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AppLovin Corp. (NASDAQ:APP)

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Common-Size Balance Sheet: Assets
Quarterly Data

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

Microsoft Excel
Jun 30, 2026 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
Restricted cash equivalents
Accounts receivable, net
Prepaid expenses and other current assets
Current assets
Property and equipment, net
Goodwill
Intangible assets, net
Equity method investments
Other non-current assets
Non-current assets
Total assets

Based on: 10-Q (reporting date: 2026-06-30), 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 structure exhibits a significant strategic transition from a concentration in long-term intangible assets toward a more liquid, current-asset-dominant position. Total current assets, which fluctuated between 25.99% and 52.49% during the early periods, rose consistently to comprise 65.21% of total assets by June 2026. Conversely, non-current assets declined from a peak of 74.01% in September 2023 to approximately 34.79% by the end of the analyzed period.

Liquidity and Cash Management
Cash and cash equivalents demonstrated notable volatility. After beginning at 29.03%, this component reached a nadir of 6.64% in June 2023. Subsequently, a strong recovery trend occurred, with cash levels climbing to 36.92% by June 2026, indicating a substantial increase in the company's immediate liquidity position.
Working Capital Trends
Accounts receivable, net, showed a sustained and steady upward trajectory, increasing from 13.00% in March 2021 to 26.25% by June 2026. This growth suggests an expansion in operational scale or a shift in credit terms offered to customers.
Intangible Assets and Goodwill
There is a marked reduction in the weight of acquired assets on the balance sheet. Intangible assets, net, experienced a steep decline from an initial 39.55% to 4.30% by June 2026. Goodwill followed a similar pattern of eventual contraction; after peaking at 36.23% in September 2023, it receded to 18.36% by June 2026, likely reflecting the effects of amortization or impairment.
Other Non-Current Assets and Investments
Other non-current assets generally trended upward from 4.89%, peaking at 14.26% in June 2025 before stabilizing around 7.26%. Additionally, equity method investments appeared in the final quarters of 2025 and 2026, maintaining a modest share of approximately 3.5% to 4% of total assets.