AppLovin Corporation (APP) Balance Sheet
APP balance sheet, 2025
December 31, 2025 · U.S. dollars$7.26B assets = $5.12B liabilities + $2.13B equity
Both columns are drawn to the same scale: what APP owns equals what it owes plus shareholders’ equity. Hover a block for its value.
APP financial health
Descriptive bands, not a rating. Fiscal 2025.
APP balance sheet trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $536.9M2018 | $7.26B2025 | +45.1%/yr | |
| Total liabilities | $915.2M2018 | $5.12B2025 | +27.9%/yr | |
| Shareholders’ equity | −$378.4M2018 | $2.13B2025 | — | |
| Cash & short-term investments | $276.1M2018 | $2.49B2025 | +36.9%/yr | |
| Total debt | $796.1M2018 | $3.54B2025 | +23.8%/yr | |
| Net cash (debt) | −$520.0M2018 | −$1.06B2025 | −$537.7M | |
| Working capital | $293.7M2018 | $3.10B2025 | +$2.8B | |
| Book value per share | −$2.002018 | $6.242025 | — | |
| Current ratio | 3.582018 | 3.322025 | −0.26 | |
| Debt / equity | 1.562021 | 1.662025 | +0.10 | |
| Shares outstanding | 189.5M2018 | 342.0M2025 | +8.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
APP assets
APP liabilities and equity
APP debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
APP balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Cash & short-term investments | $2.49B | $741.4M | $502.2M | $1.08B | $1.52B | $317.2M | $396.2M | $276.1M |
| Cash & equivalents | $2.49B | $741.4M | $502.2M | $1.08B | $1.52B | $317.2M | $396.2M | $276.1M |
| Short-term investments | — | — | −$10.1M | $7.3M | $2.5M | — | — | — |
| Receivables | $1.82B | $1.41B | $953.8M | $702.8M | $514.5M | $297.0M | $161.3M | $122.5M |
| Inventory | $0 | $0 | $0 | −$7.3M | $1.05B | $0 | $1 | $1 |
| Other current assets | $124.3M | $156.5M | $160.2M | $163.1M | $150.0M | $48.8M | $28.6M | $9.0M |
| Total current assets | $4.43B | $2.31B | $1.62B | $1.94B | $3.24B | $663.0M | $586.2M | $407.5M |
| Property, plant & equipment (net) | $147.9M | $198.6M | $221.5M | $138.9M | $134.6M | $112.9M | $22.8M | $8.5M |
| Goodwill & intangible assets | $1.94B | $2.70B | $3.14B | $3.50B | $2.68B | $1.34B | $578.0M | $111.9M |
| Long-term investments | $287.7M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $456.6M | $658.4M | $386.0M | $268.4M | $118.2M | $42.6M | $15.4M | $8.9M |
| Total assets | $7.26B | $5.87B | $5.36B | $5.85B | $6.16B | $2.15B | $1.20B | $536.9M |
| Liabilities | ||||||||
| Accounts payable | $747.0M | $563.4M | $371.7M | $273.2M | $258.2M | $147.3M | $70.5M | $59.5M |
| Short-term debt | $13.9M | $14.8M | $228.6M | $47.6M | $66.2M | $40.2M | $14.7M | — |
| Deferred revenue | $47.7M | $69.8M | $78.6M | $64.0M | $78.9M | $86.9M | $8.2M | — |
| Total current liabilities | $1.33B | $1.06B | $944.1M | $579.0M | $640.1M | $598.1M | $238.9M | $113.9M |
| Long-term debt | $3.51B | $3.51B | $2.91B | $3.18B | $3.20B | $1.58B | $1.17B | $0 |
| Lease obligations | $31.8M | $47.4M | $56.5M | $90.8M | $80.9M | $94.0M | $15.3M | — |
| Other long-term liabilities | $278.2M | $213.0M | $252.8M | $187.8M | $183.4M | $130.8M | $51.8M | $801.3M |
| Total liabilities | $5.12B | $4.78B | $4.10B | $3.95B | $4.03B | $2.31B | $1.46B | $915.2M |
| Shareholders' equity | ||||||||
| Common stock & paid-in capital | $11,000 | $11,000 | $11,000 | $11,000 | $11,000 | $7,000 | $7,000 | $5,000 |
| Retained earnings (deficit) | $1.74B | $599.2M | −$813.0M | −$1.17B | −$977.0M | −$1.01B | −$887.2M | −$1.01B |
| Accumulated other comprehensive income | −$47.0M | −$103.1M | −$65.3M | −$83.4M | −$45.5M | $604,000 | −$4.1M | −$2.6M |
| Minority interest | — | — | $0 | $0 | — | — | — | — |
| Total shareholders' equity | $2.13B | $1.09B | $1.26B | $1.90B | $2.14B | −$158.5M | −$256.6M | −$378.4M |
| Key figures | ||||||||
| Total debt | $3.54B | $3.56B | $3.18B | $3.28B | $3.33B | $1.70B | $1.20B | $796.1M |
| Net cash (debt) | −$1.06B | −$2.81B | −$2.68B | −$2.20B | −$1.81B | −$1.38B | −$799.6M | −$520.0M |
| Working capital | $3.10B | $1.25B | $672.0M | $1.36B | $2.59B | $64.9M | $347.3M | $293.7M |
| Tangible book value | $198.0M | −$1.61B | −$1.88B | −$1.60B | −$537.7M | −$1.49B | −$834.6M | −$490.2M |
| Book value per share | $6.24 | $3.13 | $3.46 | $5.12 | $6.24 | −$0.74 | −$1.21 | −$2.00 |
| Shares outstanding | 342.0M | 347.8M | 362.6M | 371.6M | 342.8M | 214.9M | 212.4M | 189.5M |
| Current ratio | 3.32 | 2.19 | 1.71 | 3.35 | 5.05 | 1.11 | 2.45 | 3.58 |
| Quick ratio | 3.23 | 2.04 | 1.54 | 3.08 | 3.18 | 1.03 | 2.33 | 3.50 |
| Debt / equity | 1.66 | 3.26 | 2.53 | 1.72 | 1.56 | — | — | — |
| Equity / assets | 29.4% | 18.6% | 23.4% | 32.5% | 34.7% | −7.4% | −21.3% | −70.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $3.05B | $2.76B | $2.49B | $1.67B | $1.19B | $551.0M | $741.4M | $567.6M | $460.4M | $436.3M | $502.2M | $332.5M |
| Cash & equivalents | $3.05B | $2.76B | $2.49B | $1.67B | $1.19B | $551.0M | $741.4M | $567.6M | $460.4M | $436.3M | $502.2M | $332.5M |
| Short-term investments | — | — | — | — | — | — | — | — | — | — | — | $1.6M |
| Receivables | $2.17B | $1.96B | $1.82B | $1.60B | $1.58B | $1.58B | $1.41B | $1.19B | $1.07B | $1.04B | $953.8M | $849.1M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $1 | $0 | −$1.6M |
| Other current assets | $168.0M | $130.9M | $124.3M | $216.7M | $218.4M | $238.5M | $156.5M | $120.4M | $125.5M | $136.2M | $160.2M | $120.8M |
| Total current assets | $5.39B | $4.85B | $4.43B | $3.49B | $2.99B | $2.37B | $2.31B | $1.88B | $1.66B | $1.61B | $1.62B | $1.30B |
| Property, plant & equipment (net) | $111.9M | $114.8M | $147.9M | $130.8M | $129.6M | $161.7M | $198.6M | $177.1M | $169.2M | $173.0M | $221.5M | $155.2M |
| Goodwill & intangible assets | $1.87B | $1.89B | $1.94B | $1.96B | $1.99B | $2.49B | $2.70B | $2.88B | $2.92B | $3.03B | $3.14B | $3.20B |
| Long-term investments | $290.0M | $288.7M | $287.7M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $600.7M | $564.6M | $456.6M | $761.9M | $849.7M | $682.9M | $658.4M | $514.1M | $516.1M | $456.3M | $386.0M | $349.1M |
| Total assets | $8.27B | $7.71B | $7.26B | $6.34B | $5.96B | $5.71B | $5.87B | $5.44B | $5.27B | $5.26B | $5.36B | $5.01B |
| Liabilities | ||||||||||||
| Accounts payable | $778.9M | $697.5M | $747.0M | $516.4M | $553.7M | $595.2M | $563.4M | $427.8M | $387.5M | $390.1M | $371.7M | $281.1M |
| Short-term debt | — | — | $13.9M | — | — | $200.0M | $14.8M | $35.6M | $35.6M | $35.6M | $228.6M | $228.8M |
| Deferred revenue | — | — | $47.7M | $45.7M | $45.0M | $72.6M | $69.8M | $75.9M | $74.2M | $80.5M | $78.6M | $77.9M |
| Total current liabilities | $1.25B | $1.49B | $1.33B | $1.07B | $1.09B | $1.41B | $1.06B | $779.5M | $729.6M | $762.5M | $944.1M | $805.5M |
| Long-term debt | $3.52B | $3.51B | $3.51B | $3.51B | $3.51B | $3.51B | $3.51B | $3.47B | $3.48B | $3.49B | $2.91B | $2.91B |
| Lease obligations | — | — | $31.8M | — | — | — | $47.4M | — | — | — | $56.5M | $60.7M |
| Other long-term liabilities | $337.1M | $335.8M | $278.2M | $284.0M | $187.5M | $212.1M | $213.0M | $250.3M | $242.9M | $249.9M | $252.8M | $191.7M |
| Total liabilities | $5.11B | $5.34B | $5.12B | $4.87B | $4.79B | $5.13B | $4.78B | $4.50B | $4.45B | $4.50B | $4.10B | $3.91B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $11,000 | $11,000 | $11,000 | $11,000 | $11,000 | $11,000 | $11,000 | $11,000 | $11,000 | $11,000 | $11,000 | $11,000 |
| Retained earnings (deficit) | $2.66B | $1.93B | $1.74B | $1.05B | $723.4M | $174.0M | $599.2M | $0 | −$266.8M | −$576.8M | −$813.0M | −$985.2M |
| Accumulated other comprehensive income | −$73.8M | −$67.8M | −$47.0M | −$2.7M | −$5.1M | −$73.2M | −$103.1M | −$54.4M | −$90.6M | −$83.9M | −$65.3M | −$93.7M |
| Total shareholders' equity | $3.16B | $2.36B | $2.13B | $1.47B | $1.17B | $575.4M | $1.09B | $938.2M | $814.8M | $760.2M | $1.26B | $1.10B |
| Key figures | ||||||||||||
| Total debt | $3.52B | $3.51B | $3.54B | $3.51B | $3.51B | $3.71B | $3.56B | $3.51B | $3.52B | $3.53B | $3.18B | $3.19B |
| Net cash (debt) | −$461.8M | −$755.4M | −$1.06B | −$1.85B | −$2.32B | −$3.16B | −$2.81B | −$2.94B | −$3.06B | −$3.09B | −$2.68B | −$2.86B |
| Working capital | $4.14B | $3.35B | $3.10B | $2.41B | $1.90B | $958.1M | $1.25B | $1.10B | $930.7M | $845.4M | $672.0M | $495.3M |
| Tangible book value | $1.29B | $471.4M | $198.0M | −$488.8M | −$820.4M | −$1.92B | −$1.61B | −$1.94B | −$2.11B | −$2.27B | −$1.88B | −$2.10B |
| Book value per share | $9.36 | $6.98 | $6.28 | $4.32 | $3.41 | $1.67 | $3.15 | $2.69 | $2.34 | $2.18 | $3.62 | $3.07 |
| Shares outstanding | 337.9M | 338.7M | 339.9M | 341.0M | 342.2M | 344.9M | 346.4M | 348.2M | 348.0M | 348.6M | 347.5M | 356.9M |
| Current ratio | 4.30 | 3.24 | 3.32 | 3.25 | 2.74 | 1.68 | 2.19 | 2.41 | 2.28 | 2.11 | 1.71 | 1.61 |
| Quick ratio | 4.17 | 3.16 | 3.23 | 3.05 | 2.54 | 1.51 | 2.04 | 2.25 | 2.10 | 1.93 | 1.54 | 1.47 |
| Debt / equity | 1.11 | 1.49 | 1.66 | 2.38 | 3.01 | 6.45 | 3.26 | 3.74 | 4.32 | 4.64 | 2.53 | 2.91 |
| Equity / assets | 38.3% | 30.7% | 29.4% | 23.2% | 19.6% | 10.1% | 18.6% | 17.2% | 15.5% | 14.4% | 23.4% | 21.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 19, 2026); data from EODHD.
APP financial position
At the end of fiscal 2025 (December 31, 2025), AppLovin had total assets of $7.3 billion (up 23.7% from a year earlier), total liabilities of $5.1 billion and shareholders' equity of $2.1 billion. It held $2.5 billion in cash and short-term investments against $3.5 billion of debt, net debt of $1.1 billion. Its current ratio was 3.32. In the latest quarter (ended June 30, 2026) total assets were $8.3 billion and equity $3.2 billion.
Related: APP income statement, APP cash flow statement, APP key metrics. See the APP stock overview for the latest quote and news.
APP balance sheet FAQ
What are AppLovin's total assets?
AppLovin reported total assets of $7.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $5.9 billion a year earlier.
How much debt does AppLovin have?
AppLovin had $3.5 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.66.
How much cash does AppLovin have?
AppLovin held $2.5 billion in cash and short-term investments at the end of fiscal 2025; with $3.5 billion of debt that is net debt of $1.1 billion.
What is AppLovin's book value?
AppLovin's shareholders' equity (book value) was $2.1 billion at the end of fiscal 2025, or $6.24 per share.
What is AppLovin's current ratio?
AppLovin had current assets of $4.4 billion and current liabilities of $1.3 billion, a current ratio of 3.32 (it can cover its short-term obligations).
How much goodwill does AppLovin have?
AppLovin carried $1.9 billion of goodwill and intangible assets, 26.7% of total assets, at the end of fiscal 2025.