APPLOVIN CORP, 10-Q filed on 11/5/2025
Quarterly Report
v3.25.3
Cover Page - shares
shares in Thousands
 9 Months Ended
Sep. 30, 2025
Oct. 31, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
Document Transition Report false  
Entity File Number 001-40325  
Entity Registrant Name AppLovin Corporation  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 45-3264542  
Entity Address, Address Line One 1100 Page Mill Road  
Entity Address, City or Town Palo Alto  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94304  
City Area Code 800  
Local Phone Number 839-9646  
Title of 12(b) Security Class A common stock, par value $0.00003 per share  
Trading Symbol APP  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2025  
Current Fiscal Year End Date --12-31  
Entity Central Index Key 0001751008  
Class A Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   307,597
Class B Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   30,358
v3.25.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 1,666,899 $ 697,030
Accounts receivable, net 1,603,953 1,283,335
Prepaid expenses and other current assets 216,714 140,470
Current assets of discontinued operations 0 191,355
Total current assets 3,487,566 2,312,190
Property and equipment, net 130,815 159,970
Goodwill 1,540,889 1,457,685
Intangible assets, net 421,868 472,851
Other non-current assets 761,897 529,314
Non-current assets of discontinued operations 0 937,249
Total assets 6,343,035 5,869,259
Current liabilities:    
Accounts payable 516,438 504,302
Accrued and other current liabilities 510,947 379,004
Deferred revenue 45,748 37,053
Current liabilities of discontinued operations 0 137,113
Total current liabilities 1,073,133 1,057,472
Long-term debt 3,511,965 3,508,983
Other non-current liabilities 284,017 211,572
Non-current liabilities of discontinued operations 0 1,414
Total liabilities 4,869,115 4,779,441
Commitments and contingencies (Note 6)
Stockholders’ equity:    
Preferred stock, $0.00003 par value—100,000 shares authorized, no shares issued and outstanding as of September 30, 2025 and December 31, 2024 0 0
Class A, Class B, and Class C Common Stock, $0.00003 par value—1,850,000 (Class A 1,500,000, Class B 200,000, Class C 150,000) shares authorized, 338,533 (Class A 308,176, Class B 30,358, Class C nil) and 340,042 (Class A 309,353, Class B 30,689, Class C nil) shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 11 11
Additional paid-in capital 427,998 593,699
Accumulated other comprehensive loss (2,659) (103,096)
Retained earnings 1,048,570 599,204
Total stockholders’ equity 1,473,920 1,089,818
Total liabilities and stockholders’ equity $ 6,343,035 $ 5,869,259
v3.25.3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
shares in Thousands
Sep. 30, 2025
Dec. 31, 2024
Preferred stock, par value (in dollars per share) $ 0.00003 $ 0.00003
Preferred stock, shares authorized (in shares) 100,000 100,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.00003 $ 0.00003
Common stock, shares authorized (in shares) 1,850,000 1,850,000
Common stock, shares issued (in shares) 338,533 340,042
Common stock, shares outstanding (in shares) 338,533 340,042
Class A Common Stock    
Common stock, shares authorized (in shares) 1,500,000 1,500,000
Common stock, shares issued (in shares) 308,176 309,353
Common stock, shares outstanding (in shares) 308,176 309,353
Class B Common Stock    
Common stock, shares authorized (in shares) 200,000 200,000
Common stock, shares issued (in shares) 30,358 30,689
Common stock, shares outstanding (in shares) 30,358 30,689
Class C Common Stock    
Common stock, shares authorized (in shares) 150,000 150,000
Common stock, shares issued (in shares)   0
Common stock, shares outstanding (in shares)   0
v3.25.3
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement [Abstract]        
Revenue $ 1,405,045 $ 835,186 $ 3,822,773 $ 2,224,571
Costs and expenses:        
Cost of revenue 174,855 120,919 481,611 367,220
Sales and marketing 48,575 62,984 154,875 190,859
Research and development 43,852 80,776 144,290 268,847
General and administrative 58,756 36,208 165,326 115,023
Total costs and expenses 326,038 300,887 946,102 941,949
Income from operations 1,079,007 534,299 2,876,671 1,282,622
Other income (expense):        
Interest expense (51,429) (74,937) (155,726) (223,280)
Other income (expense), net (6,632) 8,367 (21,389) 17,873
Total other expense, net (58,061) (66,570) (177,115) (205,407)
Income before income taxes 1,020,946 467,729 2,699,556 1,077,215
Provision for income taxes 185,401 34,656 368,617 83,803
Net income from continuing operations 835,545 433,073 2,330,939 993,412
Income (loss) from discontinued operations, net of income taxes 0 1,347 (99,444) (12,840)
Net income $ 835,545 $ 434,420 $ 2,231,495 $ 980,572
Net income (loss) per share attributed to Class A and Class B common stockholders - Basic:        
Continuing operations (in dollars per share) $ 2.47 $ 1.29 $ 6.87 $ 2.95
Discontinued operations (in dollars per share) 0 0 (0.29) (0.04)
Basic (in dollars per share) 2.47 1.29 6.58 2.91
Net income (loss) per share attributed to Class A and Class B common stockholders - Diluted:        
Continuing operations (in dollars per share) 2.45 1.24 6.80 2.85
Discontinued operations (in dollars per share) 0 0.01 (0.29) (0.04)
Diluted (in dollars per share) $ 2.45 $ 1.25 $ 6.51 $ 2.81
Weighted-average common shares used to compute net income (loss) per share attributable to Class A and Class B common stockholders:        
Basic (in shares) 338,531 336,931 338,990 336,167
Diluted (in shares) 340,974 348,225 342,668 348,273
v3.25.3
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 835,545 $ 434,420 $ 2,231,495 $ 980,572
Other comprehensive income:        
Foreign currency translation adjustment, net of tax 2,490 36,235 100,437 10,881
Other comprehensive income, net of tax 2,490 36,235 100,437 10,881
Comprehensive income $ 838,035 $ 470,655 $ 2,331,932 $ 991,453
v3.25.3
Condensed Consolidated Statements of Stockholders’ Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Loss
Accumulated Deficit
Balance at beginning of period (in shares) at Dec. 31, 2023   339,887      
Balance at beginning of period at Dec. 31, 2023 $ 1,256,329 $ 11 $ 2,134,581 $ (65,274) $ (812,989)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock issued in connection with equity awards (in shares)   3,936      
Stock issued in connection with equity awards 23,429   23,429    
Shares withheld related to net share settlement of equity awards (in shares)   (1,398)      
Shares withheld related to net share settlement of equity awards (80,144)   (80,144)    
Repurchase of Class A common stock (in shares)   (13,466)      
Repurchase of Class A common stock (752,224)   (752,224)    
Stock-based compensation 95,253   95,253    
Other comprehensive income (loss), net of tax (18,622)     (18,622)  
Net income 236,183       236,183
Balance at end of period (in shares) at Mar. 31, 2024   328,959      
Balance at end of period at Mar. 31, 2024 760,204 $ 11 1,420,895 (83,896) (576,806)
Balance at beginning of period (in shares) at Dec. 31, 2023   339,887      
Balance at beginning of period at Dec. 31, 2023 1,256,329 $ 11 2,134,581 (65,274) (812,989)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 980,572        
Balance at end of period (in shares) at Sep. 30, 2024   335,481      
Balance at end of period at Sep. 30, 2024 938,206 $ 11 992,588 (54,393) 0
Balance at beginning of period (in shares) at Mar. 31, 2024   328,959      
Balance at beginning of period at Mar. 31, 2024 760,204 $ 11 1,420,895 (83,896) (576,806)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock issued in connection with equity awards (in shares)   9,436      
Stock issued in connection with equity awards 9,377   9,377    
Shares withheld related to net share settlement of equity awards (in shares)   (4,226)      
Shares withheld related to net share settlement of equity awards (356,336)   (356,336)    
Stock-based compensation 98,354   98,354    
Other comprehensive income (loss), net of tax (6,732)     (6,732)  
Net income 309,969       309,969
Balance at end of period (in shares) at Jun. 30, 2024   334,169      
Balance at end of period at Jun. 30, 2024 814,836 $ 11 1,172,290 (90,628) (266,837)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock issued in connection with equity awards (in shares)   6,326      
Stock issued in connection with equity awards 9,747   9,747    
Shares withheld related to net share settlement of equity awards (in shares)   (2,399)      
Shares withheld related to net share settlement of equity awards (207,962)   (207,962)    
Repurchase of Class A common stock (in shares)   (2,615)      
Repurchase of Class A common stock (229,073)   (61,490)   (167,583)
Stock-based compensation 80,003   80,003    
Other comprehensive income (loss), net of tax 36,235     36,235  
Net income 434,420       434,420
Balance at end of period (in shares) at Sep. 30, 2024   335,481      
Balance at end of period at Sep. 30, 2024 938,206 $ 11 992,588 (54,393) 0
Balance at beginning of period (in shares) at Dec. 31, 2024   340,042      
Balance at beginning of period at Dec. 31, 2024 1,089,818 $ 11 593,699 (103,096) 599,204
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock issued in connection with equity awards (in shares)   1,674      
Stock issued in connection with equity awards 5,329   5,329    
Shares withheld related to net share settlement of equity awards (in shares)   (422)      
Shares withheld related to net share settlement of equity awards (185,667)   (185,667)    
Repurchase of Class A common stock (in shares)   (2,932)      
Repurchase of Class A common stock (1,001,670)       (1,001,670)
Stock-based compensation 61,281   61,281    
Other comprehensive income (loss), net of tax 29,911     29,911  
Net income 576,419       576,419
Balance at end of period (in shares) at Mar. 31, 2025   338,362      
Balance at end of period at Mar. 31, 2025 575,421 $ 11 474,642 (73,185) 173,953
Balance at beginning of period (in shares) at Dec. 31, 2024   340,042      
Balance at beginning of period at Dec. 31, 2024 1,089,818 $ 11 593,699 (103,096) 599,204
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 2,231,495        
Balance at end of period (in shares) at Sep. 30, 2025   338,533      
Balance at end of period at Sep. 30, 2025 1,473,920 $ 11 427,998 (2,659) 1,048,570
Balance at beginning of period (in shares) at Mar. 31, 2025   338,362      
Balance at beginning of period at Mar. 31, 2025 575,421 $ 11 474,642 (73,185) 173,953
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock issued in connection with equity awards (in shares)   1,348      
Stock issued in connection with equity awards 9,495   9,495    
Shares withheld related to net share settlement of equity awards (in shares)   (195)      
Shares withheld related to net share settlement of equity awards (70,983)   (70,983)    
Repurchase of Class A common stock (in shares)   (732)      
Repurchase of Class A common stock (270,118)       (270,118)
Stock-based compensation 35,745   35,745    
Other comprehensive income (loss), net of tax 68,036     68,036  
Net income 819,531       819,531
Balance at end of period (in shares) at Jun. 30, 2025   338,783      
Balance at end of period at Jun. 30, 2025 1,167,127 $ 11 448,899 (5,149) 723,366
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock issued in connection with equity awards (in shares)   1,083      
Stock issued in connection with equity awards 6,190   6,190    
Shares withheld related to net share settlement of equity awards (in shares)   (146)      
Shares withheld related to net share settlement of equity awards (60,232)   (60,232)    
Repurchase of Class A common stock (in shares)   (1,187)      
Repurchase of Class A common stock (510,341)       (510,341)
Stock-based compensation 33,141   33,141    
Other comprehensive income (loss), net of tax 2,490     2,490  
Net income 835,545       835,545
Balance at end of period (in shares) at Sep. 30, 2025   338,533      
Balance at end of period at Sep. 30, 2025 $ 1,473,920 $ 11 $ 427,998 $ (2,659) $ 1,048,570
v3.25.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating Activities    
Net income $ 2,231,495 $ 980,572
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization, depreciation and write-offs 162,042 320,843
Goodwill impairment 188,943 0
Stock-based compensation, excluding cash-settled awards 130,167 275,534
Gain on divestiture, net of transaction costs (106,229) 0
Other 80,887 17,229
Changes in operating assets and liabilities:    
Accounts receivable (326,747) (237,530)
Prepaid expenses and other assets 84,474 33,199
Accounts payable 2,069 55,575
Accrued and other liabilities 210,259 (47,414)
Net cash provided by operating activities 2,657,360 1,398,008
Investing Activities    
Proceeds from divestiture, net of cash divested 407,297 0
Purchase of non-marketable equity securities (20,178) (76,983)
Other investing activities (27,863) (29,404)
Net cash provided by (used in) investing activities 359,256 (106,387)
Financing Activities    
Repurchases of common stock (1,774,329) (980,672)
Payment of withholding taxes related to net share settlement (316,882) (644,442)
Principal repayments of debt (200,000) (686,754)
Payments of licensed asset obligation (13,532) 0
Proceeds from issuance of debt 200,000 1,072,330
Proceeds from issuance of common stock upon exercise of stock options and purchase of ESPP shares 21,014 28,800
Other financing activities (16,125) (15,949)
Net cash used in financing activities (2,099,854) (1,226,687)
Effect of foreign exchange rate on cash and cash equivalents 8,726 510
Net increase in cash and cash equivalents, including cash classified within current assets of discontinued operations 925,488 65,444
Less: net decrease in cash classified within current assets of discontinued operations (44,381) 0
Net increase in cash and cash equivalents 969,869 65,444
Cash and cash equivalents at beginning of the period 697,030 502,152
Cash and cash equivalents at end of the period 1,666,899 567,596
Supplemental non-cash investing and financing activities disclosures:    
Non-cash consideration received from divestiture 285,000 0
Right-of-use assets obtained in exchange for lease obligations, net of modifications (26,227) 24,527
Supplemental disclosure of cash flow information:    
Cash paid for interest 101,023 220,140
Cash paid for income taxes, net of refunds $ 167,291 $ 61,825
v3.25.3
Description of Business and Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Summary of Significant Accounting Policies Description of Business and Summary of Significant Accounting Policies
Description of Business
AppLovin Corporation (the “Company” or “AppLovin”) was incorporated in the state of Delaware on July 18, 2011. The Company is a leader in the advertising industry providing end-to-end advertising solutions that allow businesses to reach, monetize and grow their global audiences.
The Company is headquartered in Palo Alto, California, and has several operating locations in the U.S. as well as various international office locations in North America, Asia, and Europe.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, the unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K filed with the SEC on February 27, 2025. The condensed consolidated balance sheet data as of December 31, 2024 was derived from the audited consolidated financial statements at that date but does not include all disclosures required by GAAP. The accompanying unaudited condensed consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for the fair presentation of the Company’s financial position, results of operations, cash flows and stockholders’ equity for the interim periods presented. The results of operations for the three and nine months ended September 30, 2025 shown in this report are not necessarily indicative of the results to be expected for the full year ending December 31, 2025 or any other period.
Amounts presented may not sum due to rounding. Certain prior period amounts have been reclassified to conform to the current period presentation where applicable.
Basis of Consolidation
The Company's condensed consolidated financial statements include accounts and operations of the Company and its wholly-owned subsidiaries. In accordance with the provisions of Accounting Standards Codification ("ASC") 810, Consolidation, the Company is also required to consolidate any variable interest entities ("VIE") when it is the primary beneficiary. The primary beneficiary has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE, or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company evaluates its relationships with all VIEs on an ongoing basis. All intercompany transactions and balances have been eliminated upon consolidation.
Use of Estimates
The preparation of the Company's condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and accompanying notes. The Company bases its estimates on assumptions that are believed to be reasonable under the circumstances. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to fair values of assets and liabilities acquired through acquisitions, useful lives of intangible assets and property and equipment, income and indirect taxes, contingent liabilities, evaluation of recoverability of intangible assets and long-lived assets, goodwill impairment, stock-based compensation, fair value of financial instruments. These estimates are inherently subject to judgment and actual results could differ materially from those estimates.
Apps Business Divestiture
On May 7, 2025, the Company and its subsidiaries Morocco, Inc. and AppLovin GmbH entered into a purchase agreement with Tripledot and its subsidiaries Eton Games Inc. and Tripledot Group Holdings Limited to sell the equity interests of certain wholly-owned subsidiaries that operate the Company’s Apps business (the “Apps Business”). The sale was completed on June 30, 2025. The Company determined that the divestiture of the Apps
Business met the criteria for presentation as discontinued operations in the second quarter of the year ending December 31, 2025, as it represented a strategic shift that had a major impact on the Company’s operations and financial results. Accordingly, the results of the Apps Business, including the gain on divestiture, are reported as discontinued operations in the condensed consolidated statements of operations, and as such, have been excluded from both continuing operations and segment results for all periods presented. Further, the assets and liabilities of the Apps Business have been reclassified as assets and liabilities of discontinued operations in the condensed consolidated balance sheets as of December 31, 2024. The condensed consolidated statements of cash flows continue to be presented on a consolidated basis for both continuing and discontinued operations. Certain costs previously allocated to the Apps Business for segment reporting purposes do not meet the criteria for classification within discontinued operations, and as such, these costs have been reallocated to continuing operations. In addition, historical intercompany balances and transactions between the Company and the divested Apps Business that were previously eliminated in consolidation have been excluded from both continuing and discontinued operations. Unless otherwise indicated, all references in the Notes to the condensed consolidated financial statements relate to continuing operations. See Note 2 – Discontinued Operations for further details.
Segment Reporting
Following the divestiture of the Apps Business, the Company has determined that it currently operates as a single operating and reportable segment at the consolidated level. Prior period segment results and related disclosures have been recast to conform to the current period segment presentation. See Note 12 – Segment for further details.
Equity Method Investments
The Company accounts for investments using the equity method of accounting when it has significant influence over the financial and operating policies, but not control, of the investee. The equity method investments are initially recorded at cost and included in other non-current assets in the condensed consolidated balance sheet. The Company records its share of investee's net income or loss and the amortization of equity method basis difference, calculated as the difference between the investment and the amount of underlying equity in net assets acquired one-quarter in arrears, which is applied consistently from period to period. The Company records its share of investee's net income or loss and the amortization of equity method basis difference in income (loss) from equity method investment, net of tax, in the condensed consolidated statement of operations. The Company monitors on an ongoing basis its equity method investments for indicators of other-than-temporary declines in fair value below carrying value, and records any required impairment loss in income (loss) from equity method investment, net of tax, in the condensed consolidated statement of operations. See Note 5 – Equity Method Investments for further details.
Recent Accounting Pronouncements (Issued Not Yet Adopted)
In December 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes: Improvements to Income Tax Disclosures, which requires disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments will be effective for annual periods beginning after December 15, 2024. The amendments may be applied prospectively or retrospectively, and early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement: Reporting Comprehensive Income-Expense Disaggregation Disclosures, which requires disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the income statement. The amendments will be effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The amendments may be applied prospectively or retrospectively, and early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures.
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software: Targeted Improvements to the Accounting for Internal-Use Software, which provides updated recognition and disclosure framework for internal-use software costs. The amendments will be effective for annual periods beginning after December 15, 2027, and interim periods within those annual reporting periods. The amendments may be applied prospectively or retrospectively, and early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures.
v3.25.3
Discontinued Operations
 9 Months Ended
Sep. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued Operations
Divestiture
On June 30, 2025, the Company completed the sale of its Apps Business, as part of its strategic effort to divest non-core assets and dedicate its resources to advancing its advertising business. In connection with the transaction, the Company received $715.6 million in total consideration, consisting of $430.6 million in cash and 596.9 million ordinary shares of Tripledot, valued at $285.0 million. These shares represented approximately 22% of Tripledot’s outstanding ordinary shares and 20% of its fully diluted equity capitalization as of the closing date. The cash consideration of $430.6 million includes $400.0 million as specified in the purchase agreement and $30.6 million in preliminary purchase price adjustments based on estimated closing date net assets, which is subject to finalization in accordance with the terms of the purchase agreement.
The fair value of the equity consideration was determined based on the combined value of Tripledot and the Apps Business as of the closing date, estimated using a combination of the market approach, which incorporated valuation multiples of comparable public companies, and the income approach based on projected discounted cash flows. The significant assumptions used included estimates of future revenues and operating expenses, long-term growth rates, working capital requirements and discount rates, which are considered unobservable inputs and are classified as Level 3 within the fair value hierarchy. See Note 5 – Equity Method Investments for further details.
For tax purposes, the transfer of certain Apps Business subsidiaries was treated as an asset sale and resulted in a write-off of $125.6 million of deferred tax assets from the carrying value of Apps Business net assets, which was included in the provision for income taxes from discontinued operations. As a result of the divestiture, the Company derecognized net assets of $591.2 million and incurred transaction costs of $18.3 million, resulting in a pre-tax gain of $106.2 million, which was recorded in net income from discontinued operations for the nine months ended September 30, 2025.
In addition, the Company entered into a Transition Services Agreement (“TSA”) with Tripledot. Under the terms of the TSA, the Company agreed to provide limited administrative and transitional services related to the divested Apps Business for a period of up to six months following the closing date.
The following table summarizes the results of operations classified as discontinued operations, net of income taxes, in the condensed consolidated statements of operations for the three and nine months ended September 30, 2025 and 2024 (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Revenue$— $363,049 $640,830 $1,111,898 
Costs and expenses:
Cost of revenue— 148,740 209,442 479,134 
Sales and marketing— 142,769 242,547 443,688 
Research and development— 69,214 130,298 200,362 
General and administrative— 1,691 4,202 5,857 
Goodwill impairment— — 188,943 — 
Total costs and expenses— 362,414 775,432 1,129,041 
Income (loss) from operations— 635 (134,602)(17,143)
Other income (expense):
Gain on divestiture, net of transaction costs— — 106,229 — 
Other income (expense), net— (695)1,519 809 
Total other income (expense), net— (695)107,748 809 
Loss from discontinued operations before income taxes— (60)(26,854)(16,334)
Provision for (benefit from) income taxes— (1,407)72,590 (3,494)
Income (loss) from discontinued operations, net of income taxes$— $1,347 $(99,444)$(12,840)
The following table represents assets and liabilities that are classified as discontinued operations in the condensed consolidated balance sheets for the period presented (in thousands):
Assets:December 31,
2024
Cash and cash equivalents$44,381 
Accounts receivable, net130,911 
Prepaid expenses and other current assets16,063 
Total current assets of discontinued operations191,355 
Goodwill345,741 
Intangible assets, net423,826 
Other non-current assets167,682 
Total assets of discontinued operations$1,128,604 
Liabilities:
Accounts payable$59,125 
Accrued and other current liabilities45,202 
Deferred revenue32,786 
Total current liabilities of discontinued operations137,113 
Other non-current liabilities1,414 
Total liabilities of discontinued operations$138,527 
The following table summarizes significant non-cash operating items and capital expenditures related to discontinued operations, as reflected in the condensed consolidated statements of cash flows for the periods presented (in thousands):

Nine Months Ended September 30,
20252024
Amortization, depreciation and write-offs
$64,054 $226,315 
Stock-based compensation
$3,663 $15,629 
Goodwill impairment
$188,943 $— 
Acquisition of intangible assets
$22,429 $18,289 
Goodwill Impairment
The Company evaluates goodwill for impairment at the reporting unit level on an annual basis, or more frequently if events or changes in circumstances indicate that goodwill may be impaired.
On February 12, 2025, the Company entered into a non-binding term sheet to sell its Apps Business to Tripledot. As of March 31, 2025, the Apps Business was not classified as held for sale, as the criteria required for such classification had not yet been met. However, the Company identified the non-binding term sheet combined with negotiations throughout the first quarter of 2025 to sell the Apps Business as an indicator of impairment for the Apps reporting unit and performed an interim quantitative goodwill impairment test as of March 31, 2025. Based on this assessment, the Company determined that the carrying amount of the Apps reporting unit exceeded its estimated fair value and recorded a non-cash goodwill impairment charge of $188.9 million. This charge was included in loss from discontinued operations, net of income taxes, for the nine months ended September 30, 2025.
At the time the interim impairment test was performed, the Company had not yet determined the fair value of the total consideration, which was subject to the valuation of the equity consideration at the closing of the transaction. As a result, the Company estimated the fair value of the Apps reporting unit using the discounted cash flow method of the income approach. Key valuation inputs included projected future cash flows, risk-adjusted discount rates and long-term growth rates, which are based on management’s estimates and assumptions believed to be reasonable and reflective of known market conditions as of the interim impairment test date. The resulting fair value measurement is classified as Level 3 within the fair value hierarchy due to the use of significant unobservable inputs.
v3.25.3
Revenue
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Revenue from Contracts with Customers
The Company generates revenue primarily from advertisers who use the Axon Platform, which consists of Axon Advertising and MAX. The platform provides the technology to match advertisers and owners of digital advertising inventory (“Publishers”) via auctions at large scale and microsecond-level speeds. The Company’s terms and conditions generally stipulate payment terms of 30 days subsequent to the end of the month. Substantially all of the Company's contracts with customers are fully cancelable at any time or upon a short notice.
The Company’s performance obligation is to provide customers with access to the advertising solutions, which facilitates the advertiser’s purchase of ad inventory from Publishers. The Company does not control the ad inventory prior to its transfer to the advertiser, because the Company does not have the substantive ability to direct the use of nor obtain substantially all of the remaining benefits from the ad inventory. The Company is not primarily responsible for fulfillment. The Company is an agent as it relates to the sale of third-party advertising inventory and presents revenue on a net basis. The transaction price is the product of either the number of completions of agreed upon actions or advertisements displayed and the contractually agreed upon price per advertising unit with the advertiser less consideration paid or payable to Publishers. The Company recognizes revenue when the agreed upon action is completed or when the ad is displayed to users. The number of advertisements delivered and completions of agreed upon actions is determined at the end of each month, which resolves any uncertainty in the transaction price during the reporting period.
The Company also generates revenue from Adjust's measurement and analytics marketing platform that is recognized ratably over the subscription period of generally up to twelve months. Revenue from other services was not material.
The Company presents taxes collected from customers and remitted to governmental authorities on a net basis.
Disaggregation of Revenue
Revenue disaggregated by geography, based on user location, consists of the following (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
United States$687,927 $424,949 $1,961,951 $1,199,933 
Rest of the World717,118 410,237 1,860,822 1,024,638 
Total Revenue$1,405,045 $835,186 $3,822,773 $2,224,571 
Contract Balances
Contract liabilities consist of deferred revenue related to Adjust, which are recorded for payments received in advance of the satisfaction of performance obligations. During the three months ended September 30, 2025 and 2024, the Company recognized $9.3 million and $7.4 million of revenue that was included in deferred revenue as of June 30, 2025 and 2024, respectively. During the nine months ended September 30, 2025 and 2024, the Company recognized $38.3 million and $30.6 million of revenue that was included in deferred revenue as of December 31, 2024 and 2023, respectively.
Unsatisfied Performance Obligations
Substantially all of the Company’s unsatisfied performance obligations relate to contracts with an original expected length of one year or less.
v3.25.3
Financial Instruments and Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Financial Instruments and Fair Value Measurements Financial Instruments and Fair Value Measurements
Financial Instruments Measured at Fair Value by Level on a Recurring Basis
As of September 30, 2025 and December 31, 2024, the Company held $352.8 million and $41.5 million in money market deposit accounts, and $50.1 million and an immaterial amount in money market funds, respectively, which were included in cash and cash equivalents and classified as Level 1 within the fair value hierarchy.
Non-Marketable Equity Securities Measured at Net Asset Value
The Company held equity interests in certain private equity funds of $107.6 million and $77.3 million as of September 30, 2025 and December 31, 2024, respectively, which are measured using the net asset value practical
expedient. Under the net asset value practical expedient, the Company records investments based on the proportionate share of the underlying funds’ net asset value as of the Company's reporting date. These investments are included in other non-current assets in the Company’s condensed consolidated balance sheets.
These funds vary in investment strategies and generally have an initial term of 7 to 10 years, which may be extended for 2 to 3 additional years with the applicable approval. These investments are subject to certain restrictions regarding transfers and withdrawals and generally cannot be redeemed. Distributions from the funds will be received as the underlying investments are liquidated. The Company’s maximum exposure to loss is limited to the carrying value of these investments of $107.6 million and unfunded commitments of $3.0 million as of September 30, 2025.
During the three and nine months ended September 30, 2025, the Company made total capital contributions of nil and $18.7 million, respectively, related to these investments. Unrealized gains related to these investments were $7.0 million and $9.6 million for the three and nine months ended September 30, 2025, respectively, and were not material for the three and nine months ended September 30, 2024.
Non-Marketable Equity Securities Measured at Fair Value on a Non-Recurring Basis
The Company's non-marketable equity securities are investments in privately held companies without readily determinable fair values. The Company elected the measurement alternative to account for these investments. Under the measurement alternative, the carrying value of the non-marketable equity securities are adjusted based on price changes from observable transactions of identical or similar securities of the same issuer or for impairment. Any changes in carrying value are recorded within other income (expense), net in the Company's condensed consolidated statement of operations.
As of September 30, 2025 and December 31, 2024, the carrying amounts of the Company's non-marketable equity securities were $19.6 million and $68.1 million, respectively, and were included in other non-current assets in the Company’s condensed consolidated balance sheets. During the nine months ended September 30, 2025, the Company recorded a $50.0 million impairment on its investment in Humans, Inc. Since acquisition, the Company recorded a cumulative impairment charge of $78.0 million related to these investments.
v3.25.3
Equity Method Investments
 9 Months Ended
Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments Equity Method Investments
As disclosed in Note 2 – Discontinued Operations, the Company received 596.9 million ordinary shares of Tripledot, valued at $285.0 million, as part of the consideration for the sale of its Apps Business. These shares represented approximately 22% of Tripledot’s outstanding ordinary shares and the same proportion of its voting rights as of the closing date. The Company determined it had the ability to exercise significant influence, but not control, over Tripledot through its ownership interest. As such, the investment was accounted for under the equity method of accounting and included in other non-current assets on the condensed consolidated balance sheets as of September 30, 2025.
The carrying value of the equity method investment will be adjusted for the Company’s proportionate share of Tripledot’s income or loss, recognized one quarter in arrears. The basis difference between the investment's initial fair value and the Company's proportional share of Tripledot’s net assets at closing was not material. No income or loss from Tripledot was recorded in the Company’s condensed consolidated statements of operations for the three months ended September 30, 2025, as the transaction closed on June 30, 2025.
v3.25.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments
As of September 30, 2025, the Company's non-cancelable minimum purchase commitments were primarily related to a multi-year contractual arrangement with a cloud services provider. In August 2024, the Company amended its agreement with the provider, committing to spending a minimum of $1.3 billion over a three-year period. By September 30, 2025, the Company had made cumulative payments of $485.1 million towards this commitment.
Contingencies
From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of business activities. The Company accrues a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated.
Legal Proceedings
The Company is involved from time to time in litigation, claims, and proceedings. The outcomes of the Company’s legal proceedings are inherently unpredictable and subject to significant uncertainty, and could, either individually or in aggregate, have a material adverse effect.
The Company records a liability when it is probable that a loss has been incurred and the amount can be reasonably estimated. If it is determined that a loss is reasonably possible and the loss or range of loss can be estimated, the reasonably possible loss is disclosed. The Company evaluates developments in legal matters that could affect the amount of liability that has been previously accrued, and related reasonably possible losses disclosed, and makes adjustments as appropriate. Significant judgment is required to determine the likelihood of matters and the estimated amount of a loss related to such matters. To date, losses in connection with legal proceedings have not been material.
The Company expenses legal fees in the period in which they are incurred.
Indemnifications
The Company enters into indemnification provisions under agreements with other parties in the ordinary course of business, including certain customers, business partners, investors, contractors and the Company’s officers, directors and certain employees. It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. To date, losses recorded in the Company’s condensed consolidated statements of operations in connection with the indemnification provisions have not been material. As of September 30, 2025, the Company did not have any material indemnification claims that were probable or reasonably possible.
Non-income Taxes
The Company may be subject to audit by various tax authorities with regard to non-income tax matters. The subject matter of non-income tax audits primarily arises from different interpretations on tax treatment and tax rates applied. The Company accrues liabilities for non-income taxes that may result from examinations by, or any negotiated agreements with, these tax authorities when a loss is probable and reasonably estimable. If a loss is reasonably possible and the loss or range of loss can be estimated, the Company discloses the reasonably possible loss.
v3.25.3
Goodwill and Intangible Assets
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
The following table presents the changes in the carrying amount of goodwill (in thousands):
Balance as of December 31, 2024$1,457,685 
Foreign currency translation83,204 
Balance as of September 30, 2025$1,540,889 
Intangible assets, net consisted of the following (in thousands):
 
Weighted-
Average
Remaining
Useful Life
(in years)
As of September 30, 2025As of December 31, 2024
 Gross
Carrying
Value		Accumulated
Amortization		Net Book
Value		Gross
Carrying
Value		Accumulated
Amortization		Net Book
Value
 
 
Customer relationships6.6$528,324 $(205,613)$322,711 $511,125 $(160,810)$350,315 
Developed technology1.9210,773 (150,573)60,200 203,030 (119,552)83,478 
Other3.565,185 (26,228)38,957 56,880 (17,822)39,058 
Total intangible assets$804,282 $(382,414)$421,868 $771,035 $(298,184)$472,851 
The Company recorded amortization expenses related to acquired intangible assets as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Cost of revenue$11,730 $9,596 $30,589 $28,726 
Sales and marketing13,888 13,695 41,210 41,005 
Total$25,618 $23,291 $71,799 $69,731 
v3.25.3
Equity
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Equity Equity
In February 2022, the Company's board of directors authorized a stock repurchase program for the Company's Class A common stock. As of December 31, 2024, $2.3 billion remained available for repurchases under the program. During the nine months ended September 30, 2025, the Company repurchased and subsequently retired 4.9 million shares of Class A common stock for an aggregate amount, including commissions and fees, of $1.8 billion. As of September 30, 2025, $492.2 million remained available for repurchases under the program.
Repurchases may be made from time to time through open market purchases or through privately negotiated transactions, subject to market conditions, applicable legal requirements and other relevant factors. Open market repurchases may be structured to occur in accordance with the requirements of Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company may also, from time to time, enter into Rule 10b-5 trading plans, to facilitate repurchases of shares. The repurchase program does not obligate the Company to acquire any particular amount of Class A common stock, has no expiration date and may be modified, suspended, or terminated at any time at the Company's discretion.
The Company retires its Class A common stock upon repurchases, and records the excess of repurchase price over par value for shares repurchased to retained earnings to the extent the Company has retained earnings. If the Company has an accumulated deficit, the Company records the excess of repurchase price over par value for shares repurchased first to additional paid-in capital, to the extent the Company has additional paid-in capital, until depleted, and then to accumulated deficit in the Company’s condensed consolidated statements of stockholders’ equity.
v3.25.3
Stock-based Compensation
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
The Company maintains three equity compensation plans that provide for the issuance of shares of its common stock to the Company’s employees, directors, consultants and other service providers: the 2021 Equity Incentive Plan (the "2021 Plan"), the 2021 Partner Studio Incentive Plan, and the 2021 Employee Stock Purchase Plan (the "ESPP"). There were no material equity award issuances during the nine months ended September 30, 2025.
Stock-based compensation expense included in the Company's condensed consolidated statements of operations is as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Cost of revenue$175 $1,274 $1,375 $3,499 
Sales and marketing6,878 20,205 28,949 62,328 
Research and development15,593 45,980 60,593 160,853 
General and administrative11,121 9,943 36,517 33,225 
Total
$33,767 $77,402 $127,434 $259,905 
v3.25.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to 20 votes per share. Each share of Class B common stock is convertible into one share of Class A common stock voluntarily at any time by the holder, and automatically upon certain events. The Class A common stock has no conversion rights. As the liquidation and dividend rights are identical for Class A and Class B common stock, the undistributed earnings are allocated on a proportional basis and the resulting net income per share attributable to common stockholders will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis.
The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders (in thousands, except per share data):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Basic EPS:
Numerator:
Net income from continuing operations$835,545 $433,073 $2,330,939 $993,412 
Income (loss) from discontinued operations, net of income taxes— 1,347 (99,444)(12,840)
Net income$835,545 $434,420 $2,231,495 $980,572 
Less:
Income attributable to participating securities(50)(110)(416)(2,172)
Net income attributable to Class A and Class B common stockholders—Basic$835,495 $434,310 $2,231,079 $978,400 
Denominator:
Weighted-average shares used in computing net income (loss) per share—Basic338,531 336,931 338,990 336,167 
Net income (loss) per share attributed to Class A and Class B common stockholders - Basic:
Continuing operations$2.47 $1.29 $6.87 $2.95 
Discontinued operations— — (0.29)(0.04)
Basic net income per share$2.47 $1.29 $6.58 $2.91 
Diluted EPS:
Numerator:
Net income from continuing operations$835,545 $433,073 $2,330,939 $993,412 
Income (loss) from discontinued operations, net of income taxes— 1,347 (99,444)(12,840)
Net income$835,545 $434,420 $2,231,495 $980,572 
Less:
Income attributable to participating securities(50)(106)(412)(2,097)
Net income attributable to Class A and Class B common stockholders—Diluted$835,495 $434,314 $2,231,083 $978,475 
Denominator:
Weighted-average shares used in computing net income (loss) per share—Basic338,531 336,931 338,990 336,167 
Weighted-average dilutive stock awards2,443 11,294 3,678 12,106 
Weighted-average shares used in computing net income (loss) per share—Diluted340,974 348,225 342,668 348,273 
Net income (loss) per share attributed to Class A and Class B common stockholders - Diluted:
Continuing operations$2.45 $1.24 $6.80 $2.85 
Discontinued operations— 0.01 (0.29)(0.04)
Diluted net income per share$2.45 $1.25 $6.51 $2.81 
The following table presents the forms of antidilutive potential common shares (in thousands):
As of September 30,
20252024
Stock options exercised for promissory notes— 85 
ESPP12 33 
Total antidilutive potential common shares12 118 
v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company is subject to income taxes in the U.S. and in foreign jurisdictions. The Company bases the interim tax accruals on an estimated annual effective tax rate applied to year-to-date income and records the discrete tax items in the period to which they relate. Each quarter, the Company updates the estimated annual effective tax rate and makes a year-to-date adjustment to the tax provision as necessary. The Company’s calendar year 2025 annual effective tax rate differs from the U.S. statutory rate primarily due to jurisdictional mix of earnings, global minimum tax, foreign tax credits, foreign derived intangible income deduction, and global intangible low-taxed
income.
During the nine months ended September 30, 2025, there were no material changes to the Company's unrecognized tax benefits, and the Company does not expect material changes in unrecognized tax benefits within the next twelve months.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company has evaluated the OBBBA provisions which became effective during the quarter and estimated their impact on the consolidated financial statements to be immaterial. The Company will continue to evaluate the full impact of these legislative changes as additional guidance becomes available.
v3.25.3
Segment
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Segment
The Company determines its operating segments based on how its chief operating decision maker ("CODM") manages the business, allocates resources, makes operating decisions and evaluates operating performance. The Company’s CODM is its Chief Executive Officer.
As disclosed in Note 1 – Description of Business and Summary of Significant Accounting Policies and Note 2 – Discontinued Operations, on June 30, 2025, the Company completed the divestiture of its Apps Business, which constituted the former Apps segment. Following the divestiture, the Company has determined that it currently operates the remaining business as a single operating and reportable segment at the consolidated level. Accordingly, the Company classified the Apps Business as discontinued operations in its condensed consolidated statements of operations and excluded the Apps Business from both continuing operations and segment results for all periods presented. The Company’s single segment provides end-to-end advertising solutions including Axon Advertising, MAX, Adjust, and Wurl, that allow businesses to reach, monetize and grow their global audiences. Revenue is primarily generated from fees paid by advertisers for the placement of ads on mobile applications owned by Publishers.
As a single reportable segment entity, the Company has determined that its measure of profit or loss is net income from continuing operations, which is the measure most consistent with U.S. GAAP. The CODM uses net income from continuing operations to allocate resources during the annual budgeting and forecasting process, evaluate operating strategies, and assess performance across periods.
The table below is a summary of the segment net income from continuing operations, including significant segment expenses (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Revenue $1,405,045 $835,186 $3,822,773 $2,224,571 
Less:
Datacenter costs
141,046 87,978 392,302 271,911 
Personnel related expenses50,011 64,998 155,966 196,686 
Interest expense
51,429 74,937 155,726 223,280 
Provision for income taxes
185,401 34,656 368,617 83,803 
Amortization, depreciation and write-offs34,978 32,369 97,988 94,528 
Stock-based compensation33,767 77,402 127,434 259,905 
Other expenses1
72,868 29,773 193,801 101,046 
Net income from continuing operations$835,545 $433,073 $2,330,939 $993,412 
1 Other expenses include professional services costs, facilities costs, advertising costs, software costs, and other individually insignificant costs.
v3.25.3
Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt DebtIn March 2025, the Company borrowed $200.0 million under its revolving credit facility pursuant to the credit agreement entered in 2024 to fund share repurchases under the Company's repurchase program. For additional information regarding the share repurchases, see Note 8 - Equity. The Company repaid $100.0 million of the outstanding borrowings in April 2025 and the remaining $100.0 million in May 2025. As of September 30, 2025, $1.0 billion remained available for borrowing under the facility.
v3.25.3
Related Party Transactions
 9 Months Ended
Sep. 30, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
KKR Denali
In February 2024, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with KKR Denali, and BofA Securities, Inc., acting for themselves and as representative of other underwriters (collectively, the “Underwriters”), in connection with a secondary public offering (the “Offering”) of 19.9 million shares of the Company's Class A common stock by KKR Denali. Pursuant to the Underwriting Agreement, on March 6, 2024, the Company repurchased from the Underwriters 10.5 million shares of Class A common stock sold to the Underwriters by KKR Denali in the Offering at a price per share of $54.46, the same per share price paid by the Underwriters to KKR Denali in the Offering. In connection with the Offering, KKR Denali converted 16.0 million shares of Class B common stock to Class A common stock.
Humans, Inc.
In February 2024, the Company entered into an agreement to invest $50.0 million in the Series C preferred stock financing of Humans, Inc., the developer of the Flip Shop social shopping app ("Flip Shop"). Eduardo Vivas, a member of the Company's board of directors, served as the Chief Operating Officer of Humans, Inc., and a member of its board of directors until his resignation from both positions in September 2025.
Concurrently, the Company also entered into an arm's length commercial agreement with Humans, Inc. to provide access to Axon AI, the Company's advertising recommendation engine, under a revenue share model. No transactions have occurred under this agreement to date.
During the nine months ended September 30, 2025, the Company recognized an immaterial amount in revenue from Humans, Inc. related to their use of the Axon Platform. The transactions were conducted at arm’s-length pricing and under standard contractual terms. During the same period, the Company recorded a full impairment of its $50.0 million investment in Humans, Inc. as a result of its deteriorating financial condition and uncertainty about its ability to continue as a going concern.
Other
In March 2019, the Company entered into a promissory note with Rafael Vivas, the brother of Eduardo Vivas, a member of the Company's board of directors, for the purpose of advancing him funds to allow him to early exercise his stock options (“Vivas Note”). The Vivas Note was issued in the amount of $2.3 million at an interest rate of 2.59%, and later amended on August 7, 2020 to lower the interest rate on the outstanding balance of such note to the then applicable IRS annual mid-term rate of 0.41%. On March 8, 2024, the principal amount due under the Vivas Note plus accrued interest, or $2.3 million, was repaid in full to the Company and the Vivas Note was extinguished.
The Company had no other material related party transactions for the three and nine months ended September 30, 2025 and 2024.
v3.25.3
Subsequent Events
 9 Months Ended
Sep. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
In October 2025, the Company’s board of directors authorized an increase to the repurchase program of $3.2 billion, such that an aggregate amount of approximately $3.3 billion remained available for repurchases as of October 31, 2025. For additional information, see Note 8 – Equity.
In October 2025, the Company granted 0.9 million performance-based restricted stock units (“PSUs”) under its 2021 Equity Incentive Plan to certain key non-executive engineering employees. The PSUs are eligible to vest upon the achievement of certain market capitalization milestones and continued service through the applicable vesting dates. The estimated grant-date fair value of these awards was $410.5 million.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.3
Description of Business and Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, the unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K filed with the SEC on February 27, 2025. The condensed consolidated balance sheet data as of December 31, 2024 was derived from the audited consolidated financial statements at that date but does not include all disclosures required by GAAP. The accompanying unaudited condensed consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for the fair presentation of the Company’s financial position, results of operations, cash flows and stockholders’ equity for the interim periods presented. The results of operations for the three and nine months ended September 30, 2025 shown in this report are not necessarily indicative of the results to be expected for the full year ending December 31, 2025 or any other period.
Amounts presented may not sum due to rounding. Certain prior period amounts have been reclassified to conform to the current period presentation where applicable.
Basis of Consolidation
Basis of Consolidation
The Company's condensed consolidated financial statements include accounts and operations of the Company and its wholly-owned subsidiaries. In accordance with the provisions of Accounting Standards Codification ("ASC") 810, Consolidation, the Company is also required to consolidate any variable interest entities ("VIE") when it is the primary beneficiary. The primary beneficiary has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE, or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company evaluates its relationships with all VIEs on an ongoing basis. All intercompany transactions and balances have been eliminated upon consolidation.
Use of Estimates
Use of Estimates
The preparation of the Company's condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and accompanying notes. The Company bases its estimates on assumptions that are believed to be reasonable under the circumstances. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to fair values of assets and liabilities acquired through acquisitions, useful lives of intangible assets and property and equipment, income and indirect taxes, contingent liabilities, evaluation of recoverability of intangible assets and long-lived assets, goodwill impairment, stock-based compensation, fair value of financial instruments. These estimates are inherently subject to judgment and actual results could differ materially from those estimates.
Apps Business Divestiture
Apps Business Divestiture
On May 7, 2025, the Company and its subsidiaries Morocco, Inc. and AppLovin GmbH entered into a purchase agreement with Tripledot and its subsidiaries Eton Games Inc. and Tripledot Group Holdings Limited to sell the equity interests of certain wholly-owned subsidiaries that operate the Company’s Apps business (the “Apps Business”). The sale was completed on June 30, 2025. The Company determined that the divestiture of the Apps
Business met the criteria for presentation as discontinued operations in the second quarter of the year ending December 31, 2025, as it represented a strategic shift that had a major impact on the Company’s operations and financial results. Accordingly, the results of the Apps Business, including the gain on divestiture, are reported as discontinued operations in the condensed consolidated statements of operations, and as such, have been excluded from both continuing operations and segment results for all periods presented. Further, the assets and liabilities of the Apps Business have been reclassified as assets and liabilities of discontinued operations in the condensed consolidated balance sheets as of December 31, 2024. The condensed consolidated statements of cash flows continue to be presented on a consolidated basis for both continuing and discontinued operations. Certain costs previously allocated to the Apps Business for segment reporting purposes do not meet the criteria for classification within discontinued operations, and as such, these costs have been reallocated to continuing operations. In addition, historical intercompany balances and transactions between the Company and the divested Apps Business that were previously eliminated in consolidation have been excluded from both continuing and discontinued operations. Unless otherwise indicated, all references in the Notes to the condensed consolidated financial statements relate to continuing operations.
Segment Reporting
Segment Reporting
Following the divestiture of the Apps Business, the Company has determined that it currently operates as a single operating and reportable segment at the consolidated level. Prior period segment results and related disclosures have been recast to conform to the current period segment presentation.
Equity Method Investments
Equity Method Investments
The Company accounts for investments using the equity method of accounting when it has significant influence over the financial and operating policies, but not control, of the investee. The equity method investments are initially recorded at cost and included in other non-current assets in the condensed consolidated balance sheet. The Company records its share of investee's net income or loss and the amortization of equity method basis difference, calculated as the difference between the investment and the amount of underlying equity in net assets acquired one-quarter in arrears, which is applied consistently from period to period. The Company records its share of investee's net income or loss and the amortization of equity method basis difference in income (loss) from equity method investment, net of tax, in the condensed consolidated statement of operations. The Company monitors on an ongoing basis its equity method investments for indicators of other-than-temporary declines in fair value below carrying value, and records any required impairment loss in income (loss) from equity method investment, net of tax, in the condensed consolidated statement of operations.
Recent Accounting Pronouncements (Issued Not Yet Adopted)
Recent Accounting Pronouncements (Issued Not Yet Adopted)
In December 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes: Improvements to Income Tax Disclosures, which requires disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments will be effective for annual periods beginning after December 15, 2024. The amendments may be applied prospectively or retrospectively, and early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement: Reporting Comprehensive Income-Expense Disaggregation Disclosures, which requires disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the income statement. The amendments will be effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The amendments may be applied prospectively or retrospectively, and early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures.
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software: Targeted Improvements to the Accounting for Internal-Use Software, which provides updated recognition and disclosure framework for internal-use software costs. The amendments will be effective for annual periods beginning after December 15, 2027, and interim periods within those annual reporting periods. The amendments may be applied prospectively or retrospectively, and early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures.
Revenue from Contracts with Customers
Revenue from Contracts with Customers
The Company generates revenue primarily from advertisers who use the Axon Platform, which consists of Axon Advertising and MAX. The platform provides the technology to match advertisers and owners of digital advertising inventory (“Publishers”) via auctions at large scale and microsecond-level speeds. The Company’s terms and conditions generally stipulate payment terms of 30 days subsequent to the end of the month. Substantially all of the Company's contracts with customers are fully cancelable at any time or upon a short notice.
The Company’s performance obligation is to provide customers with access to the advertising solutions, which facilitates the advertiser’s purchase of ad inventory from Publishers. The Company does not control the ad inventory prior to its transfer to the advertiser, because the Company does not have the substantive ability to direct the use of nor obtain substantially all of the remaining benefits from the ad inventory. The Company is not primarily responsible for fulfillment. The Company is an agent as it relates to the sale of third-party advertising inventory and presents revenue on a net basis. The transaction price is the product of either the number of completions of agreed upon actions or advertisements displayed and the contractually agreed upon price per advertising unit with the advertiser less consideration paid or payable to Publishers. The Company recognizes revenue when the agreed upon action is completed or when the ad is displayed to users. The number of advertisements delivered and completions of agreed upon actions is determined at the end of each month, which resolves any uncertainty in the transaction price during the reporting period.
The Company also generates revenue from Adjust's measurement and analytics marketing platform that is recognized ratably over the subscription period of generally up to twelve months. Revenue from other services was not material.
The Company presents taxes collected from customers and remitted to governmental authorities on a net basis.
v3.25.3
Discontinued Operations (Tables)
 9 Months Ended
Sep. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Discontinued Operations
The following table summarizes the results of operations classified as discontinued operations, net of income taxes, in the condensed consolidated statements of operations for the three and nine months ended September 30, 2025 and 2024 (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Revenue$— $363,049 $640,830 $1,111,898 
Costs and expenses:
Cost of revenue— 148,740 209,442 479,134 
Sales and marketing— 142,769 242,547 443,688 
Research and development— 69,214 130,298 200,362 
General and administrative— 1,691 4,202 5,857 
Goodwill impairment— — 188,943 — 
Total costs and expenses— 362,414 775,432 1,129,041 
Income (loss) from operations— 635 (134,602)(17,143)
Other income (expense):
Gain on divestiture, net of transaction costs— — 106,229 — 
Other income (expense), net— (695)1,519 809 
Total other income (expense), net— (695)107,748 809 
Loss from discontinued operations before income taxes— (60)(26,854)(16,334)
Provision for (benefit from) income taxes— (1,407)72,590 (3,494)
Income (loss) from discontinued operations, net of income taxes$— $1,347 $(99,444)$(12,840)
The following table represents assets and liabilities that are classified as discontinued operations in the condensed consolidated balance sheets for the period presented (in thousands):
Assets:December 31,
2024
Cash and cash equivalents$44,381 
Accounts receivable, net130,911 
Prepaid expenses and other current assets16,063 
Total current assets of discontinued operations191,355 
Goodwill345,741 
Intangible assets, net423,826 
Other non-current assets167,682 
Total assets of discontinued operations$1,128,604 
Liabilities:
Accounts payable$59,125 
Accrued and other current liabilities45,202 
Deferred revenue32,786 
Total current liabilities of discontinued operations137,113 
Other non-current liabilities1,414 
Total liabilities of discontinued operations$138,527 
The following table summarizes significant non-cash operating items and capital expenditures related to discontinued operations, as reflected in the condensed consolidated statements of cash flows for the periods presented (in thousands):

Nine Months Ended September 30,
20252024
Amortization, depreciation and write-offs
$64,054 $226,315 
Stock-based compensation
$3,663 $15,629 
Goodwill impairment
$188,943 $— 
Acquisition of intangible assets
$22,429 $18,289 
v3.25.3
Revenue (Tables)
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue Disaggregated by Geography
Revenue disaggregated by geography, based on user location, consists of the following (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
United States$687,927 $424,949 $1,961,951 $1,199,933 
Rest of the World717,118 410,237 1,860,822 1,024,638 
Total Revenue$1,405,045 $835,186 $3,822,773 $2,224,571 
v3.25.3
Goodwill and Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill Activity
The following table presents the changes in the carrying amount of goodwill (in thousands):
Balance as of December 31, 2024$1,457,685 
Foreign currency translation83,204 
Balance as of September 30, 2025$1,540,889 
Schedule of Intangible Assets Acquired, Net
Intangible assets, net consisted of the following (in thousands):
 
Weighted-
Average
Remaining
Useful Life
(in years)
As of September 30, 2025As of December 31, 2024
 Gross
Carrying
Value		Accumulated
Amortization		Net Book
Value		Gross
Carrying
Value		Accumulated
Amortization		Net Book
Value
 
 
Customer relationships6.6$528,324 $(205,613)$322,711 $511,125 $(160,810)$350,315 
Developed technology1.9210,773 (150,573)60,200 203,030 (119,552)83,478 
Other3.565,185 (26,228)38,957 56,880 (17,822)39,058 
Total intangible assets$804,282 $(382,414)$421,868 $771,035 $(298,184)$472,851 
Schedule of Finite-Lived Intangible Assets, Amortization Expenses
The Company recorded amortization expenses related to acquired intangible assets as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Cost of revenue$11,730 $9,596 $30,589 $28,726 
Sales and marketing13,888 13,695 41,210 41,005 
Total$25,618 $23,291 $71,799 $69,731 
v3.25.3
Stock-based Compensation (Tables)
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Payment Arrangement Expenses
Stock-based compensation expense included in the Company's condensed consolidated statements of operations is as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Cost of revenue$175 $1,274 $1,375 $3,499 
Sales and marketing6,878 20,205 28,949 62,328 
Research and development15,593 45,980 60,593 160,853 
General and administrative11,121 9,943 36,517 33,225 
Total
$33,767 $77,402 $127,434 $259,905 
v3.25.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stockholders
The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders (in thousands, except per share data):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Basic EPS:
Numerator:
Net income from continuing operations$835,545 $433,073 $2,330,939 $993,412 
Income (loss) from discontinued operations, net of income taxes— 1,347 (99,444)(12,840)
Net income$835,545 $434,420 $2,231,495 $980,572 
Less:
Income attributable to participating securities(50)(110)(416)(2,172)
Net income attributable to Class A and Class B common stockholders—Basic$835,495 $434,310 $2,231,079 $978,400 
Denominator:
Weighted-average shares used in computing net income (loss) per share—Basic338,531 336,931 338,990 336,167 
Net income (loss) per share attributed to Class A and Class B common stockholders - Basic:
Continuing operations$2.47 $1.29 $6.87 $2.95 
Discontinued operations— — (0.29)(0.04)
Basic net income per share$2.47 $1.29 $6.58 $2.91 
Diluted EPS:
Numerator:
Net income from continuing operations$835,545 $433,073 $2,330,939 $993,412 
Income (loss) from discontinued operations, net of income taxes— 1,347 (99,444)(12,840)
Net income$835,545 $434,420 $2,231,495 $980,572 
Less:
Income attributable to participating securities(50)(106)(412)(2,097)
Net income attributable to Class A and Class B common stockholders—Diluted$835,495 $434,314 $2,231,083 $978,475 
Denominator:
Weighted-average shares used in computing net income (loss) per share—Basic338,531 336,931 338,990 336,167 
Weighted-average dilutive stock awards2,443 11,294 3,678 12,106 
Weighted-average shares used in computing net income (loss) per share—Diluted340,974 348,225 342,668 348,273 
Net income (loss) per share attributed to Class A and Class B common stockholders - Diluted:
Continuing operations$2.45 $1.24 $6.80 $2.85 
Discontinued operations— 0.01 (0.29)(0.04)
Diluted net income per share$2.45 $1.25 $6.51 $2.81 
Schedule of Antidilutive Potential Common Shares
The following table presents the forms of antidilutive potential common shares (in thousands):
As of September 30,
20252024
Stock options exercised for promissory notes— 85 
ESPP12 33 
Total antidilutive potential common shares12 118 
v3.25.3
Segment (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
The table below is a summary of the segment net income from continuing operations, including significant segment expenses (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Revenue $1,405,045 $835,186 $3,822,773 $2,224,571 
Less:
Datacenter costs
141,046 87,978 392,302 271,911 
Personnel related expenses50,011 64,998 155,966 196,686 
Interest expense
51,429 74,937 155,726 223,280 
Provision for income taxes
185,401 34,656 368,617 83,803 
Amortization, depreciation and write-offs34,978 32,369 97,988 94,528 
Stock-based compensation33,767 77,402 127,434 259,905 
Other expenses1
72,868 29,773 193,801 101,046 
Net income from continuing operations$835,545 $433,073 $2,330,939 $993,412 
1 Other expenses include professional services costs, facilities costs, advertising costs, software costs, and other individually insignificant costs.
v3.25.3
Description of Business and Summary of Significant Accounting Policies (Details)
 9 Months Ended
Sep. 30, 2025
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.25.3
Discontinued Operations - Narrative (Details) - USD ($)
$ in Thousands, shares in Millions
 3 Months Ended 6 Months Ended 9 Months Ended
Jun. 30, 2025
Sep. 30, 2025
Sep. 30, 2024
Jun. 30, 2025
Sep. 30, 2025
Sep. 30, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Gain on divestiture, net of transaction costs         $ 106,229 $ 0
Goodwill impairment         188,943 0
Discontinued Operations, Disposed of by Sale | Apps Business            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Total consideration received $ 715,600     $ 715,600    
Cash received for consideration $ 430,600          
Shares received as consideration (in shares) 596.9          
Value of shares received as consideration $ 285,000          
Percentage of outstanding ordinary shares 22.00%     22.00%    
Percentage of outstanding ordinary shares, fully diluted 20.00%     20.00%    
Consideration received as specified in purchase agreement $ 400,000          
Purchase price adjustments 30,600          
Write-off of deferred tax assets 125,600          
Derecognition of net assets $ 591,200     $ 591,200    
Transaction costs       $ 18,300    
Gain on divestiture, net of transaction costs   $ 0 $ 0   106,229 0
Goodwill impairment   $ 0 $ 0   $ 188,943 $ 0
v3.25.3
Discontinued Operations - Income Statement Impact (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Goodwill impairment     $ 188,943 $ 0
Gain on divestiture, net of transaction costs     106,229 0
Income (loss) from discontinued operations, net of income taxes $ 0 $ 1,347 (99,444) (12,840)
Discontinued Operations, Disposed of by Sale | Apps Business        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Revenue 0 363,049 640,830 1,111,898
Cost of revenue 0 148,740 209,442 479,134
Sales and marketing 0 142,769 242,547 443,688
Research and development 0 69,214 130,298 200,362
General and administrative 0 1,691 4,202 5,857
Goodwill impairment 0 0 188,943 0
Total costs and expenses 0 362,414 775,432 1,129,041
Income (loss) from operations 0 635 (134,602) (17,143)
Gain on divestiture, net of transaction costs 0 0 106,229 0
Other income (expense), net 0 (695) 1,519 809
Total other income (expense), net 0 (695) 107,748 809
Loss from discontinued operations before income taxes 0 (60) (26,854) (16,334)
Provision for (benefit from) income taxes 0 (1,407) 72,590 (3,494)
Income (loss) from discontinued operations, net of income taxes $ 0 $ 1,347 $ (99,444) $ (12,840)
v3.25.3
Discontinued Operations - Balance Sheet Impact (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets:    
Total current assets of discontinued operations $ 0 $ 191,355
Liabilities:    
Total current liabilities of discontinued operations $ 0 137,113
Discontinued Operations, Disposed of by Sale | Apps Business    
Assets:    
Cash and cash equivalents   44,381
Accounts receivable, net   130,911
Prepaid expenses and other current assets   16,063
Total current assets of discontinued operations   191,355
Goodwill   345,741
Intangible assets, net   423,826
Other non-current assets   167,682
Total assets of discontinued operations   1,128,604
Liabilities:    
Accounts payable   59,125
Accrued and other current liabilities   45,202
Deferred revenue   32,786
Total current liabilities of discontinued operations   137,113
Other non-current liabilities   1,414
Total liabilities of discontinued operations   $ 138,527
v3.25.3
Discontinued Operations - Significant Cash and Noncash Items (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Amortization, depreciation and write-offs     $ 162,042 $ 320,843
Stock-based compensation, excluding cash-settled awards     130,167 275,534
Goodwill impairment     188,943 0
Discontinued Operations, Disposed of by Sale | Apps Business        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Amortization, depreciation and write-offs     64,054 226,315
Stock-based compensation, excluding cash-settled awards     3,663 15,629
Goodwill impairment $ 0 $ 0 188,943 0
Acquisition of intangible assets     $ 22,429 $ 18,289
v3.25.3
Revenue - Schedule of Revenue Disaggregated by Geography (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Revenue $ 1,405,045 $ 835,186 $ 3,822,773 $ 2,224,571
United States        
Disaggregation of Revenue [Line Items]        
Revenue 687,927 424,949 1,961,951 1,199,933
Rest of the World        
Disaggregation of Revenue [Line Items]        
Revenue $ 717,118 $ 410,237 $ 1,860,822 $ 1,024,638
v3.25.3
Revenue - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]        
Deferred revenue $ 9.3 $ 7.4   $ 30.6
Deferred revenue, excluding opening balance     $ 38.3  
v3.25.3
Financial Instruments and Fair Value Measurements (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Fair Value by Fair Value Hierarchy Level [Line Items]          
Equity securities without readily determinable fair value $ 19.6   $ 19.6   $ 68.1
Investment 107.6   107.6    
Unfunded commitments 3.0   3.0    
Capital contributions 0.0   18.7    
Unrealized gain on investments 7.0 $ 0.0 9.6 $ 0.0  
Impairment charge related to investments, annual amount     50.0    
Impairment charge related to investments, cumulative amount 78.0   78.0    
Money market deposit accounts          
Fair Value by Fair Value Hierarchy Level [Line Items]          
Money market deposit accounts and money market funds 352.8   352.8   41.5
Money Market Funds          
Fair Value by Fair Value Hierarchy Level [Line Items]          
Money market deposit accounts and money market funds 50.1   $ 50.1   0.0
Minimum          
Fair Value by Fair Value Hierarchy Level [Line Items]          
Investment fund, term     7 years    
Investment fund, option to extend, term     2 years    
Maximum          
Fair Value by Fair Value Hierarchy Level [Line Items]          
Investment fund, term     10 years    
Investment fund, option to extend, term     3 years    
Fair Value Measured at Net Asset Value Per Share          
Fair Value by Fair Value Hierarchy Level [Line Items]          
Equity securities without readily determinable fair value $ 107.6   $ 107.6   $ 77.3
v3.25.3
Equity Method Investments (Details) - Discontinued Operations, Disposed of by Sale - Apps Business
shares in Millions, $ in Millions
Jun. 30, 2025
USD ($)
shares
Schedule of Equity Method Investments [Line Items]  
Shares received as consideration (in shares) | shares 596.9
Value of shares received as consideration | $ $ 285.0
Percentage of outstanding ordinary shares 22.00%
v3.25.3
Commitments and Contingencies (Details) - USD ($)
$ in Millions
 1 Months Ended
Aug. 31, 2024
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]    
Amended contractual obligation $ 1,300.0  
Payment commitment period 3 years  
Payments for purchase obligations   $ 485.1
v3.25.3
Goodwill and Intangible Assets - Schedule of Goodwill Activity (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
Goodwill [Roll Forward]  
Balance at beginning of period $ 1,457,685
Foreign currency translation 83,204
Balance at end of period $ 1,540,889
v3.25.3
Goodwill and Intangible Assets - Schedule of Intangible Assets Acquired, Net (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Net Book Value $ 421,868 $ 472,851
Long -Lived Intangible Assets    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Gross Carrying Value 804,282 771,035
Accumulated Amortization (382,414) (298,184)
Net Book Value $ 421,868 472,851
Customer relationships | Long -Lived Intangible Assets    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Weighted- Average Remaining Useful Life (in years) 6 years 7 months 6 days  
Gross Carrying Value $ 528,324 511,125
Accumulated Amortization (205,613) (160,810)
Net Book Value $ 322,711 350,315
Developed technology | Long -Lived Intangible Assets    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Weighted- Average Remaining Useful Life (in years) 1 year 10 months 24 days  
Gross Carrying Value $ 210,773 203,030
Accumulated Amortization (150,573) (119,552)
Net Book Value $ 60,200 83,478
Other | Long -Lived Intangible Assets    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Weighted- Average Remaining Useful Life (in years) 3 years 6 months  
Gross Carrying Value $ 65,185 56,880
Accumulated Amortization (26,228) (17,822)
Net Book Value $ 38,957 $ 39,058
v3.25.3
Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets, Amortization Expenses (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Finite-Lived Intangible Assets [Line Items]        
Amortization of intangible assets $ 25,618 $ 23,291 $ 71,799 $ 69,731
Cost of revenue        
Finite-Lived Intangible Assets [Line Items]        
Amortization of intangible assets 11,730 9,596 30,589 28,726
Sales and marketing        
Finite-Lived Intangible Assets [Line Items]        
Amortization of intangible assets $ 13,888 $ 13,695 $ 41,210 $ 41,005
v3.25.3
Equity (Details) - USD ($)
$ in Thousands, shares in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Dec. 31, 2024
Class of Stock [Line Items]              
Stock repurchased, value $ 510,341 $ 270,118 $ 1,001,670 $ 229,073 $ 752,224    
Class A Common Stock              
Class of Stock [Line Items]              
Stock repurchase program, remaining authorized repurchase amount $ 492,200         $ 492,200 $ 2,300,000
Repurchases of stock - repurchase program (in shares)           4.9  
Stock repurchased, value           $ 1,800,000  
v3.25.3
Stock-based Compensation - Narrative (Details)
Sep. 30, 2025
plan
Share-Based Payment Arrangement [Abstract]  
Number of equity compensation plans 3
v3.25.3
Stock-based Compensation - Schedule of Stock-based Payment Arrangement Expenses (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock-based compensation expense $ 33,767 $ 77,402 $ 127,434 $ 259,905
Cost of revenue        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock-based compensation expense 175 1,274 1,375 3,499
Sales and marketing        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock-based compensation expense 6,878 20,205 28,949 62,328
Research and development        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock-based compensation expense 15,593 45,980 60,593 160,853
General and administrative        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock-based compensation expense $ 11,121 $ 9,943 $ 36,517 $ 33,225
v3.25.3
Earnings Per Share - Narrative (Details)
Sep. 30, 2025
vote
Class A Common Stock  
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]  
Number of votes 1
Class B Common Stock  
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]  
Number of votes 20
v3.25.3
Earnings Per Share - Schedule of Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stockholders (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Numerator:                
Net income from continuing operations $ 835,545     $ 433,073     $ 2,330,939 $ 993,412
Income (loss) from discontinued operations, net of income taxes 0     1,347     (99,444) (12,840)
Net income 835,545 $ 819,531 $ 576,419 434,420 $ 309,969 $ 236,183 2,231,495 980,572
Income attributable to participating securities (50)     (110)     (416) (2,172)
Net income attributable to Class A and Class B common stockholders—Basic $ 835,495     $ 434,310     $ 2,231,079 $ 978,400
Denominator:                
Weighted-average shares used in computing net income (loss) per share—Basic (in shares) 338,531     336,931     338,990 336,167
Continuing operations (in dollars per share) $ 2.47     $ 1.29     $ 6.87 $ 2.95
Discontinued operations (in dollars per share) 0     0     (0.29) (0.04)
Basic net income (in dollars per share) $ 2.47     $ 1.29     $ 6.58 $ 2.91
Numerator:                
Income attributable to participating securities $ (50)     $ (106)     $ (412) $ (2,097)
Net income attributable to Class A and Class B common stockholders—Diluted $ 835,495     $ 434,314     $ 2,231,083 $ 978,475
Denominator:                
Weighted-average shares used in computing net income (loss) per share—Basic (in shares) 338,531     336,931     338,990 336,167
Weighted-average dilutive stock awards (in shares) 2,443     11,294     3,678 12,106
Weighted-average shares used in computing net income (loss) per share—Diluted (in shares) 340,974     348,225     342,668 348,273
Continuing operations (in dollars per share) $ 2.45     $ 1.24     $ 6.80 $ 2.85
Discontinued operations (in dollars per share) 0     0.01     (0.29) (0.04)
Diluted net income (in dollars per share) $ 2.45     $ 1.25     $ 6.51 $ 2.81
v3.25.3
Earnings Per Share - Schedule of Antidilutive Potential Common Shares (Details) - shares
shares in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive potential common shares (in shares) 12 118
Stock options exercised for promissory notes    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive potential common shares (in shares) 0 85
ESPP    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive potential common shares (in shares) 12 33
v3.25.3
Segment - Narrative (Details)
 9 Months Ended
Sep. 30, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.25.3
Segment - Schedule of Segment Reporting Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Revenue $ 1,405,045 $ 835,186 $ 3,822,773 $ 2,224,571
Interest expense 51,429 74,937 155,726 223,280
Provision for income taxes 185,401 34,656 368,617 83,803
Amortization, depreciation and write-offs     162,042 320,843
Stock-based compensation 33,767 77,402 127,434 259,905
Net income from continuing operations 835,545 433,073 2,330,939 993,412
Reportable Segment        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Revenue 1,405,045 835,186 3,822,773 2,224,571
Datacenter costs 141,046 87,978 392,302 271,911
Personnel related expenses 50,011 64,998 155,966 196,686
Interest expense 51,429 74,937 155,726 223,280
Provision for income taxes 185,401 34,656 368,617 83,803
Amortization, depreciation and write-offs 34,978 32,369 97,988 94,528
Stock-based compensation 33,767 77,402 127,434 259,905
Other expenses 72,868 29,773 193,801 101,046
Net income from continuing operations $ 835,545 $ 433,073 $ 2,330,939 $ 993,412
v3.25.3
Debt (Details) - Revolving Credit Facility - Credit Facility - Line of Credit - USD ($)
$ in Millions
 1 Months Ended
May 31, 2025
Apr. 30, 2025
Mar. 31, 2025
Sep. 30, 2025
Debt Instrument [Line Items]        
Proceeds from long term line of credit facility     $ 200.0  
Debt repayments $ 100.0 $ 100.0    
Amount available to borrow under the facility       $ 1,000.0
v3.25.3
Related Party Transactions (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 1 Months Ended 9 Months Ended
Mar. 08, 2024
Mar. 06, 2024
Aug. 07, 2020
Feb. 29, 2024
Mar. 31, 2019
Sep. 30, 2025
Related Party Transaction [Line Items]            
Impairment charge related to investments, annual amount           $ 50.0
Class A Common Stock            
Related Party Transaction [Line Items]            
Repurchases of stock - repurchase program (in shares)           4.9
Related Party            
Related Party Transaction [Line Items]            
Related party transaction amount         $ 2.3  
Interest rate, related party debt     0.41%   2.59%  
Repayment of related party note $ 2.3          
Related Party | Humans Inc.            
Related Party Transaction [Line Items]            
Impairment charge related to investments, annual amount           $ 50.0
Related Party | Humans Inc. | Revenue Recognized From Use Of Advertising Solutions            
Related Party Transaction [Line Items]            
Related party transaction amount           $ 0.0
Related Party | Class A Common Stock | KKR Denali            
Related Party Transaction [Line Items]            
Repurchases of stock - repurchase program (in shares)   10.5        
Repurchased shares (in dollar per share)   $ 54.46        
Shares issued (in shares)       16.0    
Related Party | Class B Common Stock | KKR Denali            
Related Party Transaction [Line Items]            
Shares converted (in shares)       16.0    
Related Party | Series C Preferred Stock | Humans Inc. | Investment Agreement            
Related Party Transaction [Line Items]            
Related party transaction amount       $ 50.0    
Secondary Offering | KKR Denali            
Related Party Transaction [Line Items]            
Number of shares issued in transaction (in shares)       19.9    
v3.25.3
Subsequent Events (Details) - Subsequent Event
shares in Millions, $ in Millions
 1 Months Ended
Oct. 31, 2025
USD ($)
shares
Subsequent Event [Line Items]  
Share repurchase program, increase (decrease) authorized, amount $ 3,200.0
Stock repurchase program, remaining authorized repurchase amount $ 3,300.0
Performance-Based Restricted Stock Units | 2021 Equity Incentive Plan  
Subsequent Event [Line Items]  
Granted (in shares) | shares 0.9
Grant-date fair value $ 410.5