AppLovin · Earnings release · 8-K Exhibit 99

AppLovin Announces Second Quarter 2025 Financial Results

PALO ALTO – August 6, 2025 – AppLovin Corporation (NASDAQ: APP) (“AppLovin”), a leading marketing platform, today announced financial results for the quarter ended June 30, 2025 and posted a financial update on its Investor Relations website located at https://investors.applovin.com.

Second Quarter 2025 Financial Highlights:

(In millions, except percentages)

Quarter Ended June 30,

Six Months Ended June 30,

% Change

% Change

T1Revenue

%

%

T2Net Income

%

%

Net Income from Continuing Operations

%

%

Adjusted EBITDA

%

%

Additional Financial Highlights:

●Net cash from operating activities was $772 million and T3Free Cash Flow was $768 million for the second quarter 2025.

●During the second quarter 2025, T4we repurchased and withheld 0.9 million shares of our Class A common stock, for a total cost of $341 million1. At the end of 2Q 2025, we had 339 million shares of our Class A and Class B common stock outstanding.

●On June 30, 2025 T5we completed the sale of our Apps business to Tripledot Studios for $400 million in cash, subject to closing adjustments, and equity consideration representing approximately 20% of Tripledot’s fully-diluted equity at the time of closing. No promissory note was issued as part of the transaction. Results related to our Apps business are presented as discontinued operations in our financial statements.

Third Quarter 2025 Financial Guidance Summary:2

(In millions, except percentages)

Low

High

G1T6Revenue

G2Adjusted EBITDA

G3Adjusted EBITDA margin

1Includes repurchased shares as well as withholdings upon net share settlement of vested equity awards. Total cost includes repurchase costs, including commissions and fees, as well

as cash paid in connection with tax withholding and remittance obligations upon net share settlement

2 We have not provided the forward-looking GAAP equivalents for forward-looking non-GAAP metrics, specifically Adjusted EBITDA and Adjusted EBITDA margin, or a GAAP reconciliation as a result of the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense. Accordingly, a reconciliation of these non-GAAP guidance metrics to their corresponding GAAP equivalents is not available without unreasonable effort. However, it is important to note that material changes to reconciling items could have a significant effect on future GAAP results. We have provided historical reconciliations of GAAP to non-GAAP metrics in tables at the end of this letter.

1

Webcast and Conference Call

AppLovin will host a webinar today at 2:00 PM PT / 5:00 PM ET, during which management will discuss the Company’s second quarter 2025 results and provide commentary on its business performance. A question-and-answer session will follow the prepared remarks.

The webinar may be accessed on the Company’s investor relations website or via webinar registration. A replay of the webinar will also be available under the Events & Presentations section of our Investor Relations website.

About AppLovin

AppLovin makes technologies that help businesses of every size connect to their ideal customers. T7The company provides end-to-end software and AI solutions for businesses to reach, monetize and grow their global audiences. For more information about AppLovin, visit: www.applovin.com.

Contacts

Investors

David Hsiao

ir@applovin.com

Press

Emelyne Interior

press@applovin.com

Source: AppLovin Corp.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “going to,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, priorities, plans, or intentions. Forward-looking statements in this press release include our expected financial results and guidance.

Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties, including changes in our plans or assumptions, which could cause actual results to differ materially from those projected. These risks include our inability to forecast our business effectively, the macroeconomic environment, fluctuations in our results of operations, our ability to execute on our operational and financial priorities, our ability to scale our business to support new users, the competitive advertising ecosystem, and our inability to adapt to emerging technologies and business models. The forward-looking statements contained in this letter are also subject to other risks and uncertainties, including those more fully described in our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2025.

Additional information will also be set forth in our Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2025. The forward-looking statements in this press release are based on information available to us as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law.

2

Non-GAAP Financial Measures

To supplement our financial information presented in accordance with generally accepted accounting principles in the United States (“GAAP”), this shareholder letter includes certain financial measures that are not prepared in accordance with GAAP, including Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow. A reconciliation of each such non-GAAP financial measure to the most directly comparable GAAP measure can be found below.

We define Adjusted EBITDA for a particular period as net income adjusted for loss (income) from discontinued operations, net of income taxes, interest expense, other (income) expense, net (excluding certain recurring items), provision for income taxes, amortization, depreciation and write-offs and as further adjusted for non-operating foreign exchange (gain) loss, stock-based compensation, transaction-related expense, restructuring costs, as well as certain other items that we believe are not reflective of our core operating performance. We define Adjusted EBITDA margin as Adjusted EBITDA divided by revenue for the same period.

We define Free Cash Flow as net cash provided by operating activities less purchases of property and equipment and principal payments on finance leases. We subtract both purchases of property and equipment and payment of finance leases in our calculation of Free Cash Flow because we believe these items represent our ongoing requirements for property and equipment to support our business, regardless of whether we utilize a finance lease to obtain such property or equipment.

We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding our results of operations and operating performance, as they are similar to measures reported by our public competitors and are regularly used by securities analysts, institutional investors, and other interested parties in analyzing operating performance and prospects.

Adjusted EBITDA and Adjusted EBITDA margin are key measures we use to assess our financial performance and are also used for internal planning and forecasting purposes. We believe Adjusted EBITDA and Adjusted EBITDA margin are helpful to investors, analysts, and other interested parties because they can assist in providing a more consistent and comparable overview of our operations across our historical financial periods. We use Adjusted EBITDA and Adjusted EBITDA margin in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with our board of directors concerning our financial performance.

We use Free Cash Flow in addition to GAAP measures to help manage our business and prepare budgets and annual planning, and we believe Free Cash Flow provides useful supplemental information to help investors understand underlying trends in our business and our liquidity.

These measures have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated statement of operations that are necessary to run our business. Free Cash Flow reflects cash flows from both of continuing and discontinued operations. Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Thus, our non-GAAP financial measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.

3

AppLovin Corporation

Condensed Consolidated Balance Sheets

(In thousands, except share and per share data)

(Unaudited)

Assets

Current assets:

Cash and cash equivalents

$

$

Accounts receivable, net

Prepaid expenses and other current assets

Current assets of discontinued operations

—

Total current assets

Property and equipment, net

Goodwill

Intangible assets, net

Other non-current assets

Non-current assets of discontinued operations

—

Total assets

$

$

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

$

Accrued and other current liabilities

Deferred revenue

Current liabilities of discontinued operations

—

Total current liabilities

Long-term debt

Other non-current liabilities

Non-current liabilities of discontinued operations

—

Total liabilities

Stockholders’ equity:

Preferred stock, $0.00003 par value—100,000,000 shares authorized, no shares issued and outstanding as of June 30, 2025 and December 31, 2024

—

—

Class A, Class B, and Class C Common Stock, $0.00003 par value—1,850,000,000 (Class A 1,500,000,000, Class B 200,000,000, Class C 150,000,000) shares authorized, 338,782,503 (Class A 308,168,962, Class B 30,613,541, Class C nil) and 340,041,739 (Class A 309,353,198, Class B 30,688,541, Class C nil) shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively

Additional paid-in capital

Accumulated other comprehensive loss

Retained earnings

Total stockholders’ equity

Total liabilities and stockholders’ equity

$

$

4

AppLovin Corporation

Condensed Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

Revenue

$

$

$

$

Costs and expenses:

Cost of revenue

Sales and marketing

Research and development

General and administrative

Total costs and expenses

Income from operations

Other income (expense):

Interest expense

Other income (expense), net

Total other expense, net

Income before income taxes

Provision for income taxes

Net income from continuing operations

Income (loss) from discontinued operations, net of income taxes

Net income

$

$

$

$

Net income (loss) per share attributed to Class A and Class B common stockholders - Basic:

Continuing operations

$

$

$

$

Discontinued operations

Basic net income per share

$

$

$

$

Net income (loss) per share attributed to Class A and Class B common stockholders - Diluted:

Continuing operations

$

$

$

$

Discontinued operations

Diluted net income per share

$

$

$

$

Weighted-average common shares used to compute net income (loss) per share attributable to Class A and Class B common stockholders:

Basic

Diluted

5

AppLovin Corporation

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Six Months Ended June 30,

Operating Activities

Net income

$

$

Adjustments to reconcile net income to net cash provided by operating activities:

Amortization, depreciation and write-offs

Goodwill impairment

—

Stock-based compensation, excluding cash-settled awards

Gain on divestiture, net of transaction costs

—

Other

Changes in operating assets and liabilities:

Accounts receivable

Prepaid expenses and other assets

Accounts payable

Accrued and other liabilities

Net cash provided by operating activities

Investing Activities

Proceeds from divestiture, net of cash divested

—

Purchase of non-marketable equity securities

Other investing activities

Net cash provided by (used in) investing activities

Financing Activities

Repurchases of common stock

Payment of withholding taxes related to net share settlement

Principal repayments of debt

Payments of licensed asset obligation

—

Proceeds from issuance of debt

Proceeds from issuance of common stock upon exercise of stock options and purchase of ESPP shares

Other financing activities

Net cash used in financing activities

Effect of foreign exchange rate on cash and cash equivalents

Net increase (decrease) in cash and cash equivalents, including cash classified within current assets of discontinued operations

Less: net (decrease) in cash classified within current assets of discontinued operations

—

Net increase (decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of the period

Cash and cash equivalents at end of the period

$

$

6

AppLovin Corporation

Reconciliation of Net Cash Provided By Operating Activities to Free Cash Flow

(In thousands)

The following table provides a reconciliation of net cash provided by operating activities to Free Cash Flow for the periods presented:

Three Months Ended June 30,

Net cash provided by operating activities

$

$

Less:

Purchase of property and equipment

Principal payments of finance leases

Free Cash Flow

$

$

Net cash provided by (used in) investing activities

$

$

—

$

Net cash used in financing activities

$

$

7

AppLovin Corporation

Reconciliation of Net Income to Adjusted EBITDA

(In thousands, except percentages)

The following table provides our Adjusted EBITDA and Adjusted EBITDA Margin and a reconciliation of Net Income to Adjusted EBITDA for the periods presented:

Three Months Ended June 30,

Six Months Ended June 30,

Revenue

$

$

$

$

Net income

Net margin

%

%

%

%

Loss (income) from discontinued operations, net of income taxes

Net income from continuing operations

Net margin from continuing operations

Adjusted as follows:

Interest expense

$

$

$

$

Other (income) expense, net

Provision for income taxes

Amortization, depreciation and write-offs

Non-operating foreign exchange (gain) loss

Stock-based compensation

Transaction-related expense

Restructuring costs

Total adjustments

Adjusted EBITDA

$

$

$

$

Adjusted EBITDA margin

%

%

%

%

8