AppLovin Corporation (APP)
Coverage summary
Aardvark Labs Capital Research has covered AppLovin Corporation (APP) since August 7, 2025. The company is in the Technology sector. This page lists 6 reports: 6 earnings recaps.
The latest is the Q3 2026 Earnings Recap, published November 5, 2026. That report moved the rating from Hold to Outperform. The rating has changed twice since coverage began.
Translations: 5 in Chinese.
Rating history
All APP reports
Recap: Q3 2026
The Quarter Management Promised, Delivered: Gaming Re-Accelerates to Nearly 50% on a Partial Model Rollout, Guide Cleared by $100M, Buyback Rises 2.5x. Upgrading to Outperform.
Recap: Q2 2026
Revenue +53% but the Model Cadence Broke: First Guide Miss of the Coverage Arc, Margin and Buyback Both Step Down, Long-Term Growth Re-Anchored to "roughly 30%" — Downgrading to Hold
Recap: Q1 2026
Q1 2026 Revenue +59% to $1.84B / 85% EBITDA Margin (New All-Time High) / Q1 Buybacks $1B (2.23M Shares Retired), Consumer Vertical Records April Monthly Spend Higher Than Any Q4 Peak, AXON Platform Opens to Public in June — Maintaining Outperform on the Cleanest H1 2026 GA Setup
Recap: Q4 2025
FY2025 Closed +70% Revenue, +87% EBITDA, +91% FCF on Rule-of-40 Score of 150 (66/84), Q4 EBITDA Margin Expanded to 84%, Q1 2026 Guide Implies Continued Compounding Despite AI-Sentiment Overhang — Maintaining Outperform on Operational Reality vs. Sentiment Fear Reset
Recap: Q3 2025
Q3 Revenue +68% / EBITDA 82% Margin / FCF +92%, AXON Ads Manager Launched October 1 Cleanly With Self-Service Spend +50% Week-Over-Week, International Opened Ahead of Schedule, S&P 500 Inclusion Tailwind — Maintaining Outperform on Cleanest Multi-Vector Execution Quarter Yet
Recap: Q2 2025
Advertising Revenue +77% to $1.26B at 81% Adj. EBITDA Margin, AXON Ads Manager Launches With Oct 1 Referral / H1 2026 Global Cadence, Apps Divestiture Completes the Pure Ad-Tech Pivot — Initiating Outperform on the Cleanest Margin Profile in Ad-Tech