Analyst Consensus ?
ConsensusBuy27 ratings
Bullish2177.8%
Neutral518.5%
Bearish13.7%
AppLovin Corporation · APP · FY2025 Q2 · Calendar Q3 2025
AppLovin advances AXON expansion while gaming drives Q2 growth
The quarter supports the case that strong growth and resilient demand can continue to fund AppLovin’s expansion, but the next phase depends on AXON execution, e-commerce adoption and the ability to preserve margins.
Reported After market closeNASDAQTechnology
$90.11B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.26
Consensus $1.96
EPS surprise
+15.3%
Reported versus consensus
Reported revenue
$1.26B
Consensus $1.22B
Revenue surprise
+2.8%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+12.0%
Event window
SPY move
-0.1%
Same window
Abnormal move
+12.1%
Stock minus SPY
Volume
4.3×
Versus trailing sessions
Subsequent drift
+12.1%
Up to 20 sessions
APPSPY benchmark
Ask FN2 about APP FY2025 Q2
Transcript, numbers and history already loaded
Why did APP rise 12.0% after beating EPS estimates in FY2025 Q2?What changed in APP's guidance and outlook in FY2025 Q2?Give me the bull and bear case for APP after FY2025 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, the AXON ads manager moved from planned rollout to a referral-based launch, the Apps divestiture was completed, and management disclosed Q3 revenue and adjusted EBITDA guidance. The growth narrative remained centered on gaming while adding e-commerce, international expansion and AI-enabled tools.
Guidance delta
Management maintained a confident outlook and provided Q3 revenue guidance of $1.32-$1.34 billion and adjusted EBITDA guidance of $1.07-$1.09 billion.
Key takeaways
- Management said Q2 revenue rose 77% year over year to $1.26 billion, with an 81% adjusted EBITDA margin.
- Gaming remained the core growth engine as AppLovin prepared to broaden AXON into e-commerce and other verticals.
- The AXON ads manager was set for a referral-based launch on October 1, 2025, with a full global launch planned for the first half of 2026.
- The Apps business divestiture was completed, providing $425 million of cash and removing a non-core segment.
- The reported quarter exceeded consensus on both EPS and revenue, based on the supplied scorecard.
Management priorities
- Scale the AXON self-service platform and its global rollout
- Expand into e-commerce advertisers and new verticals
- Develop AI-generated ad creative and agentic capabilities
- Deepen Shopify and attribution-provider integrations
- Continue engineering investment and share buybacks
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$268.22Current
$14Low
$421.53Average
$860High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 4, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Morgan Stanley | Overweight | Overweight | Maintain | Sep 14, 2026 |
| BTIG | Buy | Buy | Maintain | Sep 8, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Sep 1, 2026 |
| Needham | Buy | Buy | Maintain | Aug 26, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | Aug 21, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Aug 19, 2026 |
| Benchmark | Buy | Buy | Maintain | Aug 17, 2026 |
| B of A Securities | Neutral | Buy | Downgrade | Aug 11, 2026 |
| Citigroup | Buy | Buy | Maintain | Aug 7, 2026 |
| Wedbush | Outperform | Outperform | Maintain | Aug 6, 2026 |
| UBS | Buy | Buy | Maintain | Aug 6, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Aug 6, 2026 |
| Macquarie | Outperform | Outperform | Maintain | Aug 6, 2026 |
| Goldman Sachs | Neutral | Neutral | Maintain | Aug 6, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | May 7, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Mar 5, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Feb 12, 2026 |
| Jefferies | Buy | Buy | Maintain | Feb 12, 2026 |
| Loop Capital | Buy | Buy | Maintain | Feb 20, 2025 |
| Stifel | Buy | Buy | Maintain | Dec 5, 2024 |
| Daiwa Capital | Outperform | Neutral | Upgrade | Nov 8, 2024 |
| Truist Securities | Buy | Buy | Maintain | Aug 15, 2023 |
| DA Davidson | Buy | Buy | Maintain | Aug 11, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Aug 10, 2023 |
| Keybanc | Overweight | Overweight | Maintain | Feb 9, 2023 |
| Wolfe Research | Outperform | Outperform | Maintain | Aug 17, 2022 |
| Arete Research | Sell | Sell | Maintain | Nov 18, 2021 |
Named analyst price targets
Upside is calculated against the persisted current price $268.22. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Morgan Stanley | Matthew Cost | $450 | $323.96 | +67.8% | Sep 14, 2026 |
| BTIG | Analyst unavailable | $396 | $320.56 | +47.6% | Sep 8, 2026 |
| Evercore ISI | Robert Coolbrith | $510 | $312.06 | +90.1% | Sep 1, 2026 |
| Needham | Bernie McTernan | $475 | $310.54 | +77.1% | Aug 26, 2026 |
| Piper Sandler | Analyst unavailable | $325 | $308.77 | +21.2% | Aug 21, 2026 |
| Wells Fargo | Alec Brondolo | $325 | $307.26 | +21.2% | Aug 19, 2026 |
| William Blair | Analyst unavailable | $440 | $316.55 | +64.0% | Aug 17, 2026 |
| BTIG | Clark Lampen | $408 | $318.68 | +52.1% | Aug 12, 2026 |
| Wedbush | Analyst unavailable | $610 | $335.2 | +127.4% | Aug 6, 2026 |
| Needham | Bernie McTernan | $500 | $333.13 | +86.4% | Aug 6, 2026 |
| Scotiabank | Nathaniel Schindler | $515 | $417.8 | +92.0% | Aug 6, 2026 |
| UBS | Stephen Ju | $790 | $417.8 | +194.5% | Aug 6, 2026 |
| Wells Fargo | Alec Brondolo | $357 | $417.8 | +33.1% | Aug 6, 2026 |
| BTIG | Analyst unavailable | $574 | $417.8 | +114.0% | Aug 6, 2026 |
| Macquarie | Tim Nollen | $620 | $417.8 | +131.2% | Aug 6, 2026 |
| Piper Sandler | James Callahan | $385 | $417.8 | +43.5% | Aug 6, 2026 |
| Goldman Sachs | Analyst unavailable | $465 | $417.8 | +73.4% | Aug 6, 2026 |
| UBS | Analyst unavailable | $798 | $395.9 | +197.5% | Aug 3, 2026 |
| Wells Fargo | Analyst unavailable | $575 | $543.79 | +114.4% | Jul 7, 2026 |
| Raymond James | Analyst unavailable | $640 | $477.08 | +138.6% | Jun 29, 2026 |
| KeyBanc | Analyst unavailable | $775 | $512.1 | +188.9% | Jun 10, 2026 |
| Deutsche Bank | Analyst unavailable | $660 | $474.81 | +146.1% | May 7, 2026 |
| UBS | Analyst unavailable | $750 | $470.22 | +179.6% | May 7, 2026 |
| Piper Sandler | Analyst unavailable | $665 | $468.83 | +147.9% | May 7, 2026 |
| UBS | Analyst unavailable | $716 | $475.81 | +166.9% | May 5, 2026 |
| Argus Research | Analyst unavailable | $520 | $417.45 | +93.9% | Apr 14, 2026 |
| Macquarie | Aaron Lee | $710 | $391.2 | +164.7% | Apr 8, 2026 |
| Arete Research | David Mak | $340 | $434.77 | +26.8% | Mar 2, 2026 |
| Scotiabank | Analyst unavailable | $775 | $372.29 | +188.9% | Feb 12, 2026 |
| Wedbush | Michael Pachter | $640 | $370.91 | +138.6% | Feb 12, 2026 |
| Jefferies | Analyst unavailable | $700 | $388.38 | +161.0% | Feb 12, 2026 |
| Goldman Sachs | Analyst unavailable | $585 | $388.93 | +118.1% | Feb 12, 2026 |
| Piper Sandler | Analyst unavailable | $650 | $371.29 | +142.3% | Feb 12, 2026 |
| Morgan Stanley | Analyst unavailable | $720 | $456.81 | +168.4% | Feb 12, 2026 |
| UBS | Analyst unavailable | $740 | $456.81 | +175.9% | Feb 12, 2026 |
| BTIG | Analyst unavailable | $640 | $456.81 | +138.6% | Feb 12, 2026 |
| Wells Fargo | Analyst unavailable | $543 | $456.81 | +102.4% | Feb 12, 2026 |
| UBS | Analyst unavailable | $686 | $460.38 | +155.8% | Feb 10, 2026 |
| Wedbush | Michael Pachter | $465 | $385.29 | +73.4% | Feb 5, 2026 |
| Morgan Stanley | Matthew Cost | $800 | $387.34 | +198.3% | Feb 4, 2026 |
| Needham | Analyst unavailable | $700 | $524.41 | +161.0% | Jan 26, 2026 |
| Evercore ISI | Robert Coolbrith | $835 | $668.63 | +211.3% | Jan 14, 2026 |
| UBS | Analyst unavailable | $800 | $662.95 | +198.3% | Jan 13, 2026 |
| Wells Fargo | Alec Brondolo | $735 | $632.92 | +174.0% | Jan 8, 2026 |
| BTIG | Analyst unavailable | $771 | $677.3 | +187.5% | Dec 17, 2025 |
| Jefferies | James Heaney | $860 | $716.45 | +220.6% | Dec 11, 2025 |
| UBS | Analyst unavailable | $775 | $717.59 | +188.9% | Dec 11, 2025 |
| Scotiabank | Nat Schindler | $750 | $627.92 | +179.6% | Nov 6, 2025 |
| Piper Sandler | Analyst unavailable | $800 | $619.22 | +198.3% | Nov 6, 2025 |
| BTIG | Analyst unavailable | $693 | $620.62 | +158.4% | Oct 31, 2025 |
| Deutsche Bank | Analyst unavailable | $705 | $552.64 | +162.8% | Oct 22, 2025 |
| Goldman Sachs | Eric Sheridan | $630 | $590.03 | +134.9% | Oct 14, 2025 |
| Wells Fargo | Analyst unavailable | $633 | $590.11 | +136.0% | Oct 14, 2025 |
| RBC Capital | Matthew Swanson | $700 | $590.11 | +161.0% | Oct 13, 2025 |
| Wells Fargo | Analyst unavailable | $860 | $622.9 | +220.6% | Oct 8, 2025 |
| Oppenheimer | Analyst unavailable | $740 | $628.27 | +175.9% | Oct 7, 2025 |
| Morgan Stanley | Analyst unavailable | $750 | $669.86 | +179.6% | Sep 29, 2025 |
| UBS | Chris Kuntarich | $810 | $660.94 | +202.0% | Sep 26, 2025 |
| Piper Sandler | Analyst unavailable | $740 | $659.58 | +175.9% | Sep 26, 2025 |
| BTIG | Clark Lampen | $664 | $593.14 | +147.6% | Sep 15, 2025 |
| Scotiabank | Analyst unavailable | $575 | $482.78 | +114.4% | Aug 28, 2025 |
| Scotiabank | Nat Schindler | $430 | $352.74 | +60.3% | Jul 9, 2025 |
| Piper Sandler | James Callahan | $470 | $338.8 | +75.2% | Jun 26, 2025 |
| HSBC | Mohammed Khallouf | $436 | $252.35 | +62.6% | Apr 23, 2025 |
| Loop Capital Markets | Analyst unavailable | $650 | $272.38 | +142.3% | Mar 28, 2025 |
| FBN Securities | Matthew Thornton | $385 | $279.68 | +43.5% | Mar 28, 2025 |
| Oppenheimer | Analyst unavailable | $560 | $261.7 | +108.8% | Mar 27, 2025 |
| Arete Research | Analyst unavailable | $200 | $318 | -25.4% | Mar 5, 2025 |
| Wells Fargo | Analyst unavailable | $538 | $410.02 | +100.6% | Feb 27, 2025 |
| Stifel Nicolaus | Scott Devitt | $435 | $394.42 | +62.2% | Dec 5, 2024 |
| Piper Sandler | James Calla | $400 | $319 | +49.1% | Nov 27, 2024 |
| Loop Capital Markets | Rob Sanderson | $385 | $166.05 | +43.5% | Nov 11, 2024 |
| Wells Fargo | Alec Bonello | $200 | $166.18 | -25.4% | Oct 28, 2024 |
| Oppenheimer | Martin Yang | $180 | $158.95 | -32.9% | Oct 23, 2024 |
| Citigroup | Jason Bazinet | $185 | $158.95 | -31.0% | Oct 22, 2024 |
| Bank of America Securities | Omar Dessouky | $210 | $157.15 | -21.7% | Oct 21, 2024 |
| Goldman Sachs | Eric Sheridan | $147 | $147 | -45.2% | Oct 14, 2024 |
| Macquarie | Tim Nollen | $150 | $130.63 | -44.1% | Sep 25, 2024 |
| UBS | John Hodulik | $145 | $123.36 | -45.9% | Sep 17, 2024 |
| BTIG | Clark Lampen | $150 | $105.61 | -44.1% | Sep 13, 2024 |
| Bank of America Securities | Omar Dessouky | $120 | $86.23 | -55.3% | Sep 11, 2024 |
| Jefferies | James Heaney | $108 | $86.31 | -59.7% | Sep 10, 2024 |
| Wedbush | Nick McKay | $100 | $77.35 | -62.7% | Jun 11, 2024 |
| BTIG | Clark Lampen | $100 | $74 | -62.7% | May 9, 2024 |
| Daiwa | Jonathan Kees | $80 | $75.57 | -70.2% | Apr 15, 2024 |
| BTIG | Clark Lampen | $87 | $78.05 | -67.6% | Apr 9, 2024 |
| Oppenheimer | Martin Yang | $85 | $74.8 | -68.3% | Apr 8, 2024 |
| Stifel Nicolaus | David Pang | $36 | $31.43 | -86.6% | Aug 1, 2023 |
| Wedbush | Nick McKay | $23 | $16.42 | -91.4% | Feb 9, 2023 |
| Jefferies | Andrew Uerkwitz | $14 | $13.44 | -94.8% | Nov 30, 2022 |
| Oppenheimer | Analyst unavailable | $45 | $26.84 | -83.2% | Sep 13, 2022 |
| Citigroup | Analyst unavailable | $60 | $25.55 | -77.6% | Aug 23, 2022 |
| Wolfe Research | Gal Munda | $40 | $32.63 | -85.1% | Aug 16, 2022 |
| BTIG | Analyst unavailable | $53 | $35.71 | -80.2% | Aug 11, 2022 |
| Truist Financial | Analyst unavailable | $65 | $37.02 | -75.8% | Aug 11, 2022 |
| Credit Suisse | Stephen Ju | $80 | $40.07 | -70.2% | Aug 8, 2022 |
| Citigroup | Analyst unavailable | $62 | $35.88 | -76.9% | Jul 7, 2022 |
| Morgan Stanley | Analyst unavailable | $65 | $34.16 | -75.8% | Jun 13, 2022 |
| Goldman Sachs | Analyst unavailable | $58 | $40.3 | -78.4% | Jun 10, 2022 |
| Citigroup | Analyst unavailable | $68 | $40.3 | -74.6% | Jun 10, 2022 |
| Truist Financial | Youssef Squali | $77 | $36.99 | -71.3% | May 12, 2022 |
| Credit Suisse | Analyst unavailable | $100 | $36.48 | -62.7% | May 6, 2022 |
| J.P. Morgan | Analyst unavailable | $75 | $40.01 | -72.0% | May 3, 2022 |
| Stifel Nicolaus | Scott Devitt | $80 | $38.15 | -70.2% | May 2, 2022 |
| Stephens | Jacob Johnson | $47 | $37.42 | -82.5% | Apr 26, 2022 |
| Cannonball Research | Vasily Karasyov | $107 | $82.94 | -60.1% | Jan 10, 2022 |
| UBS | John Hodulik | $118 | $114.85 | -56.0% | Nov 11, 2021 |
| Macquarie | Tim Nollen | $90 | $70.4 | -66.4% | Aug 31, 2021 |
Track every rating change on APP the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationAppLovin Corporation provides a specialized software platform focused on empowering mobile application developers to enhance the marketing and revenue generation of their products. With operations spanning the United States and international markets, the company assists mobile app developers worldwide. Among its core software offerings is AppDiscovery, a marketing solution that intelligently connects advertiser demand with publisher supply through an auction-based model. Another key product is Adjust, an analytics platform that enables marketers to scale their mobile apps by offering capabilities for performance measurement, campaign optimization, and user data protection. Additionally, MAX is an in-app bidding software engineered to maximize the value derived from an app's advertising inventory by facilitating real-time competitive auctions. Its client base is broad, serving advertisers, publishers, internet platforms, and other stakeholders. Founded in 2011, the enterprise maintains its headquarters in Palo Alto, California.
Historical context
All APP earningsTechnology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| ACN Accenture plc | FY2026 Q4 · Calendar Q4 2026 | +3.5% | +15.8% | Accenture: AI demand supports strong Q4, while pricing and geopolitics remain risks |
| JBL Jabil Inc. | FY2026 Q4 · Calendar Q3 2026 | +8.1% | -10.0% | Jabil enters FY2027 with AI-led growth and capacity risks |
| MU Micron Technology, Inc. | FY2026 Q4 · Calendar Q3 2026 | +5.4% | +0.0% | Micron: Strong AI Memory Demand, Higher Capex, and HBM4E Ahead |
| SNX TD Synnex Corp | FY2026 Q3 · Calendar Q3 2026 | +20.9% | -9.9% | TD SYNNEX: AI-led growth accelerates, but mix and cash flow matter |
| ADBE Adobe Inc. | FY2026 Q3 · Calendar Q3 2026 | +0.8% | +1.4% | Adobe raises FY26 outlook as AI strategy broadens |
| ORCL Oracle Corporation | FY2027 Q1 · Calendar Q3 2026 | +10.3% | -1.7% | Oracle raises FY27 outlook as AI demand accelerates cloud growth |
Latest beats and misses
Who reports nextBeat on EPS
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
Get the APP recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-04T07:40:41.668234+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-04T07:40:41.665103+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-04. For educational purposes only; not investment advice.