What it does
The company states that it provides end-to-end AI-powered advertising solutions intended to help businesses reach, monetize and grow audiences. Its advertising offerings include Axon Ads Manager for user acquisition, MAX for in-app bidding and publisher monetization, Adjust for measurement and analytics, and Wurl for connected-TV distribution, advertising and publishing. The filing says Axon Ads Manager uses an AI recommendation engine to match advertiser demand with publisher supply through auctions, while MAX runs real-time auctions for publishers’ advertising inventory. AppLovin sold its Apps business on June 30, 2025.
Source: AppLovin Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
The company states that it generates revenue from advertising solutions and that advertiser success against return-on-advertising-spend targets drives that revenue. Advertisers using Axon Ads Manager set campaign return goals, and the company says they are charged dynamically based on those goals rather than at a fixed price per impression or action. The filing says revenue from Axon Ads Manager comprises substantially all revenue. The segment table below reports $5.5 billion of FY2025 revenue for the company’s reportable segment, compared with $3.2 billion in FY2024.
| Segment | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Reportable Segment | $5.5 billion | 100.0% | 70.0% |
Source: AppLovin Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov
Customers and geography
The filing describes a globally diverse customer base ranging from large enterprises to small and independent businesses and individuals. Customers include advertisers seeking users, advertising networks buying inventory through the mediation solution, and mobile app publishers monetizing advertising inventory. FY2025 United States revenue was $2.8 billion, or 51.6% of revenue, while all other countries contributed $2.7 billion, or 48.4%. The filing also says customers span a variety of industries and that advertisers can use the platform to connect with users in different regions worldwide.
| Region | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| United States | $2.8 billion | 51.6% | 63.8% |
| All other countries | $2.7 billion | 48.4% | 77.2% |
Source: AppLovin Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The filing describes the advertising ecosystem as fragmented, with divisions of large established companies and privately held companies. It names Meta, Google, Amazon and Unity Software among advertising companies that vary in size, alongside private companies; the filing says several of those private companies are also partners and clients. It says advertisers typically use several advertising platforms and networks to purchase ads across mobile apps, devices and CTV. The company lists technology, ecosystem expertise, third-party relationships, user reach and targeting, pricing and perceived value among competitive factors.
Source: AppLovin Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov
Key risks
The filing’s risk summary identifies, among other things:
- the fluctuation in our results of operations
- security breaches, improper access to or disclosure of data, or other cyber incidents
- our reliance on third-party platforms
- our ability to attract new clients, retain existing clients, and maintain or increase spend by clients
- competition in our industry and our ability to adapt to technological change
- changes in laws and regulations concerning privacy, information security, data protection, consumer protection, AI, advertising, tracking, targeting, and protection of minors
Source: AppLovin Corporation Form 10-K for fiscal 2025, Item 1A — sec.gov
People and operations
As of December 31, 2025, the filing states that AppLovin had 898 employees: 876 full-time and 22 part-time or intern employees, located in 15 countries. It says approximately 60% of global employees were outside the United States. Approximately 380 employees, representing 42% of total headcount, worked in research and development and related activities; that organization was based in Palo Alto, California with additional resources globally. The filing says revenue may be seasonal because advertising demand can fluctuate with holidays, promotional events, school-related cycles, consumer spending, game launches and advertiser budgets.
Source: AppLovin Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov