Stock Analysis on Net
Stock Analysis on Net

AppLovin Corp. (NASDAQ:APP)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 
Quarterly Data

AppLovin Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

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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
Accounts payable 9.29 10.43 9.60 7.86 7.35 7.41 6.94 5.62 4.76 4.78 4.67 4.50 4.78 5.99 4.19 4.57 4.19 6.03
Accrued and other current liabilities 8.31 9.49 7.23 4.41 4.41 4.87 5.20 4.17 3.41 3.29 3.03 2.72 3.09 2.99 2.75 3.74 3.76 5.13
Short-term debt 0.00 3.50 0.00 0.65 0.67 0.68 4.01 4.30 0.61 0.56 0.57 0.57 0.56 0.48 0.42 0.40 0.40 0.70
Deferred revenue 0.75 1.27 1.19 1.39 1.41 1.53 1.47 1.56 1.36 1.13 1.09 1.13 1.16 1.23 1.28 1.86 1.96 3.28
Deferred acquisition costs, current 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.45 0.66 0.71 0.53 0.44 1.28 2.04 1.75 1.91 2.81 3.43
Current liabilities 18.36% 24.69% 18.02% 14.32% 13.85% 14.49% 17.62% 16.09% 10.80% 10.47% 9.90% 9.36% 10.87% 12.73% 10.39% 12.47% 13.11% 18.56%
Long-term debt 58.91 61.51 59.79 63.84 66.08 66.32 54.22 58.19 57.77 53.63 54.35 54.85 53.79 51.82 51.95 37.90 37.69 81.54
Other non-current liabilities 3.15 3.72 3.63 4.60 4.61 4.75 4.72 3.83 3.76 3.81 3.21 3.37 3.19 2.82 2.97 4.77 5.76 4.84
Non-current liabilities 62.06% 65.22% 63.41% 68.44% 70.69% 71.06% 58.94% 62.01% 61.52% 57.43% 57.56% 58.22% 56.97% 54.64% 54.92% 42.66% 43.46% 86.39%
Total liabilities 80.42% 89.92% 81.43% 82.76% 84.54% 85.55% 76.56% 78.11% 72.32% 67.91% 67.46% 67.58% 67.84% 67.37% 65.31% 55.14% 56.57% 104.95%
Redeemable noncontrolling interest 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 0.01
Preferred stock, $0.00003 par value; no shares issued and outstanding 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
Convertible preferred stock 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 15.24
Class A, Class B, and Class C Common stock, $0.00003 par value 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
Additional paid-in capital 7.53 8.32 10.12 18.24 22.25 27.00 39.83 43.45 49.03 53.18 53.96 53.61 53.10 51.30 51.28 67.54 65.55 18.82
Accumulated other comprehensive loss -0.09 -1.28 -1.76 -1.00 -1.72 -1.59 -1.22 -1.87 -1.40 -1.24 -1.43 -2.41 -2.16 -0.96 -0.74 -0.60 -0.20 0.00
Retained earnings (accumulated deficit) 12.14 3.05 10.21 0.00 -5.06 -10.96 -15.17 -19.68 -19.95 -19.85 -20.00 -18.78 -18.78 -17.71 -15.85 -22.07 -21.93 -39.02
Stockholders’ equity (deficit) 19.58% 10.08% 18.57% 17.24% 15.46% 14.45% 23.44% 21.89% 27.68% 32.09% 32.54% 32.42% 32.16% 32.63% 34.69% 44.86% 43.43% -4.96%
Total liabilities, redeemable noncontrolling interest, and stockholders’ equity (deficit) 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: 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).

Accounts Payable
The proportion of accounts payable to the total of liabilities, redeemable noncontrolling interest, and stockholders’ equity shows a general upward trend over the period analyzed. Starting around 6.03% in early 2021, it fluctuates in the following quarters but rises steadily from mid-2023 onward, reaching a peak exceeding 10% by mid-2025. This indicates an increasing share of short-term payables in the company's financial structure.
Accrued and Other Current Liabilities
This category initially registers at 5.13% in early 2021, then declines through 2021 to stabilize around 3% in 2022. It begins to rise again starting late 2023, peaking at approximately 9.49% by mid-2025, suggesting an increased accumulation of accrued expenses or other current obligations towards the later periods.
Short-term Debt
Short-term debt remains minimal and relatively stable, below 1% for most of the period, except for an unusual spike to over 4% around late 2023 and early 2024. There is missing data for some quarters in 2024 and 2025, but the general pattern indicates that short-term borrowings are not a significant component of the company’s liabilities.
Deferred Revenue
Deferred revenue declines from 3.28% to around 1.2% to 1.3% through 2021 and 2022, with a minor increase during 2023, followed by a slight decrease into 2025. This trend implies a decreasing proportion of revenue received but not yet earned relative to the total financing structure.
Deferred Acquisition Costs, Current
This item shows a marked decrease from 3.43% in early 2021 down to below 1% by late 2023, with data not available for the last few quarters. The declining trend suggests reduced capitalization of acquisition-related costs on a current basis over time.
Current Liabilities
The share of current liabilities in the total financing mix decreases sharply from 18.56% in early 2021 to around 9-10% by late 2022. However, it rises again from late 2023 to reach nearly 25% by mid-2025, indicating a significant increase in short-term financial obligations in the most recent periods.
Long-term Debt
Long-term debt proportion shows volatility beginning at 81.54% in early 2021, then dropping sharply to around 38% by mid-2021, and rising again fluctuating between roughly 50% and 66% through 2024. The percentage lowers somewhat afterward but remains the dominant form of liabilities, underscoring the company’s reliance on long-term borrowings throughout the period.
Other Non-current Liabilities
This component fluctuates modestly between 2.8% and 5% over the period, with no major structural shifts. It tends to remain a small but stable part of the overall financial obligations.
Non-current Liabilities
Non-current liabilities, composed largely of long-term debt and other non-current items, demonstrate a pronounced increase from about 43% in mid-2021 to over 70% by early 2024, followed by a slight decline to around 62% by mid-2025. This highlights sustained emphasis on longer-duration financial commitments.
Total Liabilities
Total liabilities relative to the aggregate financing components decrease sharply after early 2021 from above 100% to near 55% by late 2021, then steadily rise back towards 80-90% in the later years. This pattern indicates a shift towards leverage increase after initial deleveraging.
Redeemable Noncontrolling Interest and Preferred Stock
Redeemable noncontrolling interest is negligible and disappears after early 2021. Similarly, there is no issuance of preferred stock during the analyzed periods, indicating no capital structure impact from these items.
Common Stock
The common stock category remains at zero percent consistently, indicating no changes or issuances affecting this account relative to total financing sources.
Additional Paid-in Capital
This equity component dramatically increases from under 20% in early 2021 to above 65% in mid-2021, then trends downward continuously to around 7.5% by mid-2025. This substantial decrease in relative size possibly reflects share repurchases or equity reductions over time.
Accumulated Other Comprehensive Loss
Comprehensive losses increase steadily (more negative) from zero in early 2021 to nearly -2.4% by mid-2022, then oscillate around -1% to -1.7% before returning close to zero by mid-2025. This movement indicates some volatility but overall relatively small impact on the equity section.
Retained Earnings (Accumulated Deficit)
Retained earnings start negative at nearly -39% in early 2021, improve steadily towards zero and even positive territory reaching over 12% by mid-2025. The improvement signals ongoing efforts in profitability or earnings retention, leading to decreasing accumulated deficits and eventual positive retained earnings.
Stockholders’ Equity (Deficit)
Stockholders' equity shifts from a negative position (-4.96%) in early 2021 to a considerable positive range (above 40%) in mid-2021 before declining steadily to around 14-18% during 2023-2024, and fluctuating thereafter between 10% and 20% by mid-2025. The equity position fluctuates but remains positive after early 2021, indicating recovery and stabilization over time.
Total Liabilities, Redeemable Noncontrolling Interest, and Stockholders’ Equity
All components combined always sum to 100%, ensuring consistency in proportional analysis throughout the periods.