AppLovin Corporation (APP) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$3.74	$3.76	+0.5%	—	$1.9B	—
Q1 26	$3.64	$3.76	+3.3%	—	$1.8B	—
Q4 25	$3.11	$3.48	+11.9%	—	$1.7B	—
Q3 25	$2.94	$2.57	-12.6%	—	$1.4B	—
Q2 25	$2.32	$2.36	+1.7%	—	$1.3B	—
Q1 25	$1.96	$2.38	+21.4%	—	$1.5B	—
Q4 24	$1.83	$2.07	+13.1%	—	$1.4B	—
Q3 24	$1.23	$1.47	+19.5%	—	$1.2B	—
Q2 24	$1.26	$1.17	-7.1%	—	$1.1B	—
Q1 24	$1.05	$0.92	-12.4%	—	$1.1B	—
Q4 23	$0.35	$0.49	+40.0%	—	$953.3M	—
Q3 23	$0.27	$0.3	+11.1%	—	$864.3M	—
Q2 23	$0.07	$0.22	+214.3%	—	$750.2M	—
Q1 23	$0.06	-$0.01	-116.7%	—	$715.4M	—
Q4 22	$0.05	-$0.21	-520.0%	—	$702.3M	—
Q3 22	$0.07	$0.06	-14.3%	—	$713.1M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$9.84	—	—	$5.5B	—
FY24	—	$4.68	—	—	$4.7B	—
FY23	—	$1.01	—	—	$3.3B	—
FY22	—	-$0.52	—	—	$2.8B	—
FY21	—	$0.1

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$994.1M	$1.5B	$2.8B	$2.8B	$3.3B	$4.7B	$5.5B
YoY change	—	+46%	+92.5%	+0.86%	+16.5%	+43.4%	+16.4%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	994.1M	1.5B	2.8B	2.8B	3.3B	4.7B	5.5B
Cost of revenue	241.3M	555.6M	988.1M	1.3B	1.1B	1.2B	665.1M
Gross profit	752.8M	895.5M	1.8B	1.6B	2.2B	3.5B	4.8B
Gross margin	75.7%	61.7%	64.6%	55.4%	67.7%	75.2%	87.9%
Research & development	45M	180.7M	366.4M	507.6M	592.4M	638.7M	226.5M
Selling, general & administrative	513.5M	694.2M	1.3B	1.1B	983.3M	1B	437.2M
Operating expenses	558.5M	874.9M	1.7B	1.6B	1.6B	1.7B	663.7M
Operating income	194.4M	20.6M	150M	-47.8M	648.2M	1.9B	4.2B
Operating margin	19.6%	1.42%	5.37%	-1.7%	19.7%	39.8%	75.8%
Non-operating income, net	5.8M	-78.5M	-535K	14.5M	8M	20.8M	8M
Pretax income	126.2M	-135.7M	46.3M	-205.2M	380.6M	1.6B	4B
Income tax	7.2M	-9.8M	11M	-12.2M	23.9M	-3.8M	519.7M
Net income	119M	-125.9M	35.3M	-192.9M	356.7M	1.6B	3.3B
Net margin	12%	-8.68%	1.27%	-6.85%	10.9%	33.5%	60.8%
EBITDA	293M	279.8M	580.5M	513.8M	1.1B	2.3B	4.4B
EPS	0.24	-0.35	0.1	-0.52	1.01	4.68	9.84
Diluted EPS	0.24	-0.35	0.09	-0.52	0.98	4.53	9.75

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	864.3M	953.3M	1.1B	1.1B	1.2B	1.4B	1.5B	1.3B	1.4B	1.7B	1.8B	1.9B
Cost of revenue	265M	273.6M	294.1M	282.5M	269.7M	320.5M	271.2M	155.1M	174.9M	183.5M	203.6M	225.8M
Gross profit	599.2M	679.7M	764M	797.6M	928.6M	1.1B	1.2B	1.1B	1.2B	1.5B	1.6B	1.7B
Gross margin	69.3%	71.3%	72.2%	73.8%	77.5%	76.7%	81.7%	87.7%	87.6%	88.9%	88.9%	88.3%
Research & development	159.3M	150.8M	155.3M	163.9M	150M	169.5M	122.9M	44M	43.9M	82.2M	94.1M	99.9M
Selling, general & administrative	253.6M	259.3M	269.1M	242.7M	243.7M	274.9M	237.5M	102M	107.3M	117M	104.8M	103.7M
Operating expenses	412.9M	410.1M	424.4M	406.6M	393.6M	444.3M	360.4M	146M	151.2M	199.2M	198.9M	203.6M
Operating income	186.3M	269.5M	339.6M	391M	534.9M	608M	852.4M	957.7M	1.1B	1.3B	1.4B	1.5B
Operating margin	21.6%	28.3%	32.1%	36.2%	44.6%	44.3%	57.4%	76.1%	76.8%	76.9%	78.2%	77.7%
Non-operating income, net	—	—	2.6M	8.9M	—	—	-181.1M	-22.3M	-6.6M	29.4M	42.6M	62.4M
Pretax income	109.2M	178.9M	267.9M	325.3M	467.7M	515.1M	618.4M	884M	1B	1.3B	1.4B	1.5B
Income tax	586K	6.7M	31.8M	15.3M	33.2M	-84.1M	42M	112.1M	185.4M	151.1M	225.8M	239M
Net income	108.6M	172.2M	236.2M	310M	434.4M	599.2M	576.4M	819.5M	835.5M	1.1B	1.2B	1.3B
Net margin	12.6%	18.1%	22.3%	28.7%	36.3%	43.6%	38.8%	65.1%	59.5%	66.5%	65.4%	65.8%
EBITDA	309.6M	369.6M	454.8M	508.5M	642.5M	737.2M	940.1M	982.5M	1.1B	1.3B	1.5B	1.6B
EPS	0.32	0.51	0.7	0.92	1.29	1.77	1.7	2.42	2.47	3.26	3.57	3.77
Diluted EPS	0.3	0.49	0.67	0.92	1.25	1.73	1.67	2.39	2.45	3.24	3.56	3.76

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	30.6B	—	14B	109.1B	228.3B	103.2B
Enterprise value	—	—	32.4B	—	16.7B	111.9B	229.3B	104.5B
Shares outstanding	324.1M	358M	324.8M	371.6M	352M	336.9M	338.8M	338.8M

Valuation

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	866.5	—	39.3	69.1	68.5	23.9
P/S	—	—	11	—	4.27	23.2	41.7	15.2
P/B	—	—	14.3	—	11.2	100.1	106.9	32.9
EV/EBITDA	—	—	55.9	—	14.6	47.8	52.7	19.3
EV/Sales	—	—	11.6	—	5.09	23.8	41.8	15.3
Earnings yield	—	—	0.12%	—	2.54%	1.45%	1.46%	4.19%
FCF yield	—	—	1.18%	—	7.54%	1.92%	1.73%	3.08%
PEG	—	—	—	—	—	—	—	0.43

Profitability

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	75.7%	61.7%	64.6%	55.4%	67.7%	75.2%	87.9%	88.3%
Operating margin	19.6%	1.42%	5.37%	-1.7%	19.7%	39.8%	75.8%	77.7%
Net margin	12%	-8.68%	1.27%	-6.85%	10.9%	33.5%	60.8%	64.6%
ROE	-46.4%	79.6%	1.65%	-10.1%	28.4%	145%	156.2%	203.7%
ROA	9.9%	-5.84%	0.57%	-3.3%	6.66%	26.9%	45.9%	46.5%
ROIC	33.8%	1.69%	2.9%	-1.16%	15.5%	48%	113%	123.5%
Return on tangible assets	256.4%	24.3%	4.35%	16.7%	-39.1%	336.8%	98.5%	97.6%

Financial health

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.45	1.11	5.05	3.35	1.71	2.19	3.32	4.3
Quick ratio	2.45	1.11	5.05	3.35	1.71	2.19	3.32	4.3
Debt / equity	-4.66	-10.7	1.56	1.72	2.53	3.26	1.66	1.11
Debt / assets	0.99	0.79	0.54	0.56	0.59	0.61	0.49	0.43
Net debt / EBITDA	2.73	4.93	3.12	4.28	2.34	1.2	0.24	0.08
Interest coverage	2.71	-0.74	1.45	-0.19	2.38	5.95	20.1	26.4
Effective tax rate	5.7%	0%	23.7%	0%	6.27%	0%	13.1%	15.4%

Per share

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	3.07	4.05	8.6	7.58	9.33	14	16.2	20.2
EPS (basic)	0.24	-0.35	0.1	-0.52	1.01	4.68	9.84	9.84
EPS (diluted)	0.24	-0.35	0.09	-0.52	0.98	4.53	9.75	13
Book value per share	-0.79	-0.44	6.58	5.12	3.57	3.23	6.3	9.43
FCF per share	0.6	0.61	1.11	1.11	3	6.22	11.6	13.3
Cash per share	1.22	0.89	4.68	2.91	1.43	2.2	7.34	9.12
Capex per share	0.01	0.01	0	0	0.01	0.01	—	—

Capital allocation

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.34%	0.22%	0.05%	0.02%	0.13%	0.1%	—	—
Capex / operating cash flow	1.58%	1.39%	0.3%	0.22%	0.45%	0.25%	—	—
Payout ratio	—	—	—	—	—	—	—	0%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	396.2M	317.2M	1.5B	1.1B	502.2M	741.4M	2.5B
Receivables	161.3M	297M	514.5M	702.8M	953.8M	1.4B	1.8B
Inventory	—	—	—	—	—	—	—
Total current assets	586.2M	663M	3.2B	1.9B	1.6B	2.3B	4.4B
Property, plant & equipment	22.8M	112.9M	134.6M	138.9M	221.5M	198.6M	147.9M
Goodwill & intangibles	1.2B	2.7B	5.4B	7B	6.3B	5.4B	3.9B
Total assets	1.2B	2.2B	6.2B	5.8B	5.4B	5.9B	7.3B
Accounts payable	70.5M	147.3M	258.2M	273.2M	371.7M	563.4M	747M
Short-term debt	14.7M	40.2M	66.2M	47.6M	228.6M	14.8M	13.9M
Total current liabilities	238.9M	598.1M	640.1M	579M	944.1M	1.1B	1.3B
Long-term debt	1.2B	1.7B	3.3B	3.2B	2.9B	3.5B	3.5B
Total liabilities	1.5B	2.3B	4B	3.9B	4.1B	4.8B	5.1B
Shareholders' equity	-256.6M	-158.2M	2.1B	1.9B	1.3B	1.1B	2.1B
Total debt	1.2B	1.7B	3.3B	3.3B	3.2B	3.6B	3.5B
Net debt	799.6M	1.4B	1.8B	2.2B	2.7B	2.8B	1.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	332.5M	502.2M	436.3M	460.4M	567.6M	741.4M	551M	1.2B	1.7B	2.5B	2.8B	3.1B
Receivables	849.1M	953.8M	1B	1.1B	1.2B	1.4B	1.6B	1.6B	1.6B	1.8B	2B	2.2B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	1.3B	1.6B	1.6B	1.7B	1.9B	2.3B	2.4B	3B	3.5B	4.4B	4.8B	5.4B
Property, plant & equipment	155.2M	221.5M	173M	169.2M	177.1M	198.6M	161.7M	129.6M	130.8M	147.9M	114.8M	111.9M
Goodwill & intangibles	6.4B	6.3B	6.1B	5.8B	5.8B	5.4B	5B	4B	3.9B	3.9B	3.8B	3.7B
Total assets	5B	5.4B	5.3B	5.3B	5.4B	5.9B	5.7B	6B	6.3B	7.3B	7.7B	8.3B
Accounts payable	281.1M	371.7M	390.1M	387.5M	427.8M	563.4M	595.2M	553.7M	516.4M	747M	697.5M	778.9M
Short-term debt	228.8M	228.6M	35.6M	35.6M	35.6M	14.8M	200M	—	—	13.9M	—	—
Total current liabilities	805.5M	944.1M	762.5M	729.6M	779.5M	1.1B	1.4B	1.1B	1.1B	1.3B	1.5B	1.3B
Long-term debt	3B	2.9B	3.5B	3.5B	3.5B	3.5B	3.5B	3.5B	3.5B	3.5B	3.5B	3.5B
Total liabilities	3.9B	4.1B	4.5B	4.5B	4.5B	4.8B	5.1B	4.8B	4.9B	5.1B	5.3B	5.1B
Shareholders' equity	1.1B	1.3B	760.2M	814.8M	938.2M	1.1B	575.4M	1.2B	1.5B	2.1B	2.4B	3.2B
Total debt	3.2B	3.2B	3.5B	3.5B	3.5B	3.6B	3.7B	3.5B	3.5B	3.5B	3.5B	3.5B
Net debt	2.9B	2.7B	3.1B	3.1B	2.9B	2.8B	3.2B	2.3B	1.8B	1.1B	755.4M	461.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	119M	-125.9M	35.3M	-192.9M	356.7M	1.6B	3.3B
Depreciation & amortization	92.8M	255M	431.1M	547.1M	489M	448.7M	194.8M
Stock-based compensation	10.2M	62.4M	133.2M	191.6M	363.1M	369.4M	210.4M
Change in working capital	-17M	-56.5M	-190M	-282.3M	-289.1M	-487.6M	-325M
Operating cash flow	212.7M	233.4M	456.1M	295M	953.1M	1.9B	4B
Capital expenditure	-3.4M	-3.2M	-1.4M	-662K	-4.2M	-4.8M	—
Investing cash flow	-411.6M	-679.9M	-1.2B	-1.4B	-77.8M	-106.8M	386.7M
Dividends paid	—	—	—	—	—	—	—
Share repurchases	-11K	-1.8M	0	-338.9M	-1.2B	-981.3M	-2.2B
Financing cash flow	330.5M	375.6M	3.1B	-557.9M	-1.6B	-1.8B	-2.6B
Net change in cash	131.6M	-71M	2.3B	-1.6B	-713.3M	32.6M	1.7B
Free cash flow	195.1M	219.6M	360.5M	412.1M	1.1B	2.1B	3.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	108.6M	172.2M	236.2M	310M	434.4M	599.2M	576.4M	819.5M	835.5M	1.1B	1.2B	1.3B
Depreciation & amortization	121.8M	119.1M	112.7M	108.5M	99.6M	127.8M	79.9M	47.1M	35.1M	32.7M	33.7M	32.6M
Stock-based compensation	110.8M	88M	95.3M	98.7M	81.6M	93.8M	61.3M	—	—	—	83.4M	85.6M
Change in working capital	-215.8M	-94.3M	-66.8M	-43M	-72.2M	-95.5M	-134.8M	-117.7M	-72.2M	14.9M	-187.7M	-135.3M
Operating cash flow	134.8M	301M	385.9M	476M	356.3M	728.9M	590.8M	772.2M	1.1B	1.3B	1.3B	869M
Capital expenditure	-183K	-244K	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-16M	-13.3M	-31.6M	-53.3M	11.9M	11.7M	-22.7M	-23.2M	-19.6M	27.5M	-5.2M	-2.4M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-581.5M	0	-752.2M	0	-228.4M	-625K	-1B	-271.5M	-501.9M	-417.6M	-981.7M	-551.2M
Financing cash flow	-735.4M	8.6M	-434.4M	-370.3M	-450.8M	-536.2M	-1B	-552.2M	-581.3M	-497.5M	-1B	-570.4M
Net change in cash	-616.6M	296.2M	-80.2M	52.5M	-82.5M	204.4M	-439.4M	196.9M	452.5M	843.7M	273.9M	296.2M
Free cash flow	185.6M	350.3M	392.8M	439.4M	532.4M	714.5M	831.7M	772.2M	1.1B	1.3B	1.3B	869M

AppLovin Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement