Analysis of Geographic Areas
AppLovin Corp. operates in 2 regions: United States and Rest of the World.
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Area Asset Turnover
AppLovin Corp., asset turnover by geographic area
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| Rest of the World |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Asset turnover ratios for the geographic areas presented demonstrate differing performance trends over the five-year period. The United States consistently exhibits a higher ratio than the Rest of the World, but shows more volatility. The Rest of the World demonstrates a generally increasing trend, albeit from a lower base.
- United States
- The asset turnover ratio for the United States increased from 65.69 in 2021 to 67.67 in 2022, indicating improved asset utilization. A significant decline was then observed in 2023, falling to 41.39. The ratio partially recovered in 2024, reaching 60.24, and experienced a further, though smaller, decrease to 56.87 in 2025. This pattern suggests potential fluctuations in sales relative to assets within this region, or changes in the asset base itself.
- Rest of the World
- The Rest of the World experienced a decrease in its asset turnover ratio from 29.16 in 2021 to 20.53 in 2022. This downward trend continued in 2023, with the ratio reaching a low of 10.44. However, a recovery began in 2024, increasing to 17.43, and continued into 2025, reaching 27.02. This indicates improving efficiency in asset utilization within this region, though it remains considerably lower than that of the United States.
- Comparative Analysis
- The gap between the asset turnover ratios of the two geographic areas widened considerably in 2023, before narrowing somewhat in 2024 and 2025. While the United States experienced a substantial decline in its ratio during 2023, the Rest of the World’s ratio also decreased, albeit from a lower starting point. The subsequent recoveries in both areas suggest a potential stabilization of asset utilization, but the differing magnitudes and patterns warrant further investigation.
Overall, the asset turnover trends suggest that asset utilization is more efficient in the United States, but also more susceptible to fluctuations. The Rest of the World demonstrates a slower, but consistent, improvement in asset turnover, indicating potential growth in operational efficiency.
Area Asset Turnover: United States
AppLovin Corp.; United States; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Revenue | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Area asset turnover = Revenue ÷ Long-lived assets
= ÷ =
Analysis of the presented financial information reveals fluctuating performance in area asset turnover alongside changes in revenue and long-lived assets. Revenue demonstrates a consistent upward trajectory over the five-year period, while long-lived assets exhibit more volatility. The area asset turnover ratio, calculated from these figures, reflects this dynamic.
- Revenue
- Revenue increased from US$1,687,080 thousand in 2021 to US$2,827,248 thousand in 2025. Growth was particularly strong between 2022 and 2024. This indicates a strengthening ability to generate sales.
- Long-Lived Assets
- Long-lived assets remained relatively stable between 2021 and 2022, at approximately US$25,600 thousand. A significant increase occurred in 2023, reaching US$47,612 thousand, followed by a decrease in 2024 to US$44,641 thousand, and a subsequent rise to US$49,711 thousand in 2025. This suggests potential investment in, or disposal of, long-lived assets during the period.
- Area Asset Turnover
- The area asset turnover ratio initially increased from 65.69 in 2021 to 67.67 in 2022, indicating improved efficiency in asset utilization. A substantial decrease to 41.39 was observed in 2023, coinciding with the significant increase in long-lived assets. The ratio recovered to 60.24 in 2024 and then decreased slightly to 56.87 in 2025. The 2023 decline suggests that the increased investment in long-lived assets did not immediately translate into proportional revenue gains, lowering the efficiency of asset use. The subsequent recovery in 2024 indicates improved asset utilization as revenue continued to grow, but the slight decrease in 2025 warrants further investigation.
The relationship between long-lived assets and area asset turnover suggests that changes in asset base significantly impact the ratio. While revenue consistently increased, the fluctuating asset turnover highlights the importance of monitoring asset investment strategies and their impact on operational efficiency.
Area Asset Turnover: Rest of the World
AppLovin Corp.; Rest of the World; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Revenue | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Area asset turnover = Revenue ÷ Long-lived assets
= ÷ =
Analysis of the Rest of the World geographic area reveals fluctuating performance in asset utilization between 2021 and 2025. Revenue exhibited a generally positive trajectory over the period, while long-lived assets experienced initial growth followed by a decline. The area asset turnover ratio, a measure of efficiency in generating revenue from long-lived assets, mirrored these trends with considerable variation.
- Revenue
- Revenue in the Rest of the World demonstrated an initial decrease from US$1,106,024 thousand in 2021 to US$1,088,100 thousand in 2022. Subsequently, a strong upward trend emerged, with revenue increasing to US$1,312,231 thousand in 2023, US$2,020,255 thousand in 2024, and reaching US$2,653,469 thousand in 2025. This indicates growing market penetration or increased demand within this geographic area.
- Long-lived Assets
- Long-lived assets increased from US$37,927 thousand in 2021 to US$52,995 thousand in 2022, suggesting investment in the region. However, this growth reversed in subsequent years, with assets peaking at US$125,719 thousand in 2023 before declining to US$115,889 thousand in 2024 and further to US$98,191 thousand in 2025. This decrease could be attributed to asset sales, depreciation, or a shift in investment strategy.
- Area Asset Turnover
- The area asset turnover ratio began at 29.16 in 2021, indicating efficient asset utilization. It decreased significantly to 20.53 in 2022, coinciding with the slight revenue decline and asset increase. A further substantial decrease to 10.44 was observed in 2023, likely due to the significant increase in long-lived assets outpacing revenue growth. The ratio recovered to 17.43 in 2024 and increased substantially to 27.02 in 2025, aligning with the accelerated revenue growth and declining asset base. The 2025 ratio approaches the initial 2021 level, suggesting a return to efficient asset utilization.
Overall, the Rest of the World area experienced a period of fluctuating asset efficiency. While revenue demonstrated consistent growth, particularly in the later years, the management of long-lived assets impacted the area asset turnover ratio. The recent trend suggests improved efficiency as revenue growth outpaces asset levels.
Revenue
AppLovin Corp., revenue by geographic area
US$ in thousands
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| Rest of the World | |||||
| Total |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Revenue contributions from the United States and the Rest of the World have both increased over the observed period, with accelerating growth in recent years. While the United States consistently represents the larger portion of revenue, the Rest of the World segment is demonstrating a faster rate of expansion.
- United States Revenue
- Revenue from the United States increased from US$1,687,080 thousand in 2021 to US$2,827,248 thousand in 2025. This represents a cumulative growth of 67.2% over the five-year period. The growth rate appears to have accelerated, with a more substantial increase between 2023 and 2025 compared to earlier periods.
- Rest of the World Revenue
- Revenue from the Rest of the World began at US$1,106,024 thousand in 2021 and reached US$2,653,469 thousand in 2025, a cumulative growth of 139.8%. This segment exhibited a slight decrease in revenue between 2021 and 2022, but has since demonstrated consistent and accelerating growth, surpassing the growth rate observed in the United States.
- Total Revenue
- Total revenue increased from US$2,793,104 thousand in 2021 to US$5,480,717 thousand in 2025, representing a cumulative growth of 96.3%. The most significant increase in total revenue occurred between 2023 and 2025, indicating a period of strong overall performance.
- Revenue Composition
- In 2021, the United States accounted for approximately 60.4% of total revenue, while the Rest of the World contributed 39.6%. By 2025, the United States’ share had decreased to approximately 51.5%, while the Rest of the World’s share increased to 48.5%. This shift suggests a diversification of revenue sources and a growing importance of international markets.
The observed trends indicate a positive trajectory for both geographic segments. The accelerating growth in the Rest of the World segment suggests potential for continued expansion and a more balanced revenue distribution in the future.
Long-lived assets
AppLovin Corp., long-lived assets by geographic area
US$ in thousands
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| Rest of the World | |||||
| Total |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Long-lived assets exhibited significant growth between 2021 and 2023, followed by a period of stabilization and then a decline. A distinct pattern emerges when examining the geographic distribution of these assets, with the ‘Rest of the World’ consistently representing the larger portion of the total and driving the overall trends.
- United States
- Long-lived assets in the United States remained relatively stable between 2021 and 2022, fluctuating around US$25.6 million. A substantial increase was observed in 2023, reaching US$47.6 million, before decreasing to US$44.6 million in 2024 and slightly recovering to US$49.7 million in 2025. This suggests focused investment in 2023 followed by a modest adjustment in subsequent periods.
- Rest of the World
- The ‘Rest of the World’ demonstrated a consistent upward trend from 2021 to 2023, increasing from US$37.9 million to US$125.7 million. This represents a more than threefold increase over the period. A decrease to US$115.9 million occurred in 2024, and a further decline to US$98.2 million was noted in 2025. Despite these decreases, the ‘Rest of the World’ continues to hold the majority of the total long-lived assets.
- Total Long-Lived Assets
- Total long-lived assets increased significantly from US$63.6 million in 2021 to US$173.3 million in 2023, mirroring the growth in the ‘Rest of the World’. A decrease was observed in 2024, with total assets falling to US$160.5 million, and this downward trend continued into 2025, reaching US$147.9 million. The overall trend indicates a period of expansion followed by a contraction in asset holdings.
- Geographic Contribution
- In 2021, the ‘Rest of the World’ accounted for approximately 59.6% of total long-lived assets, while the United States comprised the remaining 40.4%. By 2023, the ‘Rest of the World’s’ contribution increased to approximately 72.7%, with the United States representing 27.3%. In 2025, the ‘Rest of the World’ accounted for approximately 66.3% of the total, and the United States accounted for approximately 33.7%. This demonstrates a shift in asset allocation towards the ‘Rest of the World’ during the analyzed period, although the proportion has decreased slightly in the most recent years.
The observed fluctuations suggest potential strategic shifts in asset allocation, possibly influenced by market conditions or investment opportunities within each geographic region. The decline in total assets in 2024 and 2025 warrants further investigation to determine the underlying causes, such as asset disposals, impairments, or changes in investment strategy.