Earnings Call
Aug 4, 2026
Q2 FY2026
EPS Estimate
3.76
EPS Actual
3.76
Post-Earnings Close
$417.80
Earnings Reaction
-0.5%
AppLovin's second quarter came in just below the midpoint of its own guidance range, a rare miss for a company that has built its identity around outperforming internal expectations. Revenue of $1.92 billion grew 53% year-over-year but landed slightly short of the guided range, and adjusted EBITDA of $1.61 billion, while up 58% year-over-year with margins above 83%, also fell fractionally below the floor of guidance. Management was unusually direct in acknowledging the shortfall and equally direct in explaining it: model improvement cadence in the gaming advertising business was lighter than typical during the quarter, and the next meaningful uplift landed just after June 30. The miss was not demand-driven, advertiser budgets remain healthy, MAX publisher earnings grew double digits sequentially, and share of publisher waterfalls held steady. The story of Q2 is essentially a timing artifact in an R&D-intensive business where model releases are inherently lumpy.
Report generated on Aug 7, 2026
AI-generated earnings analysis. Not investment advice.
Chief Executive Officer
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
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