AppLovin Ads
Open to all businesses since June 22, 2026, with no referral code needed
The numbers
What it is
AppLovin Ads is the self-serve platform where businesses buy campaigns shown to users of mobile games and other apps. It was previously called Axon Ads Manager. Advertisers choose return on ad spend, cost per purchaser or lead targets, and the platform bids to hit them. Substantially all of AppLovin's revenue comes from this product.
Why it matters to the stock. Nearly all revenue runs through this platform, so advertiser count, ad spend per advertiser and the margin on each campaign decide the stock's direction.
News
AppLovin Q2 2026 revenue rose 53% to $1.92 billion, adjusted EBITDA up 58%; Q3 guidance $2.055–$2.085 billion
AppLovin reported second-quarter 2026 revenue of $1.924 billion, up 53%, and adjusted EBITDA of $1.614 billion at an 84% margin.
AppLovin Ads opens to all businesses with no referral code, bringing the self-serve ad platform to the public
On June 22, 2026 AppLovin opened its self-serve advertising platform, now named AppLovin Ads and formerly Axon Ads Manager, to any business without a referral code or prior relationship.
AppLovin Q1 2026 revenue rose 59% to $1.84 billion; Q2 guidance $1.915–$1.945 billion
AppLovin reported first-quarter 2026 revenue of $1.842 billion, up 59%, with adjusted EBITDA of $1.557 billion at an 85% margin.
AppLovin Q4 2025 revenue rose 66% to $1.66 billion; Q1 2026 guidance $1.745–$1.775 billion
AppLovin reported fourth-quarter 2025 revenue of $1.658 billion, up 66% from a year earlier, with adjusted EBITDA of $1.399 billion at an 84% margin.
CapitalWatch alleges AppLovin's ad platform was used for money laundering; shares fell the next morning
On January 19, 2026, the short-seller CapitalWatch published a report alleging that AppLovin's advertising business benefited from illicit cryptocurrency funds routed through its platform.