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AppLovin cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.4B in Q3 2026 · $4.9B over twelve months

Operating cash flow$1.4B
Free cash flow+$1.4B
Cash / net income1.0×
Cash conversion cycle-213 days

Analysis

In Q3 2026, AppLovin generated $1.4B of operating cash flow. That is $375M more than in Q3 2025 ($1.1B).

Over the twelve months to Sep 30, 2026, operating cash flow was $4.9B; the largest uses were buybacks ($3.2B), taxes on employees’ shares ($131M), other investing ($26.2M); the cash balance rose by $1.5B.

Operating cash flow was $1.4B against net income of $1.4B — 1.0× profit, roughly in line with earnings. The largest differences: receivables −$218M, stock-based pay +$84.2M, prepaid and other assets +$59.6M.

Its cash conversion cycle was -213 days (receivables 96 + inventory 0 − payables 309): suppliers fund its working capital.

Free cash flow

AppLovin: free cash flow by quarterAppLovin: free cash flow by quarter$701MQ4 2024$832MQ1 2025$772MQ2 2025$1.1BQ3 2025$1.3BQ4 2025$1.3BQ1 2026$869MQ2 2026$1.4BQ3 2026
Operating cash flow less capital spending.
AppLovin: operating cash flow against capital spendingAppLovin: operating cash flow against capital spendingOperating cash flowCapital spending$701M$0Q4 2024$832M$0Q1 2025$772M$0Q2 2025$1.1B$0Q3 2025$1.3B$0Q4 2025$1.3B$0Q1 2026$869M$0Q2 2026$1.4B$0Q3 2026
Latest (Q3 2026): Operating cash flow $1.4B, Capital spending $0.

Capital allocation, year by year

AppLovin: where the cash came from (up) and went (down), by fiscal yearAppLovin: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $362MFY2021: Net borrowing $1.6BFY2021: Shares issued $31.2MFY2021: Asset sales $12.0MFY2021: Capital spending −$1.4MFY2021: Acquisitions −$1.2B$2.0BFY2021FY2022: Operating cash flow $413MFY2022: Net borrowing −$49.9MFY2022: Shares issued $25.5MFY2022: Asset sales $41.3MFY2022: Capital spending −$662KFY2022: Acquisitions −$1.3BFY2022: Buybacks −$339M$480MFY2022FY2023: Operating cash flow $1.1BFY2023: Net borrowing −$123MFY2023: Shares issued $20.9MFY2023: Asset sales $8.2MFY2023: Capital spending −$4.2MFY2023: Acquisitions −$63.9MFY2023: Buybacks −$1.2B$1.1BFY2023FY2024: Operating cash flow $2.1BFY2024: Net borrowing $369MFY2024: Shares issued $41.8MFY2024: Asset sales $558KFY2024: Capital spending −$4.8MFY2024: Buybacks −$981M$2.5BFY2024FY2025: Operating cash flow $4.0BFY2025: Net borrowing −$18.7MFY2025: Shares issued $25.3MFY2025: Asset sales $407MFY2025: Buybacks −$2.2B$4.4BFY2025
Over these 5 years operating cash flow totalled $7.9B; the largest uses were buybacks ($4.7B) and acquisitions ($2.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.2B
Debt$3.5B
Net debt$339M

AppLovin funds itself: free cash flow was $4.9B over the last twelve months, and $3.2B of cash and investments stands against $3.5B of debt.

Where the cash came from and went

AppLovin: sources (+) and uses (−) of cash, Q3 2026AppLovin: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.4BBuybacks−$1.3BCash drawn (+) / kept (−)−$120MOther investing−$17.7MTaxes on employees’ shares−$9.4MOther financing−$2.7MExchange rates−$428K
AppLovin: sources (+) and uses (−) of cash, TTM to Q3 2026AppLovin: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$4.9BBuybacks−$3.2BCash drawn (+) / kept (−)−$1.5BTaxes on employees’ shares−$131MOther investing−$26.2MOther financing−$6.0MExchange rates−$3.8M

From profit to cash

AppLovin: net income to operating cash flow, Q3 2026AppLovin: net income to operating cash flow, Q3 2026Net income$1.4BDepreciation & amortization$34.2MStock-based pay$84.2MReceivables−$218MPayables$58.8MPrepaid and other assets$59.6MOperating cash flow$1.4B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202696—309-213
Q2 202698—298-200
Q1 202692—319-227
Q4 202595—317-222
Q3 2025104—282-177
Q2 2025114—337-223
Q1 2025111—326-215
Q4 2024114—280-166

Every quarter

QuarterOperating cash flowBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.4B−$1.3B——−$120M$1.4B
Q2 2026$869M−$551M——−$295M$869M
Q1 2026$1.3B−$982M——−$272M$1.3B
Q4 2025$1.3B−$418M—$4.3M−$820M$1.3B
Q3 2025$1.1B−$502M—$6.2M−$474M$1.1B
Q2 2025$772M−$272M−$200M$9.5M−$642M$772M
Q1 2025$832M−$1.0B$200M$5.3M$190M$832M
Q4 2024$701M−$625K$4.0M$13.0M−$174M$701M

AppLovin: income statement and cash flow

AppLovin, Q3 2026: revenue $2.2B (+56% year over year), operating margin 78.2%. The chart follows the revenue to costs, profit and cash.

AppLovin: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.