APP

MKT CAP:$152B

AppLovin Corporation

Market Cap

$152B

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$449.81-$168.51 (-27.25%)

Apr 24, 2026

Company Details

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 company's software solutions include AppDisco...

CEO

Adam Arash Foroughi

IPO Date

Apr 15, 2021

Website

www.applovin.com

Key Metrics TTM

Revenue

$5.8B

+46.0% YoY

Net Income

$3.3B

EPS (Diluted)

$9.75

Free Cash Flow

$3.9B

Revenue / Share

$17.08

Gross Margin

86.5%

Operating Margin

68.5%

Net Margin

57.4%

FCF Margin

67.9%

P/S

26.2x

P/E

45.7x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

Q4 2025

Feb 19, 2026

$1.7B+20.8%EPS $3.24

Q3 2025

Nov 5, 2025

$1.4B+68.2%EPS $2.45

Q2 2025

Aug 6, 2025

$1.3B+77.0%EPS $2.39

Q1 2025

May 7, 2025

$1.5B+40.3%EPS $1.67

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$625M	$344M	-$128M
Q2 22	$776M	$472M	$53M
Q3 22	$713M	$412M	$49M
Q4 22	$702M	$333M	-$22M
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

Valuation

Quarter	P/S	P/E
Q1 22	7.4x	—
Q2 22	5.0x	—
Q3 22	2.6x	—
Q4 22	1.3x	—
Q1 23	1.9x	—
Q2 23	3.1x	440.3x
Q3 23	4.5x	131.1x
Q4 23	4.0x	37.0x
Q1 24	6.4x	38.8x
Q2 24	8.0x	34.6x
Q3 24	12.4x	38.4x
Q4 24	28.6x	72.0x
Q1 25	20.4x	46.7x
Q2 25	23.9x	48.8x
Q3 25	43.7x	85.2x
Q4 25	40.7x	71.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$32M	-$34M
Q2 22	$107M	$106M
Q3 22	$174M	$172M
Q4 22	$163M	$162M
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

Quarter	CapEx
Q1 22	$2M
Q2 22	$1M
Q3 22	$2M
Q4 22	$1M
Q1 23	$70.0K
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

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+63.8%	+64.8%
Q2 22	+28.5%	+22.0%
Q3 22	+6.6%	+4.7%
Q4 22	-11.5%	-1.4%
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 22	$45M	7.1%
Q2 22	$57M	7.4%
Q3 22	$42M	5.9%
Q4 22	$48M	6.8%
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 22	$126M	$55M	$290M	—
Q2 22	$141M	$46M	$232M	—
Q3 22	$122M	$44M	$197M	—
Q4 22	$118M	$37M	$201M	—
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 22	63.8%	0.5%	64.3
Q2 22	28.5%	26.6%	55.2
Q3 22	6.6%	30.0%	36.6
Q4 22	-11.5%	12.8%	1.3
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

Rule of 40

Revenue Segments

Quarter	Apps	Software Platform	Apps Revenue - Business Revenue	Apps Revenue - Consumer Revenue	Advertising Segment
Q1 22	$507M	$119M	—	—	—
Q2 22	—	$318M	$155M	$303M	—
Q3 22	—	$307M	$134M	$272M	—
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 22	$245M	$381M
Q2 22	$295M	$481M
Q3 22	$275M	$438M
Q4 22	$273M	$429M
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 22	$1.4B	$0	$1.4B
Q2 22	$952M	$0	$952M
Q3 22	$944M	$0	$944M
Q4 22	$1.1B	$0	$1.1B
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	YoY Change
Q1 22	372M	+8.5%	+73.3%
Q2 22	374M	+0.5%	+68.1%
Q3 22	378M	+1.2%	+7.0%
Q4 22	375M	-0.9%	+9.4%
Q1 23	373M	-0.5%	+0.3%
Q2 23	366M	-1.8%	-2.0%
Q3 23	357M	-2.6%	-5.7%
Q4 23	347M	-2.6%	-7.3%
Q1 24	349M	+0.3%	-6.6%
Q2 24	348M	-0.2%	-5.0%
Q3 24	348M	+0.1%	-2.4%
Q4 24	346M	-0.5%	-0.3%
Q1 25	345M	-0.4%	-1.1%
Q2 25	342M	-0.8%	-1.7%
Q3 25	341M	-0.4%	-2.1%
Q4 25	340M	-0.3%	-1.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$723.9K	864
Q2 22	$898.4K	864
Q3 22	$825.3K	864
Q4 22	$411.4K	2K
Q1 23	$419.1K	2K
Q2 23	$439.5K	2K
Q3 23	$506.3K	2K
Q4 23	$1M	950
Q1 24	$1M	950
Q2 24	$748.4K	950
Q3 24	$879.1K	950
Q4 24	$878.3K	2K
Q1 25	$949.5K	2K
Q2 25	$805.3K	2K
Q3 25	$898.9K	2K
Q4 25	$2M	898

Revenue / Employee