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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 |
| 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 |
| Operating Income | - | -47.79 | 772.41 | 1,910.96 | 4,151.91 |
| EBITDA | - | 513.77 | 1,264.12 | 2,377.83 | 4,354.70 |
| EBIT | - | -33.31 | 775.11 | 1,929.15 | 4,159.93 |
| Pretax Income | - | -205.18 | 501.60 | 1,611.94 | 3,952.91 |
| Tax Provision | - | -12.23 | 43.78 | 22.42 | 519.72 |
| 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 |
| Total Expenses | - | 2,864.85 | 1,069.35 | 1,313.10 | 1,328.80 |
| Interest Expense | - | 171.86 | 273.51 | 317.21 | 207.02 |
| Research And Development | - | 507.61 | 333.78 | 374.71 | 226.51 |
| Selling General And Administration | - | 1,101.18 | 378.96 | 417.78 | 437.15 |
| Normalized EBITDA | - | 513.77 | 1,264.12 | 2,377.83 | 4,354.70 |
| Normalized Income | - | -192.75 | 457.83 | 1,589.52 | 3,433.20 |
| Market Cap | 150,742 | 150,742 | 150,742 | 150,742 | 150,742 |
Communication Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| AppLovin Corporationthis co. | APP | $151.8B | 45.22↑ premium | 70.62 | 156.2% | 34.86 |
| T-Mobile US, Inc. | TMUS | $214.0B | 19.03 | 3.53 | 18.6% | 10.32 |
| Verizon Communications Inc. | VZ | $196.2B | 11.29 | 1.86 | 16.4% | 7.47 |
| AT&T Inc. | T | $189.1B | 8.33 | 1.65 | 19.9% | 5.85 |
| The Walt Disney Company | DIS | $185.0B |
| - |
| - |
| - |
| - |
| - |
| 14.65 |
| 1.65 |
| 11.3% |
| 11.54 |
| Comcast Corporation | CMCSA | $99.2B | 4.92 | 1.02 | 20.6% | 4.05 |
| Warner Bros. Discovery, Inc. | WBD | $67.8B | 93.34 | 1.89 | 2.0% | 4.51 |
| Electronic Arts Inc. | EA | $53.1B | 45.24 | 7.94 | 17.6% | 25.03 |
| Fox Corporation | FOXA | $29.0B | 11.81 | 2.24 | 18.9% | 7.50 |
| Peer Median | - | 13.23 | 1.87 | 18.1% | 7.48 | |