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AppLovin (APP) Q3 2025 10-Q Quarterly Report

Filed: Nov 5, 2025Period ending Sep 30, 2025
Information Technology
Services-Computer Programming, Data Processing, Etc.SEC EDGAR
AppLovin Overview

AppLovin (APP) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Nov 5, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.

AppLovin Q3 2025 10-Q Analysis

Management Discussion & Analysis

  • • Revenue $1.4B Q3 FY25, up 68% YoY from $835M Q3 FY24, driven by 75% increase in net revenue per installation on Axon Advertising
  • • Net income $836M Q3 FY25 vs $434M Q3 FY24; net margin 59.5% vs 52.0% YoY; Adjusted EBITDA margin 82.4% vs 77.5% YoY
  • • Best segment: Axon Advertising with 75% higher net revenue per installation; worst: reduced installations by 1% YoY
  • • Net cash from operations $2.7B YTD FY25, up from $1.4B YTD FY24; Share repurchases $1.8B in nine months ended Sept 2025
  • • Near-term outlook includes continued R&D and sales investment, global client growth, AI enhancements; risks from platform policy changes noted

Risk Factors

  • • New strategic risk: Indication of interest to US President to explore purchase of TikTok outside China announced April 2025, with potential operational disruptions and significant transaction costs
  • • Updated regulatory risk: EU-U.S. Data Privacy Framework and UK Extension effective 2023, but legal challenges and data transfer uncertainties remain impacting compliance costs
  • • Compliance risk: Increased regulatory scrutiny on AI and privacy laws including California CPRA effective 2023 and FTC’s COPPA rule amendments effective April 2026
  • • Operational risk: Dependence on third-party platforms like Apple and Google exposed to evolving privacy policies such as Apple’s iOS 17 SDK controls and Google Privacy Sandbox retirements
  • • Financial risk: $3.6B senior unsecured notes outstanding plus $1B credit facility; debt covenants and potential refinancing risks could limit operational flexibility

AppLovin Q3 2025 Quarterly Financials
XBRL

Revenue

$1.4B

▲ +17.3% YoY▲ +50.5% QoQ

Net Income

$836M

▲ +92.3% YoY▲ +2.0% QoQ

Operating Margin

76.8%

▲ +3215bp YoY▼ -4468bp QoQ

Net Margin

59.5%

▲ +2321bp YoY▼ -2830bp QoQ

ROE

56.7%

Total Assets

$6.3B

EPS (Diluted)

$2.45

▲ +96.0% YoY▲ +2.5% QoQ

Operating Cash Flow

$1.1B

▲ +91.3% YoY▲ +36.4% QoQ

Source: XBRL data from AppLovin Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.

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