Applied Digital (APLD) Operating Margin (2022 - 2026)
Applied Digital's (APLD) quarterly Operating Margin came in at 48.24% in Q2 2026, up 3810.0% on a YoY basis from 1.23% in Q2 2025, and up 28.69% quarter-over-quarter from 67.65% in Q1 2026.
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Applied Digital (APLD) Operating Margin (2022 - 2026) Analysis & Trends
Applied Digital (APLD) has reported Operating Margin for 5 consecutive years, with 48.24% the latest figure, recorded in Q2 2026.
- For the quarter ending Q2 2026, Operating Margin rose 3810.0% year-over-year to 48.24%; the trailing twelve-month figure through May 2026 stood at 45.77% (down 1688.0% YoY), and the FY2026 full-year result was 38.68%, down 710.0% from the prior year.
- Operating Margin grew to 48.24% in Q2 2026 per APLD's latest filing, from 67.65% in the prior quarter.
- Across five years, Operating Margin topped out at 72.58% in Q3 2024 and bottomed at 235.58% in Q1 2022.
- Historically, Operating Margin has averaged 62.87% across 5 years, with a median of 48.92% in 2026.
- The sharpest annual moves came in 2023 and 2025: Operating Margin jumped 19761 bps in 2023, then plunged 10729 bps in 2025.
- Over 5 years, Operating Margin stood at 216.35% in 2022, then soared by 91 bps to 18.75% in 2023, then sank by 89 bps to 35.41% in 2024, then surged by 31 bps to 24.45% in 2025, then tumbled by 97 bps to 48.24% in 2026.
- According to Business Quant data, Operating Margin over the past three periods registered 48.24%, 67.65%, and 24.45% for Q2 2026, Q1 2026, and Q4 2025 respectively.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Equinix | 102.92 Bn | 100.69 Bn | 1.40 Bn | 25.33% |
| 2 | Terawulf | 8.33 Bn | 5.57 Bn | 32.37 Mn | -313.74% |
| 3 | Applied Digital | 7.46 Bn | 3.49 Bn | 97.29 Mn | -48.24% |
| 4 | Cipher Digital | 6.94 Bn | 2.92 Bn | 9.79 Mn | -316.21% |
| 5 | GDS Holdings | 6.17 Bn | 3.98 Bn | 97.89 Mn | 14.22% |
| 6 | Core Scientific | 5.88 Bn | 3.94 Bn | 70.04 Mn | -47.79% |
| 7 | Vnet | 1.75 Bn | 757.22 Mn | 74.45 Mn | 8.25% |
| 8 | Sify Technologies | 1.55 Bn | 1.55 Bn | 51.65 Mn | 9.03% |
| 9 | WhiteFiber | 745.81 Mn | 685.44 Mn | 18.88 Mn | -32.09% |
| 10 | Vulcan Infrastructure & Power | 445.09 Mn | 441.89 Mn | -1.25 Mn | -284.79% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| May 31, 2026 | -48.24% |
| Feb 28, 2026 | -67.65% |
| Nov 30, 2025 | -24.45% |
| Aug 31, 2025 | -34.72% |
| May 31, 2025 | -86.34% |
| Feb 28, 2025 | -35.79% |
| Nov 30, 2024 | -35.41% |
| Aug 31, 2024 | 72.58% |
| May 31, 2024 | -63.17% |
| Feb 29, 2024 | -127.93% |
| Nov 30, 2023 | -18.75% |
| Aug 31, 2023 | -20.28% |
| May 31, 2023 | -22.85% |
| Feb 28, 2023 | -49.60% |
| Nov 30, 2022 | -216.35% |
| Aug 31, 2022 | -60.33% |
| May 31, 2022 | -56.71% |
| Feb 28, 2022 | -235.58% |