AppLovin Corp financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data AppLovin Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	994	1,451	2,793	2,817	1,842	3,224	5,481
Cost of revenue	241	556	988	1,256	357	521	665
Gross profit	753	896	1,805	1,561	1,485	2,703	4,816
Research and development	45	181	366	508	334	375	227
Selling and marketing	482	628	1,130	920	228	253	204
General and administrative	31.7	66.4	159	182	151	165	234
Operating income	194	-62	150	-47.8	772	1,911	4,152
Interest expense	74	77.9	103	172	282	308	201
Other non-operating income	-68.1	-73.7	-104	-157	-271	-299	-199
Pre-tax income	126	-136	46.3	-205	502	1,612	3,953
Income tax	7.19	-9.77	11	-12.2	43.8	22.4	520
Income from continuing operations					458	1,590	3,433
Net income	119	-125	35.4	-193	357	1,580	3,334
EBITDA	287	193	581	499	1,261	2,360	4,347
EPS, basic	0.36	-0.58	0.10	-0.52	1.01	4.68	9.84
EPS, diluted	0.36	-0.58	0.09	-0.52	0.98	4.53	9.75
Shares, basic (weighted)	211	215	325	372	352	337	339
Shares, diluted (weighted)	212	215	343	372	363	348	342

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	396	317	1,521	1,080	502	697	2,487
Receivables		297	515	703	954	1,283	1,819
Other current assets		48.8	150	156	160	140	124
Total current assets		663	3,235	1,939	1,616	2,312	4,431
Property, plant and equipment		28.6	63.6	78.5	173	160	122
Lease right-of-use assets		84.3	71	60.4	48.2	36.5	25.5
Goodwill	137	250	966	1,824	1,497	1,458	1,540
Intangible assets		1,086	1,709	1,678	1,293	473	397
Other non-current assets		42.6	118	268	386	493	482
Total assets		2,155	6,164	5,848	5,359	5,869	7,260
Accounts payable		147	258	273	372	504	747
Accrued liabilities		95.1	134	148	265	402	587
Deferred revenue		86.9	78.9	64	78.6	37.1	47.7
Short-term debt		15.2	25.8	33.3	215	0
Total current liabilities		598	640	579	944	1,057	1,334
Long-term debt		1,584	3,202	3,178	2,906	3,509	3,513
Lease liabilities		71.8	62.5	54.2	42.9	31.1	17.8
Other non-current liabilities		59	113	107	210	180	278
Total liabilities		2,313	4,025	3,945	4,103	4,779	5,125
Total debt		1,584	3,228	3,212	3,121	3,509	3,513
Paid-in capital		454	3,160	3,156	2,135	594	447
Retained earnings		-1,012	-977	-1,170	-813	599	1,735
Other comprehensive income		0.6	-45.5	-83.4	-65.3	-103	-47
Shareholders' equity	-257	-159	2,138	1,903	1,256	1,090	2,135
Total equity	-257	-159	2,138	1,903	1,256	1,090	2,135
Total liabilities and equity		2,155	6,164	5,848	5,359	5,869	7,260
Shares outstanding		226	375	374	340	340	338

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	119	-126	35.3	-193	357	1,580	3,334
Depreciation and amortization	92.8	255	431	547	489	449	195
Stock-based compensation	10.2	62.4	133	192	363	369	210
Deferred income tax	-19	-38	-65.8	-102	-53.8	-166	-6.32
Change in receivables	-33.5	-113	-202	-175	-261	-467	-542
Cash from operations	198	223	362	413	1,062	2,099	3,971
Capital expenditures	-3.36	-3.24	-1.39	-0.66	-4.25	-4.78
Acquisitions	-404	-675	-1,211	-1,346	-63.9
Cash from investing	-412	-680	-1,215	-1,371	-77.8	-107	358
Debt issued				0	395	4,615	200
Debt repaid	-11.2	-64.3	-720	-25.8	-498	-4,225	-200
Stock issued	0	9.32	0	0	20.9
Share buybacks	-0.01	-1.77	0	-339	-1,154	-981	-2,192
Cash from financing	333	378	3,110	-527	-1,563	-1,750	-2,593
Exchange rate effect	0.06	0.14	-3.2	-4.48	0.78	-3.15
Net change in cash	120	-79	2,253	-1,490	-578	239	1,746
Free cash flow	195	220	360	412	1,057	2,094
Interest paid	62.3	59.4	76.7	166	249	271	199
Income taxes paid	30.5	12.7	90.6	86.3	75.4	67.3	195

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $310.75 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	88.5%	Gross profit / revenue.
Operating margin	77.4%	Operating income / revenue.
EBITDA margin	79.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	76.3%	Pre-tax income / revenue.
Net margin	64.6%	Net income / revenue.
Operating cash flow margin	66.3%	Cash from operations / revenue.
Effective tax rate	15.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	139.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	53.3%	Net income / average total assets.
Return on invested capital (ROIC)	123.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	4.7%	Research and development expense / revenue.
Stock-based pay / revenue	4.1%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	2.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	70.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	24.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	30.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	78.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	45.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	40.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	117.3%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	84.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	105.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	86.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	111.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	115.2%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	89.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	112.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	77.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	95.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	3.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	23.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	27.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	9.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.30x	Current assets / current liabilities.
Quick ratio	4.17x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.43x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.11x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	42.5%	Total debt / total assets.
Liabilities / assets	61.7%	Total liabilities / total assets.
Net debt	$461.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.09x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$4.14B	Current assets - current liabilities.
Goodwill and intangibles / assets	22.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.29B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.83x	Revenue / average total assets.
Fixed asset turnover	61.0x	Revenue / average property, plant and equipment.
Receivables turnover	3.15x	Revenue / average receivables.
Days sales outstanding	116 days	365 x average receivables / revenue.
Days payables	361 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$13.08	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$20.26	Revenue / diluted weighted shares.
Operating cash flow per share	$13.43	Cash from operations / diluted weighted shares.
Book value per share	$9.43	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.84	Tangible book value / shares outstanding.
Cash per share	$9.11	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$103.99B	Share price x shares outstanding.
Enterprise value	$104.45B	Market cap + total debt - cash - short-term investments.
P/E	23.6x	Market cap / net income. Only when net income is positive.
P/S	15.2x	Market cap / revenue.
P/B	32.9x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	80.7x	Market cap / tangible book value, when positive.
P/OCF	23.0x	Market cap / cash from operations, when positive.
EV/Sales	15.3x	Enterprise value / revenue.
EV/EBIT	19.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	19.3x	Enterprise value / EBITDA, when both are positive.
Earnings yield	4.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.4%	(Dividends paid + share buybacks) / market cap.

What was AppLovin Corp's revenue in fiscal 2025?

AppLovin Corp reported revenue of $5.48B for fiscal 2025, 70% higher than the year before.

Was AppLovin Corp profitable in fiscal 2025?

Yes. Net income was $3.33B, a net margin of 60.8%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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