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…
Earnings analysis · 10-Q
APP earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $3.56
- Segment
- Advertising Solutions
- Segment
- Non-GAAP Financial Measures
What stood out
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Revenue Growth of 59% YoY
AppLovin reported revenue of $1.84 billion for Q1 2026, compared to $1.16 billion in Q1 2025.
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EPS Beat Estimates
Reported EPS for Q1 2026 was $3.56, exceeding estimates of $3.44.
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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.
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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.
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Improved Adjusted EBITDA Margin
Adjusted EBITDA margin increased to 84.5% in Q1 2026 from 80.9% in Q1 2025.
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Cash Reserves of $2.8 Billion
As of March 31, 2026, AppLovin had cash and cash equivalents of $2.8 billion.
What to watch
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Regulatory Compliance Risks
Changes in laws affecting advertising practices could pose operational challenges.
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Concentration of Revenue Sources
A large portion of revenue is derived from the mobile app ecosystem, increasing vulnerability.
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Competition Risks
Intense competition with major industry players like Google and Meta may impact market position.
Management's outlook
Q2 2026 revenue guidance is between $1.915 billion and $1.945 billion.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.