APP earnings analysis
What we found in APP's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
AppLovin's Q1 2026 results reflect strong growth, with revenue reaching $1.84 billion, a 59% increase from the prior year, and EPS of $3.56, surpassing expectations. The company generated $1.29 billion in operating cash flow and maintained a robust free cash flow of $1.29 billion, as management emphasizes ongoing investments in technology and client retention.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth of 59% YoY
- AppLovin reported revenue of $1.84 billion for Q1 2026, compared to $1.16 billion in Q1 2025.
- EPS Beat Estimates
- Reported EPS for Q1 2026 was $3.56, exceeding estimates of $3.44.
- Strong Operating Cash Flow
- The company generated operating cash flow of $1.29 billion in Q1 2026, up from $831.7 million in Q1 2025.
- Free Cash Flow Exceeds $1 Billion
- Free cash flow for Q1 2026 totaled $1.29 billion, compared to $825.7 million for the same period last year.
- Improved Adjusted EBITDA Margin
- Adjusted EBITDA margin increased to 84.5% in Q1 2026 from 80.9% in Q1 2025.
- Cash Reserves of $2.8 Billion
- As of March 31, 2026, AppLovin had cash and cash equivalents of $2.8 billion.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Regulatory Compliance Risks
- Changes in laws affecting advertising practices could pose operational challenges.
- Concentration of Revenue Sources
- A large portion of revenue is derived from the mobile app ecosystem, increasing vulnerability.
- Competition Risks
- Intense competition with major industry players like Google and Meta may impact market position.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $3.56
- Segment
- Advertising Solutions
- Segment
- Non-GAAP Financial Measures
What they said about what is next.
Q2 2026 revenue guidance is between $1.915 billion and $1.945 billion.
The filing reads better than the one before it.
What came before.
- 10-K · February 19, 2026
- AppLovin reported a record Q4 2025 with revenue of $1.66B and very high margins (Q4 gross 88.9%, operating 76.9%), capping a 2025 run-rate of ~$5.81B (Q1–Q4 2025: $1.48B, $1.26B, $1.41B, $1.66B). The company emphasizes…
- 10-Q · November 5, 2025
- AppLovin reported Q3 2025 revenue of $1,405,045,000 (up 68.2% YoY from $835,186,000 and up ~11.6% sequentially from Q2 2025), GAAP diluted EPS of $2.45 (vs $1.24 YoY and $2.39 in Q2 2025), and operating income of…
- 10-Q · November 6, 2024
- AppLovin reported a strong Q3 with revenue of $1,198.2M (up 38.7% YoY) driven by a 65.6% increase in Software Platform revenue to $835.2M; operating income rose to $534.9M and diluted EPS to $1.25. Cash and operating…
- 10-Q · August 7, 2024
- AppLovin reported strong Q2 results: revenue rose to $1,080,119 (in thousands) (+44.0% YoY) driven by a 75.1% YoY increase in Software Platform revenue, with operating income expanding to $390,986 (in thousands) and…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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