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Technology · NASDAQ: APP

AppLovin: how the business works

AppLovin sells advertising software that places ads, mostly for mobile games, inside other companies' apps, with revenue of $5.5 billion in FY2025.

By · Checked against filings: . Editorial policy. Corrections

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AppLovin Corporation · Palo Alto, California · Founded 2011

Updated for Q3 FY2026 · checked

Revenue, FY2025
$5.5B
Net income, FY2025
$3.3B
Income from operations per $100 of revenue, FY2025
$75.8
Employees, Dec 31, 2025
898
Class B share of votes, Oct 31, 2026
66.6%

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

AppLovin in 5 points

  1. 1 · What it sells

    AppLovin sells advertising software that places ads, mostly for mobile games, inside other companies' apps, with revenue of $5,480.7 million in FY2025.

    More: what it sells

  2. 2 · Who pays it

    Advertisers, mostly mobile game makers, paid for substantially all of AppLovin's $5,480.7 million of FY2025 revenue, and no single customer reached 10% of it.

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 that came in during FY2025, AppLovin kept $60.7 as net income after a $99.4 million loss from the games business it sold, and income from operations was $4,151.9 million, or $75.8 per $100 of revenue.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    Since selling its games business on Jun 30, 2025, AppLovin reports one segment, Advertising, which produced all $4,151.9 million of FY2025 income from operations.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    In the first nine months of FY2026, AppLovin's net revenue per installation rose 68% while installations fell 7%, according to its Q3 FY2026 10-Q.

    More: the one thing to watch

Sources: From AppLovin's FY2025 10-K, Q3 FY2026 10-Q and Q3 FY2026 earnings release · checked

See the full receipt and the management scorecard below

Sources (3)
Next: Where $100 goes

01Where the money goes · FY2025

Where does $100 of AppLovin's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

AppLovin · FY2025

Receipt for every $100

Where $100 of AppLovin's money went in FY2025
Running the platform$12.1
Sales, marketing and administration$8.0
Research and development$4.1
Interest$3.8
Income tax$9.5
Loss from the sold games business$1.8
Kept as net income$60.7
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025 (revenue $5,480.7 million + other income $8.0 million = $5,488.7 million). The sold games business lost $99.4 million, including a $188.9 million goodwill write-down and a $106.2 million gain on the sale. Stock-based pay ($208.0 million) and depreciation and amortization ($130.7 million) sit inside the cost lines.

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Sources (1)
Next: The business in one line

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02The business in one line

What does AppLovin do?

Advertisers, mostly mobile game makers, pay AppLovin to show their ads inside other apps; AppLovin books only what is left after paying those apps, and its own costs are small, so most of that money becomes profit.

  • AppLovin's revenue was $5,480.7 million in FY2025, up 70.0%. It is counted after paying the app publishers that showed the ads.
  • Of every $100 that came in during FY2025, $12.1 went on running the platform and $12.1 on research, sales and administration. $60.7 was left as net income.
Next: Who pays it

03Who pays it

Who pays AppLovin?

  • Advertisers using AppLovin Ads

    Not disclosed

    Mostly mobile game makers, plus web-based e-commerce advertisers since 2024. Their spending, net of what goes to app publishers, was substantially all of the $5,480.7 million of FY2025 revenue.

  • Ad networks, app publishers and marketers

    Not disclosed

    Ad networks buy ad space through MAX, publishers use it to sell their ad space, and marketers subscribe to Adjust. AppLovin says revenue from other services was not material.

How spread out the customers are

No customer was 10% or more of AppLovin's revenue in FY2023, FY2024 or FY2025, and none was 10% or more of receivables at Dec 31, 2024 or 2025. AppLovin's 10-K says its revenue is concentrated in mobile gaming, and a significant amount comes through apps on a limited number of platforms, such as the Apple App Store, Google Play and Meta. Tripledot, which bought the games business and is 22% owned by AppLovin, is also a customer: $44.7 million of revenue in the first nine months of FY2026.

Sources (2)
Next: Why it makes money

04Why it makes money

Why does AppLovin make money?

Revenue is a net fee on ad spend, and running costs grew far more slowly than revenue.

AppLovin books only its share after paying publishers, so it has no big inventory or content costs. From FY2023 to FY2025 revenue rose $3,638.9 million, while total operating expenses rose $259.5 million (Cityfort calculation from the FY2025 10-K). AppLovin's 10-K says more advertisers bring more data, which improves Axon AI.

Income from operations per $100 of revenue

$41.9$75.8

FY2023 to FY2025

  1. Advertisers set what a new user is worth to them
  2. Axon AI predicts which app users will act on an ad
  3. Ads run in publishers' apps through auctions
  4. Results feed more data back to Axon AI
  5. Better results bring more advertiser spending
  6. AppLovin keeps a net fee; costs grow more slowly

↺ Step 6 feeds back into step 1.

Sources (1)
Next: Business segments

05Business segments · FY2025

Which businesses make up AppLovin?

  • Advertising

    100%

    AppLovin Ads, MAX, Adjust and Wurl. Called "Software Platform" until the FY2024 10-K. Since the games business was sold, it is AppLovin's only segment.

    Revenue $5.5B

How the mix changed

  • Advertising

Revenue by segment, FY2021 to FY2025.

US$

See the numbers
How the mix changed (US$)
YearAdvertising
FY2021$674M
FY2022$1.0B
FY2023$1.8B
FY2024$3.2B
FY2025$5.5B
Sources (3)
Next: How has it done

06The numbers · Consolidated · US$

How has AppLovin done?

Revenue

$5.5BFY2025

FY2021 and FY2022 are as first reported and include the mobile games business sold in June 2025, so they are not comparable with later years; on the continuing basis revenue grew from $1,841.8 million in FY2023 to $5,480.7 million in FY2025, and Q3 FY2026 revenue of $2,184.8 million was up 55.5% from a year earlier.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2021$2.8B
FY2022$2.8B
FY2023$1.8B
FY2024$3.2B
FY2025$5.5B
Q4 FY2024$1,000M
Q1 FY2025$1.2B
Q2 FY2025$1.3B
Q3 FY2025$1.4B
Q4 FY2025$1.7B
Q1 FY2026$1.8B
Q2 FY2026$1.9B
Q3 FY2026$2.2B

Net profit

$3.3BFY2025

Net income rose from $356.7 million in FY2023 to $3,333.8 million in FY2025 and includes results of the sold games business (a $99.4 million loss in FY2025, after a $188.9 million goodwill write-down); FY2021 and FY2022 are as first reported, and EBITDA is a Cityfort calculation from the 10-Ks and earnings releases (income from operations plus depreciation and amortization).

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2021$35.4M$0.09
FY2022−$193M−$0.52
FY2023$357M$0.98
FY2024$1.6B$4.53
FY2025$3.3B$9.75
Q4 FY2024$599M$1.73
Q1 FY2025$576M$1.67
Q2 FY2025$820M$2.39
Q3 FY2025$836M$2.45
Q4 FY2025$1.1B$3.24
Q1 FY2026$1.2B$3.56
Q2 FY2026$1.3B$3.76
Q3 FY2026$1.4B$4.30

Profit kept per $100 of revenue

$60.8FY2025

Income from operations was $75.8 per $100 of revenue in FY2025, up from $41.9 in FY2023. Revenue is counted after paying the app publishers that show the ads.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY20211.3%20.8%
FY2022−6.8%17.7%
FY202319.4%48.4%
FY202449.0%63.3%
FY202560.8%78.1%

Free cash flow

$4.0BFY2025

Free cash flow (cash from operations minus equipment purchases) was $3,970.6 million in FY2025, including the games business's cash until its sale, while stock-based pay in the continuing business fell from $342.6 million (18.6% of revenue) in FY2023 to $208.0 million (3.8%) in FY2025.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2021$362M$1.4M$361M
FY2022$413M$0.7M$412M
FY2023$1.1B$4.2M$1.1B
FY2024$2.1B$4.8M$2.1B
FY2025$4.0B$0.5M$4.0B
See all yearly numbers
AppLovin annual financials, FY2021–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Operating cashCapexFree cash
FY2021$2.8B$581M$35.4M$0.09$362M$1.4M$361M
FY2022$2.8B$499M−$193M−$0.52$413M$0.7M$412M
FY2023 (restated)$1.8B$892M$357M$0.98$1.1B$4.2M$1.1B
FY2024 (restated)$3.2B$2.0B$1.6B$4.53$2.1B$4.8M$2.1B
FY2025$5.5B$4.3B$3.3B$9.75$4.0B$0.5M$4.0B

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (December 31 (FY2025 = year ended Dec 31, 2025)). Net profit is the share belonging to the company's owners.

Download AppLovin's yearly and quarterly numbers (CSV, with source ids)

Learn: Stock-based compensation and dilution: pay that becomes shares

Sources (13)
Next: What they said, and what happened

07Who runs it

Who runs AppLovin, and did they deliver?

  • Adam Foroughi

    Co-founder and CEO · since 2011

    CEO and director since December 2011; board chair until Apr 2, 2026. Held 61.6% of the votes on Mar 31, 2026. 2025 total pay was $12,969,001, 97 times the median employee's $133,808.

  • Matthew Stumpf

    Chief Financial Officer · since 2024

    CFO since January 2024; joined AppLovin in February 2020 after 14 years at PricewaterhouseCoopers.

  • Craig Billings

    Independent board chair · since 2026

    Chair since Apr 2, 2026; director since December 2020 and CEO of Wynn Resorts.

  • Giovanni Ge

    Chief Technology Officer · since 2026

    Named to succeed Basil Shikin as CTO effective Jul 1, 2026 (8-K, Apr 7, 2026); previously Chief Product and Engineering Officer.

What they said, and what happened

1 partly delivered · 3 delivered · 1 too early to tell

  1. Said on Feb 12, 2025

    AppLovin announced a term sheet to sell its mobile games business for total consideration of $900 million: $500 million in cash and $400 million in the buyer's shares.

    What happened

    The sale to Tripledot closed on Jun 30, 2025. AppLovin recorded consideration of $715.6 million: $430.6 million in cash and about 22% of Tripledot, valued at $285.0 million.

    Partly delivered

  2. Said on Feb 11, 2026

    AppLovin expected Q1 FY2026 revenue of $1,745–1,775 million.

    What happened

    Revenue was $1,842.4 million.

    Delivered

  3. Said on May 6, 2026

    AppLovin expected Q2 FY2026 revenue of $1,915–1,945 million.

    What happened

    Revenue was $1,923.7 million, inside the range.

    Delivered

  4. Said on Aug 5, 2026

    AppLovin expected Q3 FY2026 revenue of $2,055–2,085 million.

    What happened

    Revenue was $2,184.8 million.

    Delivered

  5. Said on Nov 4, 2026

    AppLovin expected Q4 FY2026 revenue of $2,365–2,395 million.

    What happened

    Q4 FY2026 ends Dec 31, 2026.

    Too early to tell
Sources (9)
Next: What could go wrong

08What could go wrong

What could go wrong for AppLovin?

  • Concentration

    Mobile gaming and a few app platforms

    AppLovin's 10-K says its revenue is concentrated in mobile gaming, and a significant amount comes through apps on a few platforms, such as Apple's and Google's app stores and Meta. Losing or weakening those ties could hurt the business.

    Watch Any change in app-store or Meta terms, and revenue from web advertisers if AppLovin starts reporting it.

  • Regulation

    Privacy rules and platform tracking limits

    Apple requires users' opt-in for some tracking, and AppLovin relies in part on Apple's IDFA identifier. AppLovin's 10-K says these changes have not had a significant impact so far but may in future, and privacy laws keep changing.

    Watch New Apple or Google privacy changes and new state or EU privacy laws named in each 10-Q.

  • Demand

    Growth comes from revenue per install, not volume

    In the first nine months of FY2026 net revenue per installation rose 68% while installations fell 7%. Revenue depends on advertisers keeping spending as long as the returns meet their goals; most contracts can be canceled at any time.

    Watch Installations and net revenue per installation in each 10-Q.

  • Legal

    Shareholder lawsuits

    Putative class actions allege that AppLovin made false and misleading statements about its ad solutions and growth (2025) and about its ad models and an ad-generation tool (Sep 2026). Derivative suits make similar claims against directors. AppLovin says the allegations lack merit.

    Watch The ruling on the motion to dismiss in the 2025 case, reported in the 10-Q legal section.

  • Governance

    Voting control by Class B holders

    Class B shares carry 20 votes each and were 66.6% of the votes but 9.1% of the shares on Oct 31, 2026. Holders of about 67% of the votes approved the move to Nevada by written consent.

    Watch Changes to the Voting Agreement or Class B conversions, in the proxy and 8-Ks.

  • Other

    Exposure to Tripledot

    AppLovin holds about 22% of Tripledot, carried at $298.3 million at Sep 30, 2026, and Tripledot is also a customer. AppLovin also kept responsibility for some legal matters of its former game studios.

    Watch The equity-method investmentProfits or losses from companies it partly owns, counted in proportion to its stake. line and related-party revenue in each 10-Q.

Sources (4)
Next: Supporters vs. critics

09Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Revenue on the continuing basis grew from $1,841.8 million in FY2023 to $5,480.7 million in FY2025, and rose 55.5% in Q3 FY2026.
  • Income from operations was $75.8 per $100 of revenue in FY2025, up from $41.9 in FY2023.
  • Free cash flow was $3,970.6 million in FY2025, and net debt was $342.4 million at Sep 30, 2026.
  • Class A and Class B shares outstanding fell from 373.9 million at Dec 31, 2022 to 331.3 million at Oct 31, 2026.
  • No customer was 10% or more of revenue in FY2023, FY2024 or FY2025.

What critics point to

  • AppLovin's 10-K says its revenue is concentrated in mobile gaming and flows largely through apps on Apple's and Google's stores and Meta.
  • Installations fell 7% in the first nine months of FY2026; growth came from net revenue per installation.
  • Class B shares were 9.1% of the shares but 66.6% of the votes on Oct 31, 2026.
  • Shareholder class actions filed in 2025 and September 2026 allege false and misleading statements; AppLovin says they lack merit.
  • The move to Nevada was approved by written consent of holders of about 67% of the votes.
Next: What to watch next

10What to watch next

What should you watch next at AppLovin?

Next event

Q4 FY2026 results

Date not announced yet.

  • Revenue against the company's Q4 FY2026 range

    AppLovin said on Nov 4, 2026 that it expects $2,365–2,395 million. Q3 FY2026 revenue was $2,184.8 million.

  • Installations and revenue per installation

    In the first nine months of FY2026, installations fell 7% and net revenue per installation rose 68%.

  • Shareholder lawsuits

    A ruling on the motion to dismiss in the 2025 class action, and the course of the September 2026 suit, in the 10-Q legal section.

  • The move to Nevada

    Approved by written consent on Oct 29, 2026; it takes effect no earlier than 20 days after the information statement is mailed.

Next: Key dates

11Key dates

What are the key dates for AppLovin?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for AppLovin
EventDateSource
Fiscal 2026 endsThe Q4 FY2026 results date was not announced in the documents read.Form 10-Q, quarter ended Sep 30, 2026 (Q3 FY2026)
Nevada reincorporation can take effectNo earlier than 20 days after the information statement is mailed, per the 8-K filed Nov 4, 2026.Not yet statedForm 8-K, Items 2.02 and 5.07 (written consent approving Nevada reincorporation), filed Nov 4, 2026
Director's forward sale contract settlesMay 2027: 550,000 Class A shares of director Eduardo Vivas, per the 2026 proxy statement.Not yet statedDefinitive proxy statement (DEF 14A), 2026 annual meeting
First senior notes due ($1,000 million at 5.125%)No principal is due before then, per the FY2025 10-K.Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
Sources (4)
Next: Key facts

12Key facts

Key facts about AppLovin

What does AppLovin do?
AppLovin Corporation sells advertising software. Its main tool, AppLovin Ads (Axon Ads Manager), uses its Axon AI engine to place advertisers' ads inside other companies' apps, mostly mobile games. AppLovin had revenue of $5,480.7 million in FY2025 (year ended Dec 31, 2025) and 898 employees at that date.
How does AppLovin make money?
AppLovin makes money by charging advertisers for ads placed in other apps, priced on the advertiser's campaign goals. AppLovin books revenue net of what it pays the app publishers that show the ads, as the agent in the deal. Revenue from Axon Ads Manager was substantially all of AppLovin's $5,480.7 million revenue in FY2025.
What is AppLovin's business model?
AppLovin's business model is an ad marketplace run on its own software: advertisers set return goals, AppLovin's Axon AI picks where their ads appear, and AppLovin keeps a net fee. Most contracts can be canceled at any time and are paid 30 days after month end. AppLovin's income from operations was $4,151.9 million in FY2025, or $75.8 per $100 of revenue.
Is AppLovin profitable?
Yes. AppLovin reported net income of $3,333.8 million in FY2025 and $1,438.9 million in Q3 FY2026 (quarter ended Sep 30, 2026). AppLovin's FY2025 net income included a $99.4 million loss from the mobile games business it sold on Jun 30, 2025.
What is AppLovin's revenue by segment?
AppLovin reports one segment, Advertising, which made all $5,480.7 million of its FY2025 revenue after the Apps (mobile games) business was sold on Jun 30, 2025. In FY2024, as first reported, AppLovin's Advertising revenue was $3,224.1 million and Apps revenue $1,485.2 million. By user location, the United States was 51.6% of AppLovin's FY2025 revenue.
What are AppLovin Ads, MAX, Adjust and Wurl?
AppLovin Ads (Axon Ads Manager) helps advertisers win app users and brought in substantially all of AppLovin's FY2025 revenue. MAX runs real-time auctions for app publishers' ad space, Adjust measures marketing results on subscription, and Wurl distributes and sells ads on connected TV. AppLovin does not report revenue for MAX, Adjust or Wurl separately.
Who are AppLovin's customers?
AppLovin's customers are advertisers, mostly mobile game makers and, since 2024, some web-based e-commerce advertisers, plus ad networks and app publishers that use its MAX auction. No customer was 10% or more of AppLovin's revenue in FY2023, FY2024 or FY2025.
Who owns AppLovin?
AppLovin's Class B shares, with 20 votes each, were 9.1% of its shares but 66.6% of the votes on Oct 31, 2026 (Cityfort calculation from the Q3 FY2026 10-Q). CEO Adam Foroughi held 61.6% of AppLovin's votes on Mar 31, 2026, according to the 2026 proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more, which lists BlackRock with 7.0% of the Class A shares.
What happened to AppLovin's mobile games business?
AppLovin sold its Apps (mobile games) business to Tripledot on Jun 30, 2025, for consideration it recorded at $715.6 million: $430.6 million in cash and about 22% of Tripledot, valued at $285.0 million. AppLovin's figures for FY2023 onward show the games business as discontinued operations.
Sources (6)
Next: Go deeper

Terms on this page

Each explains the term in plain English, with the same number from other companies on Cityfort.

Go deeper

More detail from the same filings. Open any section.

13What it sells

13What it sells

What does AppLovin sell?

AppLovin sells software that decides which ad to show, to whom, inside apps. Advertisers say what a new user is worth to them, and AppLovin's Axon AI engine finds those users. Since June 2025 it no longer makes games itself.

  • AppLovin Ads (Axon Ads Manager)

    The tool advertisers use to find new users. They set return goals, and AppLovin charges them based on those goals rather than a fixed price per ad. Substantially all revenue comes from it.

  • Axon AI

    AppLovin's ad recommendation engine. It predicts which ad a given app user is likely to act on, and it runs the auctions behind AppLovin Ads.

  • MAX

    An in-app bidding tool for app publishers: it runs one real-time auction for each ad slot, so many ad buyers can bid at once.

  • Adjust

    A subscription service that measures where an app's users came from and which marketing worked. AppLovin says Adjust's data is not used for Axon AI unless a customer directs it.

  • Wurl

    A connected TV platform that distributes streaming video for content companies and sells ads on their channels.

What it does

  • Does: Matches advertisers with ad space inside other companies' apps, through auctions
  • Does: Charges advertisers based on their campaign goals, such as a return on ad spend
  • Does: Books revenue after paying the app publishers that show the ads
  • Does: Sells to web-based advertisers, such as e-commerce companies, as well as app makers

What it does not do

  • Does not: No longer makes or sells mobile games: that business was sold to Tripledot on Jun 30, 2025
  • Does not: Does not report the total ad spend that passes through its platform
  • Does not: Does not report revenue for MAX, Adjust or Wurl separately
  • Does not: Has never paid a cash dividend
Sources (2)
14How the money flows

14How the money flows · FY2025

How does money flow through AppLovin?

Money in

  • Revenue (advertising, net of publisher payments)$5.5B
  • Other income$8M

The company

AppLovin

$5.5B came in

Money out

  • Running the platform (cost of revenue)$665M
  • Research and development$227M
  • Sales, marketing and administration$437M
  • Interest$207M
  • Income tax$520M
  • Loss from the sold games business$99.4M
  • Net income$3.3B
  1. Advertisers paid AppLovin $5,480.7 million in FY2025, counted after paying the apps that showed their ads.
  2. Running the platform (cost of revenue) cost $665.1 million.
  3. Research and development took $226.5 million; sales, marketing and administration took $437.2 million.
  4. That left income from operations of $4,151.9 million, or $75.8 of every $100 of revenue.
  5. After $8.0 million of other income, $207.0 million of interest, $519.7 million of income tax and a $99.4 million loss from the sold games business, net income was $3,333.8 million.
Sources (1)
15What it needs to run

15What it needs to run

What does AppLovin need to run?

  • Data

    AppLovin's 10-K says the data it collects is integral to its ad tools and helps improve Axon AI. Privacy laws and app-store rules limit what it can collect.

  • Engineers

    898 employees at Dec 31, 2025, in 15 countries; about 380, or 42%, worked in research and development.

  • App stores and partners

    A significant amount of revenue comes through apps distributed on platforms such as the Apple App Store, Google Play and Meta. AppLovin says Meta and Google are also significant partners.

  • Publishers' ad space

    AppLovin does not own the ad space it sells: app publishers supply it, and AppLovin pays them out of what advertisers spend.

Sources (1)
16Where it sells

16Where it sells · FY2025

Where does AppLovin sell?

  • United States (by user location)52%
  • Rest of the world48%
Sources (1)
17Competitors and what protects it

17Competitors and what protects it

Who does AppLovin compete with?

AppLovin's FY2025 10-K describes a fragmented ad market and names Meta, Google, Amazon and Unity Software among the ad companies advertisers use, plus private firms. It gives no market share.

  • Meta Platforms

    NASDAQ: META

    Named in AppLovin's 10-K as an ad company advertisers use for mobile ads. AppLovin also calls Meta a significant partner, and a platform through which much of its revenue flows.

  • Alphabet (Google)

    NASDAQ: GOOGL

    Google is named as a competitor in ads, a significant partner, and the operator of Google Play, one of the app stores AppLovin's revenue depends on.

  • Amazon

    NASDAQ: AMZN

    Named in AppLovin's 10-K among the ad companies advertisers use to buy ads on apps, devices and connected TV.

  • Unity Software

    Named in AppLovin's 10-K among the ad companies advertisers use to buy ads in mobile apps.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • Data loop behind Axon AI3 of 5

    AppLovin's 10-K says more advertisers bring more data, which improves Axon AI. Net revenue per installation rose 72% in FY2025 while installations rose 3%. No outside measure was read.

  • Both sides of the auction3 of 5

    AppLovin runs the tool advertisers buy with (AppLovin Ads) and an auction many publishers sell through (MAX).

  • Low running costs4 of 5

    Cost of revenue was $665.1 million, about $12 per $100 of FY2025 revenue, and AppLovin had 898 employees.

Weak spot

Mobile gaming and app-store dependence

AppLovin's 10-K says its revenue is concentrated in mobile gaming and flows largely through apps on a few platforms, such as Apple's and Google's app stores and Meta. Changes to those platforms' privacy rules, such as Apple's IDFA, could affect its ads.

Sources (1)
18Where growth could come from

18Where growth could come from

Where could AppLovin's growth come from?

AppLovin said in its Q3 FY2026 earnings release (Nov 4, 2026) that it expects Q4 FY2026 revenue of $2,365–2,395 million.
Management statement, Nov 4, 2026. Reported as a statement, not our forecast.

  • More revenue per install

    Working

    +68%, first nine months of FY2026

    AppLovin's net revenue per installation rose 68% in the first nine months of FY2026 while installations fell 7%. It credits Q3 FY2026 growth "primarily to improved AppLovin Ads performance".

    Status: Working, on track against what the company said.

  • Users outside the US

    Working

    +77.1% in FY2025

    Revenue from users outside the US rose from $1,497.9 million in FY2024 to $2,653.5 million in FY2025; US revenue rose 63.8% (Cityfort calculation from the FY2025 10-K).

    Status: Working, on track against what the company said.

  • Web and e-commerce advertisers

    Early

    Revenue not reported separately

    AppLovin opened its ad tools to web-based advertisers in 2024. Its FY2025 10-K says it is early in this expansion.

    Status: Early, too early to judge.

  • Connected TV (Wurl)

    Early

    Revenue not reported separately

    AppLovin says it is adding advertisers and channels to Wurl and applying Axon AI to connected TV.

    Status: Early, too early to judge.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (3)
19The company's own measures (non-GAAP)

19The company's own measures · FY2025 and Q3 FY2026

What do AppLovin's own measures show?

Adjusted (non-GAAP) figures are AppLovin's own measures, shown next to the official (GAAP) number. They are never added together.

  • Official (GAAP): Net income from continuing operations, FY2025

    $3.4B

    Company's own measure: Adjusted EBITDA, FY2025

    $4.5B

    AppLovin adds back interest, income tax, depreciation and amortization ($130.7 million), stock-based payPay given as shares instead of cash, which spreads ownership more thinly. Learn more ($208.0 million) and other items. It puts the margin at 82.3% of revenue.

  • Official (GAAP): Net income, Q3 FY2026

    $1.4B

    Company's own measure: Adjusted EBITDA, Q3 FY2026

    $1.8B

    Same adjustments; stock-based pay was $84.2 million in the quarter. AppLovin gave a Q4 FY2026 range of $1,995–2,025 million on Nov 4, 2026. In Q2 FY2026 the figure, $1,613.8 million, was just under its own $1,615–1,645 million range.

  • Official (GAAP): Net cash from operating activities, FY2025

    $4.0B

    Company's own measure: Free cash flow (company measure), FY2025

    $4.0B

    Cash from operations minus equipment purchases and finance-lease payments, including the games business until its sale. This page's own free cash flowCash from operations minus spending on buildings and equipment. Learn more, which deducts only equipment purchases, was $3,970.6 million.

  • Official (GAAP): Net cash from operating activities, Q3 FY2026

    $1.4B

    Company's own measure: Free cash flow (company measure), Q3 FY2026

    $1.4B

    Same definition as above.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares

Sources (4)
20Financial strength and debt

20Financial strength · Sep 30, 2026

How much debt does AppLovin have?

At Sep 30, 2026 AppLovin's debt of $3,516.1 million was $342.4 million more than its cash; cash from operations was $3,971.1 million in FY2025.
  • Total debt$3.5B
  • Cash and investments$3.2B
  • Net debt (debt minus cash)$342M
  • Net worth (shareholders' money)$3.3B
Debt to equity
1.07×
$ of debt for every $1 of shareholders' money
Interest cover
20.1×
how many times operating profit covers interest
  • Net debt is a Cityfort calculation from the Q3 FY2026 earnings release (long-term debt at carrying value minus cash and cash equivalents). At Dec 31, 2025 it was $1,025.9 million (Cityfort calculation from the FY2025 10-K).
  • The debt is $3,550 million of unsecured senior notes issued in December 2024: $1,000 million at 5.125% due 2029, $1,000 million at 5.375% due 2031, $1,000 million at 5.500% due 2034 and $550 million at 5.950% due 2054. No principal is due before December 2029.
  • A $1.0 billion unsecured revolving credit line runs to Dec 5, 2029; it was undrawn at Dec 31, 2025, and its interest margin depends on AppLovin's credit ratings.
  • Interest cover is FY2025 income from operations ÷ interest expense ($4,151.9 million ÷ $207.0 million), a Cityfort calculation from the FY2025 10-K.
  • Leases and a licensed asset obligation are not counted as debt here. AppLovin's 22% stake in Tripledot was carried at $298.3 million at Sep 30, 2026.
Sources (4)
21Who owns it

21Who owns it · ownership as of Mar 31, 2026

Who owns AppLovin?

Under a Voting Agreement, Adam Foroughi and director Herald Chen decide how the parties' shares vote: all Class B and some Class A, 66.9% of all votes on Mar 31, 2026. AppLovin is a 'controlled company' under Nasdaq rules but says it does not use the exemptions. Directors and executive officers (12 people) held 64.0% of the votes. The Vanguard Group reported 0% after an internal realignment (Schedule 13G/A filed Mar 26, 2026), though the proxy still lists it at 8.2% from an earlier filing.
Officers and directors (as a group), votes
64.0%

Shares vs votes by class

AppLovin has more than one class of shares, and the classes carry different votes. The share of votes a class holds can differ a lot from its share of the shares.

  • Class A common stock: share of all votes33.4%
  • Class B common stock: share of all votes66.6%

Each class's part of all votes = its shares outstanding × votes per share ÷ the total for all classes.

Share classes
AppLovin share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Class A common stock (Shares outstanding on Oct 31, 2026 (10-Q cover). Share and vote percentages are a Cityfort calculation from the Q3 FY2026 10-Q cover.)301.31Public and institutional investors; trades on Nasdaq as APP90.9%33.4%Yes
Class B common stock (Shares outstanding on Oct 31, 2026 (10-Q cover). Votes = 20 × Class B ÷ (20 × Class B + Class A). Class B converts to Class A on most transfers, and 61 to 180 days after the Voting Agreement ends or Adam Foroughi leaves both the board and management. A non-voting Class C is authorized, but none is outstanding.)30.120Adam Foroughi held 92.5% of this class on Mar 31, 2026; all of it is covered by the Voting Agreement9.1%66.6%No
Holders of 5% or more
AppLovin holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
Adam Foroughi (co-founder and CEO)92.5%61.6%Mar 31, 2026S1492.5% of Class B (27,936,907 shares) plus 2,420,296 Class A shares on Mar 31, 2026, according to the 2026 proxy statement.
BlackRock7.0%–Oct 17, 2025S14% of Class A (21,386,458 shares), as listed in the 2026 proxy from a Schedule 13G dated Oct 17, 2025.
Vanguard Capital Management6.3%–Mar 31, 2026S25% of Class A (19,337,914 shares) as of Mar 31, 2026, from its Schedule 13G filed Apr 29, 2026.
Angel Pride Holdings Limited / Prominence Trust5.6%–Jan 30, 2025S14% of Class A (17,244,541 shares), as listed in the 2026 proxy from a Schedule 13G/A dated Jan 30, 2025, so it may be out of date.
FMR LLC5.1%–Mar 31, 2026S26% of Class A (15,691,414 shares) as of Mar 31, 2026, from its Schedule 13G filed May 6, 2026.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Insider trades · Form 4 data as of Nov 6, 2026

What did AppLovin's insiders report trading?

AppLovin's insiders made 78 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.

They reported no purchases and 704 sales (1.1 million shares) in the open market or privately (codes P and S).

417 of the 704 sales were on forms with the Rule 10b5-1 plan box checked.

The same filings report 56 other share transactions (A: 19, F: 19, G: 15, C: 2, M: 1).

They also report 3 transactions in options, stock units or other derivatives.

Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.

P
a purchase in the open market or privately
S
a sale in the open market or privately
A
a grant, award or other acquisition from the company under Rule 16b-3
F
shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
M
exercise or conversion of an option or other derivative, exempt under Rule 16b-3
C
conversion of a derivative security
G
a bona fide gift

Code meanings: General Instruction 8 of Form 4 (SEC).

The latest 25 of 760 transactions
AppLovin's insider transactions reported on Form 4 in the 12 months to Nov 6, 2026, newest filing first
InsiderTrade dateCodeSharesPriceHeld after10b5-1 boxFiling
Foroughi Arash AdamDirector, CEO, 10% ownerOct 29, 2026A128,055 A$0.002,453,009Not checkedForm 4, filed Nov 2, 2026
Stumpf MatthewChief Financial Officer (CFO)Oct 29, 2026A54,880 A$0.00230,309Not checkedForm 4, filed Nov 2, 2026
Cacovean Corina IChief Legal OfficerOct 29, 2026A21,952 A$0.0026,739Not checkedForm 4, filed Nov 2, 2026
Ge XiaochuanCTOOct 29, 2026A91,467 A$0.001,060,202Not checkedForm 4, filed Nov 2, 2026
Ge XiaochuanCTOOct 29, 2026A182,224 A$0.001,242,426Not checkedForm 4, filed Nov 2, 2026
WEBB MAYNARD G JRDirectorOct 15, 2026A67 A$0.003,265Not checkedForm 4, filed Oct 16, 2026
Messing BarbaraDirectorOct 15, 2026A64 A$0.0010,254Not checkedForm 4, filed Oct 16, 2026
Valenzuela VictoriaDirectorAug 20, 2026F2,730 D$308.77241,231Not checkedForm 4, filed Aug 21, 2026
Foroughi Arash AdamDirector, CEO, 10% ownerAug 20, 2026F2,730 D$308.772,324,954Not checkedForm 4, filed Aug 21, 2026
Stumpf MatthewChief Financial Officer (CFO)Aug 20, 2026F2,021 D$308.77175,429Not checkedForm 4, filed Aug 21, 2026
Cacovean Corina IChief Legal OfficerAug 20, 2026F1,540 D$308.774,787Not checkedForm 4, filed Aug 21, 2026
Ge XiaochuanCTOAug 20, 2026F5,459 D$308.77968,735Not checkedForm 4, filed Aug 21, 2026
Chen Herald YDirectorAug 13, 2026C143,791 A$0.00251,245Not checkedForm 4, filed Aug 14, 2026
Chen Herald YDirectorAug 13, 2026G100,000 D$0.00151,245Not checkedForm 4, filed Aug 14, 2026
Chen Herald YDirectorAug 13, 2026G100,000 A$0.00100,000 (indirect: See footnote)Not checkedForm 4, filed Aug 14, 2026
Vivas EduardoDirectorAug 7, 2026G213,675 D$0.006,571,412.25Not checkedForm 4, filed Aug 7, 2026
Vivas EduardoDirectorAug 7, 2026G213,675 A$0.00213,675 (indirect: See footnote)Not checkedForm 4, filed Aug 7, 2026
WEBB MAYNARD G JRDirectorJul 15, 2026A41 A$0.003,198Not checkedForm 4, filed Jul 17, 2026
Messing BarbaraDirectorJul 15, 2026A40 A$0.0010,190Not checkedForm 4, filed Jul 17, 2026
WEBB MAYNARD G JRDirectorJul 6, 2026S380 D$516.25123,140 (indirect: See footnote)CheckedForm 4, filed Jul 8, 2026
WEBB MAYNARD G JRDirectorJul 6, 2026S202 D$517.19122,938 (indirect: See footnote)CheckedForm 4, filed Jul 8, 2026
WEBB MAYNARD G JRDirectorJul 6, 2026S182 D$518.63122,756 (indirect: See footnote)CheckedForm 4, filed Jul 8, 2026
WEBB MAYNARD G JRDirectorJul 6, 2026S240 D$519.56122,516 (indirect: See footnote)CheckedForm 4, filed Jul 8, 2026
WEBB MAYNARD G JRDirectorJul 6, 2026S138 D$520.60122,378 (indirect: See footnote)CheckedForm 4, filed Jul 8, 2026
WEBB MAYNARD G JRDirectorJul 6, 2026S120 D$521.49122,258 (indirect: See footnote)CheckedForm 4, filed Jul 8, 2026

Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of AppLovin's Form 4 filings on EDGAR.

Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades

Sources (5)
22What it does with profit

22What it does with profit

What does AppLovin do with its profit?

AppLovin has never paid a cash dividend and said in its FY2025 10-K that it does not expect to in the foreseeable future. Class A and Class B shares outstanding fell from 373.9 million at Dec 31, 2022 to 331.3 million at Oct 31, 2026.

  • Buyback · Feb 28, 2025

    The board loosened the buyback program's limits tied to the prior quarter's free cash flow and made $500 million available immediately.

  • Buyback · Dec 31, 2025

    In FY2025 AppLovin repurchased and withheld 6.4 million shares for $2.58 billion, including tax paid for employees on vesting shares.

    $2.6B

  • Buyback · Sep 30, 2026

    Repurchases were $2,811.2 million in the first nine months of FY2026. In Q3 FY2026 alone, 4.1 million shares were repurchased and withheld for $1.4 billion.

    $2.8B

  • Buyback · Oct 31, 2026

    The board added $3.2 billion to the authorization, leaving $3.6 billion available at the end of October 2026.

  • Money raised · Apr 15, 2021

    Initial public offering on Nasdaq: AppLovin sold 22.5 million Class A shares at $80.00, raising $1,745.2 million net.

    $1.7B

  • Money raised · Dec 5, 2024

    Issued $3,550 million of senior notes due 2029 to 2054 and used the money to repay its secured term loans.

    $3.6B

Sources (7)
23Governance signals

23Governance signals

What do AppLovin's governance filings show?

Auditor
Deloitte & Touche LLP, since 2015
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
AppLovin owns about 22% of Tripledot, the buyer of its games business, and Tripledot buys its ads: $44.7 million of revenue in the first nine months of FY2026. Rafael Vivas, brother of director Eduardo Vivas, is an employee with a $400,000 salary.
Credit rating
Moody's / S&P / Fitch (expected ratings of the senior notes at issue, as stated in AppLovin's pricing term sheet) Ba1 / BBB- / BBB- (Positive / Positive / Stable), Nov 20, 2024

A credit rating describes the company's ability to repay debt. It is not a rating of the share.

Flags to know about

  • other

    Controlled by Class B holders

    Parties to the Voting Agreement, led by Adam Foroughi and Herald Chen, controlled 66.9% of votes on Mar 31, 2026. AppLovin is a 'controlled company' under Nasdaq rules but says it does not use the exemptions.

  • other

    Securities class actions and derivative suits

    Putative class actions filed from March 2025 allege false and misleading statements about AppLovin's ad solutions and growth; a motion to dismiss was fully briefed by February 2026. A new suit filed Sep 16, 2026 alleges misleading statements about its ad models and an ad-generation tool. AppLovin says the allegations lack merit.

  • shares as collateral

    Director's shares used as collateral

    Director Eduardo Vivas has 550,000 of his Class A shares held as collateral under a prepaid variable forward sale contract that settles in May 2027, according to the 2026 proxy statement.

  • other · Oct 29, 2026

    Move to Nevada approved by written consent

    Holders of about 67% of the voting power approved reincorporating AppLovin in Nevada by written consent on Oct 29, 2026. It takes effect no earlier than 20 days after an information statement is mailed.

  • other · Jun 3, 2026

    Shareholder proposal on class-by-class vote reporting failed

    At the Jun 3, 2026 annual meeting, a proposal on disclosing votes by share class received 119.1 million votes for and 696.9 million against.

  • disclosure

    Earlier years not restated for the games sale

    AppLovin's FY2025 10-K shows FY2023 and FY2024 without the games business. FY2021 and FY2022 exist only as first reported, with it.

Sources (8)
24What the market paid

24What the market paid · price as of Nov 5, 2026

What did the market pay for AppLovin on Nov 5, 2026?

Price as of Nov 5, 2026 (shown for education; prices change daily).

Price as of Nov 5, 2026: AppLovin's Class A shares closed at $356.10 on Nasdaq. Times 331.322 million Class A and Class B shares (Oct 31, 2026) that is a market value of about $118.0 billion (Cityfort calculation from the Nov 5, 2026 Nasdaq closing price and the Q3 FY2026 10-Q cover); Class B shares do not trade and are counted at the Class A price. P/E is market value ÷ net income for the 12 months to Sep 30, 2026 ($5,013.3 million): 23.5. P/B is market value ÷ stockholders' equity at Sep 30, 2026 ($3,298.7 million): 35.8 (both Cityfort calculations from the Q4 FY2025 to Q3 FY2026 earnings releases).

Share price
$356.10
Market value (market cap)
$118.0B
P/E
23.5×
P/B
35.8×

More price-based ratios · as of Nov 5, 2026

Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.

Shares used for the market value: 331.32 million ($356.10 × 331.32 million shares ≈ $118.0B). Source: Form 10-Q, quarter ended Sep 30, 2026 (Q3 FY2026); Definitive proxy statement (DEF 14A), 2026 annual meeting; Form 10-K, fiscal year 2025 (ended Dec 31, 2025)

Source: APP historical quotes, Nasdaq, Oct 20 to Nov 5, 2026 (close Nov 5, 2026: $356.10); Form 10-Q, quarter ended Sep 30, 2026 (Q3 FY2026); Q4 and full-year 2025 earnings release (8-K Ex. 99.1), Feb 11, 2026 and 3 more

Sources (8)
25How it got here

25How it got here

How did AppLovin get here?

  1. 2011

    Milestone

    Founded

    AppLovin was incorporated in Delaware on Jul 18, 2011; co-founder Adam Foroughi has been CEO since December 2011.

  2. 2021

    Milestone

    Listed on Nasdaq

    AppLovin's Class A shares began trading on Apr 15, 2021, after it sold 22.5 million shares at $80.00.

  3. 2022

    Milestone

    MoPub bought from Twitter

    AppLovin closed its purchase of the MoPub ad business from Twitter, for about $1.0 billion, in January 2022.

  4. 2024

    Milestone

    Term loans replaced by notes

    In December 2024 AppLovin issued $3,550 million of unsecured senior notes and repaid its $3.5 billion of secured term loans.

  5. 2025

    Milestone

    Shareholder lawsuits filed

    From March 2025, putative class actions alleged false and misleading statements about AppLovin's ad solutions and growth. AppLovin says the allegations lack merit.

  6. 2025

    Milestone

    TikTok indication of interest

    On Apr 3, 2025 AppLovin confirmed a preliminary indication of interest to explore buying TikTok outside China; it said there was no assurance of a deal.

  7. 2025

    Business-model change

    Games business sold

    AppLovin agreed on May 7, 2025 to sell its mobile games studios to Tripledot and closed on Jun 30, 2025, leaving advertising as its only business.

  8. 2026

    Milestone

    Independent chair

    Craig Billings succeeded Adam Foroughi as board chair on Apr 2, 2026; Foroughi remains CEO.

  9. 2026

    Milestone

    Move to Nevada approved

    Holders of about 67% of the votes approved reincorporating in Nevada by written consent on Oct 29, 2026.

Sources (10)

26Sources and changes

Where every number on this page comes from

Sources (28 documents)
  1. S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · AppLovin Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 19, 2026
  2. S2Form 10-K, fiscal year 2024 (ended Dec 31, 2024) · AppLovin Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 27, 2025
  3. S3Form 10-K, fiscal year 2022 (ended Dec 31, 2022) · AppLovin Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 28, 2023
  4. S4Form 10-K, fiscal year 2021 (ended Dec 31, 2021) · AppLovin Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Mar 11, 2022
  5. S5Form 10-Q, quarter ended Sep 30, 2026 (Q3 FY2026) · AppLovin Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Nov 4, 2026
  6. S6Q3 2026 earnings release (8-K Ex. 99.1), Nov 4, 2026 · AppLovin Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Nov 4, 2026
  7. S7Q2 2026 earnings release (8-K Ex. 99.1), Aug 5, 2026 · AppLovin Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Aug 5, 2026
  8. S8Q1 2026 earnings release (8-K Ex. 99.1), May 6, 2026 · AppLovin Corporation (SEC EDGAR) · Tier 1: company or exchange filing · May 6, 2026
  9. S9Q4 and full-year 2025 earnings release (8-K Ex. 99.1), Feb 11, 2026 · AppLovin Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 11, 2026
  10. S10Q3 2025 earnings release (8-K Ex. 99.1), Nov 5, 2025 · AppLovin Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Nov 5, 2025
  11. S11Q2 2025 earnings release (8-K Ex. 99.1), Aug 6, 2025 · AppLovin Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Aug 6, 2025
  12. S12Q1 2025 earnings release (8-K Ex. 99.1), May 7, 2025 · AppLovin Corporation (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2025
  13. S13Q4 and full-year 2024 earnings release (8-K Ex. 99.1), Feb 12, 2025 · AppLovin Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 12, 2025
  14. S14Definitive proxy statement (DEF 14A), 2026 annual meeting · AppLovin Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Apr 21, 2026
  15. S15Form 8-K, Items 2.02 and 5.07 (written consent approving Nevada reincorporation), filed Nov 4, 2026 · AppLovin Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Nov 4, 2026
  16. S16Form 8-K, Item 5.07 (2026 annual meeting results), filed Jun 5, 2026 · AppLovin Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jun 5, 2026
  17. S17Form 8-K, Item 5.02 (CTO, legal officer and board chair changes), filed Apr 7, 2026 · AppLovin Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Apr 7, 2026
  18. S18Form 8-K, Items 1.01 and 8.01 (Apps business sale to Tripledot completed), filed Jul 1, 2025 · AppLovin Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jul 1, 2025
  19. S19Form 8-K, Items 1.01 and 2.02 (purchase agreement with Tripledot), filed May 7, 2025 · AppLovin Corporation (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2025
  20. S20Form 8-K, Items 5.02 and 8.01 (term sheet to sell mobile gaming business; CMO resignation), filed Feb 12, 2025 · AppLovin Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 12, 2025
  21. S21Form 8-K, Item 8.01 (share repurchase program modification), filed Feb 28, 2025 · AppLovin Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 28, 2025
  22. S22Form 8-K, Item 8.01 (indication of interest in TikTok outside China), filed Apr 3, 2025 · AppLovin Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Apr 3, 2025
  23. S23Free writing prospectus: pricing term sheet for $3.55B senior notes, Nov 20, 2024 · AppLovin Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Nov 20, 2024
  24. S24Form 8-K, Items 1.01 and 2.03 (senior notes indenture and 2024 Credit Agreement), filed Dec 5, 2024 · AppLovin Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Dec 5, 2024
  25. S25Schedule 13G, Vanguard Capital Management (event Mar 31, 2026) · SEC EDGAR (filed on AppLovin Corporation) · Tier 1: company or exchange filing · Apr 29, 2026
  26. S26Schedule 13G, FMR LLC (event Mar 31, 2026) · SEC EDGAR (filed on AppLovin Corporation) · Tier 1: company or exchange filing · May 6, 2026
  27. S27Schedule 13G/A, The Vanguard Group (event Mar 13, 2026: 0%) · SEC EDGAR (filed on AppLovin Corporation) · Tier 1: company or exchange filing · Mar 26, 2026
  28. S28APP historical quotes, Nasdaq, Oct 20 to Nov 5, 2026 (close Nov 5, 2026: $356.10) · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 5, 2026
Changes to this page (v1 · Nov 6, 2026)
  1. v1 · Nov 6, 2026First version, through Q3 FY2026 (quarter ended Sep 30, 2026). (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.

All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.

Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.