AppLovin Corporation (APP)
Recap: Q1 2026
Q1 2026 Revenue +59% to $1.84B / 85% EBITDA Margin (New All-Time High) / Q1 Buybacks $1B (2.23M Shares Retired), Consumer Vertical Records April Monthly Spend Higher Than Any Q4 Peak, AXON Platform Opens to Public in June — Maintaining Outperform on the Cleanest H1 2026 GA Setup
Recap: Q4 2025
FY2025 Closed +70% Revenue, +87% EBITDA, +91% FCF on Rule-of-40 Score of 150 (66/84), Q4 EBITDA Margin Expanded to 84%, Q1 2026 Guide Implies Continued Compounding Despite AI-Sentiment Overhang — Maintaining Outperform on Operational Reality vs. Sentiment Fear Reset
Recap: Q3 2025
Q3 Revenue +68% / EBITDA 82% Margin / FCF +92%, AXON Ads Manager Launched October 1 Cleanly With Self-Service Spend +50% Week-Over-Week, International Opened Ahead of Schedule, S&P 500 Inclusion Tailwind — Maintaining Outperform on Cleanest Multi-Vector Execution Quarter Yet
Recap: Q2 2025
Advertising Revenue +77% to $1.26B at 81% Adj. EBITDA Margin, AXON Ads Manager Launches With Oct 1 Referral / H1 2026 Global Cadence, Apps Divestiture Completes the Pure Ad-Tech Pivot — Initiating Outperform on the Cleanest Margin Profile in Ad-Tech