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Screener / SEC EDGAR /CIK 0001751008 /10-K filed Feb 19, 2026, compared with Feb 27, 2025 /Numbers from the XBRL of the 10-Ks
Communication peers:
ECHORDDTTTWOAPPTKONWSA
Nasdaq Communication · Internet & Software Services

AppLovin APP

APP quote by TradingView

Our mission is to create meaningful connections between companies and their ideal customers. 10-K, Item 1

Headquarters
Palo Alto, CA
CEO
Arash Adam Foroughi
Next results
around Feb 10, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $5.5B through the costs to a net profit of $3.3B · income statement of the 10-K

76% operating margin
Revenue to Gross profit: $4.8BRevenue to Cost of revenue: $665.1MGross profit to Operating profit: $4.2BGross profit to Operating expenses: $663.7MOperating profit to Net profit: $3.3BOperating profit to Tax & other: $818.2MOperating expenses to R&D: $226.5MOperating expenses to Sales, admin & other: $437.2M Revenue: $5.5B REVENUE $5.5B +70% Y/Y Gross profit: $4.8B · 88% margin GROSS PROFIT $4.8B 88% margin Cost of revenue: $665.1M · 12% of revenue COST OF REVENUE $665.1M 12% of revenue Operating profit: $4.2B · 76% margin OPERATING PROFIT $4.2B 76% margin · +117% Y/Y Operating expenses: $663.7M · 12% of revenue OPERATING EXPENSES $663.7M 12% of revenue Net profit: $3.3B · 61% margin NET PROFIT $3.3B 61% margin · +111% Y/Y Tax & other: $818.2M · 15% of revenue TAX & OTHER $818.2M 15% of revenue R&D: $226.5M · 4% of revenue R&D $226.5M 4% of revenue Sales, admin & other: $437.2M · 8% of revenue SALES, ADMIN & OTHER $437.2M 8% of revenue
Gross profit $4.8B 88% margin
Operating profit $4.2B 76% margin · +117% Y/Y
Net profit $3.3B 61% margin · +111% Y/Y
The full income statement, year by year

APP among Communication peers

Six ratios from the latest 10-K. Each corner is the share of 18 peers the company is above, not a score.

Compare
Revenue growth: 70.0%, above 100% of 18 peers (their median 5.9%) REVENUE GROWTH 70.0% · above 100% Gross margin: 88.8%, above 83% of 6 peers (their median 58.7%) GROSS MARGIN 88.8% · above 83% Operating margin: 77.8%, above 100% of 16 peers (their median 18.4%) OPERATING MARGIN 77.8% · above 100% Net margin: 65.9%, above 100% of 18 peers (their median 9.0%) NET MARGIN 65.9% · above 100% Return on capital: 52.9%, above 100% of 13 peers (their median 9.2%) RETURN ON CAPITAL 52.9% · above 100%
APP Peer median Below the median

What changed

8 new risk paragraphs. 10-K filed Feb 19, 2026 against Feb 27, 2025.

Risk factors
8 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Accounting checks
10 other checks clear
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
2 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

10 checks on the latest 10-K. Checks, not verdicts.

How it works

0facts worth reading about all 10 checks found nothing to note

  • Receivables +41.8% vs revenue +70.0% (-28.2 pts)
  • Cash from operations $4.0B vs net income $3.3B (FY ending Dec 31, 2025)
  • Same auditor in both 10-Ks: DELOITTE & TOUCHE LLP
7 more checks with nothing to note
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • No longer listed: Table of Contents. Same as last year: Performance-based Restricted Stock Units
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

8 paragraphs in Risk Factors that were not in the 10-K filed Feb 27, 2025. Quoted as filed.

All 8 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 27, 2025 10-K, ITEM 1A
    A deterioration in macroeconomic conditions, whether in the United States, internationally, or globally, could create uncertainty and adversely affect advertising spending or costs related to our operations. Historically, consumer purchasing and advertising spending have each declined during economic downturns and periods of uncertainty…
  2. Item 1A · new paragraph · not in the 10-K filed Feb 27, 2025 10-K, ITEM 1A
    In addition, we have in the past chosen, and may in the future also choose, to divest certain businesses or product lines. For example, in June 2025, we sold our Apps business. As a result of this divestiture, we no longer generate Apps revenue and we may not achieve the desired strategic and financial benefits. Any future divestitures…
  3. Item 1A · new paragraph · not in the 10-K filed Feb 27, 2025 10-K, ITEM 1A
    Harm to our brands and reputation can arise from many sources, including actions of our business partners, service disruptions or technical issues, or legal or regulatory scrutiny. Even allegations may harm our reputation and brands and cause the market price of our Class A common stock to decline. We have, from time to time in the…
  4. Item 1A · new paragraph · not in the 10-K filed Feb 27, 2025 10-K, ITEM 1A
    We transfer personal data relating to our employees, clients and their users from the European Economic Area (“EEA”), the United Kingdom, Switzerland, and other jurisdictions to the United States and other countries. Following the invalidation of the EU-U.S. and Swiss-U.S. Privacy Shield frameworks by the Court of Justice of the…

New risk paragraphs, against peers

Latest 10-K of each, Communication companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$2.8B$1.8B$3.2B$5.5B
Net income−$192.7M$356.7M$1.6B$3.3B
Operating cash flow$412.8M$1.1B$2.1B$4.0B
Free cash flow$412.1M$1.1B$2.1B

Revenue, FY2019 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$5.5B ▲ 70.0% in FY2025

FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

2 filings in the last 30 days · SEC EDGAR

All filings

About the company

AppLovin, Palo Alto, CA · from the 10-K filed Feb 19, 2026

Our mission is to create meaningful connections between companies and their ideal customers. We provide end-to-end artificial intelligence-powered ("AI") advertising solutions for businesses to reach, monetize and grow their global audience. Our scaled business model is intricately linked to the advertising ecosystem, providing a durable competitive advantage. We generate revenue when our advertisers achieve their return on advertising spend targets with our advertising solutions, ensuring that their success directly fuels our growth.

Headquarters
Palo Alto, CA
Country
United States
Listed on
Nasdaq
Fiscal year ends
December 31
Last results
Nov 4, 2026
Incorporated in
DE

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Sources

The 10-K filed Feb 19, 2026 (open at SEC), compared with the 10-K filed Feb 27, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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