Applovin (APP) Q3 2026 earnings summary

Executive summary

• Q3 revenue reached $2.185B, up 55% YoY; continuing-operations net income was $1.439B, up 72%, and adjusted EBITDA was $1.842B, up 59%.

• A partial rollout of a more complex model architecture supported strong results; management sees further optimization headroom but gave no full-rollout timeline.

• Long-term growth ambition remains ~30% annually, supported by gaming improvements and consumer expansion.

Financial highlights

• Q3 revenue grew $779.8M, or 55%, as net revenue per installation rose 55% and installation volume increased 2%.

• Q3 operating income was $1.709B versus $1.079B a year earlier; continuing-operations net income was $1.439B versus $835.5M.

• 9M revenue increased 56% to $5.951B; operating income was $4.643B and net income was $3.911B.

• Q3 free cash flow was $1.4B, equal to 77% of adjusted EBITDA and ~65% of revenue, versus 53% conversion in Q2.

Outlook and guidance

• Q4 revenue guidance is $2.365B–$2.395B, implying 43%–44% YoY and 8%–10% sequential growth; adjusted EBITDA guidance is $1.995B–$2.025B.

• At guidance midpoint, FY 2026 revenue and adjusted EBITDA growth are each expected to exceed 50%; full-year free cash flow conversion is expected at ~70%–75% of adjusted EBITDA.

• Outlook reflects seasonality, consumer scaling, live model improvements, and training compute investment.

• Management cited normal seasonality and did not give a model rollout timetable or fixed cadence for gains.