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AppLovin vs Alphabet: revenue, profit, margins and growth compared

AppLovin brought in $5.5B of revenue in fiscal 2025, Alphabet $402.8B in fiscal 2025. Revenue changed by +70.0% at AppLovin and +15.1% at Alphabet on the year before, so AppLovin grew faster. AppLovin kept 60.8% of its revenue as net profit, Alphabet 32.8%.

Side by side, latest fiscal year

APPGOOGL
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$5.5B$402.8B
Revenue growth+70.0%+15.1%
Net income$3.3B$132.2B
Net margin60.8%32.8%
Free cash flown/a$73.3B
Free cash flow marginn/a18.2%
Earnings per share (diluted)$9.75$10.81
Cash$2.5B$30.7B
Debt$3.5B$49.1B
Price to earnings31.931.8
Market value$104B$4.21T
Dividend yieldn/a0.24%
Rank by revenue in sector#84 of 530 · Technology#2 of 530 · Technology

Over the years

Revenue
APP FY2019: $994.1MAPP FY2021: $1.5BAPP FY2021: $2.8BAPP FY2022: $2.8BAPP FY2023: $1.8BAPP FY2024: $3.2BAPP FY2025: $5.5BGOOGL FY2018: $136.8BGOOGL FY2019: $161.9BGOOGL FY2020: $182.5BGOOGL FY2021: $257.6BGOOGL FY2022: $282.8BGOOGL FY2023: $307.4BGOOGL FY2024: $350BGOOGL FY2025: $402.8BFY18FY19FY20FY21FY22FY23FY24FY25
APP $5.5BGOOGL $402.8B
Net income
APP FY2019: $119MAPP FY2021: -$125.2MAPP FY2021: $35.4MAPP FY2022: -$192.7MAPP FY2023: $356.7MAPP FY2024: $1.6BAPP FY2025: $3.3BGOOGL FY2018: $30.7BGOOGL FY2019: $34.3BGOOGL FY2020: $40.3BGOOGL FY2021: $76BGOOGL FY2022: $60BGOOGL FY2023: $73.8BGOOGL FY2024: $100.1BGOOGL FY2025: $132.2BFY18FY19FY20FY21FY22FY23FY24FY25
APP $3.3BGOOGL $132.2B
Net margin
APP FY2019: 12.0%APP FY2021: -8.6%APP FY2021: 1.3%APP FY2022: -6.8%APP FY2023: 19.4%APP FY2024: 49.0%APP FY2025: 60.8%GOOGL FY2018: 22.5%GOOGL FY2019: 21.2%GOOGL FY2020: 22.1%GOOGL FY2021: 29.5%GOOGL FY2022: 21.2%GOOGL FY2023: 24.0%GOOGL FY2024: 28.6%GOOGL FY2025: 32.8%FY18FY19FY20FY21FY22FY23FY24FY25
APP 60.8%GOOGL 32.8%
Revenue growth
APP FY2021: +46.0%APP FY2021: +92.5%APP FY2022: +0.9%APP FY2023: -34.6%APP FY2024: +75.1%APP FY2025: +70.0%GOOGL FY2019: +18.3%GOOGL FY2020: +12.8%GOOGL FY2021: +41.2%GOOGL FY2022: +9.8%GOOGL FY2023: +8.7%GOOGL FY2024: +13.9%GOOGL FY2025: +15.1%FY19FY20FY21FY22FY23FY24FY25
APP +70.0%GOOGL +15.1%
Free cash flow
APP FY2019: $195.1MAPP FY2021: $219.6MAPP FY2021: $360.5MAPP FY2022: $412.1MAPP FY2023: $1.1BAPP FY2024: $2.1BGOOGL FY2018: $22.8BGOOGL FY2019: $31BGOOGL FY2020: $42.8BGOOGL FY2021: $67BGOOGL FY2022: $60BGOOGL FY2023: $69.5BGOOGL FY2024: $72.8BGOOGL FY2025: $73.3BFY18FY19FY20FY21FY22FY23FY24FY25
APP $2.1BGOOGL $73.3B

Fiscal years as each company reports them; the two may end in different months.

Questions about AppLovin and Alphabet

Which is bigger by revenue, AppLovin or Alphabet?

Alphabet is bigger by revenue: $402.8B in fiscal 2025, against $5.5B for AppLovin in fiscal 2025.

Which keeps more of its revenue as profit, AppLovin or Alphabet?

AppLovin had a net margin of 60.8% in fiscal 2025; Alphabet had 32.8% in fiscal 2025.

Which grew revenue faster, AppLovin or Alphabet?

In their latest fiscal years revenue changed by +70.0% at AppLovin and +15.1% at Alphabet.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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