Applied Digital: Blowout FY 2026, But This Story Is Just Getting Started

Applied Digital delivered a strong 4Q26, with $258.7M in revenue and $0.04 in non-GAAP EPS, both beating consensus estimates. APLD has secured $36B in contracted lease value, up 125% YoY, anchored by investment-grade hyperscalers, de-risking future multi-decade cash flows. Power availability is now the key growth constraint; APLD’s strategy to secure new natural gas generation underpins its long-term expansion and strategic moat. Despite premium valuation multiples, APLD’s high contracted NOI and accelerating execution position it for significant EBITDA expansion as capacity ramps.

Applied Digital (APLD) has just announced 4Q26 results with non-GAAP EPS coming in at $0.04, a figure that beat consensus by $0.23. Elsewhere, revenue hit $258.7 million, also beating expectations by about $163.38 million. From this latest earnings