AppLovin (APP) Operating Margin (2020 - 2026)
AppLovin's Operating Margin came in at 78.22% for Q3 2026, up 1.43 percentage points from 76.80% a year earlier and up 0.54 percentage points from the prior quarter.
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Analysis
AppLovin (APP) Operating Margin (2020 - 2026) Analysis & Trends
Over the trailing twelve months to Sep 30, 2026, AppLovin reported Operating Margin of 77.78%, up 5.10 percentage points year-over-year; for FY2025, it came in at 75.75%, up 16.48 percentage points from FY2024.
- Operating Margin has increased in each of the last three years, with a five-year change of +80.03 percentage points (FY2020 to FY2025).
- Going back by year, Operating Margin was 59.27% in FY2024 (+17.33 pp), 41.94% in FY2023 (+43.64 pp), -1.70% in FY2022 (-7.07 pp) and 5.37% in FY2021 (+9.65 pp).
- The Q3 2026 figure represents the highest quarterly Operating Margin in data going back to Q1 2020.
- Year-over-year, Operating Margin has increased for seven consecutive quarters, with an average year-over-year change of +14.00 percentage points over the last seven quarters.
- The fastest year-over-year change in Operating Margin over five years came in Q3 2024 (a gain of 42.42 percentage points), and the weakest in Q1 2022 (a drop of 22.36 percentage points).
- Business Quant data shows APP's Operating Margin at 77.68% (Q2 2026), 78.15% (Q1 2026) and 76.92% (Q4 2025) in the three quarters before Q3 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,555.16 Bn | 3,290.06 Bn | 76.16 Bn | 31.81% |
| 2 | Meta Platforms | 1,645.02 Bn | 1,309.54 Bn | 51.23 Bn | 20.10% |
| 3 | Netflix | 259.98 Bn | 221.27 Bn | 6.80 Bn | 34.63% |
| 4 | Alibaba Group Holding | 242.36 Bn | 241.21 Bn | - | - |
| 5 | Shopify | 192.37 Bn | 171.18 Bn | 1.78 Bn | 15.18% |
| 6 | Uber Technologies | 142.90 Bn | 113.72 Bn | 6.42 Bn | 9.80% |
| 7 | AppLovin | 130.75 Bn | 119.27 Bn | 1.94 Bn | 78.22% |
| 8 | Spotify Technology | 122.74 Bn | 105.49 Bn | - | - |
| 9 | Booking Holdings | 122.04 Bn | 55.79 Bn | - | 38.43% |
| 10 | PDD Holdings | 111.67 Bn | 111.67 Bn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 78.22% |
| Jun 30, 2026 | 77.68% |
| Mar 31, 2026 | 78.15% |
| Dec 31, 2025 | 76.92% |
| Sep 30, 2025 | 76.80% |
| Jun 30, 2025 | 76.08% |
| Mar 31, 2025 | 72.48% |
| Dec 31, 2024 | 62.87% |
| Sep 30, 2024 | 63.97% |
| Jun 30, 2024 | 54.07% |
| Mar 31, 2024 | 32.09% |
| Sep 30, 2023 | 21.56% |
| Jun 30, 2023 | 17.51% |
| Mar 31, 2023 | 8.53% |
| Dec 31, 2022 | -3.19% |
| Sep 30, 2022 | 6.91% |
| Jun 30, 2022 | 6.87% |
| Mar 31, 2022 | -20.46% |
| Dec 31, 2021 | 7.38% |
| Sep 30, 2021 | 6.20% |
API Access
AppLovin Operating 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=operating-margin&ticker=APP&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-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=operating-margin&ticker=APP&period=max&api_key=YOUR_API_KEY");
const data = await res.json();