AppLovin

AppLovin runs an AI-driven advertising platform. Its Axon AI system predicts which ads will perform well, and bids for ad space in real time. App developers, and increasingly e-commerce merchants, pay AppLovin to place ads through this system.

Its MAX platform helps app publishers sell their ad space. In June 2025, AppLovin sold its mobile game studios to Tripledot Studios, so it could focus only on the advertising business.

Investors now doubt AppLovin's AI-driven ad story. On August 5, 2026, the company said that its generative AI video tool was still a work in progress, and that its AI models improved more slowly than usual. A securities fraud lawsuit followed in September 2026. It alleges AppLovin overstated how consistently its AI models were improving.

Analysts also doubt the e-commerce expansion. Bank of America flagged soft June e-commerce growth in July 2026, and Wells Fargo found in September 2026 that most new merchant sites showed no traffic. Another analyst warned that AppLovin's market-share growth has stalled against Unity. On October 2, 2026, a court refused AppLovin's request to stop Unity from using its ad data, so that dispute goes to slower arbitration.

The gap can close if AppLovin ships the delayed video tool and keeps improving its Axon AI model on a visible schedule. AppLovin Ads opened to all advertisers in June 2026. It must also show that these e-commerce advertisers spend at scale and stay. On November 4, 2026, Q3 2026 revenue rose 55% to $2,185 million, above the guidance of $2,055 to $2,085 million.

The Q4 2026 guidance of $2,365 to $2,395 million means sequential growth of about 8% to 10%. The earnings release and the 10-Q gave no e-commerce figures and no date for the video tool. The Q4 2026 report, expected in early February 2027, is the next test of e-commerce scale. The lawsuits will likely run well into 2027, so the legal issue will not lift soon.

If execution improves and e-commerce results firm up over the next two to four quarters, the discount can close. If the growth slowdown proves durable, it may not.

1. Nov 4, 2026Failed

   Q3 2026 results: ad revenue growth and e-commerce tractionRevenue at or above the $2.055 to $2.085 billion guidance with clear e-commerce growth and a firm date for the video ad tool passes; a second miss or flat sequential growth fails.Outcome: Revenue of $2,185 million beat the guidance, but the report gave no e-commerce figures and no date for the video ad tool.
2. Nov 16, 2026Pending

   Lead-plaintiff deadline in the securities class actionA case that moves slowly with no new claims passes; new claims, an SEC or app-store action, or a fast settlement demand fails.
3. Feb 4, 2027 · est.Pending

   Q4 2026 results and 2027 outlookQ4 sequential growth above the 8% to 9% that Edgewater forecast and proof of e-commerce scale pass; growth at or below that level fails.

Every passed and failed checkpoint across all picks

• November 4, 2026AppLovin reported Q3 2026 results. Revenue rose 55% to $2,185 million, above its guidance of $2,055 to $2,085 million. Net income rose 72% to $1,439 million, adjusted EBITDA was $1,842 million and free cash flow was $1,418 million. It bought back and withheld 4.1 million shares for $1.4 billion in the quarter, and the board added about $3.2 billion to the buyback, for $3.6 billion available at the end of October 2026. It guided Q4 2026 revenue to $2,365 to $2,395 million and adjusted EBITDA to $1,995 to $2,025 million.
• October 29, 2026Holders of about 67% of the voting power, led by CEO Adam Foroughi, approved by written consent a move of AppLovin's incorporation from Delaware to Nevada. The move can take effect no earlier than 20 days after AppLovin mails an information statement to shareholders.
• October 7, 2026A shareholder filed a derivative complaint in the Northern District of California against AppLovin's directors, its CEO and its CFO. It follows the securities class action of September 2026.

Last earnings

November 4, 2026 (8-K on sec.gov)

Next earnings

Expected about February 4, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 4, 2026 · app-20260930
• 8-KEarnings release and Shareholder vote resultsFiled November 4, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 5, 2026 · app-20260630
• 8-KEarnings releaseFiled August 5, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled June 5, 2026 · app-20260603
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 6, 2026 · app-20260331
• 8-KEarnings releaseFiled May 6, 2026 · Press release and exhibits
• 8-KChange of directors or officers and Investor disclosureFiled April 7, 2026 · app-20260402
• 10-KAnnual report for the period ended Dec 31, 2025Filed February 19, 2026 · app-20251231
• 8-KEarnings releaseFiled February 11, 2026 · Press release and exhibits

Every filing on SEC EDGAR (CIK 1751008)

• A securities fraud class action, covering February 12, 2026 through August 5, 2026, alleges that AppLovin overstated the pace of its AI model improvements and understated delays in its generative AI video ad tool. The lead-plaintiff deadline is November 16, 2026, and the case can run well into 2027. A shareholder derivative complaint followed on October 7, 2026. An earlier securities class action from 2025 is also open, with a motion to dismiss pending since February 2026.
• Short-seller firms (Fuzzy Panda, Culper and Muddy Waters, in February and March 2025) accused AppLovin of improper data collection and of breaking the terms of partner platforms. The SEC closed its inquiry with no recommended action, as AppLovin said on August 5, 2026. In October 2026, San Diego County sued AppLovin over ads and tracking on children's devices. More state suits, or action from Apple's or Google's app stores, are possible.
• AppLovin is putting its next growth phase on self-serve e-commerce advertising. It opened this business to referred brands only in October 2025, and to all advertisers in June 2026. Analyst checks from Bank of America (July 2026) and Wells Fargo (September 2026) found soft growth in new merchants. The spending and retention of these customers are not yet proven.
• AppLovin's revenue depends on its Axon AI model, which decides how to target and price ads. This model is proprietary, so outsiders cannot fully verify how it works. A change in the model's calibration can swing reported revenue.
• An Edgewater Research note published in September 2026, based on channel checks with AppLovin's business partners, says that market-share growth has stalled and that its MAX ad platform is nearing a functional ceiling. It names Unity as a growing competitive threat. In October 2026, a court refused AppLovin's request for quick relief against Unity.

AppLovin sold its Apps business on June 30, 2025. It now has only unsecured fixed-rate senior notes at the parent, with no bank debt outstanding. Read more

AppLovin does not pay a dividend.

Source: company filings and market data, read on November 13, 2026.