Q2 26 EPS
$-0.11
BEAT +46.78%
Est. $-0.21
Q2 26 Revenue
$126.6M
BEAT +55.88%
Est. $81.2M
vs S&P Since Q2 26
+7.7%
BEATING MARKET
APLD +15.9% vs S&P +8.2%
Market Reaction
Did APLD Beat Earnings? Q2 2026 Results
Applied Digital delivered a blowout fiscal Q2 2026, with revenue nearly doubling year-over-year, up 98.2% to $126.59 million against a Wall Street consensus of just $81.21 million, a 55.88% beat that immediately reframed the company's growth trajecto… Read more Applied Digital delivered a blowout fiscal Q2 2026, with revenue nearly doubling year-over-year, up 98.2% to $126.59 million against a Wall Street consensus of just $81.21 million, a 55.88% beat that immediately reframed the company's growth trajectory. The loss per share of $0.11 also came in well ahead of the $0.21 consensus estimate, a 46.78% positive surprise that sent analyst price targets higher and sparked renewed investor enthusiasm. The single biggest driver was the commencement of Applied Digital's HPC Hosting Business at Polaris Forge 1, where achieving Ready-for-Service on the first 100 MW building for CoreWeave generated $85 million in segment revenue alone, including $73 million from tenant fit-out activity. With a freshly signed 15-year, 200 MW hyperscaler lease at Polaris Forge 2 expected to produce roughly $5 billion in lease revenue, and total contracted capacity now at 600 MW representing approximately $16 billion in aggregate prospective revenue, management expressed confidence in exceeding its $1 billion NOI target within five years.
Key Takeaways
- • Ready-for-Service achievement at Polaris Forge 1 delivering 100 MW on schedule for CoreWeave
- • CoreWeave paid approximately $85 million including $73 million for tenant fit-out activities and $12 million in lease revenue
- • Data Center Hosting performance improvements driving 15% YoY revenue growth
- • $13.1 million gain on change in fair value of Babcock & Wilcox warrant
- • $2.8 million gain on change in fair value of B&W investment
APLD YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
APLD Revenue by Segment
With YoY comparisons, source: SEC Filings
“The Dakotas represent a compelling region for hyperscalers due to their cool climate and abundant energy. We believe our first-mover advantage, combined with our proven ability to execute technically complex data center construction, positions Applied Digital with a strong competitive advantage. Having already secured two hyperscalers in the region, inbound demand has increased meaningfully. We are also in advanced discussions with another investment-grade hyperscaler across multiple regions, including additional locations in the Dakotas and select southern U.S. markets. While there can be no assurance of future contracts, we believe we are well positioned to begin construction in the near term on these new sites.”
— Wes Cummins, Q2 2026 Earnings Press Release
APLD Earnings Trends
APLD vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
APLD EPS Trend
Earnings per share: estimate vs actual
APLD Revenue Trend
Quarterly revenue: estimate vs actual
APLD Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q3 26 BEAT | $-0.21 | $0.09 | +142.86% | $126.6M | +61.37% |
| Q2 26 BEAT | $-0.21 | $-0.11 | +46.78% | $126.6M | +55.88% |
| Q1 26 BEAT | $-0.16 | $-0.11 | +29.03% | $64.2M | +41.24% |
| Q4 25 BEAT FY | $-0.16 | $-0.12 | +26.15% | $38.0M | +2.40% |
| FY Full Year | $-0.66 | $-0.80 | -21.82% | $144.2M | -32.81% |
| Q3 25 BEAT | $-0.10 | $-0.08 | +21.95% | $52.9M | -15.88% |