AppLovin
APP Nasdaq Advertising Financials FY2019–FY2025
AppLovin's revenue rose 70.0% to $5.5 billion in fiscal 2025. Its operating margin was 75.8%, up from 59.3% a year earlier. It paid out $2.2 billion in dividends and buybacks. The diluted share count fell 1.7%.
About these figures. AppLovin's 2025 cash flow statement includes its very small capital spending (under US$1 million) in other investing activities, so capital spending and free cash flow are blank for 2025.
What AppLovin does
AppLovin sells advertising software that helps companies find users for their mobile apps and helps app makers earn money from the ads shown in them. Its customers are advertisers, mostly app developers who want more users, and publishers, mainly makers of mobile games who sell ad space inside their apps.
Its main product is Axon Ads Manager, which uses an AI recommendation engine to match advertiser demand with publisher ad space in auctions that run in fractions of a second. Advertisers set a target return on their ad spend and are charged based on those goals, not a fixed price per view or click. Axon Ads Manager brings in substantially all of the company's revenue. Other products are MAX, which runs auctions for publishers' ad space, Adjust, a service that measures and analyzes app marketing, and Wurl, a platform for streaming video and ads on connected TV.
On June 30, 2025, AppLovin completed the sale of its Apps business, which made mobile games. It says it generally does not have long-term agreements with its clients, and that its revenue has been concentrated in the mobile app ecosystem.
- Legal name
- AppLovin Corporation
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 19, 2026
- Accession · CIK
- 0001751008-26-000010
0001751008
Revenue and margins
AppLovin had $5.5B of revenue in fiscal 2025, up 70.0% on the year before.
Net income and earnings per share
From fiscal 2019 to 2025, diluted EPS grew 73.3% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
AppLovin returned $2.2B to shareholders in fiscal 2025. The diluted share count fell 1.7%.
Value AppLovin yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$1.1B and divides by 342.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 20.0x · peers 27.2x · sector 17.1x.
Balance sheet
Cash, debt and the ratios that show how comfortably AppLovin can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.5B | $1.1B | $502M | $697M | $2.5B |
| Debt incl. finance leases | $3.3B | $3.3B | $3.5B | $3.7B | $3.6B |
| Net debt / EBITDA | 3.1x | 4.5x | 2.4x | 1.3x | 0.3x |
| Debt / equity | 1.5x | 1.7x | 2.8x | 3.4x | 1.7x |
| Interest coverage | 1.5x | −0.3x | 2.7x | 6.2x | 20.7x |
| Current ratio | 5.1x | 3.4x | 1.7x | 2.2x | 3.3x |
| Quick ratio | 5.1x | 3.4x | 1.7x | 2.2x | 3.3x |
| Total assets | $6.2B | $5.8B | $5.4B | $5.9B | $7.3B |
| Total liabilities | $4.0B | $3.9B | $4.1B | $4.8B | $5.1B |
| Shareholders' equity | $2.1B | $1.9B | $1.3B | $1.1B | $2.1B |
| Net debt (− = net cash) | $1.8B | $2.2B | $3.0B | $3.0B | $1.1B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$196M
6 insiders
Of sales under plans
68%
$133M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jul 6, 2026 | Maynard G Webb JrDirector | Sold plan | 3,076 | $521.29 | $1.6M | Form 4 |
| Jun 16, 2026 | Eduardo VivasDirector | Sold plan | 163,910 | $504.06 | $82.6M | Form 4 |
| Jun 12, 2026 | Arash Adam ForoughiCEO, Director, 10% owner | Sold | 19,123 | $482.02 | $9.2M | Form 4 |
| Jun 12, 2026 | Arash Adam ForoughiCEO, Director, 10% owner | Sold | 22,544 | $494.98 | $11.2M | Form 4 |
| Jun 11, 2026 | Arash Adam ForoughiCEO, Director, 10% owner | Sold | 8,624 | $476.30 | $4.1M | Form 4 |
| Jun 11, 2026 | Arash Adam ForoughiCEO, Director, 10% owner | Sold | 33,042 | $486.95 | $16.1M | Form 4 |
| Jun 10, 2026 | Arash Adam ForoughiCEO, Director, 10% owner | Sold | 20,833 | $503.91 | $10.5M | Form 4 |
| Jun 5, 2026 | Maynard G Webb JrDirector | Sold plan | 3,076 | $582.04 | $1.8M | Form 4 |
| Jun 4, 2026 | Victoria ValenzuelaCALO & Corp. Secretary | Sold | 20,000 | $565.89 | $11.3M | Form 4 |
| May 28, 2026 | Matthew StumpfChief Financial Officer (CFO) | Sold plan | 9,052 | $600.00 | $5.4M | Form 4 |
| May 22, 2026 | Vasily ShikinChief Technology Officer | Sold plan | 70,916 | $484.33 | $34.3M | Form 4 |
| May 22, 2026 | Vasily ShikinChief Technology Officer | Sold plan | 15,915 | $483.99 | $7.7M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✕ | ✓ |
| Current ratio rose | ✕ | ✓ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | ✕ | ✓ | ✓ |
| F-score | 6 / 9 | 8 / 9 | 9 / 9 |
| Accruals ratio | −12.6% | −9.3% | −9.7% |
| Altman Z'' | 1.62 | 4.16 | 7.86 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| AppLovin APP | $87.7B | 70.0% | 75.8% | — | 98.2% | 20.0x | 9 | |
| The Trade Desk TTD | $6.1B | 18.5% | 20.4% | 27.5% | — | 15.7x | — | Compare → |
| Omnicom Group OMC | $22.8B | 10.1% | 2.6% | 16.1% | 2.0% | 80.3x | 3 | Compare → |
| Ziff Davis ZD | $2.1B | 3.5% | 12.6% | 19.8% | 6.0% | 3.3x | 6 | Compare → |
| DoubleVerify DV | $2.1B | 13.9% | 10.6% | 23.1% | — | 38.7x | — | Compare → |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $994M | $1.5B | $2.8B | $2.8B | $1.8B | $3.2B | $5.5B |
| Gross profit | $753M | $896M | $1.8B | $1.6B | $1.5B | $2.7B | $4.8B |
| Research and development | $45.0M | $181M | $366M | $508M | $334M | $375M | $227M |
| Operating income | $194M | −$62.0M | $150M | −$47.8M | $772M | $1.9B | $4.2B |
| Interest expense | $74.0M | $77.9M | $103M | $172M | $282M | $308M | $201M |
| Pretax income | $126M | −$136M | $46.3M | −$205M | $502M | $1.6B | $4.0B |
| Income tax | $7.2M | −$9.8M | $11.0M | −$12.2M | $43.8M | $22.4M | $520M |
| Net income | $119M | −$125M | $35.4M | −$193M | $357M | $1.6B | $3.3B |
| Diluted EPS | $0.36 | −$0.58 | $0.09 | −$0.52 | $0.98 | $4.53 | $9.75 |
| Diluted shares | 0.21B | 0.21B | 0.34B | 0.37B | 0.36B | 0.35B | 0.34B |
| Cash flow | |||||||
| Cash from operations | $199M | $223M | $362M | $413M | $1.1B | $2.1B | $4.0B |
| Capital expenditure | $3.4M | $3.2M | $1.4M | $0.7M | $4.2M | $4.8M | — |
| Free cash flow | $195M | $220M | $360M | $412M | $1.1B | $2.1B | — |
| Depreciation and amortization | $92.8M | $255M | $431M | $547M | $489M | $449M | $195M |
| Stock-based compensation | $10.2M | $62.4M | $133M | $192M | $363M | $369M | $210M |
| Acquisitions | $404M | $675M | $1.2B | $1.3B | $63.9M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $1.8M | $0.0M | $339M | $1.2B | $981M | $2.2B |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $1.8M | $0.0M | $339M | $1.2B | $981M | $2.2B |
| Balance sheet | |||||||
| Cash and short-term investments | $396M | $317M | $1.5B | $1.1B | $502M | $697M | $2.5B |
| Total debt | — | $1.6B | $3.3B | $3.2B | $3.3B | $3.5B | $3.5B |
| Finance lease liabilities | $0.0M | $5.2M | $46.1M | $67.0M | $164M | $156M | $123M |
| Current assets | — | $663M | $3.2B | $1.9B | $1.6B | $2.3B | $4.4B |
| Current liabilities | — | $598M | $640M | $579M | $944M | $1.1B | $1.3B |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | — | $28.6M | $63.6M | $78.5M | $173M | $160M | $122M |
| Total assets | — | $2.2B | $6.2B | $5.8B | $5.4B | $5.9B | $7.3B |
| Total liabilities | — | $2.3B | $4.0B | $3.9B | $4.1B | $4.8B | $5.1B |
| Shareholders' equity | −$257M | −$159M | $2.1B | $1.9B | $1.3B | $1.1B | $2.1B |
| Margins | |||||||
| Gross margin | 75.7% | 61.7% | 64.6% | 55.4% | 80.6% | 83.9% | 87.9% |
| Operating margin | 19.6% | −4.3% | 5.4% | −1.7% | 41.9% | 59.3% | 75.8% |
| EBITDA margin | 28.9% | 13.3% | 20.8% | 17.7% | 68.5% | 73.2% | 79.3% |
| Net margin | 12.0% | −8.6% | 1.3% | −6.8% | 19.4% | 49.0% | 60.8% |
| FCF margin | 19.6% | 15.1% | 12.9% | 14.6% | 57.4% | 65.0% | — |
| Returns | |||||||
| Return on capital | — | — | 4.5% | −0.9% | 16.8% | 45.3% | 98.2% |
| Return on capital employed | — | — | 4.2% | −0.9% | 16.0% | 41.4% | 77.3% |
| Return on equity | — | — | 3.6% | −9.5% | 22.6% | 134.7% | 206.8% |
| Return on assets | — | — | 0.9% | −3.2% | 6.4% | 28.1% | 50.8% |
| Growth | |||||||
| Revenue growth | — | 46.0% | 92.5% | 0.9% | −34.6% | 75.1% | 70.0% |
| Net income growth | — | −205.2% | — | −643.8% | — | 342.9% | 111.0% |
| EPS growth | — | −261.1% | — | −677.8% | — | 362.2% | 115.2% |
| FCF growth | — | 12.6% | 64.1% | 14.3% | 156.6% | 98.1% | — |
| Share count change | — | 1.2% | 59.5% | 8.4% | −2.4% | −4.1% | −1.7% |
| Financial health | |||||||
| Net debt / EBITDA | — | 6.7x | 3.1x | 4.5x | 2.4x | 1.3x | 0.3x |
| Debt / equity | — | — | 1.5x | 1.7x | 2.8x | 3.4x | 1.7x |
| Interest coverage | 2.6x | −0.8x | 1.5x | −0.3x | 2.7x | 6.2x | 20.7x |
| Current ratio | — | 1.1x | 5.1x | 3.4x | 1.7x | 2.2x | 3.3x |
| Quick ratio | — | 1.1x | 5.1x | 3.4x | 1.7x | 2.2x | 3.3x |
| Capital allocation | |||||||
| Capex / revenue | 0.3% | 0.2% | 0.1% | 0.0% | 0.2% | 0.2% | — |
| Stock comp / revenue | 1.0% | 4.3% | 4.8% | 6.8% | 19.7% | 11.5% | 3.8% |
| Payouts / FCF | 0.0% | 0.8% | 0.0% | 82.2% | 109.1% | 46.9% | — |
| Quality scores | |||||||
| Piotroski F-score | — | — | — | 3.0 | 6.0 | 8.0 | 9.0 |
| Altman Z'' | — | −1.6 | 3.0 | 1.3 | 1.6 | 4.2 | 7.9 |
| Accruals ratio | — | — | −7.9% | −10.1% | −12.6% | −9.3% | −9.7% |
Source: SEC EDGAR XBRL filings (CIK 0001751008). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.