AppLovin Corporation (APP)财务
NASDAQ · Technology · Software - Application · 员工887人 · CEO Adam Arash Foroughi
- 股价
- $228.50 -10.36%
- 市值
- $768亿
- 企业价值
- $772亿
- 最近财报
- Q2 '26 2026-08-05提交
- 下次财报
- 2026-11-04 EPS预期 $4.04
营收(TTM)$68.3亿+47.6% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)77.4%+13.9 百分点 对比去年同期营业利润 $52.9亿
净利润(TTM)$44.1亿+81.5% 对比去年同期税后,含营业外收益
自由现金流(TTM)$45亿+58.0% 对比去年同期资本支出 $2830万
稀释EPS(TTM)$13.01+84.8% 对比去年同期最近4个季度之和
净现金-$4.62亿+80.1% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $768亿 EV $772亿
- 营收
- $68.3亿 过去12个月
- 营收增速
- +48% FY2026年一致预期
- 净利润率
- 64.6% 净利润 / 营收,TTM
- P/E
- 17.5× 预期 14.5×(FY2026)
- P/S
- 11.2× 股价 / 营收,TTM
- EV / EBITDA
- 13.9× TTM
- 自由现金流
- $45亿 过去12个月
- 净利润
- $44.1亿 过去12个月
- 营收预期
- $81.1亿 FY2026年一致预期
- 盈利
- 2026-11-04 营收预期 $20.8亿
- 股息
- – 无股息
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-08-05):营收低于预期0.9%,EPS 符合预期营收$19.2亿,预期$19.4亿(-0.9%);EPS $3.76,预期$3.76(0.0%)。
- 营收增长放缓:同比52.8%Q2 '26营收$19.2亿,此前四个季度的平均值为56.3%。
- 营业利润率77.4%(TTM),较去年同期+13.9 百分点营收增长47.6%,营业利润增长79.9%。
- 资本支出占营收的0.4%(去年为0.2%)最近4个季度投入$2830万(同比+255.0%)。自由现金流$45亿,相当于净利润的102.0%。
- 股东回报$24.5亿 = 自由现金流的54.5%回购$24.5亿(去年为$15亿),股息$0,股权激励$2.82亿(TTM)。
- 稀释股数一年内减少1.3%Q2 '26稀释股数3.38亿,一年前为3.42亿。
- 净债务 $4.62亿现金 + 短期投资 $30.5亿,含租赁债务 $35.2亿;一年前净债务 $23.2亿。
上一季度:Q2 '26
截至2026-06-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q2 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $19.2亿 | $12.6亿 | +52.8% |
| 毛利率 | 88.3% | 87.7% | +0.6 百分点 |
| 营业利润 | $14.9亿 | $9.58亿 | +56.0% |
| 营业利润率 | 77.7% | 76.1% | +1.6 百分点 |
| 净利润 | $12.7亿 | $8.2亿 | +54.5% |
| 稀释EPS | $3.76 | $2.39 | +57.3% |
| 经营现金流 | $8.69亿 | $7.72亿 | +12.5% |
| 资本支出 | $0 | $0 | – |
| 自由现金流 | $8.69亿 | $7.72亿 | +12.5% |
| R&D | $9990万 | $4400万 | +126.9% |
| 股权激励费用 | $8560万 | $3570万 | +139.5% |
实际 vs 一致预期
2026-08-05| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $19.2亿 | $19.4亿 | -0.9% |
| EPS(一致预期口径) | $3.76 | $3.76 | 0.0% |
来自2026-08-05发布的Q2 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q2 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Reportable Segment | $19.2亿 | +52.8% | 100.0% | $68.3亿 | – |
按地区划分的营收
占总额比例| 分部 | Q2 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| United States | $9.9亿 | +50.3% | 51.4% | $32.4亿 | +11.7% | |
| Non-US | $9.34亿 | – | 48.6% | – | – | |
| Rest Of The World | – | – | – | – | – |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $45.3亿
- 资本支出
- -$2830万
- 股票回购
- -$24.5亿
- 股息
- $0
- 收购
- -$4.25亿
- 债务净发行
- -$2.21亿
- 股权激励费用
- $2.82亿
- 自由现金流
- $45亿
- 股东回报 / FCF
- 54.5%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 17.5× | 285.7× 5年中的4年 | 39.5× – 965.8× |
| EV / EBITDA | 13.9× | 36.1× | 11.9× – 55.9× |
| EV / 营收 | 11.3× | 19.9× | 2.2× – 41.8× |
| 股价 / FCF | 17.1× | 43.5× | 9.5× – 84.9× |
| 股价 / 净资产 | 24.3× | 46.9× | 2.1× – 106.9× |
| FCF收益率 | 5.9% | 4.6% | 1.2% – 10.5% |
| 投入资本回报率 | 63.8% | 23.2% | -0.8% – 60.7% |
| 净资产收益率 | 193.1% | 64.2% | -10.1% – 156.2% |
分析师
一致目标价 $490.00 (+114.4%)
区间 $325.00 – $775.00 · 评级 Buy
强烈买入0
买入21
持有5
卖出1
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $81.1亿 | +47.9% | $15.71 | +61.1% | 14.5× | 20 |
| FY2027 | $101亿 | +24.9% | $19.72 | +25.6% | 11.6× | 21 |
| FY2028 | $122亿 | +20.5% | $24.43 | +23.9% | 9.4× | 15 |
| FY2029 | $135亿 | +10.6% | $25.78 | +5.5% | 8.9× | 9 |
| FY2030 | $152亿 | +12.6% | $29.78 | +15.5% | 7.7× | 6 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
AppLovin Corporation在近期10-Q / 10-K文件中标记的全部255项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $7.79亿 | $5.54亿 | +40.7% | $7.47亿 | $5.04亿 | +48.1% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $21.7亿 | $15.8亿 | +37.3% | $18.2亿 | $12.8亿 | +41.8% |
| Accrued Liabilities, Current | $4.75亿 | $4.95亿 | -4.1% | $5.73亿 | $4.02亿 | +42.7% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$7380万 | -$515万 | -1,333.4% | -$4700万 | -$1.03亿 | +54.4% |
| Additional Paid in Capital | $5.75亿 | $4.49亿 | +28.1% | $4.47亿 | $5.94亿 | -24.8% |
| Amortization of Debt Issuance Costs and Discounts | – | – | – | $518万 | $546万 | -5.2% |
| Amortization of Intangible Assets | $2560万 | $2340万 | +9.6% | $9740万 | $9280万 | +4.9% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | -2.6万 | 3.1万 | -183.9% | 1.1万 | 13.7万 | -92.0% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $8560万 | $3570万 | +139.5% | $2.1亿 | $3.69亿 | -43.0% |
| Assets | $82.7亿 | $59.6亿 | +38.8% | $72.6亿 | $58.7亿 | +23.7% |
| Assets, Current | $53.9亿 | $29.9亿 | +80.2% | $44.3亿 | $23.1亿 | +91.6% |
| Cash and Cash Equivalents, at Carrying Value | $30.5亿 | $11.9亿 | +156.0% | $24.9亿 | $6.97亿 | +256.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $30.5亿 | $11.9亿 | +156.0% | $24.9亿 | $6.97亿 | +256.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | – | – | – | $7.41亿2024-12-31 | $5.02亿 | +47.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $2.95亿 | $6.42亿 | -54.1% | $17.5亿 | $2.39亿 | +629.6% |
| CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffectContinuingOperations | $2.95亿 | $6.5亿 | -54.7% | $17.9亿 | $2.39亿 | +648.2% |
| CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffectDisposalGroupIncludingDiscontinuedOperations | $0 | -$851万 | +100.0% | -$4440万 | $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 | 18.5亿 | 18.5亿 | 0.0% | 18.5亿 | 18.5亿 | 0.0% |
| Common Stock, Shares, Issued | 3.35亿 | 3.39亿 | -1.0% | 3.38亿 | 3.4亿 | -0.5% |
| Common Stock, Shares, Outstanding | 3.35亿 | 3.39亿 | -1.0% | 3.38亿 | 3.4亿 | -0.5% |
| Common Stock, Value, Issued | $1.1万 | $1.1万 | 0.0% | $1.1万 | $1.1万 | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $12.6亿 | $8.88亿 | +42.0% | $33.9亿 | $15.4亿 | +119.8% |
| Contract with Customer, Liability, Current | $4570万2025-09-30 | $7590万 | -39.7% | $6980万2024-12-31 | $7860万 | -11.1% |
| Contract with Customer, Liability, Revenue Recognized | $930万2025-09-30 | $740万 | +25.7% | $7800万2024-12-31 | $6360万 | +22.6% |
| Cost of Revenue | $2.26亿 | $1.55亿 | +45.6% | $6.65亿 | $5.21亿 | +27.8% |
| Costs and Expenses | $4.29亿 | $3.01亿 | +42.6% | $13.3亿 | $13.1亿 | +1.2% |
| Current Federal Tax Expense (Benefit) | – | – | – | $2.39亿 | $2170万 | +1,003.9% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $2.6亿 | $1.57亿 | +65.6% |
| Current Income Tax Expense (Benefit) | – | – | – | $5.26亿 | $1.88亿 | +179.3% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $2720万 | $981万 | +177.1% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $3700万2025-12-31 | $4100万 | -9.8% | $3700万 | $4100万 | -9.8% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$1360万 | -$1.34亿 | +89.9% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $684万 | -$2290万 | +129.9% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$632万 | -$1.66亿 | +96.2% |
| Deferred Revenue, Current | $4770万2025-12-31 | $3710万 | +28.7% | $4770万 | $3710万 | +28.7% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $40.7万 | -$888万 | +104.6% |
| Deferred Tax Assets, Capital Loss Carryforwards | $2.22亿2025-12-31 | $1810万 | +1,130.6% | $2.22亿 | $1810万 | +1,130.6% |
| Deferred Tax Assets, in Process Research and Development | $2.5亿2025-12-31 | $2.6亿 | -3.8% | $2.5亿 | $2.6亿 | -3.8% |
| Deferred Tax Assets, Net | $2.52亿2025-12-31 | $3.03亿 | -16.7% | $2.52亿 | $3.03亿 | -16.7% |
| Deferred Tax Assets, Net of Valuation Allowance | $3.72亿2025-12-31 | $3.77亿 | -1.3% | $3.72亿 | $3.77亿 | -1.3% |
| Deferred Tax Assets, Operating Loss Carryforwards | $2570万2025-12-31 | $3840万 | -32.9% | $2570万 | $3840万 | -32.9% |
| Deferred Tax Assets, Other Comprehensive Loss | – | – | – | $3780万2024-12-31 | – | – |
| Deferred Tax Assets, Tax Credit Carryforwards | $1.03亿2025-12-31 | $9930万 | +4.1% | $1.03亿 | $9930万 | +4.1% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $2680万2025-12-31 | $1010万 | +166.8% | $2680万 | $1010万 | +166.8% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $2050万2025-12-31 | $1200万 | +71.4% | $2050万 | $1200万 | +71.4% |
| Deferred Tax Assets, Valuation Allowance | $2.91亿2025-12-31 | $7570万 | +285.0% | $2.91亿 | $7570万 | +285.0% |
| Deferred Tax Liabilities, Gross | $1.2亿2025-12-31 | $7430万 | +61.4% | $1.2亿 | $7430万 | +61.4% |
| Deferred Tax Liabilities, Other | $337万2025-12-31 | $503万 | -32.9% | $337万 | $503万 | -32.9% |
| Deferred Tax Liabilities, Other Comprehensive Income | $689万2025-12-31 | – | – | $689万 | – | – |
| Depreciation | – | – | – | $2570万 | $2930万 | -12.3% |
| Depreciation, Depletion and Amortization | $3260万 | $4710万 | -30.8% | $1.95亿 | $4.49亿 | -56.6% |
| Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $02025-12-31 | $0 | – | $1.06亿 | $0 | – |
| Disposal Group, Including Discontinued Operation, Assets, Current | $02025-12-31 | $1.91亿 | -100.0% | $0 | $1.91亿 | -100.0% |
| Disposal Group, Including Discontinued Operation, Assets, Noncurrent | $02025-12-31 | $9.37亿 | -100.0% | $0 | $9.37亿 | -100.0% |
| Disposal Group, Including Discontinued Operation, Liabilities, Current | $02025-12-31 | $1.37亿 | -100.0% | $0 | $1.37亿 | -100.0% |
| Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | $02025-12-31 | $141万 | -100.0% | $0 | $141万 | -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 | $75.7万2025-09-30 | $392万 | -80.7% | -$315万2024-12-31 | $77.8万 | -505.4% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 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
数据截至 2026-11-01