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Friday 6 November 2026
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AppLovin Corporation
APP Communication Services Advertising Agencies
AppLovin Corporation’s revenue for fiscal 2025 (year ended December 2025) was $5.5 billion, up 70.0% from fiscal 2024.
- Revenue
- +52.8%
- EPS
- +55.8%
- Free cash flow
- +12.5%
- Total debt
- +0.12%
Quarter to June 2026, against a year earlier
356.46
84.71
+31.17%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | 994 | 1,451 | 2,793 | 2,817 | 1,842 | 3,224 | 5,481 | 6,829 | +32.9% | 8,078 | 10,103 | 12,210 | +30.6% | |
| Gross margin, % | — | — | — | 75.73 | 61.71 | 64.62 | 55.41 | 80.64 | 83.85 | 87.86 | 88.46 | +12.1 pt | ||||||
| EBT | — | — | — | 126 | (136) | 46 | (205) | 502 | 1,612 | 3,953 | 5,211 | +77.5% | ||||||
| EBT margin, % | — | — | — | 12.70 | (9.35) | 1.66 | (7.28) | 27.23 | 50.00 | 72.12 | 76.31 | +59.4 pt | ||||||
| Net income | — | 0 | — | 119 | (126) | 35 | (193) | 357 | 1,580 | 3,334 | 4,410 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | 4.71 | 6.75 | 8.60 | 7.58 | 5.23 | 9.57 | 16.18 | 20.34 | +22.8% | |||||
| Earnings | — | — | — | 0.36 | (0.59) | 0.10 | (0.52) | 1.01 | 4.68 | 9.84 | 13.07 | +73.6% | ||||||
| Cash flow | — | — | — | 0.94 | 1.04 | 1.11 | 1.11 | 3.02 | 6.23 | 11.72 | 13.48 | +52.3% | ||||||
| Capex | — | — | — | (0.02) | (0.02) | 0.03 | (3.51) | (0.17) | (0.09) | (0.08) | 0.00 | +31.9% | ||||||
| Free cash flow | — | — | — | 0.92 | 1.02 | 1.15 | (2.40) | 2.85 | 6.14 | 11.64 | 13.48 | +52.5% | ||||||
| Book value | — | — | — | (1.22) | (0.74) | 6.58 | 5.12 | 3.57 | 3.23 | 6.30 | 9.42 | n/m | ||||||
| Shares, m | — | — | — | 211 | 215 | 325 | 372 | 352 | 337 | 339 | 338 | +8.2% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | 0.00 | 0.00 | 1,338.92 | 0.00 | 37.29 | 69.19 | 68.41 | 27.27 | 216.3 | |||||
| P/S | — | — | — | 8.08 | 8.08 | 10.96 | 1.42 | 4.16 | 33.84 | 41.65 | 17.53 | 15.5 | ||||||
| P/B | — | — | — | 0.00 | 0.00 | 14.32 | 2.10 | 10.86 | 100.11 | 106.94 | 37.84 | 33.5 | ||||||
| EV/Sales | — | — | — | 8.86 | 8.86 | 11.20 | 2.18 | 4.95 | 34.72 | 41.87 | 17.62 | 16.1 | ||||||
| EV/FCF | — | — | — | 67.40 | 67.40 | 83.99 | 13.55 | (47.79) | 55.27 | 59.13 | 27.12 | 42.7 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | 198 | 223 | 362 | 413 | 1,062 | 2,099 | 3,971 | 4,528 | +64.8% | |||||
| Capex | — | — | — | (3) | (3) | 11 | (1,305) | (60) | (30) | (28) | (87) | +42.7% | ||||||
| Free cash flow | — | — | — | 195 | 220 | 372 | (892) | 1,002 | 2,069 | 3,943 | 4,528 | +65.0% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | 347 | 65 | 2,595 | 1,360 | 672 | 1,255 | 3,097 | 4,138 | +44.0% | |||||
| Net debt | — | — | — | 784 | 1,282 | 665 | 2,158 | 2,619 | 2,812 | 1,026 | 462 | +4.6% | ||||||
| Shareholders’ equity | — | — | — | (257) | (159) | 2,138 | 1,903 | 1,256 | 1,090 | 2,135 | 3,163 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | 6.35 | (7.46) | 0.76 | (3.21) | 6.37 | 28.14 | 50.79 | 61.99 | +44.4 pt | |||||
| ROIC | — | — | — | 23.02 | (3.45) | 3.34 | (0.74) | 12.46 | 30.61 | 82.10 | 91.19 | +59.1 pt | ||||||
| ROE | — | — | — | (11.64) | 20.62 | 4.01 | (9.54) | 22.58 | 134.67 | 206.78 | 203.69 | +218.4 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | 902 | 1,594 | 1,707 | 1,745 | 788 | 380 | — | (15.9%) | |||||
| Revenue/emp, $m | — | — | — | 0.00 | 1.61 | 1.75 | 1.65 | 1.06 | 4.09 | 14.42 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Reportable Segment | 5,481 | 100.00% |
|---|---|---|
| Gross margin | 87.86% | |
| Operating margin | 75.75% | |
| Pre-tax margin | 72.12% |
AppLovin Corporation vs peers in Advertising Agencies (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| APP AppLovin Corporation | $90.9B | 27.3× | 14.6× | +52.82% (above 0%: growing) | +55.79% (above 0%: growing) | +12.54% (above 0%: growing) | 88.26% | 77.68% | |
| OMC Omnicom Group Inc. | $23.8B | 48.0× | 9.8× | +59.09% (above 0%: growing) | +35.80% (above 0%: growing) | +108.14% (above 0%: growing) | 21.16% | 15.44% | Compare |
| TTD The Trade Desk | $6.1B | 15.1× | 32.6× | +3.03% (above 0%: growing) | −22.22% (below 0%: shrinking) | +29.84% (above 0%: growing) | 74.22% | 14.21% | Compare |
| WPP WPP PLC | $6.0B | 20.8× | 26.8× | +7.31% (above 0%: growing) | −56.60% (below 0%: shrinking) | −21.98% (below 0%: shrinking) | 14.73% | 0.00% | Compare |
| MGNI Magnite, Inc. | $4.0B | 21.9× | 31.7× | +13.76% (above 0%: growing) | +71.43% (above 0%: growing) | +36.82% (above 0%: growing) | 68.65% | 24.75% | Compare |
| LFTO Liftoff Mobile, Inc | $2.9B | — | — | — | n/m | — | 86.77% | 35.27% | Compare |
| STGW Stagwell Inc. | $2.7B | 271× | 44.9× | +9.83% (above 0%: growing) | −30.00% (below 0%: shrinking) | +243.48% (above 0%: growing) | 37.29% | 5.89% | Compare |
| DV DoubleVerify Holdings, Inc. | $2.1B | 33.9× | 30.0× | +9.02% (above 0%: growing) | +66.67% (above 0%: growing) | +16.98% (above 0%: growing) | 81.26% | 13.78% | Compare |
| ZD Ziff Davis, Inc. | $1.9B | 3.1× | 2.8× | −18.59% (below 0%: shrinking) | +2,623.81% (above 0%: growing) | +100.30% (above 0%: growing) | 84.06% | (15.60%) | Compare |
| Median of peers | $3.4B | 21.9× | 30.0× | +9.02% | +35.80% | +36.82% | 71.44% | 14.00% |
From the latest earnings call
- CEO Adam Foroughi said model improvements arrived just after Q2, following a slower-than-usual quarter, and that he saw no weakening in advertiser demand.
- CFO Matt Stumpf said higher compute spending drove sequential cost growth and was included in the Q3 outlook alongside already deployed model improvements.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
67.37%
Held by the ten largest
38.47%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 26.84m | 8.02% | +1.46m |
| BlackRock | 24.04m | 7.18% | +400.45k |
| Fidelity (FMR) | 17.29m | 5.17% | +1.60m |
| Capital Group | 13.08m | 3.91% | +4.41m |
| State Street | 12.10m | 3.62% | +334.50k |
| Invesco | 10.98m | 3.28% | +386.56k |
| Geode Capital Management | 7.36m | 2.20% | +74.62k |
| Baillie Gifford | 6.47m | 1.93% | −228.52k |
| Morgan Stanley | 5.79m | 1.73% | +186.41k |
| T. Rowe Price | 4.77m | 1.43% | −661.63k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 21 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 12.97m | 21.69m | 1,033.47 |
| 2024 | 11.20m | 385.95m | 496.67 |
| 2023 | 83.36m | 286.89m | 61.12 |
| 2022 | 104.36k | 104.36k | 16.15 |
| 2021 | 104.35k | 104.35k | 144.57 |
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Read the proxy statement
AppLovin Corporation (APP) Latest News
5 Nov
4 Nov
1 Nov
APP metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
AppLovin is an advertising-technology company headquartered in Palo Alto, California. Adam Foroughi is chief executive officer. It provides artificial-intelligence-powered advertising tools that help businesses find users, buy advertising, measure marketing results and monetize digital content.
Its main product, Axon Ads Manager, helps app and web advertisers run user-acquisition campaigns. An advertiser sets objectives such as a target return on advertising spend, and the system uses predictive algorithms and auctions to match the advertiser with users who may engage with its app or website. The platform also provides reporting on campaign performance, user retention and lifetime value.