AppLovin (APP) 10-K risk factor changes: FY2025 vs FY2024

- our reliance on third-party [removed: platforms to distribute our AppLovin Apps and collect revenue;][added: platforms;]

- our ability to attract new clients, [removed: the loss of] [added: retain existing] clients, [added: and maintain] or [removed: reduction in] [added: increase] spend by clients;

- risks related to the expansion and diversification of our operations, in the United States and globally, [removed: and possibly] [added: including] through future strategic [removed: acquisitions] [added: transactions] and [removed: partnerships;][added: efforts related thereto;]

- risks related to our strategic [removed: acquisitions and partnerships,] [added: transactions,] including [removed: integration, managing growth,] [added: integration] and [removed: tax risks;][added: managing growth;]

- our recent rapid growth, and [added: our] ability to manage growth;

- changes in U.S. and foreign [removed: laws,] [added: laws and regulations,] many of which are unsettled and still developing;

- compliance with governmental anti-bribery, export [removed: controls] and [added: import controls,] economic [removed: sanctions laws;][added: sanctions, and other international trade laws and regulations;]

- liability for content [removed: that is distributed through] or advertising that is served through our [removed: Advertising solutions or Apps;][added: advertising solutions;]

- our [removed: substantial] indebtedness and obligations thereunder;

- our ability to maintain and grow our client [removed: and user bases;][added: base;]

- changes to our [removed: Advertising solutions, Apps,] [added: advertising solutions] or other [removed: offerings,][added: offerings;]

- the timing and efficacy of [removed: improvement] [added: improvements] to our algorithms, models and [removed: AI-powered AXON] [added: Axon AI, our] advertising [removed: engine] [added: recommendation engine,] generally;

- the development and introduction of new [removed: solutions,] [added: solutions or] entry into new [removed: markets, or the development of new mobile apps] [added: markets] by [removed: our studios] [added: us] or our competitors;

- changes to the policies or practices of companies or governmental agencies that determine access to third-party platforms, such as the Apple App Store and the Google Play Store, or to our [removed: Advertising] [added: advertising] solutions, [removed: Apps,] website, or the internet generally;

- the diversification and growth of revenue sources beyond our current [removed: Advertising solutions and Apps;][added: advertising solutions;]

- costs and expenses related to [removed: the] strategic [removed: acquisitions and partnerships, including costs related to integrating mobile gaming studios or other companies that we acquire,] [added: transactions,] as well as costs and expenses related to the development of our [removed: Advertising solutions or Apps;][added: products and solutions, including the timing of such expenses;]

- changes in regional or global business or macroeconomic conditions, including as a result of [removed: uncertainty in the global banking and financial services markets,] political uncertainty and international conflicts around the world, inflation, and high interest rates, which may impact the other factors described above.

In particular, it is difficult to predict if, when, or how newly-launched products, software or new markets may begin to generate revenue or [added: when products or software may] decline in popularity.

The success of our business depends in part on our ability to develop and enhance our [removed: Advertising] [added: advertising] solutions, including expansion into new markets, and consistently and timely launch new [removed: Apps] [added: products] and [removed: products.][added: features.]

It is difficult for us to predict with certainty when we will expand our [removed: Advertising] [added: advertising] solutions, launch a new [removed: App] [added: product] or [removed: product,] [added: feature,] or enter a new market as we may require longer development schedules or soft launch periods to meet our quality standards and expectations.

If our clients do not adopt our new [removed: Advertising offerings,] [added: advertising offerings] or develop or further invest in their own competing alternatives, or if we are unable to successfully launch or acquire new [removed: Apps or] products or [added: features or] maintain or improve existing [removed: Apps] [added: products] or [removed: successfully] [added: features, or] enter a new market, our business and results of operations could be adversely affected.

Security breaches, improper access to or disclosure of our data or [removed: user] [added: client] data, other hacking and phishing attacks on our systems, or other cyber incidents could harm our reputation and adversely affect our business.

The advertising and mobile app ecosystems are prone to cyberattacks by third parties seeking unauthorized access to our data or the data of our clients or [added: their end] users or to disrupt our ability to provide service.

Our [removed: Advertising] [added: advertising] solutions, [removed: Apps,] and other offerings involve the collection, storage, transmission, and other processing of a large amount of data, including personal information, and we and our third-party service providers otherwise store and process information, including our confidential and [added: proprietary business information, and personal information and other information relating to our employees, clients or other third parties.]

We also store and implement measures designed to secure the source code for our [removed: Advertising] [added: advertising] solutions [removed: and Apps] as they are created.

Any failure to prevent or mitigate security breaches or incidents impacting our [removed: Advertising] [added: advertising] solutions, [removed: Apps,] or our systems or other systems used in our business, or improper access to or disclosure of our data, including source code, or user data, including personal information, [removed: content,] or [removed: payment] information from [removed: users, or information from] clients or other third parties, that is stored or otherwise processed in our business could result in the unauthorized loss, modification, disclosure, destruction, or other [added: unauthorized] processing of such data, or unavailability of data or of our [removed: Advertising] [added: advertising] solutions, [removed: Apps,] or other offerings.

Some of these have occurred on our systems and otherwise in our business in the past, and we expect [added: they] will continue to occur in the future.

We regularly encounter attempts to create false or undesirable [removed: user] [added: client] accounts or take other actions for purposes such as spamming or other objectionable ends.

Any actual or attempted breaches, incidents, or attacks may cause disruptions or interruptions to our [removed: Advertising] [added: advertising] solutions, [removed: Apps,] or other offerings, degrade the user experience, impair, disrupt, or interrupt our systems and networks and other systems and networks used in our business, or adversely affect our reputation, business, financial condition, and results of operations.

[removed: Our efforts to protect our Advertising solutions, Apps, and other offerings, our systems and other systems used in our] business, and our data, user data, and information from clients, partners, and other third parties, and to disable or otherwise respond to undesirable activities on our offerings, may also be unsuccessful due to software bugs or other technical defects, errors, or malfunctions; employee, contractor, vendor, or partner error or malfeasance, including defects or vulnerabilities in information technology systems or offerings; cyberattacks, [added: including] attacks designed to disrupt systems or [removed: facilities, or] [added: facilities;] breaches of physical security of our facilities or technical infrastructure; or other threats that evolve.

Additionally, any such breach, incident, attack, malfunction, defect, or vulnerability, or the perception that any of these has occurred, may cause clients or [added: their end] users to lose confidence and trust in our [removed: Advertising] [added: advertising] solutions, [removed: Apps,] or other offerings and otherwise harm our reputation and market position.

In addition, some developers or other business partners, such as those that help us measure the effectiveness of [removed: advertisements,] [added: advertisements or participate in the bidding process,] may receive or store information provided by us or by our [added: clients or their end] users through mobile [removed: or web apps] [added: apps, websites,] or other means.

If these third parties fail to adopt or adhere to adequate data security practices, or experience a breach of, or other security incident impacting, their networks or systems, our [removed: data or] [added: data,] our [added: clients' data, or their end] users’ data may be lost, destroyed, or accessed, modified, disclosed, or otherwise processed in unauthorized manners.

Although we have developed systems and processes that are designed to protect [removed: our data, user data,] [added: first-] and [removed: information from our partners;] [added: third- party data and information;] to prevent data loss, disable undesirable accounts and activities on our [removed: Advertising solutions] [added: advertising solutions,] or [removed: Apps;] [added: other offerings;] and to prevent and detect security [removed: breaches;] [added: breaches,] we cannot assure you that such measures will provide comprehensive security, that we have been or will be able to identify breaches or other incidents or to react to them in a timely manner, or that our remediation efforts will be successful.

There have been and may continue to be significant attacks on certain third-party providers, and we cannot guarantee that our or our third-party providers’ systems and networks have not been breached or compromised or do not contain defects or bugs that could result in a disruption, breach, or other incident impacting our systems and networks or those of third parties that support us and our [removed: platform and service.][added: advertising solutions.]

Further, we utilize AI technologies in our [removed: Advertising] [added: advertising] solutions and [removed: Apps] [added: in our business operations] and may expand such use in the future.

Our use of AI technologies, and the use of AI technologies in third-party products and services, may create additional cybersecurity risks or increase cybersecurity risks, including risks of security breaches and incidents, and related [added: monetary] liability and harm to our [removed: reputation.][added: reputation and business.]

[removed: Further,] AI technologies may [added: also] be used in connection with certain cybersecurity attacks, resulting in heightened risks of security breaches and incidents.

In addition to our efforts to mitigate cybersecurity risks, we are working to combat misuse of our services and [added: end] user data by third parties.

We may not discover all such incidents or [removed: other] [added: related] activities, in connection with [removed: our efforts to combat misuse or otherwise,] [added: these efforts,] and we may [added: instead] be notified of such incidents or activity by [added: clients, end] users, the media, or other third parties.

- our ability to protect and enhance our brand and reputation;

- the impact of tariffs recently imposed by the U.S. government and its trading partners in response, other possible tariffs or trade protection measures, import or export licensing requirements, new or different customs duties, trade embargoes and sanctions and other trade barriers;

Our efforts to protect our advertising solutions, and other offerings, our systems and other systems used in our

security breaches or incidents.

We are subject to the standard policies and terms of service of such third-party platforms, generally through our relationships with developers and other parties that use our technology.

However, in October 2025, Google retired the Privacy Sandbox initiative and announced plans to discontinue most of its associated technologies across both Chrome and Android.

We are highly dependent on our co-founder and chief executive officer, as well as our senior management team.

For example, since 2024 we have begun expanding our customer base to include web-based e-commerce advertisers.

third-party providers.

For example, since 2024 we have begun expanding our customer base to include web-based e-commerce advertisers.

A deterioration in macroeconomic conditions, whether in the United States, internationally, or globally, could create uncertainty and adversely affect advertising spending or costs related to our operations.

Economic and political relations between the U.S. and other countries continue to evolve rapidly, including with respect to tariff and other policies, and changing policies may adversely affect our business by harming advertising spending or increasing our costs.

Our business is also impacted by geopolitical conditions.

Additionally, the U.S. government also continues to add additional entities in China and other countries to restricted party lists impacting the ability of U.S. companies to engage with these entities.

In addition, the Chinese government has retaliated, and may continue to retaliate, to recent changes in U.S. tariffs and export controls in ways that could indirectly impact our business.

If

We expect to continue to expand our international operations in the future.

- compliance with applicable foreign laws and regulations, including anti-bribery laws, privacy and data protection laws, AI laws, economic and trade sanctions, and laws relating to content and consumer protection;

For example, in April 2025, we confirmed that we had provided an indication of interest to the President of the United States to explore a purchase of TikTok in all markets outside of China, but we ultimately did not enter into a transaction.

In addition, applicable

We face risks related to our strategic transactions, which may not achieve our strategic objectives, may disrupt our operations or result in unexpected liabilities or expenses.

In addition, we have in the past chosen, and may in the future also choose, to divest certain businesses or product lines.

For example, in June 2025, we sold our Apps business.

Any future divestitures or similar transactions may, among other risks, result in reduced revenue, cause us to incur additional expenses, disrupt third party or employee relationships, and expose us to unanticipated or ongoing obligations and liabilities, including as a result of our indemnification obligations or any agreement to provide transition services.

If we are unable to generate adequate revenue growth and manage our expenses, our margins and profitability may be harmed.

In connection with the 2025 launch of our self-serve advertising platform (Axon Ads Manager), we publicly launched our Axon product branding.

In addition, successfully globalizing and

Harm to our brands and reputation can arise from many sources, including actions of our business partners, service disruptions or technical issues, or legal or regulatory scrutiny.

We have, from time to time in the past, and may in the future be, the target of incomplete, inaccurate, and misleading or false statements about our company and our business that could damage our reputation and brands, divert management attention and resources, and deter clients or potential clients from using our solutions.

If we do not successfully maintain, protect or enhance our brand and reputation, our business could be materially and adversely affected.

While not material to our business to date, we experience from time to time disruptions from third parties with whom we do business, including failure to uphold contractual obligations, violations of our policies and terms of use, and other actions described in this risk.

Actions by these third parties may directly or indirectly cause harm to our business, reputation, financial condition and results of operations.

Such legislation remains subject to the European Commission's adequacy decision for data transfers.

We transfer personal data relating to our employees, clients and their users from the European Economic Area (“EEA”), the United Kingdom, Switzerland, and other jurisdictions to the United States and other countries.

Following the invalidation of the EU-U.S. and Swiss-U.S. Privacy Shield frameworks by the Court of Justice of the European Union in 2020 and the imposition of additional requirements regarding the use of standard contractual clauses (“SCCs”), cross-border data transfer mechanisms

have been subject to heightened regulatory scrutiny, evolving guidance, and legal challenge.

The European Commission adopted updated SCCs in 2021, and the United Kingdom has implemented its own contractual transfer mechanisms, which have increased compliance complexity and costs.

In July 2023, the European Commission adopted an adequacy decision for the EU-U.S. Data Privacy Framework (“EU-U.S. DPF”), and related frameworks for the United Kingdom and Switzerland subsequently became effective.

We are certified under these frameworks, where applicable; however, they are subject to ongoing review and potential legal challenge and may be modified, suspended, or invalidated in the future.

Regulators in certain European jurisdictions have also taken the position that specific data transfer practices, including the use of certain analytics tools, may result in unlawful transfers of personal data to the United States.

- our ability to realize the value of our Apps portfolio;

- our ability to maintain relationships with our partner studios;

- our ability to launch or acquire new AppLovin Apps and successfully monetize or improve them and existing Apps;

- our ability to retain existing users or add new users cost-effectively, or if users decrease their level of engagement;

- our ability to increase in-app purchases ("IAPs"), respond to changes with respect to IAPs, and manage the economies in our AppLovin Apps;

- our ability to achieve or maintain profitability with increasing operating expenses;

- AppLovin apps not meeting user expectations;

- our ability to maintain our brand awareness;

[Table](#i10046ac73f1640169a3eaf73885f6d16_7) [of](#i10046ac73f1640169a3eaf73885f6d16_7) [Contents](#i10046ac73f1640169a3eaf73885f6d16_7)

- our ability to acquire and maintain licenses to intellectual property;

- our reliance on assumptions and estimates to calculate certain of our key metrics;

- the success of our strategic review of our Apps portfolio;

- our ability to achieve or maintain profitability;

Further, we cannot be certain if a new App or product will become popular amongst users and generate revenue.

proprietary business information, and personal information and other information relating to our employees and clients or other third parties.

Such actual or perceived breaches or other incidents or our efforts to remediate such incidents may also result in a decline in our active user base or engagement levels.

We derive significant revenue from the distribution of our Apps through these third-party platforms and almost all of our IAPs are made through the payment processing systems of these third-party platforms.

In January 2024, Google

According to Google, if publishers do not adopt a Google-certified CMP, only limited ads will be eligible to serve in the EEA and UK.

to support integration with Google's CMP solution.

If one of our distribution platform partners were to limit or discontinue the distribution of our Apps on their platform, generally, or any of our more successful Apps individually, it may adversely affect our business, financial condition, and results of operations.

In addition, third-party platforms also impose certain file size limitations, which may limit the ability of users to download some of our larger Apps in over-the-air updates.

Aside from these over-the-air file size limitations, a larger game file size could cause users to delete our mobile games once the file size grows beyond the capacity of their devices’ storage limitations or could reduce the number of downloads of these mobile games.

While this approach enhances efficiency and cost control, it may also expose us to certain risks.

sentiment related to political or social causes or actions of management; and the integration of new personnel and businesses from acquisitions.

A significant portion of our revenue is Advertising Revenue and In-App Advertising ("IAA") Revenue from our Apps.

Advertising Revenue is mostly from AppDiscovery and is generated from our advertisers, typically on a performance-based, cost-per-install basis, then shared with our advertising publishers, typically on a cost per impression model.

IAA Revenue generated from our Apps comes from advertisers that purchase ad inventory from our diverse portfolio of mobile games.

- our ability to continue to increase user access to and engagement with our Apps;

- mobile app changes or inventory management decisions we may make that change the size, format, frequency, or relative prominence of advertisements displayed on our Apps;

We offer a suite of solutions for advertisers to get their content discovered and downloaded by the right users, optimize return on marketing spend, and maximize the monetization of their engagement.

We collect revenue from clients for fees paid by advertisers, including developers, that use our Advertising solutions and from the sale of advertising inventory of our Apps.

Additionally, our studios build many of our Apps using the development kits offered by Unity Software.

Changes in pricing or the terms on which developers engage with companies in the mobile app ecosystem, such as the pricing changes announced by Unity Software in September 2023, could negatively impact our studios and the mobile app ecosystem generally.

Additionally, we also compete with businesses that develop online and mobile games and other mobile apps, which vary in size and include companies such as Activision Blizzard (Microsoft), Tencent, and Zynga (Take-Two Interactive), as well as other public and private companies, many of which are also our partners and clients.

As we expand our global operations and mobile app offerings, we increasingly face competition from high-profile companies with significant online presences that may introduce new or expanded offerings, such as Apple, Facebook, Google, Microsoft, and Snap.

In addition, other large companies that to date have not actively focused on mobile apps or gaming may decide to develop mobile apps or gaming offerings, such as Amazon’s games platform, or partner with other developers.

Some of these current and potential competitors have significantly greater resources that can be used to develop, acquire, or brand additional mobile apps or gaming alternatives, and may have more diversified revenue sources than we do and therefore may be less severely affected by changes in consumer preferences, regulations, or other developments that may impact our business or industry.

Further, as there are relatively low barriers to entry to develop and publish a mobile app, we expect new competitors to enter the market and existing competitors to allocate more resources towards developing and marketing competing games and apps.

Because our mobile games are free-to-play, our Apps compete primarily on the basis of user experience rather than price.

We provide end-to-end [removed: software and] AI-powered [added: advertising] solutions for businesses to reach, monetize and grow their global audience.

We generate revenue when our advertisers achieve their return on [added: advertising] spend targets with our [removed: Advertising] [added: advertising] solutions, ensuring that their success directly fuels our growth.

We primarily generate [removed: Advertising Revenue] [added: revenue] from fees paid by advertisers who use our [removed: Advertising] [added: advertising] solutions to grow and monetize their content.

We are able to grow our [removed: Advertising Revenue] [added: revenue] by improving our various [removed: technologies.][added: technologies, including improvements to our Axon AI recommendation engine.]

Advertising clients include a wide variety of advertisers, from indie developer studios to some of the largest global internet platforms, such as [removed: Facebook] [added: Meta] and Google.

We see multiple opportunities to gain new [removed: Advertising] clients, and to increase spend from existing clients, as we help them grow their businesses and make them more successful.

Our [removed: Advertising] [added: advertising] solutions include [removed: AppDiscovery,] [added: Axon Ads Manager,] MAX, Adjust, and Wurl.

Clients use [removed: AppDiscovery] [added: Axon Ads Manager] to automate, optimize, and manage their user acquisition investments.

They set marketing and user growth goals, and [removed: AppDiscovery] [added: Axon Ads Manager] optimizes their ad spend in an effort to achieve their return on advertising spend targets and other marketing objectives.

[removed: AppDiscovery] [added: Axon Ads Manager] comprises the vast majority of [removed: Advertising Revenue.][added: revenue.]

Advertising [removed: clients] [added: networks] use MAX to optimize purchases of app advertising inventory.

Advertising clients use Wurl's CTV platform to distribute streaming video, maximize [removed: Advertising Revenue,] [added: revenue,] and acquire and retain viewers or subscribers.

Revenue from Wurl is primarily generated from content companies, [added: streamers, and advertisers,] typically on a usage-based [added: and/or CPM] model.

| | | | Year Ended December 31, | | | | | | | | | | | | | | | [added: | | | 2024 to 2025 % change | | | | | | 2023 to 2024 % change | | |]

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

We define Adjusted EBITDA for a particular period as net income [removed: (loss) before] [added: adjusted for loss from discontinued operations, net of income taxes,] interest expense and loss on settlement of debt, other income, net (excluding certain recurring items), provision for [removed: (benefit from)] income taxes, amortization, depreciation and write-offs and as further adjusted for stock-based [removed: compensation] [added: compensation, transaction-related] expense, [removed: acquisition-related expense and transaction bonus, publisher bonuses, MoPub acquisition transition services,] restructuring costs, [removed: loss on disposal of long-lived assets,] and non-operating foreign exchange (gain) [removed: losses.][added: loss, as well as certain other items that we believe are not reflective of our core operating performance.]

The following table provides our Adjusted EBITDA and Adjusted EBITDA margin for [added: 2025,] 2024, [removed: 2023,] and [removed: 2022,] [added: 2023,] and a reconciliation of net income [removed: (loss)] to Adjusted EBITDA:

| Net income [removed: (loss)] | | | [removed: $] [added: 3,333,751] | [removed: 1,579,776] | | | | | [removed: $] [added: 1,579,776] | [removed: 356,711] | | | | | [removed: $] [added: 356,711] | [removed: (192,947)] | |

| Interest expense and loss on settlement of debt | | | [removed: 318,260] [added: (4)] | | [added: %] | | | | [removed: 275,665] [added: (10)] | | [added: %] | | | | [removed: 171,863] [added: (15)] | | [added: %] |

| Provision for [removed: (benefit from)] income taxes | | | [removed: (3,771)] [added: 9] | | [added: %] | | | | [removed: 23,859] [added: 1] | | [added: %] | | | | [removed: (12,230)] [added: 2] | | [added: %] |

| Non-operating foreign exchange (gain) loss | | | [removed: 291] [added: (3,949)] | | | | | | [removed: (1,224)] [added: 1,642] | | | | | | [removed: (164)] [added: 837] | | |

| [removed: Acquisition-related] [added: Transaction-related] expense [removed: and transaction bonus] | | | [removed: 885] [added: 27,579] | | | | | | [removed: 1,047] [added: 885] | | | | | | [removed: 21,279] [added: 1,047] | | |

| Restructuring costs | | | [removed: 22,823] [added: 5,908] | | | | | | [removed: 2,316] [added: 17,259] | | | | | | [removed: 10,834] [added: 2,316] | | |

We believe Free Cash Flow provides useful supplemental information to help investors understand [removed: underlying trends in our business and our liquidity.]

The following table provides our Free Cash Flow for [added: 2025,] 2024, [removed: 2023,] and [removed: 2022,] [added: 2023,] and a reconciliation of net cash provided by operating activities to Free Cash Flow:

| Net cash provided by operating activities | | | $ | [removed: 2,099,011] [added: 3,971,094] | | | | | $ | [removed: 1,061,510] [added: 2,099,011] | | | | | $ | [removed: 412,773] [added: 1,061,510] | |

| Purchase of property and equipment | | | [removed: (4,776)] [added: (473)] | | | | | | [removed: (4,246)] [added: (4,776)] | | | | | | [removed: (662)] [added: (4,246)] | | |

| Principal payments of finance leases | | | [removed: (20,875)] [added: (18,669)] | | | | | | [removed: (20,170)] [added: (20,875)] | | | | | | [removed: (24,083)] [added: (20,170)] | | |

| Free Cash Flow | | | $ | [removed: 2,073,360] [added: 3,951,952] | | | | | $ | [removed: 1,037,094] [added: 2,073,360] | | | | | $ | [removed: 388,028] [added: 1,037,094] | |

| Net cash [removed: used in] [added: provided by (used in)] investing activities | | | $ | [removed: (106,754)] [added: 358,428] | | | | | $ | [removed: (77,829)] [added: (106,754)] | | | | | $ | [removed: (1,371,468)] [added: (77,829)] | |

| Net cash used in financing activities | | | $ | [removed: (1,749,844)] [added: (2,593,069)] | | | | | $ | [removed: (1,562,791)] [added: (1,749,844)] | | | | | $ | [removed: (526,848)] [added: (1,562,791)] | |

We believe investments in our [removed: technology, including our AI-powered advertising engine AXON, AppDiscovery, Adjust, and MAX,] [added: technology] will further improve effectiveness for advertisers.

Our investments will also allow us to [added: continue to] enter into and expand into new verticals outside of gaming, such as [removed: e-commerce, CTV, original equipment manufacturer ("OEM"),] [added: e-commerce] and [removed: carrier-related markets.][added: CTV.]

[removed: Retain] [added: Attract] and [removed: grow existing] [added: retain] clients

As we improve our [removed: Advertising solutions and Apps,] [added: advertising solutions,] we can attract additional spend from these clients.

We believe there is significant room for us to further expand our relationships with [removed: these] [added: existing] clients and increase their usage of our [removed: Advertising solutions.][added: advertising solutions, as well as to onboard new clients both inside and outside of mobile gaming.]

[removed: Growth and structure of] [added: Changes to] the mobile app and advertising ecosystems

Our business and results of operations [added: are and] will [added: continue to] be impacted by industry factors that drive the overall performance [added: and growth] of the mobile app and advertising ecosystems.

Mobile app [removed: developers, including AppLovin,] [added: developers] rely on third-party platforms, such as the Apple App Store and Google Play Store, among others, to distribute [removed: games,] [added: apps,] collect payments made for [removed: IAPs,] [added: in-app purchases,] and target users with relevant advertising.

Any changes made [removed: in] [added: to] the policies of [removed: third-party] [added: these third party] platforms [removed: could] [added: can] drive rapid change across the mobile app and advertising ecosystems.

On May 7, 2025, we, along with our subsidiaries Morocco, Inc. and AppLovin GmbH (collectively, the “Sellers”) entered into a Purchase Agreement (the “Agreement”) with Tripledot and its subsidiaries Eton Games Inc. ("Eton") and Tripledot Group Holdings Limited (collectively, with Tripledot, the “Purchasers”) relating to the sale of our Apps business.

On June 30, 2025, we and Tripledot entered into an amendment to the Agreement to provide, among other things, that in lieu of the issuance of a secured promissory note by Eton to us or our designated affiliate to fund a portion of the full Cash Consideration (as defined in the Agreement), Tripledot may elect to pay such amount in cash.

On June 30, 2025, we consummated the sale of the Apps business to the Purchasers for $400 million in cash, subject to closing adjustments, and equity consideration representing approximately 20% of Tripledot’s fully-diluted equity at the time of closing.

No promissory note was issued as part of the transaction.

Following the sale of the Apps business, we operate as a single operating and reportable segment.

Results related to our Apps business are presented as discontinued operations in our consolidated financial statements.

See Note 2—Summary of Significant Accounting Policies and Note 3 – Discontinued Operations of the Notes to consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K.

The revenue we generate from Axon Ads Manager is determined dynamically based on advertisers’ campaign goals.

| Net margin | | | 60.8% | | | | | | 49.0% | | | | | | 19.4% | | |

| Loss from discontinued operations, net of income taxes | | | 99,444 | | | | | | 9,748 | | | | | | 101,115 | | |

| Net income from continuing operations | | | 3,433,195 | | | | | | 1,589,524 | | | | | | 457,826 | | |

| Net margin from continuing operations | | | 62.6% | | | | | | 49.3% | | | | | | 24.9% | | |

| Other income, net1 | | | (15,694) | | | | | | (23,396) | | | | | | (4,729) | | |

| Amortization, depreciation and write-offs | | | 130,724 | | | | | | 128,791 | | | | | | 119,152 | | |

| Stock-based compensation | | | 207,958 | | | | | | 357,431 | | | | | | 342,551 | | |

| Adjusted EBITDA | | | $ | 4,512,452 | | | | | $ | 2,411,764 | | | | | $ | 1,236,284 | |

| Adjusted EBITDA margin | | | 82.3% | | | | | | 74.8% | | | | | | 67.1% | | |

underlying trends in our business and our liquidity.

Free Cash Flow also reflects cash flows from both continuing and discontinued operations.

We expect to continue to invest in our technology and solutions and to incur related costs, including costs to attract and retain critical engineering talent, such as stock-based compensation, as well as datacenter costs as we continue to launch enhancements to our Axon AI recommendation engine.

We also continue to opportunistically explore strategic transactions related to our advertising solutions and the expansion of the markets we serve.

We expect to continue to invest in sales and marketing to enhance awareness of the Axon brand and drive new client acquisition.

Both the Apple App Store and Google Play Store have made various changes to their policies in recent years, as further discussed in the section titled “Risk Factors–Risks Related to Our Business, Operations and Industry–-If third-party platforms change their policies in a way that harms our business, including the design and effectiveness of our advertising solutions, our business, financial condition, and results of operations could be adversely affected.” The mobile app and advertising ecosystems also continue to be subject to an evolving legal and regulatory landscape, including with respect to data protection, privacy, and AI.

We generate substantially all of our revenue from fees collected from advertisers spending on Axon Ads Manager, which are determined dynamically based on advertisers’ campaign goals.

Revenue does not include the results of our former Apps business, which is classified as discontinued operations.

| | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| Revenue | | | $ | 5,480,717 | | | | | $ | 3,224,058 | | | | | $ | 1,841,762 | |

| Cost of revenue1,2 | | | 665,140 | | | | | | 520,613 | | | | | | 356,613 | | |

| Sales and marketing1,2 | | | 203,651 | | | | | | 252,863 | | | | | | 228,025 | | |

| Research and development1 | | | 226,510 | | | | | | 374,710 | | | | | | 333,781 | | |

| General and administrative1 | | | 233,502 | | | | | | 164,916 | | | | | | 150,932 | | |

| Income from operations | | | 4,151,914 | | | | | | 1,910,956 | | | | | | 772,411 | | |

| Interest expense and loss on settlement of debt | | | (207,016) | | | | | | (317,209) | | | | | | (273,508) | | |

| Other income, net | | | 8,012 | | | | | | 18,196 | | | | | | 2,699 | | |

| Total other expense, net | | | (199,004) | | | | | | (299,013) | | | | | | (270,809) | | |

| Income before income taxes | | | 3,952,910 | | | | | | 1,611,943 | | | | | | 501,602 | | |

| Provision for income taxes | | | 519,715 | | | | | | 22,419 | | | | | | 43,776 | | |

| Net income from continuing operations | | | 3,433,195 | | | | | | 1,589,524 | | | | | | 457,826 | | |

| Loss from discontinued operations, net of income taxes | | | (99,444) | | | | | | (9,748) | | | | | | (101,115) | | |

| Net income | | | $ | 3,333,751 | | | | | $ | 1,579,776 | | | | | $ | 356,711 | |

We also operate a portfolio of owned mobile apps and accelerated our market penetration through an active acquisition and partnership strategy.

We capitalized on our success and understanding of the mobile app ecosystem by entering into the mobile game apps industry in 2018.

Our global diversified portfolio of apps now consist of over 200 free-to-play mobile games across five genres, run by ten studios.

For 2024, our revenue grew 43% year-over-year from 2023, from $3.3 billion in 2023 to $4.7 billion in 2024.

For 2023, our revenue grew 17% year-over-year from 2022, from $2.8 billion in 2022 to $3.3 billion in 2023.

We generated net income of $1.6 billion in 2024, net income of $356.7 million in 2023, and net loss of $192.9 million in 2022.

We generated Adjusted EBITDA of $2.7 billion, $1.5 billion, and $1.1 billion in 2024, 2023, and 2022, respectively.

Additionally, we have generated strong cash flows, with net cash provided by operating activities of $2.1 billion, $1.1 billion, and $412.8 million in 2024, 2023, and 2022, respectively.

Given our strong financial position, we have been able to reinvest in our expansion and growth, and repurchase and withhold shares of our Class A common stock.

See the section titled “Non-GAAP Financial Measures” for a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable financial measure calculated in accordance with GAAP.

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On February 12, 2025, we announced that we entered into a term sheet for the sale of our mobile gaming business to a privately held company (the “Acquirer”) for total consideration of $900.0 million (the “Term Sheet”).

The Term Sheet provides for the total consideration to consist of $400.0 million in shares of the Acquirer’s common equity and $500.0 million in cash, subject to customary purchase price adjustments.

The Term Sheet also provides that the Acquirer will borrow up to $250.0 million of the cash portion of the total consideration and that, if the Acquirer is unable to obtain such financing, we agree to provide financing in such amount to the Acquirer through the issuance of a promissory note.

The Term Sheet is non-binding, except with respect to an agreement by the parties to use commercially reasonable best efforts in good faith to negotiate and finalize definitive agreements for the proposed transaction, a prohibition on us from engaging in discussions or negotiations with any third party other than the Acquirer regarding the sale of our mobile gaming business for a specified period, and customary terms such as fees and expenses, governing law, and termination.

We collect revenue from Advertising and our Apps.

During the twelve months ended December 31, 2024, Advertising Revenue represented 68% of total revenue and Apps Revenue represented 32% of total revenue.

We report our operating results through two reportable segments: Advertising and Apps.

Our CODM, the Chief Executive Officer, evaluates performance of each segment based on several factors, of which the financial measures are segment revenue and segment adjusted EBITDA, as defined in Note 14 to our consolidated financial statements.

The Advertising and Apps segments provide a view into the organization of our business and generate revenue as follows:

Advertising Revenue

Revenue is generated from our advertisers, typically on a performance-basis, and shared with our advertising publishers, typically on a cost per impression model.

Apps Revenue

Apps Revenue is generated when a user of one of our Apps makes an in-app purchase (“IAP") and when clients purchase the digital advertising inventory of our portfolio of Apps ("IAA").

We are able to grow our Apps Revenue by adding more apps to our Apps portfolio and increasing engagement on our existing Apps.

Our Apps are generally free-to-play mobile games and generate IAP Revenue through IAPs.

IAPs consist of virtual goods used to enhance gameplay, accelerate access to certain features or levels, and augment other mobile game progression opportunities for the user.

IAPs drive more engagement and better economics from our Apps.

The vast majority of our IAP Revenue flows through two app stores, Apple App Store and Google Play, which charge us a standard commission on IAPs.

IAP Revenue represented 68% of total Apps Revenue for the twelve months ended December 31, 2024.

During the twelve months ended December 31, 2024, we had an average of 1.6 million Monthly Active Payers ("MAPs") across our portfolio of Apps.

Over that period, we had an Average Revenue Per Monthly Active Payer ("ARPMAP") of $51.

See “Key Metrics” below for additional information on how we calculate MAPs and ARPMAP.

IAA clients that purchase advertising inventory from our Apps are able to target highly relevant users from our diverse and global portfolio of over 200 mobile games.

Our clients leverage a broad set of high-performing mobile ad formats, including playable and rewarded video, and are able to match these ads with relevant users resulting in a better return on their advertising

spend.

By increasing the number of users and their engagement, as well as better matching ads with the appropriate target audience, we are able to increase our revenue from IAA clients that purchase advertising inventory from our Apps.

IAA Revenue represented 32% of total Apps Revenue for the twelve months ended December 31, 2024.

Key Metrics

We review the following key metrics on a regular basis in order to evaluate the health of our business, identify trends affecting our performance, prepare financial projections, and make strategic decisions.

As of December 31, [removed: 2024,] [added: 2025,] we had unrestricted cash and cash equivalents of [removed: $741.4 million.][added: $2.5 billion.]

For additional information, see Note [removed: 9] [added: 9—Debt] to our consolidated financial statements included elsewhere in this Annual Report on Form 10-K.

[removed: If there is a change in foreign currency exchange rates, the translating adjustments resulting] from the conversion of our foreign subsidiaries’ financial statements into U.S. dollars would result in a gain or loss recorded as a component of accumulated other comprehensive income (loss), which is part of stockholders’ equity.

We are also exposed to fluctuations in our net income [removed: (loss)] as a result of transaction gains or losses related to remeasuring monetary asset and liability balances that are denominated in currencies other than the functional currency of the entities in which they are recorded.

Foreign currency transaction gains and losses were not material for the year ended December 31, [added: 2025,] 2024, [removed: 2023,] or [removed: 2022.][added: 2023.]

If there is a change in foreign currency exchange rates, the translating adjustments resulting

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We provide end-to-end artificial intelligence-powered ("AI") advertising solutions for businesses to reach, monetize and grow their global [removed: audience ("Advertising").][added: audience.]

We generate revenue when our advertisers achieve their return on [added: advertising] spend targets with our [removed: Advertising] [added: advertising] solutions, ensuring that their success directly fuels our growth.

- [removed: AppDiscovery,] [added: Axon Ads Manager,] our user acquisition solution, is the cornerstone of our [removed: Advertising] [added: advertising] solutions.

[removed: AppDiscovery] [added: Axon Ads Manager] is powered by [removed: AXON,] our [removed: AI-powered] [added: Axon AI] advertising [removed: engine,] [added: recommendation engine] and matches advertiser demand with publisher supply through auctions at vast scale and at microsecond-level speeds.

We generate our revenue from [removed: Advertising and our Apps.][added: advertising solutions.]

As our distribution grows, we gain better insights for [removed: our AXON recommendation engine,] [added: Axon AI,] which then further enhances the efficiency and effectiveness of [removed: our Advertising solutions.][added: the Axon Ads Manager.]

Our comprehensive, end-to-end [removed: Advertising] [added: advertising] solutions deliver value by helping companies scale their businesses and maximize their [removed: revenue.][added: revenue by automating their marketing, engagement, and monetization efforts.]

[removed: First,] [added: Through Axon Ads Manager,] we provide marketing technology that allows advertisers to reach more of the most suitable users with personalized content in order to increase the number of users who download [removed: and] [added: and/or] engage with their content.

[removed: Second, we] [added: We also] provide advertisers with monetization and analytics technology to maximize the value of their advertising inventory [added: by obtaining a high price for each impression.]

1 Adjust’s marketing platform is operated by our wholly-owned subsidiary and data generated by Adjust's services is not shared with AppLovin or incorporated into or used to optimize its recommendation engine or other [removed: technologies.][added: technologies unless directed by a customer.]

- Reach and attract users at scale: We [removed: provide] [added: enable] advertisers [removed: with access] to [removed: approximately 1.6 billion daily active users2, enabling developers to] target and find the right users for their content [added: and products] worldwide.

- Maximize monetization of engagement: Advertisers use MAX to generate incremental revenue by maximizing the monetization of their [removed: ad] [added: advertising] inventory.

- Automate time consuming and manual processes: Our [removed: Advertising] [added: advertising] solutions automate marketing and monetization, allowing advertisers to focus on improving their content [added: and products] rather than managing complex go-to-market processes manually.

Advertisers benefit from this ongoing advancement and optimization and are able to rapidly adapt to industry changes in marketing and [removed: monetization without losing focus on content creation.][added: monetization.]

[removed: AppDiscovery] [added: Axon Ads Manager] is a suite of marketing solutions that enables developers to automate, optimize, and manage their marketing efforts.

[removed: AppDiscovery] [added: Axon Ads Manager] is powered by [removed: AXON's] [added: Axon AI's] predictive algorithms to enable advertisers to match their apps [added: and websites] to [removed: users that are] [added: engaged users, delivering] more [added: of what they are] likely to [removed: download them.][added: be interested in.]

Advertisers set return goals for their campaigns and [removed: AppDiscovery] [added: Axon Ads Manager] targets users to match those goals.

[removed: Return on advertising spend is measured based on third-party attribution,] Advertisers are charged [removed: for advertising] dynamically based on [removed: the revenue they receive from acquired users,] [added: their campaign goals,] rather than a simple fixed price per impression or per action (click or installation).

Advertisers are not only able to attract users that [removed: download,] [added: initially download their app or visit their website,] but also find a high volume of users that stay and engage [removed: with their apps] for greater retention and ultimately, increased opportunities for better monetization.

With [removed: AppDiscovery,] [added: Axon Ads Manager,] advertisers can define the framework of their campaigns in the following ways:

Our technology finds the users at that value who are most likely to [removed: download and] engage with the [removed: app.][added: app or website.]

Our [added: app-based] clients can analyze by retention periods from initial app download onwards, so that advertisers understand the effectiveness of their marketing investments.

- Targeted returns: Advertisers set their goals and target return on ad [removed: sales] [added: spend] and our algorithms adjust cost and campaign specifics to meet them.

[removed: AppDiscovery] [added: Axon Ads Manager] includes the following features:

- Advanced campaign management: An interface to create, manage, and automatically optimize campaigns based on return on ad [removed: sales] [added: spend] goals.

Many developers who integrate MAX have experienced a measurable increase in their average revenue per daily active user [removed: ("ARPDAU")] over traditional monetization tools and save countless hours because they are able to automate manual monetization work through its advanced feature set.

It brings data-driven advertising and measurement to [removed: Connected TV.][added: CTV.]

- AdPool: [removed: is a] [added: A] monetization solution that connects CTV supply with top advertisers and access to exclusive demand.

- Global FAST Pass (GFP): [removed: is a] [added: A] distribution solution that makes it easy to launch [removed: Free Ad-supported] [added: free ad-supported] CTV channels, monetize them instantly, and access data to grow and retain audiences.

- Existing market expansion: We continue to have an attractive market opportunity within [removed: our current] [added: the] mobile app [removed: segment,] [added: ecosystem,] which we intend to address through the optimization of our [removed: Advertising] [added: advertising] solutions.

- Enhance and extend AI-based technologies: As we increase our scale and reach, our customers benefit from compounding improvements to [removed: AXON,] [added: Axon AI,] our [removed: AI-powered] advertising [added: recommendation] engine, which in turn improves the efficacy and growth of our [removed: Advertising] [added: advertising] solutions.

- New market expansion: We are confident our technology and expertise are applicable to [removed: other market segments] [added: new verticals] and [removed: geographies] [added: content industries] we have not historically addressed, including:

[removed: ◦Non-gaming mobile app segments and industries:] [added: ◦New verticals:] One of our long-term objectives is to provide critical tools to [removed: mobile app developers] [added: advertisers] across multiple verticals, including, for example, [added: web-based] e-commerce and social media.

We have made our [removed: Advertising] [added: advertising] solutions available to [removed: e-commerce] [added: web-based] advertisers, and while we are early in this market expansion, our [removed: e-commerce] [added: new] customers [removed: to date] have experienced positive results, demonstrating the flexibility and future growth potential of our [removed: Advertising] [added: advertising] solutions.

[removed: ◦Other] [added: ◦Other] content industries: We believe our deep expertise and capabilities will allow us to successfully apply our solutions to tangential sectors, [removed: including with mobile OEMs and carriers through our Array product initiative, as well] [added: such] as the growing CTV industry through Wurl.

We continue to expand our CTV business through the addition of new content advertisers and supply channels as well as through the application of [removed: AXON] [added: Axon AI] to CTV.

- Pursue strategic [removed: investments and partnerships:] [added: transactions:] Given our proven track record in strategic transactions, [removed: and our long-standing relationships with key industry players,] we [removed: have earned a reputation as a partner of choice, and] will continue to consider and leverage strategic acquisitions, partnerships, and investment opportunities to accelerate our growth.

[removed: -] Advertisers typically engage with several advertising platforms and networks to purchase advertisements on mobile apps, devices, and on CTV, looking to optimize their marketing investments.

Such advertising companies vary in size and include [removed: Facebook,] [added: Meta,] Google, Amazon, and Unity Software, as well as various private companies, several of which are also our partners and clients.

Continued investment in research and development is important to advancing our [removed: Advertising solutions, and Apps.][added: advertising solutions.]

AppLovin Platform

Our advertising solutions provide the following benefits to advertisers:

Axon Ads Manager

Return on advertising spend is measured based on either third-party or self-attribution.

Revenue from Axon Ads Manager comprises substantially all of our revenue.

Wurl's offerings include:

On June 30, 2025, we completed the sale of our Apps business.

Our revenue may experience seasonality during several periods throughout the year driven by fluctuations in advertising demand associated with mobile gaming and e-commerce activity.

These fluctuations may be influenced by factors such as major holidays, promotional events, school-related cycles, and broader shifts in consumer spending patterns.

Advertising demand may also vary around the timing of new game launches, content updates, and changes in advertiser budgets.

As the breadth and scale of advertisers using our platform continues to expand, including increased participation from large e-commerce advertisers, the magnitude and impact of these seasonal trends may become more pronounced over time.

We have registered, and applied for the registration of, U.S. and international trademarks and domain names, and we also hold patents related to our advertising solutions.

vendors, and generally limiting access to and distribution of our proprietary information.

We are subject to various federal, state, and international laws and regulations that affect companies conducting business on mobile platforms, including with respect to intellectual property, securities, privacy, data protection, consumer protection, competition, tax, labor and employment, and commercial and other matters in the United States, Europe, and around the world.

We also operate a portfolio of owned mobile apps (“Apps”).

Our Apps consist of a globally diversified portfolio of over 200 free-to-play mobile games across five genres, run by ten studios, some of which we own and others that we partner with.

Our studios generally focus on the development of easy to learn and play games, which appeal to a broad range of demographics, but our portfolio also includes several games for other genres.

We report our operating results through two reportable segments: Advertising and Apps.

These segments align with how our Chief Operating Decision Maker ("CODM") allocates resources, makes operating decisions, and manages and assesses the performance of our business.

For the amount of revenue derived from our two segments and other relevant data for the years ended December 31, 2024, 2023, and 2022, as well as other additional information, see Note 14 of our consolidated financial statements included elsewhere in this Annual Report on Form 10-K.

AppLovin Advertising

Specifically, our solutions enable advertisers to automate their marketing, engagement, and monetization efforts in three core ways.

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by obtaining a high price for each impression.

Third, we provide developers, who are often also advertisers, a set of capabilities to optimize their apps and help streamline their businesses.

Additionally, we have entered the CTV advertising market with the integration of Wurl.

Our Advertising solutions also enable publishers to leverage real-time auctions that optimize the value for each impression, while simultaneously enabling them to attain an attractive value for each of the impressions from their advertising inventory.

When these mutually reinforcing elements are combined, it creates a robust and successful marketing and monetization engine that both sells attractive advertising inventory to advertisers while monetizing it for publishers.

Our Advertising solutions are delivered through an integrated and seamless user interface, which provides the following benefits to advertisers:

Our Advertising solutions are primarily made up of four key products: AppDiscovery, MAX, Adjust, and Wurl.


AppDiscovery

This form of personalized advertising focuses on the end user, enabling the advertisers to find the right users and delivering to users more of what they are likely to be interested in.

Revenue from AppDiscovery comprises a vast majority of our Advertising Revenue.

2 We calculate daily active users as the average number of unique device identities that open a mobile app (whether that mobile app our own or a third party’s) which has our software development kit (SDK) on each day in a period.

We measure this figure through our SDK.

An individual who uses an app in more than one country on a particular day will be counted as more than one unique device identity; however, if an individual uses more than one app in the same day, such individual is only counted once.

This figure does not include any users who have opted out of allowing apps to track on their mobile phone.

- High quality and quantity creatives: Advertisers can make and test as many creatives as needed.

They also have access to our in-house creative team, SparkLabs, for expert ad creation and testing strategies.

Wurl has built the following products to meet their customers’ needs:

- TVBits: is an AI-powered interactive, personalized, short-form CTV application that allows viewers to discover content and content companies and streamers the ability to increase viewership, engagement, and revenue.

- BrandDiscovery: is an AI-powered CTV advertising tool that identifies contextual segments based on genre, brand safety, and the emotion of each scene to help advertisers deliver the right ad at the right time.

- ContentDiscovery: is an AI-powered advertising solution that grows audiences, increases engagement, and reduces churn for streaming platforms and apps.

Today, our Apps consist of a globally diversified portfolio of over 200 free-to-play mobile games across five genres, run by ten studios located worldwide with a deep bench of talented developers.

Our studios have developed and published games across a number of genres including: casual, match-three, card/casino, mid-core, and hyper-casual.

A large portion of our portfolio are casual, match-three and card/casino games that have a lower risk of development and generally have more predictable revenue streams and return.

These games can be played a few minutes at a time and appeal to a wide range of users across many highly attractive demographics.

Our studios leverage live ops to quickly iterate and increase in-game monetization by optimizing app economies and improving in-game conversion on items and offers.

The studios operating our portfolio of Apps utilize our Advertising solutions to market, scale, and monetize our Apps.

On February 12, 2025, we announced that we had entered into a term sheet for the sale of our mobile gaming business to a privately held company for total consideration of $900.0 million, consisting of $400.0 million in shares of the acquirer’s common equity and $500.0 million in cash, subject to customary purchase price adjustments.

◦Industry partnerships: We plan to further invest in our sales and marketing teams to increase penetration among new and existing clients, including in expansion markets we are targeting.

Our Apps also work with advertising networks who purchase advertising inventory and consumers who purchase in-app products.

The scale and breadth of our customers in terms of size and industry provides us with a competitive advantage.

[removed: From time to time, we] [added: We are currently involved in, and] may [added: in the future] be [removed: subject to] [added: involved in,] legal proceedings and claims that arise in the ordinary course of business, as well as governmental and other regulatory investigations and proceedings.

In addition, third parties [added: have in the past, and] may [removed: from time to time] [added: in the future,] assert claims against us in the form of letters and other communications.

*Securities Litigation*

Beginning in early March 2025, certain alleged stockholders filed putative class action complaints against the Company, Adam Foroughi, Matthew Stumpf, and/or Herald Chen asserting claims for alleged violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 10b-5 promulgated thereunder, and seeking unspecified monetary relief, interest, and attorneys’ fees.

On March 5, 2025, Michael Quiero filed the first complaint against the Company, Adam Foroughi, and Matthew Stumpf in the U.S. District Court for the Northern District of California (the “Northern District of California”); on March 24, 2025, Ben Brownback filed the second complaint in the same court against the Company, Adam Foroughi, Matthew Stumpf, and Herald Chen in the Northern District of California (the “Brownback Action”); and on April 17, 2025, the Wayne County Employees’ Retirement System filed the third complaint against the Company, Adam Foroughi, Matthew Stumpf, and Herald Chen in the Northern District of California (collectively, the “Securities Complaints”).

In May 2025, Michael Quiero and the Wayne County Employees’ Retirement System voluntarily dismissed the complaints they filed in the Northern District of California.

The U.S. District Court subsequently appointed lead plaintiffs and lead plaintiffs’ counsel in the Brownback Action, and the lead plaintiffs filed an Amended Complaint on September 12, 2025, adding Basil Shikin as a defendant (the "Amended Complaint").

The Amended Complaint alleges that the defendants made materially false and misleading statements regarding the Company's advertising solutions and financial growth.

The Amended Complaint alleges a putative class period running from November 7, 2024 through March 27, 2025.

The defendants filed a motion to dismiss the Amended Complaint in November 2025, and a hearing on the defendants’ motion is scheduled in March 2026.

We believe that these allegations lack merit and will vigorously contest this action.

*Shareholder Derivative Litigation*

Beginning in late March 2025, certain alleged shareholders filed shareholder derivative complaints in the Northern District of California against the individual then current members of the Company’s board of directors, Adam Foroughi, and Matthew Stumpf (collectively, the “D&O Parties”) alleging claims for violations of Section 14(a) of the Exchange Act, breaches of their fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets (collectively, the “Shareholder Derivative Complaints”).

The Shareholder Derivative Complaints also assert claims for contribution under the Exchange Act against Adam Foroughi and Matthew Stumpf and seek unspecified monetary relief, certain declaratory and injunctive relief, restitution, and attorneys’ fees from the D&O Parties.

Relying on the Securities Complaints, the Shareholder Derivative Complaints allege that the D&O Parties made materially false and misleading statements regarding our advertising solutions and financial growth.

On March 25, 2025, Amit Patel filed the first complaint against the individual then current members of the Company’s board of directors, Adam Foroughi, and Matthew Stumpf in the Northern District of California; and on May 19, 2025, Nathan Smith filed the second complaint against the individual then current members of the Company’s board of

directors, Adam Foroughi, and Matthew Stumpf in the Northern District of California.

The Shareholder Derivative Complaints have been consolidated and stayed pending resolution of the defendants’ motion to dismiss in the Brownback Action.

We believe that these allegations lack merit and will vigorously contest these actions.

While we remain confident in the Company’s defenses to the asserted allegations in these cases, it is not possible to determine the ultimate outcome at this time, and thus we cannot reasonably estimate the maximum potential exposure or range of possible loss.

We are not currently a party to any legal proceedings that, if determined adversely to us, would, in our opinion, have a material adverse effect on our business, financial condition, results of operations, or cash flows.

For the fiscal year ended December 31, [removed: 2024][added: 2025]

The aggregate market value of the registrant’s voting and non-voting common equity held by non-affiliates of the registrant on June [removed: 28, 2024,] [added: 30, 2025,] the last business day of its most recently completed second fiscal quarter, was [removed: $23.7] [added: $102.7] billion based on the closing sales price of the registrant’s Class A common stock on that date.

As of February [removed: 24, 2025,] [added: 13, 2026,] the number of shares [added: (in thousands)] of the registrant's Class A common stock outstanding was [removed: 309,269,690] [added: 307,070] and the number of shares [added: (in thousands)] of the registrant's Class B common stock outstanding was [removed: 30,688,541.][added: 30,208.]

No shares of the registrant’s Class C common stock were outstanding as of February [removed: 24, 2025.][added: 13, 2026.]

Portions of the registrant’s Definitive Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated.

Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, [removed: 2024.][added: 2025.]

| Item 1. | | | [removed: [Business](#i10046ac73f1640169a3eaf73885f6d16_16)] [added: [Business](#i5e8c264c4490425490455b0018032f0b_16)] | | | [removed: [2](#i10046ac73f1640169a3eaf73885f6d16_16)] [added: [2](#i5e8c264c4490425490455b0018032f0b_16)] | | |

| Item 1A. | | | [Risk [removed: Factors](#i10046ac73f1640169a3eaf73885f6d16_19)] [added: Factors](#i5e8c264c4490425490455b0018032f0b_19)] | | | [removed: [9](#i10046ac73f1640169a3eaf73885f6d16_19)] [added: [8](#i5e8c264c4490425490455b0018032f0b_19)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#i10046ac73f1640169a3eaf73885f6d16_22)] [added: Comments](#i5e8c264c4490425490455b0018032f0b_22)] | | | [removed: [40](#i10046ac73f1640169a3eaf73885f6d16_22)] [added: [33](#i5e8c264c4490425490455b0018032f0b_22)] | | |

| Item 1C. | | | [removed: [Cybersecurity](#i10046ac73f1640169a3eaf73885f6d16_25)] [added: [Cybersecurity](#i5e8c264c4490425490455b0018032f0b_25)] | | | [removed: [40](#i10046ac73f1640169a3eaf73885f6d16_22)] [added: [33](#i5e8c264c4490425490455b0018032f0b_22)] | | |

| Item 2. | | | [removed: [Properties](#i10046ac73f1640169a3eaf73885f6d16_28)] [added: [Properties](#i5e8c264c4490425490455b0018032f0b_28)] | | | [removed: [41](#i10046ac73f1640169a3eaf73885f6d16_28)] [added: [34](#i5e8c264c4490425490455b0018032f0b_28)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#i10046ac73f1640169a3eaf73885f6d16_31)] [added: Proceedings](#i5e8c264c4490425490455b0018032f0b_31)] | | | [removed: [41](#i10046ac73f1640169a3eaf73885f6d16_31)] [added: [34](#i5e8c264c4490425490455b0018032f0b_31)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#i10046ac73f1640169a3eaf73885f6d16_34)] [added: Disclosures](#i5e8c264c4490425490455b0018032f0b_34)] | | | [removed: [41](#i10046ac73f1640169a3eaf73885f6d16_34)] [added: [35](#i5e8c264c4490425490455b0018032f0b_34)] | | |

| Item 5. | | | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i10046ac73f1640169a3eaf73885f6d16_40)] [added: Securities](#i5e8c264c4490425490455b0018032f0b_40)] | | | [removed: [41](#i10046ac73f1640169a3eaf73885f6d16_40)] [added: [35](#i5e8c264c4490425490455b0018032f0b_40)] | | |

| Item 6. | | | [removed: [\[Reserved\]](#i10046ac73f1640169a3eaf73885f6d16_43)] [added: [\[Reserved\]](#i5e8c264c4490425490455b0018032f0b_43)] | | | [removed: [43](#i10046ac73f1640169a3eaf73885f6d16_43)] [added: [37](#i5e8c264c4490425490455b0018032f0b_43)] | | |

| Item 7. | | | [Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i10046ac73f1640169a3eaf73885f6d16_46)] [added: Operations](#i5e8c264c4490425490455b0018032f0b_46)] | | | [removed: [43](#i10046ac73f1640169a3eaf73885f6d16_46)] [added: [37](#i5e8c264c4490425490455b0018032f0b_46)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i10046ac73f1640169a3eaf73885f6d16_91)] [added: Risk](#i5e8c264c4490425490455b0018032f0b_88)] | | | [removed: [56](#i10046ac73f1640169a3eaf73885f6d16_91)] [added: [47](#i5e8c264c4490425490455b0018032f0b_88)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i10046ac73f1640169a3eaf73885f6d16_94)] [added: Data](#i5e8c264c4490425490455b0018032f0b_91)] | | | [removed: [57](#i10046ac73f1640169a3eaf73885f6d16_94)] [added: [49](#i5e8c264c4490425490455b0018032f0b_91)] | | |

| Item 9. | | | [Changes in and Disagreements With Accountants on Accounting and Financial [removed: Disclosure](#i10046ac73f1640169a3eaf73885f6d16_178)] [added: Disclosure](#i5e8c264c4490425490455b0018032f0b_175)] | | | [removed: [91](#i10046ac73f1640169a3eaf73885f6d16_178)] [added: [80](#i5e8c264c4490425490455b0018032f0b_175)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#i10046ac73f1640169a3eaf73885f6d16_181)] [added: Procedures](#i5e8c264c4490425490455b0018032f0b_178)] | | | [removed: [91](#i10046ac73f1640169a3eaf73885f6d16_181)] [added: [80](#i5e8c264c4490425490455b0018032f0b_178)] | | |

| Item 9B. | | | [Other [removed: Information](#i10046ac73f1640169a3eaf73885f6d16_184)] [added: Information](#i5e8c264c4490425490455b0018032f0b_181)] | | | [removed: [91](#i10046ac73f1640169a3eaf73885f6d16_184)] [added: [80](#i5e8c264c4490425490455b0018032f0b_181)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i10046ac73f1640169a3eaf73885f6d16_190)] [added: Inspections](#i5e8c264c4490425490455b0018032f0b_187)] | | | [removed: [92](#i10046ac73f1640169a3eaf73885f6d16_190)] [added: [81](#i5e8c264c4490425490455b0018032f0b_187)] | | |

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#i10046ac73f1640169a3eaf73885f6d16_196)] [added: Governance](#i5e8c264c4490425490455b0018032f0b_193)] | | | [removed: [93](#i10046ac73f1640169a3eaf73885f6d16_196)] [added: [82](#i5e8c264c4490425490455b0018032f0b_193)] | | |

| Item 11. | | | [Executive [removed: Compensation](#i10046ac73f1640169a3eaf73885f6d16_199)] [added: Compensation](#i5e8c264c4490425490455b0018032f0b_196)] | | | [removed: [93](#i10046ac73f1640169a3eaf73885f6d16_199)] [added: [82](#i5e8c264c4490425490455b0018032f0b_196)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owner and Management and Related Stockholder [removed: Matters](#i10046ac73f1640169a3eaf73885f6d16_202)] [added: Matters](#i5e8c264c4490425490455b0018032f0b_199)] | | | [removed: [93](#i10046ac73f1640169a3eaf73885f6d16_202)] [added: [82](#i5e8c264c4490425490455b0018032f0b_199)] | | |

| Item 13. | | | [Certain Relationship and Related Transactions, and Director [removed: Independence](#i10046ac73f1640169a3eaf73885f6d16_205)] [added: Independence](#i5e8c264c4490425490455b0018032f0b_202)] | | | [removed: [93](#i10046ac73f1640169a3eaf73885f6d16_205)] [added: [82](#i5e8c264c4490425490455b0018032f0b_202)] | | |

| Item 14. | | | [Principal Accountant Fees and [removed: Services](#i10046ac73f1640169a3eaf73885f6d16_208)] [added: Services](#i5e8c264c4490425490455b0018032f0b_205)] | | | [removed: [93](#i10046ac73f1640169a3eaf73885f6d16_208)] [added: [82](#i5e8c264c4490425490455b0018032f0b_205)] | | |

| Item 15. | | | [Exhibit and Financial Statement [removed: Schedules](#i10046ac73f1640169a3eaf73885f6d16_214)] [added: Schedules](#i5e8c264c4490425490455b0018032f0b_211)] | | | [removed: [94](#i10046ac73f1640169a3eaf73885f6d16_214)] [added: [83](#i5e8c264c4490425490455b0018032f0b_211)] | | |

| Item 16. | | | [Form 10-K [removed: Summary](#i10046ac73f1640169a3eaf73885f6d16_217)] [added: Summary](#i5e8c264c4490425490455b0018032f0b_214)] | | | [removed: [96](#i10046ac73f1640169a3eaf73885f6d16_217)] [added: [85](#i5e8c264c4490425490455b0018032f0b_214)] | | |

- our ability to maintain the security and availability of our [removed: Advertising solutions and Apps;][added: advertising solutions;]

- our ability to comply with evolving changes in the data protection, privacy and regulatory landscape applicable to our [removed: businesses;][added: business;]

- our expectations regarding the macroeconomic environment, [removed: inflation and high interest rates, uncertainty in the global banking and financial services markets,] political uncertainty and international conflicts around the world;

- our ability to successfully expand our AI capabilities to support the further development of our [removed: Advertising] [added: advertising] solutions, including [added: Axon AI,] our advertising recommendation [removed: engine, AXON;][added: engine;]

- the demand for our [removed: Advertising solutions and Apps business;][added: advertising solutions;]

- our ability to attract and retain [removed: clients and users,] [added: clients,] including in new markets such as e-commerce;

- our ability to develop new products, features, and enhancements for our [removed: Advertising solutions and to launch or acquire new AppLovin Apps and successfully monetize them;][added: advertising solutions;]

- our ability to successfully acquire and integrate companies and assets and to expand and diversify our operations through strategic [removed: acquisitions and partnerships;][added: transactions;]

- our expectations regarding our share repurchase [removed: program, including future amounts available for repurchase;] [added: program;] and

| [Part I](#i5e8c264c4490425490455b0018032f0b_13) | | | | | | [2](#i5e8c264c4490425490455b0018032f0b_13) | | |

| [Part II](#i5e8c264c4490425490455b0018032f0b_37) | | | | | | [35](#i5e8c264c4490425490455b0018032f0b_37) | | |

| [Part III](#i5e8c264c4490425490455b0018032f0b_190) | | | | | | [82](#i5e8c264c4490425490455b0018032f0b_190) | | |

| [Part IV](#i5e8c264c4490425490455b0018032f0b_208) | | | | | | [83](#i5e8c264c4490425490455b0018032f0b_208) | | |

| [Signatures](#i5e8c264c4490425490455b0018032f0b_217) | | | | | | [86](#i5e8c264c4490425490455b0018032f0b_217) | | |

- our expectations regarding outstanding litigation and legal, tax and regulatory matters;

(Mark One)

[Table](#i10046ac73f1640169a3eaf73885f6d16_7) [of](#i10046ac73f1640169a3eaf73885f6d16_7) [Contents](#i10046ac73f1640169a3eaf73885f6d16_7)

| [Part I](#i10046ac73f1640169a3eaf73885f6d16_13) | | | | | | [2](#i10046ac73f1640169a3eaf73885f6d16_13) | | |

| [Part II](#i10046ac73f1640169a3eaf73885f6d16_37) | | | | | | [41](#i10046ac73f1640169a3eaf73885f6d16_37) | | |

| [Part III](#i10046ac73f1640169a3eaf73885f6d16_193) | | | | | | [93](#i10046ac73f1640169a3eaf73885f6d16_193) | | |

| [Part IV](#i10046ac73f1640169a3eaf73885f6d16_211) | | | | | | [94](#i10046ac73f1640169a3eaf73885f6d16_211) | | |

| [Signatures](#i10046ac73f1640169a3eaf73885f6d16_220) | | | | | | [97](#i10046ac73f1640169a3eaf73885f6d16_220) | | |

- our proposed sale of our mobile gaming business;

Risk Management and [removed: Strategy.][added: Strategy]

For information about these risks, see Part I, Item 1A, “Risk Factors” in this Annual Report on Form 10-K, including the risk factor entitled “Security breaches, improper access to or disclosure of our data or [removed: user] [added: client] data, other hacking and phishing attacks on our systems, or other cyber incidents could harm our reputation and adversely affect our business.”

[removed: Our InfoSec management team is comprised of qualified cybersecurity professionals whose collective expertise includes penetration testing, cyber threat intelligence, data] privacy, information security, and risk and compliance in the healthcare, financial, and technology industries, with certifications such as CISA, CRISC, CISSP, CCSP, CIPP, GIAC, and OSCP.

Our Head of Information Security and Compliance provides [removed: quarterly] [added: periodic] and as needed briefings to the Audit Committee regarding our company’s cybersecurity program and information security risks, including any recent AppLovin-related cybersecurity incidents and possible responses, internal and third-party cybersecurity systems testing, third-party risk management, and other topics related to cybersecurity.

Our InfoSec management team is comprised of qualified cybersecurity professionals whose collective expertise includes penetration testing, cyber threat intelligence, data

[Table](#i10046ac73f1640169a3eaf73885f6d16_7) [of](#i10046ac73f1640169a3eaf73885f6d16_7) [Contents](#i10046ac73f1640169a3eaf73885f6d16_7)

As of December 31, [removed: 2024,] [added: 2025,] there were approximately [removed: 39] [added: 32] stockholders of record of our Class A common stock, 8 stockholders of [removed: records] [added: record] of our Class B common stock and no holders of record of our Class C common stock.

The graph below compares the cumulative total stockholder return on our Class A common stock with the cumulative total return on the Standard & Poor's 500 Stock Index ("S&P 500") and the S&P 500 Information Technology Index ("S&P IT") through December 31, [removed: 2024.][added: 2025.]

During the three months ended December 31, [removed: 2024,] [added: 2025,] we issued [removed: 36,557] [added: restricted stock units ("RSUs") covering 14,810] shares of our Class A common stock [added: under our 2021 Partner Studio Incentive Plan (the "PSIP") and issued 16,335 shares of our Class A common stock] upon the vesting [added: and settlement] of RSUs [added: issued] under our [removed: 2021 Partner Studio Incentive Plan.][added: PSIP.]

The following table summarizes the share repurchase activity for the three months ended December 31, [removed: 2024:][added: 2025:]

| Total | | | [removed: —] [added: 660] | | | | | | [removed: —] [added: 660] | | | | | |

(1) In February 2022, our board of directors authorized a [added: share] repurchase program [removed: of up] to [removed: $750.0 million] [added: repurchase shares] of our Class A common stock.

Repurchases may be made from time to time through open market purchases or through privately negotiated transactions, subject to market conditions, applicable legal [removed: requirements] [added: requirements, including surplus] and [added: solvency requirements, and] other relevant factors.

We may also, from time to time, enter into Rule [removed: 10b-5] [added: 10b5-1] trading plans to facilitate repurchases of shares.

See Note [removed: 10 - Equity] [added: 10—Equity] of the Notes to the Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K for additional information related to share repurchases.


| October 1 - 31, 2025 | | | 588 | | | $ | 620.79 | | 588 | | | $ | 3,327 | |

| November 1 - 30, 2025 | | | 72 | | | $ | 617.64 | | 72 | | | $ | 3,282 | |

| December 1 - 31, 2025 | | | — | | | $ | — | | — | | | $ | 3,282 | |

In October 2025, our board of directors authorized an increase to the repurchase program of $3.2 billion, such that an aggregate amount of approximately $3.3 billion remained available for repurchases as of October 31, 2025.

[Table](#i10046ac73f1640169a3eaf73885f6d16_7) [of](#i10046ac73f1640169a3eaf73885f6d16_7) [Contents](#i10046ac73f1640169a3eaf73885f6d16_7)


| October 1 - 31 | | | — | | | $ | — | | — | | | $ | 2,272 | |

| November 1 - 30 | | | — | | | $ | — | | — | | | $ | 2,272 | |

| December 1 - 31 | | | — | | | $ | — | | — | | | $ | 2,272 | |

In 2023, our board of directors authorized an increase to the repurchase program of $743.6 million.

In 2024, our board of directors authorized increases to the repurchase program of an aggregate amount of $3.3 billion.

| [Reports of Independent Registered Public Accounting [removed: Firm](#i10046ac73f1640169a3eaf73885f6d16_100)] [added: Firm](#i5e8c264c4490425490455b0018032f0b_97)] (PCAOB ID No. 34) | | | [removed: [58](#i10046ac73f1640169a3eaf73885f6d16_100)] [added: [50](#i5e8c264c4490425490455b0018032f0b_97)] | | |

| [Consolidated Balance [removed: Sheets](#i10046ac73f1640169a3eaf73885f6d16_103)] [added: Sheets](#i5e8c264c4490425490455b0018032f0b_100)] | | | [removed: [61](#i10046ac73f1640169a3eaf73885f6d16_103)] [added: [53](#i5e8c264c4490425490455b0018032f0b_100)] | | |

| [Consolidated Statements of [removed: Operations](#i10046ac73f1640169a3eaf73885f6d16_106)] [added: Operations](#i5e8c264c4490425490455b0018032f0b_103)] | | | [removed: [62](#i10046ac73f1640169a3eaf73885f6d16_106)] [added: [54](#i5e8c264c4490425490455b0018032f0b_103)] | | |

[removed: | [Consolidated] [added: Consolidated] Statements of Comprehensive [removed: Income (L](#i10046ac73f1640169a3eaf73885f6d16_109)oss) | | | [63](#i10046ac73f1640169a3eaf73885f6d16_109) | | |][added: Income]

[removed: | [Consolidated] [added: Consolidated] Statements of [removed: Redeemable Noncontrolling Interest and Stockholders’](#i10046ac73f1640169a3eaf73885f6d16_112) [Equity](#i10046ac73f1640169a3eaf73885f6d16_112) | | | [64](#i10046ac73f1640169a3eaf73885f6d16_112) | | |][added: Stockholders’ Equity]

| [Consolidated Statements of Cash [removed: Flows](#i10046ac73f1640169a3eaf73885f6d16_115)] [added: Flows](#i5e8c264c4490425490455b0018032f0b_112)] | | | [removed: [65](#i10046ac73f1640169a3eaf73885f6d16_115)] [added: [57](#i5e8c264c4490425490455b0018032f0b_112)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i10046ac73f1640169a3eaf73885f6d16_118)] [added: Statements](#i5e8c264c4490425490455b0018032f0b_115)] | | | [removed: [67](#i10046ac73f1640169a3eaf73885f6d16_118)] [added: [59](#i5e8c264c4490425490455b0018032f0b_115)] | | |

We have audited the accompanying consolidated balance sheets of AppLovin Corporation and subsidiaries (the "Company") as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of operations, comprehensive [removed: income (loss), redeemable noncontrolling interest and] [added: income,] stockholders' equity, and cash flows, for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the related notes (collectively referred to as the "financial statements").

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February [removed: 27, 2025,] [added: 19, 2026,] expressed an unqualified opinion on the Company's internal control over financial reporting.

We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the [removed: US] [added: U.S.] federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

The critical audit matter communicated below is a matter arising from the [removed: current‐period] [added: current-period] audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

[removed: Critical] [added: *Critical] Audit Matter [removed: Description][added: Description*]

In [removed: November 2024,] [added: October 2025,] the Company granted performance-based restricted stock units [removed: (“PSUs”)] [added: ("PSUs")] which are eligible to vest based on the achievement of certain [removed: stock price] [added: market capitalization] targets and the satisfaction of service conditions.

The grant date fair value of the PSUs [removed: is $36.1] [added: was $410.5] million.

A Monte Carlo simulation [added: model] was utilized to determine the grant date fair value.

The Monte Carlo simulation model utilized the [removed: stock price] [added: market capitalization of the Company] on the date of grant, expected volatility, risk-free interest rate, discount for [removed: lack of marketability] [added: awards subject to post-vesting restrictions,] and dividend yield to calculate the grant date fair value.

The [added: valuation] assumptions used in the Monte Carlo simulation model had a significant effect on the grant date fair value of the PSUs.

Given the level of [removed: judgment] [added: judgement] involved by [removed: management, which included] [added: management in developing certain of] the [added: valuation assumptions and their] use of a specialist to determine the grant date fair value of the PSUs and the derived service period, our audit procedures required a high degree of auditor [removed: judgment] [added: judgement] and increased extent of effort, including the need to involve our fair value specialists.

[removed: How] [added: *How] the Critical Audit Matter Was Addressed in the [removed: Audit][added: Audit*]

◦We inquired [removed: of] [added: with] management [added: regarding] the [removed: key] valuation assumptions [removed: and the Monte Carlo simulation model methodology] used in the determination of the grant date fair value of the PSUs.

◦We tested the accuracy of [removed: the] [added: underlying] data [removed: used] [added: inputs] in [removed: measuring] the [removed: awards by agreeing the underlying inputs,] [added: Monte Carlo simulation model,] such as [removed: the] grant date, [added: quantity of awards granted,] and [removed: the stock price,] [added: vesting conditions,] among others, back to source documents, such as [added: PSU] grant agreements.

◦With the assistance of our fair value specialists, we evaluated management’s valuation of the PSUs [added: and the derived service period] by:

I.Evaluating the Monte Carlo simulation model methodology and the reasonableness of the valuation assumptions, including [removed: the stock price on the date] [added: cost] of [removed: grant,] [added: equity,] expected volatility, risk-free interest rate, discount for [removed: lack of marketability,] [added: awards subject to post-vesting restrictions,] and dividend yield.

II.Independently developing [removed: the] [added: a] Monte Carlo simulation model [removed: and] [added: using] independently [removed: calculating] [added: calculated] valuation [removed: inputs.][added: assumptions.]

We have audited the internal control over financial reporting of AppLovin Corporation and subsidiaries (the “Company”) as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, [removed: 2024,] [added: 2025,] of the Company and our report dated February [removed: 27, 2025,] [added: 19, 2026,] expressed an unqualified opinion on those financial statements.

(In thousands, except [removed: share and] per share data)

| | | | [removed: 2024] [added: 2024] | | | | | | [removed: 2023] [added: 2023] | | |

| Cash and cash equivalents [added: at end of the period] | | | $ | [added: 2,487,096 | | | | | $ |] 741,411 | | | | | $ | 502,152 | |

| Prepaid expenses and other current assets | | | [removed: 156,533 | | | | | | 160,201] [added: 16,063] | | |

| Total current assets | | | [removed: 2,312,190] [added: 4,430,792] | | | | | | [removed: 1,616,163] [added: 2,312,190] | | |

| Operating lease right-of-use assets | | | [removed: 38,069] [added: 25,457] | | | | | | [removed: 48,210] [added: 36,473] | | |

| Total assets | | | $ | [removed: 5,869,259] [added: 7,259,610] | | | | | $ | [removed: 5,359,187] [added: 5,869,259] | |

| Accrued and other current liabilities | | | [removed: 409,392 | | | | | | 265,256] [added: 45,202] | | |

| Deferred revenue | | | [removed: 69,839 | | | | | | 78,559] [added: 32,786] | | |

| Operating lease liabilities, current | | | [removed: 14,814] [added: 13,943] | | | | | | [removed: 13,605] [added: 14,526] | | |

| Total current liabilities | | | [removed: 1,057,472] [added: 1,333,788] | | | | | | [removed: 944,122] [added: 1,057,472] | | |

| Long-term debt | | | [removed: 3,508,983] [added: 3,512,987] | | | | | | [removed: 2,905,906] [added: 3,508,983] | | |

February 19, 2026

February 19, 2026

| | | | 2025 | | | | | | 2024 | | |

| Cash and cash equivalents | | | $ | 2,487,096 | | | | | $ | 697,030 | |

| Accounts receivable, net | | | 1,819,366 | | | | | | 1,283,335 | | |

| Current assets of discontinued operations | | | — | | | | | | 191,355 | | |

| Goodwill | | | 1,539,986 | | | | | | 1,457,685 | | |

| Intangible assets, net | | | 396,714 | | | | | | 472,851 | | |

| Equity method investments | | | 287,666 | | | | | | — | | |

| Other assets | | | 456,550 | | | | | | 492,841 | | |

| Non-current assets of discontinued operations | | | — | | | | | | 937,249 | | |

| Accounts payable | | | $ | 746,977 | | | | | $ | 504,302 | |

| Current liabilities of discontinued operations | | | — | | | | | | 137,113 | | |

| Non-current liabilities of discontinued operations | | | — | | | | | | 1,414 | | |

| Cost of revenue | | | 665,140 | | | | | | 520,613 | | | | | | 356,613 | | |

| Sales and marketing | | | 203,651 | | | | | | 252,863 | | | | | | 228,025 | | |

| Research and development | | | 226,510 | | | | | | 374,710 | | | | | | 333,781 | | |

| General and administrative | | | 233,502 | | | | | | 164,916 | | | | | | 150,932 | | |

| Total costs and expenses | | | 1,328,803 | | | | | | 1,313,102 | | | | | | 1,069,351 | | |

| Income from operations | | | 4,151,914 | | | | | | 1,910,956 | | | | | | 772,411 | | |

| Interest expense and loss on settlement of debt | | | (207,016) | | | | | | (317,209) | | | | | | (273,508) | | |

| Other income, net | | | 8,012 | | | | | | 18,196 | | | | | | 2,699 | | |

| Total other expense, net | | | (199,004) | | | | | | (299,013) | | | | | | (270,809) | | |

| Income before income taxes | | | 3,952,910 | | | | | | 1,611,943 | | | | | | 501,602 | | |

| Provision for income taxes | | | 519,715 | | | | | | 22,419 | | | | | | 43,776 | | |

| Net income from continuing operations | | | 3,433,195 | | | | | | 1,589,524 | | | | | | 457,826 | | |

| Loss from discontinued operations, net of income taxes | | | (99,444) | | | | | | (9,748) | | | | | | (101,115) | | |

| Continuing operations | | | $ | 10.13 | | | | | $ | 4.71 | | | | | $ | 1.29 | |

| Discontinued operations | | | (0.29) | | | | | | (0.03) | | | | | | (0.28) | | |

| Net income (loss) per share attributed to Class A and Class B common stockholders - Diluted: | | | | | | | | | | | | | | | | | |

| Continuing operations | | | $ | 10.04 | | | | | $ | 4.56 | | | | | $ | 1.26 | |

| Discontinued operations | | | (0.29) | | | | | | (0.03) | | | | | | (0.28) | | |

| Basic | | | 338,781 | | | | | | 336,922 | | | | | | 351,952 | | |

| Diluted | | | 341,970 | | | | | | 347,808 | | | | | | 362,589 | | |

| | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Repurchase of Class A common stock | | | (5,511) | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,197,858) | | | | | | (2,197,858) | | |

| Net income | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,333,751 | | | | | | 3,333,751 | | |

| Balances as of December 31, 2025 | | | 338,313 | | | | | | $ | 11 | | | | | $ | 446,550 | | | | | $ | (46,987) | | | | | $ | 1,735,097 | | | | | $ | 2,134,671 | |

[Table](#i10046ac73f1640169a3eaf73885f6d16_7) [of](#i10046ac73f1640169a3eaf73885f6d16_7) [Contents](#i10046ac73f1640169a3eaf73885f6d16_7)

◦We performed risk assessment procedures over the valuation assumptions and performed a sensitivity analysis to understand the impacts of the valuation assumptions used.

February 27, 2025

| Accounts receivable, net | | | 1,414,246 | | | | | | 953,810 | | |

| Property and equipment, net | | | 160,530 | | | | | | 173,331 | | |

| Goodwill | | | 1,803,426 | | | | | | 1,842,850 | | |

| Intangible assets, net | | | 896,677 | | | | | | 1,292,635 | | |

| Other assets | | | 658,367 | | | | | | 385,998 | | |

| Accounts payable | | | $ | 563,427 | | | | | $ | 371,702 | |

| Short-term debt | | | — | | | | | | 215,000 | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Revenue | | | $ | 4,709,248 | | | | | $ | 3,283,087 | | | | | $ | 2,817,058 | |

| Cost of revenue | | | 1,166,806 | | | | | | 1,059,191 | | | | | | 1,256,065 | | |

| Sales and marketing | | | 849,209 | | | | | | 830,718 | | | | | | 919,550 | | |

| Research and development | | | 638,689 | | | | | | 592,386 | | | | | | 507,607 | | |

| General and administrative | | | 181,085 | | | | | | 152,585 | | | | | | 181,627 | | |

| Total costs and expenses | | | 2,835,789 | | | | | | 2,634,880 | | | | | | 2,864,849 | | |

| Income (loss) from operations | | | 1,873,459 | | | | | | 648,207 | | | | | | (47,791) | | |

| Interest expense and loss on settlement of debt | | | (318,260) | | | | | | (275,665) | | | | | | (171,863) | | |

| Other income, net | | | 20,806 | | | | | | 8,028 | | | | | | 14,477 | | |

| Total other expense, net | | | (297,454) | | | | | | (267,637) | | | | | | (157,386) | | |

| Income (loss) before income taxes | | | 1,576,005 | | | | | | 380,570 | | | | | | (205,177) | | |

| Less: Net loss attributable to noncontrolling interest | | | — | | | | | | — | | | | | | (201) | | |

| Basic | | | $ | 4.68 | | | | | $ | 1.01 | | | | | $ | (0.52) | |

| Diluted | | | $ | 4.53 | | | | | $ | 0.98 | | | | | $ | (0.52) | |

| Basic | | | 336,921,483 | | | | | | 351,952,187 | | | | | | 371,568,011 | | |

| Diluted | | | 347,807,555 | | | | | | 362,589,246 | | | | | | 371,568,011 | | |

| Less: Comprehensive loss attributable to noncontrolling interest | | | — | | | | | | — | | | | | | (201) | | |

| Comprehensive income (loss) attributable to AppLovin | | | $ | 1,541,954 | | | | | $ | 374,819 | | | | | $ | (230,674) | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Balances as of December 31, 2021 | | | $ | 201 | | | | | | | | 375,089,360 | | | | | | $ | 11 | | | | | $ | 3,160,487 | | | | | $ | (45,454) | | | | | $ | (976,954) | | | | | $ | 2,138,090 | |

| Repurchase of Class A common stock | | | — | | | | | | | | | (9,389,682) | | | | | | — | | | | | | (338,880) | | | | | | — | | | | | | — | | | | | | (338,880) | | |

| Issuance of Class A common stock in connection with acquisitions | | | — | | | | | | | | | 2,579,692 | | | | | | — | | | | | | 137,422 | | | | | | — | | | | | | — | | | | | | 137,422 | | |

| Net loss | | | (201) | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (192,746) | | | | | | (192,746) | | |

| Loss on disposal of long-lived assets | | | 1,646 | | | | | | — | | | | | | 127,892 | | |

| Other | | | 2,557 | | | | | | 1,863 | | | | | | 1,786 | | |

| Other assets | | | (189,387) | | | | | | (121,688) | | | | | | (77,343) | | |

| Accrued and other liabilities | | | 133,974 | | | | | | 92,754 | | | | | | (6,412) | | |

| Deferred revenue | | | (6,633) | | | | | | 13,857 | | | | | | (14,711) | | |

Based on such evaluation, our principal executive officer and principal financial officer have concluded that, as of such date, our disclosure controls and procedures were effective at a reasonable assurance level as of December 31, [removed: 2024.][added: 2025.]

Our management, with the participation and supervision of our principal executive officer and our principal financial officer, evaluated the effectiveness of our internal control over financial reporting as of December 31, [removed: 2024] [added: 2025] based on the framework in Internal Control-Integrated Framework (2013), issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on this evaluation, management concluded that our internal control over financial reporting was effective as of December 31, [removed: 2024.][added: 2025.]

The effectiveness of our internal control over financial reporting as of December 31, [removed: 2024] [added: 2025] has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report, which is included in Item 8 of this Annual Report on Form 10-K.

There were no changes in our internal control over financial reporting identified in management’s evaluation pursuant to Rules 13a-15(d) and 15d-15(d) of the Exchange Act during the quarter ended December 31, [removed: 2024] [added: 2025] that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

[removed: On December 6, 2024, Matthew Stumpf, our Chief Financial Officer, entered into a Rule 10b5-1] [added: The] trading plan [removed: providing] [added: also provided] for the potential sale of [removed: the net] [added: additional] shares [removed: (after withholding taxes)] of our Class A common stock issuable upon vesting and settlement of [removed: 56,058] RSUs granted to [removed: Mr. Stumpf prior] [added: Ms. Valenzuela subsequent] to the adoption of the trading [removed: plan.][added: arrangement.]

The trading plan is scheduled to be effective until November [removed: 25, 2025,] [added: 30, 2026,] or earlier if all transactions under the trading plan are completed.

[removed: The] [added: On December 12, 2025, Ms. Valenzuela adopted a Rule 10b5-1] trading plan [removed: is] intended to satisfy the affirmative defense in Rule 10b5-1(c).

[removed: On December 6, 2024, Victoria Valenzuela, our Chief Legal Officer, entered into a Rule 10b5-1] [added: The terminated] trading plan [removed: providing] [added: provided] for the potential sale of [removed: the net] [added: up to an aggregate of 60,000] shares [removed: (after withholding taxes)] of our Class A common [added: stock, as well as up to 28,603 additional shares of our Class A common] stock issuable upon vesting and settlement of [removed: 57,207] RSUs granted to Ms. [removed: Valenzuela prior to the adoption] [added: Valenzuela, net] of [removed: the trading plan.][added: shares withheld for taxes.]

The trading plan is scheduled to be effective until December [removed: 5, 2025,] [added: 31, 2026,] or earlier if all transactions under the trading plan are completed.

[removed: On December 9, 2024, Vasily Shikin, our Chief Technology Officer, entered into a Rule 10b5-1] [added: The] trading plan [removed: providing] [added: provides] for the potential sale of up to [removed: 120,000] [added: 251,261] shares of our Class A [removed: Common Stock] [added: common stock] held by Mr. Shikin and up to [removed: 210,000] [added: 107,667] shares of our Class A common stock [removed: from] [added: held by] certain affiliated trusts.

On November [removed: 20, 2024, Alyssa Harvey Dawson, a member of] [added: 17, 2025, Victoria Valenzuela,] our [removed: Board,] [added: Chief Administrative & Legal Officer,] terminated a Rule 10b5-1 trading plan, which was previously adopted on [removed: March 14, 2024] [added: May 22, 2025] and intended to satisfy the affirmative defense in Rule 10b5-1(c).

No other [removed: directors or] officers, as defined in Rule 16a-1(f), [removed: adopted] or [added: directors adopted and/or] terminated a [removed: Rule] [added: “Rule] 10b5-1 trading [removed: arrangement] [added: arrangement”] or a [removed: non-Rule] [added: “non-Rule] 10b5-1 trading [removed: arrangement (as] [added: arrangement,” as] defined in [removed: Item 408(c) of] Regulation [removed: S-K)] [added: S-K Item 408,] during the [removed: quarterly period covered by this report.][added: last fiscal quarter.]

During our last fiscal quarter, the following officers, as defined in Rule 16a-1(f), and director adopted or terminated a “Rule 10b5-1 trading arrangement,” as defined in Regulation S-K Item 408, as follows:

On November 10, 2025, Matt Stumpf, our Chief Financial Officer, adopted a Rule 10b5-1 trading plan intended to satisfy the affirmative defense in Rule 10b5-1(c).

The trading plan provides for the potential sale of up to 5,210 shares of our Class A common stock and up to 21,673 additional shares of our Class A common stock issuable upon vesting and settlement of RSUs, net of shares withheld for taxes.

The trading plan was scheduled to be effective until February 28, 2026, or earlier if all transactions under the trading plan were completed.

The trading plan provides for the potential sale of up to 17,500 shares of our Class A common stock and up to 20,236 additional shares of our Class A common stock issuable upon vesting and settlement of RSUs, net of shares withheld for taxes.

On December 9, 2025, Vasily Shikin, our Chief Technology Officer, adopted a Rule 10b5-1 trading plan intended to satisfy the affirmative defense in Rule 10b5-1(c).

The trading plan is scheduled to be effective until November 25, 2026, or earlier if all transactions under the trading plan are completed.

On December 10, 2025, Eduardo Vivas, a member of our board of directors, adopted a Rule 10b5-1 trading plan intended to satisfy the affirmative defense in Rule 10b5-1(c).

The trading plan provides for the potential sale of up to 491,730 shares of our Class A common stock.

The trading plan is scheduled to be effective until September 15, 2026, or earlier if all transactions under the trading plan are completed.

The terminated trading plan provided for the potential sale of up to an aggregate of 8,871 shares of our Class A common stock held by Ms. Harvey Dawson and was scheduled to be effective until May 31, 2025, or earlier if all transactions under the trading plan were completed.

[Table](#i10046ac73f1640169a3eaf73885f6d16_7) [of](#i10046ac73f1640169a3eaf73885f6d16_7) [Contents](#i10046ac73f1640169a3eaf73885f6d16_7)

[Table](#i10046ac73f1640169a3eaf73885f6d16_7) [of](#i10046ac73f1640169a3eaf73885f6d16_7) [Contents](#i10046ac73f1640169a3eaf73885f6d16_7)

The information required by this item is incorporated by reference to the definitive proxy statement for our [removed: 2025] [added: 2026] Annual Meeting of Stockholders, which will be filed with the SEC, no later than 120 days after December 31, [removed: 2024] [added: 2025] (the “Proxy Statement”).

[Table](#i10046ac73f1640169a3eaf73885f6d16_7) [of](#i10046ac73f1640169a3eaf73885f6d16_7) [Contents](#i10046ac73f1640169a3eaf73885f6d16_7)

| 10.7+ | | | [AppLovin Corporation Outside Director Compensation [removed: Policy, amended](https://www.sec.gov/Archives/edgar/data/1751008/000175100825000018/exhibit1072024123110k.htm) [February](https://www.sec.gov/Archives/edgar/data/1751008/000175100825000018/exhibit1072024123110k.htm) [](https://www.sec.gov/Archives/edgar/data/1751008/000175100825000018/exhibit1072024123110k.htm)[10](https://www.sec.gov/Archives/edgar/data/1751008/000175100825000018/exhibit1072024123110k.htm)[, 2025](https://www.sec.gov/Archives/edgar/data/1751008/000175100825000018/exhibit1072024123110k.htm)[.](https://www.sec.gov/Archives/edgar/data/1751008/000175100825000018/exhibit1072024123110k.htm)] [added: Policy](https://www.sec.gov/Archives/edgar/data/1751008/000175100826000010/exhibit1072025123110k.htm)[.](https://www.sec.gov/Archives/edgar/data/1751008/000175100826000010/exhibit1072025123110k.htm)] | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 10.14] [added: 10.13] | | | [Credit Agreement, dated as of December 5, 2024, by and between AppLovin Corporation, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party [removed: thereto.](https://www.sec.gov/ix?doc=/Archives/edgar/data/1751008/000119312524271603/d896321d8k.htm)] [added: thereto.](https://www.sec.gov/Archives/edgar/data/1751008/000119312524271603/d896321dex101.htm)] | | | 8-K | | | | | | 001-40325 | | | | | | 4.1 | | | | | | December 5, 2024 | | |

| 19.1 | | | [removed: [I](https://www.sec.gov/Archives/edgar/data/1751008/000175100825000018/exhibit1912024123110k.htm)[nsider] [added: [Insider] Trading [removed: Policy.](https://www.sec.gov/Archives/edgar/data/1751008/000175100825000018/exhibit1912024123110k.htm)] [added: Policy.](https://www.sec.gov/Archives/edgar/data/1751008/000175100826000010/exhibit1912025123110k.htm)] | | | | | | | | | | | | | | | | | | | | | | | |

| 21.1 | | | [List of subsidiaries of the registrant.](https://www.sec.gov/Archives/edgar/data/1751008/000175100825000018/exhibit2112024123110k.htm) | | | [added: 10-K] | | | | | | [added: 001-40325] | | | | | | [added: 21.1] | | | | | | [added: February 27, 2025] | | |

| 23.1 | | | [Consent of Deloitte & Touche LLP, Independent Registered Public Accounting [removed: Firm.](https://www.sec.gov/Archives/edgar/data/1751008/000175100825000018/exhibit2312024123110k.htm)] [added: Firm.](https://www.sec.gov/Archives/edgar/data/1751008/000175100826000010/exhibit2312025123110k.htm)] | | | | | | | | | | | | | | | | | | | | | | | |

| 31.1 | | | [Certification of Principal Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/1751008/000175100825000018/exhibit3112024123110k.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1751008/000175100826000010/exhibit3112025123110k.htm)] | | | | | | | | | | | | | | | | | | | | | | | |

| 31.2 | | | [Certification of Principal Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/1751008/000175100825000018/exhibit3122024123110k.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1751008/000175100826000010/exhibit3122025123110k.htm)] | | | | | | | | | | | | | | | | | | | | | | | |

| 32.1† | | | [Certifications of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/1751008/000175100825000018/exhibit3212024123110k.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1751008/000175100826000010/exhibit3212025123110k.htm)] | | | | | | | | | | | | | | | | | | | | | | | |

| 101 | | | The following financial statements from the Company’s Annual Report on Form 10-K for the year ended December 31, [removed: 2024,] [added: 2025,] formatted in Inline XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income (Loss), (iv) Consolidated Statements of [removed: Redeemable Noncontrolling Interest and] Stockholders’ Equity (Deficit), (v) Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements. | | | | | | | | | | | | | | | | | | | | | | | |

| # | | | Certain exhibits and schedules to this exhibit have been omitted in accordance with Regulation S-K Item [removed: 601(b)(2).] [added: 601(a)(5).] We agree to furnish supplementally a copy of all omitted exhibits and schedules to the Securities and Exchange Commission upon its request. | | |

| 2.1# | | | [Purchase Agreement, dated May 7, 2025, by and among Tripledot, Eton Games Inc., Tripledot Group Holdings Limited, AppLovin Corporation, Morocco, Inc., and AppLovin GmbH.](https://www.sec.gov/Archives/edgar/data/1751008/000175100825000051/exhibit21purchaseagreement.htm) | | | 8-K | | | | | | 001-40325 | | | | | | 2.1 | | | | | | May 7, 2025 | | |

| 2.2 | | | [Amendment to Purchase Agreement, dated June 30, 2025, by and among Tripledot, Eton Games Inc., Tripledot Group Holdings Limited, AppLovin Corporation, Morocco, Inc., and AppLovin GmbH.](https://www.sec.gov/Archives/edgar/data/1751008/000175100825000061/exhibit21-amendmentno1topu.htm) | | | 8-K | | | | | | 001-40325 | | | | | | 2.1 | | | | | | July 1, 2025 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

[Table](#i10046ac73f1640169a3eaf73885f6d16_7) [of](#i10046ac73f1640169a3eaf73885f6d16_7) [Contents](#i10046ac73f1640169a3eaf73885f6d16_7)

| 10.13+ | | | [Consulting Services Agreement between the registrant and Herald Chen, dated December 29, 2023.](https://www.sec.gov/Archives/edgar/data/1751008/000175100824000012/exhibit10262023123110k.htm) | | | 10-K | | | | | | 001-40325 | | | | | | 10.26 | | | | | | February 26, 2024 | | |

| Date: February [removed: 27, 2025] [added: 19, 2026] | | | APPLOVIN CORPORATION | | | | | |

| Adam Foroughi | | | | | | *(Principal Executive Officer)* | | | | | | February [removed: 27, 2025] [added: 19, 2026] | | |

| Matthew Stumpf | | | | | | (*Principal Financial Officer*) | | | | | | February [removed: 27, 2025] [added: 19, 2026] | | |

| Dmitriy Dorosh | | | | | | (*Principal Accounting Officer*) | | | | | | February [removed: 27, 2025] [added: 19, 2026] | | |

| Craig Billings | | | | | | | | | | | | February [removed: 27, 2025] [added: 19, 2026] | | |

| Herald Chen | | | | | | | | | | | | February [removed: 27, 2025] [added: 19, 2026] | | |

| Margaret Georgiadis | | | | | | | | | | | | February [removed: 27, 2025] [added: 19, 2026] | | |

| Alyssa Harvey Dawson | | | | | | | | | | | | February [removed: 27, 2025] [added: 19, 2026] | | |

| Barbara Messing | | | | | | | | | | | | February [removed: 27, 2025] [added: 19, 2026] | | |

| Todd Morgenfeld | | | | | | | | | | | | February [removed: 27, 2025] [added: 19, 2026] | | |

| Eduardo Vivas | | | | | | | | | | | | February [removed: 27, 2025] [added: 19, 2026] | | |

| /s/ Maynard Webb | | | | | | Director | | | | | | | | |

| Maynard Webb | | | | | | | | | | | | February 19, 2026 | | |

[Table](#i10046ac73f1640169a3eaf73885f6d16_7) [of](#i10046ac73f1640169a3eaf73885f6d16_7) [Contents](#i10046ac73f1640169a3eaf73885f6d16_7)

| /s/ Edward Oberwager | | | | | | Director | | | | | | | | |

| Edward Oberwager | | | | | | | | | | | | February 27, 2025 | | |