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Applovin (APP) investor relations material
Applovin Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 revenue rose 68% year-over-year to $1.41 billion, driven by strong advertising performance, especially in gaming and the MAX supply side platform, with net income from continuing operations reaching $836 million, a 92% increase from Q3 2024.
Adjusted EBITDA for Q3 2025 was $1.16 billion (82% margin), up 79% year-over-year, and free cash flow for the quarter was $1.05 billion.
The company completed the divestiture of its Apps Business on June 30, 2025, for $715.6 million in total consideration, shifting focus to advertising solutions.
Successfully launched a self-service platform and referral program in October, with rapid advertiser spend growth and international expansion outside the EU.
Achieved S&P 500 inclusion, reflecting strong business performance and broader investor expectations.
Financial highlights
Q3 2025 revenue was $1.41 billion, up 68% year-over-year; nine-month revenue totaled $3.82 billion, up 72% year-over-year.
Adjusted EBITDA for Q3 2025 was $1.16 billion (82% margin), up from $647 million (77.5% margin) in Q3 2024.
Net income from continuing operations for Q3 2025 was $836 million, up from $433.1 million in Q3 2024.
Free cash flow for Q3 2025 was $1.05 billion; net cash from operating activities for the nine months ended September 30, 2025, was $2.66 billion.
Ended Q3 2025 with $1.67 billion in cash and cash equivalents.
Outlook and guidance
Q4 2025 revenue guidance is $1.57–$1.60 billion, representing 12–14% sequential growth; Adjusted EBITDA guidance is $1.29–$1.32 billion, with margins of 82–83%.
Guidance reflects optimism around e-commerce referral program, model enhancements, and normal holiday seasonality.
Management expects continued investment in advertising technology, including AI-powered solutions, and expansion into new verticals such as e-commerce and connected TV.
Rationale for increased share repurchase authorization
Impact of divestiture on 9M 2025 financial results
What drove the large decrease in accounts receivable?
Axon Ads: Key hurdles to broad customer launch
New advertisers' impact on core gaming spend?
Generative AI creatives: Impact on conversion
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Q4 202512 Feb, 2026
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Frequently asked questions
Applovin Corporation is a technology company that provides software solutions for mobile application developers. Its platform includes marketing, monetization, and analytics tools that enable developers to grow and optimize their apps. The company also owns a portfolio of mobile games operated through its app studios. Applovin Corporation is headquartered in Palo Alto, California, and its shares are listed on the NASDAQ.
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