Q2 2026 revenue reached $1.92 billion, up 53% year-over-year, driven by improved AppLovin Ads performance: net revenue per installation rose 58% while installation volume declined 2%. Adjusted EBITDA was $1.61 billion, reflecting an 83.9% margin versus 80.9% in the prior-year quarter. Revenue was roughly evenly split between the U.S. ($989.6M) and the rest of the world ($934.1M).
Research and development expense more than doubled to $99.9 million in the quarter (up 127% YoY), driven primarily by a $54.8 million increase in personnel-related stock-based compensation for engineering talent. Management states it is continuing to invest in enhancements to its Axon AI advertising recommendation system and expanding into new verticals beyond mobile gaming, including e-commerce and connected TV (via its Wurl platform).
The company has a multi-year cloud computing commitment (amended in August 2024) to spend a minimum of $1.3 billion over three years; $953.5 million had been paid by June 30, 2026. Datacenter costs, the largest component of cost of revenue, increased 40% YoY to $181.0 million for the quarter, reflecting network infrastructure growth tied to higher advertising volume.
During the three months ended June 30, 2026, AppLovin repurchased 1,105,000 shares of Class A common stock at average prices of $425.69, $481.10, and $511.61 in April, May, and June, respectively, spending approximately $532 million in the quarter ($1.5 billion for the six-month period). Approximately $1.8 billion remained available under the repurchase program as of June 30, 2026.
AppLovin recognized $18.0 million in related-party revenue in Q2 2026 from Tripledot and its subsidiaries' use of AppLovin Ads, net of amounts payable to them as publishers. Tripledot is the acquirer of AppLovin's former Apps Business (sold June 30, 2025 for $715.6 million in cash and Tripledot equity), and AppLovin holds an equity-method investment representing approximately 22% of Tripledot's outstanding shares.
(Filed on May 6, 2026)
+59.0%
88.9%
$2.8B
Revenue of $1.84 billion for Q1 2026, up 59% year-over-year, driven primarily by Axon Ads Manager improvements where net revenue per installation increased 93%, partially offset by an 18% decline in installation volume; U.S. revenue was $907.2 million and rest-of-world revenue was $935.2 million (up 72% YoY from $543.3 million).
Adjusted EBITDA reached $1.56 billion, an 84.5% margin, versus $937.8 million at 80.9% margin in Q1 2025; operating income was $1.44 billion (78% of revenue vs. 72% prior year). R&D expense increased 67% to $94.1 million, driven by a $36.5 million rise in personnel costs tied to stock-based compensation related to Axon AI development.
Datacenter and infrastructure costs scaled with operations: segment-level datacenter costs were $162.2 million (up from $122.4 million in Q1 2025), reflecting continued expansion under the company's amended August 2024 agreement committing a minimum $1.3 billion in spending with a cloud computing provider over three years; $780.4 million had been paid toward that commitment as of March 31, 2026.
AppLovin recognized $24.8 million in revenue from Tripledot and its subsidiaries' use of Axon Ads Manager during the quarter (advertiser spend net of amounts paid to them as publishers). Tripledot is an equity-method investment resulting from the June 2025 divestiture of the Apps Business.
Dmitriy Dorosh, the company's principal accounting officer, tendered his resignation effective May 31, 2026; CFO Matthew Stumpf will assume the role. The filing states the departure was not the result of any disagreement regarding operations, policies, or procedures.
(Filed on February 19, 2026)
+65.9%
88.9%
$2.5B
Q4 2025 – Capital allocation: In October 2025, AppLovin's board authorized a $3.2 billion increase to its share repurchase program, bringing remaining authorization to approximately $3.3 billion. During Q4, the company repurchased 660,000 shares of Class A common stock (588,000 in October at an average of $620.79; 72,000 in November at $617.64; none in December). Annual context: full-year 2025 repurchases totaled 5.5 million shares for $2.2 billion.
Q4 2025 – Securities litigation: In November 2025, AppLovin filed a motion to dismiss the Amended Complaint (filed September 12, 2025) in the Brownback securities class action, which alleges materially false statements regarding the company's advertising solutions and financial growth over a class period of November 2024 through March 2025; a hearing is scheduled for March 2026. Consolidated shareholder derivative suits remain stayed pending resolution of the motion.
Q4 2025 – Sector/platform development: In October 2025, Google retired its Privacy Sandbox initiative and announced plans to discontinue most associated technologies across Chrome and Android. The filing characterizes the aggregate impact of third-party platform privacy changes to date as 'relatively muted' on AppLovin's results but cautions that ultimate effects remain uncertain.
Annual context (not Q4-specific): In June 2025, AppLovin completed the sale of its Apps business to Tripledot for $400 million cash plus ~22% of Tripledot's outstanding ordinary shares (valued at $285 million), recording a pre-tax gain of $106.2 million. Post-divestiture, the company operates as a single reportable segment centered on its AI-powered advertising solutions (Axon Ads Manager, MAX, Adjust, Wurl). Full-year 2025 revenue was $5.48 billion, up 70% year-over-year, driven by Axon Ads Manager with net revenue per installation up 72% and installation volume up 3%; Adjusted EBITDA margin reached 82.3%.
(Filed on November 5, 2025)
+68.2%
87.6%
$1.7B
AppLovin completed the divestiture of its Apps Business to Tripledot on June 30, 2025, for $715.6 million in total consideration ($430.6M cash plus 596.9M Tripledot shares valued at $285M, representing ~22% of Tripledot's outstanding shares). The company recorded a $188.9M non-cash goodwill impairment for the Apps reporting unit in Q1 2025 and now operates as a single reportable segment comprising Axon Advertising, MAX, Adjust, and Wurl. A Transition Services Agreement provides up to six months of administrative support to Tripledot post-closing.
Q3 2025 revenue from continuing operations grew 68% year-over-year to $1.405 billion, driven primarily by improved Axon Advertising performance: net revenue per installation increased 75% while installation volume declined 1%, indicating the growth is AI-driven monetization efficiency rather than volume expansion. Adjusted EBITDA reached $1.158 billion (82.4% margin) versus $647.0 million (77.5%) in the prior-year quarter. 51% of Q3 revenue was generated outside the United States.
In April 2025, AppLovin provided an indication of interest to the President of the United States to explore a purchase of TikTok in all markets outside of China. The filing characterizes this as preliminary with no assurance a transaction will proceed, and notes any such transaction would likely require issuance of a significant amount of equity. No definitive agreement had been reached as of the filing date.
AppLovin has committed to a minimum $1.3 billion in spending over three years with a cloud services provider (amended August 2024) to support its AI infrastructure. By September 30, 2025, the company had made cumulative payments of $485.1 million toward this commitment. Q3 cost of revenue rose 45% YoY to $174.9 million, driven by a $53.1M increase in network infrastructure operating expenses tied to business growth. R&D expense fell 46% YoY to $43.9M, primarily due to lower stock-based compensation.
In October 2025, AppLovin opened a public referral program to onboard customers to Axon Ads Manager, its self-serve advertising platform, with a broader launch expected in the first half of 2026. The company states it is investing in direct sales, product development, and education to drive adoption in new verticals outside mobile gaming, including e-commerce and CTV. Additionally, the board authorized a $3.2 billion increase to the share repurchase program in October 2025, bringing total available capacity to approximately $3.3 billion, and granted 0.9 million performance-based RSUs (estimated grant-date fair value $410.5M) to key engineering employees tied to market capitalization milestones.
