Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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AppLovin Corp., consolidated income statement
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).
The income statement reveals a significant evolution in financial performance over the five-year period. Initially, the company experienced challenges in maintaining profitability, but demonstrated substantial improvement in later years, culminating in strong net income.
- Revenue Growth
- Revenue exhibited a consistent upward trajectory, increasing from US$2,793.104 million in 2021 to US$5,480.717 million in 2025. The most substantial growth occurred between 2023 and 2024, with an increase of approximately 41.8%. While growth continued into 2025, the rate of increase slowed compared to the prior year.
- Profitability Analysis
- Gross profit followed a similar upward trend as revenue, rising from US$1,805.009 million in 2021 to US$4,815.577 million in 2025. However, the company experienced a decrease in gross profit in 2022. Income from operations demonstrated a dramatic turnaround, moving from a loss of US$-47.791 million in 2022 to a profit of US$4,151.914 million in 2025. This improvement was driven by revenue growth and effective cost management, particularly in sales and marketing expenses.
- Cost Structure
- Cost of revenue initially increased from 2021 to 2022, but decreased significantly in 2023 and continued to decline through 2025. Sales and marketing expenses decreased substantially from 2021 to 2025, indicating improved marketing efficiency or a shift in strategy. Research and development expenses remained relatively high throughout the period, although they decreased in 2025. General and administrative expenses remained relatively stable until 2025, when they increased.
- Net Income Trend
- Net income exhibited significant volatility. The company reported a net income of US$35.338 million in 2021, followed by a substantial net loss of US$-192.947 million in 2022. Net income recovered strongly in 2023 and continued to increase significantly in 2024 and 2025, reaching US$3,333.751 million. A loss from discontinued operations impacted net income in 2025, but the overall result remained strongly positive.
- Interest and Other Expenses
- Interest expense and loss on settlement of debt remained consistently high throughout the period, although it decreased slightly in 2025. Other expense, net, also remained substantial, contributing to a drag on profitability. Other income, net, was relatively small but positive in all years.
- Tax Impact
- The provision for income taxes fluctuated considerably. A benefit from income taxes was recorded in 2022, while a significant expense was recorded in 2025, reflecting the company’s improved profitability and tax obligations.
Overall, the financial performance demonstrated a substantial recovery and growth trajectory. The company successfully navigated initial challenges and achieved significant profitability by 2025, driven by revenue growth, cost control, and improved operational efficiency.