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Applied Digital (APLD) earnings and revenue breakdown

Latest: Q1 FY27 · 10-Q filed Oct 7, 2026 · Applied Digital (APLD) Q1 FY27 earnings results →

Q1 FY27 Revenue up 322% year over year to $342M · 54¢ of every $1 of revenue lost · operating margin -18.2%

Applied Digital made $342M in Q1 FY27 (+322% Y/Y). Operating margin -18.2%, net loss $184M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 7, 2026.

Revenue$342M
Year over year+322%
Operating margin-18.2%
Net earnings−$184M
Operating cash flow$63.9M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $341.9M in Q1 FY27, up 322% year over year and up 23% from the previous quarter.

Operating costs exceeded revenue by $62.4M, an operating margin of -18.2%. Total costs grew 346% against revenue growth of 322%. The fastest-growing cost line was Other operating costs (+1741%). The quarter ended with a net loss of $184.1M, wider than the previous quarter's $82.4M loss. Net interest and other expense of $119.8M was the main reason.

Operating cash flow was $63.9M. Non-cash charges added back $41.9M of depreciation and amortization and $66.5M of share-based compensation. Working capital and other items added $139.6M. Capital expenditures of $2,074.7M exceeded it, leaving free cash flow of −$2,010.8M.

Quarterly history

Applied Digital revenue by quarterApplied Digital revenue by quarter$63.9MQ2 FY25$52.9MQ3 FY25$80.9MQ1 FY26$127MQ2 FY26$127MQ3 FY26$342MQ1 FY27
Applied Digital net earnings by quarterApplied Digital net earnings by quarter−$139MQ2 FY25−$35.6MQ3 FY25−$16.9MQ1 FY26−$14.4MQ2 FY26−$70.6MQ3 FY26−$184MQ1 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q1 FY2710-QOct 7, 2026$342M+322%-18.2%−$184M$63.9M
Q3 FY2610-QApr 8, 2026$127M+139%-67.6%−$70.6M$55.0M
Q2 FY2610-QJan 8, 2026$127M+250%-24.5%−$14.4M−$16.3M
Q1 FY2610-QOct 9, 2025$80.9M+132%-27.5%−$16.9M−$81.5M
Q3 FY2510-QApr 14, 2025$52.9M+22%-35.8%−$35.6M$5.9M
Q2 FY2510-QJan 14, 2025$63.9M+51%-29.1%−$139M−$52.3M

Charts

Applied Digital: revenue growth, year over year and quarter over quarterApplied Digital: revenue growth, year over year and quarter over quarterY/YQ/Q+51%Q2 FY25+22%-17%Q3 FY25+132%+53%Q1 FY26+250%+56%Q2 FY26+139%+0%Q3 FY26+322%+170%Q1 FY27
Latest (Q1 FY27): Y/Y +322%, Q/Q +170%.
Applied Digital: where the cash came from (+) and went (−), TTM to Q1 FY27Applied Digital: where the cash came from (+) and went (−), TTM to Q1 FY27Other financing$5.6BCapital spending−$4.7BCash drawn (+) / kept (−)−$3.6BPartners$1.8BShares issued$915MOperating cash flow$235MTaxes on employees’ shares−$131MNet borrowing (+) / repaid (−)−$83.8MOther investing−$78.8M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Applied Digital: profit against cash, quarter by quarterApplied Digital: profit against cash, quarter by quarterNet incomeOperating cash flow−$139M−$52.3MQ2 FY25−$36.1M$5.9MQ3 FY25−$53.9M$6.9MQ4 FY25−$16.9M−$81.5MQ1 FY26−$14.4M−$16.3MQ2 FY26−$101M$55.0MQ3 FY26−$112M$133MQ4 FY26−$184M$63.9MQ1 FY27
Latest (Q1 FY27): Net income −$184M, Operating cash flow $63.9M.
Applied Digital: diluted shares by fiscal year (split-adjusted)Applied Digital: diluted shares by fiscal year (split-adjusted)3MFY21114MFY22188MFY23228MFY24201MFY25275MFY26
+9006.0% since FY21: more shares outstanding (issuance, stock pay); earlier years scaled for the 2-for-1 split before FY25.
Applied Digital in its industry: growth against margin (65 companies, SIC 7374)Applied Digital in its industry: growth against margin (65 companies, SIC 7374)revenue growth, year over year →↑ operating marginmedian +9%median -8%ADPDXCWDAYTOSTRDDTVRSKRNGPLTKCLVTFAPEGAFIVNTASKEVTCCARGNRDSHNGELFTORAMPGDRXLZEGHTUPWKCARSIBEXSSTKLIFYEXTTCXINODOOMAHAWKGLOOBRUNFIRYVERIBIRDINFQNXTTQMLSTRAKMOVEQBTSSHAZDTCXSDCHONFOBHICKWIKSEQCPHUNWORXONEICASTDTSTHTCRPWDYPVITMYX Inc.NTCSSTWIRADCCRCWHNITAPLD (+300%, -18%)
Services-Computer Processing & Data Preparation; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

AI hosting: neoclouds, miners turned data centers, power money flowAI hosting: neoclouds, miners turned data centers, power · Miners turned AI hosts

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Applied Digital

We are a U.S.-based designer, developer, owner, and operator of large-scale, purpose-built data centers engineered to support high-performance computing (“HPC”) workloads, including artificial intelligence (“AI”), machine learning, and other accelerated-compute applications. We design, build, and operate high-performance, sustainably engineered data centers—which we refer to as AI factories—and deliver that capacity to investment-grade hyperscalers and other leading compute customers under long-term lease and hosting arrangements. Our standardized, repeatable design model spans site selection, design, construction, and operations, and has been qualified by major hyperscalers, enabling rapid, flexible deployment in both air-cooled and liquid-cooled configurations.

In its own words, from its 10-K, filed Jul 29, 2026.

Applied Digital against its Services-Computer Processing & Data Preparation peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +322% against the peers' median +6%. Operating margin: -18.2% against the peers' median 11.8%.

CompanyQuarterRevenueY/YOp. margin
APLD Applied DigitalQ1 FY27$342M+322%-18.2%
ADP Automatic Data ProcessingQ1 FY27$5.5B+6%23.9%
DXC DXC TechnologyQ2 FY27$3.0B-4%6.2%
WDAY WorkdayQ2 FY27$2.6B+13%11.8%
TOST ToastQ3 2026$2.0B+21%8.3%
RDDT RedditQ3 2026$895M+53%29.2%
VRSK Verisk AnalyticsQ3 2026$809M+5%45.2%
RNG RingCentralQ3 2026$676M+6%8.0%
PLTK Playtika HoldingQ3 2026$674M-0.1%17.2%

Source: Applied Digital 10-Q on SEC EDGAR · CIK 1144879 · Services-Computer Processing & Data Preparation

13F: who owns APLD and who is buying

Largest holders of APLD (13F)Largest holders of APLD (13F)Hood River Capital Management LLC$840MVanguard Group$593MVanguard Portfolio Management LLC$512MBlackRock$499MSituational Awareness LP$469MVanguard Capital Management LLC$431MTwo Sigma Investments, LP$384MSituational Awareness Partners LP$320MEquitec Proprietary Markets, LLC$312MGoldman Sachs Group$260M
Funds' net buying of APLD by quarter (13F)Funds' net buying of APLD by quarter (13F)$274M2024-09−$130M2024-12−$523K2025-03−$29.2M2025-06$748M2025-09$96.3M2025-12$318M2026-03$506M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on APLD

History

Every quarter: Q1 FY27 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q3 FY25 results · Q2 FY25 results

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中文版：Applied Digital（APLD）财报

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