AppLovin Corp (APP)
AppLovin Corporation provides end-to-end artificial intelligence-powered advertising solutions for businesses in the United States and internationally. It operates through two segments, Advertising and Apps. The company offers Axon Ads Manager, a suite of marketing solutions that enables developers to automate, optimize, and manage marketing efforts; MAX, an in-app bidding technology that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform; and Wurl, a connected TV platform, which distributes streaming video for content companies, provides advertising and publishing solutions. It serves individuals, small and independent businesses, enterprises, advertisers and advertising networks, mobile app publishers, and indie studio developers. The company was incorporated in 2011 and is headquartered in Palo Alto, California.
- Symbol
- APP
- Exchange
- Nasdaq
- Sector
- Communication Services
- Industry
- Advertising Agencies
- Market cap
- $105.70B
- 52 week range
- 297.5 - 745.61
Valuation
- Share price
- $315.25 (close of 2026-09-23)
- P/E (TTM)
- 24.14x
- Price to book
- 33.42x
- Price to free cash flow
- 23.35x
- Enterprise value
- $106.16B
- Book value per share
- $9.43
Price performance
| Period | Change |
|---|
| 1 day | -4.52% |
| 5 days | -4.89% |
| 1 month | +3.10% |
| 3 months | -32.50% |
| 6 months | -31.31% |
| Year to date | -53.21% |
| 1 year | -51.59% |
| 3 years | +734.87% |
| 5 years | +304.94% |
| All time | +383.51% |
Profitability and growth
- Return on equity
- 156.17%
- Return on invested capital
- 113.78%
- Return on assets
- 45.92%
- Return on capital employed
- 70.06%
- Gross margin
- 87.86%
- Net margin
- 60.83%
- EBITDA margin
- 79.31%
- Revenue growth
- 69.99%
- Net income growth
- 111.03%
- Free cash flow growth
- 89.62%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- 4.28%
- Current ratio
- 4.30x
- Net debt to EBITDA
- 0.08x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $5.48B
- Cost of revenue
- $665.14M
- Gross profit
- $4.82B
- EBITDA
- $4.35B
- Net income
- $3.33B
- Earnings per share
- $9.84
- Research and development
- $226.51M
- Interest expense
- $207.02M
- Shares outstanding
- 338.78M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|
| 2025-12-31 | $5.48B | $4.82B | $3.33B | $9.84 |
| 2024-12-31 | $3.22B | $2.70B | $1.58B | $4.68 |
| 2023-12-31 | $1.84B | $1.49B | $356.71M | $1.01 |
| 2022-12-31 | $2.82B | $1.56B | $-192.75M | $-0.52 |
| 2021-12-31 | $2.79B | $1.81B | $35.45M | $0.10 |
| 2020-12-31 | $1.45B | $895.51M | $-125.19M | $-0.58 |
| 2019-12-31 | $994.10M | $752.83M | $119.04M | $0.36 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|
| 2025-12-31 | 87.86% | 60.83% | 156.17% | 113.78% |
| 2024-12-31 | 83.85% | 49.00% | 144.96% | 47.84% |
| 2023-12-31 | 80.64% | 19.37% | 28.39% | 18.53% |
| 2022-12-31 | 55.41% | -6.84% | -10.13% | -0.87% |
| 2021-12-31 | 64.62% | 1.27% | 1.66% | 3.50% |
| 2020-12-31 | 61.71% | -8.63% | 78.96% | -4.28% |
| 2019-12-31 | 75.73% | 11.97% | -46.40% | - |
Cash and debt by year
| Period end | Cash | Debt |
|---|
| 2025-12-31 | $2.49B | $3.51B |
| 2024-12-31 | $697.03M | $3.51B |
| 2023-12-31 | $502.15M | $2.91B |
| 2022-12-31 | $1.08B | $3.18B |
| 2021-12-31 | $1.52B | $3.20B |
| 2020-12-31 | $317.24M | $1.58B |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|
| 2025-12-31 | $3.97B | $210.42M |
| 2024-12-31 | $2.09B | $369.37M |
| 2023-12-31 | $1.06B | $363.11M |
| 2022-12-31 | $412.11M | $191.61M |
| 2021-12-31 | $360.46M | $133.18M |
| 2020-12-31 | $219.64M | $62.39M |
| 2019-12-31 | $195.10M | $10.22M |
Investor relations
Next earnings report
- Next confirmed report
- 2026-11-04
- Consensus EPS estimate
- $3.95
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-08-05 | Jun/2026 | $3.72 |
| 2026-05-06 | - | - |
| 2026-02-11 | - | - |
| 2025-11-05 | - | - |
| 2025-08-06 | - | - |
| 2025-05-07 | - | - |
| 2025-02-12 | - | - |
| 2024-11-06 | - | - |
Filings and sources
- Company website
- applovin.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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Understanding these figures
Price-to-earnings ratio · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart
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