AppLovin Corporation provides end-to-end artificial intelligence-powered advertising solutions for businesses in the United States and internationally. It operates through two segments, Advertising and Apps.MoreShow less
Profile & Fundamentals
AppLovin: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.
Profile & Fundamentals
AppLovin Profile & Fundamentals
Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.
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Company and Market Context
Company Profile & Ownership
AppLovin Corporation provides end-to-end artificial intelligence-powered advertising solutions for businesses in the United States and internationally. It operates through two segments, Advertising and Apps. The company offers Axon Ads Manager, a suite of marketing solutions that enables developers to automate, optimize, and manage marketing efforts; MAX, an in-app bidding technology that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform; and Wurl, a connected TV platform, which distributes streaming video for content companies, provides advertising and publishing solutions. It serves individuals, small and independent businesses, enterprises, advertisers and advertising networks, mobile app publishers, and indie studio developers. The company was incorporated in 2011 and is headquartered in Palo Alto, California.
Company profile record
Applovin Corp
Common Stock · Information Technology · Application Software
Company
- Company / asset
- Applovin Corp
- Security type
- Common Stock
- Sector
- Information Technology
- Industry
- Application Software
- HQ
- 🇺🇸 United States
- Head office
- 1100 Page Mill Road, Palo Alto, CA, United States, 94304
Leadership & scale
- Chief executive
- Mr. Adam Arash Foroughi
- CEO year born
- 1981
- Full-time employees
- 876
- Fiscal year end
- December
- IPO date
- 2021-04-15
Fundamentals snapshot
- Market Cap
- USD 94.2B
- P/E
- 21.4x
- Revenue (Q2 26)
- USD 1.9B
- Profit (Q2 26)
- USD 1.3B
- Dividend Yield
- --
- Revenue (FY 25)
- USD 5.5B
- Shares in public float
- 253.4M
- Insider ownership
- 14.31%
Reporting & identifiers
- Symbol
- APP.NASDAQ
- Listing
- 🇺🇸 United States | Dividend Tax: 30%
- Ticker Currency
- USD
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- US03831W1080
- Asset ID
- equity_974e2550-0928-5297-b3d9-f09b22edd483
Ownership
Shares Outstanding
Latest: 337.9M | Max: 375.0M | Min: 200.9M
Latest reported ownership snapshot
As of Oct 1, 2026Float Shares
75.01%
253.4M latest reported shares
Insider Ownership
14.31%
Latest reported insider stake
Short Float
0.04%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2018-01-01 | 324,102,600 |
| 2019-01-01 | 200,949,500 |
| 2020-01-01 | 220,751,400 |
| 2021-01-01 | 342,763,600 |
| 2022-01-01 | 375,015,100 |
| 2023-01-01 | 347,492,500 |
| 2024-01-01 | 346,423,800 |
| 2025-01-01 | 339,898,000 |
| 2026-01-01 | 337,875,000 |
Top Holders
Available reported ownership records.
Scroll the table to see every column.
| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| BlackRock Inc | 23,640,172 | 7.06% | 2026-03-31 |
| Vanguard Capital Management, LLC | 16,750,884 | 5.01% | 2026-03-31 |
| FMR Inc | 15,691,414 | 4.69% | 2026-03-31 |
| State Street Corp | 11,767,329 | 3.52% | 2026-03-31 |
| Amvescap Plc. | 10,589,435 | 3.16% | 2026-03-31 |
| Vanguard MStar Total Stk Mkt Idx Invest | 8,744,574 | 2.61% | 2026-08-31 |
| Capital World Investors | 8,150,954 | 2.44% | 2026-06-30 |
| Geode Capital Management, LLC | 7,288,372 | 2.18% | 2026-03-31 |
| Vanguard 500 Index Investor | 7,148,187 | 2.14% | 2026-08-31 |
| Invesco QQQ Trust | 6,576,698 | 1.97% | 2026-08-31 |
| Baillie Gifford & Co Limited. | 6,471,615 | 1.93% | 2026-06-30 |
| Vanguard Portfolio Management, LLC | 5,935,893 | 1.77% | 2026-03-31 |
| Morgan Stanley - Brokerage Accounts | 5,604,841 | 1.67% | 2026-03-31 |
| T. Rowe Price Associates, Inc. | 5,434,726 | 1.62% | 2026-03-31 |
| WCM Investment Management | 5,001,600 | 1.49% | 2026-03-31 |
Earnings, Profitability & Valuation
Earnings, Profitability & Valuation
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
AppLovin's earnings story reflects an extraordinary operational transformation. By divesting its legacy mobile gaming studios in mid-2025, the company shifted completely into an ad-tech software tollbooth. Full-year 2025 revenue surged 70% to 5.48 billion dollars, while net income climbed 111% to 3.33 billion dollars. Growth continued into second-quarter 2026 with revenue rising 52.8% year-over-year to 1.92 billion dollars. This explosive growth reveals high-quality earnings. Incremental ad transactions incur negligible delivery costs, converting 65.8% of trailing revenue into 4.50 billion dollars of free cash flow. While quarterly growth paused briefly during model tuning, underlying profits represent durable, cash-backed software income rather than paper accounting gains.
AppLovin's earnings story reflects an extraordinary operational transformation. By divesting its legacy mobile gaming studios in mid-2025, the company shifted completely into an ad-tech software tollbooth. Full-year 2025 revenue surged 70% to 5.48 billion dollars, while net income climbed 111% to 3.33 billion dollars. Growth continued into second-quarter 2026 with revenue rising 52.8% year-over-year to 1.92 billion dollars. This explosive growth reveals high-quality earnings. Incremental ad transactions incur negligible delivery costs, converting 65.8% of trailing revenue into 4.50 billion dollars of free cash flow. While quarterly growth paused briefly during model tuning, underlying profits represent durable, cash-backed software income rather than paper accounting gains.
Revenue, Net Income, and Free Cash Flow
Latest: USD 5.5B | Max: USD 5.5B | Min: USD -260.0M
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 69x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Profitability has expanded to rare software industry benchmarks. Gross margins reached 87.9% in 2025, while operating margins expanded to 75.8% and adjusted EBITDA margins stood at 84% in second-quarter 2026. This margin leap was catalyzed by shedding low-margin gaming revenues to focus on pure ad auction fees. These elite margins demonstrate true pricing power. Incremental ad spend incurs only about ten cents of compute cost per dollar, allowing profits to scale rapidly. While expanding into non-gaming retail will introduce higher customer-acquisition costs and normalize margins slightly, the platform's mediation tollbooth provides a wide, defensible profit cushion.
Profitability has expanded to rare software industry benchmarks. Gross margins reached 87.9% in 2025, while operating margins expanded to 75.8% and adjusted EBITDA margins stood at 84% in second-quarter 2026. This margin leap was catalyzed by shedding low-margin gaming revenues to focus on pure ad auction fees. These elite margins demonstrate true pricing power. Incremental ad spend incurs only about ten cents of compute cost per dollar, allowing profits to scale rapidly. While expanding into non-gaming retail will introduce higher customer-acquisition costs and normalize margins slightly, the platform's mediation tollbooth provides a wide, defensible profit cushion.
Profitability Margins
Latest: 87.9% | Max: 88.9% | Min: -53.8%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
87.9%
Gross profit / revenue
Operating Margin
75.8%
Operating income / revenue
Net Margin
60.8%
Net income / revenue
FCF Margin
71.9%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2018-12-31 | 483,363,000 | -259,995,000 | 137,631,000 |
| 2019-12-31 | 994,104,000 | 119,040,000 | 195,104,000 |
| 2020-12-31 | 1,451,086,000 | -125,187,000 | 219,642,000 |
| 2021-12-31 | 2,793,104,000 | 35,446,000 | 356,394,000 |
| 2022-12-31 | 2,817,058,000 | -192,746,000 | 412,111,000 |
| 2023-12-31 | 1,841,762,000 | 357,211,000 | 1,057,264,000 |
| 2024-12-31 | 3,224,058,000 | 1,579,790,000 | 2,094,235,000 |
| 2025-12-31 | 5,480,717,000 | 3,333,764,000 | 3,942,776,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
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| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 68.7 | Trailing four quarters |
| 2024-12-31 | 71.01 | Trailing four quarters |
| 2023-12-31 | 38.82 | Trailing four quarters |
| 2021-12-31 | 911.5 | Annual net income |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2018-12-31 | 88.88 | 50.16 | -53.79 | 28.47 |
| 2019-12-31 | 75.73 | 19.55 | 11.97 | 19.63 |
| 2020-12-31 | 61.71 | -4.28 | -8.63 | 15.14 |
| 2021-12-31 | 64.62 | 5.37 | 1.27 | 12.76 |
| 2022-12-31 | 55.41 | -1.7 | -6.84 | 14.63 |
| 2023-12-31 | 80.64 | 41.94 | 19.4 | 57.41 |
| 2024-12-31 | 83.85 | 59.27 | 49 | 64.96 |
| 2025-12-31 | 87.86 | 75.75 | 60.83 | 71.94 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-09-29.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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