What is Applovin Corp's earnings per share (EPS)?

Applovin Corp (APP) reported diluted earnings per share of $9.75 for fiscal year 2025. This represents a 115.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Applovin Corp Financials

APP

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Applovin Corp (APP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 87/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

100

Applovin Corp has an operating margin of 75.8%, meaning the company retains $76 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 59.3% the prior year.

Growth

100

Applovin Corp's revenue surged 70.0% year-over-year to $5.5B, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

Applovin Corp carries a low D/E ratio of 1.65, meaning only $1.65 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 68/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Applovin Corp's current ratio of 3.32 indicates adequate short-term liquidity, earning a score of 64/100. The company can meet its near-term obligations, though with limited headroom.

Returns

100

Applovin Corp earns a strong 156.2% return on equity (ROE), meaning it generates $156 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is up from 145.0% the prior year.

Altman Z-Score Safe

18.75

Applovin Corp scores 18.75, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($130.3B) relative to total liabilities ($5.1B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Strong

9/9

Applovin Corp passes 9 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.19x

For every $1 of reported earnings, Applovin Corp generates $1.19 in operating cash flow ($4.0B OCF vs $3.3B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

20.7x

Applovin Corp earns $20.7 in operating income for every $1 of interest expense ($4.2B vs $200.6M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$5.5B

YoY+70.0%

5Y CAGR+30.4%

Applovin Corp generated $5.5B in revenue in fiscal year 2025. This represents an increase of 70.0% from the prior year.

EBITDA

$4.3B

YoY+84.2%

5Y CAGR+86.4%

Applovin Corp's EBITDA was $4.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 84.2% from the prior year.

Net Income

$3.3B

YoY+111.0%

Applovin Corp reported $3.3B in net income in fiscal year 2025. This represents an increase of 111.0% from the prior year.

EPS (Diluted)

$9.75

YoY+115.2%

Applovin Corp earned $9.75 per diluted share (EPS) in fiscal year 2025. This represents an increase of 115.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$2.5B

YoY+256.8%

5Y CAGR+51.0%

Applovin Corp held $2.5B in cash against $3.5B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

338M

YoY-0.5%

5Y CAGR+8.4%

Applovin Corp had 338M shares outstanding in fiscal year 2025. This represents a decrease of 0.5% from the prior year.

Margins & Returns

Gross Margin

87.9%

YoY+4.0pp

5Y CAGR+26.2pp

Applovin Corp's gross margin was 87.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 4.0 percentage points from the prior year.

Operating Margin

75.8%

YoY+16.5pp

5Y CAGR+80.0pp

Applovin Corp's operating margin was 75.8% in fiscal year 2025, reflecting core business profitability. This is up 16.5 percentage points from the prior year.

Net Margin

60.8%

YoY+11.8pp

5Y CAGR+69.5pp

Applovin Corp's net profit margin was 60.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 11.8 percentage points from the prior year.

Return on Equity

156.2%

YoY+11.2pp

Applovin Corp's ROE was 156.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 11.2 percentage points from the prior year.

Capital Allocation

R&D Spending

$226.5M

YoY-39.6%

5Y CAGR+4.6%

Applovin Corp invested $226.5M in research and development in fiscal year 2025. This represents a decrease of 39.6% from the prior year.

Share Buybacks

$2.2B

YoY+123.4%

5Y CAGR+315.7%

Applovin Corp spent $2.2B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 123.4% from the prior year.

Capital Expenditures

N/A

APP Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$5.5B+70.0%	$3.2B+75.1%	$1.8B-34.6%	$2.8B+0.9%	$2.8B+92.5%	$1.5B
Cost of Revenue	$665.1M+27.8%	$520.6M+46.0%	$356.6M-71.6%	$1.3B+27.1%	$988.1M+77.8%	$555.6M
Gross Profit	$4.8B+78.1%	$2.7B+82.0%	$1.5B-4.9%	$1.6B-13.5%	$1.8B+101.6%	$895.5M
R&D Expenses	$226.5M-39.6%	$374.7M+12.3%	$333.8M-34.2%	$507.6M+38.5%	$366.4M+102.8%	$180.7M
SG&A Expenses	$233.5M+41.6%	$164.9M+9.3%	$150.9M-16.9%	$181.6M+14.4%	$158.7M+138.9%	$66.4M
Operating Income	$4.2B+117.3%	$1.9B+147.4%	$772.4M+1716.2%	-$47.8M-131.9%	$150.0M+341.8%	-$62.0M
Interest Expense	$200.6M-34.9%	$308.0M+9.3%	$281.7M+63.6%	$172.2M+66.9%	$103.2M+32.5%	$77.9M
Income Tax	$519.7M+2218.2%	$22.4M-48.8%	$43.8M+457.9%	-$12.2M-211.5%	$11.0M+212.3%	-$9.8M
Net Income	$3.3B+111.0%	$1.6B+342.9%	$356.7M+285.1%	-$192.7M-643.8%	$35.4M+128.3%	-$125.2M
EPS (Diluted)	$9.75+115.2%	$4.53+362.2%	$0.98+288.5%	$-0.52-677.8%	$0.09+115.5%	$-0.58

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$1.3B-5.1%	$1.4B+11.6%	$1.3B-15.2%	$1.5B+139.5%	$619.7M-25.8%	$835.2M+17.5%	$711.0M-32.8%	$1.1B
Cost of Revenue	$64.0M-63.4%	$174.9M+12.8%	$155.1M-42.8%	$271.2M+1772.9%	-$16.2M-113.4%	$120.9M-0.7%	$121.8M-58.6%	$294.1M
Gross Profit	$1.3B+3.1%	$1.2B+11.5%	$1.1B-9.0%	$1.2B+90.7%	$636.0M-11.0%	$714.3M+21.2%	$589.3M-22.9%	$764.0M
R&D Expenses	$15.7M-64.2%	$43.9M-0.4%	$44.0M-64.2%	$122.9M+211.3%	$39.5M-51.1%	$80.8M-18.5%	$99.1M-36.2%	$155.3M
SG&A Expenses	$65.2M+11.0%	$58.8M+6.7%	$55.0M+1.0%	$54.5M+14.6%	$47.6M+31.4%	$36.2M-6.6%	$38.7M-8.6%	$42.4M
Operating Income	$1.5B+34.5%	$1.1B+12.7%	$957.7M+44.3%	$663.5M+1.7%	$652.7M+22.2%	$534.3M+39.0%	$384.4M+13.2%	$339.6M
Interest Expense	$44.9M-12.7%	$51.4M0.0%	$51.4M-2.8%	$52.9M-37.4%	$84.4M+12.7%	$74.9M+0.7%	$74.4M+0.3%	$74.2M
Income Tax	$180.2M-2.8%	$185.4M+65.3%	$112.1M+167.2%	$42.0M+168.9%	-$60.9M-275.7%	$34.7M+105.1%	$16.9M-46.8%	$31.8M
Net Income	$1.1B+31.9%	$835.5M+2.0%	$819.5M+42.2%	$576.4M-3.8%	$599.2M+37.9%	$434.4M+40.1%	$310.0M+31.2%	$236.2M
EPS (Diluted)	N/A	$2.45+2.5%	$2.39+43.1%	$1.67	N/A	$1.25+40.4%	$0.89+32.8%	$0.67

APP Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$7.3B+23.7%	$5.9B+9.5%	$5.4B-8.4%	$5.8B-5.1%	$6.2B+186.1%	$2.2B
Current Assets	$4.4B+91.6%	$2.3B+43.1%	$1.6B-16.7%	$1.9B-40.1%	$3.2B+387.9%	$663.0M
Cash & Equivalents	$2.5B+256.8%	$697.0M+38.8%	$502.2M-53.5%	$1.1B-28.9%	$1.5B+379.3%	$317.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1.8B+41.8%	$1.3B+34.5%	$953.8M+35.7%	$702.8M+36.6%	$514.5M+73.3%	$297.0M
Goodwill	$1.5B+5.6%	$1.5B-2.6%	$1.5B-17.9%	$1.8B+88.7%	$966.4M+286.9%	$249.8M
Total Liabilities	$5.1B+7.2%	$4.8B+16.5%	$4.1B+4.0%	$3.9B-2.0%	$4.0B+74.0%	$2.3B
Current Liabilities	$1.3B+26.1%	$1.1B+12.0%	$944.1M+63.1%	$579.0M-9.6%	$640.1M+7.0%	$598.1M
Long-Term Debt	$3.5B+0.1%	$3.5B+20.8%	$2.9B-8.6%	$3.2B-0.7%	$3.2B+102.1%	$1.6B
Total Equity	$2.1B+95.9%	$1.1B-13.3%	$1.3B-34.0%	$1.9B-11.0%	$2.1B+1448.6%	-$158.5M
Retained Earnings	$1.7B+189.6%	$599.2M+173.7%	-$813.0M+30.5%	-$1.2B-19.7%	-$977.0M+3.5%	-$1.0B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$7.3B+14.5%	$6.3B+6.4%	$6.0B+4.4%	$5.7B-2.8%	$5.9B+7.8%	$5.4B+3.3%	$5.3B+0.1%	$5.3B
Current Assets	$4.4B+27.0%	$3.5B+16.5%	$3.0B+26.4%	$2.4B+2.4%	$2.3B+23.3%	$1.9B+13.0%	$1.7B+3.3%	$1.6B
Cash & Equivalents	$2.5B+49.2%	$1.7B+39.8%	$1.2B+116.4%	$551.0M-20.9%	$697.0M+22.8%	$567.6M+23.3%	$460.4M+5.5%	$436.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1.8B+13.4%	$1.6B+1.4%	$1.6B+0.2%	$1.6B+22.9%	$1.3B+8.1%	$1.2B+10.5%	$1.1B+3.8%	$1.0B
Goodwill	$1.5B-0.1%	$1.5B+0.1%	$1.5B-6.1%	$1.6B+12.5%	$1.5B-21.3%	$1.9B+1.7%	$1.8B-0.3%	$1.8B
Total Liabilities	$5.1B+5.3%	$4.9B+1.6%	$4.8B-6.6%	$5.1B+7.4%	$4.8B+6.1%	$4.5B+1.1%	$4.5B-1.1%	$4.5B
Current Liabilities	$1.3B+24.3%	$1.1B-1.9%	$1.1B-22.4%	$1.4B+33.3%	$1.1B+35.7%	$779.5M+6.8%	$729.6M-4.3%	$762.5M
Long-Term Debt	$3.5B0.0%	$3.5B0.0%	$3.5B0.0%	$3.5B0.0%	$3.5B+1.0%	$3.5B-0.2%	$3.5B-0.2%	$3.5B
Total Equity	$2.1B+44.8%	$1.5B+26.3%	$1.2B+102.8%	$575.4M-47.2%	$1.1B+16.2%	$938.2M+15.1%	$814.8M+7.2%	$760.2M
Retained Earnings	$1.7B+65.5%	$1.0B+45.0%	$723.4M+315.8%	$174.0M-71.0%	$599.2M	$0+100.0%	-$266.8M+53.7%	-$576.8M

APP Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$4.0B+89.2%	$2.1B+97.7%	$1.1B+157.2%	$412.8M+14.1%	$361.9M+62.4%	$222.9M
Capital Expenditures	N/A	$4.8M+12.5%	$4.2M+541.4%	$662K-52.4%	$1.4M-57.1%	$3.2M
Free Cash Flow	N/A	$2.1B+98.1%	$1.1B+156.5%	$412.1M+14.3%	$360.5M+64.1%	$219.6M
Investing Cash Flow	$358.4M+435.8%	-$106.8M-37.2%	-$77.8M+94.3%	-$1.4B-12.9%	-$1.2B-78.7%	-$679.9M
Financing Cash Flow	-$2.6B-48.2%	-$1.7B-12.0%	-$1.6B-196.6%	-$526.8M-116.9%	$3.1B+722.9%	$377.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$2.2B+123.4%	$981.3M-14.9%	$1.2B+240.4%	$338.9M	$0-100.0%	$1.8M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$1.3B+24.7%	$1.1B+36.4%	$772.2M-7.2%	$831.7M+18.6%	$701.0M+27.3%	$550.7M+21.2%	$454.5M+15.7%	$392.8M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$828K+95.8%	-$19.6M-104.9%	$401.5M+1871.7%	-$22.7M-6075.5%	-$367K+94.3%	-$6.4M+90.6%	-$68.4M-116.1%	-$31.6M
Financing Cash Flow	-$493.2M+12.0%	-$560.3M-4.3%	-$537.4M+46.4%	-$1.0B-91.6%	-$523.2M-18.6%	-$441.1M-22.2%	-$361.0M+15.0%	-$424.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$417.6M-16.8%	$501.9M+84.8%	$271.5M-72.9%	$1.0B+160045.8%	$625K-99.7%	$228.4M	$0-100.0%	$752.2M

APP Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	87.9%+4.0pp	83.9%+3.2pp	80.6%+25.2pp	55.4%-9.2pp	64.6%+2.9pp	61.7%
Operating Margin	75.8%+16.5pp	59.3%+17.3pp	41.9%+43.6pp	-1.7%-7.1pp	5.4%+9.7pp	-4.3%
Net Margin	60.8%+11.8pp	49.0%+29.6pp	19.4%+26.2pp	-6.8%-8.1pp	1.3%+9.9pp	-8.6%
Return on Equity	156.2%+11.2pp	145.0%+116.6pp	28.4%+38.5pp	-10.1%-11.8pp	1.7%	N/A
Return on Assets	45.9%+19.0pp	26.9%+20.3pp	6.7%+10.0pp	-3.3%-3.9pp	0.6%+6.4pp	-5.8%
Current Ratio	3.32+1.1	2.19+0.5	1.71-1.6	3.35-1.7	5.05+3.9	1.11
Debt-to-Equity	1.65-1.6	3.22+0.9	2.31+0.6	1.67+0.2	1.50+11.5	-9.99
FCF Margin	N/A	65.0%+7.5pp	57.4%+42.8pp	14.6%+1.7pp	12.9%-2.2pp	15.1%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	95.2%+7.6pp	87.6%-0.1pp	87.7%+6.0pp	81.7%-20.9pp	102.6%+17.1pp	85.5%+2.6pp	82.9%+10.7pp	72.2%
Operating Margin	108.9%+32.1pp	76.8%+0.7pp	76.1%+31.4pp	44.7%-60.6pp	105.3%+41.3pp	64.0%+9.9pp	54.1%+22.0pp	32.1%
Net Margin	82.7%+23.2pp	59.5%-5.6pp	65.1%+26.3pp	38.8%-57.9pp	96.7%+44.7pp	52.0%+8.4pp	43.6%+21.3pp	22.3%
Return on Equity	51.6%-5.0pp	56.7%-13.5pp	70.2%-29.9pp	100.2%+45.2pp	55.0%+8.7pp	46.3%+8.3pp	38.0%+7.0pp	31.1%
Return on Assets	15.2%+2.0pp	13.2%-0.6pp	13.8%+3.7pp	10.1%-0.1pp	10.2%+2.2pp	8.0%+2.1pp	5.9%+1.4pp	4.5%
Current Ratio	3.32+0.1	3.25+0.5	2.74+1.1	1.68-0.5	2.19-0.2	2.41+0.1	2.28+0.2	2.11
Debt-to-Equity	1.65-0.7	2.38-0.6	3.01-3.1	6.10+2.9	3.22-0.5	3.70-0.6	4.27-0.3	4.59
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Applovin Corp's annual revenue?

Applovin Corp (APP) reported $5.5B in total revenue for fiscal year 2025. This represents a 70.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Applovin Corp's revenue growing?

Applovin Corp (APP) revenue grew by 70% year-over-year, from $3.2B to $5.5B in fiscal year 2025.

Is Applovin Corp profitable?

Yes, Applovin Corp (APP) reported a net income of $3.3B in fiscal year 2025, with a net profit margin of 60.8%.

What is Applovin Corp's EBITDA?

Applovin Corp (APP) had EBITDA of $4.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Applovin Corp have?

As of fiscal year 2025, Applovin Corp (APP) had $2.5B in cash and equivalents against $3.5B in long-term debt.

What is Applovin Corp's gross margin?

Applovin Corp (APP) had a gross margin of 87.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Applovin Corp's operating margin?

Applovin Corp (APP) had an operating margin of 75.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Applovin Corp's net profit margin?

Applovin Corp (APP) had a net profit margin of 60.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Applovin Corp's return on equity (ROE)?

Applovin Corp (APP) has a return on equity of 156.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Applovin Corp's operating cash flow?

Applovin Corp (APP) generated $4.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Applovin Corp's total assets?

Applovin Corp (APP) had $7.3B in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Applovin Corp spend on research and development?

Applovin Corp (APP) invested $226.5M in research and development during fiscal year 2025.

Does Applovin Corp buy back shares?

Yes, Applovin Corp (APP) spent $2.2B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Applovin Corp have outstanding?

Applovin Corp (APP) had 338M shares outstanding as of fiscal year 2025.

What is Applovin Corp's current ratio?

Applovin Corp (APP) had a current ratio of 3.32 as of fiscal year 2025, which is generally considered healthy.

What is Applovin Corp's debt-to-equity ratio?

Applovin Corp (APP) had a debt-to-equity ratio of 1.65 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Applovin Corp's return on assets (ROA)?

Applovin Corp (APP) had a return on assets of 45.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Applovin Corp's Altman Z-Score?

Applovin Corp (APP) has an Altman Z-Score of 18.75, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Applovin Corp's Piotroski F-Score?

Applovin Corp (APP) has a Piotroski F-Score of 9 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Applovin Corp's earnings high quality?

Applovin Corp (APP) has an earnings quality ratio of 1.19x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Applovin Corp cover its interest payments?

Applovin Corp (APP) has an interest coverage ratio of 20.7x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Applovin Corp?

Applovin Corp (APP) scores 87 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.