Income Statement
Quarterly Data
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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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Capital Asset Pricing Model (CAPM)
- Price to Earnings (P/E) since 2021
- Price to Operating Profit (P/OP) since 2021
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AppLovin Corp., consolidated income statement (quarterly data)
US$ in thousands
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).
- Revenue Trends
- Revenue shows a general upward trend over the analyzed quarterly periods, increasing from approximately $604 million in the first quarter of 2021 to highs exceeding $1.37 billion by the end of 2024. This growth is somewhat volatile, with some quarters in 2022 showing declines compared to prior periods, but the overall trajectory remains strongly positive. The increases accelerate notably in late 2023 and throughout 2024 into early 2025.
- Cost of Revenue
- The cost of revenue exhibits fluctuations but remains significantly below revenue levels, maintaining positive gross margins. Although there is an increase in absolute cost levels by the end of 2024, the cost spikes appear less consistent than revenue growth, showing some quarters with substantial rises such as Q4 2022. Notably, in Q1 2025, the cost of revenue drastically drops compared to previous quarters, indicating a potential change in cost structure or operational efficiency.
- Gross Profit
- Gross profit generally follows the revenue trend, increasing substantially from roughly $381 million in early 2021 to over $1.2 billion by the end of 2024. Despite the volatility in costs, gross profit reflects a steady margin improvement, particularly from early 2023 onwards, signaling enhanced profitability at the core operational level.
- Operating Expenses
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- Sales and Marketing
- Sales and marketing expenses display considerable variation with no consistent upward or downward trend. Initial quarters show higher expenditures, with a notable reduction in mid-2022 followed by a gradual increase again, and a sharp decline during 2025, suggesting cost-cutting or restructuring of marketing efforts.
- Research and Development
- Research and development costs fluctuate but remain a significant expenditure. There is an upward trend during 2021 and 2022, peaking towards late 2022 and early 2023, then reducing sharply by 2025, indicating possible optimization or project completion phases.
- General and Administrative
- These expenses are generally stable with slight fluctuations, with occasional dips and spikes. A large increase occurs in Q4 2024, followed by a decline in 2025, which might reflect administrative restructuring or one-time charges.
- Operational Income
- Income from operations is positive and improving over the period, shifting from minor profits in early 2021 to strong growth, exceeding $1 billion by late 2024 and early 2025. However, there are intermittent quarters with losses, notably in early 2022 and Q4 2022, signaling periods of operational challenges or investments.
- Interest and Other Non-operating Items
- Interest expense remains consistently significant and generally increasing over time, which could indicate rising debt or financing costs. Other income/expense items are volatile, with occasional sizable positive or negative impacts, especially in late 2022 and 2024, suggesting occasional non-recurring gains or losses affecting net income.
- Income Before Taxes and Tax Provision
- Income before tax follows the operational income pattern, with positive growth over time, albeit with fluctuations similar to operational income. Tax provisions vary considerably, with some quarters showing tax benefits and others significant tax charges, reflecting changing profitability and jurisdictional impacts. Notably, tax provision swings are large during 2023 and 2024.
- Net Income
- Net income from continuing operations transitions from losses and modest profits in early 2021 to experiencing strong consistent profitability, rising to several hundred million dollars by the end of 2024 and early 2025. Discontinued operations contribute significantly negative amounts late in the data period, influencing overall net income volatility. The consolidated net income attributable to the company reflects this improved profitability trajectory, with marked increases in the last few quarters reported.
- Summary Insight
- The company demonstrates notable revenue growth and improving operational profitability over the observed quarters. Cost management, particularly in sales, marketing, and research and development, shows signs of tightening in late periods, contributing to increased income from operations and net income. Despite some temporary operational losses and volatility in non-operating expenses and tax provisions, the general financial health and earnings capacity appear to be strengthening towards the later periods. The sharp decline in costs and expenses in early 2025, along with sustained high revenues, underscores improved operational efficiency or strategic shifts.