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AppLovin CorpAPP

Sector
Technology
Industry
Services-Computer Programming, Data Processing, Etc.
Exchange
Nasdaq

Stock Price $APP

Latest filings

You are here#40 of 67 in Technology by market cap

Filing record · 2021–202610-K510-Q178-K58

APP filed 5 annual reports (10-K), 17 quarterly reports (10-Q) and 58 current reports (8-K) between 2021 and 2026.

  1. Deal closed8-K · Apr ’21Apr ’21
  2. Leadership change8-K · Aug ’22Aug ’22
  3. Leadership change8-K · Nov ’23Nov ’23
  4. FY2025 annual report10-K · Feb ’26Feb ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  7. $5.48B
YoY changeLargest recent move+92.5%in FY21Latest +70.0%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All APP Financial Metrics58 metrics

Income Statement16

Balance Sheet24

Cash Flow14

Per Share4

02—Overview

AppLovin Corp Financial Overview 2021–2025

Updated Jul 10, 2026

AppLovin generated an 82.3%a Adjusted EBITDA margin in FY2025, driven by the immense scale of its AI-powered Axon advertising engine. By deliberately pivoting away from first-party mobile games to become a pure-play advertising technology provider, the company transformed into a highly efficient cash generator. This strategic shift worked flawlessly, allowing management to slash research and development expenses by 40% and sales and marketing expenses by 19% year-over-year in FY2025 while maintaining aggressive top-line expansion.

The business evolved dramatically as total revenue grew from $2.79 billion in FY2021 to $5.48 billionb in FY2025. This expansion culminated in a record $3.33 billion in net income during FY2025, a massive leap from just $35.3 million four years prior. Capitalizing on its divestiture of the Apps segment—which finalized in mid-2025 for $715.6 million—AppLovin aggressively returned capital to shareholders, repurchasing $2.2 billion of its own stock over the year. Investors rewarded this operational discipline heavily. At the close of FY2025, the stock was priced at $673.82, commanding a 69.1x P/E ratio and a $228.0 billion market cap.

Recent Developments (Q4 2025 and Q1 2026)

AppLovin sustained its exceptional momentum into Q1 2026, delivering $1.84 billionc in revenue, a 59% year-over-year increase. Profitability further accelerated, with the company generating $1.21 billion in net income and achieving an 84.5% Adjusted EBITDA margin for the quarter. This growth was directly fueled by the Axon Ads Manager, which posted a remarkable 93% spike in net revenue per installation. Alongside these results, the company announced major leadership transitions effective in mid-2026, promoting Giovanni Ge to Chief Technology Officer to replace Basil Shikin, and appointing Craig Billings as independent Chairperson.

Bulls contend that aggressive capital returns, highlighted by $1 billiond in Q1 2026 share repurchases and $1.29 billion in quarterly free cash flow, underscore a highly durable, cash-rich business model. Conversely, bears warn that reliance on a single advertising engine exposes the firm to external platform changes, which could pressure its valuation of 48.1x earnings as of May 6, 2026.

What to watch: integration of new executive leadership over the summer; expansion of the Axon advertising ecosystem into Connected TV environments.

03—Filings

Recent SEC Filings

  1. 8-KAppLovin Corp 8-K Report, Financial Results (Aug 5, 2026)AppLovin (APP) reported strong second-quarter 2026 results, with revenue of $1.92 billion, up 53% year over year from $1.26 billion, and net income of $1.27 billion, up 55%. Adjusted EBITDA rose 58% to $1.61 billion, and the Adjusted EBITDA margin was 84%, up from 81% a year earlier. Operating income reached $1.49 billion versus $958 million, and basic and diluted EPS were $3.77 and $3.76. For the first half of 2026, revenue grew 56% to $3.77 billion and net income from continuing operations grew 65% to $2.47 billion. Growth was strong at both the top and bottom lines, though part of the Q2 earnings uplift came from $62 million of other income, net, and the effective tax rate rose to about 16% from about 13%. Cash generation remained robust. Operating cash flow was $869 million and Free Cash Flow was $863 million in the quarter. Cash and equivalents rose to $3.05 billion against $3.52 billion of long-term debt. Management repurchased and withheld 1.1 million shares for $551 million in Q2, and shares outstanding fell to 335 million from 338 million at year-end 2025. Cash income taxes paid rose sharply to $640 million in the first half from $101 million, a meaningful headwind to cash conversion that investors should monitor. R&D expense more than doubled year over year to $100 million, while G&A declined. For Q3 2026, AppLovin guided to revenue of $2.055 to $2.085 billion and Adjusted EBITDA of $1.710 to $1.740 billion, implying an 83% Adjusted EBITDA margin. The guidance midpoint implies roughly 8% sequential revenue growth. The company did not provide GAAP reconciliations for forward Adjusted EBITDA, citing variability in stock-based compensation. The results are presented under Item 2.02 and furnished, not filed, under Section 18 of the Exchange Act.
  2. 8-KAppLovin Corp 8-K Report, Shareholder Vote Results (Jun 5, 2026)AppLovin Corporation (APP) filed an 8-K on June 5, 2026, detailing the results of its Annual Meeting of Stockholders held on June 3, 2026. The meeting focused on routine corporate governance matters, with all five proposals presented receiving significant support from stockholders, with one exception. The election of directors, ratification of Deloitte & Touche LLP as the independent auditor, and advisory approval of executive compensation all passed overwhelmingly, indicating continued confidence in the company's leadership and financial oversight. A notable outcome was the approval of an amendment to the Certificate of Incorporation to provide for officer exculpation, a measure often sought to protect officers from personal liability in certain situations, aligning with Delaware law. Conversely, a stockholder proposal seeking enhanced disclosure of voting results by share class was not approved, suggesting that the current disclosure practices are deemed sufficient by the majority of shareholders.
  3. 8-KAppLovin Corp 8-K Report, Financial Results (May 6, 2026)AppLovin reported first quarter 2026 results that showed strong top-line and profitability growth. Revenue rose 59% year over year to $1.842 billion from $1.159 billion, and net income more than doubled to $1.206 billion from $576 million (up 109%). Income from continuing operations rose 67% to $1.206 billion from $724 million, and Adjusted EBITDA increased 66% to $1.557 billion, with Adjusted EBITDA margin of roughly 85% versus 81% a year earlier. Note that the prior-year net income figure includes a $147 million loss from discontinued operations, so the 109% net income growth is flattered by the absence of that drag; the continuing-operations comparison is the cleaner view of underlying momentum. Cash generation was particularly strong. Operating cash flow was $1.29 billion and Free Cash Flow was $1.29 billion, compared with $826 million of Free Cash Flow a year earlier. Diluted EPS was $3.56 versus $1.67 in the prior year's diluted EPS (which included discontinued operations), or $2.10 from continuing operations. Management spent about $1.0 billion repurchasing and withholding 2.2 million Class A shares during the quarter, and shares outstanding declined to 336 million from 338 million at year-end 2025. Cash rose to $2.76 billion, while long-term debt was essentially flat at $3.51 billion. Looking ahead, management guided second quarter 2026 revenue to $1.915–$1.945 billion and Adjusted EBITDA to $1.615–$1.645 billion, implying an Adjusted EBITDA margin of 84%–85%. Investors should weigh the strong margins and cash flow against the company's reliance on non-GAAP metrics, the company's decision not to provide GAAP reconciliations for forward guidance, and the rise in accrued liabilities and accounts receivable, which grew faster than revenue on a sequential basis. Accrued and other current liabilities jumped to $797 million from $587 million at year-end.
  4. 8-KAppLovin Corp 8-K Report, Executive Changes (Apr 7, 2026)AppLovin (APP) disclosed a set of leadership succession changes in an 8-K filed April 7, 2026, covering both executive and board positions. Basil Shikin will step down as Chief Technology Officer effective July 1, 2026, remaining with the company as a non-executive Distinguished Engineer. Giovanni ("Gio") Ge, currently Chief Product and Engineering Officer, will succeed him as CTO. Victoria Valenzuela, Chief Administrative & Legal Officer, will retire effective August 1, 2026, and then serve as a consultant through May 31, 2027 for $150,000. Corina Cacovean, Deputy General Counsel for Privacy, Litigation & Regulatory, will become Chief Legal Officer upon Valenzuela's departure. The board has also indicated it will nominate Valenzuela as a director at the 2026 Annual Meeting. On the board side, Craig Billings, Lead Independent Director since the 2021 IPO, was appointed independent Chairperson, succeeding Adam Foroughi, who remains CEO and a director. Alyssa Harvey Dawson will not stand for re-election at the 2026 Annual Meeting, and the company states her decision was not the result of any disagreement with management. For investors, the filing describes an orderly, internally sourced succession rather than an abrupt exit. The filing does not include financial results or guidance. The most notable governance signal is the separation of the Chair and CEO roles, which many governance-focused investors view favorably, though the 8-K itself gives no detailed rationale beyond Foroughi's statement that it lets him focus on strategic execution.
  5. 8-KAppLovin Corp 8-K Report, Financial Results (Feb 11, 2026)AppLovin reported a strong fourth quarter and full year 2025. Q4 revenue rose 66% year over year to $1.66 billion, and full-year revenue rose 70% to $5.48 billion. Q4 net income grew 84% to $1.10 billion, and full-year net income grew 111% to $3.33 billion. Adjusted EBITDA reached $1.40 billion in Q4 (84% margin, up from 77%) and $4.51 billion for the year (82% margin, up from 75%). Net cash from operations was $3.97 billion for 2025, and free cash flow was $3.95 billion, nearly doubling from $2.07 billion in 2024. The filing also shows significant portfolio and balance sheet changes. The company completed a divestiture, reporting a $106 million gain on divestiture (net of transaction costs) against a $99 million loss from discontinued operations, and it recorded a $189 million goodwill impairment and a $50 million investment impairment. It now holds $288 million in equity method investments. Cash and equivalents increased to $2.49 billion from $697 million, while long-term debt was essentially unchanged at $3.51 billion. Management returned substantial capital in 2025, repurchasing and withholding shares for about $2.58 billion, and shares outstanding declined to 338 million. For the first quarter of 2026, management guided to revenue of $1.745 to $1.775 billion and Adjusted EBITDA of $1.465 to $1.495 billion, implying an 84% margin at both ends of the range. The guidance suggests continued sequential growth and margin stability. Investors should weigh these strong results against the impairments, the reliance on non-GAAP metrics, and the company's continued dependence on digital advertising dynamics.
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04—See also

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