AppLovin (APP) is trading up at $279.29 (+6.52%) on NASDAQ, as of the latest quote. It is a S&P 500 constituent in the Information Technology sector.
Analyst price targets on APP
Current price targets from 3 firms average $400, median $400, ranging from $325 to $475 — the average is 43% above the current $279. Each is tracked to its date and scored the same way a member's call is.
- Piper Sandler $268 → $325 by Oct 2027 Oct 2, 2026 via Investing.com · Piper Sandler's track record
- Needham $308 → $475 by Aug 2027 Aug 26, 2026 via Investing.com · Needham's track record
- Bank of America $319 → $400 by Aug 2027 Aug 11, 2026 via Yahoo Finance · Bank of America's track record
Targets published by research firms, extracted from the news, checked against independent reporting, and linked to their source. Where a firm did not state a horizon the target is tracked as 12 months, the industry convention; the rows where the firm set its own horizon are marked. Reported here as facts about what was published — not recommendations from Dalsna Finance, and no firm listed is affiliated with this site.
AppLovin revenue & net income history (FY2019–FY2025)
| FY2019Dec 2019 | FY2020Dec 2020 | FY2021Dec 2021 | FY2022Dec 2022 | FY2023Dec 2023 | FY2024Dec 2024 | FY2025Dec 2025 | |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $994.1M | $1.45B | $2.79B | $2.82B | $1.84B | $3.22B | $5.48B |
| Growth (year over year) | — | +46.0% | +92.5% | +0.9% | −34.6% | +75.1% | +70.0% |
| Gross profit | $752.8M | $895.5M | $1.81B | $1.56B | $1.49B | $2.70B | $4.82B |
| Gross margin | 75.7% | 61.7% | 64.6% | 55.4% | 80.6% | 83.9% | 87.9% |
| Operating income | $194.4M | −$62.0M | $150.0M | −$47.8M | $772.4M | $1.91B | $4.15B |
| Operating margin | 19.6% | −4.3% | 5.4% | −1.7% | 41.9% | 59.3% | 75.8% |
| Net income | $119.0M | −$125.2M | $35.4M | −$192.7M | $356.7M | $1.58B | $3.33B |
| Net margin | 12.0% | −8.6% | 1.3% | −6.8% | 19.4% | 49.0% | 60.8% |
| EPS (diluted) | $0.36 | −$0.58 | $0.09 | −$0.52 | $0.98 | $4.53 | $9.75 |
| Balance sheet | |||||||
| Cash and equivalents | $396.2M | $317.2M | $1.52B | $1.08B | $502.2M | $697.0M | $2.49B |
| Total assets | — | $2.15B | $6.16B | $5.85B | $5.36B | $5.87B | $7.26B |
| Total liabilities | — | $2.31B | $4.03B | $3.95B | $4.10B | $4.78B | $5.12B |
| Long-term debt | — | $1.58B | $3.20B | $3.18B | $2.91B | $3.51B | $3.51B |
| Shareholders' equity | −$256.6M | −$158.5M | $2.14B | $1.90B | $1.26B | $1.09B | $2.13B |
| Cash flow | |||||||
| Operating cash flow | $198.5M | $222.9M | $361.9M | $412.8M | $1.06B | $2.10B | $3.97B |
| Capital expenditure | $3.36M | $3.24M | $1.39M | $662.0K | $4.25M | $4.78M | — |
| Free cash flow | $195.1M | $219.6M | $360.5M | $412.1M | $1.06B | $2.09B | — |
| Share buybacks | $11.0K | $1.77M | $0 | $338.9M | $1.15B | $981.3M | $2.19B |
| Q3 FY24Sep 2024 | Q4 FY24†Dec 2024 | Q1 FY25Mar 2025 | Q2 FY25Jun 2025 | Q3 FY25Sep 2025 | Q4 FY25†Dec 2025 | Q1 FY26Mar 2026 | Q2 FY26Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $835.2M | $619.7M | $1.16B | $1.26B | $1.41B | $1.66B | $1.84B | $1.92B |
| Growth (year over year) | −3.4% | — | +9.5% | +77.0% | +68.2% | +167.5% | +59.0% | +52.8% |
| Gross profit | $714.3M | — | $1.01B | $1.10B | $1.23B | $1.47B | $1.64B | $1.70B |
| Gross margin | 85.5% | — | 86.9% | 87.7% | 87.6% | 88.9% | 88.9% | 88.3% |
| Operating income | $534.3M | $652.7M | $840.0M | $957.7M | $1.08B | $1.28B | $1.44B | $1.49B |
| Operating margin | 64.0% | 105.3% | 72.5% | 76.1% | 76.8% | 76.9% | 78.2% | 77.7% |
| Net income | $434.4M | $599.2M | $576.4M | $819.5M | $835.5M | $1.10B | $1.21B | $1.27B |
| Net margin | 52.0% | 96.7% | 49.7% | 65.1% | 59.5% | 66.5% | 65.4% | 65.8% |
| EPS (diluted) | $1.25 | $1.72 | $1.67 | $2.39 | $2.45 | $3.24 | $3.56 | $3.76 |
| Balance sheet | ||||||||
| Cash and equivalents | $567.6M | $697.0M | $551.0M | $1.19B | $1.67B | $2.49B | $2.76B | $3.05B |
| Total assets | $5.44B | $5.87B | $5.71B | $5.96B | $6.34B | $7.26B | $7.71B | $8.27B |
| Total liabilities | $4.50B | $4.78B | $5.13B | $4.79B | $4.87B | $5.12B | $5.34B | $5.11B |
| Long-term debt | $3.47B | $3.51B | $3.51B | $3.51B | $3.51B | $3.51B | $3.51B | $3.52B |
| Shareholders' equity | $938.2M | $1.09B | $575.4M | $1.17B | $1.47B | $2.13B | $2.36B | $3.16B |
| Cash flow | ||||||||
| Operating cash flow | $550.7M | $701.0M | $831.7M | $772.2M | $1.05B | $1.31B | $1.29B | $869.0M |
| Share buybacks | $228.4M | $625.0K | $1.00B | $271.5M | $501.9M | $417.6M | $981.7M | $551.2M |
From AppLovin's 10-K and 10-Q filings with the SEC; its fiscal year ends in December. Each period shows the latest figure the company has reported for it, including restatements. Net margin is our own calculation from those reported figures (net income ÷ revenue); it is left blank where revenue is zero or missing. † Quarter derived from the company's year-to-date or full-year totals. Filings on SEC EDGAR →
About AppLovin
AppLovin Corporation is an American mobile technology company headquartered in Palo Alto, California. Founded in 2012, the company helps developers market, monetize, analyze and publish their apps through its mobile advertising, marketing, and analytics platforms, SSP MAX; DSP AppDiscovery; and SparkLabs creative studio. The company also invests in various mobile game publishers.
- Headquarters
- Palo Alto, California From SEC filings, Oct 2026
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