Those headline numbers are not gentle improvements but discrete inflection points: revenue rose from $3.28 billion in FY2023 to $4.71 billion in FY2024 and GAAP net income accelerated by more than three-fold. Free cash flow also turned into a major source of optionality, with free cash flow of $2.09 billion in FY2024. The acceleration is visible across operating cash flow, margin expansion and cash generation—metrics that together underpin any institutional thesis for sustainable, software-like returns on capital.

The shifts are visible to the market: at a recent quote [APP] traded at $567.12 with a market capitalization of $191.82 billion, reflecting investor willingness to price a significantly higher multiple for growth and margin durability. Those market values coexist with ongoing legal and disclosure risks, which remain live and are part of the story investors need to price.

Earnings and growth: revenue acceleration quantified#

AppLovin’s FY2024 top-line result shows a sharp acceleration versus the prior year. Using the published figures, revenue grew from $3.28B in FY2023 to $4.71B in FY2024, a year-over-year increase of +43.60% (calculated as (4.71 - 3.28) / 3.28). Net income jumped from $356.71MM to $1.58B, a year-over-year change of +342.93%, reflecting both operating leverage and one-time/structural items captured in GAAP results. These figures are drawn from the company’s FY2024 filings and consolidated financial data Research Pack.