Earnings quality
Compare earnings and operating cash flow for earnings quality.
AppLovin Corporation
Ticker APP · 🇺🇸 United States · Consolidated US GAAP · amounts in dollars
Filed 2026-02-19 · Period end 2025-12-31
Takeaway
Worth trackingSales and operating profit both moved in a healthier direction.
operating margin is 75.8%; equity ratio is 29.4%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin75.8%
Equity ratio29.4%
Last priceUSD 356.10
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
AppLovin Corporation is a US-listed company with consolidated financial statements filed on SEC EDGAR.
Compare trends
Tel (800) 839-9646 · As of filing date 2026-02-19
Financial statements
Income statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Revenue | $3.2B | $5.5B |
| Cost of sales* | — | — |
| Gross profit | — | — |
| Operating profit | $1.9B | $4.2B |
| Income tax | $22.4M | $519.7M |
| Net income | $1.6B | $3.3B |
| Basic EPS | — | — |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash & equivalents | $697.0M | $2.5B |
| Current assets | $2.3B | $4.4B |
| Non-current assets* | $3.6B | $2.8B |
| Total assets | $5.9B | $7.3B |
| Current liabilities | $1.1B | $1.3B |
| Non-current liabilities* | $3.7B | $3.8B |
| Total liabilities | $4.8B | $5.1B |
| Stockholders’ equity | $1.1B | $2.1B |
Cash flow statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Operating cash flow | $2.1B | $4.0B |
| Investing cash flow | -$106.8M | $358.4M |
| Financing cash flow | -$1.7B | -$2.6B |
| Cash at end of period | $697.0M | $2.5B |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | $2.8B | $2.8B | $1.8B | $3.2B | $5.5B | |
| Operating profit | $150.0M | -$47.8M | $772.4M | $1.9B | $4.2B | |
| Net income | $35.4M | -$192.7M | $356.7M | $1.6B | $3.3B | |
| Total assets | $6.2B | $5.8B | $5.4B | $5.9B | $7.3B | |
| Cash & equivalents | $1.5B | $1.1B | $502.2M | $697.0M | $2.5B | |
| Stockholders’ equity | $2.1B | $1.9B | $1.3B | $1.1B | $2.1B |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Constructive
Sales and operating profit both moved in a healthier direction.
On the income statement, revenue moved from $3.2B to $5.5B (▲ +70.0%). Operating profit went from $1.9B to $4.2B (▲ +117.3%).
Operating cash flow was $4.0B (prior $2.1B), with cash on the balance sheet at $2.5B versus $697.0M.
Liquidity & leverage
Cash moved from $697.0M to $2.5B; current liabilities $1.3B.
Capital buffer
Stockholders’ equity moved from $1.1B to $2.1B.
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Source: SEC EDGAR 0001751008-26-000010
(AppLovin Corporation), period end 2025-12-31.