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AppLovin (APP) Financials

AppLovin logo
$514.24 +32.56 (+6.76%)
As of 05/26/2026 04:00 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 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

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 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 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 108 172 235 310 434 598 576 820 836 1,102 1,206
Consolidated Net Income / (Loss)		 109 172 236 310 434 599 576 820 836 1,102 1,206
Net Income / (Loss) Continuing Operations		 109 172 236 301 433 599 724 772 836 1,249 1,206
Total Pre-Tax Income 		109 179 268 318 468 515 795 884 1,021 1,430 1,431
Total Operating Income		 186 270 340 384 534 608 840 958 1,079 1,452 1,440
Total Gross Profit		 599 680 764 589 714 1,052 1,007 1,104 1,230 1,269 1,639
Total Revenue		 864 953 1,058 711 835 1,373 1,159 1,259 1,405 1,333 1,842
Operating Revenue		 864 953 1,058 711 835 1,373 1,159 1,259 1,405 1,333 1,842
Total Cost of Revenue		 265 274 294 122 121 320 152 155 175 64 204
Operating Cost of Revenue		 265 274 294 122 121 320 152 155 175 64 204
Total Operating Expenses		 413 410 424 205 180 444 167 146 151 -183 199
Selling, General & Admin Expense		 41 36 42 39 36 60 52 55 59 65 44
Marketing Expense		 212 223 227 67 63 215 59 47 49 -75 61
Research & Development Expense		 159 151 155 99 81 169 56 44 44 16 94
Total Other Income / (Expense), net		 -77 -91 -72 -67 -67 -93 -45 -74 -58 -22 -8.53
Interest Expense		 79 72 74 74 75 94 53 51 51 51 51
Other Income / (Expense), net		 1.49 -19 2.57 7.87 8.37 1.34 7.51 -22 -6.63 29 43
Income Tax Expense		 0.59 6.66 32 17 35 -84 71 112 185 180 226
Net Income / (Loss) Discontinued Operations		 - - - 8.99 1.35 - -147 48 0.00 - 0.00
Basic Earnings per Share		 $0.32 $0.48 $0.70 $0.92 $1.29 $1.77 $1.70 $2.42 $2.47 $3.25 $3.57
Weighted Average Basic Shares Outstanding		 341.44M 351.95M 335.79M 335.68M 336.93M 336.92M 339.84M 338.62M 338.53M 338.78M 337.40M
Diluted Earnings per Share		 $0.30 $0.47 $0.67 $0.89 $1.25 $1.72 $1.67 $2.39 $2.45 $3.24 $3.56
Weighted Average Diluted Shares Outstanding		 356.91M 362.59M 348.60M 347.96M 348.23M 347.81M 344.88M 342.19M 340.97M 341.97M 338.73M
Weighted Average Basic & Diluted Shares Outstanding		 335.80M 342.00M 329.01M 334.25M 335.59M 339.96M 338.39M 338.25M 337.96M 337.28M 335.94M

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 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

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 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 3/31/2026
Net Change in Cash & Equivalents		 -544 170 -66 24 107 174 -190 642 474 820 272
Net Cash From Operating Activities		 199 344 393 455 551 701 832 772 1,053 1,314 1,291
Net Cash From Continuing Operating Activities		 199 344 393 455 551 701 832 772 1,053 1,285 1,291
Net Income / (Loss) Continuing Operations		 109 172 236 310 434 599 576 820 836 1,102 1,206
Consolidated Net Income / (Loss)		 109 172 236 310 434 599 576 820 836 1,102 1,206
Depreciation Expense		 122 119 113 109 100 128 80 47 35 33 34
Non-Cash Adjustments To Reconcile Net Income		 111 138 95 99 82 137 250 -70 33 249 83
Changes in Operating Assets and Liabilities, net		 -142 -95 -51 -63 -65 -168 -75 -24 150 -98 -31
Net Cash From Investing Activities		 -16 -6.80 -32 -68 -6.40 -0.37 -23 402 -20 -0.83 -5.25
Net Cash From Continuing Investing Activities		 -16 -6.80 -32 -68 -6.40 -0.37 -23 402 -20 -0.83 -5.25
Purchase of Investments		 -0.10 - -28 -48 -0.65 - -19 - -1.50 - 0.00
Other Investing Activities, net		 -2.27 -16 -3.30 -5.27 -2.55 -66 -3.99 -23 -0.72 27 -5.25
Net Cash From Financing Activities		 -724 -171 -425 -361 -441 -523 -1,002 -537 -560 -493 -1,012
Net Cash From Continuing Financing Activities		 -724 -171 -425 -361 -441 -523 -1,002 -537 -560 -493 -1,012
Repayment of Debt		 -490 20 -674 -14 -14 -3,558 -2.11 -204 -4.32 14 -3.64
Repurchase of Common Equity		 -581 - -752 - -228 -0.63 -1,001 -272 -502 -418 -982
Issuance of Debt		 395 - 1,072 - - 3,543 200 - - - 0.00
Other Financing Activities, net		 -59 -197 -80 -366 -208 -520 -199 -71 -60 -94 -27
Effect of Exchange Rate Changes		 -2.82 3.00 -2.35 -1.06 3.92 -3.66 2.78 5.19 0.76 - -2.34
Cash Interest Paid		 66 64 71 74 75 50 2.39 97 1.47 98 1.69
Cash Income Taxes Paid		 5.94 63 3.58 29 29 5.51 5.60 95 67 28 107

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 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
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
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		 95 134 148 265 402 587
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
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

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
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 3/31/2026
Total Assets		 5,482 5,005 5,359 5,263 5,269 5,442 5,869 5,707 5,959 6,343 7,708
Total Current Assets		 1,696 1,301 1,616 1,608 1,660 1,875 2,312 2,367 2,993 3,488 4,848
Cash & Equivalents		 876 332 502 436 460 568 741 551 1,193 1,667 2,759
Accounts Receivable		 670 849 954 1,035 1,074 1,187 1,414 1,578 1,582 1,604 1,958
Prepaid Expenses		 150 119 160 136 125 120 157 238 218 217 131
Plant, Property, & Equipment, net		 115 102 173 173 169 177 161 162 130 131 115
Total Noncurrent Assets		 3,670 3,602 3,570 3,482 3,440 3,390 3,397 3,178 2,837 2,725 2,745
Long-Term Investments		 - - - - - - - - - - 289
Goodwill		 1,831 1,814 1,843 1,827 1,822 1,852 1,803 1,640 1,539 1,541 1,523
Intangible Assets		 1,494 1,387 1,293 1,198 1,102 1,024 897 855 448 422 369
Other Noncurrent Operating Assets		 346 402 434 456 516 514 696 683 850 762 565
Total Liabilities & Shareholders' Equity		 5,482 5,005 5,359 5,263 5,269 5,442 5,869 5,707 5,959 6,343 7,708
Total Liabilities		 3,965 3,909 4,103 4,502 4,455 4,504 4,779 5,131 4,792 4,869 5,344
Total Current Liabilities		 592 805 944 763 730 780 1,057 1,409 1,094 1,073 1,494
Accounts Payable		 261 281 372 390 388 428 563 595 554 516 698
Accrued Expenses		 159 182 265 256 232 240 409 541 495 511 797
Total Noncurrent Liabilities		 3,361 3,092 3,159 3,740 3,725 3,725 3,722 3,722 3,698 3,796 3,850
Long-Term Debt		 3,167 2,912 2,906 3,490 3,482 3,474 3,509 3,510 3,511 3,512 3,514
Other Noncurrent Operating Liabilities		 194 180 253 250 243 250 213 212 188 284 336
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		 1,517 1,096 1,256 760 815 938 1,090 575 1,167 1,474 2,363
Total Preferred & Common Equity		 1,517 1,096 1,256 760 815 938 1,090 575 1,167 1,474 2,363
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		 1,517 1,096 1,256 760 815 938 1,090 575 1,167 1,474 2,363
Common Stock		 2,688 2,175 2,135 1,421 1,172 993 594 475 449 428 504
Retained Earnings		 -1,094 -985 -813 -577 -267 0.00 599 174 723 1,049 1,927
Accumulated Other Comprehensive Income / (Loss)		 -77 -94 -65 -84 -91 -54 -103 -73 -5.15 -2.66 -68

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 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%

Quarterly Metrics And Ratios for AppLovin

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 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 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 337,278,000.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 337,278,000.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 3.57
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 21.20% 35.73% 47.90% 43.98% 38.64% 44.01% 40.25% 77.04% 68.23% 115.07% 58.97%
EBITDA Growth		 42.72% 296.90% 128.12% 90.67% 107.53% 99.45% 65.17% 96.17% 72.42% 94.07% 63.50%
EBIT Growth		 273.85% 2,287.60% 380.80% 172.45% 189.06% 143.26% 96.21% 138.45% 97.61% 127.10% 74.94%
NOPAT Growth		 -74.42% 1,752.90% 600.42% 238.25% 168.13% 172.56% 106.62% 129.73% 78.50% 75.28% 58.57%
Net Income Growth		 359.13% 316.61% 5,327.60% 285.74% 299.87% 247.90% 144.06% 164.39% 92.34% 83.95% 109.16%
EPS Growth		 400.00% 323.81% 6,800.00% 304.55% 316.67% 265.96% 149.25% 168.54% 96.00% 88.37% 113.17%
Operating Cash Flow Growth		 14.09% 110.78% 36.07% 97.80% 176.64% 103.79% 111.75% 69.90% 91.29% 87.41% 55.27%
Free Cash Flow Firm Growth		 164.30% 134.98% 10,084.36% -19.02% 18.19% 62.80% 128.75% 254.69% 179.72% -22.50% 140.62%
Invested Capital Growth		 -6.10% -4.58% -0.55% 0.50% -0.56% -0.46% -2.99% -9.99% -14.47% -1.33% -24.21%
Revenue Q/Q Growth		 15.21% 10.30% 11.00% 2.08% 10.94% 14.57% 8.10% -15.18% 11.62% -5.13% 38.23%
EBITDA Q/Q Growth		 16.10% 19.38% 23.15% 11.80% 26.36% 14.73% 1.90% 30.79% 12.72% 36.67% 0.17%
EBIT Q/Q Growth		 27.94% 33.37% 36.59% 16.90% 35.74% 12.24% 10.17% 39.35% 14.64% 38.09% 0.12%
NOPAT Q/Q Growth		 68.23% 40.02% 15.35% 24.49% 33.36% 42.32% -12.55% 35.21% 5.61% 43.68% -4.41%
Net Income Q/Q Growth		 35.20% 58.54% 37.13% 31.24% 40.15% 37.93% -3.80% 42.18% 1.95% 31.92% 9.38%
EPS Q/Q Growth		 36.36% 56.67% 42.55% 32.84% 40.45% 37.60% -2.91% 43.11% 2.51% 32.24% 9.88%
Operating Cash Flow Q/Q Growth		 -13.37% 72.80% 14.18% 15.72% 21.16% 27.29% 18.65% -7.15% 36.41% 24.71% -1.70%
Free Cash Flow Firm Q/Q Growth		 0.57% 1.47% -28.00% 10.22% 46.78% 39.76% 1.17% 66.73% 18.14% -9.49% 61.90%
Invested Capital Q/Q Growth		 1.29% -0.70% -0.66% 0.59% 0.22% -0.60% -3.19% -6.66% -4.78% -13.44% -1.49%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 69.33% 71.30% 72.20% 73.84% 77.50% 76.66% 81.72% 87.68% 87.56% 95.20% 88.95%
EBITDA Margin		 35.82% 38.77% 42.98% 47.08% 53.62% 53.70% 50.62% 78.05% 78.82% 113.56% 82.29%
Operating Margin		 21.56% 28.27% 32.09% 36.20% 44.64% 44.29% 44.71% 76.08% 76.80% 108.92% 78.15%
EBIT Margin		 21.73% 26.28% 32.33% 37.03% 45.31% 44.39% 45.23% 74.31% 76.32% 111.10% 80.47%
Profit (Net Income) Margin		 12.57% 18.07% 22.32% 28.70% 36.26% 43.65% 38.84% 65.11% 59.47% 82.70% 65.44%
Tax Burden Percent		 99.46% 96.28% 88.15% 95.30% 92.89% 116.32% 93.21% 92.71% 81.84% 77.10% 84.23%
Interest Burden Percent		 58.16% 71.42% 78.32% 81.33% 86.15% 84.54% 92.12% 94.50% 95.20% 96.54% 96.55%
Effective Tax Rate		 0.54% 3.72% 11.85% 4.70% 7.11% -16.32% 6.79% 12.69% 18.16% 12.60% 15.77%
Return on Invested Capital (ROIC)		 16.14% 22.52% 26.57% 35.33% 45.71% 62.75% 56.44% 102.62% 109.17% 180.38% 123.62%
ROIC Less NNEP Spread (ROIC-NNEP)		 13.12% 18.87% 24.08% 33.01% 43.54% 58.74% 55.09% 102.00% 107.18% 167.37% 123.23%
Return on Net Nonoperating Assets (RNNOA)		 22.38% 28.53% 45.83% 76.32% 123.06% 134.86% 257.72% 276.65% 212.73% 132.88% 152.02%
Return on Equity (ROE)		 38.52% 51.05% 72.40% 111.65% 168.78% 197.61% 314.15% 379.27% 321.90% 313.26% 275.64%
Cash Return on Invested Capital (CROIC)		 13.14% 19.99% 22.55% 28.32% 37.24% 49.03% 60.79% 82.75% 100.07% 126.02% 151.05%
Operating Return on Assets (OROA)		 12.19% 15.40% 20.98% 27.25% 37.21% 37.23% 42.35% 75.22% 80.99% 92.76% 73.95%
Return on Assets (ROA)		 7.05% 10.59% 14.48% 21.12% 29.77% 36.61% 36.37% 65.90% 63.10% 69.04% 60.14%
Return on Common Equity (ROCE)		 38.52% 51.05% 72.40% 111.65% 168.78% 197.61% 314.15% 379.27% 321.90% 313.26% 275.64%
Return on Equity Simple (ROE_SIMPLE)		 9.58% 0.00% 78.59% 101.50% 122.87% 0.00% 333.67% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 185 259 299 373 497 707 618 836 883 1,269 1,213
NOPAT Margin		 21.44% 27.22% 28.29% 34.50% 41.47% 51.52% 41.67% 66.43% 62.85% 95.19% 65.83%
Net Nonoperating Expense Percent (NNEP)		 3.02% 3.65% 2.49% 2.32% 2.17% 4.01% 1.35% 0.62% 1.99% 13.01% 0.40%
Return On Investment Capital (ROIC_SIMPLE)		 - 5.93% - - - 15.38% 14.43% 17.87% 17.71% 22.47% 20.63%
Cost of Revenue to Revenue		 30.67% 28.70% 27.80% 26.16% 22.50% 23.34% 18.28% 12.32% 12.44% 4.80% 11.05%
SG&A Expenses to Revenue		 4.77% 3.81% 4.01% 3.76% 3.16% 4.39% 3.67% 4.37% 4.18% 4.89% 2.39%
R&D to Revenue		 18.43% 15.82% 14.68% 15.17% 12.52% 12.35% 8.28% 3.50% 3.12% 1.18% 5.11%
Operating Expenses to Revenue		 47.77% 43.02% 40.11% 37.64% 32.85% 32.37% 37.02% 11.60% 10.76% -13.72% 10.79%
Earnings before Interest and Taxes (EBIT)		 188 250 342 400 543 609 671 935 1,072 1,481 1,483
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 310 370 455 508 643 737 751 982 1,107 1,514 1,516
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 12.68 10.65 30.58 33.60 46.51 99.72 156.54 101.50 164.90 106.68 56.80
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 1,150.27 284.74
Price to Revenue (P/Rev)		 4.58 4.08 6.41 6.92 10.17 23.08 17.54 20.85 38.87 41.55 21.78
Price to Earnings (P/E)		 133.68 37.70 39.12 33.23 37.93 68.91 46.95 48.79 85.90 68.31 33.87
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		 0.75% 2.65% 2.56% 3.01% 2.64% 1.45% 2.13% 2.05% 1.16% 1.46% 2.95%
Enterprise Value to Invested Capital (EV/IC)		 4.28 4.13 6.84 7.86 12.00 28.89 24.97 34.65 73.78 79.52 47.60
Enterprise Value to Revenue (EV/Rev)		 5.51 4.87 7.26 7.69 10.86 23.66 18.16 21.25 39.17 41.68 21.85
Enterprise Value to EBITDA (EV/EBITDA)		 19.28 13.86 18.80 18.53 23.58 47.45 35.33 38.70 68.29 52.46 27.25
Enterprise Value to EBIT (EV/EBIT)		 42.33 24.38 28.40 25.79 30.34 58.83 41.93 43.66 74.29 54.92 28.09
Enterprise Value to NOPAT (EV/NOPAT)		 60.49 26.34 31.01 27.34 32.63 59.34 42.57 45.45 80.54 63.35 33.23
Enterprise Value to Operating Cash Flow (EV/OCF)		 18.95 15.07 22.59 21.89 26.74 53.09 36.74 42.30 72.92 57.53 30.40
Enterprise Value to Free Cash Flow (EV/FCFF)		 31.52 20.17 30.25 27.82 32.14 58.79 40.45 39.68 67.98 62.68 27.17
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.85 2.48 4.64 4.32 3.74 3.22 6.45 3.01 2.38 1.65 1.49
Long-Term Debt to Equity		 2.66 2.31 4.59 4.27 3.70 3.22 6.10 3.01 2.38 1.65 1.49
Financial Leverage		 1.71 1.51 1.90 2.31 2.83 2.30 4.68 2.71 1.98 0.79 1.23
Leverage Ratio		 3.63 3.55 4.20 4.61 5.14 4.79 8.21 5.67 4.89 4.07 4.56
Compound Leverage Factor		 2.11 2.53 3.29 3.75 4.42 4.05 7.57 5.35 4.65 3.93 4.41
Debt to Total Capital		 74.05% 71.30% 82.26% 81.19% 78.91% 76.30% 86.57% 75.05% 70.44% 62.20% 59.79%
Short-Term Debt to Total Capital		 5.09% 4.91% 0.83% 0.82% 0.80% 0.00% 4.67% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 68.96% 66.39% 81.43% 80.37% 78.11% 76.30% 81.91% 75.05% 70.44% 62.20% 59.79%
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		 25.95% 28.70% 17.74% 18.81% 21.09% 23.70% 13.43% 24.95% 29.56% 37.80% 40.21%
Debt to EBITDA		 3.61 2.70 2.52 2.14 1.78 1.49 1.41 1.13 0.98 0.81 0.71
Net Debt to EBITDA		 3.23 2.27 2.21 1.86 1.49 1.18 1.20 0.74 0.51 0.17 0.09
Long-Term Debt to EBITDA		 3.36 2.52 2.49 2.12 1.76 1.49 1.33 1.13 0.98 0.81 0.71
Debt to NOPAT		 11.33 5.14 4.15 3.16 2.46 1.87 1.69 1.32 1.16 0.97 0.87
Net Debt to NOPAT		 10.13 4.31 3.64 2.75 2.06 1.47 1.44 0.87 0.61 0.20 0.12
Long-Term Debt to NOPAT		 10.55 4.78 4.11 3.13 2.43 1.87 1.60 1.32 1.16 0.97 0.87
Altman Z-Score		 2.71 2.66 4.04 4.83 7.17 15.19 12.07 16.86 32.18 28.94 17.38
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		 1.61 1.71 2.11 2.28 2.41 2.19 1.68 2.74 3.25 3.32 3.24
Quick Ratio		 1.47 1.54 1.93 2.10 2.25 2.04 1.51 2.54 3.05 3.23 3.16
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 439 445 321 353 519 725 733 1,223 1,445 1,308 2,117
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		 5.58 6.22 4.32 4.73 6.90 7.70 13.87 23.79 28.09 25.49 41.38
Operating Cash Flow to Interest Expense		 2.53 4.81 5.29 6.09 7.32 7.44 15.73 15.02 20.48 25.61 25.24
Operating Cash Flow Less CapEx to Interest Expense		 2.53 4.81 5.29 6.09 7.32 7.44 15.73 15.02 20.48 25.61 25.24
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.56 0.59 0.65 0.74 0.82 0.84 0.94 1.01 1.06 0.83 0.92
Accounts Receivable Turnover		 4.00 3.96 4.33 4.54 4.21 3.98 3.93 4.28 4.48 3.53 3.49
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		 34.95 26.07 24.87 27.80 30.73 28.21 30.69 38.04 40.62 38.81 44.59
Accounts Payable Turnover		 4.26 3.28 3.24 3.44 3.16 2.50 2.32 2.50 2.61 1.06 1.11
Days Sales Outstanding (DSO)		 91.16 92.09 84.21 80.47 86.64 91.77 92.87 85.30 81.47 103.32 104.68
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)		 85.74 111.12 112.54 106.09 115.52 146.26 157.20 145.91 139.97 343.32 329.00
Cash Conversion Cycle (CCC)		 5.42 -19.03 -28.34 -25.62 -28.88 -54.49 -64.33 -60.62 -58.50 -240.01 -224.32
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 3,902 3,875 3,849 3,872 3,881 3,857 3,734 3,485 3,319 2,873 2,830
Invested Capital Turnover		 0.75 0.83 0.94 1.02 1.10 1.22 1.35 1.54 1.74 1.89 1.88
Increase / (Decrease) in Invested Capital		 -254 -186 -21 19 -22 -18 -115 -387 -562 -39 -904
Enterprise Value (EV)		 16,693 16,000 26,333 30,438 46,579 111,442 93,238 120,781 244,891 228,459 134,703
Market Capitalization		 13,898 13,382 23,244 27,381 43,636 108,675 90,079 118,462 243,046 227,721 134,237
Book Value per Share		 $3.15 $3.74 $2.26 $2.48 $2.81 $3.25 $1.69 $3.45 $4.36 $6.32 $7.01
Tangible Book Value per Share		 ($6.05) ($5.60) ($6.75) ($6.41) ($5.80) ($4.80) ($5.65) ($2.42) ($1.45) $0.59 $1.40
Total Capital		 4,223 4,377 4,286 4,333 4,448 4,599 4,285 4,678 4,986 5,648 5,878
Total Debt		 3,127 3,121 3,525 3,518 3,510 3,509 3,710 3,511 3,512 3,513 3,514
Total Long-Term Debt		 2,912 2,906 3,490 3,482 3,474 3,509 3,510 3,511 3,512 3,513 3,514
Net Debt		 2,795 2,619 3,089 3,057 2,942 2,768 3,159 2,318 1,845 738 467
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)		 378 385 445 506 564 513 607 706 748 610 595
Debt-free Net Working Capital (DFNWC)		 710 887 881 966 1,131 1,255 1,158 1,899 2,414 3,097 3,353
Net Working Capital (NWC)		 495 672 845 931 1,096 1,255 958 1,899 2,414 3,097 3,353
Net Nonoperating Expense (NNE)		 77 87 63 63 62 108 42 17 48 167 7.18
Net Nonoperating Obligations (NNO)		 2,807 2,619 3,089 3,057 2,942 2,768 3,159 2,318 1,845 738 467
Total Depreciation and Amortization (D&A)		 122 119 113 109 100 128 80 47 35 33 34
Debt-free, Cash-free Net Working Capital to Revenue		 12.46% 11.72% 12.26% 12.79% 13.14% 10.90% 11.82% 12.43% 11.96% 11.13% 9.64%
Debt-free Net Working Capital to Revenue		 23.43% 27.02% 24.30% 24.43% 26.38% 26.64% 22.55% 33.41% 38.61% 56.51% 54.40%
Net Working Capital to Revenue		 16.34% 20.47% 23.32% 23.53% 25.55% 26.64% 18.66% 33.41% 38.61% 56.51% 54.40%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.32 $0.48 $0.70 $0.92 $1.29 $1.77 $1.70 $2.42 $2.47 $3.25 $3.57
Adjusted Weighted Average Basic Shares Outstanding		 341.44M 351.95M 335.79M 335.68M 336.93M 336.92M 339.84M 338.62M 338.53M 338.78M 337.40M
Adjusted Diluted Earnings per Share		 $0.30 $0.47 $0.67 $0.89 $1.25 $1.72 $1.67 $2.39 $2.45 $3.24 $3.56
Adjusted Weighted Average Diluted Shares Outstanding		 356.91M 362.59M 348.60M 347.96M 348.23M 347.81M 344.88M 342.19M 340.97M 341.97M 338.73M
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		 335.80M 342.00M 329.01M 334.25M 335.59M 339.96M 338.39M 338.25M 337.96M 337.28M 335.94M
Normalized Net Operating Profit after Tax (NOPAT)		 185 259 299 373 497 426 795 836 883 1,269 1,213
Normalized NOPAT Margin		 21.44% 27.22% 28.29% 34.50% 41.47% 31.00% 53.54% 66.43% 62.85% 95.19% 65.83%
Pre Tax Income Margin		 12.64% 18.77% 25.32% 30.11% 39.03% 37.52% 41.67% 70.23% 72.66% 107.25% 77.69%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 2.39 3.50 4.61 5.36 7.22 6.47 12.69 18.20 20.85 28.87 28.98
NOPAT to Interest Expense		 2.36 3.62 4.03 4.99 6.61 7.51 11.69 16.27 17.17 24.74 23.71
EBIT Less CapEx to Interest Expense		 2.39 3.50 4.61 5.36 7.22 6.47 12.69 18.20 20.85 28.87 28.98
NOPAT Less CapEx to Interest Expense		 2.36 3.62 4.03 4.99 6.61 7.51 11.69 16.27 17.17 24.74 23.71
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		 1,099.02% 323.40% 308.15% 161.27% 85.07% 62.12% 64.06% 61.80% 62.70% 65.75% 54.83%

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.
05/27/26 03:33 AM ETAI Generated. May Contain Errors.

AppLovin Financials - Frequently Asked Questions

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

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. Check out AppLovin's forecast to explore projected trends and price targets.

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

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%.

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.

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.

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%.


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Financial statements for NASDAQ:APP last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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