Balance Sheet: Assets
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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AppLovin Corp., consolidated balance sheet: assets
US$ in thousands
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).
Total assets experienced volatility over the five-year period, beginning at US$6,163,579 thousand in 2021, decreasing to US$5,359,187 thousand in 2023, and then increasing significantly to US$7,259,610 thousand in 2025. This fluctuation is driven by changes in both current and non-current asset compositions.
- Current Assets
- Current assets demonstrated a substantial decrease from 2021 to 2023, falling from US$3,235,064 thousand to US$1,616,163 thousand. This decline was primarily attributable to a reduction in cash and cash equivalents, alongside a decrease in restricted cash equivalents which disappeared entirely after 2021. However, accounts receivable, net, increased steadily during this period. A notable recovery in current assets occurred in 2025, reaching US$4,430,792 thousand, largely due to a significant increase in cash and cash equivalents and continued growth in accounts receivable, net.
- Cash and Cash Equivalents
- Cash and cash equivalents exhibited the most significant fluctuation. Beginning at US$1,520,504 thousand in 2021, it decreased to a low of US$502,152 thousand in 2023 before rebounding to US$2,487,096 thousand in 2025. This suggests active cash management, potentially involving strategic investments or acquisitions, and/or changes in operating cash flow.
- Accounts Receivable, Net
- Accounts receivable, net, consistently increased throughout the period, rising from US$514,520 thousand in 2021 to US$1,819,366 thousand in 2025. This upward trend could indicate increased sales on credit or a lengthening of the collection period. Further investigation into days sales outstanding would be beneficial.
- Non-Current Assets
- Non-current assets initially increased from US$2,928,515 thousand in 2021 to US$3,908,763 thousand in 2022, then decreased to US$3,557,069 thousand in 2024 before falling to US$2,828,818 thousand in 2025. The primary drivers of these changes were fluctuations in goodwill and intangible assets, net.
- Goodwill and Intangible Assets
- Goodwill increased substantially in 2022 to US$1,823,755 thousand, but then decreased to US$1,539,986 thousand in 2025. Intangible assets, net, experienced a more pronounced decline, decreasing from US$1,709,347 thousand in 2021 to US$396,714 thousand in 2025. These trends suggest potential impairments or amortization of these assets. The decrease in intangible assets is more substantial than the decrease in goodwill.
- Other Asset Components
- Property and equipment, net, and operating lease right-of-use assets both decreased steadily throughout the period, indicating depreciation and lease amortization exceeding new acquisitions. Other assets increased from 2021 to 2024, peaking at US$658,367 thousand, before decreasing slightly in 2025. Equity method investments appeared in 2025 at US$287,666 thousand, representing a new component of non-current assets.
In summary, the asset composition shifted considerably over the five-year period. The company demonstrated a dynamic approach to cash management, while also experiencing changes in the value of its goodwill and intangible assets. The consistent growth in accounts receivable warrants further scrutiny.