AppLovin's business, results and capital

analysisAppLovin's 2025 annual report describes four products: Axon Ads Manager for user acquisition, the MAX in-app bidding platform for publishers, the Adjust measurement platform and the Wurl connected-TV platform. ¹

analysisBefore the sale of the Apps business, revenue was $1,451.1 million in 2020, $2,793.1 million in 2021 and $2,817.1 million in 2022, with a net loss in 2020 and 2022. Revenue from continuing operations was $1,841.8 million in 2023, $3,224.1 million in 2024 and $5,480.7 million in 2025, and net income from continuing operations rose from $457.8 million to $3,433.2 million. The company's own letter puts 2025 Adjusted EBITDA at $4.5 billion and free cash flow at $4.0 billion, measures it defines itself. ^{1 2 3}

analysisAt the end of 2025 AppLovin's debt consisted of $3,550.0 million of unsecured senior notes due between 2029 and 2054, issued in December 2024 with an unsecured $1.0 billion revolving facility to replace the 2018 Credit Agreement; nothing was drawn at year end. Stockholders' equity was $2,134.7 million. The company repurchased 5.5 million Class A shares for $2.2 billion in 2025, and $3.3 billion of authorisation remained. On March 31, 2026 there were 306,086,916 Class A and 30,207,521 Class B shares. Deloitte & Touche LLP is the independent auditor. ^{1 2 3}