AppLovin reports 2025 revenue up 70% to $5.48 billion in its annual report

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

AppLovin's annual report on Form 10-K, the yearly filing US-listed companies make with the SEC, shows revenue of $5.48 billion for 2025, up 70% from $3.22 billion in 2024. Operating income was $4.15 billion, up 117% from $1.91 billion. Net income was $3.33 billion, up 111% from $1.58 billion. Diluted earnings per share were $9.75, against $4.53 a year earlier. The company, listed as NASDAQ: APP, filed the report on Feb 19, 2026, for the year from Jan 1 to Dec 31, 2025.1^,2^,3^,4^,5^,6^,7^,8^,9^,10^,11^,12^,13^,14^,15

AppLovin says the revenue rise came mainly from improved performance of Axon Ads Manager, where installations rose 3% and net revenue per installation rose 72%. The company says Axon Ads Manager is the vast majority of its revenue, and clients use it to automate and manage their user acquisition investments. Those clients, it says, range from indie developer studios to some of the largest internet platforms, such as Meta and Google. It also says its investments will let it keep expanding into verticals outside gaming, such as e-commerce and CTV (connected-TV streaming).16^,17^,18^,19^,20

Income from operations was 76% of revenue in 2025, against 59% in 2024. Research and development expenses fell $148.2 million, or 40%, which the company ties mainly to lower personnel costs linked to stock-based compensation.21^,2^,4^,22

AppLovin also sold its Apps business to Tripledot. The company says it completed that sale on Jun 30, 2025, for $400 million in cash, subject to closing adjustments, plus equity of approximately 20% of Tripledot's fully diluted equity at closing. The 10-K presents the Apps business as discontinued operations, results of a sold business shown apart, so the revenue above excludes it. Net income for 2025 includes a loss of $99.4 million from discontinued operations.23^,24^,25^,26^,27^,2

Adjusted EBITDA, a measure the company defines itself and that is not prepared under GAAP, the US accounting rules, was $4.51 billion in 2025 against $2.41 billion in 2024, a margin of 82.3% against 74.8%. Among the non-cash items that adjust 2025 net income, the report lists $188.9 million of goodwill impairment. The company repurchased and retired 5.5 million Class A shares for $2.2 billion in 2025, and its board authorized an increase to the buyback program totaling $3.2 billion. It reports $3.3 billion still available for repurchases, $2.5 billion in cash and cash equivalents, and $3.6 billion of senior unsecured notes at Dec 31, 2025.28^,29^,30^,2^,4^,31^,32^,33^,34^,35

Our records keep one value for each period of an SEC filer, the latest filed, so they cannot tell whether the 10-K's year-earlier figures were restated. They also hold a later figure that this report does not cover: revenue of $1.92 billion for the quarter from Apr 1 to Jun 30, 2026.36^,37