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APPAppLovin

Communication · Internet & Software Services · Nasdaq
APP quote by TradingView
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FY2025 at a glance

Sales up 70.0%

XBRL, from each 10-K
RevenueStatements ↓
$5.5B
from $3.2B in FY2024
FY2019FY2025
Net incomeStatements ↓
$3.3B
from $1.6B in FY2024
FY2019FY2025
EPS (diluted)Statements ↓
$9.75
from $4.53 in FY2024
FY2019FY2025
Operating marginStatements ↓
75.8%
from 59.3% in FY2024
FY2019FY2025
Total debtStatements ↓
$3.5B
from $3.5B in FY2024
FY2019FY2025
Price and key numbers

The latest figures

All key numbers (36, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)14.85Sales (ttm)7.6BNet income (ttm)5.0BSales growth+70.0%EPS growth+115%Sales Q/Q+55.5%
Free cash flow-Gross margin88.8%Oper. margin77.8%Net margin65.9%FCF margin-ROE152.0%
ROA58.4%R&D / sales4.1%Dividend-Debt/Eq1.07Curr. ratio3.80Cash3.2B
Op. cash flow (ttm)4.9BEBITDA4.3BEBITDA margin79.3%Net debt342.4MQuick ratio3.80Interest cover20.70
ROIC52.9%Tax rate13.1%Stock pay / sales3.8%Shares out.334.8MShares Y/Y-1.7%Book / share9.85
Cash / share9.48Sales / share22.73Asset turnover0.89Days sales out.121Sales 3Y CAGR+24.8%Sales 5Y CAGR+30.5%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Revenue growth slowed to +70.0%+75.1% → +70.0% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
  • Operating margin widened to 75.8%59.3% → 75.8% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

APP against Communication peers

Ten years, side by side → · All 19 →
GrowthProfitBalanceCleanInsiders
APPPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 19 companies, the better end on the right. Hover a dot for the company.

Sales growth
+70.0%1st of 19 · median +6.8%
Net margin
65.9%1st of 19 · median 9.2%
Return on equity
152.0%1st of 19 · median 12.7%
Debt / equity (less is better)
1.0711th of 17 · median 0.94
APP and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
APP AppLovin$7.6B +70.0%88.8%65.9%152.0%-1.07
ECHO EchoStar$12.2B -5.2%-8.8%6.3%-4.4%0.57
NWSA News Corp (Class A)$9.2B +6.8%-6.8%7.3%7.8%0.24
TTWO Take-Two Interactive$6.4B +18.2%56.6%-3.8%-6.5%1.5%0.69
TKO TKO Group Holdings$5.5B -3.1%-5.2%8.5%-1.37
RDDT Reddit$3.1B +69.4%91.5%32.1%27.7%38.8%-
Where each dollar goes

From $2.8B of sales to $35.4M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $1.8BRevenue to Cost of revenue: $988.1MGross profit to Operating profit: $150.0MGross profit to Operating expenses: $1.7BOperating profit to Net profit: $35.4MOperating profit to Tax & other: $114.6MOperating expenses to R&D: $366.4MOperating expenses to Sales, admin & other: $1.3B Revenue: $2.8B Revenue$2.8B +92% Y/Y Gross profit: $1.8B · 65% margin Gross profit$1.8B65% margin Cost of revenue: $988.1M · 35% of revenue Cost of revenue$988.1M35% of revenue Operating profit: $150.0M · 5% margin Operating profit$150.0M5% margin Operating expenses: $1.7B · 59% of revenue Operating expenses$1.7B59% of revenue Net profit: $35.4M · 1% margin Net profit$35.4M1% margin Tax & other: $114.6M · 4% of revenue Tax & other$114.6M4% of revenue R&D: $366.4M · 13% of revenue R&D$366.4M13% of revenue Sales, admin & other: $1.3B · 46% of revenue Sales, admin & other$1.3B46% of revenue

Swipe sideways for the whole flow →

From $1.8B of sales to $356.7M of profit

FY2023, from the 10-K income statement
Revenue to Gross profit: $1.5BRevenue to Cost of revenue: $356.6MGross profit to Operating profit: $772.4MGross profit to Operating expenses: $712.7MOperating profit to Net profit: $356.7MOperating profit to Tax & other: $415.7MOperating expenses to R&D: $333.8MOperating expenses to Sales, admin & other: $379.0M Revenue: $1.8B Revenue$1.8B −35% Y/Y Gross profit: $1.5B · 81% margin Gross profit$1.5B81% margin Cost of revenue: $356.6M · 19% of revenue Cost of revenue$356.6M19% of revenue Operating profit: $772.4M · 42% margin Operating profit$772.4M42% margin Operating expenses: $712.7M · 39% of revenue Operating expenses$712.7M39% of revenue Net profit: $356.7M · 19% margin Net profit$356.7M19% margin Tax & other: $415.7M · 23% of revenue Tax & other$415.7M23% of revenue R&D: $333.8M · 18% of revenue R&D$333.8M18% of revenue Sales, admin & other: $379.0M · 21% of revenue Sales, admin & other$379.0M21% of revenue

Swipe sideways for the whole flow →

From $3.2B of sales to $1.6B of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $2.7BRevenue to Cost of revenue: $520.6MGross profit to Operating profit: $1.9BGross profit to Operating expenses: $792.5MOperating profit to Net profit: $1.6BOperating profit to Tax & other: $331.2MOperating expenses to R&D: $374.7MOperating expenses to Sales, admin & other: $417.8M Revenue: $3.2B Revenue$3.2B +75% Y/Y Gross profit: $2.7B · 84% margin Gross profit$2.7B84% margin Cost of revenue: $520.6M · 16% of revenue Cost of revenue$520.6M16% of revenue Operating profit: $1.9B · 59% margin Operating profit$1.9B59% margin +147% Y/Y Operating expenses: $792.5M · 25% of revenue Operating expenses$792.5M25% of revenue Net profit: $1.6B · 49% margin Net profit$1.6B49% margin +343% Y/Y Tax & other: $331.2M · 10% of revenue Tax & other$331.2M10% of revenue R&D: $374.7M · 12% of revenue R&D$374.7M12% of revenue Sales, admin & other: $417.8M · 13% of revenue Sales, admin & other$417.8M13% of revenue

Swipe sideways for the whole flow →

From $5.5B of sales to $3.3B of profit

FY2025, from the 10-K income statement and revenue by region
United States to Revenue: $2.8BRest of the world to Revenue: $2.7BRevenue 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 United States: $2.8B · 52% United States$2.8B52% Rest of the world: $2.7B · 48% Rest of the world$2.7B48% Revenue: $5.5B Revenue$5.5B +70% Y/Y Gross profit: $4.8B · 88% margin Gross profit$4.8B88% margin Cost of revenue: $665.1M · 12% of revenue Cost of revenue$665.1M12% of revenue Operating profit: $4.2B · 76% margin Operating profit$4.2B76% margin +117% Y/Y Operating expenses: $663.7M · 12% of revenue Operating expenses$663.7M12% of revenue Net profit: $3.3B · 61% margin Net profit$3.3B61% margin +111% Y/Y Tax & other: $818.2M · 15% of revenue Tax & other$818.2M15% of revenue R&D: $226.5M · 4% of revenue R&D$226.5M4% of revenue Sales, admin & other: $437.2M · 8% of revenue Sales, admin & other$437.2M8% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 3
  • ✓
    Net margin above the peer median65.9% vs 9.2%
  • ✓
    Return on equity above 15%152.0%
  • !
    A profit in 5 of 7 years
Net margin, FY2019 to FY2025: 12.0% → 60.8%

Balance sheet

2 of 3
  • ✓
    Interest covered more than 5 timesOperating income is 20.7× interest expense
  • !
    Debt larger than equityDebt / equity 1.07 on the latest balance sheet (peer median 0.94)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 3.80
Debt / equity at each year end, FY2019 to FY2025: 1.52 → 1.65

Cash and shareholders

2 of 3
  • ✓
    Free cash flow positive in every one of 6 years$2.1B last year
  • !
    Share count up over 5 years+59.1%
  • ✓
    Cash from operations above net income$4.0B vs $3.3B
Free cash flow, FY2019 to FY2025: 195.1M → 2.1B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2019 to FY2025

Revenue 5.5B Net income 3.3B
FY2019 revenue 994.1M · RevenueFromContractWithCustomerExcludingAssessedTax, 0001751008-22-000005 FY2019 net income 119.0M · NetIncomeLoss, 0001751008-22-000005 994.1M FY2019 FY2020 revenue 1.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001751008-23-000006 FY2020 net income -125.2M · NetIncomeLoss, 0001751008-23-000006 1.5B FY2020 FY2021 revenue 2.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001751008-24-000012 FY2021 net income 35.4M · NetIncomeLoss, 0001751008-24-000012 2.8B FY2021 FY2022 revenue 2.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001751008-25-000018 FY2022 net income -192.7M · NetIncomeLoss, 0001751008-25-000018 2.8B FY2022 FY2023 revenue 1.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001751008-26-000010 FY2023 net income 356.7M · NetIncomeLoss, 0001751008-26-000010 1.8B FY2023 FY2024 revenue 3.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001751008-26-000010 FY2024 net income 1.6B · NetIncomeLoss, 0001751008-26-000010 3.2B FY2024 FY2025 revenue 5.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001751008-26-000010 FY2025 net income 3.3B · NetIncomeLoss, 0001751008-26-000010 5.5B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

APP's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue5.5B
FY2019: 994.1MFY2020: 1.5BFY2021: 2.8BFY2022: 2.8BFY2023: 1.8BFY2024: 3.2BFY2025: 5.5B FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net income3.3B
FY2019: 119.0MFY2020: -125.2MFY2021: 35.4MFY2022: -192.7MFY2023: 356.7MFY2024: 1.6BFY2025: 3.3B FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Free cash flow2.1B
FY2019: 195.1MFY2020: 219.6MFY2021: 360.5MFY2022: 412.1MFY2023: 1.1BFY2024: 2.1BFY2025: - FY2019FY2020FY2021FY2022FY2023FY2024FY2025
EPS (diluted)9.75
FY2019: 0.36FY2020: -0.58FY2021: 0.09FY2022: -0.52FY2023: 0.98FY2024: 4.53FY2025: 9.75 FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Diluted shares342.0M
FY2019: 212.4MFY2020: 214.9MFY2021: 342.8MFY2022: 371.6MFY2023: 362.6MFY2024: 347.8MFY2025: 342.0M FY2019FY2020FY2021FY2022FY2023FY2024FY2025

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
United States 2.8B51.6% +63.8%
Rest of the world 2.7B48.4% +77.2%

10-K 0001751008-26-000010, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue994.1M1.5B2.8B2.8B1.8B3.2B5.5B
Cost of revenue241.3M555.6M988.1M1.3B356.6M520.6M665.1M
R&D45.0M180.7M366.4M507.6M333.8M374.7M226.5M
SG&A31.7M66.4M158.7M181.6M150.9M164.9M233.5M
Operating income194.4M-62.0M150.0M-47.8M772.4M1.9B4.2B
Interest expense62.3M59.4M76.7M172.2M281.7M308.0M200.6M
Pretax income126.2M-135.7M46.3M-205.2M501.6M1.6B4.0B
Income tax7.2M-9.8M11.0M-12.2M43.8M22.4M519.7M
Net income119.0M-125.2M35.4M-192.7M356.7M1.6B3.3B
EPS (diluted)0.36-0.580.09-0.520.984.539.75
Diluted shares212.4M214.9M342.8M371.6M362.6M347.8M342.0M
Depreciation & amortization92.8M255.0M431.1M547.1M489.0M448.7M194.8M
EBITDA287.2M192.9M581.1M499.3M1.3B2.4B4.3B
Operating margin19.6%-4.3%5.4%-1.7%41.9%59.3%75.8%
Net margin12.0%-8.6%1.3%-6.8%19.4%49.0%60.8%
Revenue growth-+46.0%+92.5%+0.9%-34.6%+75.1%+70.0%
EPS growth--261%--678%-+362%+115%

Balance sheet

From EDGAR
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash396.2M317.2M1.5B1.1B502.2M697.0M2.5B
Receivables-297.0M514.5M702.8M953.8M1.3B1.8B
Current assets-663.0M3.2B1.9B1.6B2.3B4.4B
Property & equipment-28.6M63.6M----
Goodwill137.1M249.8M966.4M1.8B1.5B1.5B1.5B
Total assets-2.2B6.2B5.8B5.4B5.9B7.3B
Accounts payable-147.3M258.2M273.2M371.7M504.3M747.0M
Current liabilities-598.1M640.1M579.0M944.1M1.1B1.3B
Total debt-1.6B3.3B3.2B3.3B3.5B3.5B
Total liabilities-2.3B4.0B3.9B4.1B4.8B5.1B
Shareholders' equity-256.6M-158.5M2.1B1.9B1.3B1.1B2.1B
Retained earnings--1.0B-977.0M-1.2B-813.0M599.2M1.7B

Cash flow

From EDGAR
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow198.5M222.9M361.9M412.8M1.1B2.1B4.0B
Capital spending3.4M3.2M1.4M662K4.2M4.8M-
Free cash flow195.1M219.6M360.5M412.1M1.1B2.1B-
Stock-based pay (added back)10.2M62.4M133.2M191.6M363.1M369.4M210.4M
Buybacks11K1.8M0338.9M1.2B981.3M2.2B
Acquisitions404.2M674.6M1.2B1.3B63.9M--
Debt raised388.9M481.3M2.3B0395.3M4.6B200.0M
Debt repaid11.2M64.3M719.8M25.8M498.0M4.2B200.0M
Investing cash flow-411.6M-679.9M-1.2B-1.4B-77.8M-106.8M358.4M
Financing cash flow333.2M377.9M3.1B-526.8M-1.6B-1.7B-2.6B

Stock-based pay and leases

From EDGAR
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)10.2M62.4M133.2M191.6M363.1M369.4M210.4M
Stock-based pay / revenue1.0%4.3%4.8%6.8%19.7%11.5%3.8%
Operating lease cost3.5M17.4M28.7M20.8M16.3M14.9M13.5M
Operating lease cash paid3.2M23.8M25.5M22.0M16.8M16.3M16.2M
Finance lease principal paid5.7M9.7M15.3M24.1M20.2M20.9M18.7M
Right-of-use assets-84.3M71.0M60.4M48.2M36.5M25.5M
Operating lease liabilities-94.0M80.9M68.5M56.5M47.4M31.8M
Finance lease liabilities--46.1M67.0M163.9M156.2M122.7M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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