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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Clark Lampen | BTIG | 13 (8%) |
| James Heaney | Jefferies | 12 (0%) |
| Jim Callahan | Piper Sandler | 12 (0%) |
| Rob Sanderson | Loop Capital | 11 (9%) |
| Alec Brondolo | Wells Fargo | 10 (20%) |
| Matthew Cost | Morgan Stanley | 10 (0%) |
| Martin Yang | Oppenheimer | 10 (0%) |
| Omar Dessouky | Bank of America | 9 (0%) |
| Ralph Schackart | William Blair | 9 (0%) |
| Chris Kuntarich | UBS | 7 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| BTIG | 1 | 13 (8%) |
| Piper Sandler | 1 | 12 (0%) |
| Jefferies | 1 | 12 (0%) |
| Loop Capital | 1 |
| 11 (9%) |
| UBS | 2 | 11 (0%) |
| Morgan Stanley | 1 | 10 (0%) |
| Oppenheimer | 1 | 10 (0%) |
| Wells Fargo | 1 | 10 (20%) |
AppLovin delivered Q1 revenue of $1.84 billion, up 59% year-over-year and 11% sequentially, exceeding the high end of its own guidance on both revenue and adjusted EBITDA. Adjusted EBITDA was $1.56 billion, up 66% year-over-year, a record 85% margin that expanded approximately 400 basis points from the same period last year. The consumer vertical, still only about 1.5 years old, exited the quarter accelerating, with March advertiser spend running roughly 25% above January and April reaching a record month higher than any peak Q4 month, helped by a material model release a couple of weeks before the call. Gaming remained the foundation, with management pointing to AI tools lowering studios' cost of experimentation and IAP-only developers beginning to test hybrid ad monetization now that non-gaming consumer advertisers remove competitive concerns. The defining forward event is the June opening of Axon to all advertisers after 14 years as a closed platform.
Demand | Revenue Growth | Product Launch | Competitive Dynamics | Cloud & AI | Innovation & R&D | Capital Allocation | Margin | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 9 | 9 | 8 | 5 | 3 | 5 | 1 | 2 |
| 2025Q1 | 6 | 10 | 7 | 2 | 4 | 5 | 1 | |
| 2025Q2 | 8 | 7 | 7 | 5 | 4 | 3 | 3 | 1 |
| 2025Q3 | 9 | 8 | 5 | 6 | 3 | 2 | 1 | 1 |
| 2025Q4 | 11 | 9 | 7 | 10 | 5 | 4 | 3 | 1 |
| 2026Q1 | 9 | 7 | 7 | 7 | 6 | 6 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 9 | 6 | 8 | 9 | 11 | 9 |
| Revenue Growth | 9 | 10 | 7 | 8 | 9 | 7 |
| Product Launch | 8 | 7 | 7 | 5 | 7 | 7 |
| Competitive Dynamics | 5 | 2 | 5 | 6 | 10 | 7 |
| Cloud & AI | 3 | 4 | 4 | 3 | 5 | 6 |
| Innovation & R&D | 5 | 5 | 3 | 2 | 4 | 6 |
| Capital Allocation | 1 | 3 | 1 | 3 | ||
| Margin | 2 | 1 | 1 | 1 | 1 | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $1.37B | +44.0% | $1.73 | +253.1% | 44.3% | 43.6% | $696M |
| FY2025 Q1 | $1.16B | +9.5% | $1.67 | +149.3% | 72.5% | 49.7% | $832M |
| FY2025 Q2 | $1.26B | +77.0% | $2.39 | +168.5% | 76.1% |
| 65.1% |
| $772M |
| FY2025 Q3 | $1.41B | +68.2% | $2.45 | +96.0% | 76.8% | 59.5% | $1.05B |
| FY2025 Q4 | $1.66B | +20.8% | $3.24 | +87.3% | 76.9% | 66.5% | $1.29B |
| FY2026 Q1 | $1.84B | +59.0% | $3.56 | +113.2% | 78.2% | 65.4% | $1.29B |
| FY2026 Q2 | $1.92B | +52.8% | $3.76 | +57.3% | 77.7% | 65.8% | $869M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What APP and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“When we work with AppLovin and we are trying to optimize of course, our return on ad spend.”
Take-Two works with AppLovin to optimize mobile user-acquisition spend, a read-through on AppLovin's ad platform role for Zynga's mobile titles.
“And by the way, Roku mentions Wurl now and then in their shareholder letters that they integrate with them.”
An analyst notes Roku integrates with AppLovin's Wurl CTV subsidiary; read-through on the AppLovin-Roku connected-TV integration.
“Activision when they were public, and they used to report King ad revenue, they've gotten it to 15%.”
AppLovin cites Activision's King ad-revenue mix (~15%) as a benchmark for how much ad monetization IAP games can add.
“Sora 2 is a good product. Obviously, it is one of the ones that we use underneath the hood. It going away doesn't change a whole lot.”
AppLovin uses OpenAI's Sora 2 among third-party video-generation models under the hood for ad creative, but is model-agnostic; neutral read-through on Sora dependence.
“However, if you compare us to Google and Facebook, we certainly don't have anywhere near the largest infrastructure.”
AppLovin benchmarks its compute infrastructure against Google and Facebook (Meta) as the largest-scale ad platforms.
“We work with Google Cloud on it, and we can go to any cloud, but we have the GPUs that we need to process the business today.”
AppLovin sources GPU/cloud capacity from Google Cloud (while noting it can use any cloud); read-through on Google Cloud as an AI-infrastructure supplier.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
APP Applovin Corp | 9 | +59.0% | |
| ADSK Autodesk | 10 | +19.8% | |
| AI C3.ai, Inc. | 1 | -46.1% | |
| CDNS Cadence Design Systems | 9 | +18.7% | |
| CHYM Chime Financial, Inc. Class A Common Stock | 10 | +24.8% | |
| CRM Salesforce, Inc. | 9 | +12.1% | |
| DDOG Datadog | 10 | +32.1% | |
| FICO Fair Isaac | 9 | +38.7% | |
| FIG Figma, Inc. | 9 | +46.1% | |
| INTU Intuit | 9 | +17.4% | |
| MSTR MicroStrategy Inc. | 7 | +11.9% | |
| NOW ServiceNow | 7 | +22.1% | |
| PTC PTC Inc. | 9 | +21.7% | |
| SHOP Shopify | 8 | +34.3% | |
| SNOW Snowflake Inc. | 9 | +30.1% | |
| SOUN SoundHound AI, Inc. | 8 | +51.7% | |
| TEAM Atlassian | 7 | +31.7% | |
| TTD The Trade Desk, Inc. | 8 | +11.8% | |
| TYL Tyler Technologies | 8 | +8.6% | |
| U Unity Software Inc. | 9 | +16.8% | |
| UBER Uber | 8 | +14.5% | |
| WDAY Workday, Inc. | 7 | +14.5% |