$APP

AppLovin Corp

CIK:0001751008|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 1,923,686	$ 1,258,754	$ 3,766,135	$ 2,417,728
Costs and expenses:
Cost of revenue	225,801	155,076	429,433	306,756
Sales and marketing	63,394	46,917	124,145	106,300
Research and development	99,901	44,032	194,005	100,438
General and administrative	40,313	55,047	84,342	106,570
Total costs and expenses	429,409	301,072	831,925	620,064
Income from operations	1,494,277	957,682	2,934,210	1,797,664
Other income (expense):
Interest expense	(51,156)	(51,409)	(102,315)	(104,297)
Other income (expense), net	62,405	(22,269)	105,039	(14,757)
Total other income (expense), net	11,249	(73,678)	2,724	(119,054)
Income before income taxes	1,505,526	884,004	2,936,934	1,678,610
Provision for income taxes	238,988	112,148	464,783	183,216
Net income from continuing operations	1,266,538	771,856	2,472,151	1,495,394
Income (loss) from discontinued operations, net of income taxes	0	47,675	0	(99,444)
Net income	$ 1,266,538	$ 819,531	$ 2,472,151	$ 1,395,950
Net income (loss) per share attributed to Class A and Class B common stockholders - Basic:
Continuing operations (in dollars per share)	$ 3.77	$ 2.28	$ 7.34	$ 4.41
Discontinued operations (in dollars per share)	0	0.14	0	(0.30)
Basic net income per share (in dollars per share)	3.77	2.42	7.34	4.11
Net income (loss) per share attributed to Class A and Class B common stockholders - Diluted:
Continuing operations (in dollars per share)	3.76	2.26	7.32	4.35
Discontinued operations (in dollars per share)	0	0.13	0	(0.29)
Diluted net income per share (in dollars per share)	$ 3.76	$ 2.39	$ 7.32	$ 4.06
Weighted-average common shares used to compute net income (loss) per share attributable to Class A and Class B common stockholders:
Basic (in shares)	335,800	338,617	336,595	339,224
Diluted (in shares)	337,031	342,194	337,875	343,529

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net income	$ 2,472,151	$ 1,395,950
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization, depreciation and write-offs	66,228	126,940
Goodwill impairment	0	188,943
Stock-based compensation, excluding cash-settled awards	168,981	97,026
Gain on divestiture, net of transaction costs	0	(106,229)
Other	(42,130)	41,617
Changes in operating assets and liabilities:
Accounts receivable	(352,557)	(291,551)
Prepaid expenses and other assets	(56,890)	20,691
Accounts payable	29,617	39,040
Accrued and other liabilities	(124,967)	91,511
Net cash provided by operating activities	2,160,433	1,603,938
Investing Activities
Proceeds from divestiture, net of cash divested	0	424,702
Purchase of non-marketable equity securities	0	(18,678)
Other investing activities	(7,688)	(27,140)
Net cash provided by (used in) investing activities	(7,688)	378,884
Financing Activities
Repurchases of common stock	(1,532,952)	(1,272,429)
Payment of withholding taxes related to net share settlement	(46,451)	(256,650)
Principal repayments of debt	0	(200,000)
Payments of licensed asset obligation	0	(13,532)
Proceeds from issuance of debt	0	200,000
Other financing activities	(3,248)	3,017
Net cash used in financing activities	(1,582,651)	(1,539,594)
Effect of foreign exchange rate on cash and cash equivalents	(3,884)	7,969
Net increase in cash and cash equivalents, including cash from discontinued operations	566,210	451,197
Less: net decrease in cash from discontinued operations	0	(44,381)
Net increase in cash and cash equivalents	566,210	495,578
Cash and cash equivalents at beginning of the period	2,487,096	697,030
Cash and cash equivalents at end of the period	3,053,306	1,192,608
Supplemental non-cash investing and financing activities disclosures:
Non-cash consideration received from divestiture	0	285,000
Transaction cost in connection with divestiture not yet paid	0	17,405
Right-of-use assets obtained in exchange for lease obligations, net of modifications	60,319	(33,188)
Repurchases of common stock included in accrued liabilities	18,457	0
Acquisitions of software licenses not yet paid	11,897	0
Supplemental disclosure of cash flow information:
Cash paid for interest	99,653	99,553
Cash paid for income taxes, net of refunds	$ 639,820	$ 100,621

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 3,053,306	$ 2,487,096
Accounts receivable, net	2,171,017	1,819,366
Prepaid expenses and other current assets	167,993	124,330
Total current assets	5,392,316	4,430,792
Property and equipment, net	111,948	122,445
Goodwill	1,518,587	1,539,986
Intangible assets, net	355,661	396,714
Equity method investments	289,959	287,666
Other non-current assets	600,660	482,007
Total assets	8,269,131	7,259,610
Current liabilities:
Accounts payable	778,942	746,977
Accrued and other current liabilities	475,016	586,811
Total current liabilities	1,253,958	1,333,788
Long-term debt	3,515,072	3,512,987
Other non-current liabilities	337,085	278,164
Total liabilities	5,106,115	5,124,939
Commitments and contingencies (Note 5)
Stockholders’ equity:
Preferred Stock, $0.00003 par value—100,000 shares authorized, no shares issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Class A, Class B, and Class C Common Stock, $0.00003 par value—1,850,000 (Class A 1,500,000, Class B 200,000, Class C 150,000) shares authorized, 335,291 (Class A 305,084, Class B 30,208, Class C nil) and 338,313 (Class A 307,955, Class B 30,358, Class C nil) shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	11	11
Additional paid-in capital	575,057	446,550
Accumulated other comprehensive loss	(73,805)	(46,987)
Retained earnings	2,661,753	1,735,097
Total stockholders’ equity	3,163,016	2,134,671
Total liabilities and stockholders’ equity	$ 8,269,131	$ 7,259,610