AppLovin (APP) Stock Price vs Operating Income
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AppLovin's operating income for Q1 2026 reached $1.44B, up 71% from $840M in Q1 2025, while the stock price rose 51% over the same period from $264.97 to $398. Despite the stronger earnings growth, the stock's more modest price appreciation indicates valuation compression—the multiple investors pay per dollar of operating income declined. From April 2021 through June 2026, AppLovin's operating income and stock price moved in the same direction with a 0.85 correlation, but the company's stock closed most recently at $599.64 on June 2, 2026, showing the stock has continued to appreciate even as operating income growth has begun to moderate relative to the exceptional gains of 2025.
Operating Income was $1.4B as of 2026-03-31, +71% year over year. The stock moved +50% over the same window ($264.97 -> $398.00). The stock is now cheaper relative to Operating Income than a year ago (multiple compression).
Latest close: 604.29 USD (2026-06-02).
Operating Income | recent SEC reports
| Report date | Operating Income | Period |
|---|
| 2026-03-31 | 1.4B USD | Q1 10-Q |
| 2025-09-30 | 1.1B USD | Q3 10-Q |
| 2025-06-30 | 957.7M USD | Q2 10-Q |
| 2025-03-31 | 840.0M USD | Q1 10-Q |
| 2024-09-30 | 534.3M USD | Q3 10-Q |
| 2024-06-30 | 384.4M USD | Q2 10-Q |
| 2024-03-31 | 339.6M USD | Q1 10-Q |
| 2023-09-30 | 186.3M USD | Q3 10-Q |
Sources: autario.com/data/stock-app-applovin-daily-prices · autario.com/data/applovin-operating-income-sec-filings | data verified and hosted on autario.com.