Applovin Corp - Ordinary Shares - Class A
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+ FollowMarket Cap$91.47B
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Earnings Call Q2 2026
August 5, 2026 - AI Summary
Strong Q2 fundamentals (but below internal expectations): Revenue was $1.92B, up 53% YoY and 4% QoQ, with adjusted EBITDA $1.61B up 58% YoY and ~300 bps margin expansion. However, both revenue and adjusted EBITDA came just below the company’s guidance midpoint/range—management emphasized this was a timing issue, not demand weakness.
Why results lagged: “model improvement timing” (not advertiser demand): Gaming is the biggest revenue driver; growth is tied to ad model performance improving advertisers’ ROAS so budgets step up. In Q2, the pace of meaningful model uplift was lighter than normal, with the next step-up landing just after quarter end (so Q3 benefits). They cited no competitive/demand deterioration; e.g., MAX publisher earnings grew double-digits QoQ and waterfall share stayed consistent.
Consumer momentum + early platform expansion:
- Consumer was outstanding: advertiser spend finished 28% above Q4 2025 levels (Q4 was stated as the seasonal peak), showing a steep curve even in a seasonally slower quarter.
- Company opened the platform to the public (under the original branding AppLovin Ads Manager) in late June, sequencing first for mid-market advertisers where performance is strongest today. They framed this as deliberate (not expected to change results instantly) and said consumer should keep scaling each quarter as data compounds.
- Partnership go-to-market: They’re using partnerships (not just direct self-serve) to reach more targeted advertiser segments (example: an e-commerce analytics/commerce-related partner type), to improve match quality early.
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$126.27
53.5% downside
Current Fair Value
53.5% downsideOvervalued by 53.5% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $91.47 Billion |
|---|---|
| Enterprise Value | $91.93 Billion |
| Earnings per Share | $9.84 |
| Beta | 2.56 |
| Outstanding Shares | 336,595,000 |
Return
| Return on Equity | 139.42% |
|---|---|
| Return on Assets | 53.33% |
| Return on Invested Capital | 78.39% |
Valuation & Multiples
| P/E Ratio | 17.48 |
|---|---|
| PEG | 22.53 |
| Price to Sales | 14.3 |
| Price to Book Ratio | 30.19 |
| Enterprise Value to Revenue | 14.13 |
| Enterprise Value to EBIT | 16.72 |
| Enterprise Value to Net Income | 20 |
| Total Debt to Enterprise | 0.04 |
| Debt to Equity | 1.11 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$4.03
Consensus analyst estimateRevenue Estimate
$2.07 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 1.02, calls and puts are about even.
| Put/Call Ratio | 1.0158▲ 18.72% |
|---|---|
| Total Calls | 126,900▼ 98.79% |
| Total Puts | 128,900▼ 98.51% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 2.24%▼ 65.63% |
|---|---|
| Total Invested | $2.13B▼ 98.19% |
| Investors Holding | 430▼ 1139.00% |
About Applovin Corp
902 employees
CEO: Adam Foroughi
AppLovin’s global technology platform provides developers a powerful, integrated set of solutions to grow their businesses. AppLovin enables developers to market, monetize, analyze and publish their apps. Its studios create popular, imme...