AppLovin (APP) FY2025 results: revenue $5.5 billion, up 70.0% on the year
AppLovin Corp. (APP) reported revenue of $5.5 billion for fiscal 2025, the year ended 31 December 2025, up 70.0% on the year before. Net income was $3.3 billion, up 111.0%, and diluted earnings per share $9.75. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 3 new.
- Revenue rose 66% in the quarter: Quarterly revenue was $1,658 million, up 66% from $999 million a year earlier. Full-year revenue was $5,481 million, up 70% from $3,224 million.
- Diluted EPS rose sharply: Quarterly diluted net income per share was $3.24, against $1.73 a year earlier. Full-year diluted net income per share was $9.75, against $4.53.
- Adjusted EBITDA margin reached 84%: Adjusted EBITDA margin was 84% in the fourth quarter, up from 77%. Full-year margin was 82%, up from 75%.
- Operating cash flow was $1.31 billion: Net cash from operating activities was $1.31 billion in the quarter, against $701 million a year earlier. For the full year it was $3.97 billion, against $2,099 million.
- Repurchases totaled $2.58 billion for year: In the quarter the company repurchased and withheld 0.8 million Class A shares for $481.7 million. For the full year it repurchased and withheld 6.4 million shares for $2.58 billion.
From this 10-K
AppLovin sells advertising software to businesses that want to reach, monetise and grow an audience, and it charges them fees for using it. The filing describes the solutions as artificial-intelligence-powered and end-to-end, covering the buying of users, the selling of advertising space, the measurement of both, and streaming television. Since the sale of its own games business in June 2025 the company operates as a single operating and reportable segment. It was incorporated in Delaware in July 2011 and its offices are at 1100 Page Mill Road, Palo Alto, California.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 5,481 | 3,224 | 1,842 | +70.0% | |
| Cost of revenue | 665 | 521 | 357 | +27.8% | |
| Gross profit | 4,816 | 2,703 | 1,485 | +78.1% | |
| Gross margin | 87.9% | 83.9% | 80.6% | ||
| Research and development | 227 | 375 | 334 | -39.6% | |
| Operating income | 4,152 | 1,911 | 772 | +117.3% | |
| Operating margin | 75.8% | 59.3% | 41.9% | ||
| Interest expense | 201 | 308 | 282 | -34.9% | |
| Pre-tax income | 3,953 | 1,612 | 502 | +145.2% | |
| Income tax | 520 | 22.4 | 43.8 | +2,218.2% | |
| Effective tax rate | 13.1% | 1.4% | 8.7% | ||
| Net income | 3,334 | 1,580 | 357 | +111.0% | |
| Net margin | 60.8% | 49.0% | 19.4% | ||
| Diluted EPS | $9.75 | $4.53 | $0.98 | +115.2% |
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 3,971 | 2,099 | 1,062 | +89.2% | |
| Capital expenditure | n/a | 4.8 | 4.2 | ||
| Free cash flow | n/a | 2,094 | 1,057 | ||
| Free cash flow margin | n/a | 65.0% | 57.4% | ||
| Cash from investing | 358 | -107 | -77.8 | ||
| Cash from financing | -2,593 | -1,750 | -1,563 | ||
| Depreciation and amortisation | 195 | 449 | 489 | -56.6% | |
| Share-based compensation | 210 | 369 | 363 | -43.0% | |
| Buybacks | 2,192 | 981 | 1,154 | +123.4% | |
| Diluted shares, weighted | 342m | 348m | 363m | -1.7% | |
| Shares outstanding at period end | 338m | 340m | 340m | -0.5% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 2,135 | 1,090 | 1,256 | +95.9% | |
| Redeemable equity | n/a | n/a | 0.0 | ||
| Short-term borrowings | n/a | 0.0 | 215 | ||
| Debt | 3,513 | 3,509 | 3,121 | +0.1% | |
| Operating lease liabilities | 17.8 | 31.1 | 42.9 | -42.7% | |
| Finance lease liabilities | 105 | 134 | 144 | -21.5% | |
| Other liabilities | 1,489 | 1,105 | 580 | +34.7% | |
| Total liabilities and equity | 7,260 | 5,869 | 5,359 | +23.7% | |
| Goodwill | 1,540 | 1,458 | 1,497 | +5.6% | |
| Intangible assets | 397 | 473 | 1,293 | -16.1% | |
| Cash and equivalents | 2,487 | 697 | 502 | +256.8% | |
| Receivables | 1,819 | 1,283 | 954 | +41.8% | |
| Other assets | 1,016 | 1,958 | 1,113 | -48.1% | |
| Total assets | 7,260 | 5,869 | 5,359 | +23.7% |
10-K for the year ended 31 December 2025, filed 19 February 2026: the filing.