Goodwill and Intangible Assets, Net
As a result of the Apps Business divestiture, the Company has a single reportable segment, and the reporting unit is the same as the reportable segment. This change did not affect the composition of the remaining reporting unit and, accordingly, no impairment indicator was identified upon the change. The Company performed the required annual goodwill assessment in the fourth quarter of the year ended December 31, 2025, and concluded the goodwill was not impaired.
The following table presents the changes in the carrying amount of goodwill (in thousands):
Balance as of December 31, 2023$1,497,109 
Foreign currency translation
(39,424)
Balance as of December 31, 2024$1,457,685 
Foreign currency translation82,301 
Balance as of December 31, 2025$1,539,986 
Intangible assets, net consisted of the following (in thousands):
Weighted-
Average
Remaining
Useful Life
(in years)
As of December 31, 2025As of December 31, 2024
Gross
Carrying
Value
Accumulated
Amortization
Net Book
Value
Gross
Carrying
Value
Accumulated
Amortization
Net Book
Value
Customer relationships6.3$528,207 $(218,736)$309,471 $511,125 $(160,810)$350,315 
Developed technology1.7210,708 (159,274)51,434 203,030 (119,552)83,478 
Other3.465,790 (29,981)35,809 56,880 (17,822)39,058 
Total intangible assets$804,705 $(407,991)$396,714 $771,035 $(298,184)$472,851 
The Company recorded amortization expense related to intangible assets as follows (in thousands):
Year Ended December 31,
202520242023
Cost of revenue$42,300 $38,220 $36,983 
Sales and marketing55,104 54,628 54,556 
Total$97,404 $92,848 $91,539 
As of December 31, 2025, the expected future amortization expense related to intangible assets was estimated as follows (in thousands):
2026$89,357 
202781,014 
202859,469 
202953,167 
203048,941 
Thereafter64,766 
Total$396,714 
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Historical Timeline

Fiscal YearFiled
2025Feb 19, 2026Showing above
2024Feb 27, 2025
2023Feb 26, 2024
2022Feb 28, 2023
2021Mar 11, 2022

About Goodwill & Intangibles Disclosures

Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.

Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.