AppLovin

Advertising revenue (formerly Software Platform revenue), by quarter

From each 10-Q and 10-K; fourth quarters are the full year minus nine months.

Revenue and margin

Bars: revenue, $B (10-K). Line: operating margin. Years where the filing's revenue line isn't comparable are left out of the line.

What they told investors

“The team improves the model, advertisers see better returns and they put more budget into our system.”Adam Foroughi · 2026 Q1 · transcript

“We are already seeing advertisers use AI agents to manage their marketing spend, and we are building Axon to be natively accessible to those agents.”Adam Foroughi · 2026 Q1 · transcript

“It's overused for brand marketing historically. It's underused for a lot of these small- to medium-sized businesses, and those are the ones that we really are building tools for.”management · 2026 Q1 · transcript

“And that's why when we look at a product offering that today has less than a 30-day breakeven on the marketing dollars that we're spending, that's really exciting.”Adam Foroughi · 2026 Q1 · transcript

“We're spending performance marketing the same way that our customers do. So we're looking at the return from that spend, and we're only investing where we can do that in an efficient and a profitable way.”management · 2026 Q1 · transcript

“Most customers that care about this or have these recurring high brand loyalty type of business models usually use a mix of all three.”Adam Foroughi · 2026 Q1 · transcript

What they see in the market

What its leaders and filings say about the ad market: its own ad business, or the channels advertisers use, since 2019; counts are statements, not spending.

• Programmatic & display “The Company’s performance obligation is to provide customers with access to its advertising solution, which facilitates the advertisers’ purchase of advertising inventory from publishers primarily on an impression or action basis.” 10-Q · Aug 5, 2026 · source
• AI in marketing “We are able to grow our revenue by improving our various technologies, including improvements to our Axon AI recommendation system.” 10-Q · Aug 5, 2026 · source
• Connected TV & streaming “And so as we start going out to these other categories, build the models for them, bring on the demand, in parallel, we're going to go to get more supply, both on mobile and then hopefully execute on the connected TV strategy as well.” Adam Foroughi on the earnings call · May 7, 2026 · source
• CRM, loyalty & first-party data “So if the game developers have the capacity to get more user data, build a more intimate relationship with the user, launch things like remarketing or even possibly ads on those checkout pages, those are things that we can play a role in.” Adam Foroughi on the earnings call · May 7, 2026 · source
• Creative campaigns “They need to really build creative for our platform.” Adam Foroughi on the earnings call · May 7, 2026 · source

Peers