AppLovin Corp

For the period ended Dec 31, 2025. Filed Feb 19, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 19, 2026

APP$410.00+4.8%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Cover page

Part I

Item 1. Business Item 1A. Risk Factors

Item 1B. Unresolved Staff Comments (no text here)

Item 1C. Cybersecurity Item 2. Properties Item 3. Legal Proceedings

Item 4. Mine Safety Disclosures (no text here)

Part II

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 6. [Reserved] (no text here)

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Item 7A. Quantitative and Qualitative Disclosures About Market Risk Financial Statements and Supplementary Data Reports of Independent Registered Public Accounting Firm Consolidated Balance Sheets Consolidated Statements of Operations Consolidated Statements of Comprehensive Income Consolidated Statements of Stockholders’ Equity Item 8. Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure (no text here)

Item 9A. Controls and Procedures Item 9B. Other Information

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections (no text here)

Part III

Item 10. Directors, Executive Officers and Corporate Governance

Item 11. Executive Compensation

Item 12. Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters

Item 13. Certain Relationships and Related Party Transactions, and Director Independence (no text here)

Item 14. Principal Accountant Fees and Services (no text here)

Part IV

Item 15. Exhibit and Financial Statement Schedules Item 16. Form 10-K Summary Signatures

Consolidated Statements of Operations

(In thousands, except per share data)

	Year Ended December 31,
	2025	2024	2023
Revenue	$5,480,717	$3,224,058	$1,841,762
Costs and expenses:
Cost of revenue	665,140	520,613	356,613
Sales and marketing	203,651	252,863	228,025
Research and development	226,510	374,710	333,781
General and administrative	233,502	164,916	150,932
Total costs and expenses	1,328,803	1,313,102	1,069,351
Income from operations	4,151,914	1,910,956	772,411
Other income (expense):
Interest expense and loss on settlement of debt	(207,016)	(317,209)	(273,508)
Other income, net	8,012	18,196	2,699
Total other expense, net	(199,004)	(299,013)	(270,809)
Income before income taxes	3,952,910	1,611,943	501,602
Provision for income taxes	519,715	22,419	43,776
Net income from continuing operations	3,433,195	1,589,524	457,826
Loss from discontinued operations, net of income taxes	(99,444)	(9,748)	(101,115)
Net income	$3,333,751	$1,579,776	$356,711
Net income (loss) per share attributed to Class A and Class B common stockholders - Basic:
Continuing operations	$10.13	$4.71	$1.29
Discontinued operations	(0.29)	(0.03)	(0.28)
Basic net income per share	$9.84	$4.68	$1.01
Net income (loss) per share attributed to Class A and Class B common stockholders - Diluted:
Continuing operations	$10.04	$4.56	$1.26
Discontinued operations	(0.29)	(0.03)	(0.28)
Diluted net income per share	$9.75	$4.53	$0.98
Weighted-average common shares used to compute net income (loss) per share attributable to Class A and Class B common stockholders:
Basic	338,781	336,922	351,952
Diluted	341,970	347,808	362,589

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.