Applovin (APP.O): Model Update

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06 Aug 2026 14:05:34 ET │ 13 pages

Applovin (APP.O)

Model Update

CITI'S TAKE

We are updating our model to reflect 2Q26 results and our latest outlook.

Following our update, our revenue estimates fall slightly. As such, we are

lowering our target price to $650, akin to 31x 2027E FCF. We maintain our

Buy rating.

Buy

Price (05 Aug 26 16:00)

US$417.80

Target price

US$650.00↓

from US$710.00

Expected share price return

55.6%

Expected dividend yield

0.0%

Expected total return

55.6%

Market Cap

US$139,817M

Jason B BazinetAC

EPS (US$)

Q1

Q2

Q3

Q4

FY

FC Cons

VA Cons

2025A

2.22A

2.26A

2.45A

3.24A

10.16A

9.75A

10.83A

2026E

3.56A

3.76A

4.04E

4.58E

15.88E

15.87E

16.16E

Previous

3.56A

3.82E

4.11E

4.65E

16.06E

na

2027E

na

20.79E

21.08E

21.37E

Previous

na

22.29E

na

2028E

na

27.67E

27.36E

27.35E

Previous

na

30.27E

na

Source: Company Reports and dataCentral, Citi Research. FC Cons: First Call Consensus. VA Cons: Visible Alpha Consensus.

Click here for Visible Alpha consensus data