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AppLovin

APP Clue Score76
United States Fiscal year ends December CIK 0001751008
$277.04 -1.10% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $277.04 +216.94% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 15 Apr 2021. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2019Revenue994.1Operating income194.4Net income119.0EPS, diluted0.36Fiscal year 2020Revenue1,451.1 +46.0%Operating income−62.0Net income−125.2 −205.2%EPS, diluted−0.58Fiscal year 2021Revenue2,793.1 +92.5%Operating income150.0Net income35.4EPS, diluted0.09Fiscal year 2022Revenue2,817.1 +0.9%Operating income−47.8Net income−192.7 −643.8%EPS, diluted−0.52Fiscal year 2023Revenue1,841.8 −34.6%Operating income772.4Net income356.7EPS, diluted0.98Fiscal year 2024Revenue3,224.1 +75.1%Operating income1,911.0Net income1,579.8 +342.9%EPS, diluted4.53Fiscal year 2025Revenue5,480.7 +70.0%Operating income4,151.9Net income3,333.8 +111.0%EPS, diluted9.75
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 994.1 1,451.1 2,793.1 2,817.1 1,841.8 3,224.1 5,480.7
Growth +46.0% +92.5% +0.9% −34.6% +75.1% +70.0%
Operating income 194.4 −62.0 150.0 −47.8 772.4 1,911.0 4,151.9
Net income 119.0 −125.2 35.4 −192.7 356.7 1,579.8 3,333.8
Growth −205.2% −643.8% +342.9% +111.0%
EPS, diluted 0.36 −0.58 0.09 −0.52 0.98 4.53 9.75

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2019Operating margin19.6%Net margin12.0%Free cash flow margin19.6%Fiscal year 2020Operating margin−4.3%Net margin−8.6%Free cash flow margin15.1%Fiscal year 2021Operating margin5.4%Net margin1.3%Free cash flow margin12.9%Fiscal year 2022Operating margin−1.7%Net margin−6.8%Free cash flow margin14.6%Fiscal year 2023Operating margin41.9%Net margin19.4%Free cash flow margin57.4%Fiscal year 2024Operating margin59.3%Net margin49.0%Free cash flow margin65.0%Fiscal year 2025Operating margin75.8%Net margin60.8%
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 19.6% −4.3% 5.4% −1.7% 41.9% 59.3% 75.8%
Net margin 12.0% −8.6% 1.3% −6.8% 19.4% 49.0% 60.8%
Free cash flow margin 19.6% 15.1% 12.9% 14.6% 57.4% 65.0% n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2019Operating cash flow198.5Capital expenditure−3.4Free cash flow195.1Buybacks−0.0Fiscal year 2020Operating cash flow222.9Capital expenditure−3.2Free cash flow219.6 +12.6%Buybacks−1.8Fiscal year 2021Operating cash flow361.9Capital expenditure−1.4Free cash flow360.5 +64.1%Buybacks0.0Fiscal year 2022Operating cash flow412.8Capital expenditure−0.7Free cash flow412.1 +14.3%Buybacks−338.9Fiscal year 2023Operating cash flow1,061.5Capital expenditure−4.2Free cash flow1,057.3 +156.5%Buybacks−1,153.6Fiscal year 2024Operating cash flow2,099.0Capital expenditure−4.8Free cash flow2,094.2 +98.1%Buybacks−981.3Fiscal year 2025Operating cash flow3,971.1Buybacks−2,191.9
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 198.5 222.9 361.9 412.8 1,061.5 2,099.0 3,971.1
Capital expenditure −3.4 −3.2 −1.4 −0.7 −4.2 −4.8 n/a
Free cash flow 195.1 219.6 360.5 412.1 1,057.3 2,094.2 n/a
Growth +12.6% +64.1% +14.3% +156.5% +98.1%
Buybacks −0.0 −1.8 0.0 −338.9 −1,153.6 −981.3 −2,191.9

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2019Cash396.2Shareholders’ equity−256.6Fiscal year 2020Cash317.2Total debt1,584.0Net cash (debt)−1,266.8Shareholders’ equity−158.5Fiscal year 2021Cash1,520.5Total debt3,227.6Net cash (debt)−1,707.1Shareholders’ equity2,138.1Debt to equity1.51Fiscal year 2022Cash1,080.5Total debt3,211.7Net cash (debt)−2,131.2Shareholders’ equity1,902.7Debt to equity1.69Fiscal year 2023Cash502.2Total debt3,120.9Net cash (debt)−2,618.8Shareholders’ equity1,256.3Debt to equity2.48Fiscal year 2024Cash697.0Total debt3,509.0Net cash (debt)−2,812.0Shareholders’ equity1,089.8Debt to equity3.22Fiscal year 2025Cash2,487.1Total debt3,513.0Net cash (debt)−1,025.9Shareholders’ equity2,134.7Debt to equity1.65
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 396.2 317.2 1,520.5 1,080.5 502.2 697.0 2,487.1
Total debt n/a 1,584.0 3,227.6 3,211.7 3,120.9 3,509.0 3,513.0
Net cash (debt) n/a −1,266.8 −1,707.1 −2,131.2 −2,618.8 −2,812.0 −1,025.9
Shareholders’ equity −256.6 −158.5 2,138.1 1,902.7 1,256.3 1,089.8 2,134.7
Debt to equity n/a n/a 1.51 1.69 2.48 3.22 1.65

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
19.6% −4.3% 5.4% −1.7% 41.9% 59.3% 75.8%
12.7% −9.4% 1.7% −7.3% 27.2% 50.0% 72.1%
12.0% −8.6% 1.3% −6.8% 19.4% 49.0% 60.8%
19.6% 15.1% 12.9% 14.6% 57.4% 65.0% n/a
Spending
4.5% 12.4% 13.1% 18.0% 18.1% 11.6% 4.1%
3.2% 4.6% 5.7% 6.4% 8.2% 5.1% 4.3%
0.3% 0.2% 0.0% 0.0% 0.2% 0.1% n/a
5.7% n/a 23.7% n/a 8.7% 1.4% 13.1%
Returns
n/a n/a 1.7% −10.1% 28.4% 145.0% 156.2%
n/a −5.8% 0.6% −3.3% 6.7% 26.9% 45.9%
Balance and payout
n/a n/a 1.51 1.69 2.48 3.22 1.65
n/a 107.3% 65.3% 67.5% 76.6% 81.4% 70.6%
0.0% 0.8% 0.0% 82.2% 109.1% 46.9% n/a