Stock Analysis on Net
Stock Analysis on Net

AppLovin Corp. (NASDAQ:APP)

Common-Size Balance Sheet: Assets 
Quarterly Data

AppLovin Corp., common-size consolidated balance sheet: assets (quarterly data)

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Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Cash and cash equivalents 35.79 34.26 26.28 20.01 9.66 12.63 10.43 8.74 8.29 9.37 6.64 15.98 21.06 18.48 16.25 16.04 22.92 24.67 22.98 25.74 29.03
Restricted cash equivalents 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 17.04 0.00 0.00 0.00
Accounts receivable, net 25.40 25.06 25.29 26.54 27.65 24.10 21.82 20.39 19.67 17.80 16.97 12.22 10.78 12.02 11.46 11.65 11.10 8.35 9.04 8.33 13.00
Prepaid expenses and other current assets 1.70 1.71 3.42 3.66 4.18 2.67 2.21 2.38 2.59 2.99 2.38 2.74 2.79 2.66 3.71 2.95 3.25 2.43 3.59 3.26 3.16
Current assets 62.89% 61.03% 54.98% 50.22% 41.48% 39.39% 34.46% 31.51% 30.55% 30.16% 25.99% 30.94% 34.62% 33.16% 31.42% 30.64% 37.26% 52.49% 35.61% 37.33% 45.20%
Property and equipment, net 1.49 1.69 2.06 2.17 2.83 2.74 3.25 3.21 3.29 3.23 2.04 2.10 2.00 1.34 1.23 1.05 1.03 1.03 1.38 1.37 0.85
Goodwill 19.76 21.21 24.29 25.83 28.73 30.73 34.03 34.57 34.72 34.39 36.23 33.39 31.00 31.19 30.37 30.40 25.70 15.68 21.84 22.09 9.51
Intangible assets, net 4.79 5.46 6.65 7.52 14.98 15.28 18.81 20.91 22.77 24.12 27.70 27.25 26.62 28.69 32.54 34.21 32.72 27.73 38.50 36.43 39.55
Equity method investments 3.75 3.96 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other non-current assets 7.33 6.64 12.01 14.26 11.97 11.87 9.45 9.79 8.67 8.10 8.03 6.31 5.76 5.62 4.44 3.69 3.28 3.07 2.67 2.78 4.89
Non-current assets 37.11% 38.97% 45.02% 49.78% 58.52% 60.61% 65.54% 68.49% 69.45% 69.84% 74.01% 69.06% 65.38% 66.84% 68.58% 69.36% 62.74% 47.51% 64.39% 62.67% 54.80%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

The asset composition of the balance sheet exhibits a significant structural shift over the analyzed period, transitioning from a heavy concentration in non-current intangible assets toward a more liquid, current-asset-dominant position. This evolution is characterized by a marked reduction in the weight of goodwill and intangible assets, complemented by a substantial increase in cash reserves and accounts receivable.

Liquidity and Current Asset Trends
Current assets as a percentage of total assets showed significant volatility, reaching a low of 25.99% in September 2023 before climbing steadily to 62.89% by March 2026. This recovery was driven primarily by a resurgence in cash and cash equivalents, which dropped from 29.03% in March 2021 to a trough of 6.64% in June 2023, only to rebound to 35.79% by the end of the period. Simultaneously, accounts receivable, net, demonstrated a consistent upward trajectory, rising from 13.00% in March 2021 to a peak of 27.65% in March 2024, eventually stabilizing around 25.40% in March 2026, suggesting an expansion in operational scale or a shift in credit terms.
Intangible Assets and Goodwill Analysis
A pronounced contraction is observed in the proportion of intangible assets, net, which plummeted from 39.55% in March 2021 to 4.79% by March 2026. This downward trend indicates substantial amortization or potential impairments over time. In contrast, goodwill experienced an initial surge, growing from 9.51% in March 2021 to a peak of 36.23% in September 2023, likely reflecting a period of aggressive acquisition activity. However, after this peak, goodwill began a gradual decline, reaching 19.76% by March 2026.
Non-Current Asset Evolution
Total non-current assets mirrored the inverse of current assets, peaking at 74.01% in September 2023 before declining to 37.11% by March 2026. While property and equipment remained a negligible portion of the asset base, consistently staying below 3.3%, other non-current assets saw a moderate increase, peaking at 14.26% in June 2025. Additionally, a new asset class emerged in late 2025, with equity method investments appearing at 3.96% in December 2025 and remaining at 3.75% in March 2026, indicating a strategic shift toward minority investments.

In summary, the balance sheet has moved from an acquisition-heavy profile dominated by non-physical assets to a more liquid position. The transition is defined by the aggressive reduction of intangible asset weights and a concurrent build-up of cash and receivables, enhancing the overall liquidity profile of the entity by the conclusion of the period.

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