Applied Digital (APLD) Operating Expenses (2021 - 2026)
Applied Digital (APLD) reported Operating Expenses of $404.25 million for fiscal Q1 2027 (quarter ended Aug 31, 2026), up 345.7% from $90.7 million a year earlier and up 5.4% from the prior quarter.
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Analysis
Applied Digital (APLD) Operating Expenses (2021 - 2026) Analysis & Trends
Over the twelve months ended Aug 31, 2026, Applied Digital's Operating Expenses came in at $1.16 billion, up 277.5% year-over-year; for FY2026 (ended May 31, 2026), it was $847.77 million, up 181.9% from FY2025.
- Operating Expenses has increased for four consecutive fiscal years, with a five-year compound annual growth rate of 380.2% (FY2021 to FY2026).
- By fiscal year, Operating Expenses came in at $300.74 million in FY2025 (+14.0%), $263.91 million in FY2024 (+168.5%), $98.3 million in FY2023 (+393.0%) and $19.94 million in FY2022.
- The fiscal Q1 2027 figure ranks as the highest quarterly Operating Expenses in data going back to fiscal Q4 2021.
- Year over year, Operating Expenses has now increased in each of the last six quarters, with growth averaging 239.9% over the last eight quarters.
- The high point for year-over-year Operating Expenses in five years was fiscal Q1 2026 (growth of 849.1%); the low point was fiscal Q1 2025 (a decline of 78.1%).
- Per Business Quant data, the three fiscal quarters before Q1 2027 came in at $383.57 million (Q4 2026), $212.3 million (Q3 2026) and $157.55 million (Q2 2026).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,949.85 Bn | 3,873.01 Bn | 60.48 Bn | 12.28 Bn |
| 2 | International Business Machines | 228.00 Bn | 178.81 Bn | 9.91 Bn | 7.29 Bn |
| 3 | Cloudflare | 103.51 Bn | 87.04 Bn | 499.52 Mn | 705.21 Mn |
| 4 | Equinix | 97.35 Bn | 85.92 Bn | 1.40 Bn | 1.96 Bn |
| 5 | Nebius | 41.52 Bn | 14.95 Bn | 448.70 Mn | 758.20 Mn |
| 6 | CoreWeave | 34.23 Bn | 21.32 Bn | 1.70 Bn | 2.62 Bn |
| 7 | Verisign | 27.83 Bn | 25.04 Bn | 384.60 Mn | 138.30 Mn |
| 8 | Nutanix | 18.34 Bn | 10.03 Bn | 651.35 Mn | 581.36 Mn |
| 9 | GoDaddy | 14.21 Bn | 9.79 Bn | 828.20 Mn | 955.50 Mn |
| 10 | Applied Digital | 5.63 Bn | -2.56 Bn | 96.17 Mn | 404.25 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Aug 31, 2026 | 404.25 Mn |
| May 31, 2026 | 383.57 Mn |
| Feb 28, 2026 | 212.30 Mn |
| Nov 30, 2025 | 157.55 Mn |
| Aug 31, 2025 | 90.70 Mn |
| May 31, 2025 | 95.18 Mn |
| Feb 28, 2025 | 71.86 Mn |
| Nov 30, 2024 | 48.97 Mn |
| Aug 31, 2024 | 9.56 Mn |
| May 31, 2024 | 71.30 Mn |
| Feb 29, 2024 | 98.80 Mn |
| Nov 30, 2023 | 50.12 Mn |
| Aug 31, 2023 | 43.69 Mn |
| May 31, 2023 | 27.07 Mn |
| Feb 28, 2023 | 21.08 Mn |
| Nov 30, 2022 | 39.04 Mn |
| Aug 31, 2022 | 11.10 Mn |
| May 31, 2022 | 4.36 Mn |
| Feb 28, 2022 | 1.37 Mn |
| Nov 30, 2021 | 1.36 Mn |
API Access
Applied Digital Operating Expenses 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=operating-expenses&ticker=APLD&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=APLD&period=max&api_key=YOUR_API_KEY");
const data = await res.json();