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)

Microsoft Excel
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
Accounts payable 8.14 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 8.06 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 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 0.72 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 0.00 0.45 0.66 0.71 0.53 0.44 1.28 2.04 1.75 1.91 2.81 3.43
Current liabilities 16.92% 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 55.37 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 4.48 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 59.84% 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 76.76% 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 0.00 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 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 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 0.00
Additional paid-in capital 6.75 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 -0.04 -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) 16.53 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) 23.24% 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% 100.00%

Based on: 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).

Accounts Payable
Accounts payable as a percentage of total liabilities and equity demonstrated a fluctuating but overall upward trend from March 2021 through September 2025. Starting at 6.03%, it declined to around 4% through late 2021, then gradually increased after early 2023, peaking at 10.43% in June 2025 before slightly declining to 8.14% in the last available period.
Accrued and Other Current Liabilities
This liability category showed a relatively stable pattern with a moderate upward trend after 2022. Initially declining from 5.13% in early 2021 to around 2.7% by late 2021, it remained mostly stable through 2022. From early 2023 onwards, it increased noticeably, reaching a high of 9.49% in June 2025 before a slight decrease.
Short-term Debt
Short-term debt was minimal and steady between 0.4% and 0.7% for most periods until a notable spike occurred in the second half of 2023, reaching over 4%. However, this sharp increase was temporary, with levels reverting near prior low values by mid-2024. Data for some of the latest periods is missing.
Deferred Revenue
Deferred revenue remained consistent and low over the timeline, fluctuating between 0.7% to around 3.3%, with a declining tendency throughout 2024 and 2025, indicating a slight reduction in advance payments or service obligations.
Deferred Acquisition Costs, Current
The current deferred acquisition costs consistently decreased from 3.43% in early 2021 to below 0.5% by late 2023, with data gaps in later periods. This points to a diminishing proportion of acquisition-related expenses held as current assets relative to total liabilities and equity.
Current Liabilities
Current liabilities experienced volatility, declining from 18.56% in early 2021 to approximately 9.3% by late 2021. After fluctuating mildly through 2022 and 2023, they increased sharply towards mid-2025, peaking at 24.69% in March 2025 before trending downward. This suggests increasing short-term obligations relative to total financing components during this latter phase.
Long-term Debt
This category showed a significant decline overall, falling from a very high 81.54% in March 2021 to about 55.37% by September 2025. The proportion decreased steeply early on and then exhibited modest fluctuations around the mid-50s percentiles, indicating a gradual reduction of long-term debt relative to the total capital structure.
Other Non-current Liabilities
These liabilities remained relatively stable throughout the period, generally ranging between 2.8% and 5%, without clear upward or downward trends, suggesting steady levels of miscellaneous non-current obligations.
Non-current Liabilities (Aggregate)
Non-current liabilities as a whole declined from 86.4% in early 2021 to just under 60% by late 2025. The share peaked in late 2021 and early 2022 near 58% to 71%, then exhibited a downward trend toward the end of the timeline, consistent with the decline in long-term debt.
Total Liabilities
Total liabilities increased from approximately 56.6% in mid-2021 to a peak of about 89.92% in early 2025, before declining again to 76.76% by late 2025. This reflects growing reliance on liabilities relative to equity for a substantial portion of the period, followed by some deleveraging.
Redeemable Noncontrolling Interest and Preferred Stock
Redeemable noncontrolling interest and preferred stock remained negligible or zero throughout the periods reviewed.
Convertible Preferred Stock
Convertible preferred stock appeared only in the initial reported quarter at 15.24% and was absent thereafter, indicating a one-time or discontinued capital instrument.
Common Stock
The common stock figure remained constant at zero percent of total capital components, reflecting either a minimal par value or accounting classification.
Additional Paid-in Capital
This equity component showed a pronounced decline, starting from a high level above 65% in mid-2021 and steadily decreasing to around 6.75% by late 2025. The contraction suggests a reduction in capital surplus relative to total liabilities and equity, potentially from share repurchases, amortizations, or other equity transactions.
Accumulated Other Comprehensive Loss
The accumulated other comprehensive loss remained a small negative value throughout, showing minor fluctuations between approximately 0 to -2.4%, with a slight tendency toward reduced loss by late 2025.
Retained Earnings (Accumulated Deficit)
Retained earnings started deeply negative at -39% in early 2021 and showed gradual improvement over the years, transitioning from a deficit towards positive territory by mid-2024 and strengthening further to around 16.5% by late 2025. This reflects a recovery in accumulated profitability or reduction of losses over time.
Stockholders’ Equity (Deficit)
Overall equity experienced significant variability, starting from a negative position of -4.96% in early 2021 but rising sharply to 44.86% in late 2021. Subsequently, there was a declining trend through 2023 with a bottom near 14%, followed by a gradual increase to over 23% by the end of the analyzed period. This trend reveals fluctuations in equity composition with some recovery in recent years.
Total Capital Structure
The makeup of total liabilities, redeemable noncontrolling interest, and stockholders’ equity remained consistently balanced at 100%, as expected by definition.