AppLovin Corporation (APP)

Hold Recap: Q2 2026

Revenue +53% but the Model Cadence Broke: First Guide Miss of the Coverage Arc, Margin and Buyback Both Step Down, Long-Term Growth Re-Anchored to "roughly 30%" — Downgrading to Hold

Outperform 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

Outperform 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

Outperform 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

Outperform 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