For the twelve months ended Aug 31, 2026, Applied Digital Corporation reported $853.85M of revenue and -$411.08M of net income.
APLD revenue was $341.88M in fiscal Q1 2027 (ended Aug 31, 2026), up 322.4% from a year earlier and up 32.1% from the prior quarter. For the full fiscal 2026 it was $611.31M, up 167.5% from fiscal 2025. It rose in each of the last 4 fiscal years. Fiscal 2026 is the highest of the 6 fiscal years on file.
APLD net income was -$184.06M in fiscal Q1 2027 (ended Aug 31, 2026), compared with -$16.93M a year earlier. For the full fiscal 2026 it was -$250.26M, compared with -$233.68M in fiscal 2025.
APLD diluted EPS was -$0.82 in fiscal Q1 2027 (ended Aug 31, 2026), compared with -$0.07 a year earlier. For the full fiscal 2026 it was -$0.91, compared with -$1.16 in fiscal 2025.
APLD free cash flow was -$2.01B in fiscal Q1 2027 (ended Aug 31, 2026), compared with -$331.44M a year earlier. For the full fiscal 2026 it was -$2.78B, compared with -$797.00M in fiscal 2025.
| Line item | May 31, 2026 | May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 |
|---|---|---|---|---|---|---|
| Revenue | $611.31M | $228.57M | $165.57M | $55.39M | $8.55M | $0 |
| Cost of revenue | $396.86M | $216.76M | $148.34M | $44.39M | $9.51M | $0 |
| Gross profit | $214.45M | $11.81M | $17.23M | $11.00M | -$957.0K | $0 |
| Selling, general and admin | $332.10M | $107.88M | $97.78M | $53.91M | $19.94M | $332.0K |
| Operating income | -$236.46M | -$72.17M | -$98.34M | -$42.91M | -$20.90M | -$332.0K |
| Interest expense | $29.52M | $32.14M | $27.52M | $2.01M | $112.0K | $236.0K |
| Pre-tax income | -$181.53M | -$230.96M | -$149.57M | -$45.01M | -$21.95M | -$568.0K |
| Income tax | $1.79M | $102.0K | $96.0K | -$523.0K | $540.0K | $0 |
| Net income | -$250.26M | -$233.68M | -$149.27M | -$44.65M | -$23.52M | -$568.0K |
| EPS, basic | -$0.91 | -$1.16 | -$1.31 | -$0.47 | -$0.41 | -$0.38 |
| EPS, diluted | -$0.91 | -$1.16 | -$1.31 | -$0.47 | -$0.41 | -$0.38 |
| Diluted shares | 275.2M | 201.2M | 114.1M | 94.0M | 57.1M | 1.5M |
| Line item | May 31, 2026 | May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $1.59B | $43.95M | $31.69M | $43.57M | $38.80M | $11.75M |
| Receivables | $56.31M | $6.83M | $3.85M | $82.0K | $227.0K | $0 |
| Current assets | $4.66B | $132.80M | $404.14M | $45.67M | $40.36M | $11.76M |
| Goodwill | $54.51M | $0 | - | - | - | - |
| Total assets | $9.93B | $1.87B | $762.87M | $263.96M | $119.98M | $15.05M |
| Current liabilities | $1.16B | $499.73M | $554.11M | $115.46M | $29.00M | $2.50M |
| Total debt | - | - | - | - | $7.19M | - |
| Total liabilities | $6.19B | $1.24B | $638.04M | $194.28M | $40.74M | $2.50M |
| Shareholders' equity | $1.72B | $497.69M | $124.83M | $69.68M | $79.23M | -$2.58M |
| Line item | May 31, 2026 | May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 |
|---|---|---|---|---|---|---|
| Operating cash flow | $89.69M | -$115.40M | $13.79M | $58.73M | -$872.0K | -$83.0K |
| Capital expenditures | $2.87B | $681.60M | $141.81M | $131.28M | $54.97M | $20.0K |
| Free cash flow | -$2.78B | -$797.00M | -$128.01M | -$72.54M | -$55.85M | -$103.0K |
| Investing cash flow | -$2.94B | -$667.65M | -$172.44M | -$132.09M | -$45.87M | -$3.30M |
| Financing cash flow | $6.88B | $874.69M | $146.76M | $70.63M | $81.29M | $15.13M |
| Share repurchases | $0 | $31.34M | $0 | $0 | - | - |
| Stock-based compensation | $220.13M | $22.70M | $17.36M | $32.07M | $12.34M | $0 |
| Depreciation and amortization | $67.39M | $134.71M | $79.36M | $7.11M | $1.12M | $1.0K |
| Line item | May 31, 2026 | May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 |
|---|---|---|---|---|---|---|
| Revenue growth, YoY | 167.5% | 38.0% | 198.9% | 547.9% | - | - |
| Gross margin | 35.1% | 5.2% | 10.4% | 19.9% | -11.2% | - |
| Operating margin | -38.7% | -31.6% | -59.4% | -77.5% | -244.4% | - |
| Net margin | -40.9% | -102.2% | -90.2% | -80.6% | -275.1% | - |
| Free cash flow margin | -454.1% | -348.7% | -77.3% | -131.0% | -653.2% | - |
| Return on equity | -14.6% | -47.0% | -119.6% | -64.1% | -29.7% | - |
| Return on assets | -2.5% | -12.5% | -19.6% | -16.9% | -19.6% | -3.8% |
| Current ratio | 4.01 | 0.27 | 0.73 | 0.40 | 1.39 | 4.70 |
| Debt to equity | - | - | - | - | 0.09 | - |
| Line item | Aug 31, 2026 | May 31, 2026 | Feb 28, 2026 | Nov 30, 2025 | Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $341.88M | $258.75M | $126.64M | $126.59M | $80.93M | $51.08M | $52.92M | $36.16M | $34.85M | $43.70M | $43.35M | $42.20M |
| Cost of revenue | $245.71M | $161.46M | $72.83M | $100.55M | $58.83M | $54.20M | $49.14M | $22.66M | $22.74M | $46.29M | $47.06M | $29.77M |
| Gross profit | $96.17M | $97.29M | $53.80M | $26.04M | $22.10M | -$3.12M | $3.78M | $13.50M | $12.11M | -$2.59M | -$3.71M | $12.43M |
| Selling, general and admin | $114.68M | $165.28M | $79.72M | $56.99M | $29.48M | $41.02M | $22.72M | $25.97M | $10.99M | $31.32M | $30.02M | $20.27M |
| Operating income | -$62.38M | -$124.82M | -$85.67M | -$30.96M | -$9.76M | -$44.10M | -$18.94M | -$12.80M | $25.29M | -$27.60M | -$55.46M | -$7.91M |
| Interest expense | $77.38M | $10.63M | -$2.39M | $11.48M | $8.01M | $8.45M | $8.90M | $2.93M | $2.96M | $18.00M | $4.77M | $2.62M |
| Pre-tax income | -$166.12M | -$79.62M | -$70.56M | -$26.55M | -$16.92M | -$52.55M | -$35.44M | -$128.36M | $15.91M | -$64.35M | -$62.84M | -$10.53M |
| Income tax | $1.89M | $1.77M | -$2.0K | $15.0K | $8.0K | -$16.0K | $117.0K | $1.0K | $0 | $96.0K | $0 | $0 |
| Net income | -$184.06M | -$111.72M | -$100.86M | -$14.45M | -$16.93M | -$53.94M | -$36.09M | -$138.73M | -$4.25M | -$64.45M | -$62.84M | -$10.53M |
| EPS, basic | -$0.82 | -$0.41 | -$0.36 | -$0.07 | -$0.07 | - | -$0.16 | -$0.66 | -$0.03 | -$0.58 | -$0.52 | -$0.10 |
| EPS, diluted | -$0.82 | -$0.41 | -$0.36 | -$0.07 | -$0.07 | - | -$0.16 | -$0.66 | -$0.03 | -$0.58 | -$0.52 | -$0.10 |
| Diluted shares | 291.6M | - | 282.0M | 277.4M | 255.9M | - | 222.5M | 209.6M | 149.1M | - | 121.4M | 109.7M |
| Line item | Aug 31, 2026 | May 31, 2026 | Feb 28, 2026 | Nov 30, 2025 | Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.95B | $1.59B | $1.73B | $1.91B | $114.11M | $43.95M | $68.74M | $314.56M | $86.55M | $31.69M | $4.43M | $9.22M |
| Receivables | $114.11M | $56.31M | $20.75M | $13.35M | $29.13M | $6.83M | $14.62M | $12.31M | $2.30M | $3.85M | $225.0K | $307.0K |
| Current assets | $4.08B | $4.66B | $2.43B | $2.72B | $641.74M | $132.80M | $274.26M | $328.39M | $84.11M | $404.14M | $105.70M | $36.46M |
| Goodwill | $54.39M | $54.51M | - | - | - | $0 | - | - | - | - | - | - |
| Total assets | $11.71B | $9.93B | $6.25B | $5.23B | $2.40B | $1.87B | $1.71B | $1.54B | $937.73M | $762.87M | $643.17M | $480.65M |
| Current liabilities | $1.59B | $1.16B | $1.02B | $563.40M | $985.49M | $499.73M | $393.58M | $424.35M | $386.67M | $554.11M | $349.16M | $202.42M |
| Total liabilities | $7.91B | $6.19B | $3.68B | $3.16B | $1.29B | $1.24B | $1.21B | $1.05B | $640.60M | $638.04M | $524.68M | $325.00M |
| Shareholders' equity | $1.60B | $1.72B | $1.58B | $1.45B | $1.04B | $497.69M | $454.65M | $434.57M | $241.85M | $124.83M | $118.49M | $155.66M |
| Line item | Aug 31, 2026 | May 31, 2026 | Feb 28, 2026 | Nov 30, 2025 | Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $63.92M | $132.54M | $55.01M | -$16.34M | -$81.53M | $6.86M | $5.90M | -$52.26M | -$75.89M | -$31.54M | $36.28M | $4.54M |
| Capital expenditures | $2.07B | $1.29B | $775.21M | $551.58M | $249.91M | $198.26M | $257.49M | $171.05M | $54.80M | $57.37M | $38.61M | $13.24M |
| Free cash flow | -$2.01B | -$1.16B | -$720.20M | -$567.91M | -$331.44M | -$191.41M | -$251.60M | -$223.31M | -$130.69M | -$88.92M | -$2.33M | -$8.70M |
| Investing cash flow | -$2.08B | -$1.34B | -$775.21M | -$568.58M | -$249.91M | -$201.98M | -$258.14M | -$174.93M | -$32.61M | -$52.48M | -$54.35M | -$25.07M |
| Financing cash flow | $1.54B | $3.26B | $532.11M | $2.77B | $322.24M | $57.22M | $198.89M | $455.22M | $163.37M | $74.73M | $24.42M | $23.95M |
| Share repurchases | - | $0 | $0 | - | - | $0 | $0 | - | - | - | - | - |
| Stock-based compensation | $66.50M | $125.39M | $50.15M | $29.13M | $15.46M | $12.47M | $9.69M | $3.46M | -$2.92M | $3.73M | $3.19M | $4.80M |
| Depreciation and amortization | $41.91M | $33.84M | $20.81M | $8.59M | $4.15M | $55.13M | $18.78M | $4.70M | $4.14M | $31.70M | $26.20M | $13.42M |
| Line item | Aug 31, 2026 | May 31, 2026 | Feb 28, 2026 | Nov 30, 2025 | Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 322.4% | 406.6% | 139.3% | 250.1% | 132.2% | 16.9% | 22.1% | -14.3% | -4.1% | 98.3% | 207.7% | 242.0% |
| Gross margin | 28.1% | 37.6% | 42.5% | 20.6% | 27.3% | -6.1% | 7.1% | 37.3% | 34.7% | -5.9% | -8.6% | 29.5% |
| Operating margin | -18.2% | -48.2% | -67.6% | -24.5% | -12.1% | -86.3% | -35.8% | -35.4% | 72.6% | -63.2% | -127.9% | -18.7% |
| Net margin | -53.8% | -43.2% | -79.6% | -11.4% | -20.9% | -105.6% | -68.2% | -383.6% | -12.2% | -147.5% | -145.0% | -24.9% |
| Free cash flow margin | -588.2% | -447.0% | -568.7% | -448.6% | -409.5% | -374.8% | -475.4% | -617.5% | -375.0% | -203.5% | -5.4% | -20.6% |
| Current ratio | 2.56 | 4.01 | 2.38 | 4.82 | 0.65 | 0.27 | 0.70 | 0.77 | 0.22 | 0.73 | 0.30 | 0.18 |
Source: XBRL data Applied Digital Corporation files with the SEC, latest filing dated Oct 7, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| APLD | $853.85M | +286.2% | -$411.08M | -48.1% | $5.06B |
| ADP | $22.26B | +6.5% | $4.53B | 20.3% | $119.24B |
| INFY | $20.16B | +4.6% | $3.31B | 16.4% | $50.24B |
| WDAY | $10.15B | +13.3% | $1.25B | 12.3% | $45.84B |
| ZS | $3.35B | +25.4% | -$63.18M | -1.9% | $32.45B |
| CTSH | $21.89B | +5.0% | $2.57B | 11.8% | $28.43B |
| VRSN | $1.73B | +6.5% | $849.80M | 49.1% | $27.43B |
| VRSK | $3.18B | +4.9% | $879.20M | 27.7% | $25.73B |
| IOT | $1.85B | +29.5% | $90.55M | 4.9% | $24.73B |