undamentalytics Newsletter

Applovin Corp (APP) stock

Add holding +

NASDAQ: APP Nasdaq Application Software Next results ~November 4, 2026

AppLovin provides artificial-intelligence-powered advertising technology that helps businesses reach, monetise and grow their global audiences. Its main tools are Axon Ads Manager, a user-acquisition system driven by the company's Axon AI recommendation engine, which matches advertiser demand with publisher supply through high-speed auctions; MAX, an in-app bidding product that auctions a publisher's ad inventory in real time; Adjust, a software-as-a-service measurement and attribution platform; and Wurl, a connected-TV service that distributes streaming video and sells advertising around it.

The company earns all of its revenue from these advertising solutions, with Axon Ads Manager accounting for substantially all of it. Rather than charging a fixed price per impression or click, it bills advertisers dynamically against their return-on-ad-spend goals. Customers span large enterprises, small businesses and individuals, and include advertisers, advertising networks and mobile app publishers.

Incorporated in Delaware in 2011 and based in Palo Alto, California, AppLovin sells worldwide and employed 898 people across 15 countries at the end of 2025, roughly 60% of them outside the United States. It sold its Apps business in June 2025 and names Meta, Google, Amazon and Unity Software among its competitors.

Based on Applovin Corp's 10-K filed February 19, 2026.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

Under review: data-quality checks not passed.

Price vs value

Under review: data-quality checks not passed. We'll show the comparison once resolved.

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Applovin files

Where Applovin stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $6.83bn, up 60.6% on a year earlier, slower than 66.4% a quarter earlier. Free-cash-flow margin held at 66.3%. Operating margin widened to 77.4% from 69.6%. It passes 5 of our 7 financial-health checks.

Our model value for Applovin is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Applovin Corp's trailing-twelve-month revenue grew 60.6% year on year, with a free-cash-flow margin of 66.3%.

Our discounted-cash-flow model values the business at ~$500 per share in the base case (~$380–$660 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Operating margin expanding: TTM operating margin reached 77.4%, up 7.8pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Strengths

  • Fast growth. Revenue grew 60.6% over the last 12 months.
  • High operating margin. 77.4% of revenue is left as operating profit.
  • Margins widening. Operating margin is up 7.8 points on a year ago.
  • Strong cash generation. 66.3% of revenue turned into free cash flow.
  • Shrinking share count. Diluted shares fell 1.8% in a year, so each share owns more of the business.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Growth slowing. The growth rate is 5.8 points lower than a quarter earlier.
  • Volatile shares. Over the past year the shares showed annualised volatility of 72% and a beta of 2.3 against the S&P 500.
  • Insiders selling. 9 insiders sold $572M of stock over the past 365 days and none bought (52% under pre-set trading plans).
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 6.3% over 90 days.

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$3.76 against an average estimate of $3.74: beat by 0.4%
Revenue
$1.92bn, up 52.8% on a year earlier
Share reaction
-20.0% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Guidance given
revenue $2,055m to $2,085m (3Q26); adjusted EBITDA $1,710m to $1,740m (3Q26)
Next report
November 4, 2026; average EPS estimate $4.34

Applovin's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.2%
  • 1 week-12.2%
  • 1 month-14.7%
  • This year-66.0%
  • 1 year-64.1%
  • 5 years+132.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$6.8B
Operating margin
77.4%
Net margin
64.6%
EPS (TTM, diluted)
$13.00

Growth

Revenue growth
+60.6%
Change in growth rate
−5.8 pts
Share count change
−1.8%

Cash

Free cash flow (TTM)
$4.5B
FCF margin
66.3%
Stock pay % of revenue
4.1%

Earnings

Last results
August 5, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Results
  3. Guidance
  4. Insider trade

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: data-quality checks not passed.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Applovin Corp as an operating company, with every model that fits that kind of business. Cost of equity 12.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.72 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. — Does not apply: This model is withheld pending its input or assumption review.
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$280 ~$230–$460 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$45 ~$41–$51 Left out: out of range vs price (0.20x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Applovin Corp with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

Applovin Corp: market value and multiples by fiscal year
At fiscal year end 20212022202320242025Now
Share price$94.26$10.53$39.85$323.83$673.82$228.85
Market value$32.3bn$3.9bn$14.4bn$112.6bn$230.4bn$77.6bn
+ Net debt (− = net cash)$1.7bn$2.2bn$2.8bn$2.9bn$1.1bn$462m
Enterprise value$34.0bn$6.1bn$17.3bn$115.5bn$231.5bn$78.1bn
Multiples
Price / sales 11.6x1.4x7.8x34.9x42.0x11.4x
Price / earnings n/m—40.5x71.3x69.1x17.6x
Price / free cash flow 89.6x9.5x13.7x53.8x58.0x17.1x
EV / EBITDA 58.6x12.2x13.7x48.9x53.3x14.4x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

52 /100

Moderate moat

How hard Applovin's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 27.1% of total assets over 5 years.

  • Pricing power 12 / 20

    Gross margin has been a median 74.3%, moving by 13.5 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median 34.2%; its worst year was -1.6%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 6 of 6 years, at a median 47.2% of revenue.

  • Discipline 5 / 20

    The diluted share count rose 34.5% over five years; stock-based pay has been a median 6.2% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (67 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $2.1bn and EPS of $4.34 (range $4.19 to $4.49) for the quarter.

Analysts' consensus

Applovin Corp: consensus estimates
Fiscal yearEPSGrowthRevenueGrowth
Current $15.64 +60% $8.1bn +48%
Next $19.83 +27% $10.2bn +26%

Next year's EPS estimate has moved −6.3% in 90 days, across 27 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −2.5% on 90 days ago. In the last 30 days, 1 analyst raised Applovin Corp's forecast and 3 cut it.

Consensus EPS forecast Applovin Corp, last 90 days
$14.00 $16.00 $18.00 $20.00 $22.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $16.04 Current fiscal year, 60 days ago: $15.73 Current fiscal year, 30 days ago: $15.67 Current fiscal year, 7 days ago: $15.64 Current fiscal year, Now: $15.64 $15.64 Next fiscal year, 90 days ago: $21.16 Next fiscal year, 60 days ago: $20.33 Next fiscal year, 30 days ago: $20.00 Next fiscal year, 7 days ago: $19.89 Next fiscal year, Now: $19.83 $19.83

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $16.04$21.16
60 days ago $15.73$20.33
30 days ago $15.67$20.00
7 days ago $15.64$19.89
Now $15.64$19.83

Earnings against estimates

Applovin Corp: reported EPS against the consensus estimate
Quarter toEstimateActualSurprise
Jun 2026 $3.74 $3.76 +0.4%
Mar 2026 $3.44 $3.56 +3.4%
Dec 2025 $2.94 $3.24 +10.1%
Sept 2025 $2.39 $2.45 +2.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • Revenue 3Q26 $2,055m to $2,085m
    “Revenue $2,055 $2,085” source
  • Adjusted EBITDA 3Q26 $1,710m to $1,740m Non-GAAP
    “Adjusted EBITDA 1,710 1,740” source
  • Adjusted EBITDA Margin 3Q26 83% to 83% Non-GAAP
    “Adjusted EBITDA Margin 83 % 83 %” source

How earlier guidance turned out

  • Revenue, 2Q26 guided $1,915m to $1,945m Within range: $1,924m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

33 analysts, Oct 2026
Buy2782%
Hold618%
Sell00%

Monthly trend

  1. Oct 2026720633
  2. Sep 2026720633
  3. Aug 2026620733
  4. Jul 2026722332

Counts of recommendations published by analysts covering Applovin Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.8%
of tradable shares
Days to cover
2.12
at average volume
Short interest, 1 month
+2%
to October 15, 2026
Held by institutions
76%
of shares
Held by insiders
4.7%
of shares
Employees
876
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −64.1%

$637.33 on October 31, 2025 to $228.85

Applovin Corp: share-price change split into its parts
PartThenNowEffect
Revenue (last 12 months) $4.3bn $6.8bn +60.6%
Net margin 57.1% 64.6% +13.0%
P/E multiple 90.6x 17.6x −80.6%
Share count 345m 339m +1.9%

Biggest factor: p/e multiple.

Last 3 years +482.8%

$39.27 on November 3, 2023 to $228.85

Applovin Corp: share-price change split into its parts
PartThenNowEffect
Revenue (last 12 months) $2.9bn $6.8bn +137.0%
Net margin 0.7% 64.6% +9156.7%
P/E multiple n/m 17.6x −97.6%
Share count 370m 339m +9.1%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Applovin Corp: yearly return, monthly win rate and worst fall against the S&P 500
Calendar year 20222023202420252026 to date
Return
APP−89%+278%+713%+108%−66%
Industry peers (median)−50%+19%+2%−21%−14%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
APP8%83%83%58%27%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
APP−90%−27%−24%−57%−66%
S&P 500−25%−10%−8%−19%−9%

Worst fall since April 15, 2021: 92% from November 11, 2021 to December 27, 2022. Getting back needed a 1135% gain, reached on September 16, 2024, 629 days after the low.

Price behaviour

52-week range
$228.50 – $733.60
From 52-week high
−68.8%
vs 50-day average
−21.8%
vs 200-day average
−44.7%
Volatility (1 year)
72%
Beta vs S&P 500
2.26

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
9 up, 3 down
typical move ±16.9%
After a week
7 up, 5 down
typical move ±20.2%
After a month
8 up, 4 down
typical move ±30.5%
Applovin Corp: share-price change after each results release
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 −20.0% −0.4% −27.6% −25.3%
May 6, 2026 +4.3% +1.1% −5.1% +16.5%
February 11, 2026 −22.4% −1.6% −12.9% −3.0%
November 5, 2025 +2.1% −0.7% −3.9% +13.7%
August 6, 2025 +15.7% +0.7% +18.1% +29.7%
May 7, 2025 +11.5% +1.1% +23.6% +37.2%
February 12, 2025 +25.7% +0.7% +19.9% −21.9%
November 6, 2024 +49.2% +3.3% +71.9% +143.1%
August 7, 2024 +11.2% +1.6% +22.7% +22.6%
May 8, 2024 +9.9% +0.6% +9.0% +6.3%
February 14, 2024 +27.6% +1.6% +26.1% +37.7%
November 8, 2023 −3.0% −0.7% −1.1% −8.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Revenue (TTM) Applovin Corp
$0 $2B $4B $6B $8B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $3B Revenue (TTM), FY23 Q4: $1.8B Revenue (TTM), FY24 Q1: $2.2B Revenue (TTM), FY24 Q2: $2.1B Revenue (TTM), FY24 Q3: $2.1B Revenue (TTM), FY24 Q4: $3.6B Revenue (TTM), FY25 Q1: $3.7B Revenue (TTM), FY25 Q2: $4.3B Revenue (TTM), FY25 Q3: $4.8B Revenue (TTM), FY25 Q4: $5.5B Revenue (TTM), FY26 Q1: $6.2B Revenue (TTM), FY26 Q2: $6.8B $6.8B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $3B
FY23 Q4 $1.8B
FY24 Q1 $2.2B
FY24 Q2 $2.1B
FY24 Q3 $2.1B
FY24 Q4 $3.6B
FY25 Q1 $3.7B
FY25 Q2 $4.3B
FY25 Q3 $4.8B
FY25 Q4 $5.5B
FY26 Q1 $6.2B
FY26 Q2 $6.8B
Revenue growth, TTM YoY Applovin Corp
-50% 0% 50% 100% 150% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 4.3% Revenue growth, TTM YoY, FY23 Q4: -34.6% Revenue growth, TTM YoY, FY24 Q1: -24.9% Revenue growth, TTM YoY, FY24 Q2: -25.5% Revenue growth, TTM YoY, FY24 Q3: -30.2% Revenue growth, TTM YoY, FY24 Q4: 95.7% Revenue growth, TTM YoY, FY25 Q1: 69.6% Revenue growth, TTM YoY, FY25 Q2: 98.2% Revenue growth, TTM YoY, FY25 Q3: 127.9% Revenue growth, TTM YoY, FY25 Q4: 52.1% Revenue growth, TTM YoY, FY26 Q1: 66.4% Revenue growth, TTM YoY, FY26 Q2: 60.6% 60.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 4.3%
FY23 Q4 -34.6%
FY24 Q1 -24.9%
FY24 Q2 -25.5%
FY24 Q3 -30.2%
FY24 Q4 95.7%
FY25 Q1 69.6%
FY25 Q2 98.2%
FY25 Q3 127.9%
FY25 Q4 52.1%
FY26 Q1 66.4%
FY26 Q2 60.6%
Operating margin (TTM) Applovin Corp
0% 20% 40% 60% 80% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 11.7% Operating margin (TTM), FY23 Q4: 41.9% Operating margin (TTM), FY24 Q1: 48.1% Operating margin (TTM), FY24 Q2: 60.8% Operating margin (TTM), FY24 Q3: 78.1% Operating margin (TTM), FY24 Q4: 52.4% Operating margin (TTM), FY25 Q1: 64.4% Operating margin (TTM), FY25 Q2: 69.6% Operating margin (TTM), FY25 Q3: 72.7% Operating margin (TTM), FY25 Q4: 75.8% Operating margin (TTM), FY26 Q1: 77.1% Operating margin (TTM), FY26 Q2: 77.4% 77.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 11.7%
FY23 Q4 41.9%
FY24 Q1 48.1%
FY24 Q2 60.8%
FY24 Q3 78.1%
FY24 Q4 52.4%
FY25 Q1 64.4%
FY25 Q2 69.6%
FY25 Q3 72.7%
FY25 Q4 75.8%
FY26 Q1 77.1%
FY26 Q2 77.4%
FCF margin (TTM) Applovin Corp
20% 40% 60% 80% 100% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 28.9% FCF margin (TTM), FY23 Q4: 57.4% FCF margin (TTM), FY24 Q1: 53.4% FCF margin (TTM), FY24 Q2: 64.8% FCF margin (TTM), FY24 Q3: 82.3% FCF margin (TTM), FY24 Q4: 58.2% FCF margin (TTM), FY25 Q1: 68.5% FCF margin (TTM), FY25 Q2: 67.2% FCF margin (TTM), FY25 Q3: 69.6% FCF margin (TTM), FY25 Q4: 72.5% FCF margin (TTM), FY26 Q1: 71.9% FCF margin (TTM), FY26 Q2: 66.3% 66.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 28.9%
FY23 Q4 57.4%
FY24 Q1 53.4%
FY24 Q2 64.8%
FY24 Q3 82.3%
FY24 Q4 58.2%
FY25 Q1 68.5%
FY25 Q2 67.2%
FY25 Q3 69.6%
FY25 Q4 72.5%
FY26 Q1 71.9%
FY26 Q2 66.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Applovin took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $5.5B
  2. Cost of revenue $665M · 12.1%
  3. Gross profit $4.8B · 87.9%
  4. Research and development $227M · 4.1%
  5. Selling, general and admin $437M · 8.0%
  6. Operating income $4.2B · 75.8%
  7. Income tax $520M · 9.5%
  8. Interest and other $298M · 5.4%
  9. Net income $3.3B · 60.8%
Where Applovin's revenue went, FY2025
Revenue $5.5B
Cost of revenue $665M 12.1% of revenue
Gross profit $4.8B 87.9% of revenue
Research and development $227M 4.1% of revenue
Selling, general and admin $437M 8.0% of revenue
Operating income $4.2B 75.8% of revenue
Income tax $520M 9.5% of revenue
Interest and other $298M 5.4% of revenue
Net income $3.3B 60.8% of revenue

Shares of revenue. Source: Applovin's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Applovin Corp: annual financial statements
Fiscal year 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 994 1,451 2,793 2,817 1,842 3,224 5,481 6,829
Gross profit 753 896 1,805 1,561 1,485 2,703 4,816 6,041
EBITDA 287 193 581 499 1,261 2,360 4,347 5,423
Operating income 194 −62 150 −48 772 1,911 4,152 5,288
Net income 119 −125 35 −193 357 1,580 3,334 4,410
Diluted EPS $0.36 −$0.58 $0.09 −$0.52 $0.98 $4.53 $9.75 $13.00
Growth (year on year)
Revenue — +46.0% +92.5% +0.9% −34.6% +75.1% +70.0% +60.6%
EBITDA — −32.8% +201.2% −14.1% +152.6% +87.1% +84.2% +63.6%
Operating income — −131.9% — −131.9% — +147.4% +117.3% +78.6%
Net income — −205.2% — — — +342.9% +111.0% +81.5%
Diluted EPS — −261.1% — — — +362.2% +115.2% +84.9%
Margins
Gross margin 75.7% 61.7% 64.6% 55.4% 80.6% 83.9% 87.9% 88.5%
EBITDA margin 28.9% 13.3% 20.8% 17.7% 68.5% 73.2% 79.3% 79.4%
Operating margin 19.6% −4.3% 5.4% −1.7% 41.9% 59.3% 75.8% 77.4%
Net margin 12.0% −8.6% 1.3% −6.8% 19.4% 49.0% 60.8% 64.6%
Free-cash-flow margin 19.6% 15.1% 12.9% 14.6% 57.4% 65.0% 72.5% 66.3%
Cash flow
Cash from operations 198 223 362 413 1,062 2,099 3,971 4,528
Capital spending 3 3 1 1 4 5 0 0
Free cash flow 195 220 360 412 1,057 2,094 3,971 4,528
Stock-based pay 10 62 133 192 363 369 210 283
Free cash flow after stock pay 185 157 227 220 694 1,725 3,761 4,244
Balance sheet
Cash 396 317 1,521 1,080 502 697 2,487 3,053
Total debt 0 1,599 3,253 3,245 3,336 3,550 3,550 3,515
Net debt (negative = net cash) −396 1,282 1,733 2,165 2,834 2,853 1,063 462
Diluted shares 212m 215m 343m 372m 363m 348m 342m 339m
Returned to shareholders
Buybacks 0 2 0 339 1,154 981 2,192 2,452
Total returned 0 2 0 339 1,154 981 2,192 2,452

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 7 checks passed · June 30, 2026
What it owns · $8.3bn
Short-term assets $5.4bnLonger-term assets $2.9bn
What it owes, and who funded it · $8.3bn
Short-term liabilities $1.3bnLonger-term liabilities $3.9bnShareholders' equity $3.2bn
  • Short-term assets cover short-term liabilities $5.4bn of assets due within a year against $1.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $5.4bn short-term assets against $3.9bn of longer-dated liabilities.
  • More cash than debt $3.1bn of cash against $3.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 111% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 150% to 111% over five years.
  • A year's operating cash flow covers at least 20% of debt $4.5bn of operating cash flow against $3.5bn of debt.
  • Operating profit covers interest at least five times over Operating income of $5.3bn against $199m of interest.

From Applovin Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$2.5B
Returned to shareholders
54%
of free cash flow
Buybacks, last 3 fiscal years
$4.3B
Diluted share count
−1.8%
year over year
Total shareholder yield
3.2%
dividends 0.0% + buybacks 3.2% of market value
R&D spending
4.7%
of revenue
Days sales outstanding
116 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Growth, margins and cash generation against peers
Last 12 months unless stated APP TOST TEAM SSNC PLTR CDNS Median
Revenue, last 12 months $6.8bn $6.8bn $6.6bn $6.6bn $7.3bn $6.1bn $488m
Revenue growth, last 12 months 60.6% 23.0% 26.0% 8.6% 87.1% 17.6% 12.0%
Revenue growth, 3-year average 33.3% 27.1% 23.0% 6.8% 50.8% 16.1% 11.2%
Revenue growth, latest quarter 52.8% 23.1% 27.6% 10.3% 95.9% 22.0% 11.9%
Gross margin 88.5% 26.7% 84.8% 48.1% 84.7% — 69.3%
Operating margin 77.4% 6.3% 0.2% 23.6% 45.6% 28.9% 1.2%
Operating margin, 3-year average 69.3% 2.0% −1.7% 23.2% 27.1% 28.6% −0.8%
Net margin 64.6% 7.1% −0.8% 13.2% 50.3% 22.5% 2.2%
Cash from operations / revenue 66.3% 9.3% 20.6% 27.7% 56.2% 32.1% 18.2%
Free-cash-flow margin 66.3% 8.5% 20.1% 26.7% 55.6% 28.8% 15.1%
Free-cash-flow margin, 3-year average 66.1% 7.2% 26.6% 23.3% 46.2% 26.3% 16.2%
Stock pay / revenue 4.1% 3.4% 24.4% 4.1% 13.5% 8.9% 9.2%
Change in share count −1.8% −1.1% −0.6% −2.1% 0.7% 0.3% 2.2%

Median of all 186 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $2.8B 51.6% ▲ 63.8%
Outside the US $2.7B 48.4% ▲ 77.2%

From Applovin Corp's 10-K filed February 19, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Reported value
$116B
Institutions reporting
1,448
Shares held vs prior quarter
▲ 3.3%
Positions opened / closed
192 / 127

Top buyers and sellers, Q2 2026: 801 institutions bought and 611 sold ; the biggest buyer was Capital World Investors (+5.0M shares) and the biggest seller WCM Investment Management, LLC (−1.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $12.4B 24.0M 10.7% ▲ 1.7%
Vanguard Capital Management LLC $9.1B 17.7M 7.9% ▲ 5.9%
FMR LLC $8.9B 17.3M 7.7% ▲ 10.2%
State Street Corp $6.2B 12.1M 5.4% ▲ 2.8%
Invesco Ltd. $5.7B 11.0M 4.9% ▲ 3.7%
Capital World Investors $4.2B 8.2M 3.6% ▲ 156.4%
Geode Capital Management, LLC $3.8B 7.4M 3.3% ▲ 1.0%
Baillie Gifford & Co $3.3B 6.5M 2.9% ▼ 3.4%
Vanguard Portfolio Management LLC $3.3B 6.4M 2.8% ▲ 7.0%
Morgan Stanley $3B 5.8M 2.6% ▲ 3.3%
Price T Rowe Associates Inc $2.5B 4.8M 2.1% ▼ 12.2%
Jpmorgan Chase & Co $2.2B 4.3M 1.9% ▲ 5.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Applovin Corp's complete shareholder register. Values are as reported by the filers ; 7 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Recent insider open-market transactions
Insider Date Trade Shares Price Value
Webb Maynard G Jr Director July 6, 2026 Sell pre-set plan 262 $524.12 $137,319
Webb Maynard G Jr Director July 6, 2026 Sell pre-set plan 1,140 $523.49 $596,779
Webb Maynard G Jr Director July 6, 2026 Sell pre-set plan 412 $522.42 $215,237
Webb Maynard G Jr Director July 6, 2026 Sell pre-set plan 120 $521.49 $62,579
Webb Maynard G Jr Director July 6, 2026 Sell pre-set plan 138 $520.60 $71,843
Webb Maynard G Jr Director July 6, 2026 Sell pre-set plan 240 $519.56 $124,694
Webb Maynard G Jr Director July 6, 2026 Sell pre-set plan 182 $518.63 $94,391
Webb Maynard G Jr Director July 6, 2026 Sell pre-set plan 202 $517.19 $104,472
Webb Maynard G Jr Director July 6, 2026 Sell pre-set plan 380 $516.25 $196,175
Vivas Eduardo Director June 16, 2026 Sell pre-set plan 348 $520.30 $181,064
Vivas Eduardo Director June 16, 2026 Sell pre-set plan 40 $519.50 $20,780
Vivas Eduardo Director June 16, 2026 Sell pre-set plan 547 $518.22 $283,466

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 27 trades and filings

In the last 12 months, 1 member of Congress disclosed 6 purchases and 5 sales of Applovin Corp shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded September 18, 2026, filed October 12, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded August 18, 2026, filed September 10, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded July 17, 2026, filed September 4, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 6, 2026
  • February 11, 2026
  • November 5, 2025
  • August 6, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on Applovin Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Applovin Corp in brief

What does Applovin Corp do?
Applovin Corp is a US-listed company in the application software industry. Its financial year ends in December.
What is Applovin Corp's stock ticker?
Applovin Corp trades under the ticker APP on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Applovin Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Applovin Corp reported revenue of $6.8B, 60.6% higher than a year earlier, according to its SEC filings.
What is Applovin Corp's free cash flow?
Applovin Corp's free-cash-flow margin is 66.3% of revenue over the trailing twelve months.
Who are Applovin Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and FMR LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Applovin Corp buying back stock, and does it pay a dividend?
Applovin Corp spent $2.5B on share repurchases over the trailing twelve months, and its diluted share count fell 1.8% over the year.
What is Applovin Corp's market cap?
On November 2, 2026, Applovin Corp's market capitalisation was about $77.6B, with a price-to-earnings ratio of 17.6 and net debt of $462M. Market figures come from third-party market data and may be delayed.
How much debt does Applovin Corp have?
Applovin Corp's debt-to-equity ratio is 111.1%, from its latest balance sheet (149.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are Applovin Corp's competitors?
In our Application Software peer group, the companies closest to Applovin Corp are Toast, Inc., Atlassian Corp, SS&C Technologies Holdings Inc, Palantir Technologies Inc. and Cadence Design Systems Inc. The side-by-side comparison below sets their revenue, margins and growth against Applovin Corp's.
Are insiders buying or selling Applovin Corp stock?
Over the last 12 months, Applovin Corp's directors and officers reported 0 open-market purchases and 696 sales on Form 4. The insider trading page charts every trade.
When is Applovin Corp's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Applovin Corp announces its own schedule.