FirmAtlas
Company handbook · APP · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
APP · CIK 1751008 · LATEST FILING: 10-Q JUN '26 · FILED AUG 5, 2026
AppLovin Corporation
$266.13
−13.16 (−4.71%)
Close, Oct 16, 2026 · 52-week $261–738
Last fiscal year
AppLovin Corporation reported revenue of $5.5B for the year ended Dec 31, 2025 (FY25), up 70.0% from FY24. Net income was $3.3B and operating cash flow $4.0B. Source: 10-K filed Feb 19, 2026.
Market cap
$90.0B
P/E
20.4
EV/EBITDA
21.0x
P/B
28.5
ROIC
101.9%
Revenue 1Y
70.0%/yr
EPS 1Y
115.2%/yr
Shares 1Y
−0.5%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOAdam Foroughi
HQPalo Alto, CA
AuditorDeloitte & Touche LLP
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
—
23.7%
89.9%
−56.1%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$3.2B deployed
Capex
$5M
0.2%
Buybacks
$3.2B
99.8%
Operating cash flow over the period: $6.1B. Total debt changed by +$21M. R&D of $601M is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
3,224
5,481+70.0%
6,829
YoY
+70.0%
Gross profit
2,703
4,816+78.1%
6,041
Gross margin
83.9%
87.9%+4.0 pp
—
Operating income
1,911
4,152+117.3%
5,288
Operating margin
59.3%
75.8%+16.5 pp
—
EBITDA
2,360
4,347+84.2%
—
EBITDA margin
73.2%
79.3%+6.1 pp
—
Interest expense
308
201−34.9%
—
Interest coverage
7.66x
21.67x+14.01x
—
Net income
1,580
3,334+111.0%
4,410
YoY
+111.0%
Net margin
49.0%
60.8%+11.8 pp
—
EPS (diluted, $)
4.53
9.75+115.2%
13.03
YoY
+115.2%
Balance sheet
Total assets
5,869
7,260+23.7%
8,269
Cash & short-term investments
697
2,487+256.8%
—
Accounts receivable
1,283
1,819+41.8%
—
Net PP&E
160
122−23.5%
—
Other assets
3,729
2,831−24.1%
—
Total liabilities
4,779
5,125+7.2%
5,106
Accounts payable
504
747+48.1%
—
Total debt
3,509
3,530+0.6%
3,515
Other liabilities
766
847+10.6%
—
Shareholders’ equity
1,090
2,135+95.9%
3,163
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
2,099
3,971+89.2%
4,528
Net income
1,580
3,334+111.0%
—
Depreciation & amortization
449
195−56.6%
—
Stock-based compensation
369
210−43.0%
—
Working capital & other
(299)
232n/m
—
Cash from investing
(107)
358n/m
—
Capex
(5)
—
—
PP&E sold
0.6
—
—
Other investing
(103)
358n/m
—
Cash from financing
(1,750)
(2,593)n/m
—
Debt raised
4,615
200−95.7%
—
Debt repaid
(4,225)
(200)n/m
—
Buybacks
(981)
(2,192)n/m
—
Other financing
(1,158)
(401)n/m
—
Net change in cash
239
1,746+629.6%
—
Free cash flow (OCF − capex)
2,094
—
—
Where the cash went
Operating cash flow
2,099
3,971+89.2%
4,528
Reinvested in the business
5
—
—
% of operating cash flow
0.2%
—
Capex
5
—
—
R&D (memo, already in costs)
375
227−39.6%
—
Free cash flow
2,094
—
—
YoY
Returned to shareholders
981
2,192+123.4%
—
% of free cash flow
46.9%
—
Buybacks
981
2,192+123.4%
—
Change in total debt
—
21
—
FCF conversion (FCF ÷ net income)
132.6%
—
—
Returns & ratios
ROIC (all capital)
48.3%
101.9%+53.6 pp
—
ROIC (operating)
200.7%
338.0%+137.3 pp
—
Net debt / EBITDA
1.19x
0.24x−0.95x
—
Debt / equity
3.22x
1.65x−1.57x
—
ROE
145.0%
156.2%+11.2 pp
—
ROA
26.9%
45.9%+19.0 pp
—
ROCE
39.7%
70.1%+30.4 pp
—
NOPAT
1,884
3,606+91.4%
—
Invested capital (operating)
939
1,195+27.2%
—
Invested capital (all)
3,902
3,178−18.5%
—
Reinvestment rate
—
7.1%
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
1,405
1,658
1,842
1,924
vs year-ago quarter
Gross profit
1,230
1,474
1,639
1,698
Gross margin
87.6%
88.9%
88.9%
88.3%
Operating income
1,079
1,275
1,440
1,494
Net income
836
1,102
1,206
1,267
vs year-ago quarter
Net margin
59.5%
66.5%
65.4%
65.8%
EPS (diluted, $)
2.45
3.26
3.56
3.76
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
6,343
7,260
7,708
8,269
Cash & equivalents
1,667
2,487
2,759
3,053
Total debt
3,512
3,530
3,514
3,515
Shareholders’ equity
1,474
2,135
2,363
3,163
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,053
1,314
1,291
869