APP$356.10▲ 31.0%AppLovin's 31% jump cleared its two biggest buyback months' averages, not the first seven
AppLovin's stock jumped 31% on Nov. 5 after a record quarter, on a day an S&P 500 fund fell 4.4%, its worst since April 2025. Its filings show $2.9 billion spent on its own shares through September.
KeyVex News··5 min readFact-checked against 6 public recordsKeyVex News··5 min readFact-checked against 6 public recordsAPP$356.10▲ 31.0%Close, Nov. 5. Prices from Tiingo.The short versionTap to readTap to close
- A company buying back its own stock comes out ahead on paper when the shares later trade above what it paid. From January through September, AppLovin spent $2.9 billion on 7.3 million of its shares.
- It paid more than $400 a share on average in each of the first seven months. By Oct. 30 the stock had fallen to $228.50, its lowest close of the year.
- The stock jumped 31% on Nov. 5. Even so, at that close those shares were worth about $2.6 billion, by KeyVex's math. Its reports list that risk among their standard risk factors.
- The board added $3.2 billion to the buyback budget in October. The quarterly report doesn't say whether AppLovin bought more after Sept. 30, or at what prices.
The quarter: AppLovin, whose software places ads inside mobile apps, reported record third-quarter revenue of $2.18 billion after the market closed on Nov. 4. That was 55% more than a year earlier. Net income rose 72% to $1.44 billion.8-K
The day: The next day its stock rose 31% to $356.10, its biggest one-day gain since Nov. 7, 2024. The same day, the SPDR S&P 500 ETF Trust, a fund that tracks the S&P 500, fell 4.4%, its worst day since April 4, 2025.Chart dataPrices
The buyback: The jump came after a slide that took about two thirds off the stock's value from its 2026 high. AppLovin bought its own shares in every month from January through September, $2.9 billion in all, its quarterly reports show.10-Q10-Q10-Q At the Nov. 5 close, those shares were worth about $2.6 billion, by KeyVex's math. The jump took the stock above the average prices AppLovin paid in August and September, its two biggest months. It still closed below the average it paid in every month from January to July.Chart data
AppLovin's stock and the year's key datesDaily close, Dec. 31, 2025 to Nov. 5, 2026 ▼ 47.2%Show chartHide chart
- 1Jan. 13, 2026 AppLovin's highest close of 2026. $668.63. The stock ended 2025 at $673.82.
- 2Aug. 6, 2026 The stock falls 19.7% after the second-quarter report. It closed at $335.67, from $417.80.
- 3Sept. 23, 2026 Edgewater Research says AppLovin's share growth has stalled. Its analyst Joe Wittine wrote of "MAX's share reaching a functional ceiling," Stocktwits reported. MAX is AppLovin's tool for app publishers.
- 4Oct. 30, 2026 The 2026 low. AppLovin closes at $228.50, down 10.4% on the day.
- 5Nov. 5, 2026 Up 31% after a record quarter. AppLovin closes at $356.10 as the SPDR S&P 500 ETF falls 4.4%.
View the data (214 trading days)
| Date | Close | Day change |
|---|---|---|
| 2026-11-05 | $356.10 | +31.0% |
| 2026-11-04 | $271.75 | +10.7% |
| 2026-11-03 | $245.51 | +7.3% |
| 2026-11-02 | $228.85 | +0.2% |
| 2026-10-30 | $228.50 | −10.4% |
| 2026-10-29 | $254.91 | −1.9% |
| 2026-10-28 | $259.97 | −1.1% |
| 2026-10-27 | $262.82 | +0.8% |
| 2026-10-26 | $260.74 | +0.2% |
| 2026-10-23 | $260.25 | −1.5% |
| 2026-10-22 | $264.28 | −1.4% |
| 2026-10-21 | $267.90 | −1.7% |
| 2026-10-20 | $272.46 | +1.2% |
| 2026-10-19 | $269.12 | +1.1% |
| 2026-10-16 | $266.13 | −4.7% |
| 2026-10-15 | $279.29 | +6.5% |
| 2026-10-14 | $262.19 | −3.7% |
| 2026-10-13 | $272.28 | +0.5% |
| 2026-10-12 | $270.87 | −2.2% |
| 2026-10-09 | $277.04 | −1.1% |
| 2026-10-08 | $280.12 | −0.4% |
| 2026-10-07 | $281.29 | +0.9% |
| 2026-10-06 | $278.78 | −1.1% |
| 2026-10-05 | $281.97 | +5.1% |
| 2026-10-02 | $268.22 | −4.7% |
| 2026-10-01 | $281.31 | −3.1% |
| 2026-09-30 | $290.43 | −5.0% |
| 2026-09-29 | $305.66 | −0.8% |
| 2026-09-28 | $308.24 | −0.8% |
| 2026-09-25 | $310.75 | −0.6% |
| 2026-09-24 | $312.47 | −0.9% |
| 2026-09-23 | $315.25 | −4.1% |
| 2026-09-22 | $328.73 | −0.4% |
| 2026-09-21 | $330.17 | +7.2% |
| 2026-09-18 | $308.06 | −4.2% |
| 2026-09-17 | $321.60 | −1.5% |
| 2026-09-16 | $326.56 | −1.5% |
| 2026-09-15 | $331.46 | −0.8% |
| 2026-09-14 | $334.24 | +3.2% |
| 2026-09-11 | $323.96 | +3.0% |
| 2026-09-10 | $314.49 | +3.1% |
| 2026-09-09 | $305.06 | −2.2% |
| 2026-09-08 | $312.01 | −2.7% |
| 2026-09-04 | $320.56 | +2.2% |
| 2026-09-03 | $313.58 | −1.7% |
| 2026-09-02 | $319.05 | +2.3% |
| 2026-09-01 | $311.74 | −0.1% |
| 2026-08-31 | $312.06 | −1.8% |
| 2026-08-28 | $317.76 | +1.6% |
| 2026-08-27 | $312.63 | +1.5% |
| 2026-08-26 | $308.11 | −0.8% |
| 2026-08-25 | $310.54 | +4.0% |
| 2026-08-24 | $298.59 | −2.3% |
| 2026-08-21 | $305.77 | −1.0% |
| 2026-08-20 | $308.77 | −0.6% |
| 2026-08-19 | $310.79 | +1.1% |
| 2026-08-18 | $307.26 | −1.5% |
| 2026-08-17 | $311.98 | −1.1% |
| 2026-08-14 | $315.44 | +0.9% |
| 2026-08-13 | $312.67 | +2.9% |
| 2026-08-12 | $303.76 | −4.7% |
| 2026-08-11 | $318.68 | −6.0% |
| 2026-08-10 | $339.00 | −2.2% |
| 2026-08-07 | $346.80 | +3.3% |
| 2026-08-06 | $335.67 | −19.7% |
| 2026-08-05 | $417.80 | −0.5% |
| 2026-08-04 | $419.70 | +3.3% |
| 2026-08-03 | $406.16 | +2.6% |
| 2026-07-31 | $395.90 | −2.0% |
| 2026-07-30 | $403.87 | +1.1% |
| 2026-07-29 | $399.46 | −4.5% |
| 2026-07-28 | $418.22 | +1.3% |
| 2026-07-27 | $412.73 | +5.3% |
| 2026-07-24 | $391.98 | −1.7% |
| 2026-07-23 | $398.86 | −3.3% |
| 2026-07-22 | $412.48 | −3.8% |
| 2026-07-21 | $428.69 | +1.0% |
| 2026-07-20 | $424.60 | 0.0% |
| 2026-07-17 | $424.54 | −2.3% |
| 2026-07-16 | $434.48 | −4.0% |
| 2026-07-15 | $452.73 | +0.8% |
| 2026-07-14 | $448.98 | +1.4% |
| 2026-07-13 | $442.85 | −12.6% |
| 2026-07-10 | $506.98 | −2.6% |
| 2026-07-09 | $520.43 | −0.3% |
| 2026-07-08 | $522.18 | −1.1% |
| 2026-07-07 | $527.98 | −2.9% |
| 2026-07-06 | $543.79 | +3.2% |
| 2026-07-02 | $527.06 | −6.7% |
| 2026-07-01 | $564.61 | +9.6% |
| 2026-06-30 | $515.23 | +3.3% |
| 2026-06-29 | $498.76 | +4.5% |
| 2026-06-26 | $477.08 | +7.0% |
| 2026-06-25 | $445.93 | −4.1% |
| 2026-06-24 | $464.96 | −0.4% |
| 2026-06-23 | $467.02 | −0.5% |
| 2026-06-22 | $469.39 | −0.1% |
| 2026-06-18 | $469.71 | −2.0% |
| 2026-06-17 | $479.49 | −6.9% |
| 2026-06-16 | $515.20 | −1.1% |
| 2026-06-15 | $520.86 | +4.8% |
| 2026-06-12 | $496.77 | +3.8% |
| 2026-06-11 | $478.57 | −2.9% |
| 2026-06-10 | $492.98 | −5.3% |
| 2026-06-09 | $520.84 | −7.6% |
| 2026-06-08 | $563.69 | +1.2% |
| 2026-06-05 | $557.20 | −0.3% |
| 2026-06-04 | $558.87 | −2.1% |
| 2026-06-03 | $570.83 | −5.7% |
| 2026-06-02 | $605.63 | −1.3% |
| 2026-06-01 | $613.70 | +0.1% |
| 2026-05-29 | $613.09 | +2.2% |
| 2026-05-28 | $599.89 | +5.6% |
| 2026-05-27 | $567.83 | +10.4% |
| 2026-05-26 | $514.24 | +6.8% |
| 2026-05-22 | $481.68 | −0.9% |
| 2026-05-21 | $485.89 | +0.7% |
| 2026-05-20 | $482.28 | +1.1% |
| 2026-05-19 | $476.90 | −3.1% |
| 2026-05-18 | $492.38 | −1.7% |
| 2026-05-15 | $501.00 | +3.3% |
| 2026-05-14 | $485.16 | +7.0% |
| 2026-05-13 | $453.53 | −7.6% |
| 2026-05-12 | $490.69 | +2.6% |
| 2026-05-11 | $478.42 | +2.1% |
| 2026-05-08 | $468.55 | −6.1% |
| 2026-05-07 | $498.87 | +6.4% |
| 2026-05-06 | $468.83 | −1.9% |
| 2026-05-05 | $478.11 | +0.7% |
| 2026-05-04 | $475.00 | +3.3% |
| 2026-05-01 | $460.00 | +3.1% |
| 2026-04-30 | $446.35 | +0.7% |
| 2026-04-29 | $443.43 | −1.2% |
| 2026-04-28 | $449.03 | −2.4% |
| 2026-04-27 | $460.29 | +2.7% |
| 2026-04-24 | $448.29 | −1.3% |
| 2026-04-23 | $454.17 | −6.1% |
| 2026-04-22 | $483.71 | +2.2% |
| 2026-04-21 | $473.18 | −3.6% |
| 2026-04-20 | $490.96 | +2.9% |
| 2026-04-17 | $477.20 | +2.4% |
| 2026-04-16 | $466.09 | +0.3% |
| 2026-04-15 | $464.63 | +7.2% |
| 2026-04-14 | $433.51 | +3.8% |
| 2026-04-13 | $417.45 | +6.7% |
| 2026-04-10 | $391.38 | +3.2% |
| 2026-04-09 | $379.14 | −3.1% |
| 2026-04-08 | $391.20 | −4.7% |
| 2026-04-07 | $410.44 | −0.5% |
| 2026-04-06 | $412.68 | +6.8% |
| 2026-04-02 | $386.37 | −0.4% |
| 2026-04-01 | $387.84 | −2.6% |
| 2026-03-31 | $398.00 | +7.0% |
| 2026-03-30 | $372.08 | −2.4% |
| 2026-03-27 | $381.20 | −2.6% |
| 2026-03-26 | $391.21 | −10.4% |
| 2026-03-25 | $436.69 | +0.2% |
| 2026-03-24 | $435.91 | −5.0% |
| 2026-03-23 | $458.95 | +3.7% |
| 2026-03-20 | $442.39 | +0.6% |
| 2026-03-19 | $439.92 | −0.6% |
| 2026-03-18 | $442.57 | −3.6% |
| 2026-03-17 | $459.09 | +1.3% |
| 2026-03-16 | $453.30 | −1.2% |
| 2026-03-13 | $458.67 | +2.1% |
| 2026-03-12 | $449.33 | −2.6% |
| 2026-03-11 | $461.45 | −3.3% |
| 2026-03-10 | $477.39 | −7.7% |
| 2026-03-09 | $517.23 | +3.0% |
| 2026-03-06 | $502.14 | −1.3% |
| 2026-03-05 | $508.56 | +5.3% |
| 2026-03-04 | $482.81 | +10.0% |
| 2026-03-03 | $438.89 | +1.4% |
| 2026-03-02 | $432.98 | −0.4% |
| 2026-02-27 | $434.77 | −2.3% |
| 2026-02-26 | $444.93 | +5.5% |
| 2026-02-25 | $421.63 | +7.2% |
| 2026-02-24 | $393.22 | +3.3% |
| 2026-02-23 | $380.62 | −9.1% |
| 2026-02-20 | $418.68 | +1.6% |
| 2026-02-19 | $412.00 | +1.9% |
| 2026-02-18 | $404.39 | +7.4% |
| 2026-02-17 | $376.38 | −3.6% |
| 2026-02-13 | $390.55 | +6.4% |
| 2026-02-12 | $366.91 | −19.7% |
| 2026-02-11 | $456.81 | −3.4% |
| 2026-02-10 | $472.92 | +2.7% |
| 2026-02-09 | $460.38 | +13.2% |
| 2026-02-06 | $406.72 | +8.4% |
| 2026-02-05 | $375.23 | −3.1% |
| 2026-02-04 | $387.34 | −16.1% |
| 2026-02-03 | $461.79 | −4.4% |
| 2026-02-02 | $483.00 | +2.1% |
| 2026-01-30 | $473.11 | −16.9% |
| 2026-01-29 | $569.24 | +5.0% |
| 2026-01-28 | $542.36 | −0.2% |
| 2026-01-27 | $543.56 | +1.5% |
| 2026-01-26 | $535.44 | +2.1% |
| 2026-01-23 | $524.41 | +0.5% |
| 2026-01-22 | $521.94 | −2.0% |
| 2026-01-21 | $532.56 | −5.8% |
| 2026-01-20 | $565.52 | −0.6% |
| 2026-01-16 | $568.76 | −6.3% |
| 2026-01-15 | $606.99 | −1.7% |
| 2026-01-14 | $617.76 | −7.6% |
| 2026-01-13 | $668.63 | +1.5% |
| 2026-01-12 | $658.65 | +1.7% |
| 2026-01-09 | $647.72 | +5.1% |
| 2026-01-08 | $616.53 | −2.6% |
| 2026-01-07 | $632.92 | +2.5% |
| 2026-01-06 | $617.24 | −2.5% |
| 2026-01-05 | $632.91 | +2.4% |
| 2026-01-02 | $618.32 | −8.2% |
| 2025-12-31 | $673.82 |
AppLovin closed at $673.82 on Dec. 31, 2025, and at $356.10 on Nov. 5, 2026, down 47.2% for the year. Source: Tiingo end-of-day closes, as traded, via KeyVex.
How the stock lost two thirds
AppLovin's highest close of 2026 was $668.63, on Jan. 13. On Aug. 6, the day after its second-quarter report, the stock dropped 19.7% to $335.67.Chart data8-K An article on Yahoo Finance put that drop down to "a slight miss and fears of rivals."Yahoo Finance Chief executive Adam Foroughi later called the second-quarter miss "our own foot fault," Yahoo Finance and the International Business Times reported.Yahoo FinanceIBTimes
On Sept. 23, Joe Wittine of Edgewater Research said AppLovin's share of wallet and share of voice were "no longer consistently increasing from already industry-leading levels," Stocktwits reported. "This is primarily the inevitable result of MAX's share reaching a functional ceiling," he said, according to Stocktwits. MAX is AppLovin's tool that app publishers use to sell their ad space.Stocktwits24/7 Wall St. Days earlier, Citi reported that AppLovin's count of e-commerce clients rose 5.1% in one week, to 13,105, its fastest weekly growth in five months, Stocktwits and 24/7 Wall St. reported.Stocktwits24/7 Wall St.
On Oct. 30 the stock closed at $228.50, down 10.4% that day, its lowest close of the year.Chart data
What the record quarter showed
Third-quarter revenue topped the range of $2,055 million to $2,085 million that AppLovin forecast in August.8-K For the fourth quarter it forecast $2,365 million to $2,395 million, 8.2% to 9.6% more than the third, by KeyVex's math.8-K In September, Edgewater's Wittine had said he expected fourth-quarter revenue to grow 8% to 9% from the third, 24/7 Wall St. and Stocktwits reported.24/7 Wall St.Stocktwits
What AppLovin paid for its own shares
AppLovin bought back stock in every month of 2026 through September, its three quarterly reports show. It paid an average of $561.32 a share in January, and more than $400 in each month through July.10-Q10-Q10-Q
Its two biggest months came last. In August and September it bought 3.4 million shares, nearly half the nine months' total, at averages of $316.66 and $311.44. Those are the only two months below the Nov. 5 close.10-Q
View the data
| Month (2026) | Average price paid per share | Note |
|---|---|---|
| Jan. | $561.32 | 556,000 shares |
| Feb. | $405.70 | 708,000 shares |
| Mar. | $447.16 | 906,000 shares |
| Apr. | $425.69 | 356,000 shares |
| May | $481.10 | 260,000 shares |
| June | $511.61 | 489,000 shares |
| July | $442.75 | 674,000 shares |
| Aug. | $316.66 | 2,072,000 shares |
| Sept. | $311.44 | 1,308,000 shares |
Averages include commissions and fees, as AppLovin reports them. Source: AppLovin's Form 10-Qs for the first three quarters of 2026.
AppLovin's reports list the risk of paying more than the stock later trades for among their standard risk factors, this one included:10-Q
Although this program is intended to enhance long-term stockholder value, there is no assurance it will do so because the market price of our Class A common stock may decline below the levels at which we repurchased shares and short-term stock price fluctuations could reduce the effectiveness of the program.
What AppLovin has left to spend
The company had $394.3 million left to spend on buybacks at Sept. 30. In October the board added about $3.2 billion, leaving $3.6 billion available. AppLovin held $3.2 billion of cash at the end of September.10-Q
The quarterly report does not say whether AppLovin has bought stock since Sept. 30, or at what prices.10-Q Its last annual report, filed on Feb. 19, 2026, listed the fourth quarter's buybacks month by month.10-K
What to watch
The quarter that AppLovin's $2,365 million to $2,395 million revenue forecast covers ends.
AppLovin's annual report for 2026. Last year's, filed Feb. 19, 2026, listed fourth-quarter buybacks by month.
The paper trail
The AppLovin filings behind this story, with the time EDGAR accepted each one.
| Filed (ET) | Form | Filer | What it shows |
|---|---|---|---|
| May 6, 5:00 p.m. | 10-Q | AppLovin | First quarter: 2.17 million shares bought back, at $405.70 to $561.32 a month on average. |
| Aug. 5, 4:06 p.m. | 8-K | AppLovin | Second-quarter revenue of $1.92 billion. Third-quarter forecast of $2,055 million to $2,085 million. |
| Aug. 5, 5:01 p.m. | 10-Q | AppLovin | Second quarter: 1.1 million shares bought back, at $425.69 to $511.61 a month on average. |
| Nov. 4, 4:08 p.m. | 8-K | AppLovin | Record third-quarter revenue of $2.18 billion. Fourth-quarter forecast of $2,365 million to $2,395 million. $3.2 billion added to the buyback. |
| Nov. 4, 5:05 p.m. | 10-Q | AppLovin | Third quarter: 4.1 million shares bought back, at $311.44 to $442.75 a month on average. |
Sources
12 sources, 6 of them public records
Public records
- AppLovin Corp., Form 10-Q for the quarter ended Sept. 30, 2026SEC EDGAR · Nov. 4, 2026
- AppLovin Corp., Form 10-Q for the quarter ended June 30, 2026SEC EDGAR · Aug. 5, 2026
- AppLovin Corp., Form 10-Q for the quarter ended March 31, 2026SEC EDGAR · May 6, 2026
- AppLovin Corp., Form 10-K for 2025SEC EDGAR · Feb. 19, 2026
- AppLovin Corp., Form 8-K, Exhibit 99.1: third-quarter 2026 resultsSEC EDGAR · Nov. 4, 2026
- AppLovin Corp., Form 8-K, Exhibit 99.1: second-quarter 2026 resultsSEC EDGAR · Aug. 5, 2026
Reporting
- "AppLovin Soars 27% on Record Q3 Beat as CEO Calls Last Quarter's Miss 'Our Own Foot Fault'"Yahoo Finance · Nov. 5, 2026
- "AppLovin Stock Rockets 33% as Record Quarter, Strong Outlook and $3.2 Billion Buyback Wow Wall Street"International Business Times AU · Nov. 5, 2026
- "AppLovin Soars 30% on Record Quarter and Strong Outlook"24/7 Wall St. · Nov. 5, 2026
- "AppLovin Drops 5% as Edgewater Warns Market Share Growth Has Stalled"24/7 Wall St. · Sept. 23, 2026
- "APP Stock Drops After Edgewater Says AppLovin Growth Has Stalled, Citi Sees Rapid Client Expansion"Stocktwits · Sept. 23, 2026
Data
- End-of-day prices for APP, and for SPY and QQQ on the chart (Tiingo)KeyVex · through Nov. 5, 2026
How we got these numbers
- Prices are end-of-day closes as traded, not adjusted for dividends. Daily moves are close to close, as of the Nov. 5, 2026, close; Nov. 6 trading is not included. The S&P 500 figure is the SPDR S&P 500 ETF Trust (SPY), as traded. "Worst day since" and "biggest gain since" compare each daily move with every one in KeyVex's price history for SPY (since January 2021) and AppLovin (since its April 2021 listing).
- Monthly buyback prices are the averages AppLovin reports in Part II, Item 2 of each 10-Q, including commissions and fees. The $2.9 billion is the nine-month cost the third-quarter 10-Q reports, which includes commissions, taxes and fees. The $2.6 billion is 7,329,450 shares times the Nov. 5 close of $356.10, KeyVex's math. The 8.2% to 9.6% fourth-quarter growth is the forecast range divided by third-quarter revenue of $2,185 million, KeyVex's math.
- The chart's Filings switch shows the filing markers from KeyVex's AppLovin page, a selection of congressional trades, insider sales, Form 144 notices and 8-Ks: not every filing, and not only those tied to this story. It starts off.
- The header image was generated for KeyVex by an image model. It is an illustration, not a photograph.