Applied Digital Corporation (APLD) Cash Flow Statement
Where APLD’s cash came from and went, FY2026
May 31, 2026 · U.S. dollars- Cash from operations
- $89.7M
- Capital expenditures
- $2.87B 468.8% of revenue
- Free cash flow
- −$2.78B −454.1% margin
- Returned to shareholders
- $7.4M
- Change in cash
- $3.86B cash at year-end $3.97B
Drawn to scale: where the cash came from and how it was used. Hover for values.
APLD operating cash flow, capex and free cash flow
APLD cash flow trends, FY2006–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$1.7MFY2006 | $89.7MFY2026 | — | |
| Capital expenditures | $131,233FY2006 | $2.87BFY2026 | +203.5%/yr | |
| Free cash flow | −$1.8MFY2006 | −$2.78BFY2026 | — | |
| Free cash flow margin | −46.4%FY2006 | −454.1%FY2026 | −407.7 pts | |
| Stock-based compensation | $0FY2021 | $220.1MFY2026 | — | |
| Dividends paid | $11.0MFY2022 | $6.3MFY2026 | −13.2%/yr | |
| Share buybacks (net) | $0FY2006 | $1.2MFY2026 | — | |
| Capex / revenue | 3.4%FY2006 | 468.8%FY2026 | +465.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
APLD cash flow by activity
APLD net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
APLD cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2008 | FY2007 | FY2006 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$184.3M | −$231.1M | −$149.7M | −$45.6M | −$22.5M | −$568,000 | −$263,000 | −$3.3M | −$2.8M | −$2.3M |
| Depreciation & amortization | $67.4M | $97.9M | $79.4M | $7.3M | $1.1M | $1,000 | $1,000 | $323,018 | $90,870 | $108,000 |
| Stock-based compensation | $220.1M | $22.7M | $17.4M | $32.1M | $12.3M | $0 | — | — | — | — |
| Change in working capital | −$7.5M | −$149.4M | $6.1M | $64.7M | $17.1M | $248,000 | $0 | $58,201 | −$67,062 | $368,277 |
| Other non-cash items | −$6.0M | $144.4M | $60.7M | $311,000 | −$9.0M | $236,000 | $179,000 | $565,980 | $38,120 | $116,544 |
| Cash from operating activities | $89.7M | −$115.4M | $13.8M | $58.7M | −$872,000 | −$83,000 | −$83,000 | −$2.3M | −$2.7M | −$1.7M |
| Investing activities | ||||||||||
| Capital expenditures | −$2.87B | −$681.6M | −$141.8M | −$131.3M | −$58.3M | −$3.3M | −$3.3M | −$67,412 | −$80,536 | −$131,233 |
| Investments (net) | −$12.0M | −$667.7M | −$172.4M | −$810,000 | −$45.9M | −$3.3M | −$810,000 | $825,000 | $5.1M | $1.4M |
| Acquisitions & other investing | $1.70B | $681.6M | $141.8M | $0 | $58.3M | $3.3M | $810,000 | $19,500 | $0 | $0 |
| Cash from investing activities | −$1.17B | −$667.7M | −$172.4M | −$132.1M | −$45.9M | −$3.3M | −$3.3M | $777,088 | $5.0M | $1.3M |
| Financing activities | ||||||||||
| Dividends paid | −$6.3M | −$2.6M | $0 | $0 | −$11.0M | — | — | — | — | — |
| Share repurchases & issuance (net) | −$1.2M | −$31.3M | −$861,000 | −$168,000 | $74.3M | — | — | — | — | $330 |
| Net borrowing (repayment) | $4.33B | $694.0M | $17.4M | $80.0M | $7.2M | $7.1M | $7.1M | $7.1M | — | — |
| Shares issued | $1.01B | $389.8M | $130.8M | $0 | $74.5M | $16.5M | $0 | $0 | $0 | $0 |
| Other financing | −$223.5M | −$175.1M | −$604,000 | −$9.2M | −$63.7M | −$8.5M | $8.0M | $8.0M | $15.1M | $0 |
| Cash from financing activities | $5.11B | $874.7M | $146.8M | $70.6M | $81.3M | $15.1M | $15.1M | $15.1M | $15.1M | $330 |
| Summary | ||||||||||
| Net change in cash | $3.86B | $89.2M | −$11.9M | −$2.7M | $34.5M | $11.8M | $11.8M | −$1.6M | $2.3M | −$349,265 |
| Cash at end of period | $3.97B | $120.9M | $31.7M | $43.6M | $46.3M | $11.8M | $877,899 | $877,899 | $2.4M | $145,572 |
| Free cash flow | −$2.78B | −$797.0M | −$128.0M | −$72.5M | −$59.1M | −$3.4M | $0 | −$2.4M | −$2.8M | −$1.8M |
| Free cash flow margin | −454.1% | −348.7% | −93.7% | −131.0% | −691.6% | — | — | −714.1% | −181.5% | −46.4% |
| Capex / revenue | 468.8% | 298.2% | 103.8% | 237.0% | 681.4% | — | — | 20.0% | 5.2% | 3.4% |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$184.1M | −$94.8M | −$67.5M | −$17.5M | −$16.9M | −$52.5M | −$35.6M | −$138.7M | −$4.2M | −$64.5M | −$62.8M | −$10.5M |
| Depreciation & amortization | $41.9M | $33.8M | $20.8M | $8.6M | $4.2M | $18.4M | $18.8M | $26.4M | $34.3M | $66.5M | $26.4M | $13.4M |
| Stock-based compensation | $66.5M | $125.4M | $50.1M | $29.1M | $15.5M | $12.5M | $9.7M | $3.5M | −$2.9M | $3.7M | $3.2M | $4.8M |
| Change in working capital | $52.2M | $186.4M | −$61.2M | −$36.0M | −$96.7M | $22.3M | −$12.2M | −$63.8M | −$95.7M | −$31.9M | $40.8M | −$5.7M |
| Other non-cash items | $87.4M | −$118.3M | $112.7M | −$46,000 | $12.0M | $6.2M | $25.2M | $120.3M | −$7.3M | −$8.0M | $28.7M | $2.5M |
| Cash from operating activities | $63.9M | $132.5M | $55.0M | −$15.8M | −$82.0M | $6.9M | $5.9M | −$52.3M | −$75.9M | −$34.1M | $36.3M | $4.5M |
| Investing activities | ||||||||||||
| Capital expenditures | −$2.07B | −$1.29B | −$775.2M | −$552.1M | −$249.4M | −$198.3M | −$257.5M | −$171.0M | −$54.8M | −$54.8M | −$38.6M | −$13.2M |
| Investments (net) | — | $5.0M | $0 | — | −$249.4M | −$202.0M | −$258.1M | −$174.9M | −$32.6M | −$49.9M | −$56.9M | −$25.1M |
| Acquisitions & other investing | −$8.2M | $865.5M | $337.3M | $483.7M | $249.4M | $198.3M | $257.5M | $171.0M | $54.8M | $54.8M | $41.2M | $13.2M |
| Cash from investing activities | −$2.08B | −$418.6M | −$437.9M | −$68.4M | −$249.4M | −$202.0M | −$258.1M | −$174.9M | −$32.6M | −$49.9M | −$54.4M | −$25.1M |
| Financing activities | ||||||||||||
| Dividends paid | −$1.5M | −$1.6M | −$1.6M | −$1.6M | −$1.6M | −$1.4M | −$541,000 | −$628,000 | −$44,000 | — | $0 | $0 |
| Share repurchases & issuance (net) | −$7.0M | −$394,000 | −$68,000 | −$500,000 | −$225,000 | $31.3M | $0 | −$31.3M | — | $606,000 | −$606,000 | — |
| Net borrowing (repayment) | — | $2.36B | $58.3M | $1.96B | −$36.8M | −$33.5M | $186.0M | $468.5M | $73.1M | — | — | — |
| Shares issued | $0 | $75.0M | $150.0M | $415.0M | $371.4M | $97.7M | $33.4M | $166.4M | $92.3M | $9.8M | $23.1M | $33.4M |
| Other financing | $1.55B | −$97.7M | −$11.9M | −$103.3M | −$10.5M | −$36.9M | −$19.9M | −$147.6M | −$2.0M | $64.3M | $1.9M | −$9.5M |
| Cash from financing activities | $1.54B | $2.33B | $194.8M | $2.27B | $322.2M | $57.2M | $198.9M | $455.2M | $163.4M | $74.7M | $24.4M | $23.9M |
| Summary | ||||||||||||
| Net change in cash | −$475.5M | $2.04B | −$189.7M | $2.00B | $184,000 | −$140.3M | −$53.4M | $228.0M | $54.9M | −$9.3M | $6.3M | $3.4M |
| Cash at end of period | $3.68B | $3.97B | $1.93B | $2.12B | $114.1M | $120.9M | $261.2M | $314.6M | $86.6M | $31.7M | $41.0M | $34.6M |
| Free cash flow | −$2.01B | −$1.16B | −$720.2M | −$567.9M | −$331.4M | −$191.4M | −$251.6M | −$223.3M | −$130.7M | −$88.9M | −$2.3M | −$8.7M |
| Free cash flow margin | −588.2% | −447.0% | −568.7% | −448.6% | −516.1% | −374.8% | −475.4% | −349.6% | −215.3% | −603.1% | −5.4% | −20.6% |
| Capex / revenue | 606.9% | 498.2% | 612.1% | 436.1% | 388.4% | 388.2% | 486.6% | 267.8% | 90.3% | 371.8% | 89.1% | 31.4% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
APLD cash generation
In fiscal 2026 (ended May 31, 2026), Applied Digital generated $89.7 million of cash from operations and spent $2.9 billion on capital expenditures, leaving free cash flow of -$2.8 billion, −454.1% of revenue. It returned $7.4 million to shareholders through dividends ($6.3 million) and net share buybacks ($1.2 million). Cash and equivalents rose by $3.9 billion over the year.
Related: APLD income statement, APLD balance sheet. See the APLD stock overview for the latest quote and news.
APLD cash flow FAQ
What is Applied Digital's free cash flow?
Applied Digital's free cash flow was -$2.8 billion in fiscal 2026: $89.7 million of operating cash flow minus $2.9 billion of capital expenditures It was -$797.0 million a year earlier..
How much cash does Applied Digital generate from operations?
Applied Digital generated $89.7 million of cash from operating activities in fiscal 2026.
How much does Applied Digital spend on capital expenditures?
Applied Digital spent $2.9 billion on capital expenditures in fiscal 2026, 468.8% of revenue, compared with $681.6 million the year before.
How much stock does Applied Digital buy back?
Applied Digital spent $1.2 million on net share repurchases in fiscal 2026.
How much does Applied Digital pay in dividends?
Applied Digital paid $6.3 million in dividends in fiscal 2026.