AppLovin (APP) Financials

$478.59 -5.16 (-1.07%)

Closing price 04:00 PM Eastern

Extended Trading

$477.38 -1.21 (-0.25%)

As of 07:59 PM Eastern

Annual Income Statements for AppLovin

This table shows AppLovin's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	76	-125	32	-193	355	1,577
Consolidated Net Income / (Loss)	119	-126	35	-193	357	1,580
Net Income / (Loss) Continuing Operations	119	-126	35	-193	357	1,580
Total Pre-Tax Income	126	-136	46	-205	381	1,576
Total Operating Income	194	-62	150	-48	648	1,873
Total Gross Profit	753	896	1,805	1,561	2,224	3,542
Total Revenue	994	1,451	2,793	2,817	3,283	4,709
Operating Revenue	994	1,451	2,793	2,817	3,283	4,709
Total Cost of Revenue	241	556	988	1,256	1,059	1,167
Operating Cost of Revenue	241	556	988	1,256	1,059	1,167
Total Operating Expenses	558	958	1,655	1,609	1,576	1,669
Selling, General & Admin Expense	32	66	159	182	153	181
Marketing Expense	482	628	1,130	920	831	849
Research & Development Expense	45	181	366	508	592	639
Total Other Income / (Expense), net	-68	-74	-104	-157	-268	-297
Interest Expense	74	78	103	172	276	318
Other Income / (Expense), net	5.82	4.21	-0.54	14	8.03	21
Income Tax Expense	7.19	-9.77	11	-12	24	-3.77
Net Income / (Loss) Attributable to Noncontrolling Interest	43	-0.75	3.64	-0.20	1.77	2.72
Basic Earnings per Share	$0.36	($0.58)	$0.10	($0.52)	$1.01	$4.68
Weighted Average Basic Shares Outstanding	210.94M	214.94M	324.84M	371.57M	351.95M	336.92M
Diluted Earnings per Share	$0.36	($0.58)	$0.09	($0.52)	$0.98	$4.53
Weighted Average Diluted Shares Outstanding	212.37M	214.94M	342.76M	371.57M	362.59M	347.81M
Weighted Average Basic & Diluted Shares Outstanding	-	-	375.83M	376.40M	342.00M	339.96M

This table shows AppLovin's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-79	-4.52	80	108	172	235	310	434	598	576	820
Consolidated Net Income / (Loss)	-80	-4.52	80	109	172	236	310	434	599	576	820
Net Income / (Loss) Continuing Operations	-80	-4.52	80	109	172	236	301	434	599	576	772
Total Pre-Tax Income	-66	-3.35	96	109	179	268	318	468	515	618	884
Total Operating Income	-22	61	131	186	270	340	384	535	608	663	958
Total Gross Profit	333	453	492	599	680	764	589	929	1,052	1,213	1,104
Total Revenue	702	715	750	864	953	1,058	711	1,198	1,373	1,484	1,259
Operating Revenue	702	715	750	864	953	1,058	711	1,198	1,373	1,484	1,259
Total Cost of Revenue	369	262	259	265	274	294	122	270	320	271	155
Operating Cost of Revenue	369	262	259	265	274	294	122	270	320	271	155
Total Operating Expenses	355	392	360	413	410	424	205	394	444	549	146
Selling, General & Admin Expense	37	45	30	41	36	42	39	38	60	55	55
Marketing Expense	201	203	192	212	223	227	67	206	215	183	47
Research & Development Expense	118	145	137	159	151	155	99	150	169	123	44
Total Other Income / (Expense), net	-44	-64	-36	-77	-91	-72	-67	-67	-93	-45	-74
Interest Expense	55	75	51	79	72	74	74	75	94	53	51
Other Income / (Expense), net	11	10	15	1.49	-19	2.57	7.87	7.95	1.34	7.81	-22
Income Tax Expense	13	1.17	15	0.59	6.66	32	17	33	-84	42	112
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	8.99	-	-	-	48
Basic Earnings per Share	($0.21)	($0.01)	$0.22	$0.32	$0.48	$0.70	$0.92	$1.29	$1.77	$1.70	$2.42
Weighted Average Basic Shares Outstanding	371.57M	373.16M	356.96M	341.44M	351.95M	335.79M	335.68M	336.93M	336.92M	339.84M	338.62M
Diluted Earnings per Share	($0.21)	($0.01)	$0.22	$0.30	$0.47	$0.67	$0.89	$1.25	$1.72	$1.67	$2.39
Weighted Average Diluted Shares Outstanding	371.57M	373.16M	366.34M	356.91M	362.59M	348.60M	347.96M	348.23M	347.81M	344.88M	342.19M
Weighted Average Basic & Diluted Shares Outstanding	376.40M	364.48M	347.80M	335.80M	342.00M	329.01M	334.25M	335.59M	339.96M	338.39M	338.25M

This table details how cash moves in and out of AppLovin's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	120	-79	2,253	-1,490	-578	239
Net Cash From Operating Activities	198	223	362	413	1,062	2,099
Net Cash From Continuing Operating Activities	198	223	362	413	1,062	2,099
Net Income / (Loss) Continuing Operations	119	-126	35	-193	357	1,580
Consolidated Net Income / (Loss)	119	-126	35	-193	357	1,580
Depreciation Expense	93	255	431	547	489	449
Amortization Expense	4.98	8.15	13	13	9.36	5.46
Non-Cash Adjustments To Reconcile Net Income	13	154	159	337	413	412
Changes in Operating Assets and Liabilities, net	-31	-69	-277	-291	-207	-347
Net Cash From Investing Activities	-412	-680	-1,215	-1,371	-78	-107
Net Cash From Continuing Investing Activities	-412	-680	-1,215	-1,371	-78	-107
Purchase of Property, Plant & Equipment	-3.36	-3.24	-1.39	-0.66	-4.25	-4.78
Acquisitions	-404	-675	-1,211	-1,346	-64	-26
Sale of Property, Plant & Equipment	-	0.00	12	41	8.25	0.56
Other Investing Activities, net	0.00	0.00	-15	-66	-18	-77
Net Cash From Financing Activities	333	378	3,110	-527	-1,563	-1,750
Net Cash From Continuing Financing Activities	333	378	3,110	-527	-1,563	-1,750
Repayment of Debt	-11	-64	-746	-26	-503	-4,261
Repurchase of Common Equity	-0.01	-4.51	0.00	-339	-1,154	-981
Issuance of Debt	389	481	2,344	0.00	395	4,615
Issuance of Common Equity	0.00	9.32	1,748	31	26	42
Other Financing Activities, net	-44	-44	-236	-193	-328	-1,164
Effect of Exchange Rate Changes	0.06	0.14	-3.20	-4.48	0.78	-3.15
Cash Interest Paid	62	59	77	166	249	271
Cash Income Taxes Paid	30	13	91	86	75	67

This table details how cash moves in and out of AppLovin's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	137	165	-370	-544	170	-66	24	107	174	-190	642
Net Cash From Operating Activities	163	289	230	199	344	393	455	551	701	832	772
Net Cash From Continuing Operating Activities	163	289	230	199	344	393	455	551	701	832	772
Net Income / (Loss) Continuing Operations	-80	-4.52	80	109	172	236	310	434	599	576	820
Consolidated Net Income / (Loss)	-80	-4.52	80	109	172	236	310	434	599	576	820
Depreciation Expense	102	128	120	122	119	113	109	100	128	80	47
Non-Cash Adjustments To Reconcile Net Income	179	83	81	111	138	95	99	82	137	250	-70
Changes in Operating Assets and Liabilities, net	-41	82	-52	-142	-95	-51	-63	-65	-168	-75	-24
Net Cash From Investing Activities	22	-13	-42	-16	-6.80	-32	-68	-6.40	-0.37	-23	402
Net Cash From Continuing Investing Activities	22	-13	-42	-16	-6.80	-32	-68	-6.40	-0.37	-23	402
Other Investing Activities, net	-9.80	3.86	-3.86	-2.27	-16	-3.30	-5.27	-2.55	-66	-3.99	-23
Net Cash From Financing Activities	-55	-111	-557	-724	-171	-425	-361	-441	-523	-1,002	-537
Net Cash From Continuing Financing Activities	-55	-111	-557	-724	-171	-425	-361	-441	-523	-1,002	-537
Repayment of Debt	-8.33	-15	-18	-490	20	-674	-14	-14	-3,558	-7.44	-204
Repurchase of Common Equity	-	-65	-507	-581	-	-752	-	-228	-0.63	-1,001	-272
Issuance of Common Equity	27	-	-	11	5.91	9.78	-	9.70	13	5.33	9.50
Other Financing Activities, net	-74	-32	-40	-59	-197	-80	-366	-208	-520	-199	-71
Effect of Exchange Rate Changes	6.90	1.14	-0.55	-2.82	3.00	-2.35	-1.06	3.92	-3.66	2.78	5.19
Cash Interest Paid	58	67	52	66	64	71	74	75	50	2.39	97
Cash Income Taxes Paid	27	1.82	4.99	5.94	63	3.58	29	29	5.51	5.60	95

This table presents AppLovin's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	2,155	6,164	5,848	5,359	5,869
Total Current Assets	663	3,235	1,939	1,616	2,312
Cash & Equivalents	317	1,521	1,080	502	697
Accounts Receivable	297	515	703	954	1,283
Prepaid Expenses	49	150	156	160	140
Other Current Nonoperating Assets	-	-	-	-	191
Plant, Property, & Equipment, net	29	64	79	173	160
Total Noncurrent Assets	1,463	2,865	3,830	3,570	3,397
Goodwill	250	966	1,824	1,843	1,458
Intangible Assets	1,086	1,709	1,678	1,293	473
Other Noncurrent Operating Assets	127	189	329	434	529
Other Noncurrent Nonoperating Assets	-	-	-	-	937
Total Liabilities & Shareholders' Equity	2,155	6,164	5,848	5,359	5,869
Total Liabilities	2,313	4,025	3,945	4,103	4,779
Total Current Liabilities	598	640	579	944	1,057
Accounts Payable	147	258	273	372	504
Accrued Expenses	95	134	148	265	379
Current Deferred Revenue	87	79	64	79	37
Other Current Nonoperating Liabilities	-	-	-	-	137
Total Noncurrent Liabilities	1,715	3,377	3,339	3,159	3,722
Long-Term Debt	1,584	3,202	3,178	2,906	3,509
Other Noncurrent Operating Liabilities	131	175	161	253	212
Other Noncurrent Nonoperating Liabilities	-	-	-	-	1.41
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-159	2,138	1,903	1,256	1,090
Total Preferred & Common Equity	-159	2,138	1,903	1,256	1,090
Preferred Stock	400	0.00	0.00	0.00	0.00
Total Common Equity	-558	2,138	1,903	1,256	1,090
Common Stock	454	3,160	3,156	2,135	594
Retained Earnings	-1,012	-977	-1,170	-813	599
Accumulated Other Comprehensive Income / (Loss)	0.60	-45	-83	-65	-103

This table presents AppLovin's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	5,848	5,916	5,482	5,005	5,359	5,263	5,269	5,442	5,869	5,707	5,959
Total Current Assets	1,939	2,048	1,696	1,301	1,616	1,608	1,660	1,875	2,312	2,367	2,993
Cash & Equivalents	1,080	1,246	876	332	502	436	460	568	741	551	1,193
Accounts Receivable	703	638	670	849	954	1,035	1,074	1,187	1,414	1,578	1,582
Prepaid Expenses	156	165	150	119	160	136	125	120	157	238	218
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	-	0.00
Plant, Property, & Equipment, net	79	119	115	102	173	173	169	177	161	162	130
Total Noncurrent Assets	3,830	3,749	3,670	3,602	3,570	3,482	3,440	3,390	3,397	3,178	2,837
Goodwill	1,824	1,834	1,831	1,814	1,843	1,827	1,822	1,852	1,803	1,640	1,539
Intangible Assets	1,678	1,575	1,494	1,387	1,293	1,198	1,102	1,024	897	855	448
Other Noncurrent Operating Assets	329	341	346	402	434	456	516	514	696	683	850
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	-	-	-	0.00
Total Liabilities & Shareholders' Equity	5,848	5,916	5,482	5,005	5,359	5,263	5,269	5,442	5,869	5,707	5,959
Total Liabilities	3,945	4,017	3,965	3,909	4,103	4,502	4,455	4,504	4,779	5,131	4,792
Total Current Liabilities	579	620	592	805	944	763	730	780	1,057	1,409	1,094
Accounts Payable	273	283	261	281	372	390	388	428	563	595	554
Accrued Expenses	148	166	159	182	265	256	232	240	409	541	495
Current Deferred Revenue	64	67	74	78	79	80	74	76	70	73	45
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	-	0.00
Total Noncurrent Liabilities	3,339	3,386	3,361	3,092	3,159	3,740	3,725	3,725	3,722	3,722	3,698
Long-Term Debt	3,178	3,173	3,167	2,912	2,906	3,490	3,482	3,474	3,509	3,510	3,511
Other Noncurrent Operating Liabilities	161	213	194	180	253	250	243	250	213	212	188
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	-	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,903	1,899	1,517	1,096	1,256	760	815	938	1,090	575	1,167
Total Preferred & Common Equity	1,903	1,899	1,517	1,096	1,256	760	815	938	1,090	575	1,167
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,903	1,899	1,517	1,096	1,256	760	815	938	1,090	575	1,167
Common Stock	3,156	3,146	2,688	2,175	2,135	1,421	1,172	993	594	475	449
Retained Earnings	-1,170	-1,174	-1,094	-985	-813	-577	-267	0.00	599	174	723
Accumulated Other Comprehensive Income / (Loss)	-83	-73	-77	-94	-65	-84	-91	-54	-103	-73	-5.15

This table displays calculated financial ratios and metrics derived from AppLovin's official financial filings.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	45.97%	92.48%	0.86%	16.54%	43.44%
EBITDA Growth	0.00%	-31.11%	189.07%	-11.28%	119.32%	103.39%
EBIT Growth	0.00%	-128.89%	358.47%	-122.29%	2,069.85%	188.66%
NOPAT Growth	0.00%	-123.69%	363.58%	-129.22%	1,916.15%	209.09%
Net Income Growth	0.00%	-205.79%	128.06%	-646.00%	284.88%	342.87%
EPS Growth	0.00%	-261.11%	115.52%	-677.78%	288.46%	362.24%
Operating Cash Flow Growth	0.00%	12.31%	62.35%	14.07%	157.17%	97.74%
Free Cash Flow Firm Growth	0.00%	0.00%	-34.11%	17.53%	161.46%	138.93%
Invested Capital Growth	0.00%	0.00%	149.48%	44.85%	-4.58%	-0.46%
Revenue Q/Q Growth	0.00%	0.00%	11.30%	-3.13%	8.28%	9.78%
EBITDA Q/Q Growth	0.00%	0.00%	16.60%	-13.95%	33.36%	18.88%
EBIT Q/Q Growth	0.00%	0.00%	77.11%	-189.74%	66.43%	23.37%
NOPAT Q/Q Growth	0.00%	0.00%	88.98%	-244.12%	120.15%	31.57%
Net Income Q/Q Growth	0.00%	0.00%	334.93%	-135.22%	239.83%	37.04%
EPS Q/Q Growth	0.00%	0.00%	212.50%	-147.62%	226.67%	38.11%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-4.02%	23.37%	20.53%	20.49%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	6.71%	49.83%	30.82%
Invested Capital Q/Q Growth	0.00%	0.00%	1.98%	-2.29%	-0.70%	-0.60%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	75.73%	61.71%	64.62%	55.41%	67.74%	75.22%
EBITDA Margin	29.97%	14.15%	21.24%	18.69%	35.17%	49.87%
Operating Margin	19.55%	-4.28%	5.37%	-1.70%	19.74%	39.78%
EBIT Margin	20.14%	-3.99%	5.35%	-1.18%	19.99%	40.22%
Profit (Net Income) Margin	11.97%	-8.68%	1.27%	-6.85%	10.87%	33.55%
Tax Burden Percent	94.30%	92.80%	76.31%	94.04%	93.73%	100.24%
Interest Burden Percent	63.06%	234.65%	30.98%	615.89%	57.99%	83.20%
Effective Tax Rate	5.70%	0.00%	23.69%	0.00%	6.27%	-0.24%
Return on Invested Capital (ROIC)	0.00%	-7.73%	5.83%	-0.97%	15.31%	48.57%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-20.60%	-2.30%	-12.27%	4.81%	37.50%
Return on Net Nonoperating Assets (RNNOA)	0.00%	166.90%	-2.26%	-8.57%	7.27%	86.10%
Return on Equity (ROE)	0.00%	159.17%	3.57%	-9.55%	22.58%	134.67%
Cash Return on Invested Capital (CROIC)	0.00%	-207.73%	-79.71%	-37.61%	19.99%	49.03%
Operating Return on Assets (OROA)	0.00%	-2.68%	3.59%	-0.55%	11.71%	33.74%
Return on Assets (ROA)	0.00%	-5.84%	0.85%	-3.21%	6.37%	28.14%
Return on Common Equity (ROCE)	0.00%	561.44%	2.85%	-9.55%	22.58%	134.67%
Return on Equity Simple (ROE_SIMPLE)	0.00%	79.43%	1.65%	-10.14%	28.39%	144.96%
Net Operating Profit after Tax (NOPAT)	183	-43	114	-33	608	1,878
NOPAT Margin	18.44%	-2.99%	4.10%	-1.19%	18.51%	39.88%
Net Nonoperating Expense Percent (NNEP)	0.00%	12.87%	8.13%	11.30%	10.50%	11.07%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-0.65%	13.88%	40.84%
Cost of Revenue to Revenue	24.27%	38.29%	35.38%	44.59%	32.26%	24.78%
SG&A Expenses to Revenue	3.19%	4.58%	5.68%	6.45%	4.65%	3.85%
R&D to Revenue	4.52%	12.45%	13.12%	18.02%	18.04%	13.56%
Operating Expenses to Revenue	56.18%	65.99%	59.25%	57.11%	47.99%	35.44%
Earnings before Interest and Taxes (EBIT)	200	-58	149	-33	656	1,894
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	298	205	593	526	1,155	2,348
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	16.50	2.06	10.65	99.72
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.01	1.38	12.63	1.39	4.08	23.08
Price to Earnings (P/E)	26.19	0.00	1,112.64	0.00	37.70	68.91
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.82%	0.00%	0.09%	0.00%	2.65%	1.45%
Enterprise Value to Invested Capital (EV/IC)	0.00	3.28	12.82	1.49	4.13	28.89
Enterprise Value to Revenue (EV/Rev)	0.00	2.54	12.86	2.15	4.87	23.66
Enterprise Value to EBITDA (EV/EBITDA)	0.00	17.94	60.55	11.48	13.86	47.45
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	240.37	0.00	24.38	58.83
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	313.89	0.00	26.34	59.34
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	16.52	99.30	14.65	15.07	53.09
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	20.17	58.79
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.00	-10.11	1.51	1.69	2.48	3.22
Long-Term Debt to Equity	0.00	-10.01	1.50	1.67	2.31	3.22
Financial Leverage	0.00	-8.10	0.98	0.70	1.51	2.30
Leverage Ratio	0.00	-13.62	4.20	2.97	3.55	4.79
Compound Leverage Factor	0.00	-31.95	1.30	18.31	2.06	3.98
Debt to Total Capital	0.00%	110.98%	60.15%	62.80%	71.30%	76.30%
Short-Term Debt to Total Capital	0.00%	1.06%	0.48%	0.65%	4.91%	0.00%
Long-Term Debt to Total Capital	0.00%	109.93%	59.67%	62.15%	66.39%	76.30%
Preferred Equity to Total Capital	0.00%	27.73%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.02%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-38.73%	39.85%	37.20%	28.70%	23.70%
Debt to EBITDA	0.00	7.79	5.44	6.10	2.70	1.49
Net Debt to EBITDA	0.00	6.25	1.11	4.05	2.27	1.18
Long-Term Debt to EBITDA	0.00	7.72	5.40	6.04	2.52	1.49
Debt to NOPAT	0.00	-36.82	28.20	-96.01	5.14	1.87
Net Debt to NOPAT	0.00	-29.52	5.74	-63.71	4.31	1.47
Long-Term Debt to NOPAT	0.00	-36.47	27.97	-95.01	4.78	1.87
Altman Z-Score	0.00	0.48	6.07	1.06	2.91	15.91
Noncontrolling Interest Sharing Ratio	0.00%	-252.72%	20.21%	0.01%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	0.00	1.11	5.05	3.35	1.71	2.19
Quick Ratio	0.00	1.03	3.18	3.08	1.54	2.04
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-1,167	-1,565	-1,291	793	1,896
Operating Cash Flow to CapEx	5,910.13%	6,876.98%	0.00%	0.00%	0.00%	49,763.18%
Free Cash Flow to Firm to Interest Expense	0.00	-14.99	-15.17	-7.51	2.88	5.96
Operating Cash Flow to Interest Expense	2.68	2.86	3.51	2.40	3.85	6.60
Operating Cash Flow Less CapEx to Interest Expense	2.64	2.82	3.61	2.64	3.87	6.58
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.00	0.67	0.67	0.47	0.59	0.84
Accounts Receivable Turnover	0.00	4.89	6.88	4.63	3.96	3.98
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	50.76	60.59	39.63	26.07	28.21
Accounts Payable Turnover	0.00	3.77	4.87	4.73	3.28	2.50
Days Sales Outstanding (DSO)	0.00	74.70	53.02	78.86	92.09	91.77
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	96.76	74.89	77.21	111.12	146.26
Cash Conversion Cycle (CCC)	0.00	-22.06	-21.87	1.65	-19.03	-54.49
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	0.00	1,124	2,803	4,061	3,875	3,857
Invested Capital Turnover	0.00	2.58	1.42	0.82	0.83	1.22
Increase / (Decrease) in Invested Capital	0.00	1,124	1,680	1,257	-186	-18
Enterprise Value (EV)	0.00	3,682	35,931	6,045	16,000	111,442
Market Capitalization	2,000	2,000	35,274	3,914	13,382	108,675
Book Value per Share	$0.00	($2.60)	$5.71	$5.12	$3.74	$3.25
Tangible Book Value per Share	$0.00	($8.81)	($1.44)	($4.30)	($5.60)	($4.80)
Total Capital	0.00	1,441	5,366	5,114	4,377	4,599
Total Debt	0.00	1,599	3,228	3,212	3,121	3,509
Total Long-Term Debt	0.00	1,584	3,202	3,178	2,906	3,509
Net Debt	0.00	1,282	657	2,131	2,619	2,768
Capital Expenditures (CapEx)	3.36	3.24	-11	-41	-4.00	4.22
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-237	50	313	385	513
Debt-free Net Working Capital (DFNWC)	0.00	80	2,621	1,393	887	1,255
Net Working Capital (NWC)	0.00	65	2,595	1,360	672	1,255
Net Nonoperating Expense (NNE)	64	83	79	159	251	298
Net Nonoperating Obligations (NNO)	0.00	1,282	665	2,158	2,619	2,768
Total Depreciation and Amortization (D&A)	98	263	444	560	498	454
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-16.34%	1.80%	11.11%	11.72%	10.90%
Debt-free Net Working Capital to Revenue	0.00%	5.52%	93.83%	49.46%	27.02%	26.64%
Net Working Capital to Revenue	0.00%	4.48%	92.91%	48.28%	20.47%	26.64%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.10	($0.52)	$1.01	$4.68
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	324.84M	371.57M	351.95M	336.92M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.09	($0.52)	$0.98	$4.53
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	342.76M	371.57M	362.59M	347.81M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	375.83M	376.40M	342.00M	339.96M
Normalized Net Operating Profit after Tax (NOPAT)	183	-43	114	-33	608	1,311
Normalized NOPAT Margin	18.44%	-2.99%	4.10%	-1.19%	18.51%	27.85%
Pre Tax Income Margin	12.70%	-9.35%	1.66%	-7.28%	11.59%	33.47%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	2.71	-0.74	1.45	-0.19	2.38	5.95
NOPAT to Interest Expense	2.48	-0.56	1.11	-0.19	2.20	5.90
EBIT Less CapEx to Interest Expense	2.66	-0.78	1.55	0.04	2.40	5.94
NOPAT Less CapEx to Interest Expense	2.43	-0.60	1.21	0.04	2.22	5.89
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.01%	-3.58%	0.00%	-175.63%	323.40%	62.12%

This table displays calculated financial ratios and metrics derived from AppLovin's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-11.49%	14.39%	-3.36%	21.20%	35.73%	47.90%	43.98%	38.64%	44.01%	40.25%	77.04%
EBITDA Growth	-47.83%	3,083.74%	26.91%	42.72%	296.90%	128.12%	90.67%	107.53%	99.45%	65.17%	96.17%
EBIT Growth	-119.41%	156.49%	172.47%	273.85%	2,287.60%	380.80%	172.45%	189.06%	143.26%	96.21%	138.45%
NOPAT Growth	-124.44%	147.70%	264.49%	-74.42%	1,752.90%	600.42%	238.25%	168.13%	172.56%	106.62%	129.73%
Net Income Growth	-353.17%	96.08%	468.63%	359.13%	316.61%	5,327.60%	285.74%	299.87%	247.90%	144.06%	164.39%
EPS Growth	-310.00%	96.77%	466.67%	400.00%	323.81%	6,800.00%	304.55%	316.67%	265.96%	149.25%	168.54%
Operating Cash Flow Growth	91.96%	1,010.06%	115.14%	14.09%	110.78%	36.07%	97.80%	176.64%	103.79%	111.75%	69.90%
Free Cash Flow Firm Growth	21.19%	99.88%	125.97%	164.30%	134.98%	10,084.36%	-19.02%	18.19%	62.80%	128.75%	254.69%
Invested Capital Growth	44.85%	1.20%	-7.81%	-6.10%	-4.58%	-0.55%	0.50%	-0.56%	-0.46%	-2.99%	-9.99%
Revenue Q/Q Growth	-1.51%	1.87%	4.86%	15.21%	10.30%	11.00%	2.08%	10.94%	14.57%	8.10%	-15.18%
EBITDA Q/Q Growth	-57.07%	114.10%	33.76%	16.10%	19.38%	23.15%	11.80%	26.36%	14.73%	1.90%	30.79%
EBIT Q/Q Growth	-122.79%	721.47%	106.29%	27.94%	33.37%	36.59%	16.90%	35.74%	12.24%	10.17%	39.35%
NOPAT Q/Q Growth	-102.17%	372.22%	157.78%	68.23%	40.02%	15.35%	24.49%	33.36%	42.32%	-12.55%	35.21%
Net Income Q/Q Growth	-436.03%	94.32%	1,878.60%	35.20%	58.54%	37.13%	31.24%	40.15%	37.93%	-3.80%	42.18%
EPS Q/Q Growth	-450.00%	95.24%	2,300.00%	36.36%	56.67%	42.55%	32.84%	40.45%	37.60%	-2.91%	43.11%
Operating Cash Flow Q/Q Growth	-6.47%	76.88%	-20.39%	-13.37%	72.80%	14.18%	15.72%	21.16%	27.29%	18.65%	-7.15%
Free Cash Flow Firm Q/Q Growth	-86.54%	99.75%	13,689.04%	0.57%	1.47%	-28.00%	10.22%	46.78%	39.76%	1.17%	66.73%
Invested Capital Q/Q Growth	-2.29%	-4.69%	-0.46%	1.29%	-0.70%	-0.66%	0.59%	0.22%	-0.60%	-3.19%	-6.66%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	47.41%	63.38%	65.53%	69.33%	71.30%	72.20%	73.84%	77.50%	76.66%	81.72%	87.68%
EBITDA Margin	13.26%	27.87%	35.55%	35.82%	38.77%	42.98%	47.08%	53.62%	53.70%	50.62%	78.05%
Operating Margin	-3.19%	8.53%	17.51%	21.56%	28.27%	32.09%	36.20%	44.64%	44.29%	44.71%	76.08%
EBIT Margin	-1.63%	9.95%	19.57%	21.73%	26.28%	32.33%	37.03%	45.31%	44.39%	45.23%	74.31%
Profit (Net Income) Margin	-11.32%	-0.63%	10.71%	12.57%	18.07%	22.32%	28.70%	36.26%	43.65%	38.84%	65.11%
Tax Burden Percent	120.16%	134.75%	83.88%	99.46%	96.28%	88.15%	95.30%	92.89%	116.32%	93.21%	92.71%
Interest Burden Percent	577.92%	-4.71%	65.27%	58.16%	71.42%	78.32%	81.33%	86.15%	84.54%	92.12%	94.50%
Effective Tax Rate	0.00%	0.00%	16.12%	0.54%	3.72%	11.85%	4.70%	7.11%	-16.32%	6.79%	12.69%
Return on Invested Capital (ROIC)	-1.83%	4.51%	10.53%	16.14%	22.52%	26.57%	35.33%	45.71%	62.75%	56.44%	102.62%
ROIC Less NNEP Spread (ROIC-NNEP)	-6.36%	2.02%	9.24%	13.12%	18.87%	24.08%	33.01%	43.54%	58.74%	55.09%	102.00%
Return on Net Nonoperating Assets (RNNOA)	-4.44%	1.95%	12.43%	22.38%	28.53%	45.83%	76.32%	123.06%	134.86%	257.72%	276.65%
Return on Equity (ROE)	-6.27%	6.46%	22.97%	38.52%	51.05%	72.40%	111.65%	168.78%	197.61%	314.15%	379.27%
Cash Return on Invested Capital (CROIC)	-37.61%	1.38%	12.04%	13.14%	19.99%	22.55%	28.32%	37.24%	49.03%	60.79%	82.75%
Operating Return on Assets (OROA)	-0.76%	4.79%	9.88%	12.19%	15.40%	20.98%	27.25%	37.21%	37.23%	42.35%	75.22%
Return on Assets (ROA)	-5.31%	-0.30%	5.41%	7.05%	10.59%	14.48%	21.12%	29.77%	36.61%	36.37%	65.90%
Return on Common Equity (ROCE)	-6.27%	6.46%	22.96%	38.52%	51.05%	72.40%	111.65%	168.78%	197.61%	314.15%	379.27%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-4.33%	1.32%	9.58%	0.00%	78.59%	101.50%	122.87%	0.00%	333.67%	0.00%
Net Operating Profit after Tax (NOPAT)	-16	43	110	185	259	299	373	497	707	618	836
NOPAT Margin	-2.24%	5.97%	14.68%	21.44%	27.22%	28.29%	34.50%	41.47%	51.52%	41.67%	66.43%
Net Nonoperating Expense Percent (NNEP)	4.52%	2.50%	1.29%	3.02%	3.65%	2.49%	2.32%	2.17%	4.01%	1.35%	0.62%
Return On Investment Capital (ROIC_SIMPLE)	-0.31%	-	-	-	5.93%	-	-	-	15.38%	14.43%	17.87%
Cost of Revenue to Revenue	52.59%	36.62%	34.47%	30.67%	28.70%	27.80%	26.16%	22.50%	23.34%	18.28%	12.32%
SG&A Expenses to Revenue	5.22%	6.23%	4.05%	4.77%	3.81%	4.01%	3.76%	3.16%	4.39%	3.67%	4.37%
R&D to Revenue	16.83%	20.25%	18.32%	18.43%	15.82%	14.68%	15.17%	12.52%	12.35%	8.28%	3.50%
Operating Expenses to Revenue	50.60%	54.85%	48.02%	47.77%	43.02%	40.11%	37.64%	32.85%	32.37%	37.02%	11.60%
Earnings before Interest and Taxes (EBIT)	-11	71	147	188	250	342	400	543	609	671	935
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	93	199	267	310	370	455	508	643	737	751	982
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.06	3.12	6.18	12.68	10.65	30.58	33.60	46.51	99.72	156.54	101.50
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.39	2.04	3.26	4.58	4.08	6.41	6.92	10.17	23.08	17.54	20.85
Price to Earnings (P/E)	0.00	0.00	474.12	133.68	37.70	39.12	33.23	37.93	68.91	46.95	48.79
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.21%	0.75%	2.65%	2.56%	3.01%	2.64%	1.45%	2.13%	2.05%
Enterprise Value to Invested Capital (EV/IC)	1.49	2.04	3.04	4.28	4.13	6.84	7.86	12.00	28.89	24.97	34.65
Enterprise Value to Revenue (EV/Rev)	2.15	2.71	4.06	5.51	4.87	7.26	7.69	10.86	23.66	18.16	21.25
Enterprise Value to EBITDA (EV/EBITDA)	11.48	11.11	15.19	19.28	13.86	18.80	18.53	23.58	47.45	35.33	38.70
Enterprise Value to EBIT (EV/EBIT)	0.00	48.15	45.58	42.33	24.38	28.40	25.79	30.34	58.83	41.93	43.66
Enterprise Value to NOPAT (EV/NOPAT)	0.00	79.78	74.47	60.49	26.34	31.01	27.34	32.63	59.34	42.57	45.45
Enterprise Value to Operating Cash Flow (EV/OCF)	14.65	10.76	13.67	18.95	15.07	22.59	21.89	26.74	53.09	36.74	42.30
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	149.04	24.21	31.52	20.17	30.25	27.82	32.14	58.79	40.45	39.68
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.69	1.69	2.11	2.85	2.48	4.64	4.32	3.74	3.22	6.45	3.01
Long-Term Debt to Equity	1.67	1.67	2.09	2.66	2.31	4.59	4.27	3.70	3.22	6.10	3.01
Financial Leverage	0.70	0.97	1.35	1.71	1.51	1.90	2.31	2.83	2.30	4.68	2.71
Leverage Ratio	2.97	3.09	3.33	3.63	3.55	4.20	4.61	5.14	4.79	8.21	5.67
Compound Leverage Factor	17.18	-0.15	2.18	2.11	2.53	3.29	3.75	4.42	4.05	7.57	5.35
Debt to Total Capital	62.80%	62.81%	67.83%	74.05%	71.30%	82.26%	81.19%	78.91%	76.30%	86.57%	75.05%
Short-Term Debt to Total Capital	0.65%	0.65%	0.71%	5.09%	4.91%	0.83%	0.82%	0.80%	0.00%	4.67%	0.00%
Long-Term Debt to Total Capital	62.15%	62.15%	67.13%	68.96%	66.39%	81.43%	80.37%	78.11%	76.30%	81.91%	75.05%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	37.20%	37.19%	32.17%	25.95%	28.70%	17.74%	18.81%	21.09%	23.70%	13.43%	24.95%
Debt to EBITDA	6.10	4.51	4.15	3.61	2.70	2.52	2.14	1.78	1.49	1.41	1.13
Net Debt to EBITDA	4.05	2.76	3.02	3.23	2.27	2.21	1.86	1.49	1.18	1.20	0.74
Long-Term Debt to EBITDA	6.04	4.47	4.11	3.36	2.52	2.49	2.12	1.76	1.49	1.33	1.13
Debt to NOPAT	-96.01	32.43	20.36	11.33	5.14	4.15	3.16	2.46	1.87	1.69	1.32
Net Debt to NOPAT	-63.71	19.82	14.79	10.13	4.31	3.64	2.75	2.06	1.47	1.44	0.87
Long-Term Debt to NOPAT	-95.01	32.09	20.15	10.55	4.78	4.11	3.13	2.43	1.87	1.60	1.32
Altman Z-Score	1.07	1.43	2.00	2.71	2.66	4.04	4.83	7.17	15.19	12.07	16.86
Noncontrolling Interest Sharing Ratio	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.35	3.31	2.87	1.61	1.71	2.11	2.28	2.41	2.19	1.68	2.74
Quick Ratio	3.08	3.04	2.61	1.47	1.54	1.93	2.10	2.25	2.04	1.51	2.54
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,273	-3.21	436	439	445	321	353	519	725	733	1,223
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-23.27	-0.04	8.56	5.58	6.22	4.32	4.73	6.90	7.70	13.87	23.79
Operating Cash Flow to Interest Expense	2.98	3.87	4.51	2.53	4.81	5.29	6.09	7.32	7.44	15.73	15.02
Operating Cash Flow Less CapEx to Interest Expense	3.75	3.87	4.51	2.53	4.81	5.29	6.09	7.32	7.44	15.73	15.02
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.47	0.48	0.50	0.56	0.59	0.65	0.74	0.82	0.84	0.94	1.01
Accounts Receivable Turnover	4.63	4.40	4.23	4.00	3.96	4.33	4.54	4.21	3.98	3.93	4.28
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	39.63	31.90	32.40	34.95	26.07	24.87	27.80	30.73	28.21	30.69	38.04
Accounts Payable Turnover	4.73	3.79	4.38	4.26	3.28	3.24	3.44	3.16	2.50	2.32	2.50
Days Sales Outstanding (DSO)	78.86	83.00	86.20	91.16	92.09	84.21	80.47	86.64	91.77	92.87	85.30
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	77.21	96.34	83.40	85.74	111.12	112.54	106.09	115.52	146.26	157.20	145.91
Cash Conversion Cycle (CCC)	1.65	-13.34	2.79	5.42	-19.03	-28.34	-25.62	-28.88	-54.49	-64.33	-60.62
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,061	3,871	3,853	3,902	3,875	3,849	3,872	3,881	3,857	3,734	3,485
Invested Capital Turnover	0.82	0.76	0.72	0.75	0.83	0.94	1.02	1.10	1.22	1.35	1.54
Increase / (Decrease) in Invested Capital	1,257	46	-326	-254	-186	-21	19	-22	-18	-115	-387
Enterprise Value (EV)	6,045	7,888	11,702	16,693	16,000	26,333	30,438	46,579	111,442	93,238	120,781
Market Capitalization	3,914	5,928	9,378	13,898	13,382	23,244	27,381	43,636	108,675	90,079	118,462
Book Value per Share	$5.12	$5.04	$4.16	$3.15	$3.74	$2.26	$2.48	$2.81	$3.25	$1.69	$3.45
Tangible Book Value per Share	($4.30)	($4.01)	($4.96)	($6.05)	($5.60)	($6.75)	($6.41)	($5.80)	($4.80)	($5.65)	($2.42)
Total Capital	5,114	5,104	4,717	4,223	4,377	4,286	4,333	4,448	4,599	4,285	4,678
Total Debt	3,212	3,206	3,200	3,127	3,121	3,525	3,518	3,510	3,509	3,710	3,511
Total Long-Term Debt	3,178	3,173	3,167	2,912	2,906	3,490	3,482	3,474	3,509	3,510	3,511
Net Debt	2,131	1,960	2,324	2,795	2,619	3,089	3,057	2,942	2,768	3,159	2,318
Capital Expenditures (CapEx)	-42	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	313	216	261	378	385	445	506	564	513	607	706
Debt-free Net Working Capital (DFNWC)	1,393	1,462	1,138	710	887	881	966	1,131	1,255	1,158	1,899
Net Working Capital (NWC)	1,360	1,429	1,104	495	672	845	931	1,096	1,255	958	1,899
Net Nonoperating Expense (NNE)	64	47	30	77	87	63	63	62	108	42	17
Net Nonoperating Obligations (NNO)	2,158	1,972	2,335	2,807	2,619	3,089	3,057	2,942	2,768	3,159	2,318
Total Depreciation and Amortization (D&A)	105	128	120	122	119	113	109	100	128	80	47
Debt-free, Cash-free Net Working Capital to Revenue	11.11%	7.44%	9.07%	12.46%	11.72%	12.26%	12.79%	13.14%	10.90%	11.82%	12.43%
Debt-free Net Working Capital to Revenue	49.46%	50.30%	39.49%	23.43%	27.02%	24.30%	24.43%	26.38%	26.64%	22.55%	33.41%
Net Working Capital to Revenue	48.28%	49.15%	38.33%	16.34%	20.47%	23.32%	23.53%	25.55%	26.64%	18.66%	33.41%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.21)	($0.01)	$0.22	$0.32	$0.48	$0.70	$0.92	$1.29	$1.77	$1.70	$2.42
Adjusted Weighted Average Basic Shares Outstanding	371.57M	373.16M	356.96M	341.44M	351.95M	335.79M	335.68M	336.93M	336.92M	339.84M	338.62M
Adjusted Diluted Earnings per Share	($0.21)	($0.01)	$0.22	$0.30	$0.47	$0.67	$0.89	$1.25	$1.72	$1.67	$2.39
Adjusted Weighted Average Diluted Shares Outstanding	371.57M	373.16M	366.34M	356.91M	362.59M	348.60M	347.96M	348.23M	347.81M	344.88M	342.19M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	376.40M	364.48M	347.80M	335.80M	342.00M	329.01M	334.25M	335.59M	339.96M	338.39M	338.25M
Normalized Net Operating Profit after Tax (NOPAT)	-16	43	110	185	259	299	373	497	426	795	836
Normalized NOPAT Margin	-2.24%	5.97%	14.68%	21.44%	27.22%	28.29%	34.50%	41.47%	31.00%	53.54%	66.43%
Pre Tax Income Margin	-9.42%	-0.47%	12.77%	12.64%	18.77%	25.32%	30.11%	39.03%	37.52%	41.67%	70.23%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.21	0.96	2.88	2.39	3.50	4.61	5.36	7.22	6.47	12.69	18.20
NOPAT to Interest Expense	-0.29	0.57	2.16	2.36	3.62	4.03	4.99	6.61	7.51	11.69	16.27
EBIT Less CapEx to Interest Expense	0.56	0.96	2.88	2.39	3.50	4.61	5.36	7.22	6.47	12.69	18.20
NOPAT Less CapEx to Interest Expense	0.48	0.57	2.16	2.36	3.62	4.03	4.99	6.61	7.51	11.69	16.27
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-175.63%	-438.23%	3,336.67%	1,099.02%	323.40%	308.15%	161.27%	85.07%	62.12%	64.06%	61.80%

Key Financial Trends

AppLovin Corp (NASDAQ: APP) has shown strong financial performance growing through 2023 into 2024 and through Q2 2025. Here are the key takeaways from the last several years based on the income statements, cash flow, and balance sheets:

Revenue Growth: Total revenue increased significantly from approximately $702 million in Q4 2022 to $1.26 billion in Q2 2025, demonstrating strong top-line growth.
Improved Profitability: Net income rose from losses in late 2022 (e.g., Q4 2022 net loss of approximately $79.5 million) to a strong profit of $819.5 million in Q2 2025, indicating effective margin improvement and operational leverage.
Operating Income Expansion: Operating income climbed from negative $22.4 million in Q4 2022 to $958 million in Q2 2025, illustrating better cost management and revenue scaling.
Cash Flow from Operations Increasing: Net cash from operating activities improved from $163 million in Q4 2022 to $772 million in Q2 2025, showing healthy operating cash conversion and liquidity generation.
Strong Gross Margins: Gross profit margins improved and remained substantial, e.g., gross profit of $1.1 billion in Q2 2025 on $1.26 billion revenue, reflecting good pricing power and cost controls.
Accounts Receivable Growth: Accounts receivable rose from about $637 million in Q1 2023 to over $1.58 billion by Q2 2025, which may signal increasing sales but requires monitoring for collection efficiency.
Debt Levels Steady to Increasing: Long-term debt was about $3.18 billion in late 2022 and increased to $3.51 billion by Q2 2025, indicating leverage remains significant but stable overall.
Repurchases of Common Equity: The company regularly repurchased shares/invested capital, reflecting capital return to shareholders but also potentially reducing cash reserves.
High Interest Expense: Interest expense remains notable, around $51 million in Q2 2025 and similar levels historically, which could weigh on net income if debt costs rise.
Negative Net Income in Early 2023 and 2022: Losses incurred particularly in Q1 2023 and 2022 signals past operational challenges that have only recently turned positive.

In summary, AppLovin has made a impressive turnaround over the last few years, with revenue and profitability growing strongly and positive cash flow generation. However, investors should keep an eye on the company's high receivables, ongoing leverage, and interest costs which could impact future earnings stability.

08/29/25 06:10 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About AppLovin's Financials

When does AppLovin's financial year end?

According to the most recent income statement we have on file, AppLovin's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has AppLovin's net income changed over the last 5 years?

AppLovin's net income appears to be on an upward trend, with a most recent value of $1.58 billion in 2024, rising from $119.04 million in 2019. The previous period was $356.71 million in 2023. View AppLovin's forecast to see where analysts expect AppLovin to go next.

What is AppLovin's operating income?

AppLovin's total operating income in 2024 was $1.87 billion, based on the following breakdown:

Total Gross Profit: $3.54 billion
Total Operating Expenses: $1.67 billion

How has AppLovin's revenue changed over the last 5 years?

Over the last 5 years, AppLovin's total revenue changed from $994.10 million in 2019 to $4.71 billion in 2024, a change of 373.7%.

How much debt does AppLovin have?

AppLovin's total liabilities were at $4.78 billion at the end of 2024, a 16.5% increase from 2023, and a 106.6% increase since 2020.

How much cash does AppLovin have?

In the past 4 years, AppLovin's cash and equivalents has ranged from $317.24 million in 2020 to $1.52 billion in 2021, and is currently $697.03 million as of their latest financial filing in 2024.

How has AppLovin's book value per share changed over the last 5 years?

Over the last 5 years, AppLovin's book value per share changed from 0.00 in 2019 to 3.25 in 2024, a change of 324.8%.

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This page (NASDAQ:APP) was last updated on 8/29/2025 by MarketBeat.com Staff

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AppLovin (APP) Financials

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AppLovin (APP) Financials

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