What is Applied Digital's free cash flow?

Applied Digital (APLD) reported free cash flow of -$720.2M in Q4 2025.

How has Applied Digital's free cash flow changed year-over-year?

Applied Digital's free cash flow decreased by 186.3% year-over-year, from -$251.6M to -$720.2M.

What is the long-term trend for Applied Digital's free cash flow?

Over 4 years (2021 to 2025), Applied Digital's free cash flow has grown at a 837.9% compound annual growth rate (CAGR), from -$103K to -$797.01M.

Applied Digital APLD Free cash flow

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Other financials

Income statement

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Revenue$126.6M+139%

Gross profit$53.8M+1,323%

Operating income-$85.7M-352%

Net income-$70.6M-98.4%

EPS (diluted)-$0.36-125%

Balance sheet

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Cash & equivalents$2.1B+707%

Total debt$2.8B+525%

Total equity$1.6B+248%

Total assets$6.2B+266%

Cash flow

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Operating cash flow-$15.8M+69.7%

CapEx$775.2M+201%

Valuation

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Market cap$13.31B+328%

Enterprise value$13.99B+322%

P/S39.4×+17.0×

Profitability

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Gross margin34.4%+5.9pp

Operating margin-44.2%—

Net margin-45.7%-19.4pp

FCF margin-536.3%+40.8pp

Returns & leverage

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Return on equity-15.2%-6.8pp

Debt / equity1.8×+0.8×

Current ratio2.4×+1.7×

Where this comes from

Calculated from Applied Digital’s reported figures.

−$775.2Mcapital expenditures=-$720.2M

Plus components not separately reported this period.

The official record: Applied Digital’s 10-Q, filed April 8, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Applied Digital's free cash flow?: Applied Digital (APLD) reported free cash flow of -$720.2M in Q4 2025.
How has Applied Digital's free cash flow changed year-over-year?: Applied Digital's free cash flow decreased by 186.3% year-over-year, from -$251.6M to -$720.2M.
What is the long-term trend for Applied Digital's free cash flow?: Over 4 years (2021 to 2025), Applied Digital's free cash flow has grown at a 837.9% compound annual growth rate (CAGR), from -$103K to -$797.01M.