APP · Full Picture

AppLovin Corp — the full picture

Earnings window · 2026-07-15 to 2026-08-09 · anchored on the 10-Q report

One earnings window, everything merged: the filing, the call, press releases and news digests, folded into ranked threads.

What to look at first

  1. Capital Return Program · Buybacks & dividendsPriority 89
    -19.1% cash (realized); 3 sources (news, press_release, sec_filing); structured_verified
    As of June 30, 2026, $1.8 billion remained available for repurchases under the share repurchase program which has no expiration date.
  2. Guidance and Outlook · Guidance & outlookPriority 81
    +6.7% revenue; 2 sources (news, press_release); 2 forward row(s); quote_verified
    Third Quarter 2026 revenue guidance low: $2,055 million
  3. Revenue Performance and Mix · Revenue growth & mixPriority 80
    +38.9% revenue (realized); 3 sources (news, press_release, sec_filing); quote_verified
    Q2 2026 revenue: $1.924 billion, up 53% year-over-year, but below the $1.94 billion consensus estimate
  4. Free Cash Flow · Cash flow generationPriority 73
    +26.0% cash (realized); structured_verified
    Six months ended June 30, 2026 Free Cash Flow: $2,150,065 (in thousands), defined as net cash provided by operating activities less purchases of property and equipment and principal payments of finance leases.
  5. Liquidity and Debt Position · Debt, leverage & refinancingPriority 69
    quote_verified
    The 2024 Credit Agreement provides for a $1.0 billion unsecured revolving credit facility available under borrowing capacity as of June 30, 2026.
  6. Income Tax Rate Changes · TaxPriority 64
    -6.6% net_income (realized); 2 sources (press_release, sec_filing); structured_verified
    Provision for income taxes for quarter ended June 30, 2026: $238,988 thousand
  7. Operating Income and Margins · Operating income & profitabilityPriority 64
    3 sources (news, press_release, sec_filing); quote_verified
    Q1 2026 net income: $1.21B, up 109%
  8. Gaming Install Demand Pressure · Demand, orders & backlogPriority 62
    2 sources (news, sec_filing); quote_verified
    Q2 growth was almost entirely price-driven, with install volume falling and sequential growth decelerating to just 4%
  9. AXON Self-Serve Expansion · Capacity & footprint expansionPriority 61
    1 forward row(s); quote_verified
    AppLovin opened AXON Ads to self-serve, targeting $7B in first-year ad spend from new verticals beyond gaming (including fintech and CTV)
  10. Supply Chain Constraints · Supply chain & operationsPriority 57
    qualitative only
  11. Free Cash Flow and Liquidity · UnclassifiedPriority 56
    +10.5% cash (realized); quote_verified
    Net cash from operating activities for second quarter 2026: $869.0 million
  12. Gross Margin Drivers · Gross marginPriority 53
    -3.7% operating_income (realized); structured_verified
    Three months ended June 30, 2026 Cost of revenue increased by $70.7 million, or 46%, compared to the same period in the prior year due primarily to an increase of $52.1 million in expenses associated with operating our network infrastructure.

Threads by pillar

Revenue & Demand Priority 87 · 4 threads

Costs & Margins Priority 81 · 4 threads

Capital & Balance Sheet Priority 95 · 5 threads

Strategy & Portfolio Priority 61 · 1 thread

Legal, Regulatory & Policy Priority 33 · 1 thread

Guidance & Outlook Priority 81 · 1 thread

Unclassified Priority 66 · 4 threads

Expected impact by metric

metricforward netforward grossrealized
revenue+6.7%+6.7%+38.9%
margin-0.8%+0.8%—
cash——+17.4%
operating_income——-6.6%
net_income——-6.6%