Stock Analysis on Net
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
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
Accounts payable
Accrued and other current liabilities
Short-term debt
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-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 balance sheet indicates a significant expansion of the total capital structure, with total liabilities and stockholders' equity growing from approximately 2.6 billion USD in March 2021 to over 7.7 billion USD by March 2026. This growth is characterized by a substantial increase in long-term obligations and a pivot from an accumulated deficit to significant retained earnings.

Liability Profile and Debt Obligations
Total liabilities exhibited a marked increase over the analyzed period, rising from 2.75 billion USD in early 2021 to 5.34 billion USD by March 2026. A pivotal increase occurred in December 2021, where long-term debt jumped from approximately 1.73 billion USD to 3.20 billion USD, establishing a high baseline of long-term leverage that persisted throughout the subsequent years, generally fluctuating between 3.1 billion USD and 3.5 billion USD.
Current liabilities followed a similar upward trajectory, increasing from 486.6 million USD in March 2021 to 1.49 billion USD in March 2026. This growth was primarily driven by accounts payable and accrued liabilities, both of which saw sharp escalations starting in late 2024, suggesting an increase in operational scale or a shift in vendor payment terms.
Equity Evolution and Capital Structure
Stockholders' equity transitioned from a deficit of 129.9 million USD in March 2021 to a positive position of 2.36 billion USD by March 2026. This recovery was initially fueled by a surge in additional paid-in capital in June 2021, which rose to 3.01 billion USD. However, a consistent decline in additional paid-in capital is observed from December 2022 through 2025, decreasing to 446.5 million USD, which may indicate aggressive share repurchase activity.
The most notable trend within the equity section is the reversal of the retained earnings deficit. For several years, the company maintained an accumulated deficit exceeding 1 billion USD. A critical inflection point occurred in December 2024, when retained earnings turned positive at 599.2 million USD, subsequently accelerating to 1.92 billion USD by March 2026. This shift reflects a transition to sustained and substantial net profitability.
Solvency and Risk Observations
The reliance on long-term debt remains a dominant feature of the balance sheet, though the increasing equity base, driven by retained earnings rather than external capital injections, suggests an improving solvency profile. The growth in current liabilities toward the end of the period, particularly the rise in accounts payable to nearly 700 million USD, indicates increased short-term funding requirements to support expanded operations.