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AppLovin Corp

CIK: 17510081 Annual ReportLatest: 2026-02-19

10-K / February 19, 2026

AppLovin

Overview

  • Mission: Create meaningful connections between companies and their ideal customers.
  • Offering: End-to-end, AI-powered advertising solutions to help businesses reach, monetize, and grow their global audience.
  • Competitive advantage: A scaled advertising ecosystem that uses data and distribution to improve efficiency and outcomes for advertisers and publishers.
  • Core loop: As advertisers achieve return-on-ad-spend (ROAS) targets with AppLovin’s solutions, revenue grows, providing more data and stronger Axon AI optimization, which further improves distribution and results.

Business model and revenue

  • Revenue model: Revenue is generated when advertisers meet or exceed ROAS targets using AppLovin’s advertising solutions.
  • Core claim: AppLovin supports advertisers and publishers with better targeting, monetization, and measurement through its technologies and scale.
  • Revenue composition: Axon Ads Manager accounts for substantially all of the company’s revenue.
  • Data feedback loop: Increased platform usage produces more engagement data, strengthening Axon AI and enhancing Axon Ads Manager’s effectiveness.

Products and solutions

Axon Ads Manager

  • Role: Cornerstone marketing solution powered by Axon AI.
  • Function: Predictive algorithms match advertiser demand with publisher supply through large-scale, microsecond-speed auctions.
  • Pricing model: Advertisers are charged dynamically based on campaign goals rather than a fixed price per impression or action.
  • Capabilities:
    • Global reach: Connects campaigns with users worldwide and recommends optimal geographies.
    • Retention and engagement: Optimizes toward revenue goals with a focus on user retention and long-term value.
    • Targeted ROAS: Steers campaigns toward defined ROAS goals with adaptive cost and campaign parameters.
    • Features: Advanced campaign management, real-time analytics, and lifetime value (LTV) reporting by source and location.

MAX

  • Role: In-app bidding solution that optimizes the value of publishers’ inventory.
  • Function: Single, unbiased real-time auction that brings global demand into one auction to increase competition and ad yields.
  • Benefits: Increases potential revenue per user, automates monetization via APIs, and supports brand safety with ad quality controls.
  • Features: Real-time bidding at scale, automated monetization, ad quality safeguards, and insights into user LTV and revenue.

Adjust

  • Role: Measurement and analytics marketing SaaS platform.
  • Function: Provides end-to-end attribution, measurement, and fraud prevention to optimize ad performance.
  • Capabilities: Accurate attribution data, real-time reporting, and automated attribution solutions to scale profits.

Wurl

  • Role: Connected TV (CTV) platform for distribution and advertising.
  • Function: Helps content companies distribute streaming video and offers advertising and publishing solutions to maximize revenue.
  • Capabilities: Data-driven advertising and measurement for CTV, including monetization and audience growth strategies.
  • Offerings:
    • AdPool: Monetization solution connecting CTV supply with demand.
    • Global FAST Pass (GFP): Distribution solution for launching free ad-supported CTV channels with monetization and audience data.

Platform benefits

  • Comprehensive, end-to-end advertising solutions that automate marketing, engagement, and monetization.
  • How it helps advertisers:
    • Reach: Scale campaigns to find the right users globally and align with ROI targets.
    • Monetization: MAX increases yields on ad inventory through competitive bidding.
    • Data and automation: Uses real-time insights, dashboards, and automated processes to optimize campaign performance.
    • Adaptability: Platform updates to align with changes in the advertising ecosystem.
  • Key capabilities:
    • Targeted user acquisition and engagement
    • Real-time analytics and ROI-focused optimization
    • LTV-based reporting to support campaign decisions

Corporate update

  • The company completed the sale of its Apps business on June 30, 2025.