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APP logoAppLovin Corporation(APP)Earnings, Financials & Key Ratios

APP•NASDAQ
$478.11
$147.24B mkt cap·49.0× P/E·Price updated May 6, 2026
SectorTechnologyIndustryApplication SoftwareSub-IndustryMarketing automation and ad technology
AboutAppLovin Corporation engages in building a software-based platform for mobile app developers to enhance the marketing and monetization of their apps in the United States and internationally. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; Adjust, an analytics platform that helps marketers grow their mobile apps with solutions for measuring, optimizing campaigns, and protecting user data; and MAX, an in-app bidding software that optimizes the value of an app's advertising inventory by running a real-time competitive auction. Its business clients include various advertisers, publishers, internet platforms, and others. The company was incorporated in 2011 and is headquartered in Palo Alto, California.Show more
  • Revenue$5.48B+16.4%
  • EBITDA$4.35B+87.2%
  • Net Income$3.33B+111.0%
  • EPS (Diluted)9.75+115.2%
  • Gross Margin87.86%+16.8%
  • EBITDA Margin79.31%+60.8%
  • Operating Margin75.75%+90.4%
  • Net Margin60.83%+81.3%
  • ROE206.78%+53.5%
  • ROIC87.75%+144.7%
  • Debt/Equity1.66-49.1%
  • Interest Coverage20.06+240.7%
Analysis→Technical→

APP Key Insights

AppLovin Corporation (APP) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Excellent 3Y average ROE of 121.3%
  • ✓Strong Piotroski F-Score: 8/9
  • ✓FCF machine: 72.5% free cash flow margin
  • ✓Strong 5Y sales CAGR of 30.4%
  • ✓Healthy 5Y average net margin of 19.9%

✗Weaknesses

  • ✗Trading more than 30% below 52-week high
  • ✗Expensive at 76.6x book value

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

APP Price & Volume

AppLovin Corporation (APP) stock price & volume — 10-year historical chart

Loading chart...

APP Growth Metrics

AppLovin Corporation (APP) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years30.45%
3 Years24.84%
TTM37.81%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM111.03%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM114.76%

Return on Capital

10 Years26.89%
5 Years26.94%
3 Years43.78%
Last Year77.33%

APP Recent Earnings

AppLovin Corporation (APP) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 11/12 qtrs (92%)●Beat Revenue 11/12 qtrs (92%)
Q1 2026Latest
Feb 11, 2026
EPS
$3.24
Est $2.95
+9.8%
Revenue
$1.7B
Est $1.6B
+2.8%
Q4 2025
Nov 5, 2025
EPS
$2.45
Est $2.38
+2.9%
Revenue
$1.4B
Est $1.3B
+4.7%
Q3 2025
Aug 6, 2025
EPS
$2.26
Est $1.96
+15.3%
Revenue
$1.3B
Est $1.2B
+2.8%
Q2 2025
May 7, 2025
EPS
$1.67
Est $1.44
+16.0%
Revenue
$1.5B
Est $1.4B
+7.5%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestFeb 11, 2026
$3.24vs $2.95+9.8%
$1.7Bvs $1.6B+2.8%
Q4 2025Nov 5, 2025
$2.45vs $2.38+2.9%
$1.4Bvs $1.3B+4.7%
Q3 2025Aug 6, 2025
$2.26vs $1.96+15.3%
$1.3Bvs $1.2B+2.8%
Q2 2025May 7, 2025
$1.67vs $1.44+16.0%
$1.5Bvs $1.4B+7.5%
Based on last 12 quarters of dataView full earnings history →

APP Peer Comparison

AppLovin Corporation (APP) competitors in Marketing automation and ad technology — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
MGNI logoMGNIMagnite, Inc.Direct Competitor1.94B13.6014.326.85%20.26%15.68%8.52%0.30
IAS logoIASIntegral Ad Science Holding Corp.Direct Competitor1.74B10.3444.9611.75%7.91%4.23%4.46%0.06
DV logoDVDoubleVerify Holdings, Inc.Direct Competitor1.86B11.4638.2013.92%6.77%4.48%9.31%0.09
TTD logoTTDThe Trade Desk, Inc.Direct Competitor11.71B24.6127.0418.47%15.31%16.89%6.79%0.18
PUBM logoPUBMPubMatic, Inc.Direct Competitor488.88M10.40-33.55-2.86%-5.11%-5.51%13.65%0.17
CRTO logoCRTOCriteo S.A.Direct Competitor1.16B20.1210.59-0.83%7.37%12.09%15.5%0.10
GDEV logoGDEVGDEV Inc.Product Competitor290.08M16.0011.59-9.39%12.72%9.68%
MTCH logoMTCHMatch Group, Inc.Product Competitor8.76B37.6515.820.22%18.83%11.69%

Compare APP vs Peers

AppLovin Corporation (APP) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs MGNI

Most directly comparable listed peer for APP.

Scale Benchmark

vs GOOG

Larger-name benchmark to compare APP against a more recognizable public peer.

Peer Set

Compare Top 5

vs MGNI, IAS, DV, TTD

APP Income Statement

AppLovin Corporation (APP) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Sales/Revenue483.36M994.1M1.45B2.79B2.82B3.28B4.71B5.48B
Revenue Growth %-105.66%45.97%92.48%0.86%16.54%43.44%16.38%
Cost of Goods Sold53.76M241.27M555.58M988.1M1.26B1.06B1.17B665.14M
COGS % of Revenue11.12%24.27%38.29%35.38%44.59%32.26%24.78%12.14%
Gross Profit
429.61M▲ 0%
752.83M▲ 75.2%
895.51M▲ 19.0%
1.81B▲ 101.6%
1.56B▼ 13.5%
2.22B▲ 42.5%
3.54B▲ 59.3%
4.82B▲ 35.9%
Gross Margin %88.88%75.73%61.71%64.62%55.41%67.74%75.22%87.86%
Gross Profit Growth %-75.24%18.95%101.56%-13.52%42.47%59.29%35.94%
Operating Expenses187.16M558.46M957.55M1.65B1.61B1.58B1.67B663.66M
OpEx % of Revenue38.72%56.18%65.99%59.25%57.11%47.99%35.44%12.11%
Selling, General & Admin181.65M513.49M694.23M1.29B1.1B983.3M1.03B437.15M
SG&A % of Revenue37.58%51.65%47.84%46.13%39.09%29.95%21.88%7.98%
Research & Development16.27M44.97M180.65M366.4M507.61M592.39M638.69M226.51M
R&D % of Revenue3.37%4.52%12.45%13.12%18.02%18.04%13.56%4.13%
Other Operating Expenses-10.76M082.67M00000
Operating Income
242.44M▲ 0%
194.37M▼ 19.8%
-62.04M▼ 131.9%
150.02M▲ 341.8%
-47.79M▼ 131.9%
648.21M▲ 1456.3%
1.87B▲ 189.0%
4.15B▲ 121.6%
Operating Margin %50.16%19.55%-4.28%5.37%-1.7%19.74%39.78%75.75%
Operating Income Growth %--19.83%-131.92%341.8%-131.86%1456.34%189.02%121.62%
EBITDA258.51M287.18M192.91M581.08M499.29M1.14B2.32B4.35B
EBITDA Margin %53.48%28.89%13.29%20.8%17.72%34.64%49.31%79.31%
EBITDA Growth %-11.09%-32.83%201.22%-14.07%127.77%104.2%87.18%
D&A (Non-Cash Add-back)16.06M92.81M254.95M431.06M547.08M489.01M448.68M194.78M
EBIT231.68M200.19M-57.83M149.48M-33.31M656.24M1.89B4.15B
Net Interest Income60M-73.95M-77.87M-103.17M-171.86M-275.67M-318.26M-207.02M
Interest Income60M0000000
Interest Expense073.95M77.87M103.17M171.86M275.67M318.26M207.02M
Other Income/Expense-482.7M-68.14M-73.66M-103.7M-157.39M-267.64M-297.45M-199M
Pretax Income
-240.26M▲ 0%
126.23M▲ 152.5%
-135.71M▼ 207.5%
46.31M▲ 134.1%
-205.18M▼ 543.0%
380.57M▲ 285.5%
1.58B▲ 314.1%
3.95B▲ 150.8%
Pretax Margin %-49.71%12.7%-9.35%1.66%-7.28%11.59%33.47%72.12%
Income Tax19.74M7.19M-9.77M10.97M-12.23M23.86M-3.77M519.72M
Effective Tax Rate %-8.21%5.7%7.2%23.69%5.96%6.27%-0.24%13.15%
Net Income
-260M▲ 0%
119.04M▲ 145.8%
-125.19M▼ 205.2%
35.45M▲ 128.3%
-192.75M▼ 643.8%
356.71M▲ 285.1%
1.58B▲ 342.9%
3.33B▲ 111.0%
Net Margin %-53.79%11.97%-8.63%1.27%-6.84%10.87%33.55%60.83%
Net Income Growth %-145.79%-205.16%128.31%-643.77%285.07%342.87%111.03%
Net Income (Continuing)-260M119.04M-125.93M35.34M-192.95M356.71M1.58B3.43B
Discontinued Operations0000000-99.44M
Minority Interest00309K201K0000
EPS (Diluted)
-1.37▲ 0%
0.36▲ 126.3%
-0.58▼ 261.1%
0.09▲ 116.0%
-0.52▼ 659.1%
0.98▲ 288.5%
4.53▲ 362.2%
9.75▲ 115.2%
EPS Growth %-126.28%-261.11%116.03%-659.14%288.46%362.24%115.23%
EPS (Basic)-1.370.36-0.580.10-0.521.014.689.84
Diluted Shares Outstanding189.53M212.37M214.94M342.76M371.57M362.59M347.81M341.97M
Basic Shares Outstanding189.53M212.37M214.94M324.84M371.57M351.95M336.92M338.78M
Dividend Payout Ratio--------

APP Balance Sheet

AppLovin Corporation (APP) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Current Assets407.55M586.22M662.99M3.24B1.94B1.62B2.31B4.43B
Cash & Short-Term Investments276.12M396.25M317.24M1.52B1.08B502.15M741.41M2.49B
Cash Only276.12M396.25M317.24M1.52B1.08B502.15M741.41M2.49B
Short-Term Investments00000000
Accounts Receivable122.46M161.35M296.96M514.52M702.81M953.81M1.41B1.82B
Days Sales Outstanding92.4759.2474.767.2491.06106.04109.61121.16
Inventory00000000
Days Inventory Outstanding--------
Other Current Assets1.7M001.05B155.78M160.2M156.53M124.33M
Total Non-Current Assets129.31M616.26M1.49B2.93B3.91B3.74B3.56B2.83B
Property, Plant & Equipment8.53M22.8M112.92M134.58M138.92M221.54M198.6M147.9M
Fixed Asset Turnover56.69x43.61x12.85x20.75x20.28x14.82x23.71x37.06x
Goodwill98.64M137.12M249.77M966.43M1.82B1.84B1.8B1.54B
Intangible Assets13.25M440.9M1.09B1.71B1.68B1.29B896.68M396.71M
Long-Term Investments000000145.4M287.67M
Other Non-Current Assets8.89M15.44M42.57M118.16M268.43M386M512.97M456.55M
Total Assets
536.86M▲ 0%
1.2B▲ 124.0%
2.15B▲ 79.2%
6.16B▲ 186.1%
5.85B▼ 5.1%
5.36B▼ 8.4%
5.87B▲ 9.5%
7.26B▲ 23.7%
Asset Turnover0.90x0.83x0.67x0.45x0.48x0.61x0.80x0.75x
Asset Growth %-123.99%79.18%186.07%-5.12%-8.36%9.52%23.69%
Total Current Liabilities113.88M238.88M598.05M640.1M578.96M944.12M1.06B1.33B
Accounts Payable59.53M70.52M147.28M258.22M273.2M371.7M563.43M746.98M
Days Payables Outstanding404.17106.6996.7695.3979.39128.09176.25409.91
Short-Term Debt012.21M15.21M25.81M33.31M215M14.81M13.94M
Deferred Revenue (Current)08.2M86.89M78.93M64.02M78.56M69.84M0
Other Current Liabilities41.95M108.14M270.49M157.84M70.6M48.26M49.83M572.87M
Current Ratio3.58x2.45x1.11x5.05x3.35x1.71x2.19x3.32x
Quick Ratio3.58x2.45x1.11x5.05x3.35x1.71x2.19x3.32x
Cash Conversion Cycle--------
Total Non-Current Liabilities801.33M1.22B1.71B3.39B3.37B3.16B3.72B3.79B
Long-Term Debt796.09M1.17B1.58B3.2B3.18B2.91B3.51B3.53B
Capital Lease Obligations012.74M71.75M62.5M54.15M42.91M32.61M17.81M
Deferred Tax Liabilities00000000
Other Non-Current Liabilities5.24M39.06M59.03M120.86M133.65M209.93M180.38M242.54M
Total Liabilities915.21M1.46B2.31B4.03B3.95B4.1B4.78B5.12B
Total Debt796.09M1.2B1.7B3.33B3.28B3.18B3.56B3.54B
Net Debt519.97M799.59M1.38B1.81B2.2B2.68B2.81B1.06B
Debt / Equity---1.56x1.72x2.53x3.26x1.66x
Debt / EBITDA3.08x4.16x8.79x5.73x6.57x2.79x1.53x0.82x
Net Debt / EBITDA2.01x2.78x7.15x3.11x4.41x2.35x1.21x0.24x
Interest Coverage-2.63x-0.80x1.45x-0.28x2.35x5.89x20.06x
Total Equity
-378.36M▲ 0%
-256.57M▲ 32.2%
-158.24M▲ 38.3%
2.14B▲ 1451.3%
1.9B▼ 11.0%
1.26B▼ 34.0%
1.09B▼ 13.3%
2.13B▲ 95.9%
Equity Growth %-32.19%38.33%1451.33%-11.02%-33.97%-13.25%95.87%
Book Value per Share-2.00-1.21-0.746.245.123.463.136.24
Total Shareholders' Equity-378.36M-256.57M-158.54M2.14B1.9B1.26B1.09B2.13B
Common Stock5K7K7K11K11K11K11K11K
Retained Earnings-1.01B-887.21M-1.01B-976.95M-1.17B-812.99M599.2M1.74B
Treasury Stock00000000
Accumulated OCI-2.62M-4.14M604K-45.45M-83.38M-65.27M-103.1M-46.99M
Minority Interest00309K201K0000

APP Cash Flow Statement

AppLovin Corporation (APP) cash flow — operating, investing & free cash flow history

Line itemDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations139.03M198.46M222.88M361.85M412.77M1.06B2.1B3.97B
Operating CF Margin %28.76%19.96%15.36%12.96%14.65%32.33%44.57%72.46%
Operating CF Growth %-42.75%12.31%62.35%14.07%157.17%97.74%89.19%
Net Income-260M119.04M-125.93M35.34M-192.95M356.71M1.58B3.33B
Depreciation & Amortization16.06M92.81M254.95M431.06M547.08M489.01M448.68M194.78M
Stock-Based Compensation5.46M10.22M62.39M133.18M191.61M363.11M369.37M210.42M
Deferred Taxes00000000
Other Non-Cash Items396.38M7.59M98.52M46.57M159.46M61.36M50.73M154.22M
Working Capital Changes-18.88M-31.2M-67.04M-284.3M-292.44M-208.67M-349.54M77.92M
Change in Receivables-30.19M-33.52M-113.23M-201.95M-174.83M-261.28M-467.03M-542.22M
Change in Inventory00000000
Change in Payables013.53M49.12M98.61M3.48M98.57M189.59M232.49M
Cash from Investing-67.17M-411.55M-679.89M-1.21B-1.37B-77.83M-106.75M402.81M
Capital Expenditures-1.4M-3.36M-3.24M-1.39M-662K-4.25M-4.78M0
CapEx % of Revenue0.29%0.34%0.22%0.05%0.02%0.13%0.1%-
Acquisitions-65.94M-404.2M-674.65M-1.21B-1.35B-63.9M-25.55M0
Investments--------
Other Investing173K0012.01M41.31M8.25M558K422.99M
Cash from Financing1.64M333.16M377.86M3.11B-526.85M-1.56B-1.75B-2.59B
Debt Issued (Net)-397.87M371.99M407.27M1.6B-49.89M-122.88M368.74M-20.51M
Equity Issued (Net)0-11K1000K1000K-1000K-1000K-1000K-1000K
Dividends Paid00000000
Share Repurchases0-11K-1.77M0-338.88M-1.15B-981.3M-2.19B
Other Financing399.51M-38.82M-36.97M-232.95M-138.07M-286.31M-1.14B-405.94M
Net Change in Cash
73.54M▲ 0%
120.13M▲ 63.4%
-79.01M▼ 165.8%
2.25B▲ 2951.8%
-1.49B▼ 166.1%
-578.33M▲ 61.2%
239.26M▲ 141.4%
1.75B▲ 629.6%
Free Cash Flow
137.63M▲ 0%
195.1M▲ 41.8%
219.64M▲ 12.6%
360.46M▲ 64.1%
412.11M▲ 14.3%
1.06B▲ 156.5%
2.09B▲ 98.1%
3.97B▲ 89.6%
FCF Margin %28.47%19.63%15.14%12.91%14.63%32.2%44.47%72.46%
FCF Growth %-41.76%12.58%64.11%14.33%156.55%98.08%89.62%
FCF per Share0.730.921.021.051.112.926.0211.61
FCF Conversion (FCF/Net Income)-0.53x1.67x-1.78x10.21x-2.14x2.98x1.33x1.19x
Interest Paid062.28M59.36M76.69M165.96M248.83M270.62M0
Taxes Paid030.47M12.67M90.62M86.26M75.43M67.33M0

APP Key Ratios

AppLovin Corporation (APP) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric20182019202020212022202320242025
Return on Equity (ROE)---3.58%-9.54%22.58%134.67%206.78%
Return on Invested Capital (ROIC)128.4%42.59%-5.28%4.35%-0.89%12.1%35.86%87.75%
Gross Margin88.88%75.73%61.71%64.62%55.41%67.74%75.22%87.86%
Net Margin-53.79%11.97%-8.63%1.27%-6.84%10.87%33.55%60.83%
Debt / Equity---1.56x1.72x2.53x3.26x1.66x
Interest Coverage-2.63x-0.80x1.45x-0.28x2.35x5.89x20.06x
FCF Conversion-0.53x1.67x-1.78x10.21x-2.14x2.98x1.33x1.19x
Revenue Growth-105.66%45.97%92.48%0.86%16.54%43.44%16.38%

APP SEC Filings & Documents

AppLovin Corporation (APP) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 7, 2026·SEC

Material company update

Feb 11, 2026·SEC

Material company update

Nov 5, 2025·SEC

10-K Annual Reports

2
FY 2026

Feb 19, 2026·SEC

FY 2025

Feb 27, 2025·SEC

10-Q Quarterly Reports

4
FY 2025

Nov 5, 2025·SEC

FY 2025

Aug 6, 2025·SEC

FY 2025

May 7, 2025·SEC

APP Frequently Asked Questions

AppLovin Corporation (APP) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

AppLovin Corporation (APP) reported $5.48B in revenue for fiscal year 2025. This represents a 1034% increase from $483.4M in 2018.

AppLovin Corporation (APP) grew revenue by 16.4% over the past year. This is strong growth.

Yes, AppLovin Corporation (APP) is profitable, generating $3.33B in net income for fiscal year 2025 (60.8% net margin).

Dividend & Returns

AppLovin Corporation (APP) has a return on equity (ROE) of 206.8%. This is excellent, indicating efficient use of shareholder capital.

AppLovin Corporation (APP) generated $3.97B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Explore More APP

AppLovin Corporation (APP) financial analysis — history, returns, DCA and operating performance tools

Full APP Stock Analysis

Analyst verdict, bull/bear case, risk factors and peer comparison

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Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

→
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