Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Return on Equity (ROE) since 2021
- Aggregate Accruals
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AppLovin Corp., consolidated cash flow statement (quarterly data)
US$ in thousands
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).
A significant transition in financial performance is observed over the analyzed period, characterized by a shift from volatile earnings and aggressive acquisition spending to a phase of accelerating profitability and substantial cash generation. Net income demonstrates a marked upward trajectory, evolving from periodic losses in 2021 and 2022 to consistent and rapid growth starting in 2023, ultimately exceeding 1.2 billion US dollars by the first quarter of 2026.
- Operating Cash Flow Trends
- Net cash provided by operating activities shows a strong positive correlation with the growth in net income, though it remains consistently higher due to significant non-cash adjustments. Amortization, depreciation, and write-offs provided substantial buffers in the early years, while stock-based compensation remained a consistent add-back throughout the period. The operating cash flow grew from 61.8 million US dollars in March 2021 to approximately 1.29 billion US dollars by March 2026, indicating a highly efficient conversion of earnings into cash.
- Investing Activities and Asset Allocation
- A strategic pivot in investing activities is evident. The period between 2021 and 2022 was marked by aggressive capital deployment toward the acquisition of intangible assets, with peak outflows exceeding 1 billion US dollars in multiple quarters. Subsequent years show a drastic reduction in acquisition spending and a shift toward divestitures, highlighted by a significant cash inflow of 424.7 million US dollars in June 2025 from divestiture proceeds.
- Financing and Capital Structure Management
- Financing activities transitioned from initial capital raising via IPOs and debt issuance to a focus on shareholder returns and debt optimization. A rigorous program of common stock repurchases became a primary use of cash starting in 2023, with quarterly outflows frequently exceeding 500 million US dollars. A notable deleveraging and refinancing event occurred between December 2024 and March 2025, involving a principal debt repayment of 3.54 billion US dollars immediately followed by a debt issuance of 3.54 billion US dollars.
- Working Capital Dynamics
- Changes in operating assets and liabilities have remained a volatile component of cash flow. Accounts receivable and prepaid expenses frequently acted as drags on liquidity, particularly during periods of rapid growth. However, these were periodically offset by increases in accounts payable and accrued liabilities, which provided short-term funding sources to support operational expansion.
Overall, the financial profile indicates a maturation process where the entity has moved from an investment-heavy growth phase into a high-cash-flow generation phase, utilizing its operational strength to fund massive share buybacks and manage its debt obligations.