AppLovin
Our mission is to create meaningful connections between companies and their ideal customers.
10-K, Feb 19, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001751008-26-000010 · filed Feb 19, 2026
Business
How does AppLovin make money?
No revenue split that adds up to total revenue.
Empty state, nothing estimated.
What is left of every $100?
Of every $100 in revenue, $61 is net income.
Source and method
Of every $100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: $5.5B
- Gross profit: $4.8B
- Operating income: $4.2B
- Net income: $3.3B
- Free cash flow: not reported (not reported for this fiscal year, nothing estimated)
Where do customers sit?
51.6% of revenue is from United States.
Source and method
Revenue by region, latest annual report.
10-K · 0001751008-26-000010 · XBRL revenue by country · one level, shares add up to 100.0% · derived
Calculated: share = region revenue ÷ total revenue.
In the company’s words ›
“We provide end-to-end artificial intelligence-powered ("AI") advertising solutions for businesses to reach, monetize and grow their global audience.”
“Our scaled business model is intricately linked to the advertising ecosystem, providing a durable competitive advantage.”
“We generate revenue when our advertisers achieve their return on advertising spend targets with our advertising solutions, ensuring that their success directly fuels our growth.”
Item 1 · Business · 10-K · 0001751008-26-000010 · filed Feb 19, 2026
Thesis
Why do people invest?
2 reasons in the company’s own words.
Position (in the company’s words)
“The continued development of our Axon AI technology is critical to our future growth and competitive advantage.”
Item 1 · Business · 10-K · 0001751008-26-000010 · filed Feb 19, 2026
R&D investment
“Research and development expenses in 2025 decreased by $148.2 million, or 40%, compared to 2024, due primarily to a decrease of $151.1 million in personnel-related expenses related to a decrease in stock-based compensation related payroll costs.”
Item 7 · MD&A · 10-K · 0001751008-26-000010 · filed Feb 19, 2026
Number check (R&D expense): stated $148M matches the stored change ($148M, ±10%)
R&D expense: $227M FY2025 · −39.6% vs FY2024 · Profitability charts
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
2 of 2 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue: $5.5B in FY2025.
Revenue grew 53% YoY to $1.9B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
- Note
- Prior year restated in a later filing.
Did the growth reach the shareholder?
Per share, revenue grew 111.4%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
Operating margin: 75.8%.
87.9% gross margin, up from 83.9%.
Operating income: $4.2B.
Net income grew 111% to $3.3B.
R&D: $227M in FY2025.
SG&A grew 4.6% to $437M.
EPS diluted grew 115% to $9.75.
77.7% operating margin, up from 76.1%.
88.3% gross margin, up from 87.7%.
Operating income grew 56% YoY to $1.5B.
Net income grew 55% YoY to $1.3B.
R&D grew 127% YoY to $99.9M.
SG&A grew 1.7% YoY to $104M.
EPS diluted grew 57% YoY to $3.76.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
- Note
- Prior year restated in a later filing.
How much cash does it make, and where does it go?
Free cash flow: $2.1B (latest: FY2024).
Operating cash flow grew 89% to $4.0B.
Capex: $4.8M in FY2024, the latest reported.
Buybacks grew 123% to $2.2B.
Stock-based compensation fell 43% to $210M.
Free cash flow: $344M in FY2023 Q4.
Operating cash flow grew 13% YoY to $869M.
Capex: $244K in FY2023 Q4.
Buybacks grew 103% YoY to $551M.
Stock-based compensation: $85.8M in FY2026 Q2.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
Cash: $2.5B in FY2025.
Total debt grew 0.1% to $3.5B.
Interest expense fell 35% to $201M.
Total assets grew 24% to $7.3B.
Equity grew 96% to $2.1B.
Cash grew 156% YoY to $3.1B.
Total debt grew 0.1% YoY to $3.5B.
Interest expense fell 0.5% YoY to $51.2M.
Total assets grew 39% YoY to $8.3B.
Equity grew 171% YoY to $3.2B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
- Note
- Prior year restated in a later filing.
Dependencies
Who does AppLovin depend on?
No customer above the disclosure threshold.
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (AppLovin annual report)
No customer with a reported share of revenue (the 10-K names none above the disclosure threshold).
Suppliers named by AppLovin
AppLovin holds stakes in
No stake in a covered company found in SEC filings.
Others name AppLovin
No mentions in covered companies’ filings.
Risks
What could go wrong?
4 of 50 risk factors, one per theme.
Competition
“The advertising ecosystem is intensely competitive. If clients prefer our competitors’ products or services over our own, our business, financial condition, and results of operations could be adversely affected.”
Item 1A · Risk Factors · 10-K · 0001751008-26-000010 · filed Feb 19, 2026
Dependence on advertising
“If third-party platforms change their policies in a way that harms our business, including the design and effectiveness of our advertising solutions, our business, financial condition, and results of operations could be adversely affected.”
Item 1A · Risk Factors · 10-K · 0001751008-26-000010 · filed Feb 19, 2026
Security, defects and outages
“Security breaches, improper access to or disclosure of our data or client data, other hacking and phishing attacks on our systems, or other cyber incidents could harm our reputation and adversely affect our business.”
Item 1A · Risk Factors · 10-K · 0001751008-26-000010 · filed Feb 19, 2026
Key people
“We are highly dependent on our co-founder and chief executive officer, as well as our senior management team. We operate a lean organizational structure and our business and growth may be adversely affected if we fail to attract, retain, and motivate key personnel.”
Item 1A · Risk Factors · 10-K · 0001751008-26-000010 · filed Feb 19, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
BlackRock, Inc. holds 7%.
BlackRock, Inc.7%
13G · as of Sep 30, 2025 · filed Oct 17, 2025
Vanguard Capital Management LLC6.29%
13G · as of Mar 31, 2026 · filed Apr 29, 2026
Fmr LLC5.1%
13G · as of Mar 31, 2026 · filed May 6, 2026
Foroughi Arash Adam10.6% (then)
13G/A · as of Dec 31, 2024 · filed Feb 7, 2025 · older than 18 months, current position unknown
Angel Pride Holdings Ltd5.8% (then)
13G/A · as of Dec 31, 2024 · filed Jan 30, 2025 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
9 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.10.6%
24.0M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC7.8%
17.7M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Fmr LLC7.6%
17.3M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp5.3%
12.1M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Invesco Ltd.4.8%
11.0M shares · 13F filed Aug 14, 2026 · share of 13F-reported
1,464 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.
Insiders, last 12 months (Form 4, open market)
0 purchases · 704 sales · $574M sold
Grants, gifts and tax withholding counted separately · window Oct 13, 2025 – Oct 13, 2026
All metrics
All metrics · 36 SEC metrics, FY2016–FY2025
Income statement 13
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | not reported | not reported | not reported | |||||||
| D&A | not reported | not reported | not reported | |||||||
| Discontinued operations | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| G&A | not reported | not reported | not reported | |||||||
| Gross profit calc. | not reported | not reported | not reported | |||||||
| Income taxes | not reported | not reported | not reported | |||||||
| Interest expense | not reported | not reported | not reported | |||||||
| Net income | not reported | not reported | not reported | |||||||
| Operating income | not reported | not reported | not reported | |||||||
| Research and development | not reported | not reported | not reported | |||||||
| Revenue | not reported | not reported | not reported | |||||||
| SG&A calc. | not reported | not reported | not reported | |||||||
| Sales & marketing | not reported | not reported | not reported | |||||||
Balance sheet 9
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | not reported | not reported | not reported | |||||||
| Current liabilities | not reported | not reported | not reported | not reported | ||||||
| Current portion of long-term debt | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Equity | not reported | not reported | ||||||||
| Equity incl. NCI | not reported | not reported | ||||||||
| Long-term debt | not reported | not reported | not reported | not reported | ||||||
| Total assets | not reported | not reported | not reported | not reported | ||||||
| Total debt calc. | not reported | not reported | not reported | not reported | ||||||
| Total liabilities & equity | not reported | not reported | not reported | not reported | ||||||
Cash flow 6
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | not reported | not reported | not reported | |||||||
| Capex | not reported | not reported | not reported | not reported | ||||||
| Free cash flow calc. | not reported | not reported | not reported | not reported | ||||||
| Interest paid | not reported | not reported | not reported | |||||||
| Operating cash flow | not reported | not reported | not reported | |||||||
| Stock-based compensation | not reported | not reported | not reported | |||||||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | not reported | not reported | not reported | |||||||
| EPS diluted | not reported | not reported | not reported | |||||||
| Wtd. shares basic | not reported | not reported | not reported | |||||||
| Wtd. shares diluted | not reported | not reported | not reported | |||||||
Other 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) | not reported | not reported | not reported | |||||||
| Pretax income | not reported | not reported | not reported | |||||||
| Short-term borrowings / commercial paper | not reported | not reported | not reported | not reported | not reported | |||||
| Total liabilities | not reported | not reported | not reported | not reported | ||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values