Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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AppLovin Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 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 composition of liabilities and stockholders’ equity exhibited significant shifts over the observed period, spanning from March 31, 2021, to December 31, 2025. A notable trend involves a substantial increase in the proportion of long-term debt relative to total liabilities and equity, particularly from 2022 onwards. Conversely, the share of current liabilities demonstrated volatility, with a marked increase in late 2023 and early 2024 before declining again.
- Current Liabilities
- Current liabilities as a percentage of the total decreased from 18.56% in March 2021 to a low of 9.36% in September 2022. A subsequent increase occurred, peaking at 17.62% in December 2022, followed by another decline and a more pronounced surge to 18.02% in December 2024. This suggests potential fluctuations in short-term financing needs or working capital management. Accounts payable and accrued liabilities were the primary drivers of these changes within the current liability category.
- Long-Term Debt
- Long-term debt demonstrated a clear upward trajectory, increasing from 81.54% in March 2021 to 61.51% in March 2025. This indicates a growing reliance on long-term financing. The most significant increase occurred between December 2022 and March 2025. This shift could be attributed to strategic investments, acquisitions, or a restructuring of the company’s capital structure.
- Stockholders’ Equity (Deficit)
- The proportion of stockholders’ equity experienced a considerable decline over the period, moving from -4.96% in March 2021 to 29.40% in December 2025. This suggests a transition from a deficit position to a positive equity balance, although the equity percentage remains relatively low compared to liabilities. The retained earnings component within equity showed a significant improvement, moving from a substantial accumulated deficit to a positive balance by the end of the observation period.
- Deferred Revenue and Deferred Acquisition Costs
- Both deferred revenue and deferred acquisition costs, current, exhibited relatively stable percentages of the total, generally decreasing over time. Deferred revenue decreased from 3.28% to 0.66%, while deferred acquisition costs decreased from 3.43% to a negligible amount. This could indicate a change in revenue recognition patterns or a reduction in upfront acquisition-related expenses.
- Convertible Preferred Stock & Other Equity Components
- Convertible preferred stock was only present in the March 2021 balance sheet, representing 15.24% of the total. Additional paid-in capital decreased significantly from 18.82% in March 2021 to 6.15% in December 2025. Accumulated other comprehensive loss remained consistently negative, though its proportional impact lessened as the overall equity position improved.
Overall, the balance sheet composition underwent a substantial transformation. The company shifted from a position with a significant reliance on short-term liabilities and a negative equity balance to one characterized by increased long-term debt and a growing, though still modest, equity position. These changes suggest a strategic evolution in financing and capital management.