AppLovin Corp APP
Our mission is to create meaningful connections between companies and their ideal customers. We provide end-to-end artificial intelligence-powered ("AI") advertising solutions for businesses to reach, monetize and grow their global audience. Our scaled business model is intricately linked to the advertising ecosystem, providing a durable competitive advantage. We generate revenue when our advertisers achieve their return on advertising spend targets with our advertising solutions, ensuring that their success directly fuels our growth.
AppLovin is critical to the success of advertisers and publishers seeking to solve marketing and monetization challenges. Through our technologies and scaled distribution, advertisers are able to better place content so that it is discovered by the right audience, manage, optimize, and analyze their marketing investments, and improve the monetization of their content, and publishers are able to better monetize their gaming apps. Our advertising solutions include a comprehensive suite of tools including:
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.48B | $3.22B | $1.84B | $2.82B | $2.79B | $1.45B | $994.1M | — |
| Cost of revenue | $665.1M | $520.6M | $356.6M | $1.26B | $988.1M | $555.6M | $241.3M | — |
| Gross profit | $4.82B | $2.70B | $1.49B | $1.56B | $1.81B | $895.5M | $752.8M | — |
| R&D | $226.5M | $374.7M | $333.8M | $507.6M | $366.4M | $180.7M | $45.0M | — |
| SG&A | $233.5M | $164.9M | $150.9M | $181.6M | $158.7M | $66.4M | $31.7M | — |
| Total operating expenses | $1.33B | $1.31B | $1.07B | $2.86B | $2.64B | $1.51B | $799.7M | — |
| Operating income | $4.15B | $1.91B | $772.4M | -$47.8M | $150.0M | -$62.0M | $194.4M | — |
| Pre-tax income | $3.95B | $1.61B | $501.6M | -$205.2M | $46.3M | -$135.7M | $126.2M | — |
| Income tax | $519.7M | $22.4M | $43.8M | $12.2M | $11.0M | $9.8M | $7.2M | — |
| Net income | $3.33B | $1.58B | $357.0M | -$193.0M | $35.0M | -$125.2M | $119.0M | — |
| EPS, basic | 9.84 | 4.68 | 1.01 | -0.52 | 0.10 | -0.58 | 0.36 | — |
| EPS, diluted | 9.75 | 4.53 | 0.98 | -0.52 | 0.09 | -0.58 | 0.36 | — |
| Shares, diluted (wtd. avg.) | $342.0M | $347.8M | $362.6M | $371.6M | $342.8M | $214.9M | $212.4M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.49B | $697.0M | $502.2M | $1.08B | $2.57B | $317.2M | $396.2M | $276.1M |
| Receivables | $1.82B | $1.28B | $953.8M | $702.8M | $514.5M | $297.0M | — | — |
| Total current assets | $4.43B | $2.31B | $1.62B | $1.94B | $3.24B | $663.0M | — | — |
| Goodwill | $1.54B | $1.46B | $1.50B | $1.82B | $966.4M | $249.8M | $137.1M | — |
| Other intangibles | $396.7M | $472.9M | $1.29B | $1.68B | $1.71B | $1.09B | — | — |
| Total assets | $7.26B | $5.87B | $5.36B | $5.85B | $6.16B | $2.15B | — | — |
| Accounts payable | $747.0M | $504.3M | $371.7M | $273.2M | $258.2M | $147.3M | — | — |
| Short-term debt | — | $0 | $215.0M | $33.3M | $25.8M | $15.2M | — | — |
| Total current liabilities | $1.33B | $1.06B | $944.1M | $579.0M | $640.1M | $598.1M | — | — |
| Long-term debt | $3.51B | $3.51B | $2.91B | $3.18B | $3.20B | $1.58B | — | — |
| Total liabilities | $5.12B | $4.78B | $4.10B | $3.95B | $4.03B | $2.31B | — | — |
| Retained earnings | $1.74B | $599.2M | -$813.0M | -$1.17B | -$977.0M | -$1.01B | — | — |
| Total equity | $2.13B | $1.09B | $1.26B | $1.90B | $2.14B | -$158.5M | -$256.6M | -$378.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.97B | $2.10B | $1.06B | $412.8M | $361.9M | $222.9M | $198.5M | — |
| Depreciation and amortisation | $194.8M | $448.7M | $489.0M | $547.1M | $431.1M | $255.0M | $92.8M | — |
| Stock-based compensation | $210.4M | $369.4M | $363.1M | $191.6M | $133.2M | $62.4M | $10.2M | — |
| Capital expenditure | — | $4.8M | $4.2M | $662.0K | $1.4M | $3.2M | $3.4M | — |
| Investing cash flow | $358.4M | -$106.8M | -$77.8M | -$1.37B | -$1.21B | -$679.9M | -$411.6M | — |
| Financing cash flow | -$2.59B | -$1.75B | -$1.56B | -$526.8M | $3.11B | $377.9M | $333.2M | — |
| Buybacks | $2.19B | $981.3M | $1.15B | $338.9M | $0 | $1.8M | $11.0K | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001751008-26-000028.
Others in SIC 7370
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|---|---|---|---|---|
| GOOGL | Alphabet Inc. | $4.11T | 31.3x | 15.1% |
| META | Meta Platforms, Inc. | $1.57T | 26.3x | 22.2% |
| TBLA | Taboola.com Ltd. | $1.07T | 29.7x | 8.3% |
| ZM | Zoom Communications, Inc. | $29.68B | 16.4x | 4.4% |
| FLUT | Flutter Entertainment plc | $17.37B | — | 16.6% |
| DOCN | DigitalOcean Holdings, Inc. | $13.22B | 44.6x | 15.5% |
| PINS | PINTEREST, INC. | $11.48B | 33.4x | 15.8% |
| FDS | FACTSET RESEARCH SYSTEMS INC | $10.74B | 19.4x | 5.4% |