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Applied Digital APLD Total Cost of Revenue

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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%
Free cash flow-$720.2M-186%

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

Reported directly by Applied Digital in its filing.

Tagged under the XBRL concept us-gaap:CostOfRevenue.

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 total cost of revenue?
Applied Digital (APLD) reported total cost of revenue of $72.83M in Q4 2025.
How has Applied Digital's total cost of revenue changed year-over-year?
Applied Digital's total cost of revenue increased by 48.2% year-over-year, from $49.14M to $72.83M.
What is the long-term trend for Applied Digital's total cost of revenue?
Over 3 years (2022 to 2025), Applied Digital's total cost of revenue has grown at a 120.2% compound annual growth rate (CAGR), from $9.51M to $101.45M.
What does total cost of revenue mean?
The direct costs incurred to generate the company's revenue.
How do you interpret total cost of revenue?
An increase relative to revenue suggests margin compression, while a decrease indicates improved operational efficiency or economies of scale.
How does total cost of revenue compare across companies?
Comparable to cost of goods sold (COGS) in manufacturing or service delivery costs in infrastructure-heavy sectors.