9to5investing

Stocks·NASDAQ:APP

AppLovin (APP)

I don't own it · as I said on Nov 5, 2026

OverviewFinancialsOwnersFilings
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Revenue, last 12 months$7.61B+58% vs. a year before
Free cash flow, last 12 months$4.90BBringing in cash
Cash and short-term investments$3.17BDebt: $3.52B
Shares outstanding, past year-2.1%331M shares now

My take

No average analyst target in this video.

Every video where I mention APP

The last 12 months

  1. Nov 5, 2026VideoMy video: APP Stock: Sales Up 55%, Stock Down 60%. What Broke?
  2. Nov 4, 202610-QQuarterly report
  3. Nov 4, 20268-KReleased quarterly results; Shareholder vote results
  4. Aug 5, 202610-QQuarterly report
  5. Aug 5, 20268-KReleased quarterly results
  6. Jun 5, 20268-KShareholder vote results
  7. May 6, 2026S-3ASRAutomatic shelf registration: can sell stock or debt later
  8. May 6, 202610-QQuarterly report
  9. May 6, 20268-KReleased quarterly results
  10. May 6, 2026SCHEDULE 13GAn investor reported a 5%+ stake
  11. Apr 29, 2026SCHEDULE 13GAn investor reported a 5%+ stake
  12. Apr 7, 20268-KExecutive or board change; Shared information with investors
  13. Feb 19, 202610-KAnnual report
  14. Feb 11, 20268-KReleased quarterly results

All filings →

Revenue by year
2019: $994M20192020: $1.45B20202021: $2.79B20212022: $2.82B20222023: $1.84B20232024: $3.22B20242025: $5.48B2025$5.48B
Show the numbers
Revenue by year
2019$994M
2020$1.45B
2021$2.79B
2022$2.82B
2023$1.84B
2024$3.22B
2025$5.48B
Revenue by quarter calendar quarter the period ended in
Q4 23: -$488MQ1 24: $1.06BQ1 24Q2 24: $711MQ3 24: $835MQ3 24Q4 24: $999MQ1 25: $1.16BQ1 25Q2 25: $1.26BQ3 25: $1.41BQ3 25Q4 25: $1.66BQ1 26: $1.84BQ1 26Q2 26: $1.92BQ3 26: $2.18BQ3 26$2.18B
Show the numbers
Revenue by quarter
Q4 23-$488M
Q1 24$1.06B
Q2 24$711M
Q3 24$835M
Q4 24$999M
Q1 25$1.16B
Q2 25$1.26B
Q3 25$1.41B
Q4 25$1.66B
Q1 26$1.84B
Q2 26$1.92B
Q3 26$2.18B
Operating income (loss) by year profit from the business before interest and taxes
2019: $194M20192020: -$62M20202021: $150M20212022: -$47.8M20222023: $772M20232024: $1.91B20242025: $4.15B2025$4.15B
Show the numbers
Operating income (loss) by year
2019$194M
2020-$62M
2021$150M
2022-$47.8M
2023$772M
2024$1.91B
2025$4.15B
Free cash flow by year cash from operations minus spending on buildings and equipment
2019: $195M20192020: $220M20202021: $360M20212022: $412M20222023: $1.06B20232024: $2.09B20242025: $3.97B2025$3.97B
Show the numbers
Free cash flow by year
2019$195M
2020$220M
2021$360M
2022$412M
2023$1.06B
2024$2.09B
2025$3.97B
Cash vs. debt

Cash and short-term investmentsDebt

2019 · Cash and short-term investments: $396M20192020 · Cash and short-term investments: $317M2020 · Debt: $1.58B20202021 · Cash and short-term investments: $1.52B2021 · Debt: $3.23B20212022 · Cash and short-term investments: $1.08B2022 · Debt: $3.21B20222023 · Cash and short-term investments: $502M2023 · Debt: $3.12B20232024 · Cash and short-term investments: $697M2024 · Debt: $3.51B20242025 · Cash and short-term investments: $2.49B2025 · Debt: $3.51B2025
Show the numbers
Cash and short-term investmentsDebt
2019$396Mn/a
2020$317M$1.58B
2021$1.52B$3.23B
2022$1.08B$3.21B
2023$502M$3.12B
2024$697M$3.51B
2025$2.49B$3.51B
How it makes money: Q3 2026 revenue by region; the thin line is a year earlier
  • United States$1.10B 50% +60% vs. a year ago
  • Rest of the world$1.09B 50% +52% vs. a year ago

From the 10-Q filed Nov 4, 2026. Source.

Stock pay vs. buybacks

Stock-based pay to employeesSpent buying back shares

2020 · Stock-based pay to employees: $62.4M2020 · Spent buying back shares: $1.77M20202021 · Stock-based pay to employees: $133M2021 · Spent buying back shares: $020212022 · Stock-based pay to employees: $192M2022 · Spent buying back shares: $339M20222023 · Stock-based pay to employees: $363M2023 · Spent buying back shares: $1.15B20232024 · Stock-based pay to employees: $369M2024 · Spent buying back shares: $981M20242025 · Stock-based pay to employees: $210M2025 · Spent buying back shares: $2.19B2025
Show the numbers
Stock-based pay to employeesSpent buying back shares
2020$62.4M$1.77M
2021$133M$0
2022$192M$339M
2023$363M$1.15B
2024$369M$981M
2025$210M$2.19B

If buybacks are smaller than stock pay, the buyback isn't shrinking the share count; it's soaking up shares handed to employees.

Compare APP with other stocks →

From the company's own SEC filings via SEC EDGAR, latest period ended Sep 30, 2026. Numbers can be restated later. Not investment advice.

Dilution

Shares outstanding
Dec 2022: 374MMar 2023: 371MMar 2023Jun 2023: 348MSep 2023: 336MSep 2023Dec 2023: 340MMar 2024: 329MMar 2024Jun 2024: 334MSep 2024: 335MSep 2024Dec 2024: 340MMar 2025: 338MMar 2025Jun 2025: 339MSep 2025: 339MSep 2025Dec 2025: 338MMar 2026: 336MMar 2026Jun 2026: 335MSep 2026: 331MSep 2026331M
Show the numbers
Shares outstanding
Dec 2022374M
Mar 2023371M
Jun 2023348M
Sep 2023336M
Dec 2023340M
Mar 2024329M
Jun 2024334M
Sep 2024335M
Dec 2024340M
Mar 2025338M
Jun 2025339M
Sep 2025339M
Dec 2025338M
Mar 2026336M
Jun 2026335M
Sep 2026331M

The share count is down -2.1% over the past year. What dilution means.

Insider trades

Insider buys, 12 months0none
Insider sales, 12 months589$550M, 314 planned in advance

Bought or sold on the open market

DateWhoWhatSharesValueFiling
Jul 6, 2026Maynard G JR Webb
Director		Sold on the market (planned)
9 trades that day		3.1K$1.60MForm 4
Jun 16, 2026Eduardo Vivas
Director		Sold on the market (planned)
27 trades that day		164K$82.6MForm 4
Jun 12, 2026Arash Adam Foroughi
CEO, Director, 10% owner		Sold on the market
25 trades that day		41.7K$20.4MForm 4
Jun 11, 2026Arash Adam Foroughi
CEO, Director, 10% owner		Sold on the market
21 trades that day		41.7K$20.2MForm 4
Jun 10, 2026Arash Adam Foroughi
CEO, Director, 10% owner		Sold on the market
23 trades that day		20.8K$10.5MForm 4
Jun 5, 2026Maynard G JR Webb
Director		Sold on the market (planned)
8 trades that day		3.1K$1.79MForm 4
Jun 4, 2026Victoria Valenzuela
CALO & Corp. Secretary		Sold on the market
29 trades that day		20K$11.3MForm 4
May 28, 2026Matthew Stumpf
Chief Financial Officer (CFO)		Sold on the market (planned)9.1K$5.43MForm 4
May 22, 2026Vasily Shikin
Chief Technology Officer		Sold on the market (planned)
42 trades that day		77K$37.3MForm 4
Mar 16, 2026Eduardo Vivas
Director		Sold on the market (planned)
20 trades that day		164K$74.3MForm 4
Mar 13, 2026Eduardo Vivas
Director		Sold on the market20.9K$9.59MForm 4
Mar 13, 2026Dmitriy Dorosh
Principal Accounting Officer		Sold on the market
2 trades that day		3.1K$1.41MForm 4
Mar 12, 2026Arash Adam Foroughi
CEO & Chairperson, Director, 10% owner		Sold on the market
20 trades that day		50K$22.9MForm 4
Mar 11, 2026Arash Adam Foroughi
CEO & Chairperson, Director, 10% owner		Sold on the market
24 trades that day		50K$23.3MForm 4
Mar 10, 2026Vasily Shikin
Chief Technology Officer		Sold on the market (planned)
77 trades that day		79.7K$38.8MForm 4
Everything else: grants, option exercises, tax withholding (51)
DateWhoWhatSharesValueFiling
Oct 29, 2026Corina I Cacovean
Chief Legal Officer		Grant or award22Kn/aForm 4
Oct 29, 2026Matthew Stumpf
Chief Financial Officer (CFO)		Grant or award54.9Kn/aForm 4
Oct 29, 2026Xiaochuan Ge
CTO		Grant or award
2 trades that day		274Kn/aForm 4
Oct 29, 2026Arash Adam Foroughi
CEO, Director, 10% owner		Grant or award128Kn/aForm 4
Oct 15, 2026Barbara Messing
Director		Grant or award64n/aForm 4
Oct 15, 2026Maynard G JR Webb
Director		Grant or award67n/aForm 4
Aug 20, 2026Victoria Valenzuela
Director		Shares withheld for taxes2.7K$843KForm 4
Aug 20, 2026Matthew Stumpf
Chief Financial Officer (CFO)		Shares withheld for taxes2K$624KForm 4
Aug 20, 2026Xiaochuan Ge
CTO		Shares withheld for taxes5.5K$1.69MForm 4
Aug 20, 2026Arash Adam Foroughi
CEO, Director, 10% owner		Shares withheld for taxes2.7K$843KForm 4
Aug 20, 2026Corina I Cacovean
Chief Legal Officer		Shares withheld for taxes1.5K$476KForm 4
Aug 13, 2026Herald Y Chen
Director		Converted144Kn/aForm 4
Aug 13, 2026Herald Y Chen
Director		Gift
2 trades that day		200Kn/aForm 4
Aug 7, 2026Eduardo Vivas
Director		Gift
2 trades that day		427Kn/aForm 4
Jul 15, 2026Maynard G JR Webb
Director		Grant or award41n/aForm 4
Jul 15, 2026Barbara Messing
Director		Grant or award40n/aForm 4
Jun 10, 2026Arash Adam Foroughi
CEO, Director, 10% owner		Gift16.7Kn/aForm 4
Jun 3, 2026Maynard G JR Webb
Director		Grant or award525n/aForm 4
Jun 3, 2026Eduardo Vivas
Director		Grant or award525n/aForm 4
Jun 3, 2026Todd R Morgenfeld
Director		Grant or award525n/aForm 4
Jun 3, 2026Barbara Messing
Director		Grant or award525n/aForm 4
Jun 3, 2026Mary Margaret Hastings Georgiadis
Director		Grant or award525n/aForm 4
Jun 3, 2026Herald Y Chen
Director		Grant or award525n/aForm 4
Jun 3, 2026Craig Scott Billings
Director		Grant or award525n/aForm 4
May 20, 2026Dmitriy Dorosh
Principal Accounting Officer		Shares withheld for taxes331$160KForm 4
May 20, 2026Victoria Valenzuela
CALO & Corp. Secretary		Shares withheld for taxes2.7K$1.32MForm 4
May 20, 2026Matthew Stumpf
Chief Financial Officer (CFO)		Shares withheld for taxes2.3K$1.13MForm 4
May 20, 2026Vasily Shikin
Chief Technology Officer		Shares withheld for taxes2.7K$1.32MForm 4
May 20, 2026Arash Adam Foroughi
CEO, Director, 10% owner		Shares withheld for taxes2.7K$1.32MForm 4
May 8, 2026Maynard G JR Webb
Director		Gift20.9Kn/aForm 4
Apr 15, 2026Maynard G JR Webb
Director		Grant or award37n/aForm 4
Apr 15, 2026Barbara Messing
Director		Grant or award37n/aForm 4
Mar 11, 2026Arash Adam Foroughi
CEO & Chairperson, Director, 10% owner		Gift20Kn/aForm 4
Mar 4, 2026Maynard G JR Webb
Director		Gift75n/aForm 4
Mar 2, 2026Maynard G JR Webb
Director		Gift295n/aForm 4
Feb 20, 2026Victoria Valenzuela
CALO & Corp. Secretary		Shares withheld for taxes10.5K$4.38MForm 4
Feb 20, 2026Matthew Stumpf
Chief Financial Officer (CFO)		Shares withheld for taxes2.4K$989KForm 4
Feb 20, 2026Arash Adam Foroughi
CEO & Chairperson, Director, 10% owner		Shares withheld for taxes2.7K$1.15MForm 4
Feb 20, 2026Vasily Shikin
Chief Technology Officer		Shares withheld for taxes2.7K$1.15MForm 4
Feb 20, 2026Dmitriy Dorosh
Principal Accounting Officer		Shares withheld for taxes348$146KForm 4

An insider buying with their own money is a stronger signal than a sale: people sell for taxes, houses and diversification. "Planned" sales were scheduled months ahead under a 10b5-1 plan. Source: SEC Form 4.

Famous investors who own it

InvestorQuarterSharesValueShare of fundChange
Philippe Laffont (Coatue Management)Q2 261.2M$603M1.2%Trimmed (-9%)
Stephen Mandel (founder) (Lone Pine Capital)Q2 261M$537M3.3%Trimmed (-29%)
Terry Smith (Fundsmith)Q2 26697K$359M2.6%New position
Ray Dalio (founder) (Bridgewater Associates)Q2 26147K$75.5M0.3%New position

From each fund's latest 13F, filed up to 45 days after the quarter ends, so it's old news by design. 13Fs only show US stock owned on the last day of the quarter: no short sales, and "added" or "trimmed" compares two snapshots, not actual trades. See what these funds bought and sold.

Failed trades

Failed trades (fails to deliver) shares that weren't delivered on time when a trade settled
May 19: 5.2KMay 27: 92.6KMay 29: 125KJun 1: 2.2KJun 1Jun 2: 661Jun 3: 1.1KJun 4: 61Jun 5: 187Jun 5Jun 8: 3KJun 10: 2.3KJun 12: 1.1KJun 16: 4.9KJun 16Jun 17: 400Jun 22: 800Jun 23: 249Jun 25: 1.2KJun 25Jun 26: 2.4KJun 29: 2Jun 30: 6.5KJul 2: 2.3KJul 2Jul 6: 24.7KJul 9: 115Jul 10: 44Jul 13: 121KJul 13Jul 17: 55.8KAug 5: 30Aug 14: 82Aug 17: 108Aug 17Aug 18: 35.3KAug 20: 81Aug 24: 1KAug 26: 306Aug 26Aug 31: 1.3KSep 1: 99Sep 8: 482Sep 9: 10.8KSep 9Sep 22: 20.5KOct 5: 85Oct 6: 59Oct 13: 685Oct 13685
Show the numbers
Failed trades (fails to deliver)
May 195.2K
May 2792.6K
May 29125K
Jun 12.2K
Jun 2661
Jun 31.1K
Jun 461
Jun 5187
Jun 83K
Jun 102.3K
Jun 121.1K
Jun 164.9K
Jun 17400
Jun 22800
Jun 23249
Jun 251.2K
Jun 262.4K
Jun 292
Jun 306.5K
Jul 22.3K
Jul 624.7K
Jul 9115
Jul 1044
Jul 13121K
Jul 1755.8K
Aug 530
Aug 1482
Aug 17108
Aug 1835.3K
Aug 2081
Aug 241K
Aug 26306
Aug 311.3K
Sep 199
Sep 8482
Sep 910.8K
Sep 2220.5K
Oct 585
Oct 659
Oct 13685

From the SEC's fails-to-deliver data, which runs two to four weeks behind. A spike can mean heavy short selling or just back-office delays; it isn't proof of anything on its own. Short interest isn't shown: FINRA's terms don't allow republishing it.

Share offerings

Selling new shares dilutes current owners. A "shelf" is permission to sell later; a 424B5 usually means a sale is actually happening.

What they told the SEC, in plain English

Every 8-K (the report a company files when something big happens) in the last two years. Red ones are worth a closer look: auditor changes, restatements, late reports, listing problems.

What changed in the latest annual report

Comparing the risk factors in the 10-K filed Feb 19, 2026 with the one filed Feb 27, 2025: 1 new and 11 removed, out of 47.

New this year

  • We face risks related to our strategic transactions, which may not achieve our strategic objectives, may disrupt our operations or result in unexpected liabilities or expenses.
Dropped from last year (11)
  • We have experienced significant growth through strategic acquisitions and partnerships, and we face risks related to the integration of such acquisitions and the management of such growth.
  • Our strategic review of our Apps portfolio may not result in sustained improvements to our financial performance, strategy, or operations, and we face a number of risks related to such review.
  • Our strategic acquisitions and partnerships may expose us to tax risks.
  • We have entered into strategic partnerships with mobile gaming studios, and a failure to maintain such relationships may harm our ability to launch new Apps as well as our brand and reputation.
  • If we are unable to launch or acquire new Apps and successfully monetize them, or continue to improve the experience and monetization of our existing Apps, our business, financial condition, and results of operations could be adversely affected.
  • If we fail to retain existing users or add new users cost-effectively, or if our users decrease their level of engagement with Apps, our business, financial condition, and results of operations could be adversely affected.
  • Our business depends in part on our ability to increase IAPs, manage the economies in our Apps and respond to changes with respect to IAPs, and any failure to do so could adversely affect our business, financial condition, and results of operations.
  • We anticipate increasing our operating expenses in the future, and we may not be able to achieve or maintain our profitability in any given period. If we cannot achieve or maintain our profitability, our business could be adversely affected.
  • If our Apps do not meet user expectations, or contain objectionable content, our reputation, business, financial condition, and results of operations could be adversely affected.
  • Our ability to acquire and maintain licenses to intellectual property may affect our business, financial condition, and results of operations. Competition for these licenses may make them more expensive and increase our costs.
  • We rely on assumptions and estimates to calculate certain of our key metrics and real or perceived inaccuracies in such metrics could adversely affect our reputation and our business.

Matched by each risk's headline, so a reworded risk can show up as new. This year's report · last year's.

Search inside AppLovin's filings

Opens the SEC's own full-text search in a new tab, limited to APP. Every APP filing on EDGAR.