AppLovin Corp

Listed Company

APPCIK 0001751008NasdaqLarge AcceleratedServices-Computer Programming, Data Processing, Etc.DelawareFY ends Dec 31

Period

FY 2025

Revenue

$5.48B

Net Income

$3.33B

Total Assets

$7.26B

Equity

$2.13B

Shares Out

338.31M

Op. Cash Flow

$3.97B

Business

AppLovin Corp provides end-to-end, AI-powered advertising solutions and operates a portfolio of owned mobile apps to help businesses reach, monetize, and grow audiences. Its main products and services include AppDiscovery for user acquisition, MAX for in-app bidding and monetization, Adjust for measurement and analytics, and Wurl for connected TV distribution and CTV advertising. The company reports through two primary segments—Advertising and Apps—integrating advertiser and publisher tools with studios that develop and operate free-to-play mobile games. AppLovin serves global markets through SDK integration, large-scale real-time auctions, CTV distribution channels, developer partnerships, and direct advertiser interfaces.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	5,481	3,224	1,842	2,817	2,793
Cost of revenue	665	521	357	1,256	988
Sales and marketing	204	253	228	920	1,130
Research and development	227	375	334	508	366
General and administrative	234	165	151	182	159
Total costs and expenses	1,329	1,313	1,069	2,865	2,643
Income from operations	4,152	1,911	772	−48	150
Interest expense and loss on settlement of debt	−207	−317	−274	−172	−103
Other income, net	8	18	3	14	−535,000
Total other expense, net	−199	−299	−271	−157	−104
Income before income taxes	3,953	1,612	502	−205	46
Provision for income taxes	520	22	44	−12	11
Net income from continuing operations	3,433	1,590	458	—	—
Loss from discontinued operations, net of income taxes	−99	−10	−101	—	—
Net income	3,334	1,580	357	−193	35
Continuing operations (in dollars per share)	10.13	4.71	1.29	—	—
Discontinued operations (in dollars per share)	−0.29	−0.03	−0.28	—	—
Basic net income per share (in dollars per share)	9.84	4.68	1.01	−0.52	0.1
Continuing operations (in dollars per share)	10.04	4.56	1.26	—	—
Discontinued operations (in dollars per share)	−0.29	−0.03	−0.28	—	—
Diluted net income per share (in dollars per share)	9.75	4.53	0.98	−0.52	0.09
Basic (in shares)	339	337	352	372	325
Diluted (in shares)	342	348	363	372	343

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2022 2022-06-30
Cash and cash equivalents	2,487	697	502	1,080	—
Accounts receivable, net	1,819	1,283	954	703	—
Prepaid expenses and other current assets	124	140	160	156	—
Current assets of discontinued operations	0	191	—	—	—
Total current assets	4,431	2,312	1,616	1,939	—
Property and equipment, net	122	160	173	79	—
Operating lease right-of-use assets	25	36	48	60	—
Goodwill	1,540	1,458	1,497	1,824	1,800
Intangible assets, net	397	473	1,293	1,678	—
Equity method investments	288	0	—	—	—
Other assets	457	493	386	268	—
Non-current assets of discontinued operations	0	937	—	—	—
Total assets	7,260	5,869	5,359	5,848	—
Accounts payable	747	504	372	273	—
Accrued and other current liabilities	573	402	265	148	—
Operating lease liabilities, current	14	15	14	14	—
Current liabilities of discontinued operations	0	137	—	—	—
Total current liabilities	1,334	1,057	944	579	—
Long-term debt	3,513	3,509	2,906	3,178	—
Operating lease liabilities, non-current	18	31	43	54	—
Other non-current liabilities	260	180	210	107	—
Non-current liabilities of discontinued operations	0	1	—	—	—
Total liabilities	5,125	4,779	4,103	3,945	—
Commitments and contingencies (Note 6)	—	—	—	—	—
Preferred stock, $0.00003 par value100,000 shares authorized, no shares issued and outstanding as of December 31, 2025 and 2024	0	0	0	0	—
Class A, Class B, and Class C Common Stock, $0.00003 par value1,850,000 (Class A 1,500,000, Class B 200,000, Class C 150,000) shares authorized, 338,313 (Class A 307,955, Class B 30,358, Class C nil) and 340,042 (Class A 309,353, Class B 30,689, Class C nil) shares issued and outstanding as of December 31, 2025 and 2024, respectively	11,000	11,000	11,000	11,000	—
Additional paid-in capital	447	594	2,135	3,156	—
Accumulated other comprehensive loss	−47	−103	−65	−83	—
Retained earnings	1,735	599	−813	−1,170	—
Total stockholders equity	2,135	1,090	1,256	1,903	—
Total liabilities and stockholders equity	7,260	5,869	5,359	5,848	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization, depreciation and write-offs	195	449	489	547	431
Goodwill impairment	189	0	0	—	—
Stock-based compensation, excluding cash-settled awards	210	369	363	192	133
Gain on divestiture, net of transaction costs	−106	0	0	—	—
Impairment of investments	50	0	28	0	0
Loss on settlement of debt	0	28	4	0	18
Change in operating right-of-use assets	12	13	18	17	26
Other	9	10	11	2	7
Accounts receivable	−542	−467	−261	−175	−202
Prepaid expenses and other assets	135	−185	−134	—	—
Accounts payable	232	190	99	3	99
Operating lease liabilities	−15	−14	−19	−19	−27
Accrued and other liabilities	268	127	107	−6	3
Net cash provided by operating activities	3,971	2,099	1,062	413	362
Purchase of intangible assets	−28	−26	−64	—	—
Purchase of non-marketable equity securities	−20	−77	−18	−66	−15
Proceeds from divestiture, net of cash divested	407	0	0	—	—
Other investing activities	−373,000	−4	4	4	12
Net cash provided by (used in) investing activities	358	−107	−78	−1,371	−1,215
Repurchases of common stock	−2,192	−981	−1,154	−339	0
Payments of withholding taxes related to net share settlement	−392	−1,144	−246	−28	0
Principal repayments of debt	−200	−4,225	−498	−26	−720
Payments of deferred acquisition costs	0	0	−34	−124	−234
Principal payments of finance leases	−19	−21	−20	−24	−15
Payments of licensed asset obligation	−14	0	−27	−17	−18
Payments of debt issuance cost	−2	−36	−5	0	−15
Proceeds from issuance of debt	200	4,615	395	0	—
Proceeds from issuance of common stock upon exercise of stock options and purchase of ESPP shares	25	42	26	31	—
Net cash used in financing activities	−2,593	−1,750	−1,563	−527	3,110
Effect of foreign exchange rate on cash and cash equivalents	9	−3	778,000	—	—
Net increase in cash and cash equivalents, including cash classified within current assets of discontinued operations	1,746	239	−578	−1,490	2,253
Less: net decrease in cash classified within current assets of discontinued operations	−44	0	0	—	—
Net (decrease) increase in cash and cash equivalents	1,790	239	−578	—	—
Non-cash consideration received from divestiture	285	0	0	—	—
Right-of-use assets obtained in exchange for lease obligations, net of modifications	−29	26	120	—	—
Accrued withholding taxes related to net share settlement of restricted stock units	0	9	0	0	—
Cash paid for income taxes, net of refunds	195	67	75	86	91
Cash paid for interest	199	271	249	166	77

Filings

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