APP · AppLovin Corporation

AppLovin delivered exceptional first quarter 2026 results, with revenue surging 59% year-over-year to $1.842 billion, driven by strong demand for its marketing platform. Net income more than doubled to $1.206 billion, reflecting operating leverage and a 65% net margin. Adjusted EBITDA rose 66% to $1.557 billion, with margin expanding to 85% from 81% a year ago. The company generated $1.291 billion in operating cash flow and $1.287 billion in free cash flow, enabling $1.0 billion in share repurchases during the quarter. Management provided Q2 2026 guidance for revenue of $1.915-$1.945 billion and Adjusted EBITDA of $1.615-$1.645 billion, implying continued strong growth and margin expansion. The results significantly exceeded consensus expectations, with EPS of $3.56 versus the $3.24 consensus from the prior quarter's beat. The company's ability to convert high revenue growth into cash flow and shareholder returns underscores its operational efficiency and market position.