AppLovin (APP) Earnings Show Revenue Beat Its Forecast by $100 Million
AppLovin (APP) earnings show third quarter revenue $100 million above the top of its own forecast, up 55% from a year earlier. Its fourth quarter forecast points to slower growth, about 43% to 44%.
The short answer. AppLovin sells AI-powered ad tools, so its sales are one sign of how much businesses, now including online shops, spend on ads. Its revenue beat was the largest in dollars of the last six quarters, after the second quarter only landed inside its range. The new range still means slower growth. The shares rose 21% in after-hours trading by 4:28 p.m. ET, according to StockTitan real-time Nasdaq data.
Show the data
| Item | Low | High | Value |
|---|---|---|---|
| Q2 2025 | $1.195B | $1.215B | $1.259B |
| Q3 2025 | $1.320B | $1.340B | $1.405B |
| Q4 2025 | $1.570B | $1.600B | $1.658B |
| Q1 2026 | $1.745B | $1.775B | $1.842B |
| Q2 2026 | $1.915B | $1.945B | $1.924B |
| Q3 2026 | $2.055B | $2.085B | $2.185B |
AppLovin third quarter 2026 results at a glance
On this page
- Did AppLovin beat its forecast in the third quarter?
- AppLovin earnings show revenue up 55% and profit up 72%
- AppLovin adjusted EBITDA margin by quarter
- AppLovin guidance for the fourth quarter of 2026
- AppLovin buyback, share count and dividend
- AppLovin plans to move its incorporation to Nevada
- Frequently asked questions
Every company reporting the same week, with its date and time, is in StockTitan's Earnings Calendar for the Week of November 2, 2026.
Did AppLovin beat its forecast in the third quarter?
Yes, its revenue beat the top of the range AppLovin gave for the quarter. Each quarter, the company says how much revenue it expects next. Three months ago it only landed inside the range.
On August 5, 2026, AppLovin forecast third quarter revenue of $2.055 billion to $2.085 billion, in its second quarter results release. It reported $2.185 billion. That is $100 million above the top of the range.
AppLovin shares traded at $330 in after-hours trading at 4:28 p.m. ET, up 21% from the regular close of $271.75 on November 4, according to StockTitan real-time Nasdaq data.
Adjusted EBITDA is the company's own profit measure, before interest, taxes, wear on assets and stock pay. It also beat. It forecast $1.710 billion to $1.740 billion and reported $1.842 billion. The margin it forecast was 83%, and it reached 84%.
The second quarter was different. Revenue of $1.924 billion landed inside the range given in May, a little below its middle. Adjusted EBITDA came in $1 million short of the low end of its forecast.
Before that, AppLovin beat the top of its revenue range in each of the four quarters from April 2025 to March 2026, by $44 million to $67 million. In dollars, the third quarter beat was the largest of the six quarters. As a share of the top of the range, about 4.8%, it was about level with the third quarter of 2025.
Show the data
| Quarter | Revenue forecast | Reported revenue | Against the top of the range |
|---|---|---|---|
| Q2 2025 | $1,195 million to $1,215 million | $1,259 million | $44 million above |
| Q3 2025 | $1,320 million to $1,340 million | $1,405 million | $65 million above |
| Q4 2025 | $1,570 million to $1,600 million | $1,658 million | $58 million above |
| Q1 2026 | $1,745 million to $1,775 million | $1,842 million | $67 million above |
| Q2 2026 | $1,915 million to $1,945 million | $1,924 million | Inside the range |
| Q3 2026 | $2,055 million to $2,085 million | $2,185 million | $100 million above |
Source: AppLovin quarterly results releases, each quarter's forecast taken from the release one quarter earlier: Q1 2025, Q2 2025, Q3 2025, Q4 2025, Q1 2026, Q2 2026 and Q3 2026.
AppLovin earnings show revenue up 55% and profit up 72%
AppLovin's revenue rose 55% from a year earlier. Its net income rose faster, 72%, because costs grew more slowly than revenue and other income rose.
AppLovin is an advertising business today. It sold its mobile games business to Tripledot Studios on June 30, 2025, and reports those results as discontinued operations. Its annual report for 2025 says its ad tools are now open to web-based advertisers, including online shops, and calls that market expansion early.
AppLovin reported revenue of $2.185 billion for the three months to September 30, 2026. That is up 55% from $1.405 billion a year earlier, and the company calls it a record. Revenue is what AppLovin earns from the businesses that advertise through its platform.
Net income, the profit left after every cost, tax and interest payment, was $1.439 billion, up 72% from $836 million. The company says that left a net income margin of 66%.
Diluted earnings per share, the profit for each share, were $4.30. A year earlier they were $2.45.
Costs grew too, but from a small base. Total costs and expenses were $476 million in the quarter, against $326 million a year earlier. Research and development spending was $102 million, up from $44 million.
Income from operations, the profit before interest, other items and taxes, rose 58% to $1.709 billion. Other income, net, added $86 million, against a cost of $7 million a year earlier.
The business also turned that profit into cash. Free cash flow, the cash left after spending on equipment, was $1.4 billion in the quarter.
| Measure | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Revenue | $2,185 million | $1,405 million | Up 55% |
| Net income | $1,439 million | $836 million | Up 72% |
| Net income margin | 66% | 59% | |
| Adjusted EBITDA (non-GAAP) | $1,842 million | $1,158 million | Up 59% |
| Adjusted EBITDA margin | 84% | 82% | |
| Diluted earnings per share | $4.30 | $2.45 | |
| Free cash flow (non-GAAP) | $1,418 million | $1,049 million |
Show the data
| Nine months to September 30 | 2026 | 2025 | Change |
|---|---|---|---|
| Revenue | $5,951 million | $3,823 million | Up 56% |
| Net income | $3,911 million | $2,231 million | Up 75% |
| Net income from continuing operations | $3,911 million | $2,331 million | Up 68% |
| Adjusted EBITDA (non-GAAP) | $5,013 million | $3,114 million | Up 61% |
Source: AppLovin third quarter 2026 results release and Form 8-K Exhibit 99.1, November 4, 2026.
AppLovin adjusted EBITDA margin by quarter
Adjusted EBITDA is the profit measure AppLovin uses in its forecasts. As a share of revenue, it climbed from 77% at the end of 2024 to about 84%, and it has held there for a year.
Adjusted EBITDA starts from net income. It then adds back interest, taxes, depreciation and amortization, the wearing out of equipment and other assets. It also adds back stock pay and some other items. The company calls it non-GAAP, which means it is not a standard accounting figure.
Show the data
| Category | Value |
|---|---|
| Q4 2024 | 77.1% |
| Q1 2025 | 80.9% |
| Q2 2025 | 80.9% |
| Q3 2025 | 82.4% |
| Q4 2025 | 84.4% |
| Q1 2026 | 84.5% |
| Q2 2026 | 83.9% |
| Q3 2026 | 84.3% |
The margin was 77.1% in the last three months of 2024 and 84.4% a year later. In 2026 it has stayed between 83.9% and 84.5%. So this year, adjusted EBITDA has stayed close to 84% of revenue.
AppLovin guidance for the fourth quarter of 2026
AppLovin's forecast for the last three months of 2026 would be its biggest quarter yet. Even so, it points to slower growth than the 55% it just reported.
For the fourth quarter, AppLovin forecast revenue of $2.365 billion to $2.395 billion. In the same quarter of 2025 it reported $1.658 billion. So the range would mean growth of about 43% to 44%.
Against the third quarter, the range is 8% to 10% higher. The annual report says ad demand moves with holidays, promotions and shopping, in mobile games and in online stores.
It expects an adjusted EBITDA margin of 84% to 85%, which matches or tops the 84% of the third quarter. In dollars, that is adjusted EBITDA of $1.995 billion to $2.025 billion. The company gave no forecast for net income. It says stock pay and similar items are too hard to predict to link that forecast to a standard accounting figure.
AppLovin set this range itself. In five of the last six quarters, its revenue ended above the top of the range it had set.
| Fourth quarter 2026 forecast | Low | High |
|---|---|---|
| Revenue | $2,365 million | $2,395 million |
| Adjusted EBITDA (non-GAAP) | $1,995 million | $2,025 million |
| Adjusted EBITDA margin | 84% | 85% |
| Revenue growth from Q4 2025 ($1,658 million) | 43% | 44% |
Source: AppLovin third quarter 2026 results release, Fourth Quarter 2026 Financial Guidance Summary, November 4, 2026; fourth quarter 2025 revenue from AppLovin's fourth quarter and full year 2025 release, February 11, 2026.
AppLovin buyback, share count and dividend
AppLovin pays no dividend. It returns cash by buying back its own shares, which leaves fewer shares on the market. The board added $3.2 billion to its buyback plan, so $3.6 billion is now available.
In the third quarter, AppLovin repurchased and withheld 4.1 million shares for $1.4 billion. That count includes shares held back from employees to pay the tax on their vested stock awards. In the first nine months of 2026, it paid $2.81 billion in cash for buybacks.
The board then raised the buyback authorization by $3.2 billion. That brought the total AppLovin may spend on future buybacks to $3.6 billion as of the end of October. The company says it may buy on the open market or in private deals, depending on market conditions and legal limits.
AppLovin had 331 million shares of its Class A and Class B stock outstanding at the end of September. A year earlier it had 339 million, according to its third quarter 2025 release. That is about 2% fewer shares.
Its annual report for 2025 says it has never paid a cash dividend and does not expect to pay one in the foreseeable future.
The balance sheet shows $3.17 billion in cash and cash equivalents on September 30, 2026, up from $2.49 billion at the end of 2025. Long-term debt was $3.52 billion, about the same as at the end of 2025.
AppLovin plans to move its incorporation to Nevada
A company's state of incorporation sets the corporate law that governs it and its shareholders. AppLovin is incorporated in Delaware and plans to move to Nevada. Holders with most of the votes approved the move in writing, so no shareholder meeting will vote on it.
The plan is in the Form 8-K AppLovin filed with its results. On October 29, 2026, holders with about 67% of the voting power signed a written consent for the change. The filing names them as Adam Foroughi, Herald Chen, a trust and five companies.
They can decide alone because of AppLovin's share classes. Its annual report for 2025 says each Class B share carries 20 votes and each Class A share one. At the end of 2025, Mr. Foroughi and Mr. Chen, with certain affiliates, held all of the Class B stock.
AppLovin will mail an information statement, called a Schedule 14C, to holders of record on October 29. It plans to complete the move no earlier than 20 days after the mailing starts. The 8-K does not say whether shareholder rights change; the plan of conversion and the Nevada articles and bylaws will come with that statement.
What to watch
- What made up the $86 million of other income: AppLovin's Form 10-Q for the quarter ended September 30, 2026, filed with the SEC, carries more detail.
- Whether shareholder rights change under Nevada law: the Schedule 14C information statement, whose mailing date also starts the 20-day wait.
- Whether fourth quarter revenue lands below, inside or above the $2.365 billion to $2.395 billion range: AppLovin's fourth quarter results release.
Our numbers
These figures are our calculations from the AppLovin releases and filings linked in this article.
- $100 million above the forecast: reported third quarter revenue of $2.185 billion minus $2.085 billion, the top of the range AppLovin gave on August 5, 2026.
- Growth of about 43% to 44% in the fourth quarter: the $2.365 billion to $2.395 billion forecast against $1.658 billion of revenue in the fourth quarter of 2025; 8% to 10% more than the third quarter's $2.185 billion.
- The forecast record: each quarter's reported revenue against the top of the range AppLovin gave one quarter earlier, from Q2 2025 (a forecast of advertising revenue, the whole business after the apps sale) to Q3 2026; the third quarter's 4.8% is $100 million over $2.085 billion, and a year earlier $65 million over $1.340 billion was 4.9%.
- The margin by quarter: continuing operations adjusted EBITDA divided by revenue, from each release.
- About 2% fewer shares: 331 million against 339 million.
Frequently asked questions
Did AppLovin beat its guidance in the third quarter of 2026?
Yes. It forecast revenue of $2.055 billion to $2.085 billion on August 5, 2026, and reported $2.185 billion, $100 million above the top. Adjusted EBITDA of $1.842 billion also topped the $1.710 billion to $1.740 billion range.
What were AppLovin's third quarter 2026 earnings?
AppLovin reported revenue of $2.185 billion, up 55% from a year earlier, and net income of $1.439 billion, up 72%. Diluted earnings per share were $4.30.
What is AppLovin's guidance for the fourth quarter of 2026?
AppLovin expects fourth quarter revenue of $2.365 billion to $2.395 billion and adjusted EBITDA of $1.995 billion to $2.025 billion, an adjusted EBITDA margin of 84% to 85%. Against $1.658 billion a year earlier, that is growth of about 43% to 44%.
Does AppLovin still make mobile games?
No. AppLovin sold its mobile games business to Tripledot Studios on June 30, 2025. It now earns its revenue from advertising.
How big is AppLovin's share buyback?
The board raised the buyback authorization by $3.2 billion, to a total of $3.6 billion as of the end of October 2026. In the third quarter, AppLovin repurchased and withheld 4.1 million shares for $1.4 billion.
Does AppLovin pay a dividend?
No. Its annual report for 2025 says it has never paid a cash dividend and does not expect to pay one in the foreseeable future.
Sources
- AppLovin Announces Third Quarter 2026 Financial Results, StockTitan
- AppLovin (APP) stock price, StockTitan
- AppLovin third quarter 2026 results, Form 8-K Exhibit 99.1, SEC
- AppLovin Form 8-K, November 4, 2026, SEC
- AppLovin second quarter 2026 results, Form 8-K Exhibit 99.1, SEC
- AppLovin annual report on Form 10-K for 2025, SEC
The information provided in this article is for educational and informational purposes only. It does not constitute financial advice, investment recommendation, or an endorsement of any particular investment strategy. Past performance does not guarantee future results. Investors should conduct their own research and consult with a qualified financial advisor before making investment decisions.