AppLovin 8-K
PositiveEarningsNew guidance
Management targets sustaining Q4’s 84% non-GAAP Adjusted EBITDA margin into Q1 as guided revenue rises.
Filed 2026-02-11 16:07 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q4 and FY2025 results with Q1 2026 guidance. AppLovin reported higher revenue, operating income and cash generation for both periods. Q1 2026 guidance sets ranges for revenue and Adjusted EBITDA, with an 84% Adjusted EBITDA margin target.
Key Figures
| Metric | Q4 2025 | Q4 2024 | Y/Y |
|---|---|---|---|
| Revenue | $1.66B | $999M | 66% |
| Operating income | $1.28B | $628M | 103% |
| Net income | $1.10B | $599M | 84% |
| Adjusted EBITDA (non-GAAP) | $1.40B | $770M | 82% |
| Net income from continuing operations | $1.10B | $596M | 85% |
| Diluted EPS | $3.24 | $1.73 | 87% |
| Net cash provided by operating activities | $1.31B | $701M | 87% |
| Free cash flow (non-GAAP) | $1.31B | $695M | 88% |
| Adjusted EBITDA margin (non-GAAP) | 84% | 77% | 700 bp |
| Metric | FY2025 | FY2024 | Y/Y |
|---|---|---|---|
| Revenue | $5.48B | $3.22B | 70% |
| Operating income | $4.15B | $1.91B | 117% |
| Net income | $3.33B | $1.58B | 111% |
| Adjusted EBITDA (non-GAAP) | $4.51B | $2.41B | 87% |
| Net income from continuing operations | $3.43B | $1.59B | 116% |
| Diluted EPS | $9.75 | $4.53 | 115% |
| Net cash provided by operating activities | $3.97B | $2.10B | 89% |
| Free cash flow (non-GAAP) | $3.95B | $2.07B | 91% |
| Adjusted EBITDA margin (non-GAAP) | 82% | 75% | 700 bp |
- FY2025 net income includes a $99.4M loss from discontinued operations; net income from continuing operations was $3.43B.
- Cash and cash equivalents were $2.49B at year-end, up from $697M a year earlier.
- AppLovin repurchased and withheld 6.4M shares during FY2025 for a total cost of $2.58B, including repurchase costs and cash paid for tax withholding. Class A and Class B shares outstanding were 338M at year-end, down 1.73M from FY2024 year-end.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Revenue (GAAP) | Q1 2026 | $1.745B-$1.775B | — | — |
| Adjusted EBITDA (non-GAAP) | Q1 2026 | $1.465B-$1.495B | — | — |
| Adjusted EBITDA margin (non-GAAP) | Q1 2026 | 84% | — | — |
Investor Takeaways
- Q1 2026 revenue, Adjusted EBITDA and margin versus the guided ranges will show how results progress after the reported Q4 growth.
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