AppLovin
APP · NasdaqServices-Computer Programming, Data Processing, Etc. · Fiscal year ends Dec 31
AppLovin reported revenue of $5.5B in the fiscal year ended Dec 2025, up 70.0% from the year before. Operating income was $4.2B, an operating margin of 75.8%, and net income was $3.3B. Net debt was $1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $2.8B | $2.8B | $1.8B | $3.2B | $5.5B |
| Cost of revenue | $988M | $1.3B | $357M | $521M | $665M |
| Gross profit | $1.8B | $1.6B | $1.5B | $2.7B | $4.8B |
| Research & development | $366M | $508M | $334M | $375M | $227M |
| Operating income | $150M | −$48M | $772M | $1.9B | $4.2B |
| Interest expense | – | $172M | $282M | $308M | $201M |
| Pre-tax income | $46M | −$205M | $502M | $1.6B | $4B |
| Income tax | $11M | −$12M | $44M | $22M | $520M |
| Net income | $35M | −$193M | $357M | $1.6B | $3.3B |
| Diluted EPS | 0.09 | −0.52 | 0.98 | 4.53 | 9.75 |
| Diluted shares | 343M | 372M | 363M | 348M | 342M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.5B | $1.1B | $502M | $697M | $2.5B |
| Receivables | $515M | $703M | $954M | $1.3B | $1.8B |
| Current assets | $3.2B | $1.9B | $1.6B | $2.3B | $4.4B |
| Net PP&E | $64M | – | – | – | – |
| Goodwill | $966M | $1.8B | $1.5B | $1.5B | $1.5B |
| Total assets | $6.2B | $5.8B | $5.4B | $5.9B | $7.3B |
| Payables | $258M | $273M | $372M | $504M | $747M |
| Deferred revenue | $79M | $64M | $79M | $37M | $48M |
| Current liabilities | $640M | $579M | $944M | $1.1B | $1.3B |
| Short-term debt | $26M | $33M | $215M | $0 | – |
| Long-term debt | $3.2B | $3.2B | $2.9B | $3.5B | $3.5B |
| Total liabilities | $4B | $3.9B | $4.1B | $4.8B | $5.1B |
| Shareholders' equity | $2.1B | $1.9B | $1.3B | $1.1B | $2.1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $362M | $413M | $1.1B | $2.1B | $4B |
| Capital expenditure | $1M | $662,000 | $4M | $5M | – |
| Free cash flow | $360M | $412M | $1.1B | $2.1B | – |
| Depreciation & amortisation | $431M | $547M | $489M | $449M | $195M |
| Stock-based compensation | $133M | $192M | $363M | $369M | $210M |
| Acquisitions | $1.2B | $1.3B | $64M | – | – |
| Share buybacks | $0 | $339M | $1.2B | $981M | $2.2B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 0.9% | −34.6% | 75.1% | 70.0% |
| Operating income growth (YoY) | – | −131.9% | – | 147.4% | 117.3% |
| EPS growth (YoY) | – | −677.8% | – | 362.2% | 115.2% |
| Gross margin | 64.6% | 55.4% | 80.6% | 83.9% | 87.9% |
| Operating margin | 5.4% | −1.7% | 41.9% | 59.3% | 75.8% |
| Net margin | 1.3% | −6.8% | 19.4% | 49.0% | 60.8% |
| Return on equityBlank when equity is negative | 1.7% | −10.1% | 28.4% | 145.0% | 156.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 2.7% | −0.9% | 17.5% | 39.7% | 70.1% |
| Free cash flow margin | 12.9% | 14.6% | 57.4% | 65.0% | – |
| Cash conversion (CFO ÷ net income) | 10.2x | −2.14x | 2.98x | 1.33x | 1.19x |
| Receivable days | 67 | 91 | 189 | 145 | 121 |
| Payable days | 95 | 79 | 380 | 354 | 410 |
| Interest cover | – | −0.28x | 2.74x | 6.20x | 20.7x |
| Debt ÷ equity | 1.51x | 1.69x | 2.48x | 3.22x | 1.65x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1.7B | $2.1B | $2.6B | $2.8B | $1B |
| Current ratio | 5.05x | 3.35x | 1.71x | 2.19x | 3.32x |
Recent filings
More in Services-Computer Programming, Data Processing, Etc.
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.