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AppLovin Corporation

APP

AppLovin Corporation • NASDAQ
$601.40 ▲ 2.56% (+15.03)
Market Cap $203.26 B
52w High $745.61
52w Low $200.50
Dividend Yield 0%
P/E 70.75
Volume 1.80M
Outstanding Shares 337.98M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.405B ▲ $151.183M ▲ $835.545M ▲ 59.467% ▼ $2.47 ▲ $1.107B ▲
Q2-2025 $1.259B ▼ $145.996M ▼ $819.531M ▲ 65.107% ▲ $2.42 ▲ $982.466M ▲
Q1-2025 $1.484B ▲ $549.318M ▲ $576.419M ▼ 38.842% ▼ $1.7 ▼ $751.169M ▲
Q4-2024 $1.373B ▲ $444.347M ▲ $599.204M ▲ 43.649% ▼ $1.77 ▲ $737.16M ▲
Q3-2024 $835.186M $179.968M $434.42M 52.015% $1.29 $642.301M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.667B ▲ $6.343B ▲ $4.869B ▲ $1.474B ▲
Q2-2025 $1.193B ▲ $5.959B ▲ $4.792B ▼ $1.167B ▲
Q1-2025 $551.024M ▼ $5.707B ▼ $5.131B ▲ $575.421M ▼
Q4-2024 $741.411M ▲ $5.869B ▲ $4.779B ▲ $1.09B ▲
Q3-2024 $567.596M $5.442B $4.504B $938.206M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $835.545M ▲ $1.053B ▲ $-64.009M ▼ $-560.26M ▼ $474.291M ▼ $1.053B ▲
Q2-2025 $819.531M ▲ $772.226M ▼ $445.929M ▲ $-537.377M ▲ $641.584M ▲ $772.226M ▼
Q1-2025 $576.419M ▼ $831.712M ▲ $-22.664M ▼ $-1.002B ▼ $-190.387M ▼ $831.712M ▲
Q4-2024 $599.204M ▲ $701.003M ▲ $-367K ▲ $-523.157M ▼ $173.815M ▲ $696.227M ▲
Q3-2024 $434.42M $550.702M $-6.396M $-441.075M $107.147M $547.502M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q1-2025
Advertising Segment
Advertising Segment
 $0 ▲$0 ▲$0 ▲$1.16Bn ▲
Apps
Apps
 $370.00M ▲$360.00M ▼$370.00M ▲$330.00M ▼
Software Platform
Software Platform
 $710.00M ▲$840.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement AppLovin’s income statement shows a clear turnaround story. Revenue has grown strongly over the last several years, and, more importantly, that growth is now coming through to profit. The business has moved from roughly break-even results to solid operating and net income, with healthy margins for a software platform. Profitability dipped briefly a couple of years ago but has improved sharply since, helped by scale, better ad performance from AXON, and a greater focus on higher‑margin software rather than first‑party games. Overall, the company looks like it has transitioned from a growth‑at‑any‑cost phase into a more mature, profitable model while still growing quickly.

Balance Sheet

Balance Sheet The balance sheet combines meaningful financial strength with notable leverage. Total assets are sizable and have been relatively steady, while shareholder equity has improved from negative levels a few years ago to clearly positive today, which is a sign of a healthier capital structure. On the other hand, debt remains significant relative to equity, showing that the company still relies heavily on borrowing. Cash on hand is comfortable but not excessive, especially compared with the debt load. In simple terms, the company has repaired its balance sheet and created real equity value, but it is not a zero‑debt story and remains somewhat sensitive to credit markets and interest costs.

Cash Flow

Cash Flow Cash generation is a major bright spot. Operating cash flow has grown severalfold over the period shown, and free cash flow closely matches it because the business is very light on capital spending. That means a large share of accounting profit turns into real cash, which can be used to pay down debt, invest in product, or return capital. The stability and growth of free cash flow suggest the core ad‑tech platform is both scalable and cash‑rich. The main risk is that this strength depends on continued ad demand and the performance of AXON; if either weakens, cash flow could become more volatile.

Competitive Edge

Competitive Edge AppLovin holds a strong position in mobile ad‑tech, especially in mobile gaming. Its edge comes from three main areas: its AXON AI engine, the large volume of data running through its platform, and the tight integration of tools for user acquisition, monetization, and analytics. These create high switching costs for developers who have built their businesses around AppLovin’s ecosystem. Acquisitions in measurement and ad exchange technology have further deepened its reach and data advantage. Still, it operates in a very competitive field against giants like Google and Meta, as well as specialized rivals such as Unity. Ongoing privacy changes, platform policy shifts, and aggressive competition from larger players all pose real competitive risks, even though recent performance suggests AppLovin has been gaining ground.

Innovation and R&D

Innovation and R&D Innovation is a core part of AppLovin’s identity. The AXON engine, now in its second major generation, is the centerpiece: a large‑scale AI system designed to predict which users will engage and spend, and to optimize ad campaigns accordingly. The company benefits from a virtuous cycle: more apps and ad impressions generate more data, which improves AXON, which in turn attracts more customers. A broad patent portfolio and past acquisitions support this. Looking ahead, management is investing to extend AXON beyond gaming into areas like e‑commerce and connected TV, and is building a self‑serve version of the platform aimed for global rollout in the next couple of years. The strategic move away from owning game studios toward being a pure software and ad‑tech platform should also focus R&D. The main uncertainties are execution risk in new verticals, the rapid pace of AI innovation across the industry, and regulatory scrutiny around data and targeting.

Summary

AppLovin has evolved from a fast‑growing but unevenly profitable player into a high‑margin, cash‑generative ad‑tech platform with a clear technological focus. The income statement shows strong top‑line growth translating into robust profits, while cash flow highlights the efficiency and scalability of its model. The balance sheet has improved meaningfully, though leverage is still an important consideration. Competitively, the company benefits from differentiated AI technology, an integrated platform, and high switching costs, but it operates against very powerful rivals and under shifting privacy and platform rules. Continued investment in AXON and expansion beyond gaming could extend its growth runway, yet success is not guaranteed and will depend on execution, data access, and the broader digital advertising environment. Overall, AppLovin looks like a scaled, innovative ad‑tech business with clear strengths and equally clear competitive and financial risks that observers should monitor over time.

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