AppLovin (APP)
Matches advertisers with mobile and web audiences while helping app publishers monetize inventory.
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Runs an AI-powered advertising platform spanning user acquisition, in-app monetization, measurement, and connected TV. Substantially all revenue comes from Axon Ads Manager campaign fees, while the broader business remains concentrated in mobile apps and dependent on Apple, Google, and Meta policies.
Runs an end-to-end advertising platform that matches marketers with audiences and helps app publishers monetize inventory. Axon Ads Manager uses the Axon AI engine to match demand with supply through automated auctions and generates substantially all revenue. MAX handles in-app bidding, Adjust provides measurement and attribution, and Wurl distributes and monetizes connected-TV programming.
Serves advertisers and publishers worldwide, with mobile gaming still central as web-based commerce broadens its reach. Scale supplies engagement data that refines campaign matching, while automated auctions optimize toward advertiser return goals. Operating as a single Advertising segment after the game-studio sale, revenue remains concentrated in Axon Ads Manager and mobile apps. Access, targeting, and distribution depend on Apple App Store, Google Play, and Meta policies; privacy, data-protection, advertising, and AI rules also shape operations.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 14, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $720 | Target: $450 |
| Sep 8, 2026 | BTIG | Reiterate | Rating: —Target: $408 | Target: $396 |
| Sep 1, 2026 | Evercore ISI | Reiterate | Rating: —Target: $835 | Target: $510 |
| Aug 26, 2026 | Needham | Reiterate | Rating: —Target: $500 | Target: $475 |
| Aug 21, 2026 | Piper Sandler | Reiterate | Rating: —Target: $385 | Target: $325 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $3.05B · Total debt $3.52B · Total assets $8.27B · Shareholders' equity $3.16B
- Revenue
- $1.92B
- Operating income
- $1.49B
- Net income
- $1.27B
No dividends on record.
| Institutions | 68.42% | 228.96M shares | |
|---|---|---|---|
| 1,565 holders · as of Jun 30, 2026 | |||
| Insiders | 25.17% | 84.24M shares | |
| 17 holders · as of Aug 21, 2026 | |||
| Strategic holders | 5.15% | 17.24M shares | |
| 1 holder · as of Jan 30, 2025 | |||
| Other | 1.26% | 4.21M shares | |
| remainder | |||
334.65M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Arash Adam Foroughi1,2Insiderdirector, 10 percent owner, officer: CEO | 10.86% | 2.32M A · 845,092 B | filed Feb 7, 2025 |
GQG Partners LLCInstitution | 7.68% | 25.69M | filed Feb 12, 2024 |
BlackRock, Inc.Institution | 7.18% | 24.04M A | as of Jun 30, 2026 |
John Krystynak3Insider10 percent owner | 6.95% | 23.27M A | filed Feb 14, 2022 |
Andrew Karam4,5Insider10 percent owner | 6.36% | 21.27M | filed Feb 14, 2022 |
- Arash Adam Foroughi reports a block also reported by Capital International Investors; it is counted once, under Capital International Investors.
- The filed share classes (A, B, F) could not be matched to the company's, so no percentage.
- The filed share classes (A, F) could not be matched to the company's, so no percentage.
- Andrew Karam reports a block also reported by BlackRock, Inc.; it is counted once, under BlackRock, Inc.
- The filed share classes (F) could not be matched to the company's, so no percentage.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 6, 2026 | Maynard G. Jr Webb | director | −3,076 | $521.29 |
| Jun 16, 2026 | Eduardo Vivas | director | −163,910 | $504.06 |
| Jun 11, 2026 | Arash Adam Foroughi | director, 10 percent owner, officer: CEO | −41,666 | $484.75 |
| Jun 10, 2026 | Arash Adam Foroughi | director, 10 percent owner, officer: CEO | −20,833 | $503.91 |
| Jun 12, 2026 | Arash Adam Foroughi | director, 10 percent owner, officer: CEO | −41,667 | $489.03 |
- Alphabet Class A
Dominant mobile ad network on Android; AdMob and UAC rival MAX and AppDiscovery.
- Meta
Largest performance UA platform; Advantage+ AI campaigns rival AXON directly.
- Unity Software
#2 mobile mediation platform; Unity Vector AI rebuilds after ironSource sunset.
- The Trade Desk
Largest independent programmatic DSP; converging with AppLovin in AI ad buying.
- Snap
Mobile-first social platform competing for app-install UA budgets via AI.
- Digital Turbine
On-device distribution and FairBid mediation; peripheral UA and adtech overlap.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| AppLovin | $327.01 | −0.96% | $110.92B | 25.4 | 18.1 | 16.2 | +52.8% |
| Alphabet Class A | $353.40 | −0.44% | $4.30T | 17.8 | 26.3 | 9.6 | +24.2% |
| Meta | $741.39 | +0.02% | $1.89T | 27.9 | 24.3 | 8.3 | +28.0% |
| Unity Software | $42.95 | −0.60% | $18.86B | — | 49.6 | 9.3 | +23.9% |
| The Trade Desk | $13.19 | −4.97% | $6.53B | 16.3 | 109.1 | 2.2 | +3.0% |
| Snap | $5.63 | −1.32% | $9.62B | — | 58.4 | 1.5 | +18.9% |
| Digital Turbine | $11.85 | −1.70% | $1.46B | — | 15.6 | 2.4 | +26.8% |
| Median | 17.8 | 38.0 | 5.4 | +24.1% |