Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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AppLovin Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The composition of liabilities and stockholders’ equity exhibited notable shifts between 2021 and 2025. Overall, the proportion of total liabilities increased significantly through 2024 before decreasing in 2025, while stockholders’ equity experienced a corresponding decline and subsequent recovery.
- Current Liabilities
- Current liabilities as a percentage of the total increased from 10.39% in 2021 to 18.37% in 2025. This growth was particularly pronounced between 2022 and 2024, driven by increases in accrued and other current liabilities, and short-term debt. Deferred acquisition costs, current, decreased substantially from 1.75% in 2021 to being absent from the figures in 2023-2025. While still a significant portion, the increase in current liabilities suggests a potential reliance on short-term financing or a build-up of immediate obligations.
- Non-Current Liabilities
- Non-current liabilities followed a similar trend to current liabilities, increasing from 54.92% in 2021 to 63.41% in 2024 before decreasing to 52.22% in 2025. Long-term debt consistently represented the largest component of non-current liabilities, fluctuating between 51.95% and 59.79% of the total. Finance lease liabilities, non-current, also increased substantially between 2021 and 2023, then decreased slightly in 2024 and 2025. The overall increase in non-current liabilities indicates a growing reliance on long-term funding sources.
- Total Liabilities
- Total liabilities increased from 65.31% in 2021 to a peak of 81.43% in 2024, before decreasing to 70.60% in 2025. This demonstrates a significant increase in the company’s debt burden through 2024, followed by a partial reduction. The increase in total liabilities contributed to a corresponding decrease in the proportion of stockholders’ equity.
- Stockholders’ Equity
- Stockholders’ equity decreased from 34.69% in 2021 to a low of 18.57% in 2024, before recovering to 29.40% in 2025. This decline was primarily driven by changes in retained earnings, which transitioned from a negative value representing accumulated deficits to a positive value in 2024 and continued to grow in 2025. Additional paid-in capital decreased significantly from 51.28% in 2021 to 6.15% in 2025, suggesting limited new equity contributions during this period. Accumulated other comprehensive loss remained relatively stable as a percentage of the total.
- Specific Liability Accounts
- Accounts payable, accrued taxes, and accrued expenses and other all increased as a percentage of the total between 2021 and 2024, indicating a growing volume of operational liabilities. Deferred revenue remained relatively stable until 2025, when it decreased. The significant increase in accrued taxes from 1.09% to 6.22% suggests a potential change in tax obligations or reporting practices.
In summary, the period from 2021 to 2025 was characterized by a growing reliance on debt financing, peaking in 2024, followed by a partial correction in 2025. The shift in retained earnings from a deficit to a positive value suggests improving profitability, contributing to the recovery in stockholders’ equity. The changes in specific liability accounts indicate evolving operational and financial obligations.