Applovin (APP) financial statements
Applovin reported revenue of $5.5B in fiscal 2025, up 32.9% a year over 6 years.
Net income was $3.3B and the operating margin 75.8%, against 19.6% in 2019.
The diluted share count rose 61% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Applovin's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $994M | $1.5B | $2.8B | $2.8B | $1.8B | $3.2B | $5.5B |
| Cost of revenue | $241M | $556M | $988M | $1.3B | $357M | $521M | $665M |
| Gross profit | $753M | $896M | $1.8B | $1.6B | $1.5B | $2.7B | $4.8B |
| Research and development | $45M | $181M | $366M | $508M | $334M | $375M | $227M |
| Selling, general and admin | $513M | $694M | $1.3B | $1.1B | $379M | $418M | $437M |
| Operating income | $194M | -$62M | $150M | -$48M | $772M | $1.9B | $4.2B |
| Interest expense | $74M | $78M | $103M | $172M | $274M | $317M | $207M |
| Pre-tax income | $126M | -$136M | $46M | -$205M | $502M | $1.6B | $4.0B |
| Income tax | $7M | -$10M | $11M | -$12M | $44M | $22M | $520M |
| Net income | $119M | -$125M | $35M | -$193M | $357M | $1.6B | $3.3B |
| EPS (diluted) | $0.36 | -$0.58 | $0.09 | -$0.52 | $0.98 | $4.53 | $9.75 |
| Diluted shares | 212M | 215M | 343M | 372M | 363M | 348M | 342M |
| Gross margin | 75.7% | 61.7% | 64.6% | 55.4% | 80.6% | 83.9% | 87.9% |
| Operating margin | 19.6% | -4.3% | 5.4% | -1.7% | 41.9% | 59.3% | 75.8% |
| Net margin | 12.0% | -8.6% | 1.3% | -6.8% | 19.4% | 49.0% | 60.8% |
Balance sheet
Fiscal years, from Applovin's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $396M | $317M | $1.5B | $1.1B | $502M | $697M | $2.5B |
| Receivables | — | $297M | $515M | $703M | $954M | $1.3B | $1.8B |
| Total current assets | — | $663M | $3.2B | $1.9B | $1.6B | $2.3B | $4.4B |
| Property, plant and equipment | — | $29M | $64M | $79M | $173M | $160M | $122M |
| Goodwill | $137M | $250M | $966M | $1.8B | $1.5B | $1.5B | $1.5B |
| Total assets | — | $2.2B | $6.2B | $5.8B | $5.4B | $5.9B | $7.3B |
| Total current liabilities | — | $598M | $640M | $579M | $944M | $1.1B | $1.3B |
| Long-term debt | — | $1.6B | $3.2B | $3.2B | $2.9B | $3.5B | $3.5B |
| Total liabilities | — | $2.3B | $4.0B | $3.9B | $4.1B | $4.8B | $5.1B |
| Shareholders' equity | -$257M | -$159M | $2.1B | $1.9B | $1.3B | $1.1B | $2.1B |
| Net debt | -$396M | $1.3B | $1.7B | $2.1B | $2.6B | $2.8B | $1.0B |
Cash flow
Fiscal years, from Applovin's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $198M | $223M | $362M | $413M | $1.1B | $2.1B | $4.0B |
| Capital spending | $3M | $3M | $5M | $7M | $4M | $5M | — |
| Free cash flow | $195M | $220M | $356M | $406M | $1.1B | $2.1B | — |
| Stock-based compensation | $10M | $62M | $133M | $192M | $363M | $369M | $210M |
| Share buybacks (net) | -$11,000 | -$2M | $0 | -$339M | -$1.2B | -$981M | -$2.2B |
| Net borrowing | -$11M | -$64M | -$720M | -$26M | -$103M | $390M | $0 |
| Free cash flow margin | 19.6% | 15.1% | 12.8% | 14.4% | 57.4% | 65.0% | — |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for APP.
Open APP in InvestinglyQuestions
What was Applovin's revenue in 2025?
$5.5B in fiscal 2025, from its 10-K filing.
From Applovin's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.