AppLovin Corporation

Unknown Unknown Last filing Feb 19, 2026 · FY2025

                    Revenue
                    FY2025
                
$5.5B
                    3y CAGR +24.8%
                    
                    P83
                    
                    +70.0%
                    
                    Net income
                    FY2025
                
$3.3B
                    Net margin +60.8%
                    
                    P100
                    
                    +111.0%
                    
                    Total assets
                    FY2025
                
$7.3B
                    ROA +45.9%
                    
                    P100
                    
                    +23.7%
                    
                    Operating cash flow
                    FY2025
                
$4.0B
                    
                    +89.2%

7 yrs · FY2019–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

25 accounts · 5 years

Total assets $7.3B

Total liabilities $5.1B

Shareholders equity $2.1B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	45.4%	23.0%	27.3%	38.4%	54.4%
Accounts Receivable	33.2%	43.9%	51.8%	24.9%	18.4%
Prepaid Expenses	2.3%	4.9%	8.7%	5.5%	5.4%
Other Current Assets	8.3%	20.4%	21.0%	9.5%	4.2%
Total Current Assets	80.8%	71.7%	87.8%	68.8%	115.8%
Property,Plant and Equipment	2.2%	5.0%	9.4%	2.8%	2.3%
Goodwill	28.1%	55.9%	100.1%	64.7%	34.6%
Intangible Assets	7.2%	27.8%	70.2%	59.6%	61.2%
Other Noncurrent Assets	8.3%	20.4%	21.0%	9.5%	4.2%
Total Assets	132.5%	182.0%	291.0%	207.6%	220.7%
Liabilities
Accounts Payable	13.6%	17.5%	20.2%	9.7%	9.2%
Accrued Liabilities	10.5%	12.7%	13.7%	5.2%	4.8%
Other Current Liabilities	4.8%	5.6%	11.4%	3.8%	4.0%
Total Current Liabilities	24.3%	32.8%	51.3%	20.6%	22.9%
Long Term Debt	64.1%	108.8%	157.8%	112.8%	114.6%
Deferred Tax Liabilities	0.0%	0.5%	0.8%	0.6%	1.0%
Other Noncurrent Liabilities	4.8%	5.6%	11.4%	3.8%	4.0%
Total Liabilities	93.5%	148.2%	222.8%	140.0%	144.1%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	8.1%	18.4%	115.9%	112.0%	113.2%
Retained Earnings	31.7%	18.6%	-44.1%	-41.5%	-35.0%
Accumulated Other Comprehensive Income	-0.9%	-3.2%	-3.5%	-3.0%	-1.6%
Total Stockholders Equity	38.9%	33.8%	68.2%	67.5%	76.5%
Total Liabilitiesand Equity	132.5%	182.0%	291.0%	207.6%	220.7%

Income Statement

Revenue, expense, and profitability

18 accounts · 5 years

Revenue $5.5B

Operating income $4.2B

Net income $3.3B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	12.1%	16.1%	19.4%	44.6%	35.4%
Expenses Research and Development	4.1%	11.6%	18.1%	18.0%	13.1%
Expenses Selling,General and Administrative	4.3%	5.1%	8.2%	6.4%	5.7%
Expenses Depreciation and Amortization	3.6%	13.9%	26.6%	19.4%	15.4%
Expenses Share Based Compensation	3.8%	11.5%	19.7%	6.8%	4.8%
Expenses Operating Expenses	24.2%	40.7%	58.1%	101.7%	94.6%
Other Income Expense Operating Income	75.8%	59.3%	41.9%	-1.7%	5.4%
Other Income Expense Interest Expense	3.7%	9.6%	15.3%	6.1%	0.1%
Other Income Expense Other Income/expense	0.1%	0.6%	0.1%	0.5%	-0.0%
Other Income Expense Income Before Tax	72.1%	50.0%	27.2%	-7.3%	1.7%
Income Tax Income Tax Expense	9.5%	0.7%	2.4%	-0.4%	0.4%
net Income net Income	60.8%	49.0%	19.4%	-6.8%	1.3%
net Income Comprehensive Income	61.9%	47.8%	20.4%	-8.2%	-0.4%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	-0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	-0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	6.2%	10.5%	19.1%	13.2%	11.6%
Earnings Per Share Weighted Average Shares Diluted	6.2%	10.8%	19.7%	13.2%	12.3%

Cash Flow Statement

Operating, investing, and financing flows

18 accounts · 5 years

Operating cash flow $4.0B

Investing cash flow $358.4M

Financing cash flow $-2.6B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	60.8%	49.0%	19.4%	-6.8%	1.3%
Operating Activities Depreciation and Amortization	3.6%	13.9%	26.6%	19.4%	15.4%
Operating Activities Stock Based Compensation	3.8%	11.5%	19.7%	6.8%	4.8%
Operating Activities Deferred Income Taxes	-0.1%	-5.1%	-2.9%	-3.6%	-2.4%
Operating Activities Changes In Operating Assets and Liabilities	7.4%	20.0%	22.2%	5.7%	6.7%
Operating Activities Other Non Cash Items	0.2%	0.3%	0.6%	0.1%	0.3%
Operating Activities net Cash From Operating Activities	72.5%	65.1%	57.6%	14.7%	13.0%
Investing Activities Other Investing Activities	0.0%	0.1%	-0.2%	-0.2%	-0.4%
Investing Activities net Cash From Investing Activities	6.5%	-3.3%	-4.2%	-48.7%	-43.5%
Financing Activities Proceeds From Debt	3.6%	143.1%	21.5%	0.0%	83.9%
Financing Activities Repayment of Debt	3.6%	131.1%	27.0%	0.9%	25.8%
Financing Activities Repurchase of Common Stock	40.0%	30.4%	62.6%	12.0%	0.0%
Financing Activities Proceeds From Stock Issuance	0.5%	1.3%	1.1%	0.9%	1.1%
Financing Activities Tax Withholding On Stock Based Compensation	7.2%	35.5%	13.4%	1.0%	0.0%
Financing Activities net Cash From Financing Activities	-47.3%	-54.3%	-84.9%	-18.7%	111.3%
Cash Reconciliation net Change In Cash	31.9%	7.4%	-31.4%	-52.9%	80.7%
Cash Reconciliation Cash At Beginning of Period	45.4%	21.6%	27.3%	38.4%	92.0%
Cash Reconciliation Cash At End of Period	45.4%	21.6%	27.3%	38.4%	92.0%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+87.9%	+83.9%	+80.6%	+55.4%	+64.6%
Operating margin	+75.8%	+59.3%	+41.9%	-1.7%	+5.4%
Net margin	+60.8%	+49.0%	+19.4%	-6.8%	+1.3%
FCF margin	—	+65.0%	+57.4%	+14.6%	+12.9%
Growth
Revenue CAGR (3y)	+24.8%	+4.9%	+8.3%	+41.5%	—
Returns
ROE	+156.2%	+145.0%	+28.4%	-10.1%	+1.7%
ROA	+45.9%	+26.9%	+6.7%	-3.3%	+0.6%
ROIC	+114.1%	+48.9%	+18.2%	-1.2%	+3.0%
Liquidity
Current ratio	3.32x	2.19x	1.71x	3.35x	5.05x
Quick ratio	3.23x	2.04x	1.54x	3.08x	3.18x
Leverage
D/E	2.40x	4.39x	3.27x	2.07x	1.88x
Interest coverage	20.70x	6.20x	2.74x	-0.28x	100.01x
Efficiency
Asset turnover	0.75x	0.55x	0.34x	0.48x	0.45x
Cash conversion cycle	—	—	—	—	—

Valuation

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FY2025 fundamentals · no price

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AppLovin Corporation

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