Financial · February 11, 2026

AppLovin 4Q 2025 Financial Update

Published by AppLovin

Summary

AppLovin Corporation reports a robust 2025 financial performance, driven by accelerated revenue growth and strong operating margins. Revenue for the full year reached $5.48 billion, a 70 % increase from $3.22 billion in 2024 and an 82 % year‑over‑year rise from $3.22 billion in 2023. Net income from continuing operations climbed to $3.43 billion, up 116 % from $1.59 billion in 2024 and 63 % from $1.58 billion in 2023, yielding a net margin of 63 %. Adjusted EBITDA surged to $4.51 billion, a 82 % increase from the prior year and an 87 % rise from 2023, with a margin of 82 %. Cash flow from operations grew to $1.40 billion, a 82 % increase year‑over‑year. The company’s balance sheet strengthened markedly: cash and equivalents rose to $2.49 billion from $741 million, while total assets increased to $7.26 billion against $5.87 billion in 2024. Shareholders’ equity expanded to $2.13 billion, reflecting retained earnings growth and additional paid‑in capital. Long‑term debt remained stable at approximately $3.51 billion, and operating lease liabilities decreased. AppLovin’s methodology for non‑GAAP measures is disclosed in detail, with Adjusted EBITDA defined as net income excluding discontinued operations, taxes, interest, and other non‑core items. The reconciliation tables show that adjustments total $1.08 billion in 2025, largely driven by stock‑based compensation and amortization. Geographically, the report does not segment revenue or expenses; it presents consolidated figures for the United States and global operations. The time frame covers fiscal year 2025, with quarterly comparisons to 2024 and 2023. The update is unaudited but follows standard SEC filing practices, providing a comprehensive view of AppLovin’s financial trajectory and operational efficiency.

From the report

> **[Chart page]** This page contains visual data — view in PDF for the best experience. Financial Overview ( millions) 1,1591,2591,405 1,658 5,481 Revenue 999 1,405 $3,224 ( millions)406 504 576 678 711 835 999 1,159 1,259 1,842 3,224 355 406 504 576 678 711 835 1,842 $355 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 2023 2024 2025 Q123 Q223 Q323 Q4234Q25: $1.66 billion (+66% Y/Y) 2023 2024 2025 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 4Q25: 1.66 billion (+66% Y/Y) 1,102 2025: $5.48 billion (+70% Y/Y) Net Income from Continuing Operations $3,433 ( millions) from 1,102 $3,433 Net Income Continuing Operations ( millions) from 724 772 836 Net Income Continuing Operations $836 66% 63% Margin 52% 596 724 $772 59% 66% 63% 33% 38% 42% 52% 596 62% 61% 59% 1,590 24% 29% 38% 42% 60% 62% $1,590 24% 29% 33% 259 301 $433 60% 25% 49% 8% 144 188 259 301 $433 25% 49% 8% 99 188 $458 27 99 144 458 $27 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 2023 2024 2025 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 4Q25: 1.10 billion (+85% Y/Y), a net margin of 66% 2025: 3.43 billion (+116% Y/Y), a net margin of 63% Adjusted EBITDA 1,399 4,512 ($ millions) Adjusted EBITDA $1,158 Margin 70% 71% 71% 72% 77% 77% 938 1,018 82% 84% 67% 75% 82% 58% 65% 355 411 484 511 647 770 81% 81% 1,236 2,412 207 264 355 1,236 $207 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 2023 2024 2025 Q123 Q223 Q323 1.40 billion Y/Y), Q225 Q325 Q425 4.51 billion Y/Y), 4Q25: (+82% an 84% margin 2025: (+87% an 82% margin

1,018 82% 84% 67% 75% 82% 58% 65% 355 411 484 511 647 770 81% 81% 1,236 2,412 207 264 355 1,236 $207 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 2023 2024 2025 Q123 Q223 Q323 1.40 billion Y/Y), Q225 Q325 Q425 4.51 billion Y/Y), 4Q25: (+82% an 84% margin 2025: (+87% an 82% margin Cash Flow from 4Q25: 1.40 billion (+82% Y/Y), an 84% margin 2025: 4.51 billion (+87% Y/Y), an 82% margin Operations and Shares Outstanding 1,314 3,971 ( and shares in millions) 1,314 $3,971 Cash Flow from Operations $1,053 Ending Shares Outstanding Cash Flow from Operations 832 1,053 340 340 371 701 772 340 340 338 371 348 336 340 329 334 551 701 338 339 339 338 $2,099 338 348 336 340 329 334 340 338 339 339 338 $2,099 289 230 199 344 393 455 335 340 $1,062 289 230 199 344 393 455 335 $1,062 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 2023 2024 2025 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 2023 2024 2025 Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures. Please see “Non-GAAP Financial Measures” and the reconciliation from GAAP to non-GAAP measures later in this update.

Non-GAAP Financial Measures To supplement our financial information presented in accordance with generally accepted accounting principles in the United States (“GAAP”), this financial update includes certain financial measures that are not prepared in accordance with GAAP, including Adjusted EBITDA and Adjusted EBITDA margin. A reconciliation of each such non-GAAP financial measure to the most directly comparable GAAP measure can be found below. We define Adjusted EBITDA for a particular period as net income (loss) adjusted for loss (income) from discontinued operations, net of income taxes, interest expense and loss on settlement of debt, other (income) expense, net (excluding certain recurring items), provision for (benefit from) income taxes, amortization, depreciation and write-offs and as further adjusted for non-operating foreign exchange (gain) loss, based compensation, transaction-related expense, restructuring costs, as well as certain other items that we believe are not reflective of our core operating performance. We define Adjusted EBITDA margin as Adjusted EBITDA divided by revenue for the same period. We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding our results of operations and operating performance, as they are similar to measures reported by our public competitors and are regularly used by securities analysts, institutional investors, and other interested parties in analyzing operating performance and prospects.

tion to investors regarding our results of operations and operating performance, as they are similar to measures reported by our public competitors and are regularly used by securities analysts, institutional investors, and other interested parties in analyzing operating performance and prospects. Adjusted EBITDA and Adjusted EBITDA margin are key measures we use to assess our financial performance and are also used for internal planning and forecasting purposes. We believe Adjusted EBITDA and Adjusted EBITDA margin are helpful to investors, analysts, and other interested parties because they can assist in providing a more consistent and comparable overview of our operations across our historical financial periods. We use Adjusted EBITDA and Adjusted EBITDA margin in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with our board of directors concerning our financial performance.

with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with our board of directors concerning our financial performance. These measures have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated statement of operations that are necessary to run our business. Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Thus, our non-GAAP financial measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.

AppLovin Corporation Consolidated Balance Sheets (In thousands, except per share data) (Unaudited) As of December 31, 2025 2024 Assets Current assets: Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,487,096 697,030 Accounts receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,819,366 1,283,335 Prepaid expenses and other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124,330 140,470 Current assets of discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 191,355 Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,430,792 2,312,190 Property and equipment, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122,445 159,970 Operating lease right-of-use assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,457 36,473 Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,539,986 1,457,685 Intangible assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 396,714 472,851 Equity method investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 287,666 — Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Words: 6,070
Type: Financial

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