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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Rob Brown | Lake Street Capital Markets | 16 questions · 0% challenging |
| Mike Grondahl | Northland Capital Markets | 15 questions · 13% challenging |
| George Sutton | Craig-Hallum | 15 questions · 13% challenging |
| Nick Giles | B. Riley Securities | 15 questions · 0% challenging |
| John Todaro | Needham | 11 questions · 9% challenging |
| Darren Aftahi | Lucid Capital Markets | 11 questions · 0% challenging |
| Mike Donovan | Compass Point Research and Trading | 9 questions · 0% challenging |
| Derrick Whitfield | Texas Capital Securities | 4 questions · 0% challenging |
| Brett Knoblauch | Cantor Fitzgerald | 4 questions · 0% challenging |
| Mike Randolph | Northland Capital Markets | 2 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Northland Capital Markets | 2 analysts | 17 questions · 12% challenging |
| B. Riley Securities | 2 analysts | 16 questions · 0% challenging |
| Lake Street Capital Markets | 1 analyst | 16 questions · 0% challenging |
| Craig-Hallum | 1 analyst | 15 questions · 13% challenging |
| Needham | 2 analysts | 12 questions · 8% challenging |
| Lucid Capital Markets | 1 analyst | 11 questions · 0% challenging |
| Compass Point Research and Trading | 1 analyst | 9 questions · 0% challenging |
| Texas Capital Securities | 1 analyst | 4 questions · 0% challenging |
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Calendar quarter Q2 2026Earnings call Jul 27, 2026
FY2026 Q4 in brief
Applied Digital's fiscal Q4 2026 capped a transformational year: total revenues jumped 407% year-over-year to $258.7 million, led by $203 million from the ramping HPC hosting business and a steady $37.3 million from Bitcoin data-center hosting.
Newest scored quarter FY2027 Q1 is part of Pro ·
Sources. Tellvest earnings-call sentiment score for Applied Digital Corp. (APLD), FY2026 Q4: 8/10. Scores: Applied Digital Corp.’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: APLD daily prices (open, high, low, close) with a 50-day moving average; lines mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Net margin | FCF |
|---|---|---|---|---|---|---|
| FY2025 Q2 | $64M | +51.3% | -$0.66 | n/m | -217.2% | -$223M |
| FY2025 Q3 | $53M | +22.1% | -$0.16 | n/m | -67.2% | -$252M |
| FY2025 Q4 | $38M | +41.3% | -$0.24 | n/m | -138.2% | -$191M |
| FY2026 Q1 | $64M | +84.3% | -$0.07 | n/m | -26.4% | -$331M |
| FY2026 Q2 | $127M | +250.1% | -$0.07 | n/m | -11.4% | -$568M |
| FY2026 Q3 | $127M | +139.3% | -$0.36 | n/m | -55.6% | -$720M |
| FY2026 Q4Selected | $259M | +406.6% | — | — | -32.9% | -$1.16B |
| FY2027 Q1 | $342M | +322.4% | -$0.82 | n/m | -53.8% | -$2.01B |
FY2025 Q2: Prior-year quarter was a loss (-$0.10 EPS), so a percent change isn't meaningful.
GAAP revenue YoY +580.7% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
FY2025 Q3: Prior-year quarter was a loss (-$0.52 EPS), so a percent change isn't meaningful.
FY2025 Q4: Prior-year quarter was a loss (-$0.52 EPS), so a percent change isn't meaningful.
FY2026 Q1: Prior-year quarter was a loss (-$0.03 EPS), so a percent change isn't meaningful.
FY2026 Q2: Prior-year quarter was a loss (-$0.66 EPS), so a percent change isn't meaningful.
FY2026 Q3: Prior-year quarter was a loss (-$0.16 EPS), so a percent change isn't meaningful.
FY2027 Q1: Prior-year quarter was a loss (-$0.07 EPS), so a percent change isn't meaningful.
| Year | Revenue | Rev YoY | EPS | EPS YoY | Net margin | FCF |
|---|---|---|---|---|---|---|
| FY2024 | $166M | — | -$1.26 | — | -90.2% | -$171M |
| FY2025 | $216M | +30.2% | -$1.09 | +13.5% | -107.2% | -$797M |
| FY2026Selected | $576M | +167.4% | — | — | -32.4% | -$2.78B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Applied Digital's fiscal Q4 2026 capped a transformational year: total revenues jumped 407% year-over-year to $258.7 million, led by $203 million from the ramping HPC hosting business and a steady $37.3 million from Bitcoin data-center hosting. Management grew total contracted long-term lease value to roughly $36 billion, with about $20 billion of it signed last quarter across three new campuses for a single investment-grade hyperscaler, underpinned by 1.41 gigawatts of contracted critical IT load. Adjusted EBITDA reached $42.4 million (versus $1 million a year earlier) and NOI hit $39.9 million at a 91% margin, though the GAAP net loss widened to $111.6 million, or $0.39 per share, on $116.8 million of largely one-time stock-based compensation tied to the ChronoScale separation. The company also lowered its cost of capital, placing $1.59 billion of notes at 7% (225 basis points inside its first placement), and now expects to reach its $1 billion NOI run-rate goal three years ahead of schedule.
Demand | Capex Investment | Capital Allocation | Competitive Dynamics | Credit | Pricing | Geographic Expansion | Cloud & AI | |
|---|---|---|---|---|---|---|---|---|
| 2025Q1 | 5 | 6 | 1 | 1 | 1 | 1 | ||
| 2025Q2 | 4 | 2 | 7 | 4 | 2 | |||
| 2025Q3 | 4 | 3 | 7 | 3 | 2 | 2 | ||
| 2025Q4 | 2 | 3 | 2 | 2 | 2 | 1 | ||
| 2026Q1 | 3 | 2 | 4 | 3 | 4 | |||
| 2026Q2 | 6 | 4 | 1 | 3 | 1 | 3 | 2 | |
| 2026Q3 | 3 | 3 | 3 | 2 | 2 | |||
| 2026Q4 | 4 | 6 | 2 | 2 | 1 | 2 | 2 | 1 |
| '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | '26Q3 | '26Q4 | |
|---|---|---|---|---|---|---|---|---|
| Demand | 5 | 4 | 4 | 2 | 3 | 6 | 3 | 4 |
| Capex Investment | 6 | 2 | 3 | 3 | 2 | 4 | 3 | 6 |
| Capital Allocation | 1 | 7 | 7 | 2 | 4 | 1 | 3 | 2 |
| Competitive Dynamics | 4 | 3 | 2 | 3 | 3 | 2 | 2 | |
| Credit | 2 | 4 | 2 | 1 | ||||
| Pricing | 1 | 2 | 2 | 1 | 2 | |||
| Geographic Expansion | 1 | 1 | 3 | 2 | ||||
| Cloud & AI | 1 | 2 | 2 | 1 |
Mentions of other companies on APLD's FY2026 Q4 call, and mentions of APLD on other companies' calls covering the same calendar quarter (Q2 2026). Each company's own fiscal quarter is shown next to its name. Extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“So Macquarie funds through their $5 billion JV with us, 3/4 of the equity that's required.”
Macquarie Asset Management funds three-quarters of the equity for Applied's data-center campuses through a $5 billion joint venture, the core of Applied's repeatable financing flywheel.
“A key driver of that progress has been our work with CoreWeave at Polaris Forge 1. By restructuring the leases at that campus through a special purpose vehicle and by establishing a memorandum of understanding around the credit supporting our debt financing, we were able to place our recent $1.5 billion notes at 7%”
CoreWeave is Applied Digital's anchor tenant at the Polaris Forge 1 campus; restructuring those leases through an SPV and a credit-support MOU let Applied place notes 225bps tighter, underscoring CoreWeave's role as a credit-supporting customer.
| Company | Score | Trend | Rev YoY | Headline |
|---|---|---|---|---|
| APLDApplied Digital Corp. | 8 | +580.7% | Applied Digital's fiscal Q4 2026 capped a transformational year: total revenues jumped 407% year-over-year to $258.7 million, led by $203 million from the ramping HPC hosting business and a steady $37.3 million from Bitcoin data-center hosting | |
| ACNAccenture | 6 | +5.6% | Accenture delivered a solid but decelerating fiscal Q3, with revenue up 6% in US dollars (3% in local currency) to $18.7 billion and diluted EPS up 9% to $3.80, alongside 20 basis points of operating margin expansion to 17% and $3.6 billion of free cash flow | |
| BBAIBigBear.ai Holdings, Inc. | 7 | +13.2% | BigBear.ai grew second-quarter revenue 13% year-over-year to $36.7 million, driven by a richer mix of GenAI platforms and products that also lifted gross margin 781 basis points to 32.8% | |
| BRBroadridge Financial Solutions | 7 | +7.6% | Broadridge closed fiscal 2026 with fourth-quarter total revenue up 7% to $2.2 billion and recurring revenue up 8% in constant currency to $1.5 billion, led by 14% Q4 growth in regulatory revenues and double-digit equity position growth | |
| CDWCDW | 7 | +10.0% | CDW delivered a record second quarter with net sales of $6.6 billion up 10% and non-GAAP EPS of $2.91 up 12%, though GAAP EPS of $2.15 grew a slower 4.9% as gross margin compressed 70 basis points to 20.1% on a mix shift toward large hardware and enterprise AI-infrastructure deals | |
| CTSHCognizant | 6 | +4.5% | Cognizant reported GAAP revenue of $5.5 billion, up 4.5% year over year (4.1% in constant currency), with financial services growing nearly 12% in constant currency for a second straight quarter of 10%-plus growth | |
| EPAMEPAM Systems | Newest quarter — available with Pro | Newest quarter — available with Pro | Newest quarter — available with Pro | |
| FISFidelity National Information Services | 5 | +29.1% | FIS delivered second-quarter revenue of $3.4 billion, up 5.3% on a pro forma basis, with Banking growing 6.1% at the high end of its outlook and adjusted EPS up 8.8% | |
| FISVFiserv, Inc. | 1 | -4.1% | Fiserv's GAAP revenue fell 4% to $5.29 billion and GAAP EPS dropped 37% to $1.17 (adjusted EPS was $1.84) as the company marked what management called the trough of a transition year under newly appointed CEO Takis Georgakopoulos | |
| IBMInternational Business Machines Corporation | 4 | +1.1% | IBM delivered a rare miss in fiscal Q2 2026, with revenue up just 1% as tens of large CapEx-linked mainframe and software deals slipped out of the quarter when clients redirected budgets toward supply-constrained infrastructure | |
| ITGartner | 9 | -0.6% | Gartner's second-quarter revenue, EBITDA, adjusted EPS and free cash flow all came in ahead of expectations, with adjusted EPS of $4.37 up 24% and free cash flow of $378 million up 9% year-over-year | |
| JKHYJack Henry & Associates | 6 | +4.7% | Jack Henry closed fiscal 2026 with Q4 GAAP revenue up 5% (non-GAAP revenue up 7%) but fully diluted GAAP EPS of $1.57, down 10%, as a higher-expense quarter driven by medical cost normalization and R&D and SG&A growth compressed Q4 margins to a 21% non-GAAP level | |
| LDOSLeidos | 6 | +7.2% | Leidos delivered Q2 FY2026 with revenue up 7% year-over-year (4% organically) to a record $4.6 billion, while non-GAAP diluted EPS edged up to $3.26 against a strong year-ago comp |
Applied Digital's fiscal Q4 2026 capped a transformational year: total revenues jumped 407% year-over-year to $258.7 million, led by $203 million from the ramping HPC hosting business and a steady $37.3 million from Bitcoin data-center hosting
Accenture delivered a solid but decelerating fiscal Q3, with revenue up 6% in US dollars (3% in local currency) to $18.7 billion and diluted EPS up 9% to $3.80, alongside 20 basis points of operating margin expansion to 17% and $3.6 billion of free cash flow
BigBear.ai grew second-quarter revenue 13% year-over-year to $36.7 million, driven by a richer mix of GenAI platforms and products that also lifted gross margin 781 basis points to 32.8%
Newest-quarter details for 1 peer (score, revenue, headline, themes and macro signals) are available with Pro.
| Company | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|
| APLD | 8 | 8 | 8 | 8 | 8 | 8 |
| ACN | 7 | 7 | 7 | 6 | 8 | 6 |
| BBAI | 6 | 1 | No score | 3 | 4 | 7 |
| BR | 7 | 8 | 9 | 8 | 8 | 7 |
| CDW | 6 | 6 | 5 | 7 | 7 | 7 |
| CTSH | 8 | 9 | 8 | 8 | 8 | 6 |
| EPAM | 5 | 7 | 7 | 8 | 8 | Newest quarter — available with Pro |
| FIS | 5 | 9 | 8 | 8 | 7 | 5 |
| FISV | 7 | 7 | 2 | 5 | 3 | 1 |
| IBM | 6 | 8 | 10 | 8 | 8 | 4 |
| IT | 7 | 5 | 8 | 6 | 8 | 9 |
| JKHY | 7 | 9 | 8 | 9 | 8 | 6 |
| LDOS | 7 | 8 | 7 | 7 | 7 | 6 |
Broadridge closed fiscal 2026 with fourth-quarter total revenue up 7% to $2.2 billion and recurring revenue up 8% in constant currency to $1.5 billion, led by 14% Q4 growth in regulatory revenues and double-digit equity position growth
CDW delivered a record second quarter with net sales of $6.6 billion up 10% and non-GAAP EPS of $2.91 up 12%, though GAAP EPS of $2.15 grew a slower 4.9% as gross margin compressed 70 basis points to 20.1% on a mix shift toward large hardware and enterprise AI-infrastructure deals
Cognizant reported GAAP revenue of $5.5 billion, up 4.5% year over year (4.1% in constant currency), with financial services growing nearly 12% in constant currency for a second straight quarter of 10%-plus growth
Newest quarter — available with Pro
FIS delivered second-quarter revenue of $3.4 billion, up 5.3% on a pro forma basis, with Banking growing 6.1% at the high end of its outlook and adjusted EPS up 8.8%
Fiserv's GAAP revenue fell 4% to $5.29 billion and GAAP EPS dropped 37% to $1.17 (adjusted EPS was $1.84) as the company marked what management called the trough of a transition year under newly appointed CEO Takis Georgakopoulos
IBM delivered a rare miss in fiscal Q2 2026, with revenue up just 1% as tens of large CapEx-linked mainframe and software deals slipped out of the quarter when clients redirected budgets toward supply-constrained infrastructure
Gartner's second-quarter revenue, EBITDA, adjusted EPS and free cash flow all came in ahead of expectations, with adjusted EPS of $4.37 up 24% and free cash flow of $378 million up 9% year-over-year
Jack Henry closed fiscal 2026 with Q4 GAAP revenue up 5% (non-GAAP revenue up 7%) but fully diluted GAAP EPS of $1.57, down 10%, as a higher-expense quarter driven by medical cost normalization and R&D and SG&A growth compressed Q4 margins to a 21% non-GAAP level
Leidos delivered Q2 FY2026 with revenue up 7% year-over-year (4% organically) to a record $4.6 billion, while non-GAAP diluted EPS edged up to $3.26 against a strong year-ago comp