AppLovin Q2 FY2026: revenue up 52.8% to $1.92 billion, EPS $3.76
AppLovin grew revenue 52.8% to $1.92 billion and earned $3.76 per diluted share, matching the $3.7574 consensus almost exactly. Profitability remains extreme: 88.3% gross margin and $1.27 billion of net income. The soft spot is cash, where operating cash flow fell to $869.0 million and receivables kept building. Guidance implies more growth, just slower. Our view is Bullish.
1 · Expected vs. Actual
Free preview belowDiluted GAAP EPS was $3.76 against a $3.7574 consensus estimate, so this was a meet rather than a beat. A year earlier diluted EPS was $2.39, but that included $0.13 from discontinued operations, so the cleaner comparison is continuing-operations EPS of $2.26 then versus $3.76 now. Share count helped a little: diluted shares were 337.0 million versus 342.2 million a year ago after $551.3 million of repurchases and withholding in the quarter.
Revenue of $1.92 billion rose 52.8% from $1.26 billion a year ago, and 4.4% from the $1.84 billion booked in the prior quarter. Net income grew faster than sales, reaching $1.27 billion, or 65.8% of revenue. Growth is still fast, but the year-over-year rate slipped from roughly 59.0% in the prior quarter.
Management guided third-quarter revenue to $2.055–$2.085 billion, a $2.07 billion midpoint, which is 7.6% above this quarter and 47.3% above the $1.405 billion reported in last year's September quarter. Adjusted EBITDA is guided to $1.710–$1.740 billion at an 83% margin, a point below the 84% actually delivered in the second quarter. The guidance track record is tight: the prior $1.93 billion midpoint landed as $1.9237 billion of actual revenue, about 0.3% light.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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