AppLovin Corporation

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, United States was 52% and Outside the United States was 48% of revenue; United States fell from 55% in the fiscal year to Dec 2023.

Quarters: AppLovin Corporation's SEC filings, named by the month they end. Fiscal years: AppLovin Corporation's annual reports to the SEC.

How it makes money

Of every $100 in revenue, $60.8 ends up as net income. Net margin rose from −6.8% to 60.8% over the past 3 years.

Circled: Mar 2025 (net 49.7%, operating 72.5%). Net margin is usually about 10 points below operating margin; in that quarter net income includes the results of a business sold or spun off (discontinued operations), which operating income leaves out.

Each margin is that line of the income statement divided by revenue. Fiscal year: AppLovin Corporation's annual reports to the SEC; quarters: SEC filings.

How much goes into research?

AppLovin spent $378M on research and development in the four quarters to Sep 2026, 5.0% of its revenue, against 5.2% a year earlier. Over the year its research spending rose 51.1% and its revenue rose 57.8%.

From AppLovin Corporation's SEC filings: research and development expense by quarter, the fourth being the year minus nine months; its share is the four quarters' expense over their revenue. Some companies count the research they buy, through licences and acquisitions, in this line, so it jumps in the quarter they pay; others report that on a line of its own, not shown here.

Customers and suppliers

In its latest annual report AppLovin sells to Meta Platforms, Alphabet, Humans; it names no suppliers.

 

APPAppLovin

Customers

Alphabet GOOGL

Meta Platforms META

H

Humans

Their customers

Clover Health Investments CLOVfrom Alphabet

Infleqtion INFQfrom Alphabet

Innodata INODfrom Alphabet

Take-Two Interactive Software TTWOfrom Meta Platforms, Alphabet

Zoom Communications ZMfrom Meta Platforms

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Partners

HHumansAppLovin invested in it · Series C preferred stock investment$50.0 million investment, fully impaired in 2025

TTripledotAppLovin invested in it · Equity investment following Apps business saleApproximately 20% of fully-diluted equity at June 30, 2025 closing

Meta Platforms METASignificant advertising ecosystem partnershipAlphabet GOOGLSignificant advertising ecosystem partnership

Changes since the previous annual report (10-K filed Feb 27, 2025)

TTripledotNamed for the first time, as a partnerApproximately 20% of fully-diluted equity at June 30, 2025 closing

Alphabet GOOGLNo longer a platform it sells through, still a customer and a partner

Only the companies AppLovin names in its 10-K filed Feb 19, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

P/E of 26.5x, above the peer median of 19.8x, so it needs earnings to keep growing to hold up.

Priced 33% above the peer median of 19.8x (excludes 2 unprofitable peers).

Yahoo Finance's Advertising Agencies list is another business, so AppLovin's peers here are the companies on this site in its StockFit industry group, Software & SaaS, closest to it in market value.

At 26.5× trailing earnings APP is below most of its range since Jan 2022; the median is 65.9×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $460, 17% above the current price; 79% of 33 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 26 analysts (79%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $748.07 to $463.39 (−38%), while APP went from $556.15 to $393.68 (−29%). In the past three months targets were raised 9 times and cut 16 times. 1 upgrade and 3 downgrades over the year; the latest: B of A Securities moved it to Neutral from Buy on Aug 11, 2026.

The day after each of these reports the stock moved −22.4% (Dec 2025, beat); +4.3% (Mar 2026, beat); −20.0% (Jun 2026, beat); +45.0% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect adjusted earnings of $4.74 a share, 46% more than the $3.24 of a year earlier, and revenue of $2.4B, up 44% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $20.50 a share, 26% more than the year before's estimate of $16.25, and revenue of $10.4B, up 25% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Financial health

Current ratio 3.3, no pressure to repay short-term debt; debt-to-equity 1.6, debt is high, which adds pressure if the economy weakens.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 1 member of Congress and 11 funds whose copy leaves APP out (on the exchange, not in the app yet): Blue Whale Capital, Fundsmith, Whale Rock Capital Management, Baillie Gifford &, Coatue Management, UNICOM Systems and 6 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 16 held APP at the end of their latest quarter (for most, Q2 2026). Over that quarter 5 added shares, 7 cut, 3 bought new, 4 sold all and 1 held the same. The largest of them is Norges Bank, 2.92M shares worth $1.5B at Jun 30, 2026, 3.5% fewer than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of APP at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $475M of APP on the open market in the 12 months to Nov 10, 2026; none bought. 63% of the sales were made under 10b5-1 plans, set up in advance. The largest was Eduardo Vivas (Director), who sold $167M in 48 sales.