AppLovin Corporation (APP) Income Statement
APP 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsAPP revenue and net income
Where APP's revenue goes
2025Each bar shows an amount and its share of revenue. APP kept 60.8% of revenue as net income.
APP profit margins
APP growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +70.0% | +24.8% | +30.4% | — |
| Gross profit | +78.1% | +45.6% | +40.0% | — |
| Operating income | +117.3% | — | — | — |
| Net income | +111.0% | — | — | — |
| EPS (diluted) | +89.5% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
APP quarterly EPS vs estimates
AppLovin beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 4, 2026 (estimate $3.94).
APP income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.48B | $3.22B | $1.84B | $2.82B | $2.79B | $1.45B | $994.1M | $483.4M |
| Cost of revenue | $665.1M | $520.6M | $356.6M | $1.26B | $988.1M | $555.6M | $241.3M | $53.8M |
| Gross profit | $4.82B | $2.70B | $1.49B | $1.56B | $1.81B | $895.5M | $752.8M | $429.6M |
| Research & development | $226.5M | $374.7M | $333.8M | $507.6M | $366.4M | $180.7M | $45.0M | $16.3M |
| Sales, general & admin | $437.2M | $417.8M | $379.0M | $1.10B | $1.29B | $694.2M | $513.5M | $14.9M |
| Total operating expenses | $663.7M | $792.5M | $712.7M | $1.61B | $1.65B | $957.5M | $558.5M | $187.2M |
| Operating income | $4.15B | $1.91B | $772.4M | −$47.8M | $150.0M | −$62.0M | $194.4M | $242.4M |
| Interest expense | $207.0M | $317.2M | $273.5M | $171.9M | $103.2M | $77.9M | $74.0M | $0 |
| Income before taxes | $3.95B | $1.61B | $501.6M | −$205.2M | $46.3M | −$135.7M | $126.2M | −$240.3M |
| Income taxes | $519.7M | $22.4M | $43.8M | −$12.2M | $11.0M | −$9.8M | $7.2M | $19.7M |
| Net income | $3.33B | $1.58B | $357.2M | −$192.7M | $35.4M | −$125.2M | $119.0M | −$260.0M |
| EBITDA | $4.35B | $2.38B | $1.26B | $513.8M | $580.5M | $197.1M | $293.0M | $247.7M |
| EPS (diluted) | $10.67 | $5.63 | $1.41 | −$0.16 | $1.30 | −$0.05 | $0.59 | −$0.80 |
| Gross margin | 87.9% | 83.9% | 80.6% | 55.4% | 64.6% | 61.7% | 75.7% | 88.9% |
| Operating margin | 75.8% | 59.3% | 41.9% | −1.7% | 5.4% | −4.3% | 19.6% | 50.2% |
| Net margin | 60.8% | 49.0% | 19.4% | −6.8% | 1.3% | −8.6% | 12.0% | −53.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.92B | $1.84B | $1.66B | $1.41B | $1.26B | $1.16B | $1.37B | $835.2M | $711.0M | $1.06B | $953.3M | $864.3M |
| Cost of revenue | $225.8M | $203.6M | $183.5M | $174.9M | $155.1M | $151.7M | $320.5M | $120.9M | $121.8M | $294.1M | $273.6M | $265.0M |
| Gross profit | $1.70B | $1.64B | $1.47B | $1.23B | $1.10B | $1.01B | $1.05B | $714.3M | $589.3M | $764.0M | $679.7M | $599.2M |
| Research & development | $99.9M | $94.1M | $82.2M | $43.9M | $44.0M | $56.4M | $169.5M | $80.8M | $99.1M | $155.3M | $150.8M | $159.3M |
| Sales, general & admin | $103.7M | $104.8M | $117.0M | $107.3M | $102.0M | $110.9M | $274.9M | $99.2M | $105.7M | $269.1M | $259.3M | $253.6M |
| Total operating expenses | $203.6M | $198.9M | $199.2M | $151.2M | $146.0M | $167.3M | $444.3M | $180.0M | $204.8M | $424.4M | $410.1M | $412.9M |
| Operating income | $1.49B | $1.44B | $1.28B | $1.08B | $957.7M | $840.0M | $608.0M | $534.3M | $384.4M | $339.6M | $269.5M | $186.3M |
| Interest income | — | — | — | — | — | — | — | $7.9M | — | — | — | $1.5M |
| Interest expense | $51.2M | $51.2M | $51.3M | $51.4M | $51.4M | $52.9M | $94.2M | $74.9M | $74.4M | $74.2M | $67.2M | $78.6M |
| Income before taxes | $1.51B | $1.43B | $1.25B | $1.02B | $884.0M | $794.6M | $515.1M | $467.7M | $317.9M | $267.9M | $178.9M | $109.2M |
| Income taxes | $239.0M | $225.8M | $151.1M | $185.4M | $112.1M | $71.1M | −$84.1M | $34.7M | $16.9M | $31.8M | $6.7M | $586,000 |
| Net income | $1.27B | $1.21B | $1.10B | $835.5M | $819.5M | $576.4M | $599.2M | $434.4M | $310.0M | $236.2M | $172.2M | $108.6M |
| EBITDA | $1.59B | $1.52B | $1.34B | $1.11B | $982.5M | $927.4M | $737.2M | $642.3M | $500.8M | $454.8M | $369.6M | $309.6M |
| EPS (diluted) | $3.76 | $3.76 | $3.48 | $2.45 | $2.36 | $2.38 | $2.07 | $1.47 | $1.17 | $0.92 | $0.49 | $0.30 |
| Gross margin | 88.3% | 88.9% | 88.9% | 87.6% | 87.7% | 86.9% | 76.7% | 85.5% | 82.9% | 72.2% | 71.3% | 69.3% |
| Operating margin | 77.7% | 78.2% | 76.9% | 76.8% | 76.1% | 72.5% | 44.3% | 64.0% | 54.1% | 32.1% | 28.3% | 21.6% |
| Net margin | 65.8% | 65.4% | 66.5% | 59.5% | 65.1% | 49.7% | 43.6% | 52.0% | 43.6% | 22.3% | 18.1% | 12.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in APP's financial statements (latest annual report filed February 19, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
APP financial results
In fiscal year 2025 (ended December 31, 2025), AppLovin reported revenue of $5.5 billion, up 70.0% from the year before. It had net income of $3.3 billion (up 111.0%), a net profit margin of 60.8%. Diluted earnings per share came to $10.67. Over five years revenue grew at an average rate of 30.4% a year.
See the APP stock overview for the latest quote and news, or the APP chart for price history and technical indicators.
APP income statement FAQ
What is AppLovin's annual revenue?
AppLovin reported total revenue of $5.5 billion for fiscal year 2025, which ended on December 31, 2025. That was up 70.0% from $3.2 billion the previous year.
Is AppLovin profitable?
Yes. AppLovin reported net income of $3.3 billion in fiscal 2025, a net profit margin of 60.8%; its operating margin was 75.8%.
What is AppLovin's gross margin?
AppLovin's gross margin was 87.9% in fiscal 2025: for every $100 of revenue, AppLovin kept $88 after the direct cost of its products and services.
How much does AppLovin spend on research and development?
AppLovin spent $226.5 million on research and development in fiscal 2025, 4.1% of revenue.
How fast is AppLovin growing?
Revenue grew 30.4% a year on average over the last five fiscal years, from $1.5 billion to $5.5 billion.
What are AppLovin's earnings per share?
AppLovin earned $10.67 per diluted share in fiscal 2025, compared with $5.63 a year earlier.
When will AppLovin report its next earnings?
AppLovin is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does AppLovin's fiscal year end?
AppLovin's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 19, 2026.