APPNasdaqServices-Computer Programming, Data Processing, Etc.Fiscal year ends December 31
AppLovin Corp
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026
$269.12+2.99 (+1.12%)
Close on Oct 19, 2026
- Market cap
- $90.70B
- P/E (TTM)
- 20.7
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
87.9%+26.2 pts over 5 years
Operating margin
75.8%+80.0 pts over 5 years
Net margin
60.8%+69.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +70.0% | +24.8% | +30.4% | – | |
| Gross profit | +78.1% | +45.6% | +40.0% | – | |
| Operating income | +117.3% | – | – | – | |
| Net income | +111.0% | – | – | – | |
| EPS, diluted | +115.2% | – | – | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 60.3% | 206.8% | |
| Return on assets | – | – | 50.8% | |
| Current ratio | – | 1.11 | 3.32 | |
| Debt to equity | – | -10.09 | 1.65 | |
| Net debt to EBITDA | – | 6.65× | 0.24× | |
| Interest coverage | – | – | 20.7× | |
| Capex to revenue | – | 0.2% | – | |
| Diluted shares | – | 215M | 342M |
Cash use needs five years of cash flow figures
AppLovin does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin60.8%
×Asset turnover0.83×
×Equity multiplier4.07×
=Return on equity, FY2025206.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 60.8% | 0.83× | 4.07× | 206.8% |
| FY2024 | 49.0% | 0.57× | 4.79× | 134.7% |
| FY2023 | 19.4% | 0.33× | 3.55× | 22.6% |
| FY2022 | -6.8% | 0.47× | 2.97× | -9.5% |
| FY2021 | 1.3% | 0.67× | 4.20× | 3.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
9of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$3.33B
- Cash generatingOperating cash flow above zero$3.97B
- Return on assets improvedROA up on the prior year29.5% → 56.8%
- Earnings backed by cashOperating cash flow above net income$3.97B vs $3.33B
- Less leverageLong-term debt to assets fell59.8% → 48.4%
- Better liquidityCurrent ratio rose2.19 → 3.32
- No dilutionShare count did not rise348M → 342M
- Gross margin improvedGross margin up on the prior year83.85% → 87.86%
- More efficientAsset turnover rose0.60 → 0.93