NASDAQ : APP
AppLovin Corporation — Financial statements
Communication Services · Advertising Agencies · United States
Last price 228.5 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 76.47B
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Financial statements
AppLovin Corporation (APP) reported revenue of 6.83B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 6.83B | 5.48B | 3.22B | 1.84B | 2.82B | 2.79B |
| Cost of Revenue | 787.82M | 665.14M | 520.61M | 356.61M | 1.26B | 988.10M |
| Gross Profit | 6.04B | 4.82B | 2.70B | 1.49B | 1.56B | 1.81B |
| Selling, General & Admin | 432.77M | 437.15M | 417.78M | 378.96M | 1.07B | 1.27B |
| Research & Development | 320.08M | 226.51M | 374.71M | 333.78M | 507.61M | 366.40M |
| Operating Expenses | 752.85M | 663.66M | 792.49M | 712.74M | 1.58B | 1.64B |
| Operating Income | 5.29B | 4.15B | 1.91B | 772.41M | -19.51M | 166.67M |
| Interest Expense | -205.03M | -207.02M | -288.83M | -269.17M | -171.86M | -86.27M |
| Currency Exchange Gain (Loss) | 6.05M | 3.95M | -1.64M | -837.00K | 164.00K | 1.54M |
| Other Non Operating Income (Expenses) | 84.16M | 38.86M | 44.04M | 3.54M | 14.31M | -2.07M |
| EBT Excluding Unusual Items | 5.17B | 3.99B | 1.66B | 505.94M | -176.90M | 79.87M |
| Merger & Restructuring Charges | -28.28M | -16.89M | ||||
| Gain (Loss) on Sale of Investments | 37.60M | -34.80M | -24.20M | |||
| Other Unusual Items | -28.38M | -4.34M | -16.67M | |||
| Pretax Income | 5.21B | 3.95B | 1.61B | 501.60M | -205.18M | 46.31M |
| Income Tax Expense | 801.28M | 519.72M | 22.42M | 43.78M | -12.23M | 10.97M |
| Earnings From Continuing Operations | 4.41B | 3.43B | 1.59B | 457.83M | -192.95M | 35.34M |
| Earnings From Discontinued Operations | -99.44M | -9.75M | -101.11M | |||
| Net Income to Company | 4.41B | 3.33B | 1.58B | 356.71M | -192.95M | 35.34M |
| Minority Interest in Earnings | 201.00K | 108.00K | ||||
| Net Income | 4.41B | 3.33B | 1.58B | 356.71M | -192.75M | 35.45M |
| Preferred Dividends & Other Adjustments | 104.00K | 478.00K | 2.73M | 2.27M | 3.74M | |
| Net Income to Common | 4.41B | 3.33B | 1.58B | 354.44M | -192.75M | 31.70M |
| Shares Outstanding (Basic) | 337.47M | 338.78M | 336.92M | 351.95M | 371.57M | 324.84M |
| Shares Outstanding (Diluted) | 339.14M | 341.97M | 347.81M | 362.59M | 371.57M | 342.76M |
| EPS (Basic) | 13.07 | 9.84 | 4.68 | 1.01 | -0.52 | 0.10 |
| EPS (Diluted) | 13.01 | 9.75 | 4.53 | 0.98 | -0.52 | 0.09 |
| Free Cash Flow | 4.53B | 4.02B | 2.10B | 1.06B | 412.11M | 360.46M |
| Free Cash Flow Per Share | 13.35 | 11.74 | 6.04 | 2.93 | 1.11 | 1.05 |
| Gross Margin | 88.46% | 87.86% | 83.85% | 80.64% | 55.41% | 64.62% |
| Operating Margin | 77.44% | 75.75% | 59.27% | 41.94% | -0.69% | 5.97% |
| Profit Margin | 64.57% | 60.82% | 48.91% | 19.25% | -6.84% | 1.14% |
| Free Cash Flow Margin | 66.30% | 73.27% | 65.11% | 57.64% | 14.63% | 12.90% |
| EBITDA | 5.41B | 4.28B | 2.03B | 890.15M | 524.42M | 597.74M |
| EBITDA Margin | 79.29% | 78.00% | 63.06% | 48.33% | 18.62% | 21.40% |
| D&A For EBITDA | 126.45M | 123.10M | 122.15M | 117.74M | 543.93M | 431.06M |
| EBIT | 5.29B | 4.15B | 1.91B | 772.41M | -19.51M | 166.67M |
| EBIT Margin | 77.44% | 75.75% | 59.27% | 41.94% | -0.69% | 5.97% |
| Effective Tax Rate | 15.38% | 13.15% | 1.39% | 8.73% | 23.69% | |
| Advertising Expenses | 665.90M | 983.70M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 3.05B | 2.49B | 697.03M | 502.15M | 1.08B | 1.52B |
| Short-Term Investments | 2.53M | |||||
| Trading Asset Securities | 7.32M | |||||
| Cash & Short-Term Investments | 3.05B | 2.49B | 697.03M | 502.15M | 1.09B | 1.52B |
| Receivables | 2.17B | 1.82B | 1.28B | 953.81M | 702.81M | 514.52M |
| Prepaid Expenses | 167.99M | 124.33M | 140.47M | 160.20M | 148.47M | 145.88M |
| Restricted Cash | 1.05B | |||||
| Other Current Assets | 191.35M | 1.62M | ||||
| Total Current Assets | 5.39B | 4.43B | 2.31B | 1.62B | 1.94B | 3.24B |
| Property, Plant & Equipment | 111.95M | 147.90M | 196.44M | 221.54M | 138.92M | 134.58M |
| Long-Term Investments | 482.56M | 307.27M | 68.10M | 66.80M | 32.30M | |
| Goodwill | 1.52B | 1.54B | 1.46B | 1.84B | 1.82B | 966.43M |
| Other Intangible Assets | 355.66M | 396.71M | 472.85M | 1.29B | 1.68B | 1.71B |
| Long-Term Deferred Tax Assets | 372.28M | 377.12M | 242.28M | |||
| Other Long-Term Assets | 408.06M | 64.67M | 984.87M | 76.92M | 236.13M | 118.16M |
| Total Assets | 8.27B | 7.26B | 5.87B | 5.36B | 5.85B | 6.16B |
| Accounts Payable | 778.94M | 746.98M | 504.30M | 371.70M | 273.20M | 258.22M |
| Accrued Expenses | 475.02M | 507.70M | 364.48M | 265.26M | 43.54M | 43.21M |
| Current Portion of Long-Term Debt | 215.00M | 33.31M | 25.81M | |||
| Current Portion of Leases | 31.42M | 14.53M | 13.61M | 36.64M | 40.39M | |
| Current Income Taxes Payable | 81.96M | 67.16M | ||||
| Current Unearned Revenue | 47.68M | 37.05M | 78.56M | 64.02M | 78.93M | |
| Other Current Liabilities | 137.11M | 46.30M | 126.38M | |||
| Total Current Liabilities | 1.25B | 1.33B | 1.06B | 944.12M | 578.96M | 640.10M |
| Long-Term Debt | 3.52B | 3.51B | 3.51B | 2.91B | 3.19B | 3.21B |
| Long-Term Leases | 122.98M | 31.10M | 42.91M | 98.89M | 86.58M | |
| Long-Term Deferred Tax Liabilities | 119.94M | 74.29M | 15.30M | |||
| Other Long-Term Liabilities | 337.08M | 35.25M | 107.59M | 194.62M | 79.81M | 87.67M |
| Total Liabilities | 5.11B | 5.12B | 4.78B | 4.10B | 3.95B | 4.03B |
| Common Stock | 11.00K | 11.00K | 11.00K | 11.00K | 11.00K | 11.00K |
| Additional Paid-In Capital | 575.06M | 446.55M | 593.70M | 2.13B | 3.16B | 3.16B |
| Retained Earnings | 2.66B | 1.74B | 599.20M | -812.99M | -1.17B | -976.95M |
| Comprehensive Income & Other | -73.81M | -46.99M | -103.10M | -65.27M | -83.38M | -45.45M |
| Total Common Equity | 3.16B | 2.13B | 1.09B | 1.26B | 1.90B | 2.14B |
| Minority Interest | 201.00K | |||||
| Shareholders' Equity | 3.16B | 2.13B | 1.09B | 1.26B | 1.90B | 2.14B |
| Total Liabilities & Equity | 8.27B | 7.26B | 5.87B | 5.36B | 5.85B | 6.16B |
| Total Debt | 3.52B | 3.67B | 3.55B | 3.18B | 3.36B | 3.36B |
| Net Cash (Debt) | -461.77M | -1.18B | -2.86B | -2.68B | -2.27B | -1.84B |
| Net Cash Per Share | -1.36 | -3.45 | -8.22 | -7.38 | -6.11 | -5.37 |
| Filing Date Shares Outstanding | 334.65M | 337.28M | 339.96M | 342.00M | 376.40M | 375.83M |
| Total Common Shares Outstanding | 335.29M | 338.31M | 340.04M | 339.89M | 373.87M | 375.09M |
| Working Capital | 4.14B | 3.10B | 1.25B | 672.04M | 1.36B | 2.59B |
| Book Value Per Share | 9.43 | 6.31 | 3.20 | 3.70 | 5.09 | 5.70 |
| Tangible Book Value | 1.29B | 197.97M | -840.72M | -1.88B | -1.60B | -537.68M |
| Tangible Book Value Per Share | 3.84 | 0.59 | -2.47 | -5.53 | -4.28 | -1.43 |
| Machinery | 3.05M | 3.62M | 7.38M | 109.86M | 81.42M | |
| Leasehold Improvements | 17.61M | 17.67M | 17.55M | 17.38M | 18.64M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 4.41B | 3.33B | 1.58B | 356.71M | -192.75M | 35.45M |
| Depreciation & Amortization | 126.45M | 123.10M | 122.15M | 117.74M | 543.93M | 431.06M |
| Other Amortization | 12.68M | 12.82M | ||||
| Loss (Gain) From Sale of Assets | -106.23M | -106.23M | 127.89M | |||
| Asset Writedown & Restructuring Costs | 260.62M | 260.62M | 326.53M | 371.27M | 3.15M | |
| Loss (Gain) From Sale of Investments | 50.00M | 50.00M | 27.95M | |||
| Stock-Based Compensation | 282.38M | 210.42M | 369.37M | 363.11M | 191.61M | 133.18M |
| Other Operating Activities | -62.24M | 21.51M | 50.73M | 33.41M | 18.69M | 33.64M |
| Change in Accounts Receivable | -603.23M | -542.22M | -467.03M | -261.28M | -174.83M | -201.95M |
| Change in Accounts Payable | 223.06M | 232.49M | 189.59M | 98.57M | 3.48M | 98.61M |
| Change in Unearned Revenue | -14.71M | -13.91M | ||||
| Change in Other Net Operating Assets | 93.60M | 387.65M | -72.10M | -45.97M | -106.38M | -167.05M |
| Operating Cash Flow | 4.53B | 4.02B | 2.10B | 1.06B | 412.77M | 361.85M |
| Capital Expenditures | -662.00K | -1.39M | ||||
| Sale of Property, Plant & Equipment | 41.31M | 12.01M | ||||
| Cash Acquisitions | -1.35B | -1.21B | ||||
| Divestitures | -17.41M | 407.30M | ||||
| Sale (Purchase) of Intangibles | -28.32M | -28.32M | -25.55M | -63.90M | ||
| Investment in Securities | -1.50M | -20.18M | -76.98M | -17.93M | -66.34M | -15.00M |
| Other Investing Activities | 19.08M | -373.00K | -4.22M | 4.00M | ||
| Investing Cash Flow | -28.14M | 358.43M | -106.75M | -77.83M | -1.37B | -1.21B |
| Long-Term Debt Issued | 200.00M | 4.61B | 395.28M | 2.34B | ||
| Long-Term Debt Repaid | -218.67M | -4.25B | -518.16M | -49.89M | -746.74M | |
| Net Debt Issued (Repaid) | -18.67M | -18.67M | 368.74M | -122.88M | -49.89M | 1.60B |
| Issuance of Common Stock | 25.33M | 25.33M | 41.80M | 25.79M | 31.02M | 1.78B |
| Repurchase of Common Stock | -2.63B | -2.58B | -2.12B | -1.40B | -366.42M | |
| Other Financing Activities | -8.11M | -15.38M | -35.56M | -65.67M | -141.56M | -266.98M |
| Financing Cash Flow | -2.64B | -2.59B | -1.75B | -1.56B | -526.85M | 3.11B |
| Foreign Exchange Rate Adjustments | -2.62M | 9.23M | -3.15M | 778.00K | -4.48M | -3.20M |
| Net Cash Flow | 1.86B | 1.79B | 239.26M | -578.33M | -1.49B | 2.25B |
| Free Cash Flow | 4.53B | 4.02B | 2.10B | 1.06B | 412.11M | 360.46M |
| Free Cash Flow Margin | 66.30% | 73.27% | 65.11% | 57.64% | 14.63% | 12.90% |
| Free Cash Flow Per Share | 13.35 | 11.74 | 6.04 | 2.93 | 1.11 | 1.05 |
| Levered Free Cash Flow | 3.18B | 2.70B | 1.29B | 654.69M | 1.42B | -721.97M |
| Unlevered Free Cash Flow | 3.31B | 2.83B | 1.47B | 822.92M | 1.52B | -680.88M |
| Cash Interest Paid | 198.89M | 198.79M | 270.62M | 248.83M | 165.96M | 76.69M |
| Cash Income Tax Paid | 734.04M | 194.84M | 67.33M | 75.43M | 86.26M | 90.62M |
| Change in Working Capital | -286.57M | 77.92M | -349.54M | -208.67M | -292.44M | -284.30M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 76.47B | 227.72B | 108.67B | 13.38B | 3.91B | 35.27B |
| Enterprise Value | 76.93B | 229.85B | 111.62B | 16.24B | 6.26B | 36.06B |
| Last Close Price | 228.50 | 673.82 | 323.83 | 39.85 | 10.53 | 94.26 |
| PE Ratio | 17.57 | 68.32 | 68.91 | 37.75 | 1,112.64 | |
| Forward PE | 12.84 | 50.38 | 58.54 | 28.37 | 41.87 | 57.55 |
| PS Ratio | 11.20 | 41.55 | 33.71 | 7.27 | 1.39 | 12.63 |
| PB Ratio | 24.22 | 106.68 | 99.72 | 10.65 | 2.06 | 16.50 |
| P/TBV Ratio | 59.33 | 1,150.27 | ||||
| P/FCF Ratio | 16.89 | 56.71 | 51.77 | 12.61 | 9.50 | 97.86 |
| P/OCF Ratio | 16.89 | 56.71 | 51.77 | 12.61 | 9.48 | 97.48 |
| PEG Ratio | 0.41 | 0.94 | 2.34 | 1.42 | 0.80 | 2.88 |
| EV/Sales Ratio | 11.26 | 41.94 | 34.62 | 8.81 | 2.22 | 12.91 |
| EV/EBITDA Ratio | 14.21 | 53.77 | 54.90 | 18.24 | 11.93 | 60.33 |
| EV/EBIT Ratio | 14.55 | 55.36 | 58.41 | 21.02 | 216.34 | |
| EV/FCF Ratio | 16.99 | 57.24 | 53.18 | 15.29 | 15.18 | 100.03 |
| Debt / Equity Ratio | 1.11 | 1.72 | 3.26 | 2.53 | 1.76 | 1.57 |
| Debt / EBITDA Ratio | 0.65 | 0.85 | 1.73 | 3.49 | 6.13 | 5.22 |
| Debt / FCF Ratio | 0.78 | 0.91 | 1.69 | 2.99 | 8.14 | 9.33 |
| Net Debt / Equity Ratio | 0.15 | 0.55 | 2.62 | 2.13 | 1.19 | 0.86 |
| Net Debt / EBITDA Ratio | 0.09 | 0.28 | 1.41 | 3.00 | 4.33 | 3.08 |
| Net Debt / FCF Ratio | 0.10 | 0.29 | 1.36 | 2.52 | 5.50 | 5.11 |
| Asset Turnover | 0.96 | 0.83 | 0.57 | 0.33 | 0.47 | 0.67 |
| Quick Ratio | 4.17 | 3.23 | 1.87 | 1.54 | 3.09 | 3.18 |
| Current Ratio | 4.30 | 3.32 | 2.19 | 1.71 | 3.35 | 5.05 |
| Return on Equity (ROE) | 203.69% | 212.94% | 135.50% | 28.98% | -9.55% | 3.57% |
| Return on Assets (ROA) | 46.46% | 39.53% | 21.27% | 8.62% | -0.20% | 2.50% |
| Return on Invested Capital (ROIC) | 132.73% | 99.31% | 47.83% | 17.40% | -0.48% | 4.59% |
| Return on Capital Employed (ROCE) | 75.40% | 70.10% | 39.70% | 17.50% | -0.40% | 3.00% |
| Earnings Yield | 5.69% | 1.46% | 1.45% | 2.67% | -4.92% | 0.10% |
| FCF Yield | 5.92% | 1.76% | 1.93% | 7.93% | 10.53% | 1.02% |
| Buyback Yield / Dilution | 1.81% | 1.68% | 4.08% | 2.42% | -8.40% | -59.47% |