Latest revenue
$1.84B
as of 2026-03-31
Latest net income
$1.21B
as of 2026-03-31
Net margin
65.4%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $161.99B
- Enterprise value
- $164.03B
- P/E (trailing)
- 48.6×
- Forward P/E
- —
- P/B
- 109.90×
- Dividend yield
- 0.0%
- 52-wk high
- $745.61
- 52-wk low
- $320.00
- Beta
- —
- Shares out
- 336.3M
5-year trend
What this company does
AppLovin runs an AI-powered advertising platform that helps businesses—primarily mobile app developers—target, acquire, and monetize users at scale. The company makes money by selling ad placements through its software engine, generating $3.8 billion in revenue over nine months with operating margins above 75%. AppLovin has pivoted into a pure ad-tech company, divesting its mobile gaming studios in 2025 and using the proceeds plus surging cash flow to repurchase $1.77 billion of stock.
Generated from APP's filing dated 2026-02-19
Key risks
- Heavy leverage: $3.51B long-term debt vs. $1.47B equity; $155.7M YTD interest expense despite $1.67B cash on hand.
- Aggressive buybacks: $1.77B spent repurchasing shares YTD 2025 plus $317M tax withholdings, draining capital amid concentrated insider voting control.
- Discontinued operations took a $188.9M goodwill impairment and $99.4M YTD loss, signaling execution issues with the divested apps business.
Generated from APP's filing dated 2026-02-19
Profitability
Operating margin
75.8%
86.7%Net margin
60.8%
81.3%Return on equity
156.2%
7.7%Return on assets
45.9%
70.6%Leverage
Debt / equity
2.40×
45.3%Long-term debt / equity
1.65×
48.9%Debt / assets
70.6%
13.3%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $1.84B | +59.0% | $1.21B | +109.2% | 65.4% |
Q4 2025 2025-12-31 | $1.66B | -21.2% | $1.10B | — | 66.5% |
Q3 2025 2025-09-30 | $1.41B | +68.2% | $835.5M | +92.3% | 59.5% |
Q2 2025 2025-06-30 | $1.26B | +77.0% | $819.5M | +164.4% | 65.1% |
Q1 2025 2025-03-31 | $1.16B | +9.5% | $576.4M | — | 49.7% |
Q4 2024 2024-12-31 | $2.10B | — | — | — | — |
Q3 2024 2024-09-30 | $835.2M | -3.4% | $434.4M | +299.9% | 52.0% |
Q2 2024 2024-06-30 | $711.0M | -5.2% | $310.0M | +308.7% | 43.6% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Services-Computer Programming, Data Processing, Etc. · SIC 7370
Your notes
Keep private notes on APP — thesis, target price, catalysts to watch.
Visible only to you. Never shared. Never used to train AI.
Insider activity
Insider buying
$0
Insider selling
$939.7M
Net activity
−$939.7M
Distinct insiders
10
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns APP
Institutional value
$27.91B
Total shares held
72.1M
Distinct holders
766
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | VANGUARD CAPITAL MANAGEMENT LLC | 16.8M | $6.67B | — | New |
| 2 | BAILLIE GIFFORD & CO | 6.7M | $2.67B | — | New |
| 3 | VANGUARD PORTFOLIO MANAGEMENT LLC | 5.9M | $2.36B | — | New |
| 4 | WCM INVESTMENT MANAGEMENT, LLC | 5.0M | $1.86B | — | New |
| 5 | Invesco Ltd. | 4.1M | $1.65B | — | New |
| 6 | JENNISON ASSOCIATES LLC | 2.3M | $915.8M | — | New |
| 7 | UBS Group AG | 1.8M | $725.2M | — | New |
| 8 | VANGUARD FIDUCIARY TRUST CO | 1.5M | $610.9M | — | New |
| 9 | Legal & General Group Plc | 1.5M | $588.5M | — | New |
| 10 | Bank of New York Mellon Corp | 1.4M | $540.7M | — | New |
| 11 | DIMENSIONAL FUND ADVISORS LP | 1.3M | $526.6M | — | New |
| 12 | SANDS CAPITAL MANAGEMENT, LLC | 971.6K | $386.7M | — | New |
| 13 | WELLS FARGO & COMPANY/MN | 928.6K | $369.6M | — | New |
| 14 | DEUTSCHE BANK AG\ | 692.7K | $275.7M | — | New |
| 15 | Swiss National Bank | 677.0K | $269.5M | — | New |
| 16 | Nuveen, LLC | 670.9K | $267.0M | — | New |
| 17 | Mitsubishi UFJ Asset Management Co., Ltd. | 606.7K | $241.5M | — | New |
| 18 | Vanguard Global Advisers, LLC | 590.1K | $234.8M | — | New |
| 19 | National Pension Service | 558.3K | $222.2M | — | New |
| 20 | Sumitomo Mitsui Trust Group, Inc. | 550.3K | $219.0M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Q3 revenue grew 68% YoY to $1.4B with operating margin near 77%—what specific advertiser concentration or category mix is driving this, and how repeatable is it?
- 2
R&D fell from $269M to $144M YoY despite your AI Axon narrative—how are you investing to defend the model against Google, Meta, and Trade Desk?
- 3
You recorded a $189M goodwill impairment and divested apps mid-year—which remaining assets are at risk of further impairment, and why disclose so little detail?
Refreshed when APP files a new report · last from 2026-02-19