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APPLOVIN CORPORATION

LISTEDNASDAQ

SYMBOLAPP

INDICATED DIV.Nil

RECENT PRICE (10/2/26)268.22

PRICE RANGE (52-WK)738.01–266.84

YIELDNil

MEDIUM GRADE. AN EXCEPTIONALLY PROFITABLE AD-TECH PLATFORM PRICED AS IF GROWTH IS ENDING; DURABILITY BEYOND MOBILE GAMING IS UNPROVEN.

EPS: SEC XBRL (diluted, total company). Prices: Yahoo Finance, retrieved 4 Oct 2026.

CAPITALIZATION: (6/30/26)

	($ mill.)	(%)
Long-Term Debt	3,515	52.6
Common Equity	3,163	47.4
Total	$6,678	100.0

Shs. ($0.00003 par) – 335 mill.

Long-term debt, non-current portion (10-Q 6/30/26). Shs. = Class A and Class B.

INTERIM EARNINGS: (per sh.)

Qu.	3/31	6/30	9/30	12/31
2024	0.74	0.86	1.24	1.71
2025	2.10	2.26	2.45	3.24
2026	3.56	3.76

Diluted, total company (incl. the apps business until its June 2025 sale); Q4 derived.

DIVIDENDS:

Nil. No dividends have been paid.

Source: Yahoo Finance dividend history (none recorded).

BACKGROUND:

AppLovin runs an advertising platform: its Axon AI engine decides which ad to show in which mobile app, for advertisers who pay for the installs and purchases it delivers. Since selling its own mobile games in June 2025 it is a pure advertising business, and it is pushing into e-commerce advertising as a possible second engine. The company has almost no capital needs: free cash flow was $3.95 billion in 2025, of which $2.19 billion went to buybacks.

RECENT DEVELOPMENTS:

For the three months ended 6/30/26 revenue grew 53% to $1.92 billion, operating margin was 78% and net income was $1.27 billion. Revenue fell short of the $1.94 billion analysts expected and the stock dropped 19% the next day; an industry research firm has since argued that AppLovin's market-share gains in mobile games have stalled as Unity competes harder, and analysts have trimmed 2027 estimates. Craig Billings became independent chair in April 2026.

PROSPECTS:

At $268.22 (10/2/26 close), 64% below the 52-week high, the shares sell at 17.1× 2026 consensus EPS and 13.4× 2027. Profitability is exceptional; the question is durability once the core mobile-gaming market is saturated. In our view our base case (about 21% a year) is fragile: with growth capped after 2027 it falls to about 5%, and disclosure of non-gaming revenue would show which is closer.

STATISTICS:

YEAR	GROSS REVS. ($MILL.)	PROFIT MARGIN %	NET INCOME ($MILL.)	CAPITAL SPENDING ($MILL.)	ASSETS ($MILL.)	SHARES (MILL.)	BOOK VALUE PER SH.$	EARN. PER SH.$	DIV. PER SH.$	DIV. PAY. %	PRICE RANGE	P/E RATIO	AVG. YIELD %
19	994	12.0	119	3	n/a	n/a	n/a	0.36	Nil	Nil	n/a	n/a	Nil
20	1,451	-8.6	-125	3	2,155	226	-0.70	-0.58	Nil	Nil	n/a	n/a	Nil
21	2,793	1.3	35	1	6,164	375	5.70	0.09	Nil	Nil	c116.09–49.41	919.4	Nil
22	2,817	-6.8	-193	1	5,848	374	5.09	-0.52	Nil	Nil	98.14–9.14	NM	Nil
23	1,842	19.4	357	4	5,359	340	3.70	0.98	Nil	Nil	45.10–9.22	27.7	Nil
24	3,224	49.0	1,580	5	5,869	340	3.20	4.53	Nil	Nil	417.64–37.40	50.2	Nil
25	5,481	60.8	3,334	0	7,260	338	6.31	9.75	Nil	Nil	745.61–200.50	48.5	Nil

2023–2025 revenues as restated in the 2025 10-K for continuing operations (apps business sold June 2025); 2019–2022 as originally reported. Net income and EPS (diluted) are total company. Capital spending 2025 = $0.5 million (10-K). Shares = Class A and B at year end (not tagged for 2019). Profit margin = net income ÷ revenues; book value = equity ÷ year-end shares. c-Price range from the 4/15/21 IPO; no public price before. P/E = mid-range price ÷ EPS.

INCORPORATED:

Delaware, July 2011

PRINCIPAL OFFICE:

1100 Page Mill Road, Palo Alto, CA 94304
Tel.: (800) 839-9646

ANNUAL MEETING:

2026 meeting held June 3 (virtual)

NUMBER OF STOCKHOLDERS:

Of record at 12/31/25: Class A ~32; Class B 8; Class C none

TRANSFER AGENT:

Computershare Trust Company, N.A.

REGISTRAR:

Not disclosed in the 10-K or proxy statement

SUPERINVESTOR HOLDINGS (DATAROMA):

No. of superinvestors: 4
Shares held: 2,493,688 (Class A, 13F at 6/30/26)

OFFICERS:

Co-Founder & Chief Exec. Off.Adam Foroughi

Chief Fin. Off.Matthew Stumpf

Chief Tech. Off.Giovanni Ge

Chief Legal Off. (from Aug. 1, 2026)Corina Cacovean

Independent ChairCraig Billings

Sources: SEC XBRL company facts (annual and quarterly figures) · 10-K 2025 (business, holders, incorporation) · 10-Q 6/30/26 (capitalization) · 2026 proxy (annual meeting, transfer agent, officers) · 8-K 4/2/26 (chair, CTO) · Yahoo Finance (prices, consensus, retrieved 4 Oct 2026) · Dataroma (superinvestors) · Pathos note (results and valuation detail). Ratios, book value, split adjustments and derived Q4 figures are Pathos calculations. The rating line and Prospects are Pathos opinion.