APP (AppLovin Corporation) Stock Financials & Earnings

Company Info & Key Metrics

AppLovin Corporation engages in building a software-based platform for mobile app developers to enhance the marketing and monetization of their apps in the United States and internationally. The compa...

CEOAdam Arash Foroughi

Country🇺🇸 United States

ExchangeNASDAQ

IPOApr 15, 2021

www.applovin.com

Revenue$1.7B

YoY Growth+20.8%

QoQ Growth+18.0%

Net Income$1.1B

EPS$3.24

Free Cash Flow$1.3B

Gross Margin88.9%

Op. Margin76.9%

Net Margin66.5%

FCF Margin77.5%

Rev Multiple (TTM)30.1x

P/E Ratio (TTM)52.4x

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$715M	$453M	$61M
Q2 23	$750M	$492M	$131M
Q3 23	$864M	$599M	$186M
Q4 23	$953M	$680M	$270M
Q1 24	$1.1B	$764M	$340M
Q2 24	$711M	$589M	$384M
Q3 24	$835M	$714M	$534M
Q4 24	$1.4B	$1.1B	$608M
Q1 25	$1.5B	$1.2B	$663M
Q2 25	$1.3B	$1.1B	$958M
Q3 25	$1.4B	$1.2B	$1.1B
Q4 25	$1.7B	$1.5B	$1.3B

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	60.1x	—
Q2 23	60.7x	8697.4x
Q3 23	57.6x	1665.3x
Q4 23	53.2x	490.0x
Q1 24	48.2x	292.6x
Q2 24	48.7x	211.4x
Q3 24	49.1x	151.6x
Q4 24	44.0x	110.6x
Q1 25	39.7x	91.0x
Q2 25	35.3x	71.9x
Q3 25	31.7x	61.8x
Q4 25	30.1x	52.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$289M	$289M
Q2 23	$230M	$226M
Q3 23	$199M	$186M
Q4 23	$344M	$350M
Q1 24	$393M	$393M
Q2 24	$455M	$455M
Q3 24	$551M	$548M
Q4 24	$701M	$696M
Q1 25	$832M	$832M
Q2 25	$772M	$772M
Q3 25	$1.1B	$1.1B
Q4 25	$1.3B	$1.3B

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$70K
Q2 23	$4M
Q3 23	$13M
Q4 23	$6M
Q1 24	$0
Q2 24	$0
Q3 24	$3M
Q4 24	$5M
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$28M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+14.4%	-13.1%
Q2 23	-3.4%	-14.4%
Q3 23	+21.2%	+2.1%
Q4 23	+35.7%	-5.7%
Q1 24	+47.9%	+9.8%
Q2 24	-5.2%	-47.2%
Q3 24	-3.4%	-55.6%
Q4 24	+44.0%	+11.9%
Q1 25	+40.3%	+14.2%
Q2 25	+77.0%	-7.8%
Q3 25	+68.2%	+8.4%
Q4 25	+20.8%	-50.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$83M	11.6%
Q2 23	$81M	10.8%
Q3 23	$111M	12.8%
Q4 23	$88M	9.2%
Q1 24	$95M	9.0%
Q2 24	$99M	13.9%
Q3 24	$82M	9.8%
Q4 24	$94M	6.8%
Q1 25	$61M	4.1%
Q2 25	$36M	2.8%
Q3 25	$33M	2.4%
Q4 25	$80M	4.8%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 23	$145M	$45M	$203M	—
Q2 23	$137M	$30M	$192M	—
Q3 23	$159M	$41M	$212M	—
Q4 23	$151M	$36M	$223M	—
Q1 24	$155M	$42M	$227M	—
Q2 24	$164M	$39M	$67M	—
Q3 24	$81M	$36M	$63M	—
Q4 24	$169M	$60M	$215M	—
Q1 25	$123M	$55M	$183M	—
Q2 25	$44M	$55M	$47M	—
Q3 25	$44M	$59M	$49M	—
Q4 25	$82M	—	—	$117M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 23	14.4%	27.9%	42.3
Q2 23	-3.4%	35.5%	32.2
Q3 23	21.2%	35.8%	57.0
Q4 23	35.7%	38.8%	74.5
Q1 24	47.9%	43.0%	90.9
Q2 24	-5.2%	71.5%	66.3
Q3 24	-3.4%	76.9%	73.5
Q4 24	44.0%	53.7%	97.7
Q1 25	40.3%	50.6%	90.9
Q2 25	77.0%	78.1%	155.1
Q3 25	68.2%	78.8%	147.1
Q4 25	20.8%	80.7%	101.4

Revenue Segments

Quarter	Apps	Software Platform	Advertising Segment
Q1 23	$361M	$355M	—
Q2 23	$344M	$406M	—
Q3 23	$360M	$504M	—
Q4 23	$377M	$576M	—
Q1 24	$380M	$678M	—
Q1 25	$325M	—	$1.2B

Revenue by Geography

Quarter	Rest Of The World	United States
Q1 23	$276M	$439M
Q2 23	$296M	$454M
Q3 23	$364M	$501M
Q4 23	$376M	$577M
Q1 24	$424M	$635M
Q4 24	$608M	$765M
Q1 25	$662M	$822M
Q2 25	$600M	$658M
Q3 25	$717M	$688M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$1.2B	$0	$1.2B
Q2 23	$876M	$0	$876M
Q3 23	$332M	$0	$332M
Q4 23	$502M	$0	$502M
Q1 24	$436M	$0	$436M
Q2 24	$460M	$0	$460M
Q3 24	$568M	$0	$568M
Q4 24	$741M	$0	$741M
Q1 25	$551M	$0	$551M
Q2 25	$1.2B	$0	$1.2B
Q3 25	$1.7B	$0	$1.7B
Q4 25	$2.5B	$0	$2.5B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	373M	-0.5%
Q2 23	366M	-1.8%
Q3 23	357M	-2.6%
Q4 23	347M	-2.6%
Q1 24	349M	+0.3%
Q2 24	348M	-0.2%
Q3 24	348M	+0.1%
Q4 24	346M	-0.5%
Q1 25	345M	-0.4%
Q2 25	342M	-0.8%
Q3 25	341M	-0.4%
Q4 25	340M	-0.3%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 18	—	—
FY 19	—	—
FY 20	—	—
FY 21	$3M	864
FY 22	$2M	2K
FY 23	$3M	950
FY 24	$3M	2K
FY 25	$6M	898