At a glance
Applovin Corp is worth $76.58B, about 24 times its fiscal 2025 earnings. Revenue grew 70.0% to $5.48B in fiscal 2025, with 60.8% kept as profit. It pays no dividend; it spent $4.67B buying back its shares over FY2021–FY2025. The stock returned −64.1% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
AppLovin sells advertising technology, and its revenue has come mostly from the mobile app world. Its core product, Axon Ads Manager, helps businesses find new users for their apps and websites. It runs on Axon AI, a recommendation engine that matches advertisers with ad space through automated auctions lasting microseconds. Advertisers set a target return on ad spend, the revenue they want back per ad dollar, and are charged based on those goals rather than a fixed price per ad or click. Axon Ads Manager makes up substantially all revenue.
AppLovin also offers three other tools. MAX helps publishers, the developers who show ads in their gaming apps, by running one real-time auction for each ad slot so more bidders compete and publishers earn more. Adjust is measurement and analytics software that shows marketers which campaigns work. Wurl serves connected TV, meaning TV streamed over the internet, by distributing streaming video and helping content companies earn more from ads. AppLovin sold its Apps business on June 30, 2025.
Of $5.48 billion in revenue for the year ended December 31, 2025, 51.6% came from the United States and 48.4% from all other countries. Customers range from large enterprises to small businesses and individuals. Its 10-K describes an early push into web-based e-commerce advertising.
Price history
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APP -64.1% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By geography
| United States | $2.83B | 51.6% |
| All other countries | $2.65B | 48.4% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.92B, up 52.8% from a year earlier, and net income was $1.27B (+54.5%).
- For fiscal 2025, revenue was $5.48B (+70.0% year over year) with a 60.8% net margin.
Financial health check
| Operating margin | 75.8% good |
|---|---|
| Return on equity (FY2025) | 156.2% (lifted by a small equity base, often the result of years of buybacks) good |
| Return on assets (FY2025) | 45.9% good |
| Net cash (cash minus debt) | $-461.8M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.45B | $-125.2M | $219.6M |
| FY2021 | $2.79B | $35.4M | $360.5M |
| FY2022 | $2.82B | $-192.7M | $412.1M |
| FY2023 | $1.84B | $356.7M | $1.06B |
| FY2024 | $3.22B | $1.58B | $2.09B |
| FY2025 | $5.48B | $3.33B | — |
Valuation snapshot
| Market value | $76.58B |
|---|---|
| P/E ratio | 23.5 |
| Dividend yield | None |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| APP price data to Nov 2, 2026 | -66.0% | -64.1% | +83.0% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -66.0% |
| 2025 | +108.1% |
| 2024 | +712.6% |
| 2023 | +278.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 142 sales ($148.4M), 44 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 16, 2026 | Eduardo Vivas Director | sell (plan) | $9.7M |
| Jun 16, 2026 | Eduardo Vivas Director | sell (plan) | $8.9M |
| Jun 16, 2026 | Eduardo Vivas Director | sell (plan) | $6.8M |
| Jun 16, 2026 | Eduardo Vivas Director | sell (plan) | $5.6M |
| Jun 16, 2026 | Eduardo Vivas Director | sell (plan) | $5.5M |
Who owns it
Large shareholders (13G filings)
| Arash Adam Foroughi | 10.6% | Dec 31, 2024 |
| BlackRock, Inc. | 7% | Sep 30, 2025 |
| Vanguard Capital Management | 6.29% | Mar 31, 2026 |
| Angel Pride Holdings Limited | 5.8% | Dec 31, 2024 |
| FMR LLC | 5.1% | Mar 31, 2026 |
| Midterm Success Limited | 4% | Dec 31, 2024 |
| Herald Chen | 1.1% | Dec 31, 2024 |
ETFs with the most weight in APP
| NERD Roundhill Video Games ETF | 10.47% |
| ESPO VanEck Video Gaming and eSports ETF | 7.56% |
| AIEQ Amplify AI Powered Equity ETF | 7.44% |
| ALAI Alger AI Enablers & Adopters ETF | 6.33% |
| FPX First Trust US Equity Opportunities ETF | 6.31% |
| ODDS Pacer BlueStar Digital Entertainment ETF | 5.27% |
| CNEQ Alger Concentrated Equity ETF | 5.2% |
| LCLG Logan Capital Broad Innovative Growth ETF | 5.09% |
What could go wrong
- Almost all revenue comes from one product. Axon Ads Manager makes up substantially all revenue, and that revenue has been concentrated in mobile apps. Efforts to expand into web-based e-commerce and connected TV may not succeed or pay off.
- Platform owners can change the rules. AppLovin relies on third-party platforms it does not control. If they change their policies, the design and effectiveness of its advertising tools could be harmed, hurting revenue and profits.
- Privacy, tracking and AI rules keep changing. Its ad targeting depends on data about users and how they engage. Evolving laws on privacy, tracking, targeting, protection of minors and AI could limit that data or lead to claims and penalties.
- Clients can cut spending quickly. AppLovin generally has no long-term agreements with clients, and the ad market is intensely competitive. Advertisers can move budgets to rivals, so results may swing sharply between quarters.
- Founder control and key-person dependence. AppLovin relies heavily on its co-founder and CEO. Multi-class shares and a Voting Agreement give a small group voting control, so it is a "controlled company" exempt from some Nasdaq governance rules.
- A very volatile share price. The 10-K warns the price could stay volatile. As of October 28, 2026, the shares were down 61.4% year to date, with a 64.6% peak-to-trough drop over the prior year.
Recent events
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Quarterly results released
For income and retirement investors
AppLovin pays no dividend and paid none in fiscal 2021 through 2025, so there is no dividend record to judge. For an income investor, that means no regular cash from the shares. Any return depends on the share price rising, and raising cash would mean cashing in shares. Instead, AppLovin repurchases its own stock, which can raise each remaining share's slice of profits. It spent about $4.67 billion on these buybacks from 2021 through 2025, including $2.19 billion in 2025.
The price history on this page spans only about four years, so it does not cover the 2008 crisis, the 2020 COVID crash or the 2022 bear market. After gains of 278% in 2023, 713% in 2024 and 108% in 2025, the shares were down 61.4% year to date as of October 28, 2026. A one-year beta of 2.46 means they have moved about two and a half times as much as the overall market. A single stock carries more risk than a diversified fund that spreads money across many companies.
Questions investors ask
How does AppLovin make money?
AppLovin makes money from advertising technology. Substantially all revenue comes from Axon Ads Manager, which uses the company's Axon AI engine to show app and website ads to users likely to engage. Advertisers set a target return on ad spend, meaning the revenue they want back per ad dollar, and AppLovin charges based on those goals rather than a fixed price per ad. Revenue for the year ended December 31, 2025 was $5.48 billion, up 70%, with 51.6% from the United States.
Does AppLovin pay a dividend?
No. AppLovin paid no dividends in fiscal 2021 through 2025. Instead, it returns cash by repurchasing its own shares, spending about $4.67 billion on buybacks over that period, including $2.19 billion in 2025. Buybacks can increase each remaining share's claim on profits, but they put no cash in the hands of holders who keep their shares. For income investors, any return depends on the share price, and raising cash would mean cashing in shares.
Is AppLovin profitable?
Yes, highly. In the year ended December 31, 2025, AppLovin earned net income of $3.33 billion on $5.48 billion of revenue, a net margin (profit as a share of revenue) of 60.8%. Diluted earnings per share were $9.75. In the quarter ended June 30, 2026, revenue rose 52.8% from a year earlier to $1.92 billion and net income rose 54.5% to $1.27 billion. As of October 28, 2026, the shares traded at about 26.7 times 2025 earnings.
How volatile is AppLovin stock?
Very volatile. As of October 28, 2026, the shares were down 61.4% year to date and 58.5% over one year, and their largest peak-to-trough drop over that year was 64.6%. That followed gains of 278% in 2023, 713% in 2024 and 108% in 2025. A one-year beta of 2.46 means the stock has moved about two and a half times as much as the overall market. The 10-K warns that results are likely to fluctuate significantly from quarter to quarter.
Who controls AppLovin?
A small group of holders controls the vote. AppLovin's multi-class share structure and a Voting Agreement make it a "controlled company" under Nasdaq rules, meaning a single holder or group has a majority of the voting power. It therefore qualifies for exemptions from certain corporate governance requirements. Among large holders filing ownership reports, Arash Adam Foroughi held 10.6% as of December 31, 2024, BlackRock 7% as of September 30, 2025, and Vanguard Capital Management 6.29% as of March 31, 2026.