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AppLovin (APP) Financials

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$455.98 +18.64 (+4.26%)
Closing price 08/8/2025 04:00 PM Eastern
Extended Trading
$459.71 +3.73 (+0.82%)
As of 08/8/2025 08:00 PM Eastern
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Annual Income Statements for AppLovin

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

Quarterly Income Statements for AppLovin

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

Annual Cash Flow Statements for AppLovin

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

Quarterly Cash Flow Statements for AppLovin

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

Annual Balance Sheets for AppLovin

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

Quarterly Balance Sheets for AppLovin

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

Annual Metrics And Ratios for AppLovin

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%

Quarterly Metrics And Ratios for AppLovin

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 demonstrated solid financial growth over the past few years, with increasing revenues and net income, supported by significant operational cash flows and substantial asset base expansion. Here's a summary of key financial trends and metrics from the last four years, focusing on the latest quarter Q2 2025 and historical context:

  • Strong Revenue Growth: Operating and total revenue increased to $1.26 billion in Q2 2025 from $711 million (restated) in Q2 2024, reflecting strong top-line growth.
  • Robust Net Income: Net income rose to approximately $820 million in Q2 2025 compared to $310 million in Q2 2024, indicating improved profitability.
  • Healthy Operating Cash Flows: Net cash from operating activities was $772 million in Q2 2025 versus $454.5 million in Q2 2024, showing strong cash generation capacity.
  • Substantial Total Assets Increase: Total assets grew to nearly $6.0 billion by Q2 2025 from approximately $5.3 billion in Q2 2024, highlighting expansion and investment.
  • Consistent Repayments of Debt: Though the company carries significant long-term debt (~$3.5 billion at Q2 2025), it has consistently repaid debt over recent quarters.
  • Strong Gross Profit Margin: Gross profit margins remain high, with about 88% gross profit in Q2 2025 (revenue of $1.26B and cost of revenue $155M), indicating operational efficiency.
  • Increased Operating Expenses: Marketing, R&D, and SG&A expenses are elevated but proportionate to revenue growth (total operating expenses $146M in Q2 2025).
  • Share Issuance and Repurchase Activity: The company repurchased $272 million of common equity in Q2 2025 while issuing small amounts of equity, indicating active capital management.
  • Interest Expense Remains Significant: Interest expenses remain material ($51.4M in Q2 2025 income statement), reflecting the leverage level.
  • Accumulated Other Comprehensive Loss: Accumulated other comprehensive loss steadily increased, e.g., -$5.1 million at Q2 2025, which may reflect foreign currency or other market exposures.

Summary: AppLovin has shown strong growth in revenue and profitability in recent quarters, with efficient cash flow generation supporting investments and debt repayments. The company's significant asset base and increasing equity reflect an expanding business. Investors should watch the balance between growth spending, leverage, and interest costs as the company continues to scale.

08/09/25 03:18 PMAI Generated. May Contain Errors.

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. See AppLovin's forecast for analyst expectations on what’s next for the company.

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%.



This page (NASDAQ:APP) was last updated on 8/9/2025 by MarketBeat.com Staff
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