AppLovin (APP) Q2 FY2026 earnings: revenue $1.9 billion, up 52.8% on the year

AppLovin Corp. (APP) reported revenue of $1.9 billion for Q2 FY2026, the quarter ended 30 June 2026, up 52.8% on the same quarter a year earlier. Net income was $1.3 billion, up 54.5% on the year, and diluted earnings per share $3.76. The figures are the company's own, from the 10-Q it filed with the SEC on 5 August 2026.

Revenue

$1.9 billion

+52.8% on the year · +4.4% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

77.7%

76.1% a year earlier

Q3 FY2024Q2 FY2026

Net income

$1.3 billion

+54.5% on the year · +5.1% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$3.76

+57.3% on the year · +5.6% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 3 new.

Revenue rose 53 percent: Second-quarter revenue was $1,924 million, against $1,259 million a year earlier. Six-month revenue was $3,766 million, up 56 percent.
Adjusted EBITDA rose 58 percent: Adjusted EBITDA was $1,614 million, against $1,018 million, with a margin of 84 percent against 81 percent. Six-month Adjusted EBITDA was $3,171 million, up 62 percent.
Research and development costs more than doubled: Research and development expense was $99.9 million, against $44.0 million a year earlier. General and administrative expense fell to $40.3 million from $55.0 million.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	1,924	1,842	1,259	+4.4%	+52.8%
Cost of revenue	226	204	155	+10.9%	+45.6%
Gross profit	1,698	1,639	1,104	+3.6%	+53.8%
Gross margin	88.3%	88.9%	87.7%
Research and development	99.9	94.1	44.0	+6.2%	+126.9%
Operating income	1,494	1,440	958	+3.8%	+56.0%
Operating margin	77.7%	78.2%	76.1%
Interest expense	51.2	51.2	51.4	-0.0%	-0.5%
Pre-tax income	1,506	1,431	884	+5.2%	+70.3%
Income tax	239	226	112	+5.8%	+113.1%
Effective tax rate	15.9%	15.8%	12.7%
Net income	1,267	1,206	820	+5.1%	+54.5%
Net margin	65.8%	65.4%	65.1%
Diluted EPS	$3.76	$3.56	$2.39	+5.6%	+57.3%

$ million except per share.

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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	869	1,291	772	-32.7%	+12.5%
Cash from investing	-2.4	-5.2	402
Cash from financing	-570	-1,012	-537
Depreciation and amortisation	32.6	33.7	47.1	-3.3%	-30.8%
Share-based compensation	85.8	83.4	35.9	+2.9%	+138.6%
Buybacks	551	982	272	-43.9%	+103.0%
Diluted shares, weighted	337m	339m	342m	-0.5%	-1.5%
Shares outstanding at period end	335m	336m	339m	-0.3%	-1.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	3,163	2,363	1,167	+33.8%	+171.0%
Debt	3,515	3,514	3,511	+0.0%	+0.1%
Other liabilities	1,591	1,830	1,281	-13.1%	+24.2%
Total liabilities and equity	8,269	7,708	5,959	+7.3%	+38.8%
Goodwill	1,519	1,523	1,539	-0.3%	-1.3%
Intangible assets	356	369	448	-3.6%	-20.6%
Cash and equivalents	3,053	2,759	1,193	+10.7%	+156.0%
Receivables	2,171	1,958	1,582	+10.9%	+37.3%
Other assets	1,171	1,099	1,198	+6.5%	-2.3%
Total assets	8,269	7,708	5,959	+7.3%	+38.8%

Questions

What was AppLovin's revenue in Q2 FY2026?

AppLovin (APP) reported revenue of $1.9 billion for Q2 FY2026, the quarter ended 30 June 2026, up 52.8% on the same quarter a year earlier.

How much did AppLovin earn in Q2 FY2026?

Net income for Q2 FY2026 was $1.3 billion, up 54.5% on the year, and diluted earnings per share $3.76.

When did AppLovin report Q2 FY2026 results?

AppLovin filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 5 August 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 * †	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	793	625	776	713	702	715	750	864	953	1,058	711	835	1,373	1,159	1,259	1,405	1,658	1,842	1,924	2,185
Cost of revenue	265	282	304	301	369	262	259	265	274	294	122	121	320	152	155	175	184	204	226	241
Gross profit	528	344	472	412	333	453	492	599	680	764	589	714	1,052	1,007	1,104	1,230	1,474	1,639	1,698	1,944
Gross margin	67%	55%	61%	58%	47%	63%	66%	69%	71%	72%	83%	86%	77%	87%	88%	88%	89%	89%	88%	89%
R&D	120	126	141	122	118	145	137	159	151	155	99.1	80.8	169	56.4	44.0	43.9	82.2	94.1	99.9	102
Operating income	58.5	-128	53.4	49.3	-22.4	61.0	131	186	270	340	391	535	608	840	958	1,079	1,275	1,440	1,494	1,709
Operating margin	7%	-20%	7%	7%	-3%	9%	18%	22%	28%	32%	55%	64%	44%	72%	76%	77%	77%	78%	78%	78%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	78.6	n/a	74.2	74.4	74.9	84.4	52.9	51.4	51.4	44.9	51.2	51.2	51.1
Pre-tax income	28.6	-158	17.4	1.6	-66.2	-3.4	95.8	109	179	268	318	468	515	795	884	1,021	1,253	1,431	1,506	1,744
Tax rate	-10%	n/a	226%	-1371%	n/a	n/a	16%	1%	4%	12%	5%	7%	-16%	9%	13%	18%	12%	16%	16%	17%
Net income	31.4	-115	-21.7	23.8	-79.5	-4.5	80.4	109	172	236	310	434	599	576	820	836	1,102	1,206	1,267	1,439
Net margin	4%	-18%	-3%	3%	-11%	-1%	11%	13%	18%	22%	44%	52%	44%	50%	65%	59%	66%	65%	66%	66%
Diluted EPS	$0.08	-$0.31	-$0.06	$0.06	-$0.21	-$0.01	$0.22	$0.30	$0.47	$0.67	$0.89	$1.25	$1.73	$1.67	$2.39	$2.45	$3.24	$3.56	$3.76	$4.30
Operating cash flow	85.0	-31.7	107	174	163	289	230	199	344	393	455	551	701	832	772	1,053	1,314	1,291	869	1,429
Capital expenditure	0.4	0.3	0.1	0.2	0.0	0.1	3.7	0.2	0.2	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Free cash flow	84.6	-32.0	107	174	163	289	226	199	344	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Buybacks	0.0	43.7	200	94.9	0.0	64.9	507	581	0.0	752	0.0	228	0.6	1,001	272	502	418	982	551	1,278
Shares outstanding	375m	375m	373m	372m	374m	371m	348m	336m	340m	329m	334m	335m	340m	338m	339m	339m	338m	336m	335m	331m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 June 2026, filed 5 August 2026: the filing.