Applovin (APP) Q4 2025 earnings summary

Executive summary

• Achieved record operating performance in Q4 and full year 2025, driven by AI-powered models, strong execution in core mobile gaming, and expanding e-commerce initiatives.

• Revenue for Q4 2025 reached $1.66 billion, up 66% year-over-year, with full-year 2025 revenue at $5.48 billion, a 70% increase year-over-year.

• Net income from continuing operations for Q4 2025 was $1.10 billion, up 85% year-over-year, with a net margin of 66%.

• Adjusted EBITDA for Q4 2025 was $1.4 billion, up 82% year-over-year, with an 84% margin; full-year Adjusted EBITDA was $4.51 billion (82% margin), up 87% year-over-year.

• Addressed market concerns about AI and competition, emphasizing innovation, network effects, and the scalability of the platform.

Financial highlights

• Q4 revenue reached $1.66 billion, up 66% year-over-year, with adjusted EBITDA of $1.4 billion (84% margin), up 82% year-over-year.

• Full-year 2025 revenue was $5.48 billion, up 70% year-over-year; adjusted EBITDA was $4.51 billion (82% margin), up 87% year-over-year.

• Q4 2025 net income from continuing operations: $1.10 billion (+85% Y/Y), net margin 66%.

• Free cash flow for Q4 was $1.31 billion, up 88% year-over-year; full-year free cash flow was $3.95 billion, up 91% year-over-year.

• Cash and cash equivalents at year-end 2025: $2.49 billion.

Outlook and guidance

• Q1 2026 revenue guidance: $1.745–$1.775 billion, representing 5–7% sequential growth.

• Q1 2026 adjusted EBITDA guidance: $1.465–$1.495 billion, with an expected margin of approximately 84%.