Orchard profitability relies on multiple factors such as cultivar, planting density, training system, rootstock, and fruit quality but is also strongly affected by growing climate and soil resources. To evaluate orchard profitability in a northern cold climate, a field trial was planted in Peru, Clinton County, NY, in 2002, with two apple cultivars (Honeycrisp and McIntosh), where we compared the Central Leader (CL) training system on ‘M.M.111’ rootstock; Slender Pyramid (SP) on ‘M.26’ and ‘Geneva® 30’ (‘G.30’); Vertical Axis (VA) on ‘M.9 (Nic® 29)’ (‘M.9’), ‘Budagovsky 9’ (‘B.9’), and ‘G.16’; SolAxe (SA) on ‘M.9’, ‘B.9’, and ‘G.16’; and Tall Spindle (TS) on ‘M.9’, ‘B.9’, and ‘G.16’. CL was planted at 539 trees/ha, SP at 1097 trees/ha, VA and SA at 1794 trees/ha, and TS at 3230 trees/ha. The aim of this study was to evaluate the economic profitability of ‘Honeycrisp’ and ‘McIntosh’ at a wide range of planting densities, training systems, and rootstocks for cold areas such as northern New York state. A secondary goal was to assess the effect of various economic factors on the net present value (NPV) of each combination of training system, rootstock, and density. High NPV was achieved with ‘Honeycrisp’ (≈$450,000/ha), whereas NPV was significantly lower with ‘McIntosh’ (≈$80,000/ha). Within ≈5 years, ‘Honeycrisp’ planted in a TS (3230 trees/ha) reached a positive NPV, whereas 9 years were needed when ‘Honeycrisp’ was planted in a CL system at 539 trees/ha. With ‘McIntosh’, break-even year to positive NPV (BYPNPV) was reached at 9 years for TS on ‘M.9’. Most of the other training system and rootstock combinations needed up to 11–13 years to show a positive NPV. The most important variables affecting orchard NPV in our trial were fruit price and yield. The best option for ‘Honeycrisp’ in northern New York State appears to be TS on either ‘B.9’ or ‘M.9’, whereas with ‘McIntosh’, the best option appears to be TS on ‘M.9’.