Stock Analysis on Net

AppLovin Corp. (NASDAQ:APP)

$24.99

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.

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

US$ in thousands

Microsoft Excel
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
Accounts payable
Accrued and other current liabilities
Short-term debt
Deferred revenue
Deferred acquisition costs, current
Current liabilities
Long-term debt
Other non-current liabilities
Non-current liabilities
Total liabilities
Redeemable noncontrolling interest
Preferred stock, $0.00003 par value; no shares issued and outstanding
Convertible preferred stock
Class A, Class B, and Class C Common stock, $0.00003 par value
Additional paid-in capital
Accumulated other comprehensive loss
Retained earnings (accumulated deficit)
Stockholders’ equity (deficit)
Total liabilities, redeemable noncontrolling interest, and stockholders’ equity (deficit)

Based on: 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 liabilities and stockholders’ equity of the company exhibit significant fluctuations over the analyzed period, spanning from March 31, 2021, to December 31, 2025. Total liabilities demonstrate a generally increasing trend, punctuated by periods of decline, while stockholders’ equity experiences substantial volatility, transitioning from a deficit to a positive value and then exhibiting considerable growth.

Current Liabilities
Current liabilities generally increased from approximately US$487 million in March 2021 to a peak of US$1,057 million in December 2022, before decreasing to US$1,334 million by December 2025. Accounts payable consistently represent a substantial portion of current liabilities, increasing from US$158 million in March 2021 to US$747 million in December 2025. Accrued and other current liabilities also show an upward trend, rising from US$134 million to US$539 million over the same period. A notable increase in short-term debt is observed in September 2023, reaching US$215 million, before decreasing to US$36 million in March 2024, and then increasing again to US$200 million in March 2025. Deferred revenue remains relatively stable, fluctuating between US$64 million and US$81 million, while deferred acquisition costs, current, decreased significantly after September 2022.
Non-Current Liabilities
Non-current liabilities are dominated by long-term debt, which remains consistently high, fluctuating around US$3.2 billion to US$3.5 billion throughout the period. A slight increase is observed from US$3.5 billion in December 2024 to US$3.7 billion in December 2025. Other non-current liabilities exhibit a moderate increase, moving from US$127 million in March 2021 to US$278 million in December 2025.
Stockholders’ Equity
Stockholders’ equity began as a deficit of approximately US$130 million in March 2021. A significant turnaround occurred, with equity reaching a peak of over US$2.1 billion in June 2022. While fluctuating, equity continued to grow, reaching US$2.1 billion in December 2025. This growth is primarily driven by increases in additional paid-in capital and retained earnings. Additional paid-in capital increased substantially in the period ending June 2021, and then decreased over time, while accumulated other comprehensive loss remained negative throughout the period. Retained earnings transitioned from a substantial deficit to a positive value, reaching US$1.7 billion by December 2025, indicating improved profitability and earnings retention.
Total Liabilities and Equity
Total liabilities, redeemable noncontrolling interest, and stockholders’ equity demonstrate a substantial increase over the period, rising from US$2.6 billion in March 2021 to US$7.3 billion in December 2025. This increase is primarily attributable to the growth in both total liabilities and stockholders’ equity, with the latter experiencing a more pronounced recovery from its initial deficit position.

The company’s financial position has undergone a notable transformation, moving from a net deficit to a substantial equity position. The increasing levels of both current and non-current liabilities, particularly long-term debt and accounts payable, warrant continued monitoring. The significant growth in retained earnings suggests improved operational performance and profitability.