AppLovin Revenue Growth Reaccelerates After First-Quarter Slowdown

The Tip Desk · November 4, 2026 · 2 min read

The marketing platform posted record third-quarter revenue of $2.18 billion, up 55% from a year earlier, and guided fourth-quarter sales to $2.365 billion to $2.395 billion.

AppLovin Corporation (APP), a leading marketing platform, posted record third-quarter revenue of $2.18 billion, up 55% from a year earlier. Year-over-year growth accelerated from 53% in the second quarter after slowing from 59% in the first.

Net income grew 72% to $1.44 billion, with net income margin at 66% versus 59% a year earlier. Basic and diluted earnings were $4.31 and $4.30 a share.

Adjusted EBITDA rose 59% to $1.84 billion, with Adjusted EBITDA margin of 84% versus 82% a year earlier.

The results exceeded the company’s August guidance of $2.055 billion to $2.085 billion of revenue and $1.710 billion to $1.740 billion of Adjusted EBITDA at an 83% margin.

Sequential revenue growth accelerated to about 14% from the second quarter’s $1.92 billion, after a 4% sequential step-up from $1.84 billion in the first quarter. Sequential net income rose to $1.44 billion from $1.27 billion in the second quarter and $1.21 billion in the first. Sequential Adjusted EBITDA rose to $1.84 billion from $1.61 billion in the second quarter and $1.56 billion in the first.

Income from operations was $1.71 billion. Research and development expense was $101.8 million, versus $43.9 million a year earlier. Other income, net swung to $86.0 million of income from $6.6 million of expense a year earlier. Stock-based compensation was $84.2 million.

Net cash from operating activities and Free Cash Flow were $1.4 billion in the third quarter, versus $869.0 million of operating cash flow and $863.3 million of Free Cash Flow in the second quarter and $1.3 billion each in the first.

The company repurchased and withheld 4.1 million Class A shares for $1.4 billion in the third quarter, versus 1.1 million shares for $551.3 million in the second quarter and 2.2 million shares for $1.0 billion in the first. Shares outstanding fell to 331 million at the end of the third quarter from 335 million at the end of the second quarter and 336 million at the end of the first.

Given continued confidence in the company’s future, the board approved an increase of $3.2 billion to the share-repurchase authorization, bringing total authorization to $3.6 billion as of the end of October.

For the fourth quarter of 2026, AppLovin guides revenue of $2.365 billion to $2.395 billion and Adjusted EBITDA of $1.995 billion to $2.025 billion, with Adjusted EBITDA margin of 84% to 85%.