--- title: "AppLovin's business, results and capital" language: en canonical: https://dossiertwist.com/dossiers/applovin-corp/finances/ as_of: 2026-10-16 keywords: ["AppLovin","Adam Foroughi","Herald Chen","KKR Denali","Voting Agreement","Angel Pride Holdings","Hontai App Fund","Orient Hontai","Hao Tang","Midterm Success","Adjust","Machine Zone","Tripledot","MoPub","Culper Research","Muddy Waters Research","Fuzzy Panda Research","securities class action","The Privacy Collective","Hart-Scott-Rodino Act"] --- # AppLovin's business, results and capital **Question.** How large is AppLovin's business, and how is it financed? **Answer.** AppLovin's revenue from continuing operations reached $5,480.7 million in 2025, with net income of $3,433.2 million, after the sale of its game studios. It owes $3,550.0 million of unsecured senior notes issued in December 2024, has an undrawn $1.0 billion revolving facility, and bought back $2.2 billion of Class A shares in 2025. Deloitte & Touche LLP is its auditor. ## Products - Analysis: AppLovin'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. [src-002] ## Results - Analysis: Before 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. [src-034] [src-002] [src-001] ## Debt, capital and auditor - Analysis: At 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. [src-002] [src-001] [src-034] ## Sources - [src-002] AppLovin Corporation annual report on Form 10-K for 2025, U.S. Securities and Exchange Commission (EDGAR), 2026 - [src-034] AppLovin Corporation annual report on Form 10-K for 2022, U.S. Securities and Exchange Commission (EDGAR), 2023 - [src-001] AppLovin Corporation proxy statement for the 2026 annual meeting (Schedule 14A), U.S. Securities and Exchange Commission (EDGAR), 2026-04-20