2Q26 AppLovin E-Comm Ads Survey: APP Share Increasing

Research evidence excerpt

2Q26 AppLovin E-Comm Ads Survey: APP Share Increasing

USA | Internet

AppLovin EquityJulyResearch10, 2026

COMPANY UPDATE2Q26 AppLovin E-Comm Ads Survey: APP Share

RATING BUYIncreasing

PRICE $509.15^

We surveyed 30 e-comm/web advertisers using APP in 2Q26. Our key takes: 1)

APP share up most of any network +169bps in 2026 vs 4Q25. 2) APP maintains PRICE TARGET | % TO PT $700.00 | +37%

its top 3 position on both share and ROAS. 3) APP Gen AI comments more 52W HIGH-LOW $737.22 - $330.64

positive than expected with half using/testing AI end cards and video, some FLOAT (%) | ADV MM (USD) 75.6% | 0.25

seeing performance improvements. 4) Our 2Q survey captured more brands MARKET CAP $172.5B

onboarded in 4Q25 (23% vs 7% last Q), with those new advertisers scaling spend TICKER APP ^Prior trading day's closing price unless otherwise

through the year. noted.

APP share up most for 2026. Our 2Q26 survey was incrementally positive on the ramp of APP's FY (Dec) CHANGE TO JEFe JEF vs CONS

Consumer e-commerce platform, with APP gaining the most budget share from 4Q25 to full year 2026 2027 2026 2027

2026 at +169bps and 11% of spend, top 3 just ahead of TikTok that's also up +147bps to 10%. This REV* NA NA +5% +13%

survey captured more advertisers that had onboarded to APP in 4Q25 (23% of advertisers vs 7% in

EBITDA NA NA +5% +13%

our 1Q survey), so that's likely driving some of the 2026 APP ramp, but still positive overall that new

advertisers are spending incremental dollars on the platform. Commentary on both the APP and

2026 ($) Q1A Q2 Q3 Q4 FY

TikTok spend increases are from ROAS performance and confidence they are driving incremental

EBITDA 1,556.9 1,637.3 1,860.8 2,221.7 7,276.7

sales. Meta and Google are where most of the share is coming from, but mainly due to spend

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