6 years of revenue, profit, cash flow and balance-sheet history through FY2026, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| 2026 | $611M | -$250M | 35.1% | -38.7% | -14.6% | -2.5% | -$2.8B | — | $1.6B |
| 2025 | $229M | -$234M | 5.2% | -31.6% | -47.0% | -12.5% | -$797M | — | $44M |
| 2024 | $166M | -$149M | 10.4% | -59.4% | -119.6% | -19.6% | -$128M | — | $3M |
| 2023 | — | -$45M | — | — | -75.0% | -16.9% | -$73M | — | $29M |
| 2022 | — | -$24M | — | — | -32.5% | -19.6% | -$56M | $7M | $39M |
| 2021 | — | -$568000 | — | — | 22.0% | -3.8% | — | — | $12M |
| Quarter | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| Aug '26 | $263M | -$184M | 6.5% | -23.7% | -11.5% | -1.6% | -$2.0B | — | $2.9B |
| Feb '26 | $127M | — | 42.5% | -67.6% | 0.0% | 0.0% | -$720M | — | $1.7B |
| Nov '25 | $127M | -$14M | 20.6% | -24.5% | -1.0% | -0.3% | -$568M | — | $1.9B |
| Aug '25 | $81M | -$17M | 27.3% | -12.1% | -1.6% | -0.7% | -$331M | — | $74M |
| May '25 | -$33M | — | 262.8% | 132.4% | 0.0% | 0.0% | -$191M | — | $44M |
| Feb '25 | $53M | — | 7.1% | -35.8% | 0.0% | 0.0% | -$252M | — | $69M |
| Nov '24 | $36M | -$139M | 37.3% | -35.4% | -31.9% | -9.0% | -$223M | — | $286M |
| Aug '24 | $35M | -$4M | 34.7% | 72.6% | -1.8% | -0.5% | -$131M | — | $58M |
| May '24 | $15M | -$64M | 68.8% | 257.0% | -51.6% | -8.4% | -$89M | — | $3M |
| Feb '24 | $43M | -$63M | -8.6% | -127.9% | -53.0% | -9.8% | -$2M | — | $4M |
| Nov '23 | $42M | -$11M | 29.5% | -18.7% | -6.8% | -2.2% | -$9M | — | $9M |
| Aug '23 | $36M | -$11M | 30.6% | -20.3% | -9.0% | -3.3% | -$28M | — | $6M |
| May '23 | $22M | -$6M | 27.6% | -28.0% | -10.9% | -2.5% | -$30M | — | $29M |
| Feb '23 | $14M | -$7M | 25.2% | -49.6% | -11.5% | -3.4% | $256000 | — | $8M |
| Nov '22 | $12M | -$27M | 4.3% | -216.4% | -41.9% | -15.9% | -$28M | — | $11M |
| Aug '22 | $7M | -$5M | 12.0% | -60.3% | -6.6% | -3.1% | -$14M | — | $33M |
| May '22 | $8M | -$3M | 1.2% | -56.7% | -3.9% | -2.3% | — | $7M | $39M |
| Feb '22 | $1M | -$6M | -102.0% | -235.6% | 74.9% | -10.2% | — | — | $12M |
| Nov '21 | $0 | -$171000 | — | — | 18.5% | — | — | — | — |
| Aug '21 | $0 | -$14M | — | — | — | — | — | — | — |
How the market has priced APLD against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, Applied Digital's revenue has grown 92.1% per year. These are computed facts, not advice.
As of FY2026, Applied Digital reported — of total debt against $1.6B of cash; operating income covered interest expense -8.0×.
In FY2026, gross margin was 35.1%, operating margin -38.7%, and net margin -40.9%.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.