Applied Digital (APLD) Q4 2026 Earnings
How Did APLD Stock React to Q4 2026 Earnings?
S&P 500 over the same 30 days: +4.08%.
Did APLD Beat Earnings? Q4 2026 Results
Yes. Applied Digital reported Q4 2026 earnings of $0.04 a share on Jul 27, 2026, beating the $-0.19 consensus estimate by 121.1%. Revenue was $258.7M against a $95.3M estimate.
Applied Digital delivered a transformational fiscal fourth quarter, posting revenue of $258.75 million against a consensus estimate of $95.32 million, a beat of more than 171%, while adjusted EPS of $0.04 per diluted share came in dramatically ahead of the consensus loss of $0.19, extending the company's streak of beating adjusted EPS estimates to five consecutive quarters. Revenue surged 580.7% year over year, driven overwhelmingly by the rapid ramp of its HPC Hosting Business, anchored by two freshly executed 15-year, 300 MW take-or-pay leases with a single investment-grade hyperscaler representing roughly $7.50 billion each in contracted base revenue, a momentum that <a href="https://247wallst.com/investing/2026/07/27/live-can-applied-digital-rebound-from-its-33-selloff-after-tonights-q4-results/">had investors watching closely</a> after a sharp pre-earnings selloff. Total contracted critical IT load now stands at 1.4 GW across five AI Factory campuses, representing approximately $36.00 billion in contracted lease revenue over initial 15-year terms. With an additional 1.7 GW actively being marketed and a 1.2 GW natural gas generation initiative advancing through Base Electron Corp., Applied Digital is positioning itself well beyond its crypto-focused origins.
- HPC Hosting revenue of $203.0 million driven by $152.4 million in tenant fit-out services and $44.1 million in base rent from Polaris Forge 1
- Data Center Hosting business remained stable at $37.3 million with 286 MW operating at full capacity
- Adjusted EBITDA of $42.4 million vs $1.0 million in the prior year quarter
- Net Operating Income of $39.9 million at a 91% margin from HPC base rental revenue
- Stock-based compensation of $127.8 million significantly impacted GAAP results
“Nearly three years ago, we made a deliberate decision to build a company that scales, not just a company that builds data centers. We call it our franchise model — a core team of design, construction, and operations professionals replicated across every campus, in each market. Combined with our proven supply chain and design approvals from every major hyperscaler, we believe this repeatable, differentiated platform is why we have emerged as one of the clear leaders in AI infrastructure.”
Applied Digital CEO, on the earnings call
What Was Applied Digital's Outlook in Q4 2026?
Applied Digital is actively marketing an additional 1.7 GW of capacity across multiple states beyond its 1.4 GW already under construction. The company sees demand for high-power-density, purpose-built AI data centers remaining extremely robust. The company is advancing a strategic power initiative with Base Electron Corp. to develop approximately 1.2 GW of front-of-the-meter natural gas-fired generation in the Dakotas. Post-quarter, the company signed a third 15-year lease with the same hyperscaler for 210 MW at Delta Forge 2, adding approximately $5.2 billion in contracted revenue with initial operations expected in the first half of calendar 2028. The company also upsized its revolving credit facility to $430 million committed with $120 million accordion remaining.
APLD YoY Financials
| Metric | Q4 2026 | Q4 2025 | Year over year |
|---|---|---|---|
| Revenue | $258.7M | $38.0M | +580.7% |
| Net Income | −$82.4M | −$191.0M | −56.9% |
APLD Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.