Loading…
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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $5.5B | $4.4B | $3.3B | $3.9B | 156.2% | 70.0% | 111.0% |
| 2024 | $3.2B | $2.4B | $1.6B | $2.1B | 145.0% | 75.1% | 342.3% |
| 2023 | $1.8B | $1.3B | $357M | $998M | 28.4% | -34.6% | -285.3% |
| 2022 | $2.8B | $514M | $-193M | $412M | -10.1% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 2,817.06 | 1,841.76 | 3,224.06 | 5,480.72 |
| Operating Revenue | - | 2,817.06 | 1,841.76 | 3,224.06 | 5,480.72 |
| Cost Of Revenue | - | 1,256.06 | 356.61 | 520.61 | 665.14 |
| Gross Profit | - | 1,560.99 | 1,485.15 | 2,703.44 | 4,815.58 |
| Operating Expense | - | 1,608.78 | 712.74 | 792.49 | 663.66 |
| Research And Development | - | 507.61 | 333.78 | 374.71 | 226.51 |
| Selling General And Administration | - | 1,101.18 | 378.96 | 417.78 | 437.15 |
| Total Expenses | - | 2,864.85 | 1,069.35 | 1,313.10 | 1,328.80 |
| Operating Income | - | -47.79 | 772.41 | 1,910.96 | 4,151.91 |
| Total Operating Income As Reported | - | -47.79 | 772.41 | 1,910.96 | 4,151.91 |
| EBITDA | - | 513.77 | 1,264.12 | 2,377.83 | 4,354.70 |
| Normalized EBITDA | - | 513.77 | 1,264.12 | 2,377.83 | 4,354.70 |
| EBIT | - | -33.31 | 775.11 | 1,929.15 | 4,159.93 |
| Interest Expense | - | 171.86 | 273.51 | 317.21 | 207.02 |
| Net Interest Income | - | -171.86 | -273.51 | -317.21 | -207.02 |
| Other Non Operating Income Expenses | - | 14.48 | 2.70 | 18.20 | 8.01 |
| Other Income Expense | - | 14.48 | 2.70 | 18.20 | 8.01 |
| Interest Expense Non Operating | - | 171.86 | 273.51 | 317.21 | 207.02 |
| Net Non Operating Interest Income Expense | - | -171.86 | -273.51 | -317.21 | -207.02 |
| Pretax Income | - | -205.18 | 501.60 | 1,611.94 | 3,952.91 |
| Tax Provision | - | -12.23 | 43.78 | 22.42 | 519.72 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -192.95 | 457.83 | 1,589.52 | 3,433.20 |
| Net Income From Continuing And Discontinued Operation | - | -192.75 | 357.21 | 1,579.79 | 3,333.76 |
| Net Income From Continuing Operation Net Minority Interest | - | -192.75 | 457.83 | 1,589.52 | 3,433.20 |
| Net Income | - | -192.75 | 357.21 | 1,579.79 | 3,333.76 |
| Net Income Common Stockholders | - | -192.75 | 354.94 | 1,577.06 | 3,333.29 |
| Net Income Including Noncontrolling Interests | - | -192.95 | 357.21 | 1,579.79 | 3,333.76 |
| Normalized Income | - | -192.75 | 457.83 | 1,589.52 | 3,433.20 |
| Diluted NI Availto Com Stockholders | - | -192.75 | 354.99 | 1,577.14 | 3,333.29 |
| Basic Average Shares | - | 371.57 | 351.95 | 336.92 | 338.78 |
| Diluted Average Shares | - | 371.57 | 362.59 | 347.81 | 341.97 |
| Reconciled Depreciation | - | 547.08 | 489.01 | 448.68 | 194.78 |
| Reconciled Cost Of Revenue | - | 1,256.06 | 356.61 | 520.61 | 665.14 |
| Total Unusual Items | 0 | 0 | - | - | - |
| Total Unusual Items Excluding Goodwill | 0 | 0 | - | - | - |
| Minority Interests | 0.11 | 0.20 | 0 | 0 | - |
| Net Income Discontinuous Operations | - | - | -100.62 | -9.73 | -99.43 |
| Special Income Charges | 0 | 0 | - | - | - |
| Restructuring And Mergern Acquisition | 0 | 0 | - | - | - |
| General And Administrative Expense | - | 181.63 | 150.93 | 164.92 | 233.50 |
| Other Gand A | - | 181.63 | 150.93 | 164.92 | 233.50 |
| Selling And Marketing Expense | - | 919.55 | 228.02 | 252.86 | 203.65 |
| Otherunder Preferred Stock Dividend | - | 0 | 2.27 | 2.73 | 0.48 |
| Average Dilution Earnings | - | 0 | 0.05 | 0.08 | 0 |
Communication Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| AppLovin Corporationthis co. | APP | $187.7B | 56.32↑ premium | 87.95 | 156.2% | 43.36 |
| T-Mobile US, Inc. | TMUS | $191.6B | 17.43 | 3.24 | 18.6% | 9.77 |
| Verizon Communications Inc. | VZ | $187.4B | 10.91 | 1.79 | 16.4% | 7.33 |
| The Walt Disney Company | DIS | $172.5B | 13.91 | 1.57 | 11.3% | 11.06 |
| AT&T Inc. | T | $158.2B |
| - |
| - |
| - |
| - |
| - |
| 7.21 |
| 1.43 |
| 19.9% |
| 5.39 |
| Comcast Corporation | CMCSA | $83.3B | 4.17 | 0.86 | 20.6% | 3.73 |
| Warner Bros. Discovery, Inc. | WBD | $67.7B | 93.11 | 1.88 | 2.0% | 4.50 |
| Electronic Arts Inc. | EA | $51.0B | 57.50 | 7.54 | 13.1% | 31.86 |
| Take-Two Interactive Software, Inc. | TTWO | $40.2B | -134.89 | 11.46 | -8.5% | 33.54 |
| Peer Median | - | 12.41 | 1.84 | 14.8% | 8.55 | |