Published
## Filings that contain financial statements The audited FY2025 Form 10-K (accession 0001751008-26-000010) and the reviewed Q2 2026 Form 10-Q (accession 0001751008-26-000059) are the primary sources for full-year 2025 and Q2 2026 GAAP financial statements, respectively. For the interim periods with no 10-Q on hand, the furnished earnings 8-K exhibits (Exhibit 99.1 press releases, each with a consolidated balance sheet, statement of operations, statement of cash flows, and non-GAAP reconciliations) are the source: - **Q2 2026** (quarter ended June 30, 2026): audited/reviewed source is the Q2 2026 Form 10-Q, accession 0001751008-26-000059; also furnished in the 8-K filed August 5, 2026, accession 0001751008-26-000057. - **Q1 2026** (quarter ended March 31, 2026): 8-K filed May 6, 2026, accession 0001751008-26-000042. - **Q4/FY2025** (quarter and year ended December 31, 2025): audited source is the FY2025 Form 10-K, accession 0001751008-26-000010; also furnished in the 8-K filed February 11, 2026, accession 0001751008-26-000005. - **Q3 2025** (quarter ended September 30, 2025): 8-K filed November 5, 2025, accession 0001751008-25-000079. - **Q2 2025** (quarter ended June 30, 2025): 8-K filed August 6, 2025, accession 0001751008-25-000069. - **Q1 2025** (quarter ended March 31, 2025): 8-K filed May 7, 2025, accession 0001751008-25-000051. - **Q4/FY2024** (quarter and year ended December 31, 2024): 8-K filed February 12, 2025, accession 0001751008-25-000006. ## Earnings and guidance AppLovin's revenue has grown every quarter in absolute terms — from $1.26 billion in Q2 2025 to $1.92 billion in Q2 2026 — at Adjusted EBITDA margins above 80%, driven by its advertising business following the mobile-gaming divestiture (see M&A section below), though the year-over-year growth rate has decelerated steadily from 77% to 53% as comparisons harden. - **Q2 2026** (August 5, 2026, accession 0001751008-26-000057): revenue of $1,924 million, up 53% year over year; net income of $1,267 million; Adjusted EBITDA of $1,614 million (84% margin). Guided Q3 2026 revenue of $2,055–$2,085 million and Adjusted EBITDA of $1,710–$1,740 million (83% margin). - **Q1 2026** (May 6, 2026, accession 0001751008-26-000042): revenue of $1,842 million, up 59% year over year; net income of $1,206 million; Adjusted EBITDA of $1,557 million (85% margin). Guided Q2 2026 revenue of $1,915–$1,945 million and Adjusted EBITDA of $1,615–$1,645 million (84–85% margin). - **Q4/FY2025** (February 11, 2026, accession 0001751008-26-000005): Q4 revenue of $1,658 million (up 66%) and full-year 2025 revenue of $5,481 million (up 70%); full-year net income of $3,334 million; full-year Adjusted EBITDA of $4,512 million (82% margin). Guided Q1 2026 revenue of $1,745–$1,775 million and Adjusted EBITDA of $1,465–$1,495 million (84% margin). - **Q3 2025** (November 5, 2025, accession 0001751008-25-000079): revenue of $1,405 million, up 68%; net income of $836 million; Adjusted EBITDA of $1,158 million (82% margin). The board increased the share repurchase authorization by an incremental $3.2 billion, bringing the total remaining authorization to $3.3 billion as of the end of October 2025 (see Capital actions). Guided Q4 2025 revenue of $1,570–$1,600 million and Adjusted EBITDA of $1,290–$1,320 million. - **Q2 2025** (August 6, 2025, accession 0001751008-25-000069): revenue of $1,259 million, up 77%; net income of $820 million; Adjusted EBITDA of $1,018 million (81% margin). Confirmed the June 30, 2025 completion of the sale of the Apps (mobile gaming) business to Tripledot Studios. - **Q1 2025** (May 7, 2025, accession 0001751008-25-000051): total revenue of $1,484 million (as reported, including the Apps mobile-gaming business), up 40%, with Advertising revenue (continuing operations) of $1,159 million (up 71%) offsetting a declining Apps segment; net income of $576 million, which included a $189 million goodwill impairment. Disclosed the same-day signing of the definitive agreement to sell the mobile gaming business (see M&A section). - **Q4/FY2024** (February 12, 2025, accession 0001751008-25-000006): Q4 revenue of $1,373 million (up 44%) and full-year 2024 revenue of $4,709 million (up 43%), as reported including the Apps mobile-gaming business; full-year net income of $1,580 million. On a continuing-operations basis (Advertising segment only, as later recast for comparability with post-divestiture results), Q4 2024 revenue was $999 million and full-year 2024 revenue was $3,224 million. ## Divestiture of the mobile gaming (Apps) business — Tripledot Studios AppLovin exited its mobile gaming business over 2025 in a multi-step transaction with Tripledot Studios: - **February 12, 2025** (8-K accession 0001751008-25-000008, earliest event date February 10, 2025): disclosed a non-binding term sheet to sell the mobile gaming business to a then-unnamed privately held acquirer for $900 million ($400 million in the acquirer's equity and $500 million in cash). The same 8-K reported, under Item 5.02, the resignation of Chief Marketing Officer Katie Jansen effective March 14, 2025 (resignation dated February 10, 2025). - **May 7, 2025** (8-K accession 0001751008-25-000051): entered into a definitive Purchase Agreement with Tripledot (and its subsidiaries Eton Games, Inc. and Tripledot Group Holdings Limited) to sell the gaming business for cash consideration of $400.0 million — $150.0 million payable at closing and $250.0 million in the form of a secured promissory note bearing 11% interest and maturing 18 months from closing — plus equity consideration of approximately 20% of Tripledot's fully diluted equity capitalization. The agreement was terminable if closing had not occurred by November 3, 2025 (Pacific time). - **June 30, 2025** (8-K accession 0001751008-25-000061): amended the Purchase Agreement so that Tripledot could elect to pay the $250 million portion in cash rather than issuing the promissory note, and **the same day AppLovin and the sellers completed the closing**. Final consideration was $400.0 million in cash (no promissory note issued) plus the approximately 20% equity stake in Tripledot, subject to closing adjustments. The Q2 2025 earnings release (accession 0001751008-25-000069) confirms the transaction closed on June 30, 2025, with the divested business reported as discontinued operations going forward. ## TikTok interest (not consummated) On **April 3, 2025** (8-K accession 0001751008-25-000028), AppLovin confirmed it had submitted a preliminary, non-binding indication of interest to the President of the United States to explore purchasing TikTok's operations outside China. The filing stated there was no assurance any transaction would proceed. No subsequent AppLovin SEC filing describes a transaction involving TikTok; it does not appear this indication of interest advanced to a signed agreement. ## Capital actions - **February 28, 2025** (8-K accession 0001751008-25-000025): the board modified the existing share repurchase program (which had approximately $1.772 billion remaining under its aggregate authorization as of February 27, 2025) to make $500 million immediately available for Class A share repurchases regardless of the prior quarter's Free Cash Flow limitation, with the available amount to be replenished each quarter by trailing Free Cash Flow. The aggregate authorization ceiling was unchanged. - **Q3 2025 earnings release** (November 5, 2025, accession 0001751008-25-000079): the board increased the share repurchase authorization by an incremental $3.2 billion, bringing the total remaining authorization to approximately $3.3 billion as of the end of October 2025. - Actual share repurchases (cash flow statement, distinct from the "repurchased and withheld" totals that also include tax withholding on net share settlement, which were $1.0 billion in Q1 2026, $551.3 million in Q2 2026, and $2.58 billion for full-year 2025) were $2,191.9 million for full-year 2025 (per the Q4/FY2025 earnings 8-K, accession 0001751008-26-000005; 5.5 million Class A shares, per the FY2025 10-K, accession 0001751008-26-000010) and $1,532.95 million for the six months ended June 30, 2026 (per the Q2 2026 earnings 8-K, accession 0001751008-26-000057; 3,275,252 Class A shares, per the 10-Q, accession 0001751008-26-000059). ## Leadership and board changes - **February 10, 2025** (8-K accession 0001751008-25-000008, filed February 12, 2025): Chief Marketing Officer Katie Jansen resigned, effective March 14, 2025. - **April 9, 2025** (8-K accession 0001751008-25-000032): Maynard Webb was appointed to the board and its Audit and Nominating and Corporate Governance Committees. - **April 8, 2025** (8-K accession 0001751008-25-000032): director Edward Oberwager notified the Company that he would not stand for re-election at the 2025 annual meeting. - **April 2, 2026** (8-K accession 0001751008-26-000014, filed April 7, 2026): announced a management and board succession plan. Chief Technology Officer Basil Shikin will transition to a non-executive Distinguished Engineer role effective July 1, 2026, succeeded as CTO by Giovanni Ge (currently Chief Product and Engineering Officer). Chief Administrative & Legal Officer Victoria Valenzuela will retire effective August 1, 2026 (continuing as a paid consultant through May 2027 and standing for election as a director), succeeded as Chief Legal Officer by Corina Cacovean. Separately, the board appointed Craig Billings as independent Chairperson, succeeding Adam Foroughi, who continues as CEO and a board member; director Alyssa Harvey Dawson announced she will not stand for re-election at the 2026 annual meeting. ## Annual meetings - **June 4, 2025** annual meeting (8-K accession 0001751008-25-000057): stockholders elected all nine director nominees and ratified Deloitte & Touche LLP as independent auditor for fiscal year 2025. - **June 3, 2026** annual meeting (8-K accession 0001751008-26-000050): stockholders elected all nine director nominees, ratified Deloitte & Touche LLP as independent auditor for fiscal year 2026, approved (on an advisory basis) executive compensation, and approved an amendment to the certificate of incorporation providing for officer exculpation as permitted under Delaware law. A stockholder proposal requesting disclosure of voting results by class of shares was not approved.