- Price
- $278.78 → $277.04(−0.6%)
- Discount
- 40.7% → 41.1%(+0.4 pts)
- Next earnings
- 2026-11-05 → 2026-11-04
- Next earnings is estimate
- Yes → No
- Balance sheet
- Cash: $3.1B
Debt: $3.5B
Net debt: $400M
Interest cover: 29×
Undrawn credit line: $1.0B
Debt due within 12 months: $0.0M
Last debt due: 2054
Ratings: Fitch BBB+ (stable outlook)
AppLovin sold its Apps business in June 2025. It, and it now has only unsecured fixed-rate notes at the parent, andwith no bank debt is outstanding. At June 30, 2026, debtFree cash flow was $32.515 billion in the first half of 2026, so the debt does not limit the company. ThisThe debt is the $3.55 billion of senior notes issued in November 2024, with coupons of 5.125% to 5.950%. The notes mature from December 2029 to December 2054, so nothing is due before late 2029. Cash was $3.1 billion, so net debt was only about $0.5 billion. In the first half of 2026,Interest cover is income from operations of $2.9 billion coveredover interest expense in the first half of $102 million about 29 times. The $1.0 billion revolving credit facility was undrawn at June 30, 2026. On June 22, 2026, Fitch raised its rating to BBB+ with a stable outlookon June 22, 2026. The 10-Q says that several agencies give the notes investment-grade ratings. Equity is small at $3.2 billion because the company spends most of its cash on buybacks. Buybacks were $1.5 billion in the first half of 2026, with $1.8 billion of authorization left. Goodwill of $1.5 billion comes from past purchases. Free cash flow was $2.15 billion in the first half of 2026, so the debt does not limit the company. The main uses of cash stay buybacks and investment in the ad platform.
As of 2026-06-30.
- Checkpoints
- Nov 54, 2026 (estimate): Q3 2026 results: ad revenue growth and e-commerce traction. Pending. Watch: Revenue at or above guidance with clear e-commerce growth and a firm date for the video ad tool pass; a second miss or flat sequential growth fails.
Nov 16, 2026: Lead-plaintiff deadline in the securities class action. Pending. Watch: A case that moves slowly with no new claims passes; new claims, an SEC or app-store action, or a fast settlement demand fails.
Feb 2027 (estimate): Q4 2026 results and 2027 outlook. Pending. Watch: Q4 sequential growth above the 9% that Edgewater forecast and proof of e-commerce scale pass; growth at or below that level fails.