AppLovin (APP) · Internet & Advertising
AppLovin Q2 2026 earnings: summary, key numbers & outlook
Results filed 5 Aug 2026 · Quarter ended 30 Jun 2026
Slides (8 pages)Official transcript (PDF) ↗Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
AppLovin reported second quarter 2026 revenue of $1,924 million, up 53%, net income of $1,267 million, up 55%, and Adjusted EBITDA of $1,614 million, up 58%.
AppLovin's advertising platform grew quickly in the second quarter of 2026. Revenue was $1,924 million, up 53% from a year ago. Net income was $1,267 million, up 55%, a 66% net margin. Adjusted EBITDA, a non-GAAP profit measure, was $1,614 million, an 84% margin. Free Cash Flow was $863.3 million. The company repurchased and withheld 1.1 million shares for $551.3 million and ended the quarter with $3,053,306 thousand in cash.
For the third quarter of 2026, management guided revenue to $2,055 million to $2,085 million and Adjusted EBITDA to $1,710 million to $1,740 million, an 83% margin. That points to continued growth, though the 83% margin is slightly below this quarter's 84%. The main risks the company lists are forecasting difficulty, competition in advertising, the macroeconomy and keeping up with new technologies. No call transcript was provided, so management commentary is not covered.
Slides & documents
Open the slide deck (PDF, 8 pages) ↗
Showing the first 6 of 8 pages.
From AppLovin investor relations
SEC filing
Key numbers
- Revenue · GAAP
- $1.9B
- Net income · GAAP
- $1.3B
- Diluted EPS · GAAP
- $3.76
- Income from operations · GAAP
- $1.5B
- Net cash from operating activities · GAAP
- $869.0 million
- Free Cash Flow · non-GAAP
- $863.3 million
- Adjusted EBITDA · non-GAAP
- $1.6B
- Adjusted EBITDA margin · non-GAAP
- 84%
up 53% from a year ago
up 55% from a year ago
up from $2.39 a year ago
up from 957,682 a year ago
up 58% from a year ago
up from 81% a year ago
| Segment or metric | Value | Change |
|---|---|---|
| Six-month revenue | $3.8B | up 56% |
| Six-month net income | $2.5B | up 77% |
| Cash and cash equivalents | $3.1B | up from $2,487,096 at December 31, 2025 |
| Share repurchases and withholdings, total cost | $551.3 million | |
| Shares outstanding | 335 million |
Where each number comes from
- Revenue: “(In millions, except percentages) | 2026 | 2025 | % Change | 2026 | 2025 | % Change Revenue | $1,924 | $1,259 | 53% | $3,766 | $2,418 | 56%”
- Net income: “Net Income | $1,267 | $820 | 55% | $2,472 | $1,396 | 77% Net Income from Continuing Operations | $1,267 | $772 | 64%”
- Diluted EPS: “Basic and Diluted earnings per share ("EPS") were $3.77 and $3.76, respectively, for the second quarter 2026.”
- Income from operations: “Total costs and expenses | 429,409 | 301,072 | 831,925 | 620,064 Income from operations | 1,494,277 | 957,682 | 2,934,210 | 1,797,664”
- Net cash from operating activities: “Net cash from operating activities was $869.0 million and Free Cash Flow was $863.3 million for the second quarter 2026.”
- Free Cash Flow: “Net cash from operating activities was $869.0 million and Free Cash Flow was $863.3 million for the second quarter 2026.”
- Adjusted EBITDA: “Adjusted EBITDA | $1,614 | $1,018 | 58% | $3,171 | $1,956 | 62% Additional Financial Highlights: ●Net cash from operating activities was $869.0 million”
- Adjusted EBITDA margin: “Adjusted EBITDA | $1,613,823 | $1,018,347 | $1,018,347 | $3,170,742 | $1,956,119 Adjusted EBITDA margin | 84% | 81% | 84% | 81%”
- Six-month revenue: “(In millions, except percentages) | 2026 | 2025 | % Change | 2026 | 2025 | % Change Revenue | $1,924 | $1,259 | 53% | $3,766 | $2,418 | 56%”
- Six-month net income: “Net Income | $1,267 | $820 | 55% | $2,472 | $1,396 | 77% Net Income from Continuing Operations | $1,267 | $772 | 64%”
- Cash and cash equivalents: “Current assets: Cash and cash equivalents | $3,053,306 | $2,487,096 Accounts receivable, net | 2,171,017 | 1,819,366”
- Share repurchases and withholdings, total cost: “we repurchased and withheld 1.1 million shares of our Class A common stock, for a total cost of $551.3 million1.”
- Shares outstanding: “At the end of 2Q 2026, we had 335 million shares of our Class A and Class B common stock outstanding.”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $1.9B | +52.8% | +4.4% |
| Operating income | $1.5B | +56.0% | +3.8% |
| Net income | $1.3B | +54.5% | +5.1% |
| Diluted EPS | $3.76 | +57.3% | +5.6% |
| Operating margin | 77.7% | +1.6 pts | −0.5 pts |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Revenue (USD millions) | third quarter of 2026 | $2,055 | $2,085 |
| Adjusted EBITDA (USD millions) | third quarter of 2026 | 1,710 | 1,740 |
| Adjusted EBITDA margin | third quarter of 2026 | 83% | 83% |
Key takeaways
Revenue grew 53% to $1,924 million
Second quarter 2026 revenue was $1,924 million versus $1,259 million a year ago. Six-month revenue was $3,766 million, up 56%.
Adjusted EBITDA margin reached 84%
Adjusted EBITDA was $1,614 million, up 58%, against an 81% margin a year ago. Net income was $1,267 million, a 66% net margin.
Cash generation stayed strong
Net cash from operating activities was $869.0 million and Free Cash Flow was $863.3 million. Cash and cash equivalents rose to $3,053,306 thousand from $2,487,096 thousand at year end.
Buybacks continued at $551.3 million
AppLovin repurchased and withheld 1.1 million shares for $551.3 million. Shares outstanding were 335 million at quarter end.
Third quarter guidance implies further growth
Management guided revenue to $2,055 million to $2,085 million and Adjusted EBITDA to $1,710 million to $1,740 million. The guided Adjusted EBITDA margin is 83%, versus 84% this quarter.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 2024 | $999.5M * |
| Q1 2025 | $1.2B |
| Q2 2025 | $1.3B |
| Q3 2025 | $1.4B |
| Q4 2025 | $1.7B * |
| Q1 2026 | $1.8B |
| Q2 2026 | $1.9B |
| Q3 2026 | $2.2B |
Data
| Q1 2025 | $1.67 |
| Q2 2025 | $2.39 |
| Q3 2025 | $2.45 |
| Q1 2026 | $3.56 |
| Q2 2026 | $3.76 |
| Q3 2026 | $4.30 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q4 2024 | 62.9% |
| Q1 2025 | 72.5% |
| Q2 2025 | 76.1% |
| Q3 2025 | 76.8% |
| Q4 2025 | 76.9% |
| Q1 2026 | 78.2% |
| Q2 2026 | 77.7% |
| Q3 2026 | 78.2% |
Questions
What were AppLovin's headline results for Q2 2026?
Revenue was $1,924 million, up 53% from a year ago. Net income was $1,267 million, up 55%, with diluted EPS of $3.76.
What is AppLovin's third quarter 2026 guidance?
Revenue is guided to $2,055 million to $2,085 million and Adjusted EBITDA to $1,710 million to $1,740 million. The Adjusted EBITDA margin is guided to 83%.
How profitable was AppLovin in Q2 2026?
Adjusted EBITDA was $1,614 million, an 84% margin versus 81% a year ago. The net margin was 66%.
How much cash did AppLovin generate and return to shareholders?
Net cash from operating activities was $869.0 million and Free Cash Flow was $863.3 million. The company repurchased and withheld 1.1 million shares for $551.3 million.
What is AppLovin's balance sheet position?
At June 30, 2026, cash and cash equivalents were $3,053,306 thousand and long-term debt was $3,515,072 thousand. Total stockholders' equity was $3,163,016 thousand.