% | $454.6M+283.7% | $434.6M+179.2% | $241.8M+89.0% |
| Retained Earnings | -$662.3M-37.7% | -$583.1M-36.1% | -$512.4M-30.4% | -$498.0M-95.8% | -$481.1M-92.4% | -$428.5M-131.0% | -$393.0M-220.3% | -$254.3M-126.7% |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2610-K | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $132.5M+1833.6% | $55.0M+832.8% | -$15.8M+69.7% | -$82.0M-8.1% | $6.9M+121.7% | $5.9M-83.7% | -$52.3M-1252.0% | -$75.9M-1780.1% |
| Depreciation & Amortization | $33.8M-38.6% | $20.8M+10.8% | $8.6M+82.6% | $4.2M+0.2% | $55.1M+73.9% | $18.8M-28.3% | $4.7M-65.0% | $4.1M-48.3% |
| Stock-Based Compensation | N/A | N/A | N/A | $15.5M+629.8% | N/A | N/A | N/A | -$2.9M-151.7% |
| Capital Expenditures | $1.3B+550.2% | $775.2M+201.1% | $552.1M+222.8% | $249.4M+355.2% | $198.3M+245.6% | $257.5M+566.9% | $171.0M+473.4% | $54.8M-27.6% |
| Free Cash Flow | -$1.2B-504.2% | -$720.2M-186.3% | -$567.9M-154.3% | -$331.4M-153.6% | -$191.4M-115.3% | -$251.6M-10721.3% | -$223.3M-782.9% | -$130.7M-83.7% |
| Investing Cash Flow | -$1.3B-564.8% | -$775.2M-200.3% | -$569.1M-225.3% | -$249.4M-665.0% | -$202.0M-284.9% | -$258.1M-374.9% | -$174.9M-597.9% | -$32.6M+19.6% |
| Financing Cash Flow | $3.3B+5590.7% | $532.1M+167.5% | $2.8B+507.7% | $322.2M+97.2% | $57.2M-23.4% | $198.9M+714.6% | $455.2M+1800.9% | $163.4M+590.4% |
| Share Buybacks | $0 | $0 | N/A | N/A | $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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2610-K | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 42.9%+59.7pp | 42.5%+35.4pp | 20.6%-16.8pp | 13.4%-21.3pp | -16.8%-10.9pp | 7.1%+15.7pp | 37.3%+7.9pp | 34.7%+4.2pp |
| Operating Margin | -33.2%+29.6pp | -67.7%-31.9pp | -24.4%+11.0pp | -34.7%-107.3pp | -62.8%+0.4pp | -35.8% | -35.4%-16.7pp | 72.6%+92.9pp |
| Net Margin | -50.5%+2.2pp | -55.7%+11.5pp | -11.4% | -26.4%-14.2pp | -52.7% | -67.2% | -383.6% | -12.2%+19.4pp |
| Return on Equity | -8.6%+2.4pp | -4.5%+3.4pp | -1.0%+30.9pp | -1.6%+0.1pp | -11.1%+40.5pp | -7.8%+45.2pp | -31.9%-25.2pp | -1.8%+7.2pp |
| Return on Assets | -1.5%+1.5pp | -1.1%+0.9pp | -0.3%+8.7pp | -0.7%-0.3pp | -2.9%+5.5pp | -2.1%+7.7pp | -9.0%-6.8pp | -0.4%+2.8pp |
| Current Ratio | 4.01+3.7x | 2.38+1.7x | 4.82+4.0x | 0.65+0.4x | 0.27-0.5x | 0.70+0.4x | 0.77+0.6x | 0.220.0x |
| Debt-to-Equity | 4.78+2.3x | 2.33-0.3x | 2.18-0.2x | 1.24-1.4x | 2.48-2.6x | 2.66-1.8x | 2.42+0.3x | 2.65+0.9x |
| Asset Turnover | 0.030.0x | 0.020.0x | 0.020.0x | 0.030.0x | 0.060.0x | 0.030.0x | 0.02-0.1x | 0.04-0.1x |
| FCF Margin | -393.6% | -568.7% | -448.6% | -516.1% | -182.9% | -475.4% | -617.5% | -375.0% |
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: Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Applied Digital Corporation APLD | FY2026 | $611.3M | -$250.3M | -40.9% | $7.6B | 40/100 |
| Science Applications International Corporation SAIC | FY2026 | $7.3B | $358.0M | 4.9% | $5.2B | 45/100 |
| Ingram Micro Holding Corporation INGM | FY2025 | $52.6B | $327.9M | 0.6% | $6.6B | 50/100 |
| Verra Mobility Corporation VRRM | FY2025 | $979.1M | $136.6M | 14.0% | $427.1M | 65/100 |
| Pony AI Inc. PONY | FY2025 | $90.0M | -$134.0M | N/A | $2.6B | 64/100 |
Where Applied Digital Corporation Ranks
Frequently Asked Questions
What is Applied Digital Corporation's annual revenue?
Applied Digital Corporation (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 Corporation's revenue growing?
Applied Digital Corporation (APLD) revenue grew by 167.5% year-over-year, from $228.6M to $611.3M in fiscal year 2026.
Is Applied Digital Corporation profitable?
No, Applied Digital Corporation (APLD) reported a net income of -$250.3M in fiscal year 2026, with a net profit margin of -40.9%.
What is Applied Digital Corporation's EBITDA?
Applied Digital Corporation (APLD) had EBITDA of -$169.1M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
What is Applied Digital Corporation's gross margin?
Applied Digital Corporation (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 Corporation's operating margin?
Applied Digital Corporation (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 Corporation's net profit margin?
Applied Digital Corporation (APLD) had a net profit margin of -40.9% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
What is Applied Digital Corporation's return on equity (ROE)?
Applied Digital Corporation (APLD) has a return on equity of -14.6% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Applied Digital Corporation's free cash flow?
Applied Digital Corporation (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 Corporation's operating cash flow?
Applied Digital Corporation (APLD) generated $89.7M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Applied Digital Corporation's total assets?
Applied Digital Corporation (APLD) had $9.9B in total assets as of fiscal year 2026, including both current and long-term assets.
What are Applied Digital Corporation's capital expenditures?
Applied Digital Corporation (APLD) invested $2.9B in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
What is Applied Digital Corporation's current ratio?
Applied Digital Corporation (APLD) had a current ratio of 4.01 as of fiscal year 2026, which is generally considered healthy.
What is Applied Digital Corporation's debt-to-equity ratio?
Applied Digital Corporation (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 Corporation's return on assets (ROA)?
Applied Digital Corporation (APLD) had a return on assets of -2.5% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Applied Digital Corporation's P/E ratio?
Applied Digital Corporation (APLD) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2026). The market capitalization is $7.6B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Applied Digital Corporation's price-to-sales ratio?
Applied Digital Corporation (APLD) trades at 12.4x sales, its market capitalization divided by revenue of $611.3M revenue, FY2026. The market capitalization is $7.6B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Applied Digital Corporation's Altman Z-Score?
Applied Digital Corporation (APLD) has an Altman Z-Score of 0.87, 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 Corporation's Piotroski F-Score?
Applied Digital Corporation (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 Corporation's earnings high quality?
Applied Digital Corporation (APLD) reported a net loss of $250.3M 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 Corporation cover its interest payments?
Applied Digital Corporation (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 Corporation?
Applied Digital Corporation (APLD) scores 40 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.