NASDAQ: APP
AppLovin
Communication Services · Services-Computer Programming, Data Processing, Etc.
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$172B
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| Period | Market cap |
|---|---|
| FY2019, ended Dec 31, 2019 | — |
| FY2020, ended Dec 31, 2020 | — |
| FY2021, ended Dec 31, 2021 | $35.4B |
| FY2022, ended Dec 31, 2022 | $3.96B |
| FY2023, ended Dec 31, 2023 | $13.6B |
| FY2024, ended Dec 31, 2024 | $110B |
| FY2025, ended Dec 31, 2025 | $227B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $172B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$6.83B
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| Period | Revenue |
|---|---|
| FY2019, ended Dec 31, 2019 | $994M |
| FY2020, ended Dec 31, 2020 | $1.45B |
| FY2021, ended Dec 31, 2021 | $2.79B |
| FY2022, ended Dec 31, 2022 | $2.82B |
| FY2023, ended Dec 31, 2023 | $1.84B |
| FY2024, ended Dec 31, 2024 | $3.22B |
| FY2025, ended Dec 31, 2025 | $5.48B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $6.83B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2019, ended Dec 31, 2019 | $119M | $195M |
| FY2020, ended Dec 31, 2020 | −$125M | $220M |
| FY2021, ended Dec 31, 2021 | $35.4M | $360M |
| FY2022, ended Dec 31, 2022 | −$193M | $412M |
| FY2023, ended Dec 31, 2023 | $357M | $1.06B |
| FY2024, ended Dec 31, 2024 | $1.58B | $2.09B |
| FY2025, ended Dec 31, 2025 | $3.33B | — |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $4.41B | — |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$3.05B
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| Period | Cash and cash equivalents |
|---|---|
| FY2019, ended Dec 31, 2019 | $396M |
| FY2020, ended Dec 31, 2020 | $317M |
| FY2021, ended Dec 31, 2021 | $1.52B |
| FY2022, ended Dec 31, 2022 | $1.08B |
| FY2023, ended Dec 31, 2023 | $502M |
| FY2024, ended Dec 31, 2024 | $697M |
| FY2025, ended Dec 31, 2025 | $2.49B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $3.05B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$3.52B
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| Period | Total debt |
|---|---|
| FY2019, ended Dec 31, 2019 | — |
| FY2020, ended Dec 31, 2020 | $1.60B |
| FY2021, ended Dec 31, 2021 | $3.25B |
| FY2022, ended Dec 31, 2022 | $3.25B |
| FY2023, ended Dec 31, 2023 | $3.34B |
| FY2024, ended Dec 31, 2024 | $3.51B |
| FY2025, ended Dec 31, 2025 | $3.51B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $3.52B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 57.6% since 2019.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.335M
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| Period | Shares outstanding |
|---|---|
| FY2019, ended Dec 31, 2019 | 212M |
| FY2020, ended Dec 31, 2020 | 226M |
| FY2021, ended Dec 31, 2021 | 376M |
| FY2022, ended Dec 31, 2022 | 376M |
| FY2023, ended Dec 31, 2023 | 342M |
| FY2024, ended Dec 31, 2024 | 340M |
| FY2025, ended Dec 31, 2025 | 337M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 335M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $2.17B more bought back than issued
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| Period | Bought back | Paid to employees | Sold for cash | Used in acquisitions |
|---|---|---|---|---|
| FY2019, ended Dec 31, 2019 | $11.0K | $10.2M | $0 | $192K |
| FY2020, ended Dec 31, 2020 | $1.77M | $62.4M | $9.32M | $106M |
| FY2021, ended Dec 31, 2021 | $0 | $133M | $0 | — |
| FY2022, ended Dec 31, 2022 | $339M | $192M | $0 | $137M |
| FY2023, ended Dec 31, 2023 | $1.15B | $363M | — | — |
| FY2024, ended Dec 31, 2024 | $981M | $369M | — | — |
| FY2025, ended Dec 31, 2025 | $2.19B | $210M | — | — |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $2.45B | $282M | — | — |
Revenue (TTM)
$6.83B
+60.6% YoY
Net income (TTM)
$4.41B
+81.5% YoY
Cash
$3.05B
+156% YoY
Total debt
$3.52B
+0.1% YoY
Valuation
At current price- Market Cap
- $76.5B
- P/E
- 17.3×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 11.2×
- Price / Book
- 24.2×
- EV / EBITDA
- 14.2×
Growth
Trailing 12 months- Revenue (TTM)
- $6.83B
- Revenue Growth YoY
- 60.6%
- Revenue CAGR 3Y
- 24.8%
- Revenue CAGR 5Y
- 30.4%
- EPS Growth YoY
- 85.1%
- Net Income Growth YoY
- 81.5%
Profitability
Trailing 12 months- Gross Margin
- 88.5%
- Operating Margin
- 77.4%
- Net Margin
- 64.6%
- FCF Margin
- —. Free cash flow / revenue
- Return on Equity
- 204%
Earnings
Trailing 12 months- Net Income
- $4.41B
- EPS (diluted)
- $13.01
- EBITDA
- $5.42B
- Operating Income
- $5.29B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $3.05B
- Total Debt
- $3.52B
- Net Debt
- $462M
- Total Assets
- $8.27B
- Total Liabilities
- $5.11B
- Shareholders' Equity
- $3.16B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $4.53B
- Capital Expenditure
- —
- Free Cash Flow
- —. Operating cash flow − capital expenditure
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 2.56
Every ratio is calculated from the company’s reported figures.
Strength
Revenue grew 60.6% over the last year, to $6.83B.
Strength
Operating margin widened 7.8 pts in a year, to 77.4%.
Note
Net debt of $462M is 0.1× EBITDA, a manageable load.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 19, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K75Good news
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 27, 2025 · Read the filing on EDGAR
- Revenue rose 43% to $4.7 billion and net income more than quadrupled to $1.6 billion, driven by 75% growth in Advertising revenue.
- In February 2025 AppLovin signed a non-binding term sheet to sell its mobile games business for $900 million: $500 million cash plus $400 million in the buyer's shares.
- The company replaced its floating-rate loans with $3.6 billion of fixed-rate notes and an undrawn $1.0 billion revolving credit line.
- Operating cash flow doubled to $2.1 billion. Spending on buybacks plus taxes paid on share-based pay came to about $2.1 billion.
Business momentum
Strong improvement
“For 2024, our revenue grew 43% year-over-year from 2023, from $3.3 billion in 2023 to $4.7 billion in 2024.”
Outlook
Positive
“While our investments in research and development and acquisitions and partnerships may not result in revenue in the near term, we believe these investments position us to increase our revenue over time.”
Financial stress
Low
Tone against the previous report
More positive
Red flags
None found in this report.
Positives
Advertising business surging
“our Advertising Revenue increased by $1.4 billion, or 75%, from the prior year period primarily due to improved AppDiscovery performance”
Cash generation doubled
“Net cash provided by operating activities was $2.1 billion for 2024”
Debt moved to fixed rates, credit line undrawn
“The Senior Notes have fixed annual interest rates, and therefore we do not have economic interest rate exposure on these debt obligations.”
Concerns
Games business still losing paying users
“Monthly Active Payers (millions) 1.6 1.8 2.3”
Heavy cash use on buybacks and share-based pay taxes
“$1.1 billion of payments for withholding taxes related to net share settlement of equity awards, and $981.3 million of stock repurchases”
Debt grew and interest costs rose
“In 2024, interest expense and loss on settlement of debt increased by $42.6 million, or 15%, compared to 2023.”
New risks since the previous report
Planned sale of mobile games business
“The Term Sheet is non-binding, except with respect to an agreement by the parties to use commercially reasonable best efforts in good faith to negotiate and finalize definitive agreements for the proposed transaction”
May have to lend the buyer up to $250 million
“if the Acquirer is unable to obtain such financing, we agree to provide financing in such amount to the Acquirer through the issuance of a promissory note.”
Growth now relies on early-stage e-commerce expansion
“The expansion of our services to this market is still in its early stages.”
Large fixed cloud computing commitment
“we had non-cancellable purchase obligations primarily related to an agreement for third-party cloud computing services of $1.2 billion, with $438.9 million payable within twelve months.”
Biggest risks named
- Apple and Google privacy and platform policy changes
- Reliance on the AXON AI ad engine and advertiser spending
- Carrying out the sale of the games business
- $3.6 billion of debt
- Founders control 68% of voting power
Artificial intelligence in this business: Core to the business
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +3 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 75 | |
Written by AI (Claude Opus 5.5) from the report’s text. 12 of 13 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 19, 2026 | Pro | |||
| 10-K | Feb 27, 2025 | 75 | Strong improvement | None | |
| 10-K | Feb 26, 2024 | 75 | Strong improvement | None | |
| 10-K | Feb 28, 2023 | 34 | Sharp deterioration | 2 medium | |
| 10-K | Mar 11, 2022 | 75 | Strong improvement | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 5, 2026. View filings on SEC EDGAR