AppLovin (APP) FCF Margin (2020 - 2026)
AppLovin (APP) recorded FCF Margin of 65.40% in Q3 2026, down 9.58 percentage points from 74.97% a year earlier but up 20.22 percentage points from the prior quarter.
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Analysis
AppLovin (APP) FCF Margin (2020 - 2026) Analysis & Trends
On a TTM basis, AppLovin's FCF Margin came in at 64.44% as of Sep 30, 2026, down 5.21 percentage points year-over-year; for FY2025, it came in at 72.46%, up 7.50 percentage points from FY2024.
- Annual FCF Margin has increased for four straight years, with a five-year change of +57.32 percentage points (FY2020 to FY2025).
- Across earlier years, FCF Margin came in at 64.96% in FY2024 (+7.55 pp), 57.41% in FY2023 (+42.78 pp), 14.63% in FY2022 (+1.72 pp) and 12.91% in FY2021 (-2.23 pp).
- Quarterly FCF Margin has ranged from -5.12% in Q1 2022 to 79.24% in Q4 2025 over the past five years.
- On a year-over-year basis, FCF Margin has declined for three consecutive quarters, with an average year-over-year change of +3.25 percentage points over the last seven quarters.
- Peak year-over-year performance for FCF Margin in the last five years was a gain of 45.46 percentage points in Q1 2023, against a drop of 16.17 percentage points in Q2 2026 at the low end.
- Per Business Quant, the preceding three quarters came in at 45.18% (Q2 2026), 70.09% (Q1 2026) and 79.24% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,555.16 Bn | 3,290.06 Bn | 76.16 Bn | -7.11% |
| 2 | Meta Platforms | 1,645.02 Bn | 1,309.54 Bn | 51.23 Bn | -1.79% |
| 3 | Netflix | 259.98 Bn | 221.27 Bn | 6.80 Bn | 22.40% |
| 4 | Alibaba Group Holding | 242.36 Bn | 241.21 Bn | - | - |
| 5 | Shopify | 192.37 Bn | 171.18 Bn | 1.78 Bn | 21.81% |
| 6 | Uber Technologies | 142.90 Bn | 113.72 Bn | 6.42 Bn | 17.17% |
| 7 | AppLovin | 130.75 Bn | 119.27 Bn | 1.94 Bn | 65.40% |
| 8 | Spotify Technology | 122.74 Bn | 105.49 Bn | - | - |
| 9 | Booking Holdings | 122.04 Bn | 55.79 Bn | - | 12.02% |
| 10 | PDD Holdings | 111.67 Bn | 111.67 Bn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 65.40% |
| Jun 30, 2026 | 45.18% |
| Mar 31, 2026 | 70.09% |
| Dec 31, 2025 | 79.24% |
| Sep 30, 2025 | 74.97% |
| Jun 30, 2025 | 61.35% |
| Mar 31, 2025 | 71.76% |
| Dec 31, 2024 | 70.14% |
| Sep 30, 2024 | 65.94% |
| Jun 30, 2024 | 63.93% |
| Mar 31, 2024 | 37.12% |
| Sep 30, 2023 | 23.01% |
| Jun 30, 2023 | 30.13% |
| Mar 31, 2023 | 40.34% |
| Dec 31, 2022 | 23.23% |
| Sep 30, 2022 | 24.44% |
| Jun 30, 2022 | 13.75% |
| Mar 31, 2022 | -5.12% |
| Dec 31, 2021 | 10.66% |
| Sep 30, 2021 | 17.09% |
API Access
AppLovin FCF Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=fcf-margin&ticker=APP&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "fcf-margin", "ticker": "APP", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=fcf-margin&ticker=APP&period=max&api_key=YOUR_API_KEY");
const data = await res.json();