AppLovin (APP) Financials

$468.83 -9.28 (-1.94%)

Closing price 05/6/2026 04:00 PM Eastern

Extended Trading

$467.25 -1.58 (-0.34%)

As of 05/6/2026 08:00 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	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	76	-125	32	-193	357	1,580	3,334
Consolidated Net Income / (Loss)	119	-126	35	-193	357	1,580	3,334
Net Income / (Loss) Continuing Operations	119	-126	35	-193	458	1,590	3,433
Total Pre-Tax Income	126	-136	46	-205	502	1,612	3,953
Total Operating Income	194	-62	150	-48	772	1,911	4,152
Total Gross Profit	753	896	1,805	1,561	1,485	2,703	4,816
Total Revenue	994	1,451	2,793	2,817	1,842	3,224	5,481
Operating Revenue	994	1,451	2,793	2,817	1,842	3,224	5,481
Total Cost of Revenue	241	556	988	1,256	357	521	665
Operating Cost of Revenue	241	556	988	1,256	357	521	665
Total Operating Expenses	558	958	1,655	1,609	713	792	664
Selling, General & Admin Expense	32	66	159	182	151	165	234
Marketing Expense	482	628	1,130	920	228	253	204
Research & Development Expense	45	181	366	508	334	375	227
Total Other Income / (Expense), net	-68	-74	-104	-157	-271	-299	-199
Interest Expense	74	78	103	172	274	317	207
Other Income / (Expense), net	5.82	4.21	-0.54	14	2.70	18	8.01
Income Tax Expense	7.19	-9.77	11	-12	44	22	520
Net Income / (Loss) Discontinued Operations	-	-	-	-	-101	-9.75	-99
Basic Earnings per Share	$0.36	($0.58)	$0.10	($0.52)	$1.01	$4.68	$9.84
Weighted Average Basic Shares Outstanding	210.94M	214.94M	324.84M	371.57M	351.95M	336.92M	338.78M
Diluted Earnings per Share	$0.36	($0.58)	$0.09	($0.52)	$0.98	$4.53	$9.75
Weighted Average Diluted Shares Outstanding	212.37M	214.94M	342.76M	371.57M	362.59M	347.81M	341.97M
Weighted Average Basic & Diluted Shares Outstanding	-	-	375.83M	376.40M	342.00M	339.96M	337.28M

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	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	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	80	108	172	235	310	434	598	576	820	836	1,102
Consolidated Net Income / (Loss)	80	109	172	236	310	434	599	576	820	836	1,102
Net Income / (Loss) Continuing Operations	80	109	172	236	301	433	599	576	772	836	1,249
Total Pre-Tax Income	96	109	179	268	318	468	515	618	884	1,021	1,430
Total Operating Income	131	186	270	340	384	534	608	663	958	1,079	1,452
Total Gross Profit	492	599	680	764	589	714	1,052	1,213	1,104	1,230	1,269
Total Revenue	750	864	953	1,058	711	835	1,373	1,484	1,259	1,405	1,333
Operating Revenue	750	864	953	1,058	711	835	1,373	1,484	1,259	1,405	1,333
Total Cost of Revenue	259	265	274	294	122	121	320	271	155	175	64
Operating Cost of Revenue	259	265	274	294	122	121	320	271	155	175	64
Total Operating Expenses	360	413	410	424	205	180	444	549	146	151	-183
Selling, General & Admin Expense	30	41	36	42	39	36	60	55	55	59	65
Marketing Expense	192	212	223	227	67	63	215	183	47	49	-75
Research & Development Expense	137	159	151	155	99	81	169	123	44	44	16
Total Other Income / (Expense), net	-36	-77	-91	-72	-67	-67	-93	-45	-74	-58	-22
Interest Expense	51	79	72	74	74	75	94	53	51	51	51
Other Income / (Expense), net	15	1.49	-19	2.57	7.87	8.37	1.34	7.81	-22	-6.63	29
Income Tax Expense	15	0.59	6.66	32	17	35	-84	42	112	185	180
Basic Earnings per Share	$0.22	$0.32	$0.48	$0.70	$0.92	$1.29	$1.77	$1.70	$2.42	$2.47	$3.25
Weighted Average Basic Shares Outstanding	356.96M	341.44M	351.95M	335.79M	335.68M	336.93M	336.92M	339.84M	338.62M	338.53M	338.78M
Diluted Earnings per Share	$0.22	$0.30	$0.47	$0.67	$0.89	$1.25	$1.72	$1.67	$2.39	$2.45	$3.24
Weighted Average Diluted Shares Outstanding	366.34M	356.91M	362.59M	348.60M	347.96M	348.23M	347.81M	344.88M	342.19M	340.97M	341.97M
Weighted Average Basic & Diluted Shares Outstanding	347.80M	335.80M	342.00M	329.01M	334.25M	335.59M	339.96M	338.39M	338.25M	337.96M	337.28M

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	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	120	-79	2,253	-1,490	-578	239	1,746
Net Cash From Operating Activities	198	223	362	413	1,062	2,099	3,971
Net Cash From Continuing Operating Activities	198	223	362	413	1,062	2,099	3,943
Net Income / (Loss) Continuing Operations	119	-126	35	-193	357	1,580	3,334
Consolidated Net Income / (Loss)	119	-126	35	-193	357	1,580	3,334
Depreciation Expense	93	255	431	547	489	449	195
Non-Cash Adjustments To Reconcile Net Income	13	154	159	337	413	410	462
Changes in Operating Assets and Liabilities, net	-31	-69	-277	-291	-197	-340	-48
Net Cash From Investing Activities	-412	-680	-1,215	-1,371	-78	-107	358
Net Cash From Continuing Investing Activities	-412	-680	-1,215	-1,371	-78	-107	358
Acquisitions	-404	-675	-1,211	-1,346	-64	-26	-28
Purchase of Investments	-4.00	-2.00	-	-	-18	-77	-20
Divestitures	-	-	-	-	0.00	0.00	407
Other Investing Activities, net	0.00	0.00	-15	-66	4.00	-4.22	-0.37
Net Cash From Financing Activities	333	378	3,110	-527	-1,563	-1,750	-2,593
Net Cash From Continuing Financing Activities	333	378	3,110	-527	-1,563	-1,750	-2,593
Repayment of Debt	-11	-64	-746	-26	-503	-4,261	-202
Repurchase of Common Equity	-0.01	-4.51	0.00	-339	-1,154	-981	-2,192
Issuance of Debt	389	481	2,344	0.00	395	4,615	200
Issuance of Common Equity	0.00	9.32	1,748	31	26	42	25
Other Financing Activities, net	-44	-44	-236	-193	-328	-1,164	-425
Cash Interest Paid	62	59	77	166	249	271	199
Cash Income Taxes Paid	30	13	91	86	75	67	195

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	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	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	-370	-544	170	-66	24	107	174	-190	642	474	820
Net Cash From Operating Activities	230	199	344	393	455	551	701	832	772	1,053	1,314
Net Cash From Continuing Operating Activities	230	199	344	393	455	551	701	832	772	1,053	1,285
Net Income / (Loss) Continuing Operations	80	109	172	236	310	434	599	576	820	836	1,102
Consolidated Net Income / (Loss)	80	109	172	236	310	434	599	576	820	836	1,102
Depreciation Expense	120	122	119	113	109	100	128	80	47	35	33
Non-Cash Adjustments To Reconcile Net Income	81	111	138	95	99	82	137	250	-70	33	249
Changes in Operating Assets and Liabilities, net	-52	-142	-95	-51	-63	-65	-168	-75	-24	150	-98
Net Cash From Investing Activities	-42	-16	-6.80	-32	-68	-6.40	-0.37	-23	402	-20	-0.83
Net Cash From Continuing Investing Activities	-42	-16	-6.80	-32	-68	-6.40	-0.37	-23	402	-20	-0.83
Other Investing Activities, net	-3.86	-2.27	-16	-3.30	-5.27	-2.55	-66	-3.99	-23	-0.72	27
Net Cash From Financing Activities	-557	-724	-171	-425	-361	-441	-523	-1,002	-537	-560	-493
Net Cash From Continuing Financing Activities	-557	-724	-171	-425	-361	-441	-523	-1,002	-537	-560	-493
Repayment of Debt	-18	-490	20	-674	-14	-14	-3,558	-7.44	-204	-4.32	14
Repurchase of Common Equity	-507	-581	-	-752	-	-228	-0.63	-1,001	-272	-502	-418
Issuance of Common Equity	-	11	5.91	9.78	-	9.70	13	5.33	9.50	6.19	4.32
Other Financing Activities, net	-40	-59	-197	-80	-366	-208	-520	-199	-71	-60	-94
Cash Interest Paid	52	66	64	71	74	75	50	2.39	97	1.47	98
Cash Income Taxes Paid	4.99	5.94	63	3.58	29	29	5.51	5.60	95	67	28

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	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	2,155	6,164	5,848	5,359	5,869	7,260
Total Current Assets	663	3,235	1,939	1,616	2,312	4,431
Cash & Equivalents	317	1,521	1,080	502	697	2,487
Accounts Receivable	297	515	703	954	1,283	1,819
Prepaid Expenses	49	150	156	160	140	124
Other Current Nonoperating Assets	-	-	-	-	191	0.00
Plant, Property, & Equipment, net	29	64	79	173	160	122
Total Noncurrent Assets	1,463	2,865	3,830	3,570	3,397	2,706
Long-Term Investments	-	-	-	-	0.00	288
Goodwill	250	966	1,824	1,843	1,458	1,540
Intangible Assets	1,086	1,709	1,678	1,293	473	397
Other Noncurrent Operating Assets	127	189	329	434	529	482
Other Noncurrent Nonoperating Assets	-	-	-	-	937	0.00
Total Liabilities & Shareholders' Equity	2,155	6,164	5,848	5,359	5,869	7,260
Total Liabilities	2,313	4,025	3,945	4,103	4,779	5,125
Total Current Liabilities	598	640	579	944	1,057	1,334
Accounts Payable	147	258	273	372	504	747
Accrued Expenses	95	134	148	265	402	573
Other Current Liabilities	254	143	61	14	15	14
Other Current Nonoperating Liabilities	-	-	-	-	137	0.00
Total Noncurrent Liabilities	1,715	3,377	3,339	3,159	3,722	3,791
Long-Term Debt	1,584	3,202	3,178	2,906	3,509	3,513
Other Noncurrent Operating Liabilities	131	175	161	253	212	278
Other Noncurrent Nonoperating Liabilities	-	-	-	-	1.41	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-159	2,138	1,903	1,256	1,090	2,135
Total Preferred & Common Equity	-159	2,138	1,903	1,256	1,090	2,135
Preferred Stock	400	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-558	2,138	1,903	1,256	1,090	2,135
Common Stock	454	3,160	3,156	2,135	594	447
Retained Earnings	-1,012	-977	-1,170	-813	599	1,735
Accumulated Other Comprehensive Income / (Loss)	0.60	-45	-83	-65	-103	-47

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	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	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	9/30/2025
Total Assets	5,916	5,482	5,005	5,359	5,263	5,269	5,442	5,869	5,707	5,959	6,343
Total Current Assets	2,048	1,696	1,301	1,616	1,608	1,660	1,875	2,312	2,367	2,993	3,488
Cash & Equivalents	1,246	876	332	502	436	460	568	741	551	1,193	1,667
Accounts Receivable	638	670	849	954	1,035	1,074	1,187	1,414	1,578	1,582	1,604
Prepaid Expenses	165	150	119	160	136	125	120	157	238	218	217
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	0.00	0.00
Plant, Property, & Equipment, net	119	115	102	173	173	169	177	161	162	130	131
Total Noncurrent Assets	3,749	3,670	3,602	3,570	3,482	3,440	3,390	3,397	3,178	2,837	2,725
Goodwill	1,834	1,831	1,814	1,843	1,827	1,822	1,852	1,803	1,640	1,539	1,541
Intangible Assets	1,575	1,494	1,387	1,293	1,198	1,102	1,024	897	855	448	422
Other Noncurrent Operating Assets	341	346	402	434	456	516	514	696	683	850	762
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	-	-	0.00	0.00
Total Liabilities & Shareholders' Equity	5,916	5,482	5,005	5,359	5,263	5,269	5,442	5,869	5,707	5,959	6,343
Total Liabilities	4,017	3,965	3,909	4,103	4,502	4,455	4,504	4,779	5,131	4,792	4,869
Total Current Liabilities	620	592	805	944	763	730	780	1,057	1,409	1,094	1,073
Accounts Payable	283	261	281	372	390	388	428	563	595	554	516
Accrued Expenses	166	159	182	265	256	232	240	409	541	495	511
Current Deferred Revenue	67	74	78	79	80	74	76	70	73	45	46
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	0.00	0.00
Total Noncurrent Liabilities	3,386	3,361	3,092	3,159	3,740	3,725	3,725	3,722	3,722	3,698	3,796
Long-Term Debt	3,173	3,167	2,912	2,906	3,490	3,482	3,474	3,509	3,510	3,511	3,512
Other Noncurrent Operating Liabilities	213	194	180	253	250	243	250	213	212	188	284
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	0.00	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	1,899	1,517	1,096	1,256	760	815	938	1,090	575	1,167	1,474
Total Preferred & Common Equity	1,899	1,517	1,096	1,256	760	815	938	1,090	575	1,167	1,474
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	1,899	1,517	1,096	1,256	760	815	938	1,090	575	1,167	1,474
Common Stock	3,146	2,688	2,175	2,135	1,421	1,172	993	594	475	449	428
Retained Earnings	-1,174	-1,094	-985	-813	-577	-267	0.00	599	174	723	1,049
Accumulated Other Comprehensive Income / (Loss)	-73	-77	-94	-65	-84	-91	-54	-103	-73	-5.15	-2.66

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

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	45.97%	92.48%	0.86%	16.54%	43.44%	69.99%
EBITDA Growth	0.00%	-31.11%	189.07%	-11.28%	119.32%	103.39%	83.14%
EBIT Growth	0.00%	-128.89%	358.47%	-122.29%	2,069.85%	188.66%	115.64%
NOPAT Growth	0.00%	-123.69%	363.58%	-129.22%	1,916.15%	209.09%	91.36%
Net Income Growth	0.00%	-205.79%	128.06%	-646.00%	284.88%	342.87%	111.03%
EPS Growth	0.00%	-261.11%	115.52%	-677.78%	288.46%	362.24%	115.23%
Operating Cash Flow Growth	0.00%	12.31%	62.35%	14.07%	157.17%	97.74%	89.19%
Free Cash Flow Firm Growth	0.00%	0.00%	-34.11%	17.53%	161.46%	138.93%	27.99%
Invested Capital Growth	0.00%	0.00%	149.48%	44.85%	-4.58%	-0.46%	-1.33%
Revenue Q/Q Growth	0.00%	0.00%	11.30%	-3.13%	8.28%	9.78%	-12.35%
EBITDA Q/Q Growth	0.00%	0.00%	16.60%	-13.95%	33.36%	18.88%	21.43%
EBIT Q/Q Growth	0.00%	0.00%	77.11%	-189.74%	66.43%	23.37%	26.20%
NOPAT Q/Q Growth	0.00%	0.00%	88.98%	-244.12%	120.15%	31.57%	18.60%
Net Income Q/Q Growth	0.00%	0.00%	334.93%	-135.22%	239.83%	37.04%	17.77%
EPS Q/Q Growth	0.00%	0.00%	212.50%	-147.62%	226.67%	38.11%	18.47%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-4.02%	23.37%	20.53%	20.49%	18.24%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	6.71%	49.83%	30.82%	1.18%
Invested Capital Q/Q Growth	0.00%	0.00%	1.98%	-2.29%	-0.70%	-0.60%	-13.44%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	75.73%	61.71%	64.62%	55.41%	67.74%	75.22%	87.86%
EBITDA Margin	29.97%	14.15%	21.24%	18.69%	35.17%	49.87%	79.46%
Operating Margin	19.55%	-4.28%	5.37%	-1.70%	19.74%	39.78%	75.75%
EBIT Margin	20.14%	-3.99%	5.35%	-1.18%	19.99%	40.22%	75.90%
Profit (Net Income) Margin	11.97%	-8.68%	1.27%	-6.85%	10.87%	33.55%	60.83%
Tax Burden Percent	94.30%	92.80%	76.31%	94.04%	93.73%	100.24%	84.34%
Interest Burden Percent	63.06%	234.65%	30.98%	615.89%	57.99%	83.20%	95.02%
Effective Tax Rate	5.70%	0.00%	23.69%	0.00%	6.27%	-0.24%	13.15%
Return on Invested Capital (ROIC)	0.00%	-7.73%	5.83%	-0.97%	15.31%	48.57%	124.68%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-20.60%	-2.30%	-12.27%	4.81%	37.50%	103.41%
Return on Net Nonoperating Assets (RNNOA)	0.00%	166.90%	-2.26%	-8.57%	7.27%	86.10%	82.10%
Return on Equity (ROE)	0.00%	159.17%	3.57%	-9.55%	22.58%	134.67%	206.78%
Cash Return on Invested Capital (CROIC)	0.00%	-207.73%	-79.71%	-37.61%	19.99%	49.03%	126.02%
Operating Return on Assets (OROA)	0.00%	-2.68%	3.59%	-0.55%	11.71%	33.74%	63.37%
Return on Assets (ROA)	0.00%	-5.84%	0.85%	-3.21%	6.37%	28.14%	50.79%
Return on Common Equity (ROCE)	0.00%	561.44%	2.85%	-9.55%	22.58%	134.67%	206.78%
Return on Equity Simple (ROE_SIMPLE)	0.00%	79.43%	1.65%	-10.14%	28.39%	144.96%	0.00%
Net Operating Profit after Tax (NOPAT)	183	-43	114	-33	608	1,878	3,606
NOPAT Margin	18.44%	-2.99%	4.10%	-1.19%	18.51%	39.88%	65.79%
Net Nonoperating Expense Percent (NNEP)	0.00%	12.87%	8.13%	11.30%	10.50%	11.07%	21.27%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-0.65%	13.88%	40.84%	63.85%
Cost of Revenue to Revenue	24.27%	38.29%	35.38%	44.59%	32.26%	24.78%	12.14%
SG&A Expenses to Revenue	3.19%	4.58%	5.68%	6.45%	4.65%	3.85%	4.26%
R&D to Revenue	4.52%	12.45%	13.12%	18.02%	18.04%	13.56%	4.13%
Operating Expenses to Revenue	56.18%	65.99%	59.25%	57.11%	47.99%	35.44%	12.11%
Earnings before Interest and Taxes (EBIT)	200	-58	149	-33	656	1,894	4,160
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	298	205	593	526	1,155	2,348	4,355
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	16.50	2.06	10.65	99.72	106.68
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	1,150.27
Price to Revenue (P/Rev)	2.01	1.38	12.63	1.39	4.08	23.08	41.55
Price to Earnings (P/E)	26.19	0.00	1,112.64	0.00	37.70	68.91	68.31
Dividend Yield	0.00%	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%	1.46%
Enterprise Value to Invested Capital (EV/IC)	0.00	3.28	12.82	1.49	4.13	28.89	79.52
Enterprise Value to Revenue (EV/Rev)	0.00	2.54	12.86	2.15	4.87	23.66	41.68
Enterprise Value to EBITDA (EV/EBITDA)	0.00	17.94	60.55	11.48	13.86	47.45	52.46
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	240.37	0.00	24.38	58.83	54.92
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	313.89	0.00	26.34	59.34	63.35
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	16.52	99.30	14.65	15.07	53.09	57.53
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	20.17	58.79	62.68
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	-10.11	1.51	1.69	2.48	3.22	1.65
Long-Term Debt to Equity	0.00	-10.01	1.50	1.67	2.31	3.22	1.65
Financial Leverage	0.00	-8.10	0.98	0.70	1.51	2.30	0.79
Leverage Ratio	0.00	-13.62	4.20	2.97	3.55	4.79	4.07
Compound Leverage Factor	0.00	-31.95	1.30	18.31	2.06	3.98	3.87
Debt to Total Capital	0.00%	110.98%	60.15%	62.80%	71.30%	76.30%	62.20%
Short-Term Debt to Total Capital	0.00%	1.06%	0.48%	0.65%	4.91%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	109.93%	59.67%	62.15%	66.39%	76.30%	62.20%
Preferred Equity to Total Capital	0.00%	27.73%	0.00%	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%	0.00%
Common Equity to Total Capital	0.00%	-38.73%	39.85%	37.20%	28.70%	23.70%	37.80%
Debt to EBITDA	0.00	7.79	5.44	6.10	2.70	1.49	0.81
Net Debt to EBITDA	0.00	6.25	1.11	4.05	2.27	1.18	0.17
Long-Term Debt to EBITDA	0.00	7.72	5.40	6.04	2.52	1.49	0.81
Debt to NOPAT	0.00	-36.82	28.20	-96.01	5.14	1.87	0.97
Net Debt to NOPAT	0.00	-29.52	5.74	-63.71	4.31	1.47	0.20
Long-Term Debt to NOPAT	0.00	-36.47	27.97	-95.01	4.78	1.87	0.97
Altman Z-Score	0.00	0.48	6.07	1.06	2.91	15.91	30.15
Noncontrolling Interest Sharing Ratio	0.00%	-252.72%	20.21%	0.01%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	1.11	5.05	3.35	1.71	2.19	3.32
Quick Ratio	0.00	1.03	3.18	3.08	1.54	2.04	3.23
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-1,167	-1,565	-1,291	793	1,896	3,645
Operating Cash Flow to CapEx	5,910.13%	6,876.98%	0.00%	0.00%	0.00%	49,763.18%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	-14.99	-15.17	-7.51	2.88	5.96	17.61
Operating Cash Flow to Interest Expense	2.68	2.86	3.51	2.40	3.85	6.60	19.18
Operating Cash Flow Less CapEx to Interest Expense	2.64	2.82	3.61	2.64	3.87	6.58	19.18
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.67	0.67	0.47	0.59	0.84	0.83
Accounts Receivable Turnover	0.00	4.89	6.88	4.63	3.96	3.98	3.53
Inventory Turnover	0.00	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	38.81
Accounts Payable Turnover	0.00	3.77	4.87	4.73	3.28	2.50	1.06
Days Sales Outstanding (DSO)	0.00	74.70	53.02	78.86	92.09	91.77	103.32
Days Inventory Outstanding (DIO)	0.00	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	343.32
Cash Conversion Cycle (CCC)	0.00	-22.06	-21.87	1.65	-19.03	-54.49	-240.01
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	1,124	2,803	4,061	3,875	3,857	2,873
Invested Capital Turnover	0.00	2.58	1.42	0.82	0.83	1.22	1.89
Increase / (Decrease) in Invested Capital	0.00	1,124	1,680	1,257	-186	-18	-39
Enterprise Value (EV)	0.00	3,682	35,931	6,045	16,000	111,442	228,459
Market Capitalization	2,000	2,000	35,274	3,914	13,382	108,675	227,721
Book Value per Share	$0.00	($2.60)	$5.71	$5.12	$3.74	$3.25	$6.32
Tangible Book Value per Share	$0.00	($8.81)	($1.44)	($4.30)	($5.60)	($4.80)	$0.59
Total Capital	0.00	1,441	5,366	5,114	4,377	4,599	5,648
Total Debt	0.00	1,599	3,228	3,212	3,121	3,509	3,513
Total Long-Term Debt	0.00	1,584	3,202	3,178	2,906	3,509	3,513
Net Debt	0.00	1,282	657	2,131	2,619	2,768	738
Capital Expenditures (CapEx)	3.36	3.24	-11	-41	-4.00	4.22	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-237	50	313	385	513	610
Debt-free Net Working Capital (DFNWC)	0.00	80	2,621	1,393	887	1,255	3,097
Net Working Capital (NWC)	0.00	65	2,595	1,360	672	1,255	3,097
Net Nonoperating Expense (NNE)	64	83	79	159	251	298	272
Net Nonoperating Obligations (NNO)	0.00	1,282	665	2,158	2,619	2,768	738
Total Depreciation and Amortization (D&A)	98	263	444	560	498	454	195
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-16.34%	1.80%	11.11%	11.72%	10.90%	11.13%
Debt-free Net Working Capital to Revenue	0.00%	5.52%	93.83%	49.46%	27.02%	26.64%	56.51%
Net Working Capital to Revenue	0.00%	4.48%	92.91%	48.28%	20.47%	26.64%	56.51%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.10	($0.52)	$1.01	$4.68	$9.84
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	324.84M	371.57M	351.95M	336.92M	338.78M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.09	($0.52)	$0.98	$4.53	$9.75
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	342.76M	371.57M	362.59M	347.81M	341.97M
Adjusted Basic & Diluted Earnings per Share	$0.00	$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	337.28M
Normalized Net Operating Profit after Tax (NOPAT)	183	-43	114	-33	608	1,311	3,606
Normalized NOPAT Margin	18.44%	-2.99%	4.10%	-1.19%	18.51%	27.85%	65.79%
Pre Tax Income Margin	12.70%	-9.35%	1.66%	-7.28%	11.59%	33.47%	72.12%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	2.71	-0.74	1.45	-0.19	2.38	5.95	20.09
NOPAT to Interest Expense	2.48	-0.56	1.11	-0.19	2.20	5.90	17.42
EBIT Less CapEx to Interest Expense	2.66	-0.78	1.55	0.04	2.40	5.94	20.09
NOPAT Less CapEx to Interest Expense	2.43	-0.60	1.21	0.04	2.22	5.89	17.42
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	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%	65.75%

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	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	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-3.36%	21.20%	35.73%	47.90%	43.98%	38.64%	44.01%	40.25%	77.04%	68.23%	115.07%
EBITDA Growth	26.91%	42.72%	296.90%	128.12%	90.67%	107.53%	99.45%	65.17%	96.17%	72.42%	94.07%
EBIT Growth	172.47%	273.85%	2,287.60%	380.80%	172.45%	189.06%	143.26%	96.21%	138.45%	97.61%	127.10%
NOPAT Growth	264.49%	-74.42%	1,752.90%	600.42%	238.25%	168.13%	172.56%	106.62%	129.73%	78.50%	75.28%
Net Income Growth	468.63%	359.13%	316.61%	5,327.60%	285.74%	299.87%	247.90%	144.06%	164.39%	92.34%	83.95%
EPS Growth	466.67%	400.00%	323.81%	6,800.00%	304.55%	316.67%	265.96%	149.25%	168.54%	96.00%	88.37%
Operating Cash Flow Growth	115.14%	14.09%	110.78%	36.07%	97.80%	176.64%	103.79%	111.75%	69.90%	91.29%	87.41%
Free Cash Flow Firm Growth	125.97%	164.30%	134.98%	10,084.36%	-19.02%	18.19%	62.80%	128.75%	254.69%	179.72%	-22.50%
Invested Capital Growth	-7.81%	-6.10%	-4.58%	-0.55%	0.50%	-0.56%	-0.46%	-2.99%	-9.99%	-14.47%	-1.33%
Revenue Q/Q Growth	4.86%	15.21%	10.30%	11.00%	2.08%	10.94%	14.57%	8.10%	-15.18%	11.62%	-5.13%
EBITDA Q/Q Growth	33.76%	16.10%	19.38%	23.15%	11.80%	26.36%	14.73%	1.90%	30.79%	12.72%	36.67%
EBIT Q/Q Growth	106.29%	27.94%	33.37%	36.59%	16.90%	35.74%	12.24%	10.17%	39.35%	14.64%	38.09%
NOPAT Q/Q Growth	157.78%	68.23%	40.02%	15.35%	24.49%	33.36%	42.32%	-12.55%	35.21%	5.61%	43.68%
Net Income Q/Q Growth	1,878.60%	35.20%	58.54%	37.13%	31.24%	40.15%	37.93%	-3.80%	42.18%	1.95%	31.92%
EPS Q/Q Growth	2,300.00%	36.36%	56.67%	42.55%	32.84%	40.45%	37.60%	-2.91%	43.11%	2.51%	32.24%
Operating Cash Flow Q/Q Growth	-20.39%	-13.37%	72.80%	14.18%	15.72%	21.16%	27.29%	18.65%	-7.15%	36.41%	24.71%
Free Cash Flow Firm Q/Q Growth	13,689.04%	0.57%	1.47%	-28.00%	10.22%	46.78%	39.76%	1.17%	66.73%	18.14%	-9.49%
Invested Capital Q/Q Growth	-0.46%	1.29%	-0.70%	-0.66%	0.59%	0.22%	-0.60%	-3.19%	-6.66%	-4.78%	-13.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	65.53%	69.33%	71.30%	72.20%	73.84%	77.50%	76.66%	81.72%	87.68%	87.56%	95.20%
EBITDA Margin	35.55%	35.82%	38.77%	42.98%	47.08%	53.62%	53.70%	50.62%	78.05%	78.82%	113.56%
Operating Margin	17.51%	21.56%	28.27%	32.09%	36.20%	44.64%	44.29%	44.71%	76.08%	76.80%	108.92%
EBIT Margin	19.57%	21.73%	26.28%	32.33%	37.03%	45.31%	44.39%	45.23%	74.31%	76.32%	111.10%
Profit (Net Income) Margin	10.71%	12.57%	18.07%	22.32%	28.70%	36.26%	43.65%	38.84%	65.11%	59.47%	82.70%
Tax Burden Percent	83.88%	99.46%	96.28%	88.15%	95.30%	92.89%	116.32%	93.21%	92.71%	81.84%	77.10%
Interest Burden Percent	65.27%	58.16%	71.42%	78.32%	81.33%	86.15%	84.54%	92.12%	94.50%	95.20%	96.54%
Effective Tax Rate	16.12%	0.54%	3.72%	11.85%	4.70%	7.11%	-16.32%	6.79%	12.69%	18.16%	12.60%
Return on Invested Capital (ROIC)	10.53%	16.14%	22.52%	26.57%	35.33%	45.71%	62.75%	56.44%	102.62%	109.17%	180.38%
ROIC Less NNEP Spread (ROIC-NNEP)	9.24%	13.12%	18.87%	24.08%	33.01%	43.54%	58.74%	55.09%	102.00%	107.18%	167.37%
Return on Net Nonoperating Assets (RNNOA)	12.43%	22.38%	28.53%	45.83%	76.32%	123.06%	134.86%	257.72%	276.65%	212.73%	132.88%
Return on Equity (ROE)	22.97%	38.52%	51.05%	72.40%	111.65%	168.78%	197.61%	314.15%	379.27%	321.90%	313.26%
Cash Return on Invested Capital (CROIC)	12.04%	13.14%	19.99%	22.55%	28.32%	37.24%	49.03%	60.79%	82.75%	100.07%	126.02%
Operating Return on Assets (OROA)	9.88%	12.19%	15.40%	20.98%	27.25%	37.21%	37.23%	42.35%	75.22%	80.99%	92.76%
Return on Assets (ROA)	5.41%	7.05%	10.59%	14.48%	21.12%	29.77%	36.61%	36.37%	65.90%	63.10%	69.04%
Return on Common Equity (ROCE)	22.96%	38.52%	51.05%	72.40%	111.65%	168.78%	197.61%	314.15%	379.27%	321.90%	313.26%
Return on Equity Simple (ROE_SIMPLE)	1.32%	9.58%	0.00%	78.59%	101.50%	122.87%	0.00%	333.67%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	110	185	259	299	373	497	707	618	836	883	1,269
NOPAT Margin	14.68%	21.44%	27.22%	28.29%	34.50%	41.47%	51.52%	41.67%	66.43%	62.85%	95.19%
Net Nonoperating Expense Percent (NNEP)	1.29%	3.02%	3.65%	2.49%	2.32%	2.17%	4.01%	1.35%	0.62%	1.99%	13.01%
Return On Investment Capital (ROIC_SIMPLE)	-	-	5.93%	-	-	-	15.38%	14.43%	17.87%	17.71%	22.47%
Cost of Revenue to Revenue	34.47%	30.67%	28.70%	27.80%	26.16%	22.50%	23.34%	18.28%	12.32%	12.44%	4.80%
SG&A Expenses to Revenue	4.05%	4.77%	3.81%	4.01%	3.76%	3.16%	4.39%	3.67%	4.37%	4.18%	4.89%
R&D to Revenue	18.32%	18.43%	15.82%	14.68%	15.17%	12.52%	12.35%	8.28%	3.50%	3.12%	1.18%
Operating Expenses to Revenue	48.02%	47.77%	43.02%	40.11%	37.64%	32.85%	32.37%	37.02%	11.60%	10.76%	-13.72%
Earnings before Interest and Taxes (EBIT)	147	188	250	342	400	543	609	671	935	1,072	1,481
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	267	310	370	455	508	643	737	751	982	1,107	1,514
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.18	12.68	10.65	30.58	33.60	46.51	99.72	156.54	101.50	164.90	106.68
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	1,150.27
Price to Revenue (P/Rev)	3.26	4.58	4.08	6.41	6.92	10.17	23.08	17.54	20.85	38.87	41.55
Price to Earnings (P/E)	474.12	133.68	37.70	39.12	33.23	37.93	68.91	46.95	48.79	85.90	68.31
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	0.21%	0.75%	2.65%	2.56%	3.01%	2.64%	1.45%	2.13%	2.05%	1.16%	1.46%
Enterprise Value to Invested Capital (EV/IC)	3.04	4.28	4.13	6.84	7.86	12.00	28.89	24.97	34.65	73.78	79.52
Enterprise Value to Revenue (EV/Rev)	4.06	5.51	4.87	7.26	7.69	10.86	23.66	18.16	21.25	39.17	41.68
Enterprise Value to EBITDA (EV/EBITDA)	15.19	19.28	13.86	18.80	18.53	23.58	47.45	35.33	38.70	68.29	52.46
Enterprise Value to EBIT (EV/EBIT)	45.58	42.33	24.38	28.40	25.79	30.34	58.83	41.93	43.66	74.29	54.92
Enterprise Value to NOPAT (EV/NOPAT)	74.47	60.49	26.34	31.01	27.34	32.63	59.34	42.57	45.45	80.54	63.35
Enterprise Value to Operating Cash Flow (EV/OCF)	13.67	18.95	15.07	22.59	21.89	26.74	53.09	36.74	42.30	72.92	57.53
Enterprise Value to Free Cash Flow (EV/FCFF)	24.21	31.52	20.17	30.25	27.82	32.14	58.79	40.45	39.68	67.98	62.68
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.11	2.85	2.48	4.64	4.32	3.74	3.22	6.45	3.01	2.38	1.65
Long-Term Debt to Equity	2.09	2.66	2.31	4.59	4.27	3.70	3.22	6.10	3.01	2.38	1.65
Financial Leverage	1.35	1.71	1.51	1.90	2.31	2.83	2.30	4.68	2.71	1.98	0.79
Leverage Ratio	3.33	3.63	3.55	4.20	4.61	5.14	4.79	8.21	5.67	4.89	4.07
Compound Leverage Factor	2.18	2.11	2.53	3.29	3.75	4.42	4.05	7.57	5.35	4.65	3.93
Debt to Total Capital	67.83%	74.05%	71.30%	82.26%	81.19%	78.91%	76.30%	86.57%	75.05%	70.44%	62.20%
Short-Term Debt to Total Capital	0.71%	5.09%	4.91%	0.83%	0.82%	0.80%	0.00%	4.67%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	67.13%	68.96%	66.39%	81.43%	80.37%	78.11%	76.30%	81.91%	75.05%	70.44%	62.20%
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	32.17%	25.95%	28.70%	17.74%	18.81%	21.09%	23.70%	13.43%	24.95%	29.56%	37.80%
Debt to EBITDA	4.15	3.61	2.70	2.52	2.14	1.78	1.49	1.41	1.13	0.98	0.81
Net Debt to EBITDA	3.02	3.23	2.27	2.21	1.86	1.49	1.18	1.20	0.74	0.51	0.17
Long-Term Debt to EBITDA	4.11	3.36	2.52	2.49	2.12	1.76	1.49	1.33	1.13	0.98	0.81
Debt to NOPAT	20.36	11.33	5.14	4.15	3.16	2.46	1.87	1.69	1.32	1.16	0.97
Net Debt to NOPAT	14.79	10.13	4.31	3.64	2.75	2.06	1.47	1.44	0.87	0.61	0.20
Long-Term Debt to NOPAT	20.15	10.55	4.78	4.11	3.13	2.43	1.87	1.60	1.32	1.16	0.97
Altman Z-Score	2.00	2.71	2.66	4.04	4.83	7.17	15.19	12.07	16.86	32.18	28.94
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.87	1.61	1.71	2.11	2.28	2.41	2.19	1.68	2.74	3.25	3.32
Quick Ratio	2.61	1.47	1.54	1.93	2.10	2.25	2.04	1.51	2.54	3.05	3.23
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	436	439	445	321	353	519	725	733	1,223	1,445	1,308
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	8.56	5.58	6.22	4.32	4.73	6.90	7.70	13.87	23.79	28.09	25.49
Operating Cash Flow to Interest Expense	4.51	2.53	4.81	5.29	6.09	7.32	7.44	15.73	15.02	20.48	25.61
Operating Cash Flow Less CapEx to Interest Expense	4.51	2.53	4.81	5.29	6.09	7.32	7.44	15.73	15.02	20.48	25.61
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.50	0.56	0.59	0.65	0.74	0.82	0.84	0.94	1.01	1.06	0.83
Accounts Receivable Turnover	4.23	4.00	3.96	4.33	4.54	4.21	3.98	3.93	4.28	4.48	3.53
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	32.40	34.95	26.07	24.87	27.80	30.73	28.21	30.69	38.04	40.62	38.81
Accounts Payable Turnover	4.38	4.26	3.28	3.24	3.44	3.16	2.50	2.32	2.50	2.61	1.06
Days Sales Outstanding (DSO)	86.20	91.16	92.09	84.21	80.47	86.64	91.77	92.87	85.30	81.47	103.32
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)	83.40	85.74	111.12	112.54	106.09	115.52	146.26	157.20	145.91	139.97	343.32
Cash Conversion Cycle (CCC)	2.79	5.42	-19.03	-28.34	-25.62	-28.88	-54.49	-64.33	-60.62	-58.50	-240.01
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,853	3,902	3,875	3,849	3,872	3,881	3,857	3,734	3,485	3,319	2,873
Invested Capital Turnover	0.72	0.75	0.83	0.94	1.02	1.10	1.22	1.35	1.54	1.74	1.89
Increase / (Decrease) in Invested Capital	-326	-254	-186	-21	19	-22	-18	-115	-387	-562	-39
Enterprise Value (EV)	11,702	16,693	16,000	26,333	30,438	46,579	111,442	93,238	120,781	244,891	228,459
Market Capitalization	9,378	13,898	13,382	23,244	27,381	43,636	108,675	90,079	118,462	243,046	227,721
Book Value per Share	$4.16	$3.15	$3.74	$2.26	$2.48	$2.81	$3.25	$1.69	$3.45	$4.36	$6.32
Tangible Book Value per Share	($4.96)	($6.05)	($5.60)	($6.75)	($6.41)	($5.80)	($4.80)	($5.65)	($2.42)	($1.45)	$0.59
Total Capital	4,717	4,223	4,377	4,286	4,333	4,448	4,599	4,285	4,678	4,986	5,648
Total Debt	3,200	3,127	3,121	3,525	3,518	3,510	3,509	3,710	3,511	3,512	3,513
Total Long-Term Debt	3,167	2,912	2,906	3,490	3,482	3,474	3,509	3,510	3,511	3,512	3,513
Net Debt	2,324	2,795	2,619	3,089	3,057	2,942	2,768	3,159	2,318	1,845	738
Capital Expenditures (CapEx)	0.00	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)	261	378	385	445	506	564	513	607	706	748	610
Debt-free Net Working Capital (DFNWC)	1,138	710	887	881	966	1,131	1,255	1,158	1,899	2,414	3,097
Net Working Capital (NWC)	1,104	495	672	845	931	1,096	1,255	958	1,899	2,414	3,097
Net Nonoperating Expense (NNE)	30	77	87	63	63	62	108	42	17	48	167
Net Nonoperating Obligations (NNO)	2,335	2,807	2,619	3,089	3,057	2,942	2,768	3,159	2,318	1,845	738
Total Depreciation and Amortization (D&A)	120	122	119	113	109	100	128	80	47	35	33
Debt-free, Cash-free Net Working Capital to Revenue	9.07%	12.46%	11.72%	12.26%	12.79%	13.14%	10.90%	11.82%	12.43%	11.96%	11.13%
Debt-free Net Working Capital to Revenue	39.49%	23.43%	27.02%	24.30%	24.43%	26.38%	26.64%	22.55%	33.41%	38.61%	56.51%
Net Working Capital to Revenue	38.33%	16.34%	20.47%	23.32%	23.53%	25.55%	26.64%	18.66%	33.41%	38.61%	56.51%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.22	$0.32	$0.48	$0.70	$0.92	$1.29	$1.77	$1.70	$2.42	$2.47	$3.25
Adjusted Weighted Average Basic Shares Outstanding	356.96M	341.44M	351.95M	335.79M	335.68M	336.93M	336.92M	339.84M	338.62M	338.53M	338.78M
Adjusted Diluted Earnings per Share	$0.22	$0.30	$0.47	$0.67	$0.89	$1.25	$1.72	$1.67	$2.39	$2.45	$3.24
Adjusted Weighted Average Diluted Shares Outstanding	366.34M	356.91M	362.59M	348.60M	347.96M	348.23M	347.81M	344.88M	342.19M	340.97M	341.97M
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	347.80M	335.80M	342.00M	329.01M	334.25M	335.59M	339.96M	338.39M	338.25M	337.96M	337.28M
Normalized Net Operating Profit after Tax (NOPAT)	110	185	259	299	373	497	426	795	836	883	1,269
Normalized NOPAT Margin	14.68%	21.44%	27.22%	28.29%	34.50%	41.47%	31.00%	53.54%	66.43%	62.85%	95.19%
Pre Tax Income Margin	12.77%	12.64%	18.77%	25.32%	30.11%	39.03%	37.52%	41.67%	70.23%	72.66%	107.25%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.88	2.39	3.50	4.61	5.36	7.22	6.47	12.69	18.20	20.85	28.87
NOPAT to Interest Expense	2.16	2.36	3.62	4.03	4.99	6.61	7.51	11.69	16.27	17.17	24.74
EBIT Less CapEx to Interest Expense	2.88	2.39	3.50	4.61	5.36	7.22	6.47	12.69	18.20	20.85	28.87
NOPAT Less CapEx to Interest Expense	2.16	2.36	3.62	4.03	4.99	6.61	7.51	11.69	16.27	17.17	24.74
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	3,336.67%	1,099.02%	323.40%	308.15%	161.27%	85.07%	62.12%	64.06%	61.80%	62.70%	65.75%

Financials Breakdown Chart

Key Financial Trends

AppLovin (NASDAQ: APP) shows a mix of strength in profitability and cash generation alongside some ongoing balance sheet and top-line challenges. Over the last four years, quarterly revenue has fluctuated within a high-growth software/advertising platform context, while net income and cash flow have trended toward healthier levels in 2025. The company maintains a substantial asset base (including goodwill and intangibles) and a meaningful amount of debt, which supports growth but also requires careful liquidity management as margins move with operating expenses and external funding needs.

The following 10 key points summarize the most relevant trends across the last four years, focusing on the latest quarterly data through Q4 2025 and providing a quick read on profitability, cash flow, and balance-sheet dynamics for retail investors.

Net income attributable to common shareholders rose meaningfully in 2025, from about $576.4M in Q1 to $1.102B in Q4 2025.
Total operating income climbed to about $1.451B in Q4 2025, up from $1.079B in Q3 2025, indicating a stronger quarterly operating performance.
Net cash from continuing operating activities stayed robust in 2025, rising from roughly $831.7M in Q1 to about $1.285B in Q4.
Net change in cash and equivalents was +$820.2M in Q4 2025, helping to bolster the cash balance even as investing and financing activities continued to outflow in some periods.
Diluted earnings per share reached $3.24 in Q4 2025, reflecting improving profitability per share across the year.
Balance-sheet structure shows a heavy balance of noncurrent assets (notably goodwill and intangible assets), indicating substantial asset intensity from acquisitions and IP investments.
Operating expenses include volatile marketing and impairment components on a quarterly basis, reflecting accounting treatment and investment pacing rather than a simple run-rate pattern.
Debt load remains elevated, with long-term debt around $3.5B to $3.6B in the latest period, signaling ongoing leverage to monitor and manage against cash flow strength.
Revenue in Q4 2025 dipped slightly year-over-year versus Q4 2024 (about $1.333B vs. $1.373B), indicating near-term top-line softness despite stronger profitability on the bottom line.\n
Net cash from financing activities was negative in several quarters (for example, about -$493.2M in Q4 2025), reflecting actions like debt repayments and share repurchases that reduce cash holdings.

05/06/26 11:45 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About AppLovin's Financials

When does AppLovin's fiscal year end?

According to the most recent income statement we have on file, AppLovin's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has AppLovin's net income changed over the last 6 years?

AppLovin's net income appears to be on an upward trend, with a most recent value of $3.33 billion in 2025, rising from $119.04 million in 2019. The previous period was $1.58 billion in 2024. 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 2025 was $4.15 billion, based on the following breakdown:

Total Gross Profit: $4.82 billion
Total Operating Expenses: $663.66 million

How has AppLovin's revenue changed over the last 6 years?

Over the last 6 years, AppLovin's total revenue changed from $994.10 million in 2019 to $5.48 billion in 2025, a change of 451.3%.

How much debt does AppLovin have?

AppLovin's total liabilities were at $5.12 billion at the end of 2025, a 7.2% increase from 2024, and a 121.6% increase since 2020.

How much cash does AppLovin have?

In the past 5 years, AppLovin's cash and equivalents has ranged from $317.24 million in 2020 to $2.49 billion in 2025, and is currently $2.49 billion as of their latest financial filing in 2025.

How has AppLovin's book value per share changed over the last 6 years?

Over the last 6 years, AppLovin's book value per share changed from 0.00 in 2019 to 6.32 in 2025, a change of 631.6%.

Related Companies

Financial statements for NASDAQ:APP last updated on 2/22/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

AppLovin (APP) Financials

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About AppLovin's Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

AppLovin (APP) Financials

Annual Income Statements for AppLovin

Quarterly Income Statements for AppLovin

Annual Cash Flow Statements for AppLovin

Quarterly Cash Flow Statements for AppLovin

Annual Balance Sheets for AppLovin

Quarterly Balance Sheets for AppLovin

Annual Metrics And Ratios for AppLovin

Quarterly Metrics And Ratios for AppLovin

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About AppLovin's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools