AppLovin (APP)

Nasdaq Communication Services Advertising S&P 500Nasdaq-100

$391.22

+35.12 (+9.86%)

Close of Nov 06, 2026 · end-of-day data

Source: AppLovin's 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 05, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD

Fiscal year	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$994.10M	$1.45B	$2.79B	$2.82B	$1.84B	$3.22B	$5.48B
Cost of revenue	$241.27M	$555.58M	$988.10M	$1.26B	$356.61M	$520.61M	$665.14M
Gross profit	$752.83M	$895.51M	$1.81B	$1.56B	$1.49B	$2.70B	$4.82B
Research & development	$44.97M	$180.65M	$366.40M	$507.61M	$333.78M	$374.71M	$226.51M
Operating income	$194.37M	-$62.04M	$150.02M	-$47.79M	$772.41M	$1.91B	$4.15B
Interest expense	—	—	—	$172.18M	$281.71M	$307.98M	$200.62M
Pre-tax income	$126.23M	-$135.71M	$46.31M	-$205.18M	$501.60M	$1.61B	$3.95B
Income tax	$7.19M	-$9.77M	$10.97M	-$12.23M	$43.78M	$22.42M	$519.72M
Net income	$119.04M	-$125.19M	$35.45M	-$192.75M	$356.71M	$1.58B	$3.33B
EBITDA	$287.18M	$192.91M	$581.08M	$499.29M	$1.26B	$2.36B	$4.35B
EPS (basic)	$0.36	$-0.58	$0.10	$-0.52	$1.01	$4.68	$9.84
EPS (diluted)	$0.36	$-0.58	$0.09	$-0.52	$0.98	$4.53	$9.75
Diluted shares	212.37M	214.94M	342.76M	371.57M	362.59M	347.81M	341.97M
Gross margin	75.7%	61.7%	64.6%	55.4%	80.6%	83.9%	87.9%
Operating margin	19.6%	-4.3%	5.4%	-1.7%	41.9%	59.3%	75.8%
Net margin	12.0%	-8.6%	1.3%	-6.8%	19.4%	49.0%	60.8%

Balance sheet

fiscal years · USD

Fiscal year	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	$396.25M	$317.24M	$1.52B	$1.08B	$502.15M	$697.03M	$2.49B
Receivables	—	$296.96M	$514.52M	$702.81M	$953.81M	$1.28B	$1.82B
Total current assets	—	$662.99M	$3.24B	$1.94B	$1.62B	$2.31B	$4.43B
Goodwill	$137.12M	$249.77M	$966.43M	$1.82B	$1.50B	$1.46B	$1.54B
Total assets	—	$2.15B	$6.16B	$5.85B	$5.36B	$5.87B	$7.26B
Total current liabilities	—	$598.05M	$640.10M	$578.96M	$944.12M	$1.06B	$1.33B
Short-term debt	—	$15.21M	$25.81M	$33.31M	$215.00M	$0	—
Long-term debt	—	$1.58B	$3.20B	$3.18B	$2.91B	$3.51B	$3.51B
Total debt	—	$1.60B	$3.23B	$3.21B	$3.12B	$3.51B	$3.51B
Total liabilities	—	$2.31B	$4.03B	$3.95B	$4.10B	$4.78B	$5.12B
Shareholders' equity	-$256.57M	-$158.54M	$2.14B	$1.90B	$1.26B	$1.09B	$2.13B

Cash flow

fiscal years · USD

Fiscal year	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	$198.46M	$222.88M	$361.85M	$412.77M	$1.06B	$2.10B	$3.97B
Capital expenditures	$3.36M	$3.24M	$1.39M	$662.00K	$4.25M	$4.78M	—
Free cash flow	$195.10M	$219.64M	$360.46M	$412.11M	$1.06B	$2.09B	$3.97B
Investing cash flow	-$411.55M	-$679.89M	-$1.21B	-$1.37B	-$77.83M	-$106.75M	$358.43M
Financing cash flow	$333.16M	$377.86M	$3.11B	-$526.85M	-$1.56B	-$1.75B	-$2.59B
Share buybacks	$11.00K	$1.77M	$0	$338.88M	$1.15B	$981.30M	$2.19B
Stock-based compensation	$10.22M	$62.39M	$133.18M	$191.61M	$363.11M	$369.37M	$210.42M
Depreciation & amortization	$92.81M	$254.95M	$431.06M	$547.08M	$489.01M	$448.68M	$194.78M

Income statement

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	-$488.06M	$1.06B	$711.01M	$835.19M	$999.49M	$1.16B	$1.26B	$1.41B	$1.66B	$1.84B	$1.92B	$2.18B
Cost of revenue	-$428.97M	$294.15M	$121.76M	$120.92M	$153.39M	$151.68M	$155.08M	$174.85M	$183.53M	$203.63M	$225.80M	$240.76M
Gross profit	-$59.09M	$763.97M	$589.26M	$714.27M	$846.09M	$1.01B	$1.10B	$1.23B	$1.47B	$1.64B	$1.70B	$1.94B
Research & development	-$107.78M	$155.32M	$99.12M	$80.78M	$105.86M	$56.41M	$44.03M	$43.85M	$82.22M	$94.10M	$99.90M	$101.82M
Operating income	$393.72M	$339.56M	$384.42M	$534.30M	$628.33M	$839.98M	$957.68M	$1.08B	$1.28B	$1.44B	$1.49B	$1.71B
Interest expense	—	$74.18M	$74.42M	$74.94M	—	$52.89M	$51.41M	$51.43M	—	$51.16M	$51.16M	$51.07M
Pre-tax income	$299.93M	$267.94M	$317.88M	$467.73M	$534.73M	$794.61M	$884.00M	$1.02B	$1.25B	$1.43B	$1.51B	$1.74B
Income tax	$26.58M	$31.76M	$16.89M	$34.66M	-$61.38M	$71.07M	$112.15M	$185.40M	$151.10M	$225.79M	$238.99M	$305.03M
Net income	$172.23M	$236.18M	$309.97M	$434.42M	$599.20M	$576.42M	$819.53M	$835.54M	$1.10B	$1.21B	$1.27B	$1.44B
EBITDA	$512.83M	$452.23M	$492.96M	$633.93M	$756.17M	$919.87M	$1.00B	$1.11B	$1.31B	$1.47B	$1.53B	$1.74B
EPS (basic)	$0.50	$0.70	$0.92	$1.29	$1.77	$1.70	$2.42	$2.47	$3.26	$3.57	$3.77	$4.31
EPS (diluted)	$0.48	$0.67	$0.89	$1.25	$1.72	$1.67	$2.39	$2.45	$3.24	$3.56	$3.76	$4.30
Diluted shares	-5.67M	348.60M	347.96M	348.23M	-465.00K	344.88M	342.19M	340.97M	-698.00K	338.73M	337.03M	334.77M
Gross margin	12.1%	72.2%	82.9%	85.5%	84.7%	86.9%	87.7%	87.6%	88.9%	88.9%	88.3%	89.0%
Operating margin	-80.7%	32.1%	54.1%	64.0%	62.9%	72.5%	76.1%	76.8%	76.9%	78.2%	77.7%	78.2%
Net margin	-35.3%	22.3%	43.6%	52.0%	60.0%	49.7%	65.1%	59.5%	66.5%	65.4%	65.8%	65.9%

Balance sheet

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Cash & equivalents	$502.15M	$436.34M	$460.45M	$567.60M	$697.03M	$551.02M	$1.19B	$1.67B	$2.49B	$2.76B	$3.05B	$3.17B
Receivables	$953.81M	$1.04B	$1.07B	$1.19B	$1.28B	$1.58B	$1.58B	$1.60B	$1.82B	$1.96B	$2.17B	$2.39B
Total current assets	$1.62B	$1.61B	$1.66B	$1.88B	$2.31B	$2.37B	$2.99B	$3.49B	$4.43B	$4.85B	$5.39B	$5.70B
Goodwill	$1.50B	$1.83B	$1.82B	$1.85B	$1.46B	$1.64B	$1.54B	$1.54B	$1.54B	$1.52B	$1.52B	$1.52B
Total assets	$5.36B	$5.26B	$5.27B	$5.44B	$5.87B	$5.71B	$5.96B	$6.34B	$7.26B	$7.71B	$8.27B	$8.58B
Total current liabilities	$944.12M	$762.52M	$729.59M	$779.54M	$1.06B	$1.41B	$1.09B	$1.07B	$1.33B	$1.49B	$1.25B	$1.50B
Short-term debt	$215.00M	$35.56M	$35.56M	$35.56M	$0	$200.00M	—	—	—	—	—	—
Long-term debt	$2.91B	$3.49B	$3.48B	$3.47B	$3.51B	$3.51B	$3.51B	$3.51B	$3.51B	$3.51B	$3.52B	$3.52B
Total debt	$3.12B	$3.53B	$3.52B	$3.51B	$3.51B	$3.71B	$3.51B	$3.51B	$3.51B	$3.51B	$3.52B	$3.52B
Total liabilities	$4.10B	$4.50B	$4.45B	$4.50B	$4.78B	$5.13B	$4.79B	$4.87B	$5.12B	$5.34B	$5.11B	$5.28B
Shareholders' equity	$1.26B	$760.20M	$814.84M	$938.21M	$1.09B	$575.42M	$1.17B	$1.47B	$2.13B	$2.36B	$3.16B	$3.30B

Cash flow

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Operating cash flow	$343.99M	$392.78M	$454.53M	$550.70M	$701.00M	$831.71M	$772.23M	$1.05B	$1.31B	$1.29B	$869.04M	$1.43B
Capital expenditures	$244.00K	—	—	—	—	—	—	—	—	—	—	—
Free cash flow	$343.74M	$392.78M	$454.53M	$550.70M	$701.00M	$831.71M	$772.23M	$1.05B	$1.31B	$1.29B	$869.04M	$1.43B
Investing cash flow	-$6.80M	-$31.64M	-$68.36M	-$6.40M	-$367.00K	-$22.66M	$401.55M	-$19.63M	-$828.00K	-$5.25M	-$2.44M	-$17.69M
Financing cash flow	-$170.52M	-$424.61M	-$361.00M	-$441.07M	-$523.16M	-$1.00B	-$537.38M	-$560.26M	-$493.21M	-$1.01B	-$570.42M	-$1.29B
Share buybacks	$0	$752.22M	$0	$228.45M	$625.00K	$1.00B	$271.52M	$501.90M	$417.62M	$981.72M	$551.23M	$1.28B
Stock-based compensation	$88.05M	$95.25M	$98.72M	$81.56M	$93.83M	$61.28M	$35.74M	$33.14M	$80.25M	$83.37M	$85.61M	$84.16M
Depreciation & amortization	$119.11M	$112.67M	$108.54M	$99.64M	$127.84M	$79.89M	$47.05M	$35.10M	$32.74M	$33.66M	$32.56M	$34.19M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.