Stock Analysis on Net
Stock Analysis on Net

AppLovin Corp. (NASDAQ:APP)

$24.99

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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AppLovin Corp., consolidated income statement (quarterly data)

US$ in thousands

Microsoft Excel
3 months ended: Mar 31, 2026 Dec 31, 2025 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
Revenue
Cost of revenue
Gross profit
Sales and marketing
Research and development
General and administrative
Income (loss) from operations
Interest expense
Other income (expense), net
Other expense, net
Income (loss) before income taxes
(Provision for) benefit from income taxes
Net income (loss) from continuing operations
Income (loss) from discontinued operations, net of income taxes
Net income (loss)
Net loss attributable to noncontrolling interest
Net income (loss) attributable to AppLovin

Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).

The financial trajectory of the company is characterized by a transition from operational volatility and marginal profitability between 2021 and 2022 to a period of aggressive revenue growth and significant margin expansion starting in 2023. A pronounced shift in the cost structure is evident in 2025, where a substantial reduction in both the cost of revenue and operating expenses accelerated the growth of net income.

Revenue and Gross Profitability
Revenue demonstrates a consistent upward trend, increasing from 603.8 million USD in March 2021 to 1.84 billion USD by March 2026. While growth was steady through 2022, it accelerated markedly from 2023 onwards. Gross profit followed a similar trajectory, scaling from 380.8 million USD to 1.64 billion USD over the same period. The gross margin improved significantly, particularly from March 2025, when the cost of revenue decreased sharply from approximately 320 million USD in the previous quarter to 151.6 million USD, indicating a fundamental improvement in production efficiency or a shift in the revenue mix.
Operating Expense Management
Operating expenses exhibited varying patterns across different categories. Sales and marketing expenses remained relatively high and stable between 2021 and 2024, fluctuating around 200 million to 300 million USD, before dropping precipitously to approximately 60 million USD in 2025. Research and development costs showed a general increase through 2024, peaking at 169.4 million USD in December 2024, followed by a significant reduction in early 2025. General and administrative expenses remained the most stable component of the operating structure, generally staying within a range of 30 million to 68 million USD.
Operating Income and Leverage
Income from operations reflects strong operating leverage. After experiencing fluctuations and losses in 2022, operating income entered a phase of exponential growth. The figure rose from 61 million USD in March 2023 to 1.44 billion USD by March 2026. This growth was driven not only by increasing revenue but also by the aggressive reduction in operational overhead during 2025, which allowed a larger proportion of each dollar of revenue to flow directly to operating profit.
Net Income and Bottom-Line Performance
Net income attributable to the company transitioned from periodic losses and break-even results in 2021 and 2022 to consistent and rapid growth. Net income rose from a loss of 10.5 million USD in March 2021 to 1.2 billion USD by March 2026. Although discontinued operations caused some volatility in the overall net income during 2024 and 2025, the core profitability from continuing operations remained robust, reflecting a significant increase in net profit margins over the analyzed period.
Interest and Other Expenses
Interest expenses remained a persistent cost, typically ranging between 50 million and 94 million USD per quarter. However, the impact of these expenses on the bottom line diminished as operating income grew. Other income and expenses showed high volatility, with notable fluctuations in 2025 and 2026, though they became less material relative to the scale of the company's operating profits.