AppLovin Q4 2025 Earnings Analysis

Q4 revenue $1.66B, +66% YoY, beat est. Adjusted EBITDA $1.4B, +82% YoY, 84% margin. FCF $1.31B, +88% YoY. Q1 2026 guidance: $1.745–$1.775B revenue, implying 5%-7% sequential growth. Software Platform is a unified auction for gaming and web-based advertising. AXON 2.0 is the reinforcement learning system driving performance. E-commerce is the primary expansion area, contributing ~10% of revenue in early 2025.