Applovin Corp Financials
Applovin Corp (APP) reported $6.8B in revenue over the twelve months to Jun 30, 2026, up 76.3% from the prior twelve months. This page shows its 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).
Profit expansion is being driven by widening margins, operating-cost absorption, and cash generation alongside a changing capital structure.
Gross margin widened from80.6% in FY2023 to87.9% in FY2025, pointing to improved gross economics rather than scale alone. Operating margin increased from41.9% to75.8% over the same period, showing that more of each revenue dollar reached operating profit as the expense base became proportionally smaller.
Operating cash flow exceeded net income in both FY2024 and FY2025, with the latest excess at
As equity recovered, debt-to-equity fell from 3.2x in FY2024 to 1.6x in FY2025 despite broadly stable debt. The
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Applovin Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
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 82/100, reflecting efficient cost management and pricing power. This is up from 59.3% the prior year.
Applovin Corp's revenue surged 70.0% year-over-year to $5.5B, reflecting rapid business expansion. This strong growth earns a score of 96/100.
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 72/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.32, Applovin Corp holds $3.32 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 80/100.
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 79/100. This is up from 145.0% the prior year.
Applovin Corp scores 15.94, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($106.3B) relative to total liabilities ($5.1B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
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.
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.
Applovin Corp earns $20.70 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
Earnings & Revenue
Applovin Corp generated $5.5B in revenue in fiscal year 2025. This represents an increase of 70.0% from the prior year.
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.
Applovin Corp reported $3.3B in net income in fiscal year 2025. This represents an increase of 111.0% from the prior year.
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
Applovin Corp held $2.5B in cash against $3.5B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
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.
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.
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.
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
Applovin Corp invested $226.5M in research and development in fiscal year 2025. This represents a decrease of 39.6% from the prior year.
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.
Not reported for fiscal year 2025.
APP Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.9B+4.4% | $1.8B+11.1% | $1.7B+18.0% | $1.4B+11.6% | $1.3B+8.6% | $1.2B+87.0% | $619.7M-25.8% | $835.2M |
| Cost of Revenue | $225.8M+10.9% | $203.6M+11.0% | $183.5M+5.0% | $174.9M+12.8% | $155.1M+2.2% | $151.7M+1035.5% | -$16.2M-113.4% | $120.9M |
| Gross Profit | $1.7B+3.6% | $1.6B+11.2% | $1.5B+19.9% | $1.2B+11.5% | $1.1B+9.6% | $1.0B+58.4% | $636.0M-11.0% | $714.3M |
| R&D Expenses | $99.9M+6.2% | $94.1M+14.5% | $82.2M+87.5% | $43.9M-0.4% | $44.0M-21.9% | $56.4M+42.8% | $39.5M-51.1% | $80.8M |
| SG&A Expenses | $40.3M-8.4% | $44.0M-35.4% | $68.2M+16.0% | $58.8M+6.7% | $55.0M+6.8% | $51.5M+8.3% | $47.6M+31.4% | $36.2M |
| Operating Income | $1.5B+3.8% | $1.4B+12.9% | $1.3B+18.2% | $1.1B+12.7% | $957.7M+14.0% | $840.0M+28.7% | $652.7M+22.2% | $534.3M |
| Interest Expense | $51.2M0.0% | $51.2M+14.0% | $44.9M-12.7% | $51.4M0.0% | $51.4M-2.8% | $52.9M-37.4% | $84.4M+12.7% | $74.9M |
| Income Tax | $239.0M+5.8% | $225.8M+49.4% | $151.1M-18.5% | $185.4M+65.3% | $112.1M+57.8% | $71.1M+216.7% | -$60.9M-275.7% | $34.7M |
| Net Income | $1.3B+5.1% | $1.2B+9.4% | $1.1B+32.0% | $835.5M+2.0% | $819.5M+42.2% | $576.4M-3.8% | $599.4M+38.0% | $434.4M |
| EPS (Diluted) | $3.76+5.6% | $3.56+9.9% | $3.24+32.2% | $2.45+2.5% | $2.39+43.1% | $1.67-2.9% | $1.72+37.6% | $1.25 |
APP Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $8.3B+7.3% | $7.7B+6.2% | $7.3B+14.5% | $6.3B+6.4% | $6.0B+4.4% | $5.7B-2.8% | $5.9B+7.8% | $5.4B |
| Current Assets | $5.4B+11.2% | $4.8B+9.4% | $4.4B+27.0% | $3.5B+16.5% | $3.0B+26.4% | $2.4B+2.4% | $2.3B+23.3% | $1.9B |
| Cash & Equivalents | $3.1B+10.7% | $2.8B+10.9% | $2.5B+49.2% | $1.7B+39.8% | $1.2B+116.4% | $551.0M-20.9% | $697.0M+22.8% | $567.6M |
| Accounts Receivable | $2.2B+10.9% | $2.0B+7.6% | $1.8B+13.4% | $1.6B+1.4% | $1.6B+0.2% | $1.6B+22.9% | $1.3B+8.1% | $1.2B |
| Goodwill | $1.5B-0.3% | $1.5B-1.1% | $1.5B-0.1% | $1.5B+0.1% | $1.5B-6.1% | $1.6B+12.5% | $1.5B-21.3% | $1.9B |
| Total Liabilities | $5.1B-4.5% | $5.3B+4.3% | $5.1B+5.3% | $4.9B+1.6% | $4.8B-6.6% | $5.1B+7.4% | $4.8B+6.1% | $4.5B |
| Current Liabilities | $1.3B-16.1% | $1.5B+12.0% | $1.3B+24.3% | $1.1B-1.9% | $1.1B-22.4% | $1.4B+33.3% | $1.1B+35.7% | $779.5M |
| Long-Term Debt | $3.5B0.0% | $3.5B0.0% | $3.5B0.0% | $3.5B0.0% | $3.5B0.0% | $3.5B0.0% | $3.5B+1.0% | $3.5B |
| Total Equity | $3.2B+33.8% | $2.4B+10.7% | $2.1B+44.8% | $1.5B+26.3% | $1.2B+102.8% | $575.4M-47.2% | $1.1B+16.2% | $938.2M |
| Retained Earnings | $2.7B+38.1% | $1.9B+11.1% | $1.7B+65.5% | $1.0B+45.0% | $723.4M+315.8% | $174.0M-71.0% | $599.2M | $0 |
Not reported in any period shown, so not listed: Inventory.
APP Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $869.0M-32.7% | $1.3B-1.7% | $1.3B+24.7% | $1.1B+36.4% | $772.2M-7.2% | $831.7M+18.6% | $701.0M+27.3% | $550.7M |
| Investing Cash Flow | -$2.4M+53.5% | -$5.2M-533.7% | -$828K+95.8% | -$19.6M-104.9% | $401.5M+1871.7% | -$22.7M-6075.5% | -$367K+94.3% | -$6.4M |
| Financing Cash Flow | -$570.4M+43.6% | -$1.0B-105.2% | -$493.2M+12.0% | -$560.3M-4.3% | -$537.4M+46.4% | -$1.0B-91.6% | -$523.2M-18.6% | -$441.1M |
| Share Buybacks | $551.2M-43.9% | $981.7M+135.1% | $417.6M-16.8% | $501.9M+84.8% | $271.5M-72.9% | $1.0B+160045.8% | $625K-99.7% | $228.4M |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid.
APP Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 88.3%-0.7pp | 88.9%0.0pp | 88.9%+1.4pp | 87.6%-0.1pp | 87.7%+0.8pp | 86.9% | 102.6% | 85.5% |
| Operating Margin | 77.7%-0.5pp | 78.1%+1.2pp | 76.9%+0.1pp | 76.8%+0.7pp | 76.1%+3.6pp | 72.5% | 105.3% | 64.0% |
| Net Margin | 65.8%+0.4pp | 65.4%-1.1pp | 66.5%+7.0pp | 59.5%-5.6pp | 65.1%+15.4pp | 49.7%-47.0pp | 96.7%+44.7pp | 52.0% |
| Return on Equity | 40.0%-11.0pp | 51.0%-0.6pp | 51.6%-5.0pp | 56.7%-13.5pp | 70.2%-29.9pp | 100.2%+45.2pp | 55.0%+8.7pp | 46.3% |
| Return on Assets | 15.3%-0.3pp | 15.6%+0.5pp | 15.2%+2.0pp | 13.2%-0.6pp | 13.8%+3.7pp | 10.1%-0.1pp | 10.2%+2.2pp | 8.0% |
| Current Ratio | 4.30+1.1x | 3.24-0.1x | 3.32+0.1x | 3.25+0.5x | 2.74+1.1x | 1.68-0.5x | 2.19-0.2x | 2.41 |
| Debt-to-Equity | 1.11-0.4x | 1.49-0.2x | 1.65-0.7x | 2.38-0.6x | 3.01-3.1x | 6.10+2.9x | 3.22-0.5x | 3.70 |
Not reported in any period shown, so not listed: FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin.
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Where Applovin Corp Ranks
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 70.0% 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.
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 15.94, 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 to 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 20.70x, 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 85 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.