Q2 2026 Earnings

Operating metrics disclosed this quarter

Read from the filing itself — XBRL does not carry these, so no standard financial dataset has them.

• Free Cash Flow

  $2.15B

  We define Free Cash Flow as net cash provided by operating activities less purchases of property and equipment and principal payment of finance leases. We use Free Cash Flow to help manage the health of our business, prepare budgets and for capital allocation purposes. We believe Free Cash Flow provides useful supplemental information to help investors understand underlying trends in our business and our liquidity. Free Cash Flow also reflects cash flows from both continuing and discontinued operations. Our definition may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish Free Cash Flow or similar metrics. Thus, our Free Cash Flow should be considered in addition to, not as a substitute for, or in isolation from, measures prepared in accordance with GAAP. 19 Table of Contents The following table provides our Free Cash Flow for the six months ended June 30, 2026 and 2025, and a reconciliation of net cash provided by operating activities to Free Cash Flow: Six Months Ended June 30, 2026 | | | 2025 (In thousands) Net cash provided by operating activities | | $ | | 2,160,433 | | | | $ | | 1,603,938 Less: Purchase of property and equipment | | (1,840) | | | | (180) Principal payments of finance leases (8,528) | | | | (9,964) Free Cash Flow | | $ | | 2,150,065 | | | | $ | | 1,593,794 Net cash provided by (used in) investing activities | | $ | | (7,688) | | | | $ | | 378,884 Net cash used in financing activities | | $ | | (1,582,651) | | | | $ | | (1,539,594)

• Net revenue per installation growth

  58.0%

  Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025 For the three months ended June 30, 2026, our revenue increased by $664.9 million, or 53%, compared to the same period in the prior year due primarily to improved AppLovin Ads performance, where net revenue per installation increased 58%, partially offset by a decrease in the volume of installations of 2%.

• Adjusted EBITDA

  $1.61B

  The following table provides our Adjusted EBITDA and Adjusted EBITDA margin for the three and six months ended June 30, 2026 and 2025, and a reconciliation of net income to Adjusted EBITDA: Three Months Ended June 30, | | | Six Months Ended June 30, 2026 | | | 2025 | | | 2026 | | | 2025 (In thousands, except percentages) Revenue | | $ | | 1,923,686 | | | $ | | 1,258,754 | | | $ | | 3,766,135 | | | $ | | 2,417,728 Net income 1,266,538 | | | 819,531 | | | 2,472,151 | | | 1,395,950 Net margin 65.8% | | | 65.1% | | | 65.6% | | | 57.7% Loss (income) from discontinued operations, net of income taxes | | — | | | (47,675) | | | — | | | 99,444 Net income from continuing operations 1,266,538 | | | 771,856 | | | 2,472,151 | | | 1,495,394 Net margin from continuing operations 65.8% | | | 61.3% | | | 65.6% | | | 61.9% Adjusted as follows: Interest expense | | 51,156 | | | 51,409 | | | 102,315 | | | 104,297 Other (income) expense, net 1 (59,863) | | | 12,798 | | | (101,223) | | | 4,154 Provision for income taxes | | 238,988 | | | 112,148 | | | 464,783 | | | 183,216 Amortization, depreciation and write-offs | | 32,563 | | | 31,064 | | | 66,228 | | | 63,010 Non-operating foreign exchange gain | | (2,364) | | | (1,210) | | | (3,630) | | | (1,530) Stock-based compensation | | 85,783 | | | 34,552 | | | 169,252 | | | 93,667 Transaction-related expense 59 | | | 5,097 | | | 10 | | | 9,680 Restructuring costs 963 | | | 633 | | | 856 | | | 4,231 Adjusted EBITDA | | $ | | 1,613,823 | | | $ | | 1,018,347 | | | $ | | 3,170,742 | | | $ | | 1,956,119 Adjusted EBITDA margin 83.9% | | | 80.9% | | | 84.2% | | | 80.9% 1 Excludes recurring operational foreign exchange gains and losses.