AppLovin CorpAPP
AppLovin Corp Financial Overview 2021–2024
AppLovin fundamentally transformed its economic profile in June 2025 by divesting its mobile gaming portfolio, a strategic pivot that unlocked a staggering 80.9% Adjusted EBITDA margin in Q2 2025. This shift from a hybrid publisher to a pure-play advertising technology platform has rapidly scaled profitability, validating the leverage within its AI-powered AXON engine. The financial arc illustrates this explosion in efficiency: while revenue grew from $2.79 billion in FY2021 to $4.7 billion in FY2024, net income skyrocketed from a razor-thin $35.3 million to $1.6 billion over the same period.
The streamlined model delivered immediate results throughout 2025, with second-quarter revenue surging 77% year-over-year to $1.26 billion. By the end of September 2025, the company had generated $2.33 billion in net income from continuing operations for the first nine months alone, more than doubling the prior year’s comparable metric. Management channeled this cash generation into aggressive shareholder returns, repurchasing $1.8 billion of stock in the first three quarters of 2025 while retaining $1.67 billion in liquidity. This operational discipline drove FY2024 earnings per share to $4.53 on a tightened share count of 0.34 billion, cementing the company’s status as a highly cash-generative software business.
Recent Developments (Q2 and Q3 2025)
Operational momentum accelerated in Q3 2025 as revenue reached $1.4 billion, a 68% year-over-year expansion. This trajectory builds on efficiency gains observed earlier in the year, where net revenue per installation jumped 70% and installation volume rose 8%. Consequently, Q3 2025 Adjusted EBITDA climbed to $1.16 billion, while net income from continuing operations for the quarter hit $835.5 million.
The exit from gaming yielded $715.6 million in total consideration, contributing to a $106.2 million accounting gain and bolstering operating cash flow to $2.7 billion for the nine-month period. Bulls emphasize the high cash conversion of the pure-play model, while bears caution that the stock traded at a steep 136.2x P/E ratio as of November 2025, leaving little room for execution errors at a $209.8 billion market cap.
What to watch: AppDiscovery volume growth; sustainability of EBITDA margins
Rev
$4.71B
FY2024
NI
$1.58B
FY2024
EPS
$4.68
FY2024
OCF
$2.10B
FY2024
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
AppLovin Corp 8-K Report, Financial Results (Feb 11, 2026)
AppLovin Corporation (APP) filed an 8-K on February 11, 2026, primarily to announce its financial results for the fourth quarter and full year ended December 31, 2025. The core of this filing is the accompanying press release (Exhibit 99.1), which details the company's operational and financial performance during this period. Investors should refer to this press release for specific figures and commentary on revenue, profitability, and other key performance indicators. While the 8-K itself is largely procedural, it serves as the official notification of the release of AppLovin's latest financial update. The company's ability to meet or exceed its targets, its outlook for the upcoming periods, and any strategic developments discussed in the press release will be critical for evaluating the company's trajectory and future prospects. Investors are encouraged to review the attached press release thoroughly for comprehensive details.
AppLovin Corp 8-K Report, Financial Results (Nov 5, 2025)
AppLovin Corporation (APP) has filed an 8-K report on November 5, 2025, primarily to announce its financial results for the third quarter ended September 30, 2025. The report incorporates by reference a press release issued on the same date, which contains the detailed financial performance for the period. Investors should review this press release for specific figures on revenue, profitability, and key performance indicators that drove the company's results. The filing also includes the necessary exhibits, such as the press release itself and the Cover Page Interactive Data File for enhanced data accessibility. While this 8-K doesn't introduce new material events beyond the earnings announcement, it serves as the official channel for disseminating AppLovin's latest financial updates. The company's performance in Q3 2025 will be crucial for understanding its ongoing growth trajectory and market position within the mobile app ecosystem. Investors are advised to look for commentary on user engagement, advertiser demand, and any forward-looking guidance provided in the accompanying press release.
AppLovin Corp 8-K Report, Financial Results (Aug 6, 2025)
AppLovin Corp (APP) has filed a Form 8-K on August 6, 2025, to announce its financial results for the second quarter ended June 30, 2025. The primary focus of this filing is the disclosure of these results via a press release, which is attached as Exhibit 99.1. Investors should review this press release for detailed operational and financial performance metrics, as it contains the company's official update for the period. While the 8-K itself is a procedural filing, the attached press release is the key document for understanding AppLovin's recent performance. This includes revenue, profitability, segment performance, and forward-looking guidance, if provided. The filing explicitly states that the information contained within Item 2.02 and Exhibit 99.1 is not considered 'filed' for Section 18 purposes, meaning it does not carry the same legal liabilities as other parts of an SEC filing, but it remains crucial for investor decision-making.
AppLovin Corp 8-K Report, Material Agreement (Jul 1, 2025)
AppLovin Corporation (APP) has filed an 8-K detailing the closing of its previously announced sale of certain mobile gaming business subsidiaries to Tripledot. The transaction, originally announced on May 7, 2025, officially closed on June 30, 2025. Key to this update is the amendment to the purchase agreement, which allowed the purchaser, Tripledot, to pay a portion of the cash consideration in cash instead of issuing a secured promissory note as initially planned. This modification streamlines the transaction for AppLovin, ensuring the full cash component is received upfront. The company received $400.0 million in cash, subject to customary closing adjustments, and a 20% equity stake in Tripledot (Purchaser Parent) on a fully diluted basis.
AppLovin Corp 8-K Report, Shareholder Vote Results (Jun 9, 2025)
AppLovin Corporation (APP) has filed an 8-K report detailing the outcomes of its annual meeting of stockholders held on June 4, 2025. The primary focus of this filing is the voting results on two key proposals: the election of directors and the ratification of its independent registered public accounting firm. Investors should note that all director nominees were overwhelmingly elected to serve until the 2026 annual meeting, indicating strong shareholder support for the current board. Additionally, the appointment of Deloitte & Touche LLP as the company's independent auditor for the fiscal year ending December 31, 2025, was also overwhelmingly ratified by shareholders. This strong endorsement of both the board and the auditor suggests a stable governance structure and continued confidence from the company's investors. While this 8-K does not contain forward-looking financial information or strategic updates, it serves as an important disclosure regarding corporate governance and shareholder engagement. The high vote tallies for the election of directors and the ratification of the auditor demonstrate a consistent alignment between management and its shareholder base on these fundamental corporate matters.
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