Applied Digital (APLD) financial statements
Applied Digital reported revenue of $611M in fiscal 2026, up 190.8% a year over 4 years.
Net income was -$250M.
Free cash flow was -$2.8B.
The diluted share count rose 18112% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Applied Digital's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Revenue | $0 | $9M | $55M | $137M | $144M | $611M |
| Cost of revenue | $0 | $10M | $44M | $148M | $217M | $397M |
| Gross profit | $0 | -$957,000 | $11M | -$12M | -$73M | $214M |
| Selling, general and admin | $332,000 | $20M | $54M | $98M | $108M | $332M |
| Operating income | -$332,000 | -$21M | -$43M | -$98M | -$72M | -$236M |
| Interest expense | $236,000 | $112,000 | $2M | $27M | $32M | $30M |
| Pre-tax income | -$568,000 | -$22M | -$45M | -$150M | -$231M | -$182M |
| Income tax | $0 | $540,000 | -$523,000 | $96,000 | $102,000 | $2M |
| Net income | -$568,000 | -$24M | -$45M | -$149M | -$234M | -$250M |
| EPS (diluted) | -$0.38 | -$0.41 | -$0.47 | -$1.31 | -$1.16 | -$0.91 |
| Diluted shares | 2M | 57M | 94M | 114M | 201M | 275M |
| Gross margin | — | -11.2% | 19.9% | -8.6% | -50.3% | 35.1% |
| Operating margin | — | -244.4% | -77.5% | -72.0% | -50.1% | -38.7% |
| Net margin | — | -275.1% | -80.6% | -109.3% | -162.1% | -40.9% |
Balance sheet
Fiscal years, from Applied Digital's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $12M | $39M | $29M | $3M | $44M | $1.6B |
| Receivables | $0 | $227,000 | $82,000 | $4M | $7M | $56M |
| Total current assets | $12M | $40M | $46M | $404M | $133M | $4.7B |
| Property, plant and equipment | $20,000 | $64M | $198M | $329M | $1.3B | $4.2B |
| Goodwill | — | — | — | — | $0 | $55M |
| Total assets | $15M | $120M | $264M | $763M | $1.9B | $9.9B |
| Total current liabilities | $2M | $29M | $115M | $554M | $500M | $1.2B |
| Total liabilities | $2M | $41M | $194M | $638M | $1.2B | $6.2B |
| Shareholders' equity | -$3M | $72M | $60M | $125M | $498M | $1.7B |
| Net debt | -$12M | -$39M | -$29M | -$3M | -$44M | -$1.6B |
Cash flow
Fiscal years, from Applied Digital's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$83,000 | -$872,000 | $59M | $14M | -$115M | $90M |
| Capital spending | $20,000 | $58M | $131M | $142M | $682M | $2.9B |
| Free cash flow | -$103,000 | -$59M | -$73M | -$128M | -$797M | -$2.8B |
| Stock-based compensation | $0 | $12M | $32M | $17M | $23M | $220M |
| Share buybacks (net) | — | — | $0 | $0 | -$31M | $0 |
| Free cash flow margin | — | -691.6% | -131.0% | -93.7% | -552.7% | -454.1% |
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Open APLD in InvestinglyQuestions
What was Applied Digital's revenue in 2026?
$611M in fiscal 2026, from its 10-K filing.
How much free cash flow does Applied Digital generate?
-$2.8B in fiscal 2026 (operating cash flow minus capital spending).
From Applied Digital's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.