Revenue Growth Acceleration
Revenue grew 70.0% year-over-year from $3.22B to $5.48B in FY2025, reflecting strong demand for AppLovin's advertising technology platform and continued monetization of its software solutions.
来源: 10-K Income Statement
该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
AppLovin (APP) delivered exceptional FY2025 results with revenue surging 70% to $5.48B and net income more than doubling to $3.33B, driven by explosive operating leverage that pushed operating margins to a remarkable 75.8%.
营收
54.81亿美元
同比 +69.99%
每股收益（稀释）
9.75美元
同比 +115.23%
营业利润
41.52亿美元
同比 +117.27%
SEC XBRL 原值
AppLovin (APP) FY2025 营收 54.81亿美元，同比增长 70.0%。 营业利润率 75.8%，较去年同期的 59.3% 扩大 16.5 个百分点。 经营活动现金流 39.71亿美元，同比增长 89.2%。
近 4 个季度：4 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | 3.76 | 3.76 | 超预期 +0.1% |
| 2026年3月 | 3.56 | 3.44 | 超预期 +3.6% |
| 2025年12月本次财报 | 3.24 | 2.96 | 超预期 +9.5% |
| 2025年9月 | 2.45 | 2.42 | 超预期 +1.0% |
2025年12月 实际 EPS 3.24美元，分析师一致预期 2.96美元，超预期 +9.5%。
由 AI 基于本次 SEC 报告整理
Revenue grew 70.0% year-over-year from $3.22B to $5.48B in FY2025, reflecting strong demand for AppLovin's advertising technology platform and continued monetization of its software solutions.
来源: 10-K Income Statement
Operating income surged 117.3% to $4.15B while operating margin expanded dramatically from 59.3% to 75.8%, demonstrating that revenue growth far outpaced cost growth and the business is highly scalable.
来源: 10-K Income Statement
R&D expenses declined 39.6% from $374.7M to $226.5M, suggesting the company has moved past heavy investment phases and is now harvesting returns on prior technology development, contributing to margin expansion.
来源: 10-K Income Statement
Operating cash flow nearly doubled to $3.97B (+89.2%), and the company deployed $2.19B in share buybacks (+123.4% YoY), signaling strong confidence in the business and commitment to returning capital to shareholders.
来源: 10-K Cash Flow Statement
Cash and equivalents tripled to $2.49B (+256.8%), while long-term debt remained essentially flat at $3.51B, improving the company's net debt position and overall financial flexibility.
来源: 10-K Balance Sheet
由 AI 基于本次 SEC 报告整理 · 高 2 中 3 低 0
AppLovin carries $3.51B in long-term debt against $2.13B in stockholders' equity, resulting in a debt-to-equity ratio of approximately 2.4x. While cash generation is strong, this leverage level could become problematic if revenue growth decelerates or credit markets tighten. Rising interest rates could also increase the cost of refinancing this debt.
来源: 10-K Balance Sheet
AppLovin's dramatic revenue growth is heavily tied to the mobile advertising ecosystem, which is subject to cyclical ad spending patterns and platform policy changes (e.g., Apple ATT, Google Privacy Sandbox). Any significant pullback in digital ad budgets or further privacy-related restrictions could materially impact revenue. The 70% revenue growth rate may be difficult to sustain as the business scales.
来源: 10-K Income Statement
R&D expenses fell 39.6% to $226.5M in FY2025, which while boosting near-term margins, could signal reduced investment in future product innovation. In a fast-moving ad-tech landscape, underinvestment in technology could erode competitive advantages over time if rivals accelerate their own development.
来源: 10-K Income Statement
The company spent $2.19B on share buybacks in FY2025, representing a significant portion of its $3.97B operating cash flow. While this reflects confidence in the business, sustaining this level of capital return alongside debt obligations could strain financial flexibility if operating performance softens.
来源: 10-K Cash Flow Statement
AppLovin's ROE of 156.2% appears extraordinary but is significantly amplified by financial leverage rather than purely operational performance. The relatively modest equity base ($2.13B) versus total assets ($7.26B) means that any adverse business development could disproportionately impact equity value.
来源: 10-K Balance Sheet
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 54.81 亿美元 | 32.24 亿美元 | +69.99% |
营业成本 亿美元 | 6.65 亿美元 | 5.21 亿美元 | +27.76% |
营业利润 亿美元 | 41.52 亿美元 | 19.11 亿美元 | +117.27% |
净利润 亿美元 | 33.34 亿美元 | 15.80 亿美元 | +111.00% |
每股收益（基本） 美元 | 9.84 美元 | 4.68 美元 | +110.26% |
每股收益（稀释） 美元 | 9.75 美元 | 4.53 美元 | +115.23% |
研发费用 亿美元 | 2.27 亿美元 | 3.75 亿美元 | -39.55% |
答案基于本次 SEC 报告与本页数据