Applied Digital (APLD) Cost of Revenue (2022 - 2026)
Applied Digital (APLD) posted Cost of Revenue of $245.71 million for fiscal Q1 2027 (quarter ended Aug 31, 2026), up 317.7% from $58.83 million a year earlier and up 52.2% from the prior quarter.
Applied Digital (APLD) Cost of Revenue (2022 - 2026) Analysis & Trends
For the trailing twelve months through Aug 31, 2026, Cost of Revenue at Applied Digital was $580.55 million, up 214.1% year-over-year; for FY2026 (ended May 31, 2026), it came in at $396.86 million, up 83.1% from FY2025.
- Annual Cost of Revenue has increased for four consecutive fiscal years, with a four-year compound annual growth rate of 154.2% (FY2022 to FY2026).
- In prior fiscal years, Applied Digital's Cost of Revenue was $216.76 million in FY2025 (+46.1%), $148.34 million in FY2024 (+234.2%), $44.39 million in FY2023 (+366.9%) and $9.51 million in FY2022.
- The fiscal Q1 2027 figure stands as the highest quarterly Cost of Revenue in data going back to fiscal Q3 2022.
- On a year-over-year basis, Cost of Revenue has increased in each of the last seven quarters, with growth averaging 133.0% over the last eight quarters.
- The strongest year-over-year quarter for Cost of Revenue in the past five years was fiscal Q3 2023, with growth of 408.1%; the weakest was fiscal Q2 2025, with a decline of 23.9%.
- According to Business Quant data, Cost of Revenue for the three prior fiscal quarters was $161.46 million (Q4 2026), $72.83 million (Q3 2026) and $100.55 million (Q2 2026).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,895.54 Bn | 3,818.69 Bn | 60.48 Bn | 29.53 Bn |
| 2 | International Business Machines | 238.91 Bn | 189.81 Bn | 9.91 Bn | 7.26 Bn |
| 3 | Cloudflare | 105.03 Bn | 88.56 Bn | 499.52 Mn | 196.54 Mn |
| 4 | Equinix | 94.23 Bn | 82.79 Bn | 1.40 Bn | 1.23 Bn |
| 5 | Nebius | 40.16 Bn | 13.60 Bn | 448.70 Mn | 133.60 Mn |
| 6 | CoreWeave | 29.89 Bn | 16.98 Bn | 1.70 Bn | 879.00 Mn |
| 7 | Verisign | 26.97 Bn | 24.32 Bn | 393.20 Mn | 49.80 Mn |
| 8 | Nutanix | 19.10 Bn | 10.78 Bn | 651.35 Mn | 105.73 Mn |
| 9 | GoDaddy | 14.18 Bn | 9.76 Bn | 828.20 Mn | 469.80 Mn |
| 10 | Applied Digital | 5.42 Bn | -753.43 Mn | 96.17 Mn | 245.71 Mn |
Historic Data
| Date | Value |
|---|---|
| Aug 31, 2026 | 245.71 Mn |
| May 31, 2026 | 161.46 Mn |
| Feb 28, 2026 | 72.83 Mn |
| Nov 30, 2025 | 100.55 Mn |
| Aug 31, 2025 | 58.83 Mn |
| May 31, 2025 | 54.20 Mn |
| Feb 28, 2025 | 49.14 Mn |
| Nov 30, 2024 | 22.66 Mn |
| Aug 31, 2024 | 22.74 Mn |
| May 31, 2024 | 46.29 Mn |
| Feb 29, 2024 | 47.06 Mn |
| Nov 30, 2023 | 29.77 Mn |
| Aug 31, 2023 | 25.22 Mn |
| May 31, 2023 | 15.94 Mn |
| Feb 28, 2023 | 10.53 Mn |
| Nov 30, 2022 | 11.81 Mn |
| Aug 31, 2022 | 6.09 Mn |
| May 31, 2022 | 7.43 Mn |
| Feb 28, 2022 | 2.07 Mn |
Applied Digital Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=APLD&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "APLD", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=APLD&period=max&api_key=YOUR_API_KEY");
const data = await res.json();