# AppLovin (APP) Forecast Calculator

Interactive five-year financial forecast and DCF for AppLovin. Adjust revenue growth, margins, capex, and WACC to update revenue, free cash flow, and enterprise value.

- Canonical: https://finamodel.com/companies/applovin/forecast
- Industry: Technology
- Forecast start year: 2026

## Historical data

| Year | Revenue | Free cash flow | EBITDA | Net income |
|---:|---:|---:|---:|---:|
| 2021 | 994104000 | 195104000 | 287177000 | 119040000 |
| 2022 | 1451086000 | 219642000 | 192909000 | -125187000 |
| 2023 | 2793104000 | 360461000 | 581079000 | 35446000 |
| 2024 | 2817058000 | 412111000 | 499293000 | -192746000 |
| 2025 | 1841762000 |  -  | 1261419000 | 356711000 |

## Frequently asked questions

### What does AppLovin do after divesting its Apps business?

AppLovin now operates as a pure-play software platform, providing end-to-end advertising and AI solutions to help businesses reach, monetize, and grow their global audiences. Its business is driven by its proprietary AI recommendation engine, AXON 2.0, following the divestiture of its Apps business in June 2025.

### How does AppLovin generate revenue from its advertising platform?

AppLovin generates revenue through its asset-light, transaction-based software platform, primarily from performance advertising. Its AXON 2.0 AI engine drives this revenue by connecting advertisers with global audiences, particularly within the mobile gaming ecosystem and expanding into e-commerce.

### What are the key revenue growth assumptions in AppLovin's financial model?

The financial model for AppLovin assumes a Revenue Growth rate of approximately 16.67% for its forecast horizon. This growth is expected to be driven by the sustainability of its AXON 2.0 AI-driven Advertising segment, following the company's transformation into a pure-play software platform.

### What is the main purpose of the AppLovin financial model?

The primary purpose of this financial model is to evaluate the equity valuation and free cash flow generation profile of AppLovin Corporation. It specifically focuses on the sustainability of its AXON 2.0 AI-driven Advertising segment growth and structural margin expansion after the mid-2025 divestiture of its Apps business.

### Can I download an Excel financial model for AppLovin (APP)?

Yes, an Excel financial model for AppLovin (APP) is available for download. This model provides a forecast horizon from FY2026 to FY2030, allowing for detailed analysis of the company's future financial performance and key financial assumptions.

### What is AppLovin's working capital profile?

AppLovin exhibits a structurally negative net working capital as a percentage of revenue. This is because the company collects cash from advertisers faster than it pays out third-party publishers, creating a float that helps fund its operations.