Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Applied Digital Corp. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2022
FY2022
FY2023
FY2024
FY2025
FY2026
Revenue
0
8.55
55.4
166
229
611
Cost of revenue
0
9.51
44.4
148
217
397
Gross profit
0
-0.96
11
17.2
11.8
214
Selling, general and administrative
0.33
19.9
53.9
97.8
108
332
Operating income
-0.33
-20.9
-42.9
-98.3
-72.2
-236
Interest expense
0.24
0.11
1.98
26.8
32.1
29.5
Other non-operating income
-0.24
-1.05
-2.07
Pre-tax income
-0.57
-21.9
-45
-150
-231
-182
Income tax
0
0.54
-0.52
0.1
0.1
1.79
Income from continuing operations
-43.5
-149
-234
-249
Net income to minority interests
0
-0.01
-0.96
-0.4
0
Net income
-0.57
-23.5
-44.6
-149
-234
-250
EBITDA
-0.33
-19.8
-35.8
-19
62.5
-169
EPS, basic
-0.36
-0.39
-0.47
-1.31
-1.16
-0.91
EPS, diluted
-0.36
-0.39
-0.47
-1.31
-1.16
-0.91
Shares, basic (weighted)
1.58
59.6
94
114
201
275
Shares, diluted (weighted)
1.58
59.6
94
114
201
275
Balance sheet
FY2022
FY2022
FY2023
FY2024
FY2025
FY2026
Cash and equivalents
11.8
38.8
29
3.34
44
1,592
Receivables
0
0.23
0.08
3.85
6.83
56.3
Other current assets
0.01
1.34
2.01
1.01
1.47
20.7
Total current assets
11.8
40.4
45.7
404
133
4,663
Property, plant and equipment
0.02
64.3
198
329
1,252
4,236
Lease right-of-use assets
1.11
1.29
1.52
92.3
76.9
Goodwill
0
54.5
Total assets
15.1
120
264
763
1,870
9,929
Accounts payable
0.25
13.3
6.45
105
251
395
Accrued liabilities
9.96
24.7
30.1
548
Deferred revenue
0
3.88
48.7
3.59
4.67
Total current liabilities
2.5
29
115
554
500
1,163
Long-term debt
0
5.9
678
4,960
Lease liabilities
0.94
1.01
1.07
58.8
47.2
Other non-current liabilities
0
1
0
0
5.45
Total liabilities
2.5
40.7
194
638
1,236
6,186
Total debt
7.19
Paid-in capital
13.9
128
160
375
1,010
2,432
Retained earnings
-21.6
-56.1
-101
-250
-481
-662
Treasury stock
-0.06
-0.06
-0.06
-0.06
-31.4
-52.7
Shareholders' equity
-2.58
72.3
59.5
125
498
1,717
Minority interests
0
6.98
10.2
0
0
7.03
Total equity
-2.58
79.2
69.7
125
498
1,725
Total liabilities and equity
15.1
120
264
763
1,870
9,929
Shares outstanding
1.58
102
95.9
139
225
288
Cash flow statement
FY2022
FY2022
FY2023
FY2024
FY2025
FY2026
Net income
-0.57
-23.5
-45.6
-150
-231
-184
Depreciation and amortization
0
1.12
7.11
79.4
135
67.4
Stock-based compensation
0
12.3
32.1
17.4
22.7
220
Deferred income tax
0
0.54
-0.54
0
0
0
Change in receivables
0
-0.23
0.15
-3.77
-2.93
-49.3
Change in payables
0.25
6.42
-13.8
41.8
-78.3
-1.18
Cash from operations
-0.08
-0.87
58.7
13.8
-115
89.7
Capital expenditures
-0.02
-58.3
-131
-142
-682
-2,866
Purchases of investments
0
-0.81
-0.39
-4.87
-17
Sales and maturities of investments
0
0
0
5
Cash from investing
-3.3
-45.9
-132
-172
-668
-2,936
Stock issued
0
131
192
196
Share buybacks
0
0
-31.3
0
Cash from financing
15.1
81.3
70.6
147
875
6,877
Net change in cash
11.8
34.5
-2.73
-11.9
91.6
4,030
Free cash flow
-0.1
-59.1
-72.5
-128
-797
-2,776
Interest paid
0.24
0.11
1.12
17.8
62.7
263
Income taxes paid
0
0
0
0
0
0.24
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to August 31, 2026; growth uses fiscal years. Valuation uses the share price of $16.68 on November 10, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
33.4%
Gross profit / revenue.
Operating margin
-33.1%
Operating income / revenue.
EBITDA margin
-21.1%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-39.3%
Pre-tax income / revenue.
Net margin
-47.9%
Net income / revenue.
FCF margin
-510.8%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
27.0%
Cash from operations / revenue.
Return on equity (ROE)
-26.0%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-3.6%
Net income / average total assets.
SG&A / revenue
47.8%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
31.1%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
537.8%
Capital expenditures / revenue.
D&A / revenue
12.1%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
167.5%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
122.6%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
1,716.0%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
169.1%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y
-370.4%
EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y
15.2%
Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
245.1%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
206.7%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
431.0%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
235.1%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
266.3%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
36.8%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
43.1%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
180.8%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
2.56x
Current assets / current liabilities.
Quick ratio
1.92x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.85x
(Cash + short-term investments) / current liabilities.
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$1.43
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$2.99
Revenue / diluted weighted shares.
FCF per share
-$15.28
Free cash flow / diluted weighted shares.
Operating cash flow per share
$0.81
Cash from operations / diluted weighted shares.
Book value per share
$5.39
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
5.57x
Market cap / revenue.
P/B
3.03x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
3.14x
Market cap / tangible book value, when positive.
P/OCF
20.7x
Market cap / cash from operations, when positive.
EV/Sales
2.19x
Enterprise value / revenue.
FCF yield
-91.6%
Free cash flow / market cap.
Earnings yield
-8.6%
Net income / market cap (the inverse of P/E).
What was Applied Digital Corp.'s revenue in fiscal 2026?
Applied Digital Corp. reported revenue of $611.3M for fiscal 2026, 167.5% higher than the year before.
Was Applied Digital Corp. profitable in fiscal 2026?
No. It reported a net loss of $250.3M.
How much free cash flow did Applied Digital Corp. generate in fiscal 2026?
Cash from operations of $89.7M minus capital expenditures of $2.87B left free cash flow of -$2.78B.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.