Short answer
AppLovin (APP) filed its fiscal 2025 10-K annual report with the SEC on Feb 19, 2026. It reported revenue of $5.5B (+16.4% year over year) and net income of $3.3B.
- Top risk flagged: Regulatory risk from evolving privacy laws, including Apple's IDFA changes and Google's Privacy Sandbox retirement impacting data tracking and advertising effectiveness
FY2025 key financial metrics · XBRL
- Revenue
- $5.5B
- +16.4% YoY
- Net income
- $3.3B
- +111.0% YoY
- Operating margin
- 75.8%
- +36.0 pp YoY
- EPS (diluted)
- $9.75
- +115.2% YoY
- ROE
- 156.2%
- +11.2 pp YoY
- Operating cash flow
- $4.0B
- +89.2% YoY
Source: XBRL data from the AppLovin (APP) FY2025 10-K on SEC EDGAR. USD.
AppLovin FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: AI-powered end-to-end advertising solutions for global audience reach, monetization, and growth
- New emphasis on Connected TV (CTV) segment via Wurl platform, expanding into streaming video and advertising solutions
- Strategic shift toward new verticals including web-based e-commerce and social media, broadening beyond mobile apps
- Notable metric: 898 total employees with 380 (42%) in R&D as of Dec 31, 2025, across 15 countries
- Completed sale of Apps business on June 30, 2025, signaling focus on platform and AI advertising solutions
Management Discussion & Analysis
- Sale of Apps business for $400M cash plus ~20% equity in Tripledot, completed June 30, 2025
- Post-sale operates as single segment; Apps business now discontinued operations
- No details on cash flow, buybacks, dividends, or capex provided
- Forward outlook includes risks from ad ecosystem dependence and execution uncertainties
Risk Factors
- Regulatory risk from evolving privacy laws, including Apple's IDFA changes and Google's Privacy Sandbox retirement impacting data tracking and advertising effectiveness
- Geopolitical cyber threats heightened by conflicts in Ukraine and the Middle East raising risk of state-sponsored cyberattacks on systems and data
- Operational risk from dependence on third-party platforms like Apple App Store and Google Play, with policy changes or outages directly affecting app distribution and revenue
- Competitive risk from advancing AI technologies affecting advertising solutions and requiring ongoing adaptation to maintain market position
- Key-person risk due to reliance on co-founder/CEO Adam Foroughi without key-man insurance and limited employment agreements
Generated from the filing text; verify against the original. How to read a 10-K
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