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Company file · APP

AppLovin

AppLovin's revenue rose 70.0% in FY2025, to $5.5B, and net income rose 111.0% to $3.3B

Revenue rose 70.0% to $5.5B in FY2025, from $3.2B in FY2024. Net income rose 111.0% to $3.3B. United States was the largest region, at 52% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 19, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Aug 5, 2026) · Data pulled Oct 29, 2026

Key facts

AppLovin (Nasdaq: APP) reported revenue of $5.5B for fiscal 2025, the year ended Dec 31, 2025, up 70.0% from fiscal 2024. Net income was $3.3B, up 111.0%. In its latest 10-Q, for the quarter ended Jun 30, 2026, revenue was $1.9B, up 52.8% from the same quarter a year earlier, and net income was $1.3B. The largest piece by region was United States, at 52% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 19, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 5, 2026).

Revenue$5.5BFY2025 · +70.0% vs FY2024
Net income$3.3BFY2025 · +111.0% vs FY2024
Operating cash flow$4.0BFY2025 · +89.2% vs FY2024
Cash & equivalents$3.1Bat Jun 30, 2026 · +22.8% vs FY2025 end
Total debt$3.5Bat Jun 30, 2026 · +0.1% vs FY2025 end
Diluted shares342MFY2025 avg · −1.7% vs FY2024
Revenue and net income, three fiscal yearsBy fiscal year, $bn
RevenueNet income
Revenue and net income by fiscal yearRevenue FY2023: $1.8B1.8Net income FY2023: $357M0.36FY2023Revenue FY2024: $3.2B3.2Net income FY2024: $1.6B1.6FY2024Revenue FY2025: $5.5B5.5Net income FY2025: $3.3B3.3FY2025

Source: 10-K FY2025, filed Feb 19, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly revenue, fiscal 2026 vs 2025FY2025 Q1: $1.2B1.2FY2026 Q1: $1.8B1.8Q1FY2025 Q2: $1.3B1.3FY2026 Q2: $1.9B1.9Q2

Source: 10-Q filed May 6, 2026 · 10-Q filed Aug 5, 2026

How it makes money

FY2025 total by categoryUnited States: $2.8B (52%)Non-US: $2.7B (48%)$5.5BFY2025 total

By region, FY2025

  • LineAmountSharevs FY2024
  • United States$2.8B52%+63.8%
  • Non-US$2.7B48%+77.2%

Source: 10-K FY2025, XBRL breakdown

By region in FY2025: United States (52%) and Non-US (48%), as shares of total revenue. Total revenue was $5.5B.

By region: three-year mixShare of the total each fiscal year
United StatesNon-US

Source: 10-K FY2025

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Revenue
$1.9B Q2 2026
$1.3B Q2 2025
52.8% increase
Net income
$1.3B Q2 2026
$820M Q2 2025
54.5% increase

Source: AppLovin 10-Q for the quarter ended Jun 30, 2026, filed Aug 5, 2026

  • Cash & equivalents $3.1B at Jun 30, 2026, vs $2.5B at FY2025 end.
  • Total debt $3.5B at Jun 30, 2026, vs $3.5B at FY2025 end.
  • Operating cash flow, first 6 months of fiscal 2026: $2.2B vs $1.6B a year earlier.

The bull case and the bear case

The bull case

  • Revenue rose 70.0% in FY2025 to $5.5B, from $3.2B a year earlier. 10-K, FY2025
  • Net income rose 111.0% in FY2025 to $3.3B, from $1.6B. 10-K, FY2025
  • Operating cash flow rose 89.2% in FY2025 to $4.0B. 10-K, FY2025
  • Diluted shares fell 1.7% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025

The bear case

  • The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include competition; advertising and consumer spending; content and rights costs. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

AppLovin is in the advertising industry, part of the communication services sector. The SEC files it under Services-Computer Programming, Data Processing, Etc..

The full description of AppLovin's business is in Item 1 of its 10-K, linked below. This page shows its revenue by region.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the advertising industry. They are not a summary of AppLovin’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

  1. CompetitionRivals and new platforms compete for audiences, advertisers and subscribers.
  2. Advertising and consumer spendingAd budgets and subscriptions follow the economy.
  3. Content and rights costsProgramming, rights and network costs can rise faster than revenue.
  4. RegulationMedia, privacy and competition rules can limit what it can do.
  5. Technology changeShifts in how people watch, listen and connect can make products less relevant.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Revenue$1.8B$3.2B$5.5B
Net income$357M$1.6B$3.3B
Operating cash flow$1.1B$2.1B$4.0B
Cash & equivalents (year end)$502M$697M$2.5B
Total debt (year end)$2.9B$3.5B$3.5B
Diluted shares363M348M342M
  • Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
  • Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Long-term debt, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

    Recent filings

    FormFiledPeriod
    10-QAug 5, 2026Jun 30, 2026
    10-QMay 6, 2026Mar 31, 2026
    DEF 14AApr 21, 2026Jun 3, 2026
    10-KFeb 19, 2026Dec 31, 2025

    Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

    Common questions about AppLovin

    How does AppLovin make money?

    AppLovin's revenue was $5.5B in fiscal 2025. By region in FY2025: United States (52%) and Non-US (48%), as shares of total revenue. Total revenue was $5.5B. Source: 10-K for fiscal 2025, filed Feb 19, 2026.

    What was AppLovin's revenue in fiscal 2025?

    $5.5B of revenue for the fiscal year ended Dec 31, 2025, up 70.0% from $3.2B in fiscal 2024. Fiscal 2023 was $1.8B. Source: 10-K for fiscal 2025, filed Feb 19, 2026.

    Is AppLovin profitable?

    AppLovin reported net income of $3.3B for fiscal 2025, up 111.0% from $1.6B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Jun 30, 2026, net income was $1.3B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 19, 2026.

    What did AppLovin report in its latest quarterly filing?

    Revenue was $1.9B in the quarter ended Jun 30, 2026, up 52.8% from $1.3B a year earlier. Net income was $1.3B, up 54.5% from $820M. Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 5, 2026.

    How much cash and debt does AppLovin have?

    AppLovin had $3.1B in cash and cash equivalents and $3.5B of total debt on Jun 30, 2026. Total debt here is long-term debt, at carrying value. Source: 10-Q filed Aug 5, 2026.

    What are the main risks AppLovin faces?

    AppLovin's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 19, 2026. Risks that are common among companies in the advertising industry include Competition; advertising and consumer spending; content and rights costs; regulation; technology change. The first: Rivals and new platforms compete for audiences, advertisers and subscribers. Source: 10-K, Item 1A Risk Factors.

    Where do these AppLovin numbers come from?

    From AppLovin's own SEC filings: the 10-K for fiscal 2025 (filed Feb 19, 2026) and the 10-Q for the quarter ended Jun 30, 2026 (filed Aug 5, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

    Disclosures

    Editor holdings in APP
    The editor holds no position in AppLovin (APP). As of Oct 25, 2026.
    Trading rule
    The editor does not buy or sell APP from 3 days before to 3 days after this page is published or substantively updated.
    Compensation
    Nobody paid for this page. No affiliate links on this page.
    Sources
    The company's SEC filings, linked next to each number or, for charts, in the source line under them.
    Last updated
    Oct 29, 2026

    General education, the same for every reader. Not a recommendation to buy, sell or hold APP, and it doesn't consider your situation.

    Compare with peers

    CompanyFiscal yearRevenueRevenue growthNet income
    AppLovinAPPFY2025$5.5B+70.0%$3.3B
    MetaFY2025$201.0B+22.2%$60.5B

    Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

    More company files

    New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.