How Applied Digital uses its cash

Period

FY2026

Where does Applied Digital's cash go? This Sankey traces cash from net income through operating cash flow into capex, free cash flow, dividends, buybacks, and debt paydown. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Applied Digital Corporation · FY2026 · year ended 2026-05-31

Operating cash flow$90MCash from operations$288M · 100%D&A$67M · 23%Stock comp$220M · 77%Covers net loss$184M · 64%Working capital$14M · 5%Capex$2.9B · 997%Cash reserves$2.8B · 966%

Each fiscal year from SEC filings. Percentages are share of operating cash flow. Sources (net income + non-cash add-backs) flow into operating cash flow, which splits into capex and free cash flow; free cash flow goes to dividends, buybacks, debt paydown, and what's retained. Annual only. For informational purposes only.