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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Enterprise Value (EV)
- Selected Financial Data since 2021
- Return on Assets (ROA) since 2021
- Total Asset Turnover since 2021
- 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: 2025-06-30), 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
- The company’s revenue exhibited an overall upward trend over the observed periods, increasing from approximately $604 million in March 2021 to over $1.25 billion by June 2025. Despite some fluctuations, including a decline between December 2021 and March 2022 and again in late 2024 to early 2025, the general trend indicates steady growth with notable acceleration in 2023 and 2024.
- Cost of Revenue
- The cost of revenue displayed variability throughout the timeline, initially rising from about $223 million in March 2021 to a peak near $369 million at the end of 2021. After a period of moderation in 2023, the cost dropped considerably in early 2025 to near $151 million, suggesting improved cost management or changes in cost structure relative to revenue.
- Gross Profit
- Gross profit mirrored the revenue trend with an increase from roughly $381 million in the first quarter of 2021 to over $1.1 billion by mid-2025. However, the gross profit margin fluctuated, with a significant dip observed around the end of 2021 and early 2022. The rising gross profit from 2023 onward signals stronger operational performance and improved profitability at the gross level.
- Sales and Marketing Expenses
- Sales and marketing expenses were relatively high and consistent initially, peaking at approximately $314 million in December 2021. Subsequently, these expenses declined and remained lower throughout 2023 and 2024, with a significant reduction recorded in 2025. This decrease suggests a strategic shift toward more efficient customer acquisition or reduced spending in this area.
- Research and Development (R&D) Expenses
- R&D expenses increased notably from $61 million in the first quarter of 2021 to more than $169 million in late 2024, showing prioritization of innovation and product development initiatives. However, a sharp decline occurred in 2025, with R&D costs dropping to less than $56 million in March and $44 million by June, possibly reflecting a restructuring or completion of major projects.
- General and Administrative (G&A) Expenses
- G&A expenses varied over the period without a clear consistent pattern. They peaked at around $60 million in late 2024 but showed a decrease in early 2023 and later periods. Such fluctuations might indicate adjustments to administrative overhead or changes in organizational structure.
- Operating Income (Loss)
- Operating income showed significant volatility, starting with positive values through 2021, followed by a substantial operating loss in early 2022. From mid-2022 onward, operating income recovered strongly, reaching nearly $958 million by June 2025. This recovery highlights improved operational efficiency and expense management after the loss period.
- Interest Expense
- Interest expense generally increased over the timeframe, rising from approximately $35 million in March 2021 to peaks exceeding $94 million in late 2024. However, a notable decrease occurred by mid-2025, potentially indicating debt repayment or refinancing activities.
- Other Income (Expense), Net
- Other net income and expenses fluctuated considerably, reflecting irregular gains and losses. Notable positive spikes occurred in early 2023 and late 2023, while negative net figures appeared in several quarters, especially toward the end of the period analyzed, signaling potential non-operational volatility.
- Income (Loss) Before Income Taxes
- The company’s income before tax experienced considerable variations, moving from small gains in early 2021 to substantial losses in early 2022, followed by strong earnings growth, culminating close to $884 million income by June 2025. This progression mirrors improvements in operational performance offset intermittently by higher expenses or losses.
- Provision for Income Taxes
- Income tax provisions showed inconsistency, with notable tax benefits during loss periods and higher tax charges aligned with profitability spikes. Tax expenses increased substantially in profitable quarters of 2023 and 2024 but showed a complex pattern due to the timing of income recognition and tax planning effects.
- Net Income from Continuing Operations
- Net income from continuing operations moved from negative and marginal values early on to robust positive results by mid-2025, exceeding $770 million. The company managed to transition from loss-making quarters in early 2022 to sustained profitability, reflecting overall growth and enhanced cost controls.
- Net Income (Loss)
- Reported net income echoes the pattern of continuing operations but includes a significant loss from discontinued operations in early 2025, impacting net profitability in that quarter. Despite this, the overall trajectory remains positive, with net income improving substantially over the observed period.
- Net Income Attributable to the Company
- The net income attributable to the company's shareholders followed the consolidated net income trend, indicating the majority of earnings or losses were attributable to the parent entity. The company moved from losses to consistent and growing profitability by 2025, showcasing successful operational turnarounds and growth strategies.