AppLovin Corporation (APP) financials

NASDAQ · Technology · Software - Application · 887 employees · CEO Adam Arash Foroughi

Price: $228.50 -10.36%
Market cap: $76.8B
Enterprise value: $77.2B
Last report: Q2 '26 filed 2026-08-05
Next report: 2026-11-04 EPS est. $4.04

Revenue (TTM)$6.83B+47.6% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)77.4%+13.9 pp vs a year agoOperating income $5.29B

Net income (TTM)$4.41B+81.5% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$4.5B+58.0% vs a year agoCapex $28.3M

Diluted EPS (TTM)$13.01+84.8% vs a year agoSum of the last 4 quarters

Net cash-$462M+80.1% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $76.8B
Revenue: $6.83B
Revenue growth: +48%
Profit margin: 64.6%
P/E: 17.5×
P/S: 11.2×
EV / EBITDA: 13.9×
Free cash flow: $4.5B
Net income: $4.41B
Revenue estimate: $8.11B
Earnings: 2026-11-04
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-05): revenue missed by 0.9%, EPS in lineRevenue $1.92B vs $1.94B expected (-0.9%); EPS $3.76 vs $3.76 (0.0%).
Revenue growth slowing: 52.8% year on yearQ2 '26 revenue $1.92B, against an average of 56.3% over the four quarters before.
Operating margin 77.4% (TTM), +13.9 pp on a year agoOperating income grew 79.9% while revenue grew 47.6%.
Capex 0.4% of revenue (a year ago 0.2%)$28.3M invested in the last 4 quarters (+255.0% on a year earlier). Free cash flow $4.5B = 102.0% of net income.
Returned $2.45B to shareholders = 54.5% of free cash flowBuybacks $2.45B (a year earlier $1.5B), dividends $0, stock-based pay $282M (TTM).
Diluted share count down 1.3% in a year338M diluted shares in Q2 '26, 342M a year earlier.
Net debt $462MCash + short-term investments $3.05B, debt incl. leases $3.52B; a year ago net debt $2.32B.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	$1.92B	$1.26B	+52.8%
Gross margin	88.3%	87.7%	+0.6 pp
Operating income	$1.49B	$958M	+56.0%
Operating margin	77.7%	76.1%	+1.6 pp
Net income	$1.27B	$820M	+54.5%
Diluted EPS	$3.76	$2.39	+57.3%
Operating cash flow	$869M	$772M	+12.5%
Capex	$0	$0	–
Free cash flow	$869M	$772M	+12.5%
R&D	$99.9M	$44M	+126.9%
Stock-based compensation	$85.6M	$35.7M	+139.5%

Reported vs consensus

2026-08-05

	Actual	Consensus	vs consensus
Revenue	$1.92B	$1.94B	-0.9%
EPS (as estimated)	$3.76	$3.76	0.0%

From the report of 2026-08-05 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y	12 quarters
Reportable Segment	$1.92B	+52.8%	100.0%	$6.83B	–

Revenue by region

share of total

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
United States	$990M	+50.3%	51.4%	$3.24B	+11.7%
Non-US	$934M	–	48.6%	–	–
Rest Of The World	–	–	–	–	–

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $4.53B
Capex: -$28.3M
Buybacks: -$2.45B
Dividends: $0
Acquisitions: -$425M
Net debt issued: -$221M
Stock-based compensation: $282M
Free cash flow: $4.5B
Returned to shareholders / FCF: 54.5%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	17.5×	285.7× 4 of 5 years	39.5× – 965.8×
EV / EBITDA	13.9×	36.1×	11.9× – 55.9×
EV / Sales	11.3×	19.9×	2.2× – 41.8×
Price / FCF	17.1×	43.5×	9.5× – 84.9×
Price / Book	24.3×	46.9×	2.1× – 106.9×
FCF yield	5.9%	4.6%	1.2% – 10.5%
Return on invested capital	63.8%	23.2%	-0.8% – 60.7%
Return on equity	193.1%	64.2%	-10.1% – 156.2%

Analysts

Consensus target $490.00 (+114.4%)
range $325.00 – $775.00 · rating Buy

Strong buy0

Buy21

Hold5

Sell1

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$8.11B	+47.9%	$15.71	+61.1%	14.5×	20
FY2027	$10.1B	+24.9%	$19.72	+25.6%	11.6×	21
FY2028	$12.2B	+20.5%	$24.43	+23.9%	9.4×	15
FY2029	$13.5B	+10.6%	$25.78	+5.5%	8.9×	9
FY2030	$15.2B	+12.6%	$29.78	+15.5%	7.7×	6

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 255 figures AppLovin Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$779M	$554M	+40.7%	$747M	$504M	+48.1%
Accounts Receivable, after Allowance for Credit Loss, Current	$2.17B	$1.58B	+37.3%	$1.82B	$1.28B	+41.8%
Accrued Liabilities, Current	$475M	$495M	-4.1%	$573M	$402M	+42.7%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$73.8M	-$5.15M	-1,333.4%	-$47M	-$103M	+54.4%
Additional Paid in Capital	$575M	$449M	+28.1%	$447M	$594M	-24.8%
Amortization of Debt Issuance Costs and Discounts	–	–	–	$5.18M	$5.46M	-5.2%
Amortization of Intangible Assets	$25.6M	$23.4M	+9.6%	$97.4M	$92.8M	+4.9%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	-26K	31K	-183.9%	11K	137K	-92.0%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$85.6M	$35.7M	+139.5%	$210M	$369M	-43.0%
Assets	$8.27B	$5.96B	+38.8%	$7.26B	$5.87B	+23.7%
Assets, Current	$5.39B	$2.99B	+80.2%	$4.43B	$2.31B	+91.6%
Cash and Cash Equivalents, at Carrying Value	$3.05B	$1.19B	+156.0%	$2.49B	$697M	+256.8%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$3.05B	$1.19B	+156.0%	$2.49B	$697M	+256.8%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	–	–	–	$741M2024-12-31	$502M	+47.6%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$295M	$642M	-54.1%	$1.75B	$239M	+629.6%
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffectContinuingOperations	$295M	$650M	-54.7%	$1.79B	$239M	+648.2%
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffectDisposalGroupIncludingDiscontinuedOperations	$0	-$8.51M	+100.0%	-$44.4M	$0	–
Common Stock, Par or Stated Value Per Share	$0.00	$0.00	0.0%	$0.00	$0.00	0.0%
Common Stock, Shares Authorized	1.85B	1.85B	0.0%	1.85B	1.85B	0.0%
Common Stock, Shares, Issued	335M	339M	-1.0%	338M	340M	-0.5%
Common Stock, Shares, Outstanding	335M	339M	-1.0%	338M	340M	-0.5%
Common Stock, Value, Issued	$11K	$11K	0.0%	$11K	$11K	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$1.26B	$888M	+42.0%	$3.39B	$1.54B	+119.8%
Contract with Customer, Liability, Current	$45.7M2025-09-30	$75.9M	-39.7%	$69.8M2024-12-31	$78.6M	-11.1%
Contract with Customer, Liability, Revenue Recognized	$9.3M2025-09-30	$7.4M	+25.7%	$78M2024-12-31	$63.6M	+22.6%
Cost of Revenue	$226M	$155M	+45.6%	$665M	$521M	+27.8%
Costs and Expenses	$429M	$301M	+42.6%	$1.33B	$1.31B	+1.2%
Current Federal Tax Expense (Benefit)	–	–	–	$239M	$21.7M	+1,003.9%
Current Foreign Tax Expense (Benefit)	–	–	–	$260M	$157M	+65.6%
Current Income Tax Expense (Benefit)	–	–	–	$526M	$188M	+179.3%
Current State and Local Tax Expense (Benefit)	–	–	–	$27.2M	$9.81M	+177.1%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$37M2025-12-31	$41M	-9.8%	$37M	$41M	-9.8%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	-$13.6M	-$134M	+89.9%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	$6.84M	-$22.9M	+129.9%
Deferred Income Tax Expense (Benefit)	–	–	–	-$6.32M	-$166M	+96.2%
Deferred Revenue, Current	$47.7M2025-12-31	$37.1M	+28.7%	$47.7M	$37.1M	+28.7%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	$407K	-$8.88M	+104.6%
Deferred Tax Assets, Capital Loss Carryforwards	$222M2025-12-31	$18.1M	+1,130.6%	$222M	$18.1M	+1,130.6%
Deferred Tax Assets, in Process Research and Development	$250M2025-12-31	$260M	-3.8%	$250M	$260M	-3.8%
Deferred Tax Assets, Net	$252M2025-12-31	$303M	-16.7%	$252M	$303M	-16.7%
Deferred Tax Assets, Net of Valuation Allowance	$372M2025-12-31	$377M	-1.3%	$372M	$377M	-1.3%
Deferred Tax Assets, Operating Loss Carryforwards	$25.7M2025-12-31	$38.4M	-32.9%	$25.7M	$38.4M	-32.9%
Deferred Tax Assets, Other Comprehensive Loss	–	–	–	$37.8M2024-12-31	–	–
Deferred Tax Assets, Tax Credit Carryforwards	$103M2025-12-31	$99.3M	+4.1%	$103M	$99.3M	+4.1%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	$26.8M2025-12-31	$10.1M	+166.8%	$26.8M	$10.1M	+166.8%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities	$20.5M2025-12-31	$12M	+71.4%	$20.5M	$12M	+71.4%
Deferred Tax Assets, Valuation Allowance	$291M2025-12-31	$75.7M	+285.0%	$291M	$75.7M	+285.0%
Deferred Tax Liabilities, Gross	$120M2025-12-31	$74.3M	+61.4%	$120M	$74.3M	+61.4%
Deferred Tax Liabilities, Other	$3.37M2025-12-31	$5.03M	-32.9%	$3.37M	$5.03M	-32.9%
Deferred Tax Liabilities, Other Comprehensive Income	$6.89M2025-12-31	–	–	$6.89M	–	–
Depreciation	–	–	–	$25.7M	$29.3M	-12.3%
Depreciation, Depletion and Amortization	$32.6M	$47.1M	-30.8%	$195M	$449M	-56.6%
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax	$02025-12-31	$0	–	$106M	$0	–
Disposal Group, Including Discontinued Operation, Assets, Current	$02025-12-31	$191M	-100.0%	$0	$191M	-100.0%
Disposal Group, Including Discontinued Operation, Assets, Noncurrent	$02025-12-31	$937M	-100.0%	$0	$937M	-100.0%
Disposal Group, Including Discontinued Operation, Liabilities, Current	$02025-12-31	$137M	-100.0%	$0	$137M	-100.0%
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent	$02025-12-31	$1.41M	-100.0%	$0	$1.41M	-100.0%
Earnings Per Share, Basic	$3.77	$2.42	+55.8%	$9.84	$4.68	+110.3%
Earnings Per Share, Diluted	$3.76	$2.39	+57.3%	$9.75	$4.53	+115.2%
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$757K2025-09-30	$3.92M	-80.7%	-$3.15M2024-12-31	$778K	-505.4%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30

Data as of 2026-11-01