Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

AppLovin Corp., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in thousands

	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
Accounts payable	553,692)	595,219)	563,427)	427,817)	387,507)	390,079)	371,702)	281,103)	260,847)	282,948)	273,196)	261,515)	283,397)	369,659)	258,220)	208,539)	192,658)	158,023)
Accrued and other current liabilities	495,218)	541,381)	424,206)	240,275)	232,334)	256,402)	278,861)	208,868)	187,080)	194,696)	177,389)	157,654)	183,238)	184,092)	169,536)	170,963)	172,877)	134,494)
Short-term debt	—)	200,000)	—)	35,563)	35,563)	35,563)	215,000)	215,000)	33,310)	33,310)	33,310)	33,310)	33,310)	29,560)	25,810)	18,310)	18,310)	18,310)
Deferred revenue	44,975)	72,624)	69,839)	75,881)	74,187)	80,480)	78,559)	77,899)	74,307)	66,898)	64,018)	65,433)	68,925)	76,115)	78,930)	84,884)	90,054)	85,892)
Deferred acquisition costs, current	—)	—)	—)	—)	—)	—)	—)	22,604)	36,396)	41,718)	31,045)	25,721)	75,719)	125,691)	107,601)	87,072)	129,280)	89,877)
Current liabilities	1,093,885)	1,409,224)	1,057,472)	779,536)	729,591)	762,524)	944,122)	805,474)	591,940)	619,570)	578,958)	543,633)	644,589)	785,117)	640,097)	569,768)	603,179)	486,596)
Long-term debt	3,510,958)	3,509,964)	3,508,983)	3,474,456)	3,482,166)	3,489,891)	2,905,906)	2,912,302)	3,166,759)	3,172,563)	3,178,412)	3,184,221)	3,190,047)	3,195,919)	3,201,834)	1,731,020)	1,733,676)	2,137,612)
Other non-current liabilities	187,527)	212,092)	212,986)	250,286)	242,873)	249,898)	252,830)	191,662)	206,021)	225,127)	187,799)	195,642)	188,908)	173,702)	183,357)	217,753)	265,079)	126,913)
Non-current liabilities	3,698,485)	3,722,056)	3,721,969)	3,724,742)	3,725,039)	3,739,789)	3,158,736)	3,103,964)	3,372,780)	3,397,690)	3,366,211)	3,379,863)	3,378,955)	3,369,621)	3,385,191)	1,948,773)	1,998,755)	2,264,525)
Total liabilities	4,792,370)	5,131,280)	4,779,441)	4,504,278)	4,454,630)	4,502,313)	4,102,858)	3,909,438)	3,964,720)	4,017,260)	3,945,169)	3,923,496)	4,023,544)	4,154,738)	4,025,288)	2,518,541)	2,601,934)	2,751,121)
Redeemable noncontrolling interest	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	109)	160)	201)	160)	196)	255)
Preferred stock, $0.00003 par value; no shares issued and outstanding	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Convertible preferred stock	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	399,589)
Class A, Class B, and Class C Common stock, $0.00003 par value	11)	11)	11)	11)	11)	11)	11)	11)	11)	11)	11)	11)	11)	11)	11)	11)	11)	7)
Additional paid-in capital	448,899)	474,642)	593,699)	992,588)	1,172,290)	1,420,895)	2,134,581)	2,174,658)	2,687,780)	3,146,163)	3,155,748)	3,112,224)	3,149,474)	3,163,481)	3,160,487)	3,084,928)	3,015,233)	493,465)
Accumulated other comprehensive loss	(5,149)	(73,185)	(103,096)	(54,393)	(90,628)	(83,896)	(65,274)	(93,657)	(76,530)	(73,376)	(83,382)	(140,145)	(128,351)	(58,986)	(45,454)	(27,560)	(9,305)	(117)
Retained earnings (accumulated deficit)	723,366)	173,953)	599,204)	—)	(266,837)	(576,806)	(812,989)	(985,222)	(1,093,861)	(1,174,218)	(1,169,700)	(1,090,188)	(1,113,959)	(1,092,211)	(976,954)	(1,008,320)	(1,008,498)	(1,022,921)
Stockholders’ equity (deficit)	1,167,127)	575,421)	1,089,818)	938,206)	814,836)	760,204)	1,256,329)	1,095,790)	1,517,400)	1,898,580)	1,902,677)	1,881,902)	1,907,175)	2,012,295)	2,138,090)	2,049,059)	1,997,441)	(129,977)
Total liabilities, redeemable noncontrolling interest, and stockholders’ equity (deficit)	5,959,497)	5,706,701)	5,869,259)	5,442,484)	5,269,466)	5,262,517)	5,359,187)	5,005,228)	5,482,120)	5,915,840)	5,847,846)	5,805,398)	5,930,828)	6,167,193)	6,163,579)	4,567,760)	4,599,571)	2,621,399)

The quarterly financial data exhibits several notable trends in liabilities, equity, and overall capitalization over the reported periods.

Current Liabilities: Current liabilities fluctuate significantly, peaking at over $1.4 billion in June 2025 from $486.6 million in March 2021. Accounts payable showed a general upward trend, rising from $158.0 million in March 2021 to a high of $595.2 million in June 2025, before a slight decline. Accrued and other current liabilities also increased substantially, with notable volatility and a sharp rise near the end of the timeline, reaching $541.4 million in June 2025. Short-term debt remained relatively stable around $18-33 million until it surged dramatically to $215 million in September and December 2023, followed by another increase to $200 million in June 2025 despite gaps in the data. Deferred revenue generally declined over the periods, dropping from about $85.9 million in March 2021 to $44.9 million in March 2025, indicating possible changes in revenue recognition or contract timing. Deferred acquisition costs decreased markedly by the end of the available data, reflecting potential shifts in customer acquisition strategies or expenses.
Non-current Liabilities: Long-term debt remained consistently the largest component of non-current liabilities, hovering around $3.2 to $3.5 billion throughout the timeline. A minor decrease was observed towards late 2023, but it rebounded subsequently. Other non-current liabilities showed variability without a clear upward or downward trend, fluctuating between approximately $127 million and $252 million. Overall, total non-current liabilities stayed relatively stable around the $3.7 billion mark with minor fluctuations.
Total Liabilities: Total liabilities saw an increase from approximately $2.75 billion in March 2021 to a peak above $5.13 billion in June 2025, reflecting growth in both current and non-current obligations. There was a notable spike in liabilities during late 2021 and early 2022, driven primarily by current liabilities, before stabilizing and increasing steadily through the end of the period.
Stockholders’ Equity and Retained Earnings: Stockholders’ equity moved from a negative position near -$130 thousand in March 2021 to a peak of roughly $2.14 billion in December 2021. Subsequently, equity declined substantially, with fluctuations and a maintained downward trend through mid-2024, dropping as low as $593.7 thousand in December 2024 before rebounding somewhat to reach $1.17 billion by June 2025. Retained earnings (accumulated deficit) showed a deepening deficit initially, reaching nearly -$1.17 billion in March 2023, followed by a recovery into positive territory by early 2025, indicating improvements in profitability or retained profit adjustments.
Capital Structure and Paid-in Capital: Additional paid-in capital exhibited a volatile pattern, rising sharply from $493 million in March 2021 to over $3.16 billion by December 2021, then declining steadily to under $450 million by June 2025. This suggests considerable equity financing activity early on, followed by potential equity reduction or buybacks over time. Common stock remained stable in number with minimal par value impact.
Other Observations: Accumulated other comprehensive loss increased negatively through 2022, indicating growing valuation losses or other comprehensive negative adjustments, but improved toward June 2025 with a significant reduction in loss magnitude. Redeemable noncontrolling interest was negligible and reduced to zero in later periods.

Overall, the financial data reveal increasing leverage with a significant rise in total liabilities, especially current liabilities, supported by volatile equity levels that mirror financing activities. The transition of retained earnings from a deficit to positive values near the end of the timeline signals a recovery in accumulated profits. The elevated and variable short-term debt in certain periods could denote refinancing or liquidity management strategies. The decrease in deferred revenue potentially points to changes in revenue recognition policies or business contract structures.

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AppLovin Corp. (NASDAQ:APP)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data