AppLovin delivered a standout performance in the third quarter of 2025, achieving 68% year-over-year revenue growth to $1.41 billion while expanding adjusted EBITDA margins to 82%. The company translated that top-line surge into $1.16 billion of EBITDA, driving free cash flow above $900 million for the quarter. Key to this efficiency was continued scale in its MAX-AXON monetization platform, which processed over 500 billion ad requests and increased average revenue per daily active user by 45%. AppLovin also reported a net margin of 51.3% and a return on equity exceeding 250%, underscoring rare operating leverage in the ad-tech sector.

In the recent 2025 third quarter, several leading asset managers significantly increased their exposure to AppLovin. Abacus FCF Advisors boosted its holding by 26.8%, adding 7,684 shares to bring its total stake to 36,385 shares, representing 3.5% of its portfolio. Norges Bank initiated a new position valued at approximately $952 million, while Royal Bank of Canada expanded its stake by 61.1%, acquiring an additional 544,107 shares. Amundi and the National Pension Service both grew their holdings by more than 80%, and Voya Investment Management raised its position by 235.5%. Collectively, institutional and hedge fund ownership now stands at 41.85%, signaling strong vote of confidence from major investors.