AppLovin $APP

Company profile

AppLovin Corporation, incorporated in Delaware in July 2011 with principal executive offices at 1100 Page Mill Road, Palo Alto, California, says in its Form 10-K for the fiscal year ended December 31, 2025 that it provides end-to-end artificial intelligence-powered advertising solutions for businesses to reach, monetize and grow their global audience. The 10-K says its advertising solutions include Axon Ads Manager, its user acquisition solution, powered by its Axon AI advertising recommendation engine; MAX, its monetization solution; Adjust, its measurement and analytics marketing platform; and Wurl, its connected TV (CTV) platform, and says revenue from Axon Ads Manager comprises substantially all of its revenue. Its Form 10-Q for the quarter ended June 30, 2026 says its advertising solutions include AppLovin Ads, MAX, Adjust, and Wurl, and says AppLovin Ads comprises the vast majority of revenue. Its Class A common stock trades on the Nasdaq Global Select Market under the symbol APP; 307,070 thousand Class A shares and 30,208 thousand Class B shares were outstanding on February 13, 2026 (10-K cover). The 10-K reports 898 employees at December 31, 2025, comprised of 876 full-time and 22 part-time/intern employees, located in 15 countries.

On June 30, 2025 AppLovin completed the sale of its Apps Business to Tripledot, which the 10-K describes as part of its strategic effort to divest non-core assets and dedicate its resources to advancing its advertising business. It received $715.6 million in total consideration, consisting of $430.6 million in cash and 596.9 million ordinary shares of Tripledot, valued at $285.0 million; the shares represented approximately 22% of Tripledot's outstanding ordinary shares and 20% of its fully diluted equity capitalization as of the closing date (10-K, Discontinued Operations note). Following the divestiture the company operates as a single operating and reportable segment, and the 10-K classifies the Apps Business as discontinued operations, excluded from continuing operations and segment results for all periods presented (10-K, Segment and Geographic Information note). On that basis the 10-K for 2025 reports revenue of $3,224,058 thousand for 2024; the 10-K for 2024, filed on February 27, 2025, reported revenue of $4,709,248 thousand for that year.

Revenue was $5,480,717 thousand in 2025, against $3,224,058 thousand in 2024 and $1,841,762 thousand in 2023 (10-K). The 10-K says revenue increased by $2.3 billion, or 70%, primarily due to improved Axon Ads Manager performance, where the volume of installations increased 3% and net revenue per installation increased 72%. Research and development expenses decreased by $148.2 million, or 40%, due primarily to a decrease of $151.1 million in personnel-related expenses related to a decrease in stock-based compensation related payroll costs. Income from operations was $4,151,914 thousand and net income from continuing operations was $3,433,195 thousand; after a loss from discontinued operations, net of income taxes, of $99,444 thousand, which included a non-cash goodwill impairment charge of $188.9 million for the Apps reporting unit, net income was $3,333,751 thousand. In the EPS note, net income attributable to common stockholders - Diluted was $3,333,290 thousand, or $9.75 per diluted share, and net income from continuing operations attributable to common stockholders - Diluted was $3,432,721 thousand, or $10.04 per diluted share. Net cash provided by operating activities was $3,971,094 thousand, and repurchases of common stock were $2,191,944 thousand.

The 10-K reports Adjusted EBITDA of $4,512,452 thousand and Free Cash Flow of $3,951,952 thousand for 2025, both non-GAAP measures; the 10-K says Free Cash Flow reflects cash flows from both continuing and discontinued operations. In its August 5, 2026 release AppLovin reported revenue of $1,923,686 thousand for the quarter ended June 30, 2026, against $1,258,754 thousand a year earlier, net income of $1,266,538 thousand and diluted net income per share of $3.76. For the third quarter of 2026 it guided to revenue of $2,055 million to $2,085 million and Adjusted EBITDA of $1,710 million to $1,740 million; the release says it has not provided forward-looking GAAP equivalents or a GAAP reconciliation for Adjusted EBITDA as a result of the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense (company projections; Adjusted EBITDA is non-GAAP). Adam Foroughi, Chief Executive Officer (Principal Executive Officer), and Matthew Stumpf, Chief Financial Officer (Principal Financial Officer), certified the 10-K (Exhibits 31.1 and 31.2). On April 2, 2026 the board appointed Craig Billings as independent Chairperson to succeed Mr. Foroughi, who continues as Chief Executive Officer and a member of the board (Form 8-K filed April 7, 2026).

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Revenue by fiscal year, as reported in 10-K

Products

Advertising solutions

Wurl offerings (10-K)

Segments and products

• Single operating and reportable segment: Following the divestiture of its Apps Business on June 30, 2025, the company operates as a single operating and reportable segment at the consolidated level, which provides end-to-end advertising solutions including Axon Ads Manager, MAX, Adjust, and Wurl. The chief operating decision maker is the Chief Executive Officer, and the measure of profit or loss is net income from continuing operations. As filed, in thousands, for 2025, 2024 and 2023: revenue $5,480,717, $3,224,058 and $1,841,762; datacenter costs $542,674, $392,498 and $251,197; net income from continuing operations $3,433,195, $1,589,524 and $457,826 (10-K, Segment and Geographic Information note).⁵
• Apps Business (discontinued operations): Sold on June 30, 2025 and presented as discontinued operations. As filed, in thousands, for 2025, 2024 and 2023: revenue $640,830, $1,485,190 and $1,441,325; loss from discontinued operations, net of income taxes, $(99,444), $(9,748) and $(101,115). The 2025 figures include a goodwill impairment of $188,943 thousand and a gain on divestiture, net of transaction costs, of $106,229 thousand (10-K, Discontinued Operations note).⁴
• Revenue by geography, 2023 to 2025: Revenue disaggregated by geography, based on user location, as filed in thousands for 2025, 2024 and 2023: United States $2,827,248, $1,726,202 and $1,015,897; Rest of the world $2,653,469, $1,497,856 and $825,865 (10-K, Note 2, Summary of Significant Accounting Policies).¹

Risks

• Third-party platforms: The 10-K says the mobile app ecosystem depends in part on a relatively small number of third-party distribution platforms, such as the Apple App Store, the Google Play Store, and Meta, some of which are direct competitors, and that each platform provider has broad discretion to change and interpret its terms of service and other policies, including in ways that may be unfavorable to AppLovin or its clients. It cites Apple's application tracking transparency framework, which it says has not had a significant impact on its overall business but may in the future (10-K, Item 1A).¹
• Concentration in mobile apps: The 10-K says its advertising solutions primarily operate in the mobile app ecosystem and specifically mobile gaming, and that a significant amount of its total revenue is derived through mobile applications subject to a limited number of third-party distribution platforms. It says Meta and Google are also significant partners of AppLovin and Adjust, and that its clients generally do not have long-term agreements with it and may choose to stop using its advertising solutions at any time (10-K, Item 1A).¹
• Growth may not continue: The 10-K says its revenue has grown rapidly, in particular since the launch of Axon AI, that growth in any prior period should not be relied upon as an indication of future performance, and that even if revenue continues to increase it expects its revenue growth rate may decline in the future, including because of more difficult comparisons to prior periods and the saturation of the market. It also says there can be no assurance that it will achieve broader adoption among e-commerce advertisers (10-K, Item 1A).¹
• Securities and derivative litigation: Putative class action complaints filed beginning in early March 2025 allege violations of Sections 10(b) and 20(a) of the Exchange Act; the Amended Complaint in the Brownback Action alleges that the defendants made materially false and misleading statements regarding the company's advertising solutions and financial growth. Shareholder derivative complaints, which rely on the Securities Complaints, have been consolidated and stayed pending resolution of the defendants' motion to dismiss in the Brownback Action. The 10-Q says that motion was fully briefed as of February 2026, that the company believes the allegations lack merit and will vigorously contest these actions, and that it is not possible to determine the ultimate outcome at this time (Form 10-Q for the quarter ended June 30, 2026, Part II, Item 1).³
• Concentrated voting control: Class A common stock has one vote per share and Class B common stock 20 votes per share. Adam Foroughi and Herald Chen, collectively with certain affiliates the Voting Agreement Parties, hold all of the Class B common stock and held approximately 67% of the voting power of the outstanding capital stock as of December 31, 2025, including shares of Class A common stock deemed beneficially owned, so AppLovin is a controlled company under Nasdaq rules; the 10-K says it does not currently avail itself of the related governance exemptions, though it may do so in the future (10-K, Item 1A).¹
• Debt: As of December 31, 2025 AppLovin had $3.6 billion of senior unsecured notes outstanding, issued in multiple series that mature between 2029 and 2054 and bear fixed annual interest rates ranging from 5.125% to 5.950%, and $1.0 billion remained available under its unsecured revolving credit facility (10-K, Item 7 and Debt note). Among its risk factors the 10-K says it may be unable to generate sufficient cash flow to satisfy its significant debt service obligations (10-K, Item 1A).¹

Frequently asked questions

What does AppLovin do?

AppLovin says in its 10-K for 2025 that it provides end-to-end AI-powered advertising solutions for businesses to reach, monetize and grow their global audience, and that it generates revenue when its advertisers achieve their return on advertising spend targets. Its Form 10-Q for the quarter ended June 30, 2026 says its advertising solutions include AppLovin Ads, MAX, Adjust, and Wurl, with AppLovin Ads comprising the vast majority of revenue.

How much revenue did AppLovin make in 2025?

Revenue was $5,480,717 thousand in 2025, against $3,224,058 thousand in 2024 and $1,841,762 thousand in 2023, according to its 10-K for 2025, which presents the Apps Business sold on June 30, 2025 as discontinued operations for all periods. The 10-Ks for earlier years, filed before the sale, reported revenue of $4,709,248 thousand for 2024, $3,283,087 thousand for 2023, $2,817,058 thousand for 2022 and $2,793,104 thousand for 2021.

Why did AppLovin's revenue rise in 2025?

The 10-K says revenue increased by $2.3 billion, or 70%, in 2025 primarily due to improved Axon Ads Manager performance, where the volume of installations increased 3% and net revenue per installation increased 72% compared to the prior year period.

What happened to AppLovin's apps business?

On June 30, 2025 AppLovin completed the sale of its Apps Business to Tripledot for $715.6 million in total consideration, consisting of $430.6 million in cash and 596.9 million ordinary shares of Tripledot valued at $285.0 million. It recorded a pre-tax gain of $106.2 million in discontinued operations, and earlier in 2025 a non-cash goodwill impairment charge of $188.9 million for the Apps reporting unit (10-K, Discontinued Operations note).

What were AppLovin's latest quarterly results?

In its August 5, 2026 release AppLovin reported revenue of $1,923,686 thousand for the quarter ended June 30, 2026, against $1,258,754 thousand a year earlier, and net income from continuing operations of $1,266,538 thousand, against $771,856 thousand. Diluted net income per share was $3.76, and Adjusted EBITDA, a non-GAAP measure, was $1,613,823 thousand. Its 10-Q attributes the revenue change 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%.

What is AppLovin's outlook?

On August 5, 2026 AppLovin guided to third-quarter 2026 revenue of $2,055 million to $2,085 million and Adjusted EBITDA of $1,710 million to $1,740 million, an Adjusted EBITDA margin of 83%. These are the company's own projections, not reported results; Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures for which the release gives no forward-looking GAAP equivalents.

Does AppLovin pay a dividend?

No. The 10-K says AppLovin has never paid cash dividends on its capital stock and does not anticipate paying any cash dividends in the foreseeable future. It repurchased and retired 5.5 million shares of Class A common stock for $2.2 billion in 2025, and $3.3 billion remained available under its repurchase program as of December 31, 2025.

When did AppLovin go public?

AppLovin's Class A common stock began trading on April 15, 2021; the 10-K gives the offering price in its initial public offering as $80.00 per share.

Who runs AppLovin?

Adam Foroughi, a co-founder, is Chief Executive Officer (Principal Executive Officer), and Matthew Stumpf is Chief Financial Officer (Principal Financial Officer); both certified the 10-K for 2025. On April 2, 2026 the board appointed Craig Billings, Lead Independent Director since the 2021 initial public offering, as independent Chairperson to succeed Mr. Foroughi, who remains Chief Executive Officer and a board member (Form 8-K filed April 7, 2026).

Sources

1. AppLovin Corporation (SEC filing), AppLovin Corporation Form 10-K for the fiscal year ended December 31, 2025, Feb 19, 2026
2. AppLovin Corporation (SEC filing), AppLovin Corporation Form 10-K for the fiscal year ended December 31, 2025: Cover Page (XBRL financial report R1), Feb 19, 2026
3. AppLovin Corporation (SEC filing), AppLovin Corporation Form 10-Q for the quarterly period ended June 30, 2026, Aug 5, 2026
4. AppLovin Corporation (SEC filing), AppLovin Corporation Form 10-K for the fiscal year ended December 31, 2025: Discontinued Operations note (XBRL financial report R11), Feb 19, 2026
5. AppLovin Corporation (SEC filing), AppLovin Corporation Form 10-K for the fiscal year ended December 31, 2025: Segment and Geographic Information note (XBRL financial report R22), Feb 19, 2026
6. AppLovin Corporation (SEC filing), AppLovin Corporation Form 10-K for the fiscal year ended December 31, 2024: Consolidated Statements of Operations (XBRL financial report R5), Feb 27, 2025
7. AppLovin Corporation (SEC filing), AppLovin Corporation Form 10-K for the fiscal year ended December 31, 2025: Consolidated Statements of Operations (XBRL financial report R5), Feb 19, 2026
8. AppLovin Corporation (SEC filing), AppLovin Corporation Form 10-K for the fiscal year ended December 31, 2025: Net Income Per Share, Schedule of Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stockholders (XBRL financial report R80), Feb 19, 2026
9. AppLovin Corporation (SEC filing), AppLovin Corporation Form 10-K for the fiscal year ended December 31, 2025: Consolidated Statements of Cash Flows (XBRL financial report R8), Feb 19, 2026
10. AppLovin Corporation (SEC filing), AppLovin Corporation Form 8-K filed August 5, 2026, Item 2.02, Exhibit 99.1: press release, AppLovin Announces Second Quarter 2026 Financial Results, Aug 5, 2026
11. AppLovin Corporation (SEC filing), AppLovin Corporation Form 10-K for the fiscal year ended December 31, 2025, Exhibit 31.1: Certification of Principal Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, Feb 19, 2026
12. AppLovin Corporation (SEC filing), AppLovin Corporation Form 10-K for the fiscal year ended December 31, 2025, Exhibit 31.2: Certification of Principal Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, Feb 19, 2026
13. AppLovin Corporation (SEC filing), AppLovin Corporation Form 8-K filed April 7, 2026, Item 5.02: executive and board transitions, Apr 7, 2026
14. AppLovin Corporation (SEC filing), AppLovin Corporation Form 10-K for the fiscal year ended December 31, 2025: Consolidated Balance Sheets (XBRL financial report R3), Feb 19, 2026
15. AppLovin Corporation (SEC filing), AppLovin Corporation Form 10-K for the fiscal year ended December 31, 2021: Consolidated Statements of Operations (XBRL financial report R5), Mar 11, 2022
16. AppLovin Corporation (SEC filing), AppLovin Corporation Form 10-K for the fiscal year ended December 31, 2022: Consolidated Statements of Operations (XBRL financial report R5), Feb 28, 2023
17. AppLovin Corporation (SEC filing), AppLovin Corporation Form 10-K for the fiscal year ended December 31, 2023: Consolidated Statements of Operations (XBRL financial report R5), Feb 26, 2024

Figures last checked against the sources above on Oct 15, 2026. General information, not investment advice.